Entrepreneurship and Small Business Management Report: Unit 9

This report provides a comprehensive analysis of entrepreneurship and small business management, examining various types of entrepreneurial ventures, including small businesses, scalable start-ups, large companies, and social enterprises. It explores the similarities and differences between these ventures, highlighting their unique characteristics and objectives. The report also assesses the impact of micro and small businesses on the economy, emphasizing their importance to the growth of the social economy. Furthermore, it delves into the characteristics, traits, and skills that distinguish successful entrepreneurs from other business managers. The report also examines the role of background and experience in fostering or hindering entrepreneurship. The document provides a detailed overview of the subject, supported by relevant examples and data, offering valuable insights into the world of entrepreneurship and small business management. This report is available on Desklib, a platform that offers past papers and solved assignments to students.

UNIT 9
Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................4
P1.Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship......................................................................................................4
P2.Explore the similarities and differences between entrepreneurial ventures...........................6
TASK 2.................................................................................................................................................8
P3. Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.............................................................................................8
P4 Explain importance of small business and business start-ups to the growth of social
economy....................................................................................................................................10
TASK 3...............................................................................................................................................11
P5 Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business managers..........................................................................................11
P6 Aspects of entrepreneurial reflect entrepreneurial motivation and mindset........................14
TASK 4...............................................................................................................................................15
P7 examine using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................15
CONCLUSION..................................................................................................................................18
REFRENCES.....................................................................................................................................19

INTRODUCTION
Entrepreneurship is the procedure of developing as well as implementing new business idea
for generating business. Entrepreneur is the person who comes with new business idea in market
in order to gain success and he/she is the risk taker. Although every entrepreneur with small
scale association and try to accomplish goals and objectives. There are several successful
manager as well as leaders around the globe who will analyse need of customers and fulfil that in
effective manner. A successful leader is the one who know how to manage resources in effective
manner as well as optimum utilise it. In relation to the respective project, it is important to
identify relationship within entrepreneurship and the various typologies related to the same.
Along with this, what are the factors which motivate a manager as well as leader for
accomplishing goals and objectives. Moreover, it is significantly important to identify the role
performed by these small and micro scale organisation for the establishing economy and
analysing there are positive as well as negative outcomes.

TASK 1
P1.Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Few sentence about history of E
There are more than one descriptions of entrepreneurship. These are my examples.
 The capacity and willingness to develop, organise and manage a business venture along
with any of its risks in order to make a profit. The most obvious example of
entrepreneurship is the starting of new business.
 In economics, entrepreneurship combined with land, labour, natural resources and capital
can produce profit. Entrepreneurial spirit is characterised by innovation and risk-taking
and is an essential part of a nation’s ability to succeed in an ever changing and
increasingly competitive global marketplace.(Oxford Dictionaries)
 Very well-known businessman, innovator, entrepreneur Sir Richard Branson describes
entrepreneurship as part of capital: “Entrepreneurship is about turning what excites you in
life in to capital, so that you can do more of it and move forward with it.” (Branson R.,
2015).
There are more than 10 different classifications of entrepreneurship. Every type is
based on different classification. I would like to emphasis few of those:
 Based on the type of Business.
Under this classification applies traders-they pursue final products from manufacturers and sell
them directly. They are intermediaries, traders and retailers between manufactures and
customers. Under this classification also manufacturers– they identify customs needs and
explore the recourses and technologies what will be used to produce products to meet customer’s
needs. Finally, agricultures–they cover wide range of agricultural activities, such as growing,
trading of agricultural products, irrigation, mechanization and agricultural technologies.
 Based on the use of technology.
Under this classification applies technical or non-technical entrepreneurs. Technical
entrepreneurs are entrepreneurs who use science and technology in their businesses. They are
likely to use new and innovative production methods and scientific achievements. Non-technical

entrepreneurs. The priorities of them enterprises are not science and technologies. They take care
of the use of alternative and simulation marketing and distribution strategies to keep their
businesses competitive.
 Based on ownership.
Private entrepreneurs, state entrepreneurs, joint venture entrepreneurs. Private entrepreneur is one
who as an individual person establishes a business, is the sole owner of the company and assumes
all the risks associated with it. State entrepreneur. When a commercial or industrial enterprise is
run by public or government, it is called a “state entrepreneur”. Joint venture entrepreneurs are
when a private entrepreneur and government co-managing a business.
 Based on gender.
There are two types of classification based on gender. Men entrepreneurs when business is owned,
managed and control by men. And female entrepreneurs are when enterprise is owned and
controlled at least of 51% of capital by woman.
 Based on size of enterprise.
Small-scale entrepreneur who has invested in to business up to Rs 1.00 crore.Medium- scale
entrepreneur who has invested in to business above Rs 1.00 crorebut below Rs 5.00 crore. Large -
scale entrepreneur who has invested in to business more then Rs 5.00 crore.
 Based on Clarence Danhof classification.
Clarence Danhof in the year 1949 made researches between agricultural entrepreneurs at the
manner of the very initial stage of economic development. He spotted differences in entrepreneurs
initiative and performance. On based of his researches he classified entrepreneurs in four different
types.
1. Innovating entrepreneurs are those who introduce new products, opens new methods in
production, discovers a new market and reorganize company. Important to note that such a stile of
entrepreneur can only work when some level of development is achieved, changes and
improvement is expected.
2. Imitative entrepreneurs are characterized by reediness to innovate. They are not creating
innovations themselves. They are copy and imitating technologies of others. Such types of
entrepreneurs are suitable for less developed regions.

3. Fabian entrepreneurs are very sceptical about experimenting with any changes in their
business. They imitate only when it becomes clear that without doing so, possible to lose the
company.
4. Drone entrepreneurs are refusing any changes in the production. Such entrepreneurs may
even loose them business, but they are not ready to change existing production methods. (Top 10
Types of Entrepreneurs – Explained!)
P2.Explore the similarities and differences between entrepreneurial ventures.
There are four distinct types of entrepreneurial organisations. Steve Blank (2010) talks about:
 Small businesses
 Scalable start-ups
 Large companies
 Social entrepreneurs
They are all engage in entrepreneurship.
1. Small business.
According to the UK’s Companies Act 2006, a small company is defined as one that does
not have a turnover of more than £6.5 million, a balance sheet total of more than £3.26
million and does not have more than 50 employees. A medium-size company is defined
as having less than 250 employees and a turnover of under £12.9 million
Small business owners know what makes their customers happy, they know them audience and
the business targets. The results may not be huge, but it will keep them moving on. They like
making decisions and running them business day-to-day. Small businesses are good to satisfy
local community needs. Small businesses are big part of countries economy, according statistics
95-99%.
Example: consultants, corner shops, local bakery, accountants, freelancers, etc.
2. Scalable start-ups.
Out of 5.5 million businesses in the UK over 99% of them are SME’s. These small or
start-up businesses range from accountancy firms to zoos, but they are united by the
determination of their owners to grow and prosper. And the question on every start-up
owners’ lips is: at what point does a small business evolve into a medium one?

Scalable start-ups are focused on a huge size of tier company. Not all start-ups are scalable start-
ups Here are few of main conditions that differentiates a scalable start-up from a small business.
1. Founders personal goals. 2. Targeted market size. 3. Worldwide teem. 4. Passionate faith and
distortion of reality. 5. Dynamic development to find the business model. 6. Entrepreneur vision
breadth.
Example: Facebook, Twitter, Google, Instagram, etc.
3. Large company.
An organisation that has grown beyond the limits of a medium-sized business and has
250 or more employees. This definition of a large-sized enterprise is the one adopted by
the United Kingdom’s Department of Business Enterprise and Regulatory Reform for
statistical purpose. 4 Nov 2011https://www.google.com/search?
q=What+is+considered+a+large+company
%3F&sa=X&ved=2ahUKEwjXzeec163gAhUtQRUIHQ7FAO0Qzmd6BAgGEAo&biw=
1366&bih=619
One of the major strengths of large companies is that they can generate multiple revenue streams
to help offset the economic downturn by assessing the strengths and weaknesses of large
businesses. The size of big companies means that they are often forced to sell different types of
products and services that help them isolate themselves from unexpected economic changes. For
example, a large computer company that also sells mobile phones, tablets, and MP3 players is
better positioned to survive when mobile phone sales begin to fall. This is because the company
can rely on the sale of tablets and computers to compensate for the loss of revenue associated
with lower demand of mobile phones. A small computer company that only sells computers and
accessories is less likely to raise demand for its products. In addition, large companies also have
financial resources to invest in foreign markets. This means that they can establish subsidiaries
abroad and expand their market share without relying on the internal market to boost their
growth prospects. As a result, diversification is one of the major advantages of large-scale
business. https://smallbusiness.chron.com/advantages-large-business-21007.html
Example: Apple, Lancôme, Ikea, etc.
4. Social entrepreneurship.
Social entrepreneurship is the recognition of social problems and the achievement of
social change through entrepreneurial principles, processes and operations. Everything is

about research to fully define a particular social problem and then to organize, create and
manage a social enterprise to achieve the desired change. A social problem may be or
may be not eliminated. It can be life, focusing on improving existing circumstances.
https://www.managementstudyguide.com/social-entrepreneurship.htm
A social entrepreneur has a very high level of motivation and is a visionary who seeks to change
how things are going. Because profit is a secondary object, they are passionate and determined
about what they do. They do business for sake of community, for changing matter, for
improvement. No matter what, even them business fail.
Example: The Women’s Empowerment program, George Foundation, etc.
Make a table for similarities and differences
Similarities and differences in entrepreneurial venture
In the entrepreneurial market, there are various types of entrepreneurial ventures which are
present in market and drives business activities for earning profits. There are some similarities
and differences present in entrepreneurial ventures. Some of them are large scale, small scale,
social, scalable, copy cat and researcher enterprises.
The similarities and differences are listed below-
Difference-:
Small scale enterprise Scalable enterprise
 Start ups are result of idea of an another
person or business and these are
generally stolen ideas of any other
business method.
 The main objective of Start ups is to
earn money and fulfil the basic
demands and needs of family like food,
shelter, clothing, etc.
 Scalable businesses are result of new
innovations and ideas of individual.
 The main objective of these enterprises
is to bring innovation into existing idea.
Large scale enterprise Social enterprise
The large business organisations are those who The social enterprise is made for main purpose

are operating at a large scale and there are
around more than 200 employees who can
work in the company. The main objective of
doing this business is to earn profit by selling
goods and services for doing welfare of
society.
of giving contribution to welfare of society.
Such enterprise does not work for making
money, they do business for welfare of society.
The main objective of the social enterprise is to
give employment opportunities to people for
improving standard of lifestyle.
Start-ups enterprise Large scale enterprise
Start ups are defined as new launched business
enterprises which are working at small level.
These enterprises have less number of
employees and they earn money for their
survival and launching new innovations in the
society.
Large scale enterprise have been existing in
business environment where more than 200
employees work together. The main objective
of large scale enterprise is to earn money and
profit through selling products at high rate.
Similarities-:
There are similarities of entrepreneurial ventures and there are different types of
entrepreneurial ventures which are small scale enterprise, large scale enterprise and social
enterprises and these similarities are listed below-:
 All these entrepreneurial ventures are there for earning money and profits. The main
reason for existence of all these entrepreneurial ventures is to earn something that can be
helpful for living their life in a proper way.
 The another similarity is that small, large and social enterprises are those who work for
welfare of society and improvement of standards of people and providing employment
opportunities to individuals.
 All of these ventures are for satisfying needs and demands of individuals by evaluating
these needs and preferences.
TASK 2

P3. Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy.
In the UK, Companies act 2006 section 382 and 465 define a SME for the purpose of accounting
requirements. On this basis a small company is one with the turnover of less than 6.5 mil.
Balance and balance sheet total do not exceed 3.26 mil GBP and up to 50 employees. A medium-
sized company has average business turnover up to 25.9 million GBP. And the balance sheet
total does not exceed 12.9 million, and not more then 250 employees.
The definitions are given below (Recommendation 2003/361/EC adopted on 1st January 2005)
with the Euro values converted into Sterling at the rate applicable when this text was drafted
(June 2010).
Category Headcount Turnover Balance sheet
total
Medium <250 £ 41 mill £ 35.2 mill
Small <50 £ 8.2 mill £ 8.2 mill
Micro <10 £ 1.7 mill £ 1.7 mill
https://www.ucl.ac.uk/procurement/suppliers/smes
UK Small Businesses Statistics
Business Population Estimates for the UK and Regions 2018
Summary: 2018 Initially there were 5.6 million of small businesses in UK. If compared to the
previous year, the private sector business population decreased by 0.5% (-27.000 companies),
while private sector employment increase by 2% (+304.000). This contraction was caused by the
decrease in the number of smaller unemployed enterprises, which deceased by 1% (-50.000), but
the number of larger employing enterprises increased by 2% (+23.000). The decrease in business
population started in 2000. However, there where still 2.2milllion (+63%) more businesses then
in 2000.
Industries and Locations: Business density – number of businesses per person is higher in south
of England than elsewhere in the UK. SME’s account at least 99.5% of the businesses in every
mail industry sector. Nearly a fifth of all SME’s operate in construction sector. Compared with
less than 1% in the mining, quarrying and utilities sectors.
Trends in the businesses: Between 2000 and 2017, there was continues growth in the businesses
each year but recently there has been a fall of 27.000 businesses (0.5%) just between 2017 and
2018. However, there were still 2.2 million (+63%) more businesses than in 2000. Most of the

population growth since 2000 has been due to non-employing businesses, which accounted for
87% of the overall increase. Between 2017 and 2018, while the number of employing businesses
increased by 23.000, non-employing businesses fell by 50.000 resulting in an overall decrease
27.000 businesses. The number of companies has increased in the las year (2018) by 31.000
(+2%) while the number of sole proprietorships and ordinary partnerships fell by 49.000 (-1%)
and 9.000 (-2%) accordingly.
Compositions in the businesses:In the 2018 there where 1.4 million employing businesses and
4.3 million non-employing businesses. Accordingly, 75% of businesses did not employ anyone
aside from the owner(s). The overall business includes three main legal forms:there where 3.4
million sole proprietorships (59% of the total), 1.9 million companies (34% of the total), and
405.000 ordinary partnerships (7% of the total). Of the 5.7 million businesses, 45% (2.6 million)
were registered for VAT or PAYE.
Statistical data ONLY for those 4 types of E , for instance small E consist of 95% of UK
economy (ref). This is due to ..... demand of the local community.
Economy and the SME’s: Small businesses accounted up to 99.3% of all private sector in the
UK at the beginning of 2018. And 99.9% were small or medium sized (SME’s) businesses.
Employment in SME’s on 2018 was 16.3 million, 60% of all private sector employment in the
UK. The combined annual turnover of SME’s was 2.0 trillion GBP, 52% all private sector
turnover.https://www.fsb.org.uk/media-centre/small-business-statisticsFigures obtained from the
Department for Business, Innovation & Skills
The presented data gives us an opportunity to observe trends and tendencies how SME’s
participates in the United Kingdom’s economy. It gives us good image of the country. Such a
huge impact it makes in terms of employment and taxation, and wellbeing, and development of
the citizens themselves.
P4 Explain importance of small business and business start-ups to the growth of social economy
The small business and business start-ups helps a lot in growth of social economy. There are
following ways in which small businesses contribute to social economy-

Employee generation – Small and medium enterprise has been contributing a lot in generating
employment opportunities in the country. When people will get employment then this will
help in removing poverty from the country. The small and medium enterprises help a lot in
developing life standards of people as when more number of people will be employed they
will have a good living standard. Poor people are able to earn money to support their
families and provide them shelter, food and cloth.
Standard of living – The small and micro businesses have been contributing to raise the standard
for people. When people are employed in these firms then they can earn enough money to
spend a healthy lifestyle and vanish their poverty. The economic level of the country is also
increased and life standards of poor people also increases.
Innovation – The small and medium sized enterprises have been contributing a lot in the
development of economies and encouragement of innovation and creation in the market. The
small and medium sized enterprises are encouraging innovation by the implementation of
business organisations and providing motivation to others for doing the same. These
companies have to contribute socially as it is enhancing the number of options a customer is
making while buying a product or service. Innovation helps a company to attract customers
and create brand image and reputation. This helps in creating a good economy as products
are innovative and creative.
Developing personal relationship – The small and medium enterprises helps in development of
personal relationship between customers, employees, suppliers and manufactures of the
company. This will help the company in dealing with customers and building strong and
healthy relationships. This gives transparency to suppliers and customers regarding the
activities of that helps in building trust.
Low overhead – The small and medium enterprises are operating and doing business at low
level. This results in low overhead as the premises has small size and cost of heating, rent
and lightning is low. The price of product is very low and customers will get products at a
very low rate and this makes them satisfied and happy.

TASK 3
P5 Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business managers.
A successful entrepreneur will be the individual who manage available funds and resources
in effective manner for establishing successful business firm. Along with this, by fulfilling needs
and wants of customers in effective manner as well as for gaining maximum profit. Although,
role of successful entrepreneur never get finish with the limit of earning profit. There are several
activities included in it such as effective decision making, motivating employees, risk
management, come with innovative approach and so on. For determining characteristics traits
and skills of successful entrepreneur there are two selected i.e., Mark Zuckerberg and Jeff Bezos.
Mark Zuckerberg is an American technology entrepreneur as well as philanthropist. He
is known as co-founding of leading Facebook as he is manager and chief executive officer. He
was born in 1984 on 4th May and residence is at Palo alto, California United States. Facebook is
an online social media and social networking site which is ranked as world’s best social media
network around the globe. Mark Zuckerberg have its big hand behind the success of facebook as
it become popular or well known because of its innovation as well as new approach of getting
connected with people at worldwide level.
Jeff Bezos is American technology entrepreneur, philanthropist as well as investor. He is
the founder of chairman, CEO as well as president of Amazon and deals in various services
which has led to the foundation of new technologies. Jeff Bezos was leading a successful job,
earning a hefty amount, before he quit everything and started Amazon. At present, Amazon is
one of the largest online organisation because of the hard efforts putted by the Jeff Bezos.
The key traits as well as skills observed within Mark Zuckerberg and Jeff Bezos are
mention below:
Mark Zuckerberg Jeff Bezos
Traits
 Innovation: Idea bring by the
mark Zuckerberg is innovative
as well as not even used by
anyone before. Such ideas
shows creativity of their mind.
 Innovation: The common trait
within both the leaders is their
creativity. The goods as well as
services offering by them are quite
different and innovative.

 Feedback Approach: Mark
Zuckerberg believes in taking
feedbacks from the users and
implement changes within
existing process according to
the given suggestion which
help in making things more
effective.
 Experimentalist: Jeff Bezos
always believes in doing
experiments instead of creating
something that already exists. He
always focuses on experimenting
with new things.
Skills
 Motivator: Mark Zuckerberg
always motivates their tea
members so they give their best
and result in improving
productivity of organisation.
 Communication: Mark
Zuckerberg believes that two
way communication is the only
way of getting success.
 Focused: Jeff Bezos is very
focused in whatever he is doing
and try to create the best out of it.
 Mindfulness: Jeff Bezos knows
how to handle criticism as he feels
it is a stepping stone for success.
Characteris
tics
 Team-Player: Mark
Zuckerberg is a team player, he
believes in taking the team
forward as well as
accomplishing the goals all
together.
 Problem Solving: he believes
in approaching to every
problem and resolve it so that it
will not affect employees
overall working of
organisation.
 Risk-taker: Jeff Bezos believes in
taking risks. This is one of the
reason why he left his well paid
job and started Amazon.
 Leadership: Jeff Bezos is a very
successful leader and knows how
to achieve the goals and lead the
team effectively.

The major difference between successful entrepreneurs and business managers are mention
below:
Basis Successful Entrepreneurs Business Managers
Focus An successful entrepreneurs focus on
bringing new ideas within market area
and focus on its management.
The focus of business managers focus
on the day to day operations of
business as well as pay attention on
effective carrying out activities.
Status Entrepreneurs are the owner of the
business association.
Managers are simply an employee of
the firm.
Motivation Profit maximisation by carrying out
activities in effective manner is the
motivation factor for an successful
entrepreneur.
Carrying out the operations activities
in the company smoothly is the
motivating factor for a manager
within firm.
P6 Aspects of entrepreneurial reflect entrepreneurial motivation and mindset
The aspects of the personality reflected by these popular and famous successful
entrepreneurs Mark Zuckerberg and Jeff Bezos lead to their success. For understanding the entire
concept OCEAN model will be implemented and it will assist in understanding overall concept.
Explanation of these are as follows :-
OCEAN Model
The big five personality traits and five factor model are known as OCEAN Model it is foe
taxonomy for personality traits. Respective model have five different kinds of personality traits
which assist in analysing responsibility which can be allotted to various person. There are five
areas in OCEAN model explanation of these are as follows :-

(Source- Ocean Model, 2019)
 Openness: This sometimes also known as intellect or imagination as well as help in
measuring level of creativity and desire for knowledge as well as new experiences.
Openness is the states of creativity level within individual. Moreover, it suggests the
numerous goods and services which are established through these entrepreneurs in term of
art as well as curiosity. Jeff Bezos and Mark Zuckerberg are the two entrepreneur who get
high ranked in the respective aspect.
 Conscientiousness: It is related to the work management skills required in entrepreneur so
that they can manage their workload allotted to them. The form of work displayed by Mark
Zuckerberg and Jeff Bezos has displayed their work in organised manner and the same they
want from their employees so that assigned task will get completed within required time
duration.
 Extraversion: It is related to the vitality of entrepreneurs to get connected with other people
whether they are extrovert or introvert in nature. The respective entrepreneur Jeff Bezos as
well as Mark Zuckerberg both are introvert in nature from their childhood as they don’t get
connected with people easily they need time.
 Agreeableness: It include ability of an individual person for trust on specific person in easy
manner. Moreover, it refers to the time taken to get connected with someone. As discussed
Illustration 1: ocean model, 2019

above that Jeff Bezos and Mark Zuckerberg both is introvert in nature as they are ranked as
highly agreeableness.
 Neuroticism: This aspect of personality trait involves emotional stability of person in
relation within anxiety or depression issue. Jeff Bezos has been ranked low within the
respespective aspect of personality trait as he is helpful as well as easy to communicate with
boss. Same as Mark Zuckerberg as well. Both of the respective entrepreneurs are termed as
successful because of their personality traits in which they both are ranked high.
TASK 4
P7 examine using relevant examples, how background and experience can hinder or foster
entrepreneurship
There are different examples which can evaluate the necessity of experience and background of
entrepreneurs. There are different factors that can build a person or destroy a person. This
showcases all elements that are evaluated for analysing person’s strength and weakness.
Entrepreneurs are individuals who are people who manages and handles business for earning
money and profits. He different factors on which entrepreneurship depends is mentioned
below-
 Level of Education: This is an important part by which an individual’s capabilities are
analysed for developing and growth of the organisation. A person must have enough
knowledge of the subject before starting business in that concept. In the context of Jeff
Bezos, this person has succeeded in IT sector and by using his knowledge and abilities a
good establishment of business is done. This is a feature that helps in fostering to Jeff Bezos.
 Nationality: There is an important role of nation and culture in establishing the thinking and
mindset of an individual. One example of such kind of entrepreneur is Mark Zuckerberg
and who is a person who was born and brought up in the country i.e. America. This person is
famous for support and activities of the area where he was living. He utilised all resources
that are available to him and he used them in an appropriate manner.
 These factors are playing an important role for establishing style and behaviour of
individuals. These helps entrepreneurs in becoming successful in life.

There is a link Between Entrepreneurial Characteristics and they have influence Of Personal
Background And Experience To The Successful Entrepreneurs. There is a very strong
relationship between the characteristics and traits of successful entrepreneurs. Entrepreneurs
have background and experience that is attained by these individuals for establishing
characteristics of entrepreneurs. This can be explained by an example , in the context of Jeff
Bezos, he belongs from a broken family and his parents got divorced when he was only two
years old. This affects his way of thinking a lot. He is only focused towards negative things in
life that has become the foundation of characteristics like mindfulness because he knows how to
handle and manage criticism. On the other hand, Mark Zuckerberg is a successful entrepreneur
who belongs from a very educated family. This helped him to the study well and pursue higher
education that is desired by him. He studied hard and got selected into most prestigious
university across the globe. Entrepreneurs are affected by their experience and background in a
positive as well as negative manner. The background can affect an individual’s life in one way or
the other. In the context of successful and good entrepreneurs mentioned, it is analysed that their
family background and past experience helped a lot in making their life. This played a major role
in life of these entrepreneurs in selecting and choosing the field they fit in and work accordingly.
The biggest example is Mark Zuckerberg who has created Facebook when he was just in
university which showcases their skills and abilities.On the other hand, in the case of Jeff Bezos,
he was working in a reputed job but he was not totally satisfied he desired success by
establishing Amazon.
CONCLUSION
After going through the above discussion it has been concluded that, there are numerous
entrepreneur within business environment and they play important role in the development as
well as growth of economy. Entrepreneurs are the risk taker and having ability to run business
and also bring innovation within market for attracting large number of customers. In addition to
the every entrepreneur have some distinct characteristics and skills which help in making them
different from each other and also assist in gaining success within competitive business
environment. Apart from the distinct character there are some similarities also between different

entrepreneurs. Small business started by them help in development of economy at different level
such as regional, local as well as national.

REFRENCES
Books and Journal
Belz, F. M. and Binder, J. K., 2017. Sustainable entrepreneurship: A convergent process model.
Business Strategy and the Environment. 26(1). pp.1-17.
Bryson, J. R. and Daniels, P. W. Eds., 2015. Handbook of service business: Management,
marketing, innovation and internationalisation. Edward Elgar Publishing.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Cumming, D. J. and Zahra, S. A., 2016. International business and entrepreneurship implications
of Brexit. British Journal of Management. 27(4). pp.687-692.
Fayolle, A., Verzat, C. and Wapshott, R., 2016. In quest of legitimacy: The theoretical and
methodological foundations of entrepreneurship education research. International Small
Business Journal. 34(7). pp.895-904.
Galloway, L., Kapasi, I. and Sang, K., 2015. Entrepreneurship, leadership, and the value of
feminist approaches to understanding them. Journal of Small Business Management. 53(3).
pp.683-692.
Hoogendoorn, B., 2016. The prevalence and determinants of social entrepreneurship at the macro
level. Journal of Small Business Management. 54. pp.278-296.
Kassean, H. and et. al., 2015. Entrepreneurship education: a need for reflection, real-world
experience and action. International Journal of Entrepreneurial Behavior & Research. 21(5).
pp.690-708.
Petkovska, T., 2015. Role and importance of innovation in business of small and medium
enterprises. Економски Развој-Economic Development. 17(1-2). pp.55-74.
Ramadani, V. and e. al., 2017. Entrepreneurship and management in an Islamic context.
Springer.
Rauch, A. and Hulsink, W., 2015. Putting entrepreneurship education where the intention to act
lies: An investigation into the impact of entrepreneurship education on entrepreneurial behavior.
Academy of management learning & education. 14(2). pp.187-204.
Storey, D. J., 2016. Entrepreneurship and new firm. Routledge.

Vilcov, N. and Dimitrescu, M., 2015. Management of entrepreneurship education: A challenge
for a performant educational system in Romania. Procedia-Social and Behavioral Sciences. 203.
pp.173-179.
Walsh, G. S. and Cunningham, J. A., 2016. Business failure and entrepreneurship: Emergence,
evolution and future research. Foundations and Trends® in Entrepreneurship. 12(3). pp.163-
285.
Welter, F. and et. al., 2017. Everyday entrepreneurship—a call for entrepreneurship research to
embrace entrepreneurial diversity.
Zahra, S. A. and Wright, M., 2016. Understanding the social role of entrepreneurship. Journal of
Management Studies. 53(4). pp.610-629.
Online
10 Essential Characteristics of Highly Successful Entrepreneurs. [Online]. Available Through
<https://www.inc.com/sujan-patel/10-essential-characteristics-of-highly-successful-.html>
Top 10 Characteristics of an Entrepreneur. [Online]. Available Through
<https://smallbusiness.chron.com/top-10-characteristics-entrepreneur-18487.html>
Branson, R., 2015, at http://www.goalgettingpodcast.com, viewed on 04.02.15
https://en.oxforddictionaries.com/word-of-the-year/word-of-the-year-2018
http://www.yourarticlelibrary.com/entrepreneur/top-10-types-of-entrepreneurs-explained/40648
https://www.towergateinsurance.co.uk/business-insurance/finding-a-standard-definition-for-
small-businesses
(https://www.towergateinsurance.co.uk/business-insurance/finding-a-standard-definition-for-
small-businesses
https://www.towergateinsurance.co.uk/business-insurance/finding-a-standard-definition-for-
small-businesses