Impact of Entrepreneurship and Small Business Management Report
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This report provides a comprehensive overview of entrepreneurship and small business management, covering various aspects of entrepreneurial ventures. It begins by defining entrepreneurship and its significance, followed by an exploration of different types of entrepreneurial ventures, including serial, social, and female entrepreneurship, along with their similarities and differences. The report then delves into the statistical impact of small and micro businesses on the economy, emphasizing their role at local, regional, and national levels. Furthermore, it highlights the importance of small businesses and startups in fostering social and economic growth, particularly in job creation, improving living standards, and driving economic expansion. The report also examines the skills, traits, and characteristics of successful entrepreneurs, along with the motivational aspects of entrepreneurship. Finally, it discusses how background and experience can either hinder or foster entrepreneurial endeavors, providing a well-rounded perspective on the subject.

ENTEREPRENURE SHIP
AND SMALL BUSINESS
MANAGMENT
AND SMALL BUSINESS
MANAGMENT
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Table of Contents
INTRODUCRION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Types of entrepreneurial ventures and relation of it with typology.......................................1
P2 Similarities and differences in entrepreneurial ventures........................................................3
TASK 2............................................................................................................................................4
P3 Statistic and its impact in micro and small business over economy......................................4
P4 Importance of small business and start-up over growth of social economy..........................6
TASK 3...........................................................................................................................................7
P5 Skills, Traits and characteristics of successful enterprisers...................................................7
P6 Aspect of an entrepreneurial and personality motivation....................................................7
TASK 4............................................................................................................................................8
P7 Background and experience that can hider or foster entrepreneurship.................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
.......................................................................................................................................................12
INTRODUCRION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Types of entrepreneurial ventures and relation of it with typology.......................................1
P2 Similarities and differences in entrepreneurial ventures........................................................3
TASK 2............................................................................................................................................4
P3 Statistic and its impact in micro and small business over economy......................................4
P4 Importance of small business and start-up over growth of social economy..........................6
TASK 3...........................................................................................................................................7
P5 Skills, Traits and characteristics of successful enterprisers...................................................7
P6 Aspect of an entrepreneurial and personality motivation....................................................7
TASK 4............................................................................................................................................8
P7 Background and experience that can hider or foster entrepreneurship.................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
.......................................................................................................................................................12

INTRODUCRION
Entrepreneurship is the way in which a business is setup and run. This introduces new
ideas that helps in growing of business. It is done with sheer motive of earning profit and making
best out of a business (Akehurst, Simarro and Mas‐Tur, 2012).The person who bring this ideas
into action for the purpose of introducing a new and unique business is called as entrepreneur.
These strategies and ideas also gives an important contribution in uplifting economy of a
country. As these business enterprises helps in generation of job and tax payment to the
government which is used for the welfare of society. The given project is based upon importance
and support provided to a start-ups that is further explained in the report with advantages and
disadvantages. Impact of small business in the growth of an economy is also covered after
Brexit.
TASK 1
P1 Types of entrepreneurial ventures and relation of it with typology
Entrepreneur are those types of individual which opens a business of new nature. They
provide goods and services to people in exchange of money. An entrepreneur venture is that kind
of business that is formed in order to earn money and profit which improves their living
standards. Purpose of forming these kind of business is to fulfil entrepreneurs own motive. These
are divided on the basis of there size, scope and services. Over these only various entrepreneurs
are formed (Audretsch and Caiazza, 2016).
Entrepreneurial Activity: These are those activities that helps a business to create its
value in the market and generate economic worth of themselves. These ideas are there for the
enhancement of development and growth of an business. This is to be achieved by formation of
new and unique type of ideas. The ideas create and is applied in an business to provides goods
and services. Ideas of these types helps in generation of employment in local market in which the
business is running.
Various Types of Venture: There are three types of venture and are explained below:
Serial Entrepreneur: In these kind of venture there are various employees, amount of
capital is more, operations and size of the business is large. The formation of these ventures
1
Entrepreneurship is the way in which a business is setup and run. This introduces new
ideas that helps in growing of business. It is done with sheer motive of earning profit and making
best out of a business (Akehurst, Simarro and Mas‐Tur, 2012).The person who bring this ideas
into action for the purpose of introducing a new and unique business is called as entrepreneur.
These strategies and ideas also gives an important contribution in uplifting economy of a
country. As these business enterprises helps in generation of job and tax payment to the
government which is used for the welfare of society. The given project is based upon importance
and support provided to a start-ups that is further explained in the report with advantages and
disadvantages. Impact of small business in the growth of an economy is also covered after
Brexit.
TASK 1
P1 Types of entrepreneurial ventures and relation of it with typology
Entrepreneur are those types of individual which opens a business of new nature. They
provide goods and services to people in exchange of money. An entrepreneur venture is that kind
of business that is formed in order to earn money and profit which improves their living
standards. Purpose of forming these kind of business is to fulfil entrepreneurs own motive. These
are divided on the basis of there size, scope and services. Over these only various entrepreneurs
are formed (Audretsch and Caiazza, 2016).
Entrepreneurial Activity: These are those activities that helps a business to create its
value in the market and generate economic worth of themselves. These ideas are there for the
enhancement of development and growth of an business. This is to be achieved by formation of
new and unique type of ideas. The ideas create and is applied in an business to provides goods
and services. Ideas of these types helps in generation of employment in local market in which the
business is running.
Various Types of Venture: There are three types of venture and are explained below:
Serial Entrepreneur: In these kind of venture there are various employees, amount of
capital is more, operations and size of the business is large. The formation of these ventures
1
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leads towards profit earning which is done in return of products and services provided by an
company.
These ventures are very narrow in its scope and size. As they operate only in the local
market and by one person. The organisation under small scale is formed by using either sole
proprietor ship or by partner ship. Organisation of these kinds consist of 50 members. They help
in of gaining profit and livelihood for a person or public at large. Net worth of these
organisations is two million euros . people like Pierre Omidya is an example of such
entrepreneur ship (Bennett, 2014).
Social entrepreneurship: They are those types of organisation which are formed for
fulfilling of development and enhancement of society. The ideas of these companies is used by
society for the purpose of its growth and development. Companies of these kinds has a very
wider scope which creates opportunity towards increasing of living standards. Their main motive
is not earning profit. Operation of these business is at local level and gives a very important
contribute towards economic development. Examples of this are JC Denim and Korchet kids.
Female entrepreneurship: These are those women that run a particular business and
organisations. They have increased at very high rate in UK. In these kinds of enterprise the
business is started and run by a women. It is there for earning profit and establishing business at
global level. These organisations are formed for providing employment and business is managed
by a women independently. Example of this are Gabriel Hersham (Burrows, 2015).
Various typologies are used in an entrepreneurship venture that is related to business and
its development. Theses are there to increase efficiency in a business. Some of the typologies are
explained below:
Enterprises life style: Enterprises of these kinds is formed in order of improvement
towards the lifestyle of people of the country and area in which a company is doing its business.
They impacts the lifestyle of people by helping them in job generation and giving employment to
them. There product and services makes it easy and enhance the living. It come under social
enterprise.
Growth in businesses: A companies growth depends upon the maximum earning of
profit and generating of revenue. The entrepreneur in these kind of organisations introduce new
types of ideas which are unique in nature and helps in increasing of productivity in an business.
They are brought into existence in order to satisfy the customer and fulfil the demands made by
2
company.
These ventures are very narrow in its scope and size. As they operate only in the local
market and by one person. The organisation under small scale is formed by using either sole
proprietor ship or by partner ship. Organisation of these kinds consist of 50 members. They help
in of gaining profit and livelihood for a person or public at large. Net worth of these
organisations is two million euros . people like Pierre Omidya is an example of such
entrepreneur ship (Bennett, 2014).
Social entrepreneurship: They are those types of organisation which are formed for
fulfilling of development and enhancement of society. The ideas of these companies is used by
society for the purpose of its growth and development. Companies of these kinds has a very
wider scope which creates opportunity towards increasing of living standards. Their main motive
is not earning profit. Operation of these business is at local level and gives a very important
contribute towards economic development. Examples of this are JC Denim and Korchet kids.
Female entrepreneurship: These are those women that run a particular business and
organisations. They have increased at very high rate in UK. In these kinds of enterprise the
business is started and run by a women. It is there for earning profit and establishing business at
global level. These organisations are formed for providing employment and business is managed
by a women independently. Example of this are Gabriel Hersham (Burrows, 2015).
Various typologies are used in an entrepreneurship venture that is related to business and
its development. Theses are there to increase efficiency in a business. Some of the typologies are
explained below:
Enterprises life style: Enterprises of these kinds is formed in order of improvement
towards the lifestyle of people of the country and area in which a company is doing its business.
They impacts the lifestyle of people by helping them in job generation and giving employment to
them. There product and services makes it easy and enhance the living. It come under social
enterprise.
Growth in businesses: A companies growth depends upon the maximum earning of
profit and generating of revenue. The entrepreneur in these kind of organisations introduce new
types of ideas which are unique in nature and helps in increasing of productivity in an business.
They are brought into existence in order to satisfy the customer and fulfil the demands made by
2
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him. The main objectives of these kinds of organisations are to settle themselves in market.
Organisation of this kind comes under serial enterprises.
The above mentioned typologies and venture of entrepreneur is connected with each
other. Objectives of it is to reduce complicity of living and improve the standards of the persons
living. Both of them marks there contribution in increasing economy and payment of taxes for
the welfare of society (Carsrud and Brännback, 2011).
P2 Similarities and differences in entrepreneurial ventures
There are various differences and similarities in an entrepreneurial ventures and they are
given as follows:
Differences
Basis Serial entrepreneur Female entrepreneur Social
entrepreneurs
Scale The are known as serial
entrepreneur because it is
being operated through
one person. The
investment is done by
person who is running it.
In this kind of businesses
a women runs a company
and investment is done by
her. These kinds of
organisation has been
developed at very large
scale in past years.
These kinds of
businesses operates I
n the local market
and is formed for
satisfying in
direction of
betterment in
society.
Purpose Objective of these
business is to earn profit
and basic living in order
to maintain comfort in
life.
Companies of these kinds
are there to give rise to
women empowerment. As
it is formed by a women
and also encourages other
women to enhance their
life.
Formation of the
companies of this
kind is there to
encourage.
Improvements in life
style of people.
Characteristics In the businesses of this
kind requirement of
These businesses needs a
very large amount of
Funding of these
kinds of companies
3
Organisation of this kind comes under serial enterprises.
The above mentioned typologies and venture of entrepreneur is connected with each
other. Objectives of it is to reduce complicity of living and improve the standards of the persons
living. Both of them marks there contribution in increasing economy and payment of taxes for
the welfare of society (Carsrud and Brännback, 2011).
P2 Similarities and differences in entrepreneurial ventures
There are various differences and similarities in an entrepreneurial ventures and they are
given as follows:
Differences
Basis Serial entrepreneur Female entrepreneur Social
entrepreneurs
Scale The are known as serial
entrepreneur because it is
being operated through
one person. The
investment is done by
person who is running it.
In this kind of businesses
a women runs a company
and investment is done by
her. These kinds of
organisation has been
developed at very large
scale in past years.
These kinds of
businesses operates I
n the local market
and is formed for
satisfying in
direction of
betterment in
society.
Purpose Objective of these
business is to earn profit
and basic living in order
to maintain comfort in
life.
Companies of these kinds
are there to give rise to
women empowerment. As
it is formed by a women
and also encourages other
women to enhance their
life.
Formation of the
companies of this
kind is there to
encourage.
Improvements in life
style of people.
Characteristics In the businesses of this
kind requirement of
These businesses needs a
very large amount of
Funding of these
kinds of companies
3

resources is very limited.
Government interference
is also not there.
investment in resources.
Interfacer of government
is low.
is done by
government. As they
are working for
upliftment of
society.
Similarities
Basis Serial entrepreneur Female entrepreneur Social entrepreneur
Meeting the needs It is form in order to
cover local market and
satisfying need of
customers in a market.
There main focus is to
improve condition of
women customers in
an local market .
It come into existence
for doing welfare of
society and improve
standards of living.
Society upliftment These are formed to
generate opportunities
of employment in a
market. And
contributes towards
reducing
unemployment.
It increases
opportunity of
working for women.
Product and services
generated is helpful to
women.
Quality and standard
of living is improved
through these
companies of the
people living in
society.
TASK 2
P3 Statistic and its impact in micro and small business over economy
Business is an important part of economy and is an very effective element of a countries
economy. They contribute towards economy at very large level. It helps a country in
development of its infrastructure, quality of education and many more. These organisation
creates an drastic effect over an economy of a country. There are three types of business
organisation (Impact of micro and small business on economy, 2018).
Typologies in entrepreneurship..
4
Government interference
is also not there.
investment in resources.
Interfacer of government
is low.
is done by
government. As they
are working for
upliftment of
society.
Similarities
Basis Serial entrepreneur Female entrepreneur Social entrepreneur
Meeting the needs It is form in order to
cover local market and
satisfying need of
customers in a market.
There main focus is to
improve condition of
women customers in
an local market .
It come into existence
for doing welfare of
society and improve
standards of living.
Society upliftment These are formed to
generate opportunities
of employment in a
market. And
contributes towards
reducing
unemployment.
It increases
opportunity of
working for women.
Product and services
generated is helpful to
women.
Quality and standard
of living is improved
through these
companies of the
people living in
society.
TASK 2
P3 Statistic and its impact in micro and small business over economy
Business is an important part of economy and is an very effective element of a countries
economy. They contribute towards economy at very large level. It helps a country in
development of its infrastructure, quality of education and many more. These organisation
creates an drastic effect over an economy of a country. There are three types of business
organisation (Impact of micro and small business on economy, 2018).
Typologies in entrepreneurship..
4
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Small Businesses: Businesses of these kind are very small in size and consist of less
employees than 50. revenue is also less than five million euro. The companies of there kind only
works at lower scale. Employment and revenue is also generated at lower scale only.
Medium Businesses: In these organisation strength of employees is more than 50 but is
under 250. Revenue is five million euro and is less than twenty two million euro. Its impact over
economy is that increase employment rate and needs of the customers are fulfilled in order to
earn high profit.
Large Businesses: Operations of these business are done at high level and strength of
employees is more than 250. Revenue generated is more than twenty two million. Contribution
of it in economic development is job generated for a public at large. As it operates at national
and global level (Epifanova and et. al., 2015).
SME and Its effect on economy: this effect is explained as follows:
Impact At Local Level:Businesses of small and micro level is that, it directly effects
economy of local level. This is done through products and services which are being given to
people living in a country. It identifies about what a customer wants. Businesses of this kind is
there for determination of power to purchase. More money is earned lifestyle changes whichb
eventually help the economy to develop.
(Source: The Role of Startups and Small Businesses in Today’s Economy, 2018)
5
employees than 50. revenue is also less than five million euro. The companies of there kind only
works at lower scale. Employment and revenue is also generated at lower scale only.
Medium Businesses: In these organisation strength of employees is more than 50 but is
under 250. Revenue is five million euro and is less than twenty two million euro. Its impact over
economy is that increase employment rate and needs of the customers are fulfilled in order to
earn high profit.
Large Businesses: Operations of these business are done at high level and strength of
employees is more than 250. Revenue generated is more than twenty two million. Contribution
of it in economic development is job generated for a public at large. As it operates at national
and global level (Epifanova and et. al., 2015).
SME and Its effect on economy: this effect is explained as follows:
Impact At Local Level:Businesses of small and micro level is that, it directly effects
economy of local level. This is done through products and services which are being given to
people living in a country. It identifies about what a customer wants. Businesses of this kind is
there for determination of power to purchase. More money is earned lifestyle changes whichb
eventually help the economy to develop.
(Source: The Role of Startups and Small Businesses in Today’s Economy, 2018)
5
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Impact upon Region: An start-up creates an impact over the economy of region because
they also helps in generating employment for people living in a region. It has a positive impact
over economy as rate of employment generated is higher which leads to expanding of workforce.
Improvement of regional income also helps in development of economy.
Impact on national Level:A start-up impacts an economy of national market by
preforming operation of a business and utilisation of money is also less. It focuses on the unique
ideas that enhances profitability and productivity in a company. Revenue of government
increases. In UK 15.7 million employment is generated (Galloway, Kapasi and Sang, 2015).
P4 Importance of small business and start-up over growth of social economy
All the businesses of small nature and start-ups is considered as one of important source
of economy of a country. As it generates employment and revenue. Form development point of
view it improves standard of living. Various companies of small nature are there in UK. They
have contributed towards development of peace in UK. Entrepreneur launches these companies
by the new and unique ideas for meeting customer demands. Businesses of these kinds are
getting full support from UK. There various reasons for the growth of economy which are
discussed further:
Job Creation:Role played by these business and startup is creating of job opportunities
and enhancement in performance and productivity is also done by these companies. Local people
also gets job for the improvement of there skills and capabilities. From these an individual is able
to generate ideas of opening there own business. Unemployment in a country is removed and
condition of economy improves.
Enhancement in Living standards: The standards are improved because of improving
conditions of people. This achieved through providing better products and services to its
customer within its power to purchase. It eventually fulfill needs of people that improves
standard of living.
Growth of Economy: Star-up plays an important role towards the up liftment of economy
and creates growth opportunities by taking out creativity and improving growth. They are useful
as it enhances innovative ideas which improves rate of economy. This increases productivity and
leads to enhancement of products and services. Paying of tax by these business improves the
condition and strengthen economy. Also these provides quality products to the customer and
makes him spend more in order to gain profit out of the situation (Islam and et. al., 2011).
6
they also helps in generating employment for people living in a region. It has a positive impact
over economy as rate of employment generated is higher which leads to expanding of workforce.
Improvement of regional income also helps in development of economy.
Impact on national Level:A start-up impacts an economy of national market by
preforming operation of a business and utilisation of money is also less. It focuses on the unique
ideas that enhances profitability and productivity in a company. Revenue of government
increases. In UK 15.7 million employment is generated (Galloway, Kapasi and Sang, 2015).
P4 Importance of small business and start-up over growth of social economy
All the businesses of small nature and start-ups is considered as one of important source
of economy of a country. As it generates employment and revenue. Form development point of
view it improves standard of living. Various companies of small nature are there in UK. They
have contributed towards development of peace in UK. Entrepreneur launches these companies
by the new and unique ideas for meeting customer demands. Businesses of these kinds are
getting full support from UK. There various reasons for the growth of economy which are
discussed further:
Job Creation:Role played by these business and startup is creating of job opportunities
and enhancement in performance and productivity is also done by these companies. Local people
also gets job for the improvement of there skills and capabilities. From these an individual is able
to generate ideas of opening there own business. Unemployment in a country is removed and
condition of economy improves.
Enhancement in Living standards: The standards are improved because of improving
conditions of people. This achieved through providing better products and services to its
customer within its power to purchase. It eventually fulfill needs of people that improves
standard of living.
Growth of Economy: Star-up plays an important role towards the up liftment of economy
and creates growth opportunities by taking out creativity and improving growth. They are useful
as it enhances innovative ideas which improves rate of economy. This increases productivity and
leads to enhancement of products and services. Paying of tax by these business improves the
condition and strengthen economy. Also these provides quality products to the customer and
makes him spend more in order to gain profit out of the situation (Islam and et. al., 2011).
6

From the above mentioned points it can be make out that small firms and start-ups is a
very important factor of a countries development because it identifies ideas of unique nature
which improves the life of people living in a society. It generates employment and makes
earnings in order to be spend by them.
TASK 3
P5 Skills, Traits and characteristics of successful enterprisers
There are various characteristics, skills and traits which are there fro making an
successful entrepreneur. Due to which they stand apart from other mangers of a business. It helps
in bringing out the innovation and increase in profit takes place. Two entrepreneurs that is taken
for the formation of report is Philip Green CEO of Arcadia Groups and Richard Branson CEO of
virgin groups. There characteristic, skill and traits are mentioned below.
Characteristics:
Passion: This is an very important characteristics as it increases there capacity to work
with consistency. Due to this both the entrepreneur Philip Green and Richard Branson is able to
work with regularity. This made them achieve there goals. It differentiated it from manger
because they loses their patience which effect in their decision making (Petkovska, 2015).
Skills
Innovative Thinking: This has helped both the entrepreneur to make them successful by
resolving the problems that raised while gaining success and made them smoothly achieve there
success.
Traits
Confidence: It is a necessary trait in which the improvement over decision making. Both
entrepreneurs Phillips Green and Richard Branson is benefited out of this because as a positive
output and good brand image is build in a market.
P6 Aspect of an entrepreneurial and personality motivation
There are different characteristics and skills that differentiate entrepreneur from
managers. It also represent motivation and mindset.
Openness:In this aspect there is reflection of creativity which has helped entrepreneurs in
taking better decision. This is also useful in learning various thing and accepting challenges.
7
very important factor of a countries development because it identifies ideas of unique nature
which improves the life of people living in a society. It generates employment and makes
earnings in order to be spend by them.
TASK 3
P5 Skills, Traits and characteristics of successful enterprisers
There are various characteristics, skills and traits which are there fro making an
successful entrepreneur. Due to which they stand apart from other mangers of a business. It helps
in bringing out the innovation and increase in profit takes place. Two entrepreneurs that is taken
for the formation of report is Philip Green CEO of Arcadia Groups and Richard Branson CEO of
virgin groups. There characteristic, skill and traits are mentioned below.
Characteristics:
Passion: This is an very important characteristics as it increases there capacity to work
with consistency. Due to this both the entrepreneur Philip Green and Richard Branson is able to
work with regularity. This made them achieve there goals. It differentiated it from manger
because they loses their patience which effect in their decision making (Petkovska, 2015).
Skills
Innovative Thinking: This has helped both the entrepreneur to make them successful by
resolving the problems that raised while gaining success and made them smoothly achieve there
success.
Traits
Confidence: It is a necessary trait in which the improvement over decision making. Both
entrepreneurs Phillips Green and Richard Branson is benefited out of this because as a positive
output and good brand image is build in a market.
P6 Aspect of an entrepreneurial and personality motivation
There are different characteristics and skills that differentiate entrepreneur from
managers. It also represent motivation and mindset.
Openness:In this aspect there is reflection of creativity which has helped entrepreneurs in
taking better decision. This is also useful in learning various thing and accepting challenges.
7
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Conscientiousness:It is related to flexibility and reliability. It helps in maintaining focus
towards the goals with more efficiency.
Extroversion: In this stage their maintenance of good relationship and has to become
more social. This helps in maintaining good relationship (Aspects of Entrepreneurial personality,
2017).
Agreeableness:This is there to help entrepreneur to become more cooperative and in
creases trustworthiness which important to coordinate with employees.
Neuroticism: It is related to anxiety, fear, worry and jealousy in this entrepreneur has to
act in a negative manner for randomizing the situation. This done to maintain order and
discipline in a company. After this healthy environment at workplace is maintained (Zahra and
Wright, 2016).
TASK 4
P7 Background and experience that can hider or foster entrepreneurship
Business is run for the purpose of earning profit from the products and services that is
given to customers. Background and experiences helps an entrepreneur in attaining more
involved and efficient working of a business which leads it towards success. Philip Green and
Richard Branson is able to become an successful entrepreneur their experience and background
is explained below.
Phillip Green
Background: Phillip Green started working as a banker in Lylods when he was 18 year
old and after two year he left the bank and started to work in an company. After this the company
is able to gather small amount of money and then left the company. He has ten thousand euros
with him. At the age of 21 he is able to setup his very first business of importing of jeans in retail
market of London. After the death of his father he has taken over the family business (Ramadani,
2013).
Experience: He started his own business and faced lot of problems such as proper
funding is not there, support from family member is also not there. He handled all the problems
because hi main main aim was to grow business. His family member told him to go for job bust
he chose run business. This resulted in making him worlds largest entrepreneur of all time. He
8
towards the goals with more efficiency.
Extroversion: In this stage their maintenance of good relationship and has to become
more social. This helps in maintaining good relationship (Aspects of Entrepreneurial personality,
2017).
Agreeableness:This is there to help entrepreneur to become more cooperative and in
creases trustworthiness which important to coordinate with employees.
Neuroticism: It is related to anxiety, fear, worry and jealousy in this entrepreneur has to
act in a negative manner for randomizing the situation. This done to maintain order and
discipline in a company. After this healthy environment at workplace is maintained (Zahra and
Wright, 2016).
TASK 4
P7 Background and experience that can hider or foster entrepreneurship
Business is run for the purpose of earning profit from the products and services that is
given to customers. Background and experiences helps an entrepreneur in attaining more
involved and efficient working of a business which leads it towards success. Philip Green and
Richard Branson is able to become an successful entrepreneur their experience and background
is explained below.
Phillip Green
Background: Phillip Green started working as a banker in Lylods when he was 18 year
old and after two year he left the bank and started to work in an company. After this the company
is able to gather small amount of money and then left the company. He has ten thousand euros
with him. At the age of 21 he is able to setup his very first business of importing of jeans in retail
market of London. After the death of his father he has taken over the family business (Ramadani,
2013).
Experience: He started his own business and faced lot of problems such as proper
funding is not there, support from family member is also not there. He handled all the problems
because hi main main aim was to grow business. His family member told him to go for job bust
he chose run business. This resulted in making him worlds largest entrepreneur of all time. He
8
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developed idea of cloth selling. In the year 2011 and 2012 his potential made him faced loss also
but with sheer motivation he come back and regained profit (Walsh and Cunningham, 2016).
Richard Bronson
Background: He is an graduate from the university and has experiences of working as
an manager in a company. His new ideas made him realized to do business. When he use to go
to work he noticed that people in a society has several options of mobile but their option is only
limited because of network. He got an idea from this that made him launch the virgin mobiles.
his business gained speed slowly and made him an successful entrepreneur. He has faced lot of
difficulties but managed to come out of them (Rauch and Hulsink, 2015).
Experience: He has experienced lot of hard ships in his business and has also worked as
a city worker and knows about the struggle one has to face . He has always focused over gaining
more and more profit and has faced losses at time but because of his sheer motivation bounce
back and become bigger entrepreneur.
CONCLUSION
It can be concluded from the above analysis that small and medium sized organisations
makes huge impact on overall social economy of UK in terms of generating employment
opportunities, making of tax payments etc. There are different types of ventures contributing
maximum to the growth of GDP which includes small, medium and large sized organisations.
Apart from this, an individual can become a successful entrepreneur if some appropriate skills,
characteristics and traits are present which includes communication, team work, leadership skills
etc.
9
but with sheer motivation he come back and regained profit (Walsh and Cunningham, 2016).
Richard Bronson
Background: He is an graduate from the university and has experiences of working as
an manager in a company. His new ideas made him realized to do business. When he use to go
to work he noticed that people in a society has several options of mobile but their option is only
limited because of network. He got an idea from this that made him launch the virgin mobiles.
his business gained speed slowly and made him an successful entrepreneur. He has faced lot of
difficulties but managed to come out of them (Rauch and Hulsink, 2015).
Experience: He has experienced lot of hard ships in his business and has also worked as
a city worker and knows about the struggle one has to face . He has always focused over gaining
more and more profit and has faced losses at time but because of his sheer motivation bounce
back and become bigger entrepreneur.
CONCLUSION
It can be concluded from the above analysis that small and medium sized organisations
makes huge impact on overall social economy of UK in terms of generating employment
opportunities, making of tax payments etc. There are different types of ventures contributing
maximum to the growth of GDP which includes small, medium and large sized organisations.
Apart from this, an individual can become a successful entrepreneur if some appropriate skills,
characteristics and traits are present which includes communication, team work, leadership skills
etc.
9

REFERENCES
Books and Journals
10
Books and Journals
10
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