Analyzing Entrepreneurship and Small Business Literature

This document provides a thorough analysis of various research papers on entrepreneurship and small business. It presents a collection of academic articles from the year 2010 to 2014, covering topics such as entrepreneurship theories, sustainable development, social entrepreneurship, public policy, and small business management. The review aims to provide an overview of the existing literature in these areas, highlighting key concepts, theories, and research findings.

What Makes An Entrepreneur

Executive Summary
Entrepreneur can be considered as one of the most crucial concept considering the state
of economy of a country. It can be referred to be a person who come up with some innovative
ideas, creative thinking, resources and funds for starting a new venture for self-sustainability,
growth or for social reasons. Entrepreneurship may be defined as the procedures in which
included various activities regarding creation of unique business. This report undertakes different
types of entrepreneurial venture and their relationship with typologies of entrepreneurship. It will
explain similarities and differences of different entrepreneurial ventures. This assignment
considered a case study which is based on Noms Food company as how Steph Croft-Simon
started this popcorn business after getting experiences. She has abilities and various skills or
knowledge to create unique business.

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1. Examining Different entrepreneurial venture and their relationship with various typologies
of entrepreneurship.................................................................................................................1
2. Similarities and differences between entrepreneurial ventures..........................................3
3. Discuss range of entrepreneurial venture to demonstrate an understanding of
entrepreneurship in public and corporate sector.....................................................................5
4. Examine the scope, development and growth of entrepreneurial ventures........................6
TASK 3............................................................................................................................................6
INTRODUCTION...........................................................................................................................6
1. Determination of characteristic, traits and skills of successful entrepreneurs....................6
2. Identify various aspects of entrepreneurial personality that reflect entrepreneurial
motivation and mindset..........................................................................................................7
3. Explain entrepreneurial characteristics as entrepreneurs born and made...........................8
4.Background and experience that can hinder or foster entrepreneurship.............................9
5. Link between entrepreneurial characteristic and influences of personal background for
successful entrepreneurs.........................................................................................................9
CONCLUSION..............................................................................................................................10
REFRENCES.................................................................................................................................11
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INTRODUCTION
Entrepreneur is an individual who comes up with new ideas, innovative thinking, funds,
and resources to start a new business venture along with undertaking financial risk as well. .
They consider some personal savings for using as capital or convince to other investors for
arranging funds for business development (Ackermann, 2012). This assignment will explain
about different entrepreneurial venture with relations of typologies. It will investigate similarities
and differences between entrepreneurial ventures.
TASK 1
1. Examining Different entrepreneurial venture and their relationship with various typologies of
entrepreneurship
Entrepreneurial venture can be defined as business that started by an individual with
bringing new innovative ideas, creativity, and necessary resources for particular purpose. They
produce various goods or services to generate higher revenues and profits through their business
operations.
An entrepreneur is always come up with unique concepts, new thoughts and effective
ideas for the purpose of starts a new venture (Blackburn, 2013). They have several qualities, and
abilities to manage business function and perform different task to attain best results.
There are defined key entrepreneurial venture such as:
Small business entrepreneurship : In this define the business venture which starts or
operates by an individual with coming up some new ideas, innovations and creations to operate
business. They focus on developing firms by managing entire activities and operations such as
utilisation of available resources, techniques or equipments, land and capital, etc. an entrepreneur
undertake a small start up that required sufficient investments and resources so that they can
survive in their life. It included various kinds of businesses as like general stores, carpenters,
travel agencies, salon or barber shops as well. There are number of small businesses operating in
the UK market that contributes more in economy development. For set up a new venture,
entrepreneur arrange funds from family, friend and bank loans as well.
Scale start-ups : In such types of entrepreneurial venture, an individual starts a firm by
setting unique visions and objectives as they think it will bring best outcomes and positive
results. An individual have quality to attracts number of investors and generate more funds for

the purpose of implementation or execution of business plan in an appropriate manner.
Therefore, they appoint best candidates with special qualities to bring more investors as well as
venture capitalists to run an organisation. Scalable start ups is very beneficial for entrepreneurs
but it can be responsible for all types of risks capitals or uncertainties within firm.
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Large company entrepreneurship: large-scale firms have finite life cycles. These kinds
of ventures grow with the helps of sustaining innovations, offers effective quality of goods or
services which are different around their core products (Hart and Wainwright, 2013). Innovations
can affects from various factors such as changes in customers tastes or preferences, new
technologies, competitors and legislations etc. therefore, large companies make strategies to
create new products or modify existing one to attracts huge audiences and make them loyal
towards firm.
Social entrepreneurship: in this included those entrepreneurs or innovators who focus on
making better quality of products or services for satisfying social needs and wants. They
considered social problems and try to solve that with ultimate solutions for maximum
satisfaction. they can be non-profits, for-profits and hybrid organisations.
Relation with typologies of entrepreneurship
There are define some types of entrepreneurs with relations of different typologies as like:
Female Entrepreneurs: In the present scenario, there are various kinds of businesses
which started and operated by females. These entrepreneurial ventures are growing fasts as
female also play vital role in developing firms and contributing in economic development of the
country. It can be analysed that women have qualities and abilities to start ventures and mange
entire performances with handling risk factors (Bridge, 2012). They make favourable decisions
regarding business to achieve particular goals and perform multiple task at same time for running
organisation in well manner. For example; Oprah Winfrey, she is successful female entrepreneur
and leading a film production company. Her story provide inspirations to other women and
young generations for set up new business and generate profits.
Serial entrepreneurs: in this consider those entrepreneurs who focus on bringing new
ideas and innovative thoughts regarding starting a business venture. They set up firms and run it
in successful manner for the purpose of selling to other person as handover to another one. A
serial entrepreneur always repeat this process and take this challenges to create effective business
organisation. They delegate all necessary responsibilities and authorities regarding business
activities so that it can be run in smooth manner and then they moves to other ventures for
following same procedures as well. For example Andreas von Bechtolsheim who founded
several companies as Sun Microsystems (O'Neill, 2012). He moved to another venture as Granite
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system after leaving Sun Microsystems. So it can be analysed that entrepreneurs change their
business for creating something new.
Social entrepreneurs: It consider those entrepreneurs who focus on developing societies
and satisfy them in an effective manner. They drive more innovative ideas and transform in
various types of fields including enterprise development, educations or institutions, health and
environment. This may be for-profits and non-profit companies who create sustainable firms.
For example, Bill Drayton who works as social entrepreneur. He is co-founder and chair person
of Ashoka.
CONCLUSION
From the above information, it has been summarised that Entrepreneur take
responsibilities for handling risks or uncertainties and operate business through better skills and
knowledges in which they manage all resources, land, capital, funds and production process in
well manner.
2. Similarities and differences between entrepreneurial ventures
In this described several entrepreneurial venture that have various similarities and
differences as per the nature. These are as following:
Lifestyles venture Serial venture
Similarities Similarities
 Lifestyle ventures are those in which
entrepreneurs bring huge investments
for the purpose of generating higher
revenues as well as profits while
running an organisation (Bruton and
Ahlstrom, 2010). They undertake cut-
throat competition and make strategies
to invest huge money for getting more
returns.
 They bring new ideas and innovations
with confident for starts a new venture.
They produce better quality of goods or
 Serial ventures creates some unique
products or services to develop the
business among competitors,
entrepreneur try to bring new
innovative thoughts and ideas to
produce effective quality of goods or
services which introduce in the market
place for first time.
 Entrepreneurs try to build unique
business ideas that do not identified
before in particular marketplace.
 They focus on launching new products
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services for attracting customers and
satisfy them in well manner.
 Their main aim is to create innovative
products so that they can meet with
customers demands and generate
profits to develop firm.
 Lifestyles entrepreneurs always focus
on performing well and concentrate on
achieving particular goals or targets in
better way.
 Entrepreneurs try to build good image
and positive reputation through
achieving set gaols or objectives and
earning higher returns as well.
or modify existing one so that more
customers can be targeted and achieve
potential customers.
 Entrepreneurs consider more valuable
variables and addition to create new
items which will support in competing
with other competitor an survive in
tough market conditions.
 They try to bring new changes for
better creations so that huge market can
be targeted (Burns, 2010). It also
helpful in increasing productivity and
profitability with use of various tools or
techniques ins effective manner.
Differences Differences
There are huge differences between lifestyles
and serial entrepreneurs but the major
difference is investments. Lifestyles
entrepreneurs focus in generating higher
revenues or returns with the help of more
investments (Chittithaworn, 2011). They also
try to build better image or reputation among
competitors so that maximum audiences can be
targeted and attracted as well.
Serial entrepreneurs consider the organisational
performances which must be done in adequate
manner. They try to show their talents and
abilities by grabbing opportunities so they
create more innovative and effective products
or services for customers. Serial entrepreneurs
invents new items that are not exist in the
marketplace. This will support in satisfying
customers needs or wants as well as meet their
requirements in well manner.
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Male entrepreneurs Female entrepreneurs
Similarities Similarities
 Male entrepreneurs are always ready to
take any kinds of risks while running
business so they are confident to make
effective organisations with positives
image.
 They try to generate more funds or
higher revenues by creating various
strategies and action plans for
developing firms.
 Females are taking part in starting new
businesses as they have abilities to
perform several tasks and handle
situations in polite manner (Cowling,
2012).
 They are multitalented as perform
different activities in better way and
achieve goals.
Differences Differences
Male entrepreneurs are ready to face any
circumstances regarding risks or uncertainties
for running an organisation.
They focus on completing different tasks by
performing multiple role so that better
outcomes can be get.
CONCLUSION
It can be concluded that there are different types of entrepreneurial ventures and their
relations with typologies are various. Entrepreneurs focus on developing firms and increasing
market growth while operating business.
3. Discuss range of entrepreneurial venture to demonstrate an understanding of entrepreneurship
in public and corporate sector
A corporate sector entrepreneurship may be considered as the business which starts or
operates for increasing higher profits and revenues for economic development. These enterprises
generally operated by the private owner (Ledger, 2012). On the other side, public firms are those
that enlisted as a government property. They provide different types of services which are
government oriented. They starts or operates business firms for providing various public services
that are also available in the stock market.
CONCLUSION
From the above discussion, it can be analysed that many of firms are operated as public
and corporate sector. Entrepreneurs brings new ideas, innovations for starting new venture.
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4. Examine the scope, development and growth of entrepreneurial ventures
Scope: there are different types of entrepreneurial ventures that perform various task or
activities for running business and achieving particular goals or objectives. In this included
social, serial, scalable and small-business firms that have unique visions or missions.
Growth and development: there are several organisations which are operated by
entrepreneurs for generating higher profits or revenues and create positive image among
competitors (Dennis, 2011). This support in attaining long term benefits or advantages in well
manner.
CONCLUSION
From the above information, there are wide scope of business venture for achieving
growth and sustainable development. They focus on attaining higher outcomes and set goals or
targets by applying unique strategies and their skills so that profits can be gained.
TASK 3
INTRODUCTION
There are required various qualities or characteristic for becoming a successful
entrepreneur such as confidence, courage, self-discipline and competence. Entrepreneurs play
crucial role in developing economic growth of the country. Entrepreneurship can be considered
as the process for starting a new venture with utilising land, capital, resources, building as well
as brining new innovative ideas, creativity, to achieve business goals or best possible outcomes.
This report enable the characteristic, traits and skills of successful entrepreneurs and analyse
various aspects of personalty that reflect entrepreneurial motivation and mindset as well.
1. Determination of characteristic, traits and skills of successful entrepreneurs
To become a successful entrepreneur, there are required various characteristic, traits or
skills for building better organisation and create better position in the marketplace. Steph Croft-
Simon is leading NOMS FOOD which started in the year of 2015. this firm is making organic
popcorn by studying the facts or findings, as popcorn could be produced in simple manner
without considerings artificial flavours (Down, 2010). Steph made decisions for creating
innovation in manufacturing popcorns and started to produce salted maple, cinnamon flavour
popcorn, and many more that consist 100 calories. After conducting research, it has been
analysed that there are wide scope of snacks so they started to sell potato chips with popcorn
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over past five year. It was possible with effective skills, knowledges and characteristics that play
vital role in becoming successful such as:
Hardcore Realistic: there are needed to have adequate knowledge and informations
regarding business so that entrepreneur cans run business in well manner. Steph has different
qualities as she has researched more ekand gathered data before starting the business of Noms
Food. She focused on finding several issues or problems that can be create barriers while running
business.
Risk taker: This quality also required for becoming a successful entrepreneur as Steph
considered several types of risks or uncertainties that occurred in starting the popcorn business.
She was able to take any risks or uncertainties as well as ready to face challenges for increasing
growth and revenues (Fassin and Rossem, 2011). It is necessary to adopt bests strategies and
action plan to manage entire business activities and functions with utilising human resources,
funds, capital, equipments and many more to handle situations an d achieve predetermined goals
or objectives in well manner.
Hard workers: An entrepreneur should be hard worker who have ability to perform
various kinds of tasks or activities in an effective manner. Steph worked hard to get succeed and
became successful entrepreneur because she is hard worker and take every risks as a challenge
for attaining set goals or targets within defined time period.
2. Identify various aspects of entrepreneurial personality that reflect entrepreneurial motivation
and mindset
An Entrepreneurs personalities can be reflected through several ways that helps in
motivating them to perform in an appropriate manner. In this considered a big five personality
trait model that describe the several aspects such as OCEAN model which consist different
dimensions of personalities. It can bes understood by following such as:
Openness to experience: In this defined the personalty regarding sharing ideas, opinions
and views in more comfortable manner (Buelens, 2011). It has major impacts on becoming
successful entrepreneur as it reflects on the degree of creativity, intellectual curiosity and variety
which is beneficial for every individual to get succeed. It is necessary to have better qualities and
abilities tos share experiences, incidents and accidents so that business can be brought on track as
well as in right directions. Steph also has openness to experience so that she could able to handle
situations and achieved better outcomes in well manner.
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Conscientiousness: It is defined the orientation which required for becoming successful
entrepreneur as it support in achieving set targets or goals while running business organisation in
an effective manner. There is also necessary for Steph that she should be oriented regarding
business so that better outcomes can be get in more efficient way. It also affects on the
entrepreneurs mindset and motivate them to bring effectiveness and efficiency to create business.
Extraversion: an entrepreneur should be out spoken who can speak on front of people
and achieved set goals in limited time period (Hall, Daneke and Lenox, 2010). It is also biggest
factor for successful entrepreneurs as they should be confident for sharing ideas, opinion, views
and thoughts to improve business performances in well manner. It is essential in removing any
types of hesitations and increase confidence to implement ideas by sharing with other employees.
This factor also reflect the motivation and mindset of employees to become success.
Agreeableness: It is related with those personalities that motivate to individual in
achieving predetermined objectives or targets. Entrepreneurs work hard to accomplish particular
goals because they focus on creating positive working environment by managing and
maintaining relationship among employees in an effective way.
Neuroticism: This is also reflects on the personalty of individual which describes their
expressions that can be unpleasant such as anxiety, depressions, anger and vulnerability etc. it
also consider as the stability of individual like high and low stability. It enable the persons
behaviour as high stability indicates calm, patiences and distress regarding work and low
stability defines individual's unstableness, insecure and many more (Ligthelm, 2010.
3. Explain entrepreneurial characteristics as entrepreneurs born and made
From past many years it is a debate that weather an entrepreneur is born with the qualities
of being different from other or acquire same with the passage of time. As in the case study it is
found that Steph Croft – Simon launched a new variety in the popcorn brand shows his interest
in same. It shows that there can be both the situations which may result in a successful
entrepreneur as to come up with a new concept it is important to have a creative mind from the
starting and also need to have a cooperative surroundings which can appreciate the innovative
work done by a person. It reflects that an entrepreneur lies somewhere in between and with the
combination of both the factors result into a successful tycoon. There are number of
characteristics which are there in an entrepreneur that shows that it is not possible for a person to
born with such qualities and can only be built with experience.
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4.Background and experience that can hinder or foster entrepreneurship
In this defined various experiences and background of entrepreneurs that can hinder
entrepreneurship as it consider different situations or circumstances which can be occurred
during business operations so it is necessary undertake such factors and make decisions to get
better outcomes. An entrepreneur consider past experiences and background for running business
and its functions in more appropriate manner (Nga, 2010). They have required to be ready for
facing any kinds of circumstances, situations and challenges that can arise while running firm.
An individual generally learns several things from their personal life which play an important
role in creating better business. It included family, colleges, friends, schools, society, and family
where they belongs.
As per case study, Steph learns more things from her life as after food allergy, she made
decisions for conducting particular research in which she analysed the link between food and
health. She learnt from her allergy and decided to produce better quality of food items to remove
healths issues or problems in an effective manner. It created a major reason for her that to
analyse the best possible solutions regarding launching the new popcorn which would not harm
human body and any health issues for example, low fat popcorn, snacks and many more (Preuss,
2011).
Steph Croft-Simon has come up with unique ideas or innovative thinkings that to re-
invent or innovate existing products so that customers s can enjoy their foods by avoiding any
heath issues as well. She researched carefully that customers can consume healthy popcorn rather
than eating junk foods. She added more unique flavours, ingredients, that helped in making
organic popcorn in an effective manner. Steph faced various kinds of problems regarding lack
funds, occurring critical circumstances while starting or operating business. She focused on
making appropriate strategies and action plan to run business. She also considered financial
sources such as crowd funding, loans and other sources to run business activities in well manner.
5. Link between entrepreneurial characteristic and influences of personal background for
successful entrepreneurs
For becoming successful entrepreneur, background play crucial role that helps in getting
more things such as knowledges and skills so that entrepreneur can apply that in their business. It
is necessary to have better quality and ability to handle business or its activities so it can be
possible through learning from past experiences. There are major impacts of background and
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experience that can influence individual behaviours in both way as positive and negative.
Entrepreneurs also can consider their life experiences and background which is helpful in
starting new business venture and operates its functions in an appropriate manner (Schaltegger
and Wagner, 2011. Steph croft-simon learnt and acquired several things and get knowledge,
enhance skills, and abilities to handled particular business so that better outcomes can be gained.
She produced organic popcorns by experiencing some health issue or allergies as well.
CONCLUSION
From the above report, it has been concluded that entrepreneurs always come up with
various resources and unique ideas for starting a new venture. They manage entire activities and
business functions by performing several tasks and they also consider capital, lands, building as
well as utilisation of available resources to achieve higher incomes and generate profits in an
efficient way. This assignment explain about successful entrepreneurs and various types of
entrepreneurial ventures that operates businesses to attain best possible outcomes. This also
define about Steph croft-simon who started a organic popcorn company after past experiences.
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REFRENCES
Books and Journals
Ackermann, S.J. ed., 2012. Are small firms important? Their role and impact. Springer Science
& Business Media.
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Bruton, G.D., Ahlstrom, D. and Li, H.L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Chittithaworn, C., and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
Cowling, M., Liu, W. and Ledger, A., 2012. Small business financing in the UK before and
during the current financial crisis. International Small Business Journal. 30(7). pp.778-
800.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business ethics.
98(3). pp.425-453.
Hall, J.K., Daneke, G.A. and Lenox, M.J., 2010. Sustainable development and entrepreneurship:
Past contributions and future directions. Journal of Business Venturing. 25(5). pp.439-
448.
Ligthelm, A.A., 2010. Entrepreneurship and small business sustainability. Southern African
Business Review. 14(3).
Nga, J.K.H. and Shamuganathan, G., 2010. The influence of personality traits and demographic
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Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
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Schaper, M.T. And et.al., 2014. Entrepreneurship and small business.
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Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship theory and Practice. 35(1) pp.165-184.
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