UNIT 9 ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT: MILTONS (WALLPAPERS) LIMITED

This report explores the various aspects of entrepreneurship and small business management, using Miltons (wallpapers) Ltd as a case study. It examines different types of entrepreneurial ventures, their impact on the economy, and the key aspects of an entrepreneurial mindset. The report also analyzes the influence of personal background and experience on entrepreneurial success.

UNIT 9 ENTREPRENEURSHIP AND
SMALL BUSINESS MANAGEMENT
MILTONS (WALLPAPERS) LIMITED
1

Table of Contents
INTRODUCTION..........................................................................................................4
BACKGROUND............................................................................................................5
LO1 EXPLORE AND ILLUSTRATE THE RANGE OF VENTURE TYPES THAT
MIGHT BE CONSIDERED ENTREPRENEURIAL.......................................................6
P1 EXAMINE DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND
EXPLAIN HOW THEY RELATE TO THE TYPOLOGY OF
ENTREPRENEURSHIP............................................................................................6
M1 ENTREPRENURSHIP IN BOTH PUBLIC AND CORPORATE SECTOR.........7
P2 EXPLORE THE SIMILARITIES AND DIFFERENCES BETWEEN
ENTREPRENEURIAL VENTURES..........................................................................8
LO2 ASSESS THE IMPACT OF SMALL BUSINESS ON THE ECONOMY..............10
P3 INTERPRET AND ASSESS RELEVANT DATA AND STATISTICS TO
ILLUSTRATE HOW MICRO AND SMALL BUSINESS IMPACT ON THE
ECONOMY..............................................................................................................10
M2 THE DIFFERENCES SMALL, MEDIUM AND LARGE BUSINESSES MAKE
TO THE ECONOMY, APPLYING RELEVANT DATA AND STATISTICS.............13
P4 THE IMPORTANCE OF SMALL BUSINESSES AND BUSINESS STARTS-
UPS TO THE GROWTH OF SOCIAL ECONOMY.................................................15
LO3 DETERMINE AND ASSESS THE KEY ASPECTS OF AN
ENTREPRENEURIAL MINDSET...............................................................................16
P5 THE CHARACTERISTIC TRAITS AND SKILLS OF SUCCESSFUL
ENTREPRENEURS THAT DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGERS............................................................................................................16
M3 DIFFERENT LINES OF ARGUMENT RELATING TO ENTREPRENEURIAL
CHARACTERISTICS..............................................................................................18
P6 ASSESS HOW ASPECTS OF THE ENTREPRENEURIAL ASPECTS
PERSONALITY REFLECT ENTREPRENEURIAL MOTIVATION AND MINDSET
................................................................................................................................19
2

LO4 EXAMINE THE DIFFERENT ENVIRONMENTS THAT FOSTER OR HINDER
ENTREPRENEURSHIP.............................................................................................21
P7 EXAMINE, USING RELEVANT EXAMPLES, HOW BACKGROUND AND
EXPERIENCE CAN HINDER OR FOSTER ENTREPRENEURSHIP....................21
M4 THE LINK BETWEEN ENTREPRENEURIAL CHARACTERISTICS AND THE
INFLUENCE OF PERSONAL BACKGROUND AND EXPERIENCE TO SPECIFIC
SUCCESSFUL ENTREPRENEURS......................................................................22
CONCLUSION............................................................................................................23
REFERENCES...........................................................................................................24
3

INTRODUCTION
A person that takes risks in the business and discovers the potential market by
setting up a business is termed as an entrepreneur. He has the capacity to develop
and manage effectively the business ventures by taking all the risks and earning
profits. This is called seeking entrepreneurship starting a new business. They ensure
success in the dynamic world and mitigate the competitiveness in the global
marketplace (Curran and Storey, 2016). A business unit that is operated and owned
independently is called small business enterprise. It usually seeks to employee less
number of employees and ends up having the small volume of sales. This can be in
any form as to corporations, sole proprietorship and the partnerships. Thus different
aspects of the entrepreneurship and small business management will be discussed
in the following report.
4

BACKGROUND
Miltons (wallpapers) Ltd is an organization that is offering to Northamptonshire,
Bedfordshire and in Cambridgeshire a variety of quality branded products that too at
very competitive prices. This enterprise seeks to offer the quality brands that
contribute to the success in the fashion and achieve success. This offers gardening
products and powered gardens tools and other range of fencing and panels too. This
is specialized in selling specialist wallpapers. It also renders decorating goods, DIY,
Pet products and the garden products with total 10 branches in the UK. It has a staff
of nearly 101- 250 people and was established in 1948 by the managing director Mr
M H Taylor (Sundararajan, 2014).
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LO1 EXPLORE AND ILLUSTRATE THE RANGE OF VENTURE TYPES
THAT MIGHT BE CONSIDERED ENTREPRENEURIAL
P1 EXAMINE DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND
EXPLAIN HOW THEY RELATE TO THE TYPOLOGY OF ENTREPRENEURSHIP.
Entrepreneurial ventures are the organisations that focus on innovation and
opportunism that drives them towards the economic value generation for their
businesses. These can be majorly categorised as small and medium business
ventures and the big business ventures (Pfeifer, et al. 2018).
The various types of ventures of entrepreneurial are as under:
Smaller profit venture
These are the small business which aims to render decent lives and prefer to remain
small. This venture does not have a profit earning motives and often seek for self-
generated funds. They exit the firm by closing do3wn the venture and then make
their exit (Mauer, et al. 2017).
Lifestyle venture
In this type of venture, the small company is operated and run by the owners with full
control and ownership. The lifestyle firms are carried out of the households and are
present in the market to fund the requirements of the households and the lifestyles of
owners.in this type of entrepreneurship, there are flexible work hours and attire. The
fund is raised through the means of debt and profit earning is generally the motive of
these ventures.
High growth ventures
High growth ventures cover those ventures that are in existence for the profit and
growth maximisation. Their aim is to grow and expand their business. They always
seek for better opportunities and strategies that aim to p[promote an develop their
new products. They raise funds from the pool of investors that helps to gain working
capital (Zhao, 2016).
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The different types of ventures are thus found to be related to the topology that has
its foundations on the basis of the profits and growth. The topology of Miltons
(wallpapers) ltd falls under the motive of the growth prospects that aims to ensure
growth in near future together with the profit maximization. They are specialized in
the pet products, gardening tools and wallpapers.
M1 ENTREPRENURSHIP IN BOTH PUBLIC AND CORPORATE SECTOR
Entrepreneurship that helps in gathering the innovative public policy initiatives to
ensure the greater economic prosperity is termed as public sector entrepreneurship.
It is into motive with transforming the status-quo of economic environment to
conductive units that ate more focused on creative activities (Zhao, 2017).
Entrepreneurship in public sectors always seeks to collaborate with the changes
across government and other civil societies. They gain a place as a part of a system
that is in existence to support the government rather than just being an organisation.
Entrepreneurship in a public sector always strives to find a new way to get the
finance and pool the budgets through partnerships and they focus on the outcomes.
Corporate sector entrepreneurship on other hand is all those activities that are
concerned with receiving the organisational sanctions in order to draw out innovative
results. It always renders a process that helps a firm to constantly innovate and
overcome the competitiveness in the global world. It has sole desire to enhance the
efficiency and productivity of the firms and compete internationally (Klotz and
Neubaum, 2016).
Fig: Corporate sector entrepreneurship
Source: https://www.slideshare.net/danielprathikraj/corporate-entrepreneurship-
27491181
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P2 EXPLORE THE SIMILARITIES AND DIFFERENCES BETWEEN
ENTREPRENEURIAL VENTURES
Some of the similarities and differences within some entrepreneurial ventures can be
traced as under:
Corporate Entrepreneurship
Corporate entrepreneurship is also called intrapreneurship that builds framework
aligning to innovation and growth of the business. They focus more on the profit
earning and wealth aspect. They satisfy the needs of the customers and render
growth opportunities for the shareholders. They might sometimes ignore the
ecological outcomes of the actions undertaken and only are concerned about their
revenues. They render material items and inject in the revenues and returns thereby
(Kuratko, et al. 2014).
Serial entrepreneurship
A serial entrepreneur is the one that constantly erupts with new ideas to start new
businesses and play a vital role in the daily functioning of the business. They initially
take all responsibilities and start new businesses then transfers the responsibilities to
someone else and then step forward with new ideas again. The traits that make it
different from other entrepreneurship are the traits of effective time management and
sale management. A serial entrepreneur stresses on the strategic relationships by
building a strong team of advisors and other partners.
Social entrepreneurship
The main aim of a social entrepreneur is the well-being of a community and they
help to overcome the issues of the public by helping them in resolving the
drawbacks. The goal is not to earn profit rather serve the local needs and wants of
the community in a versatile manner. They focus on rendering good services and
invest their times in transforming the societies (Schaper, et al. 2014).
Sustainable entrepreneurship
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Sustainable entrepreneurship comes with a sole motive of solving the societal and
environmental concerns. They realise these problems and solves them ensuring a
sustainable development through the corporate activities. The main challenge that is
faced is of gaining the contributions for a sustainable development.
Institutional entrepreneurship
This entrepreneurship has the main motive to render contribution to the changing
regulatory institutions together with the societal and market institutions. They aspire
to change the institutions as the whole and strive towards the sustainability (Storey,
2016).
Thus the main similarities and differences in this entrepreneurship are on the basis
of the purpose of creation which is usually different in all cases. The similarities are
on the basis of the visions, skills position, focus and creative thinking.
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LO2 ASSESS THE IMPACT OF SMALL BUSINESS ON THE ECONOMY
P3 INTERPRET AND ASSESS RELEVANT DATA AND STATISTICS TO
ILLUSTRATE HOW MICRO AND SMALL BUSINESS IMPACT ON THE ECONOMY
In the economy of the UK, the small businesses offer a diverse range of the
opportunities by rendering various employment opportunities and the new markets
that help in the growth of the economy by bringing in the revenues. This helps in
enhancing the innovation and contributes to the economy of the UK.
According to the business statistics in 2017, the total businesses in the UK
accounted for 5.7 million amongst which 99% of them fell under the Small and
Medium sized businesses. The small and medium businesses employ nearly 0-249
people. Amongst this data 5.5 million of the businesses in the UK were micro-
businesses that seek to an employee only 0-9 people that accounts for 22% of
turnover and 33% of the employment generation. This helps in overall development
of the economy of the UK and helps to keep the sustainable entrepreneurship alive
through economic development of the country by fulfilling the social responsibilities
(Burns, 2016).
The impact that the small and micro enterprises create on the economy of the UK is
that it contributes to a combined annual turnover of £1.9 trillion and it also renders
16.1 million employment opportunities for the economy of the UK (Rhodes, 2017).
As Miltons (wallpapers) Ltd have their traditional business as West End DIY since 70
years and it caters quality wallpapers and paints. It renders excellent services by
strengthening the consumer base. It is into retail sale of hardware, paints and the
glass as specialized products.
10

The statistics of total annual turnover of the retail sales of the DIY supplies and the
decorating in the UK from the year 2008 to 2015 is depicted as under:
Fig: Total annual turnover of retail sales
Source: https://www.statista.com/statistics/309203/decorating-and-diy-supplies-
retail-sales-turnover-united-kingdom-uk/
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Miltons (wallpapers) Ltd is also into home and garden products to the data related to
the market value of home and garden products in the UK market will also be
provided from 2012 to 2017 which is presented below:
Fig: Market value of home and garden products in the UK
Source: https://www.statista.com/statistics/491352/home-and-garden-united-
kingdom-uk-market-value/
12

M2 THE DIFFERENCES SMALL, MEDIUM AND LARGE BUSINESSES MAKE TO
THE ECONOMY, APPLYING RELEVANT DATA AND STATISTICS
It is well known that small and medium business enterprises currently thriving the
economy of the UK by rising growth of the start-up businesses in the UK. The
differences that they create towards the economy is of the high turnover that
amounts to £1.6 trillion in 2014 and these businesses also employ many people
accounting to 24.3 million people that helps in contribution to the economy. The
small business enterprises also contribute towards the innovation and competition as
they are the key drivers for the growth by engaging themselves in innovative
activities (Kuratko, 2016).
The following chart shows the businesses in the UK based on its size:
Fig: Businesses in the UK by size
Source: Business Statistics, 2017
13

In the economy of the UK the different types of private sectors in 2017 shares the
market on the basis of the size such as small, medium and large which is depicted
as under:
Fig: Share of different types of enterprises in the UK private sector, 2017
Source: BIS, Business population Estimates, 2017
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P4 THE IMPORTANCE OF SMALL BUSINESSES AND BUSINESS STARTS-UPS
TO THE GROWTH OF SOCIAL ECONOMY
A combination of various enterprises and organisations that share common values
and characters such as cooperatives, social enterprises and other institutions forms
the social economy. The small business and the start-ups add a lot to the growth of
the social economy through democratic governance and open memberships. These
have autonomous management to carry out sustainability.
Like Miltons (wallpapers) ltd it is also a small business that aims to render valuables
to the society by ensuring environmental aspects together with the profit earning.
Small businesses of the UK thus contribute to 64% of total new employment
generations. Miltons (wallpapers) Ltd also employs people and are growing fast
through there innovative products and services. For the same, they are planning to
expand its branches and render more job opportunities (Parker, 2018).
Similarly, start-up businesses are gaining momentum and also render nearly 60-70%
of job opportunities so contributing towards the growth of the social economy. The
importance that these start-ups and small businesses render to the economy of the
country is important from the perspective of the poverty as it helps in reducing the
poverty of the economy by rendering job opportunities and helping to generate a
competitive market.
Miltons (wallpapers) Ltd is gradually expanding for the same reason as it is seeking
to expand which will again contribute to the economy of the country by rendering job
opportunities and generating the revenue by rendering better life to the society.
Some importance that these start-ups and small businesses create for the social
economy are as under it helps in the local hiring of the people and helps in injecting
new competition. The small businesses also inject greater flexibility in the economy
of the country that helps in overcoming the diversity issues. It also helps growth
prospects by rendering better social life to the people of the society (Drucker, 2014.).
These also faces some challenges as there is an issue of not receiving sufficient
support as other big businesses receive and there also arises the issue of
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recruitment as there is lack of talented people that can be utilized by these
businesses.
LO3 DETERMINE AND ASSESS THE KEY ASPECTS OF AN
ENTREPRENEURIAL MINDSET
P5 THE CHARACTERISTIC TRAITS AND SKILLS OF SUCCESSFUL
ENTREPRENEURS THAT DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGERS
From the various traits that are helpful for an entrepreneur to be successful but some
amongst them are as under:
 An entrepreneur should have immense passion and motivation to be
successful as it will help to pitch his ideas and ensure success.
 He should not be afraid to take risks and should explore all the uncertainties
that may render him future benefits.
 He should be dedicated towards his work and should be confident enough
about his success (Kirzner, 2015).
 He should possess the traits of adaptability and flexibility so as to ensure
success in business by enhancing the client satisfaction.
 He should be good at money management so as to keep complete control
over the cash flows of the business.
 He should be good enough to build up plans so as to effectively manage the
limited resources and deal effectively with the unforeseen circumstances.
 He should be able to understand the people with great empathy by fulfilling
exactly what they want to sell and what they need and how they think.
 A successful entrepreneur should be fair in his dealings with the vendors,
customers and other workers.
 A successful entrepreneur should effectively be able to tap the resources and
utilise them such as technology that should be utilised so as to stand up
against strong competitions in the market (Caliendo, et al. 2015).
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Apart from these characteristics traits, there are some skills that are needed in the
entrepreneurs which will help them to stand different amongst the business
managers. Some skills that are required for the same are under:
 He should be able to seek better solutions to the problem by coming out with
the sound solutions and be a good problem solver.
 A successful entrepreneur should be a creative thinker. This skill will help him
to inject innovations and variety of perspectives into the businesses.
 He should have practical skills that include the planning, decision making, and
goal setting and so on (Patel, 2015).
 He should possess the ability to raise sufficient money and manage them
effectively so as to manage the business budget effectively.
 He should have better stress management skills that will allow him to
overcome the stress in difficult situations
 He should possess excellent communication skills that will help him to
effectively deal with the entrepreneur friends and will build better
relationships.
 He should possess skills of effective listening that will help to avoid
misunderstandings and should seek empathy with his employees and
customers (Kirzner, 2015).
He should have a combination of the following skills that will help to achieve the
business objectives on time such as basic management skills, leadership skills,
communication skills and the human relations skills that will help to effectively
achieve the business goal and ensure smooth functioning of the business.
17

M3 DIFFERENT LINES OF ARGUMENT RELATING TO ENTREPRENEURIAL
CHARACTERISTICS
Different lines of arguments that can emerge in relation to entrepreneurial
characteristics are covered under the following:
 Is entrepreneur a risk taker?
Under this argument, the risk-taking skills and capabilities of an entrepreneur
are being checked that will help to foster the changes and grab all the
opportunities by taking a risk to maximise the returns of the business. In case
of this argument is not supported then characteristics of an entrepreneur is
subject to question (Pfeifer, et al. 2018).
 Is entrepreneur adaptive to changes?
Following this argument, the entrepreneur characteristics of adoptions are
tested so that he welcomes every change and evaluates the macro
environment effectively. Is the argument is supportive and results in positive
then an entrepreneur will fairly achieve the desired goal and on contrary if this
argument is not supported then it erupts as a major failure (Patel, 2015).
 Is entrepreneur dedicated?
If an entrepreneur is keen towards his tasks and duties and performs it
irrespective of personal leisure then it supports the argument which depicts
his dedication towards his work. On another hand, this argument when fails to
be supported then entrepreneur may not be fulfilling the desired
characteristics.
 Is entrepreneur innovative?
This argument is analysed to draw out the characteristics of an entrepreneur
relating to the innovation skills that should be present in an entrepreneur so
as to gain a competitive advantage in the global business world (Berry, 2016).
Thus all the above lines of argument when are supported in case of any
entrepreneur will ensure the success of the entrepreneur.
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P6 ASSESS HOW ASPECTS OF THE ENTREPRENEURIAL ASPECTS
PERSONALITY REFLECT ENTREPRENEURIAL MOTIVATION AND MINDSET
There is a strong need for collaboration by the entrepreneurs to implement the ideas
in the organisations and succeed in the idea realisations. One of the important
factors that motivate the entrepreneur is the autonomy. Profit does not form a motive
for the entrepreneur but is a motivational factor for the entrepreneurial mindset.
Some characteristics help in exhibiting the behaviour of a person through their
activities which are as under:
Extravert- These are open to communication and interaction.
Introverts- These personalities are reserved ones who prefer to be calm.
Observant- These are those personalities that carefully examine the things and then
act (Pfeifer, et al. 2018).
Optimistic- These are those people that are highly positive about future and is not
afraid of anything.
Impartial- This personality trait person is fair with everybody
Dependable- This personality is the one that keeps on depending on others for
every decision
Independent- They prefer not to rely on anyone and work independently
Cultured personality- These personalities are brought up and grown in a very
cultured and good way
Reliable- These people are trustworthy and can be relied upon for every decision.
Some of the personality traits of the entrepreneurial mindset include the realisation of
the ideas. The personality and the motivational structures of an entrepreneur should
be laid importance so as to understand the mindset of the entrepreneur.
19

Some traits are laid out by the Big Five Model personalities that are as under:
 Agreeableness- This describes a person that is good natured and is
cooperative. He has a hard bargain power and has a good nature that drives
him towards the motivation (Pfeifer, et al. 2018).
 Conscientiousness- If an entrepreneur is a dependable and is achievement
oriented this will reflect his motivation and mindset.
 Emotional stability- This trait allows an entrepreneur to stay calm and
control his stress by being positive and boosting self-confidence (Seth, 2017).
 Openness to experience- It lays entrepreneur on the stage where he seeks
new experiences and explores for new ideas by being creative and innovative.
 Extraversion- It includes the traits like talkative and energetic that will reflect
the entrepreneurial mindset and will relate to the aspects of seeking a
leadership role by him.
Thus these traits help an entrepreneur to adapt to changes and to ensure the
motivational structure in business. The exposure to these traits helps an
entrepreneur to effectively interact and build positive relationships.
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LO4 EXAMINE THE DIFFERENT ENVIRONMENTS THAT FOSTER OR
HINDER ENTREPRENEURSHIP
P7 EXAMINE, USING RELEVANT EXAMPLES, HOW BACKGROUND AND
EXPERIENCE CAN HINDER OR FOSTER ENTREPRENEURSHIP
Some of the backgrounds and experiences that can hinder or foster the
entrepreneurship can be gained better insights in the following way which can
generate many opportunities as well as challenges for the entrepreneurs of small
business enterprises (Berry, 2016).
Like for example, when the entrepreneur of Samsung company started the first
business of trucking he lacked work experience in past to effectively utilise and
access the sources of funds. So he failed to utilise the loan that he took. Similarly,
many entrepreneurs may take a risk but not be able to pay the loan which can hinder
the progress of the business and may fail to effectively access the funds.
Similarly, technology may also hinder the growth of the business as due to the lack
of technology some owners may fail to utilise the allocation of funds and will also
hinder the effective communication in the business.
When there is lack of labours and skilled persons then entrepreneurship may be
hindered as not every entrepreneur can afford high labour costs.
If there is a lack of brand awareness then it will be difficult for entrepreneurship to
acquire customers and progress. Like the example of Tesco insurance that gets
cash from HSBC BANK. This is useful for HSBC Bank as it knows that Tesco has
got good brand awareness so it attracts a lot of customers through it. On the
contrary, if HSBC has not used the name of Tesco insurance then it would have
failed to attract the customers and the progress has been hindered (Seth, 2017).
In case an entrepreneur fails to have a strong background he will also fail to have the
market for his products as a market is in saturation stage. So access to domestic
and international market can help in fostering and hindering the business of an
entrepreneur.
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M4 THE LINK BETWEEN ENTREPRENEURIAL CHARACTERISTICS AND THE
INFLUENCE OF PERSONAL BACKGROUND AND EXPERIENCE TO SPECIFIC
SUCCESSFUL ENTREPRENEURS
The entrepreneurial characteristics such as risk-taking, creative, independent,
extrovert and responsible shares a link with the success of entrepreneur as these
are influenced by the personal backgrounds and the experiences of the
entrepreneur. The personality traits of an entrepreneur if effective and are aligned
with the desired characteristics will render the high performance and ensure the
success rates. The personal background and experience of an entrepreneur helps
him to establish a good brand name and have easy access to funds. This will help
them in achieving high market share and effective funds for his business. Effective
experiences will help to foster the growth as it will help them to effectively utilise the
technology and foster the businesses by grabbing the entrepreneurial fortunes
(Kuratko, et al. 2014).
The experience that is present with the entrepreneurs adds to the growth and
innovative ideas of entrepreneurs that helps in exploring the business opportunities
through effectively using their personal traits and characteristics. Through openness
to change and extraversion an entrepreneur will be able to grab more for the
business and will easily adapt to changes ensuring success for a long run.
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CONCLUSION
As manager of Miltons (wallpapers) Ltd, we gained better insights about the different
types of ventures and the entrepreneurship types that have some similarities and
dissimilarities on the foundations of the vision, purpose, motive and ownership. We
also depicted with the use of data and statistics the impact that the small, micro and
large business enterprises creates on the economy of the UK and what are the
positive reasons that led to the growth of the economy of the UK. In further part of
the report, the characteristics and the skills of an entrepreneur has been discussed
that helped to discover the essential ones which are required for a successful
entrepreneur so as to ensure the long-term success of his venture. In the economy
of the UK, the small business enterprises and start-ups are blooming which again
renders a positive contribution to the economy as it renders various employment
opportunities and also helps to generate economic returns for the economy. At end
of a report, learning insisted on the traits and skills that are present in the
entrepreneurs who seek to determine the motivation and the entrepreneurial
mindsets. And then a link was delineated between the personal backgrounds and the
experiences that lead an entrepreneur towards the milestone of success by avoiding
the hindrance that they may lead.
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