Entrepreneurship and Small Business: Venture Types Report

This report provides a comprehensive overview of entrepreneurship and small business management, examining various types of entrepreneurial ventures such as sole proprietorships, partnerships, and franchises. It delves into the similarities and differences between different types of entrepreneurs, including serial, social, and female entrepreneurs, while also analyzing their respective business typologies. The report further explores the impact of startups and small businesses on the economy, supported by data interpretation and analysis. It identifies the key traits, characteristics, and skills of entrepreneurs, differentiating them from managers, and discusses how an entrepreneur's personality, background, and experience influence their mindset and motivation. The report aims to serve as a guide for entrepreneurs, offering insights into market research, venture evaluation, and the factors that contribute to business success.

Entrepreneurship and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Examine various types of entrepreneurial ventures...............................................................1
P2 Similarities and differences between various entrepreneurs with their suitable typologies. .4
P3 Interpretation and analysis of data which signifies impact of start up...................................8
P4 Determination of impact of small business and start up on impact on economy................12
P5 Determination of traits, characteristics and skills of various entrepreneur with difference
from managers...........................................................................................................................14
P6 Discussion about how an entrepreneur personality lead to reflect upon mind set and
motivation.................................................................................................................................18
P7 Reflection about background and experience hinder or foster an individual......................20
CONCLUSION..............................................................................................................................22
REFERENCES..............................................................................................................................23

INTRODUCTION
Entrepreneur is a person who has potential to gain all risk of market
and start working in welfare of society. They start their idea with a new and
innovative thing so that chances of getting sustain into market world get
rises (Irene, 2017). For a person it is important to determine and organise a
market research for analysing all market aspects properly thus, it is
important to provide appropriate information regarding this consent in an
effective manner.
This project is prepared for a purpose of website development and
work as a guide for entrepreneurs. In this project various essential
components lead to get included which stated about an entrepreneur
personality properly and effectively. For this context, various entrepreneurial
ventures get evaluated in an appropriate frame with valid comparison as well
as similarities with their suitable relationship with business typologies. Along
with this, it also evaluated about traits, characteristics and skills of an
individual whom have potential to gain risk of market and lead to compete in
such world in an appropriate frame.
Micro and small business made a vast impact on economy of society
which get analyse with aid of suitable data and its interpretation. Although, it
is consider as basic concern which support in improve social economy.
Although, background and experience made a vast impact on a person body
and mind-set for determine suitable gains and results.
P1 Examine various types of entrepreneurial ventures
An entrepreneur is a person whom is consider as risk taker in nature
and want to change the social aspects properly by introducing some new and
motivational innovations (Steyn, 2017). It is important for an entrepreneur to
be an innovator in nature as well as consider as beneficial leader with some
managerial qualities to bear all risk properly. With all important aspects
inclusion person become able to accomplish all aims and objectives properly
so that better and effective outcome could be accomplish. There are various
1

number of entrepreneurial ventures get determine which need to estimate
properly for concerning this project:
 Sole proprietor: It is a small concern organisation whom are not
operating at vast level with limited number of liabilities as well as there
is only owner of a company get determine. A success only derives at
business with more and more appropriate hard work so that chances of
better and efficient outcome get promoted with limited capital. This
association usually need to take loan either from banks or from
relatives. One of a best example of sole proprietor business in London,
United Kingdom is Milestone Hotel which is one of a 5 star grade II
listed hotel. This hotel has 44 guest bed rooms as well as 12 suites
where an individual easily lived over there. This was house and then
converted into a hotel (Struwig and Lillah, 2017).
 Partnership: It is a kind of agreement where two or more individual
come together by sharing their pool of money with indeed of
generating some money and revenue. Partnership is consider as less
bearing risk factor material because all essential risk elements get
divided in an appropriate frame between two or more individuals. The
capital raising sources are also more in nature as compared to sole
venture and risk also get divided among the partners. Thus, this lead
to support in order to grow business properly so that chances of
suitable outcome get enhance. One of a major company which is
consider as successful partnership firm is Virgin Atlantic which consider
as Airline Group started with two individuals Randolph Fields and Alan
Hilary. Both of them operate one of a successful venture in all over UK.
 Franchise: Many entrepreneurs provide their franchise to others so
that they become able to open more and more outlets. Franchise is a
process in which an individual lead to take name and frame of a settled
company for accomplishing and generating more and more revenue
properly (Henning and Akoob, 2017). There is vast range if franchises
running in the world and generating more and more profit as well. One
2

of an organisation whom already well establish in London and other
parts of world is McDonalds. They are providing their franchisee to
many individual just to establish them at wide level.
 Non-profit organisation: These are such association whom major
objective is just to provide and work in welfare of society but nothing
else. These associations never wants profit for sustaining into market
world but simple support society to get upraise through launching
various market opportunities. These entrepreneurs want to work in
order to maximise society standard only. One of a best example which
consider for NPO is Rolex whose founder was orphan and donate all of
profit margin generate business in orphanage to grow many children. It
is a Switzerland base company founded in 1905 and provide variety of
products and services to their ultimate users in order to upraise their
satisfaction level only (Henning and Akoob, 2017).
These ventures get operated with support of various individual whom
have a determination in order to modify society as well as their working
so that suitable level profit get determine effectively. Although, there are
several typologies get evaluated in business which need to relate with
these entrepreneurs properly so that a better understanding about this
concept lead to get manage. Various number of entrepreneurs are stated
as follow:
 Serial entrepreneur: These are such individual who love to ear and
take challenges on repetitive basis so that they create a different aim in
the world (Nabi and et. al., 2017). Once these personality establish a
business properly then they completely delegates responsibility of
carrying out operations to others and start thinking about a new idea.
These people have a potential to change society perspective towards
them. A famous Virgin Group owner consider as best example of these
bodies in which they already establish more than one brand in Virgin
which stated their ability to take challenge.
3

 Social entrepreneur: Some individual just want to upraise standard
of society and only bring positive change into it. These bodies do not want
profit as a major concern but just want to bring positive aspect in society.
They also consider as determinant towards their aim and objective so that
better and appropriate results could be derive in order to maintain
positivity in environment. They belong to not for profit organisation with a
clear motive to provide support to society and remove negative aspect
properly (Wheelen and Hunger, 2017). Rolex could be consider as NPO
and owner of a company as social entrepreneur as donates whole income
profit.
 Female entrepreneur: Society never treat and provide equal
opportunity to women same as like men. Thus, there are many women in
society get evaluated whom take stand and prove that they have more
ability than men. These female personalities are consider as female
entrepreneur whom have potential to change mind set of society and
bring a change in social environment as well. Elizabeth Arden is
considering as most successful personality whom started their own
cosmetics and create value towards society for bring appropriate change.
These are all various typologies which associates with the ventures of
entrepreneur and evaluate all basic relationship with each one of them
(Amato and et. al., 2017). It is important to understand this scenario in an
appropriate frame before commencing any business activity so that better
and effective gain could be estimated in order to operate activities properly.
Although, for more suitable evaluation, it is important to determine
differences and similarities between various kinds of entrepreneur so that
effective aim and objective accomplishment get done.
P2 Similarities and differences between various entrepreneurs with their
suitable typologies
There are various types of ventures are operating in business environment
which need to understand in an appropriate frame so that a suitable
4

distinguish lead to get done. All entrepreneurial ventures are somehow inter
related with each other as well as several major differences also get
determine in each one of them. Thus, for this context, one of a most
important thing is to maintain a suitable study in this consent (Wajdi,
Ummah and Sari, 2017). On the basis of stated outline, various ventures are
like profit, not for profit, joint ventures, franchise, partnership, sole proprietor
etc. Along with these ventures, there are several typologies also get
evaluated in order to maintain effectiveness. These typologies are serial
entrepreneur, social entrepreneur, female entrepreneur and copycat
entrepreneurs. Thus, their similarities and differences are stated as follow:
Similarities & differences between various entrepreneurs and their
typologies:
Sole proprietor Partnership
Venture with a clear objective of
generating revenue and profit.
Overall goal of business is to
generate more and more revenue
with ultimate profit margin.
Tax payable is of personal income
tax.
Partners are exempted to pay
business income tax and they only
pay personal income tax.
Easy to start without any
registration.
Only a partnership agreement lead
to frame between various partners
without any register registration.
Limited number of liability. All partners have limited number of
liability which lead to pay by each
one of partner.
This stated that Milestone Hotel and Virgin Atlantic both can be similar
with each one of them. As every individual have limited liability in nature as
well as operate with a single motive to generate more and more revenue as
well as better outcome (Agrawal, 2017). Business lead to get easily started
so that less registration get manage. All such similarity stated that
partnership and individual concern have some number of similarities but
5

there are many differences also get evaluated in each one of them which
have to understand in an appropriate frame. The differences between these
two ventures stated below for more appropriate concern:
Sole Proprietorship Partnership
It is an unincorporated entity in
which neither of an individual make
interference apart from sole owner.
It is a kind of business which usually
get operate through two or more
individual.
Profit get obtain by a single
individual and rest people whom are
helping operates on salary basis.
This business concern divided profit
between partners in order to their
ratios.
Scope and growth of sole trader
limited in nature and thus chances
of high success is not so much
possible in nature due to limited
investment.
Scope and growth of partnership
firms is not limited in nature due to
more and more number of partners.
Although investment is not limited
in nature.
Control is not diluted in nature as all
powers only in the hands of one
person as well as chances of
conflicts less in nature as well.
Partnership firms get operated by
two or more individuals thus,
chances of conflicts between them
are high in nature.
These are some basic and considerable difference between both the
ventures (Radović-Marković, 2017). This becomes more understandable with
support of example. Milestone Hotel has limited operations and scope
because it operates only with a single person. But power not get diluted in
nature but it will not able to maximise operations at big level because they
do not have sufficient fund. On the other hand, partnership firms operates
with assistance of two or more people. Virgin Atlantic are operating at high
level due to investment and sharing of risk between two concern bodies.
Hence, their profit margin is more as compared to Milestone Hotel.
Similarities and differences between various typologies:
Entrepreneurs have some traits and skills as well as it is important to
understand this concern with typologies properly (Spigel, 2017). On the basis
6

of this consent, a basic differentiation and similarity between male
entrepreneurs and female entrepreneurs stated as follow:
Male entrepreneurs Female entrepreneurs
These business ventures get
operated through male personality.
These operations concern with
female of society.
It is a common ventures in society
which do not reflect much positive
aspects.
These ventures made vast impact
on men dominating society.
One of a major concern which
create differences is age. Most
number of male started their
business in young age.
On the other hand many of the
women entrepreneur started their
concerning operations in the age of
40’s.
Management styles of men are
creative in nature as they define
strategies more properly.
Female mainly utilise feminism
management style where they less
focus on men dominating society
and want to create a differ image
only.
This is consider as major difference between male and female
entrepreneur of society which stated that both of them are differ from each
other (McKenzie, 2017). One of a famous female entrepreneur is Elizabeth
Arden whom started business in the age of 40 whereas on the other hand
many male bodies started their business in young middle age like Mark
Zuckerberg which is one of a well establish and famous personality in
present era. Male become more successful in nature as compared with
female and thus, women need to become more determine towards their
working. With these differences some number of similarities between both of
these typologies stated below so that an appropriate understanding get
promoted for better and effective gains.
Male entrepreneurs Female entrepreneurs
An overall and single objective is to Female also wants to generate
7

generate profit by providing quality
services.
revenue by fulfil all their objectives
and aims.
An entrepreneur always come up
with new idea.
A female entrepreneur is also
concern about new and motivating
innovation.
These are some basic and considerable similarities between both typologies
so that a better and appropriate understanding could be managed in an
appropriate frame (Gërguri‐Rashiti and et. al., 2017). It is essential to
manage and understand things properly and effectively. Mark Zuckerberg
and Elizabeth Arden both have a single objective which is create and perform
something new and innovative in market so that they become able to get
sustain and compete in such world as well. Along with this, they also want to
generate more revenue and profit so that chances of better and suitable
gains get maximise.
P3 Interpretation and analysis of data which signifies impact of start up
Small business are consider as backbone of every economy of a
country through which many business and employment related opportunities
get spread in the market world. Thus, this small business organisation
enables in order to maximise productivity of an enterprise in order to
accomplish their overall targets and goal. There are many firms are
operating at small level with a clear aim to get sustain into market world for
maximising business outcome (Bird and Schjoedt, 2017).
These association lead to make positive impact on society as well as
social economy by providing jobs to many youth personalities. Large and big
firms are not able to provide jobs to every person and after Brexit these
small organisations consider as major factors that support UK economy
growth and development in order to deal with economic crises. Milestone
hotel is one of a small hotel in London whom has good working space as well
as staff members so that better and effective working gets promoted. It is
not a kind of start-up but a typical small business which have good market
8

growth rate as compared to others with more than 10 suites as well as 50
king size bedrooms. Thus, for this context, suitable cleaning staff as well as
front door personnel highly required in nature. This stated that business have
potential in order to maintain appropriate environment and provide a tough
competition to each and every other hotels in UK.
A successful entrepreneur is one whom has more confidence to deal
and manage work rather than many other traits (Gielnik, Zacher and
Schmitt, 2017). It is really important to understand the specific trend about
an individual properly so that their body easily get analyse and they also
manage their working effectively. Risk and passion consider as several major
aspects as well but confidence to deal with ever changing environment of
business consider as the best one. Thus, it is important to determine this
factor with support of a graph so that it get evaluated about what kind of
entrepreneurs are taking place in environment and contribute most number
of start-up so that social economy get enhance.
This graph stated that rather than others confidence is a major thing which
supports an individual to grow and maximise their business operations as
well. This aids in gaining better results because without confidence neither
passion nor risk taking behaviour lead to get work. Thus, it is important to
manage things effectively with suitable confidence.
9

Impact of small business on micro economy:
Growth: Economic growth of a country stated that business become
more able to deal at big or vast level and consider as major global major
competitor of market as well. Thus, growth of social economy is in hands of
small business because with their growth and development business concern
become able to deal at big level (Avolio, 2017). This enables them in order to
increase job opportunities which critically reflect positive impact on economy
by enhance gross domestic product of a country as well. This stated that
growth of small business depends upon small business growth and its
success consider as essential segment.
Mapping: A major thing which is related with business or growth
concept “plan”. It is important to business to frame a plan properly and
follow it so that chances of more appropriate working get increases. Hence,
this derives as mapping in which all essentials need to get determine or
study in an appropriate frame for managing and maximising things
effectively. Mapping includes about analysis of market effectively so that
better and suitable growth get promoted. Although with suitable mapping
entrepreneur determine such field or area in which they need to manage
their operations and grow business activities. Thus, growth start with
effective and appropriate mapping of each and every activity so that better
results could be derives (Lans, Seuneke and Klerkx, 2017).
Giving: A major thing for small business enterprises is to give
something to society so that they become able to maintain core competency
in business environment. Thus, a major function of small business
association is to provide something to society in a suitable frame like job
opportunities, perform CSR acts etc. This enables in order to maintain growth
and development so that chances of suitable gain get maximise. This
concept of giving provides growth and development to social economy so
that chances of managing operations become appropriate.
The basis of above stated project it is completely got determine that small
business ultimately a part of social economy which made a positive impact
10

on economy of a country. Without these start-ups and micro business, an
economy is nothing and thus their composition plays a vital role (Dvouletý,
2017). Hence, they made a positive impact on society so that chances of
better and effective gain get promoted in order to manage and process
suitable gains. Although, with effective mapping all task and operations get
manage properly.
INTRODUCTION
There are two entrepreneurs named Mark Zuckerberg and Elizabeth
Holmes with whom I have conducted an interview session to know about
their idea and concept. Here are some questions that I have asked to them.
Mark Zuckerberg
He is an internet entrepreneur who is running his enterprise in internet
industry. He was youngest entrepreneur that introduced a social media
platform in front of communities and peoples.
Q1. How did you get this thought to create a website like this?
Ans. He was unable to connect his relatives and friends then he came up
with this idea that there should be a platform on which most of people get
connected with each other.
Q2. What kind of company you are running?
Ans. He is a computer programmer and internet entrepreneur.
Q3.What is net worth of your association?
Ans. Net worth of my corporation is 73.1 Billion USD.
Q4. What is contribution of your enterprise in economy's growth?
Ans. His enterprise is contributing very well in growth and success of
country's economy.
Q5. What is unique and different in your enter?
Ans. His corporation is dealing in website which was first of its kind and
created a platform on which people get connected with whom they want to
be connect.
Q6. Does your association helps society in any format?
11

Ans. On this question he said yes. My idea is providing an option to
community though which they can be connected to their loved ones.
Elizabeth Holmes
She started a company that deals in health and social care sector.
Theranos Company does blood test and runs their enterprise under health &
social care regulatory.
Q1. How did you get this thought to create a website like this?
Ans. She wanted to contribute in society welfare that is why she started this
corporation.
Q2. What kind of company you are running?
Ans. She is running a health and technology enterprise which works in
services industry.
Q3.What is net worth of your association?
Ans. 4.5 Billion USD
Q4. What is contribution of your enterprise in economy's growth?
Ans. She is contributing less in growth of nation's economy.
Q5. What is unique and different in your enterprise?
Ans. Medicare centre which are providing laboratory facilities in different
areas.
Q6. Does your association helps society in any format?
Ans. Yes. Her corporation is working in medical industry that takes care
medical problems and provides suitable solution to it.
P4 Determination of impact of small business and start up on impact on
economy
Number of small enterprises is increasing quickly which aid to provide
growth and development to nation. Almost 65% of individuals are employed
into this sort of firms. It will contain high risk because they are developing
newly. Instead of this, they are having many significance which are
described as beneath:
12

o Employment: Start-ups as well as small firm provides job
opportunities to numerous individuals. This will assist county to reduce
unemployment rate which will enhance living standard of people. They
render occupation to them as per their skills and knowledge. It is must
for them to implement new and unique techniques into goods and
services as this will help them to profit improvisation. By getting job
persons will increase learning and knowledge which will provide
success and advancement into their career (Baltaci, 2017).
o Minds: Small organisation will cater motivation to individuals which
aids to develop their minds. As a result, they will be able to produce
inventive items as well as services, which will capture attention of
numerous clients. This assists to improve profits and in addition
goodwill of enterprise at marketplace. Along with, by having creative
thoughts or ideas they will utilize latest techniques or methods for
marketing. It will increase customer base and market share. This will
also help them to take benefits from competitors at marketplace.
o Exporting: If an individual is engaged into a particular kind of
business then, he will sell his items out of home country. This will
assist them to reach numerous buyers and in addition people will
easily accomplish their needs and wants.
o Economic growth: Country is able to increase its GDP with the help of
small enterprises and start-ups contribution as they provide goods and
services to fulfil public requirements (Blundel, Lockett and Wang,
2017). Through this they offer increased career opportunities thereby
playing a significant role in nation’s development. Even larger firms
rely on them to get material for carrying out their production and also
for delivering goods to their customers on time. This had given
entrepreneurs chance to keep modifying their products and
introducing new concepts to make their business more appealing and
compete with their competitors.
13

o Adaptability to changing climate: Companies are able to keep their
system updated by improving it timely according to market conditions.
They focus on their customers’ requirements and build relations with
them so that their clients are loyal and do not switch to other brand
when they are going through problems. They are able to earn less than
big companies but are able to survive at time of their difficult
situations. This also help enterprises to keep utilising opportunities
which are present in market and protect system from difficulties
(Williams, Martinez‐Perez and Kedir, 2017).
o Future growth: Small firms and start-ups will be able to expand their
business with time by serving needs of people and providing them
satisfaction. Even larger enterprise such as Puma and Nike had started
their work on small scale and later on they are able to expand their
premise to national and international market. Microsoft is also an
example of this which had begun operations at limited size. Customers
are loyal to companies who fulfil their wants and produces satisfaction
by providing them quality products.
o Innovation and creativity: Business should manufacture products
properly by keeping their technologies updated and keep making
modification in their system. Even small firms and new beginners are
producing goods in unique way so that they are able to compete with
their rivals who are providing items which are delivering same benefits
(Panwar and et. al., 2017). Executive should be able to introduce new
concepts and implementing ideas which are innovative so that they
are able to utilise resources efficiently and provide quality products to
customers and at reasonable value. In market people find goods with
new features more appealing and influential to make up their purchase
decision. If they keep updating their system and use modern tactics in
manufacturing items, then this also help them to convince their clients
for making their minds to buy their products. They have enough
capability to unfold difficulties that come up in their way from
14

manufacturing to marketing it to people and attracting and influencing
them to take action by establishing a particular standard for their
product.
Small business impact on social economy:
This kind of firms conducts their business at local marketplace which
help nation to improve their economy. Therefore, they are much familiar with
the needs and wants of people which enable them to accomplish their
desires within limited period of time. Along with, if any sort of issues arise,
they will resolve it within certain time duration. Thus, they will easily fulfil
social responsibility effectually (Johnson, 2017).
P5 Determination of traits, characteristics and skills of various entrepreneur
with difference from managers
Traits of successful entrepreneur:
o Determination: An attribute which matters a lot in life of an
entrepreneur. It is the first step in attainment of their goal if they are
firm towards their objective and know how they can contribute to
growth of company. They will definitely achieve their destination
sooner or later. They just need to stay focused towards their work and
surely they will emerge as a successful business person.
o Risk: Firms are required to earn sufficient amount of profit to survive
and expand its operations but this largely depend upon capability of an
entrepreneur to handle uncertainties (Danakol and et. al., 2017).
o Confidence: Executives have trust on their employees and their
workability that they will be able to complete their duties on time and
also believe that their system has ability to make their organisation
accomplish their objectives.
o Failure: Administration should be capable to take their defeats in
positive way and learn from their mistakes. They should be able to
carry out activities to cope up when their firm is going into downfall
15

and then come back to attain their target and keep up their market
share.
o Passion: An entrepreneur should be determined to achieve
organisation goals and objectives (Muhos and et. al., 2017). For
attaining this they are required to encourage and motivate their
employees to complete their tasks on time by building up their interest
towards their work.
o Able to sell and promote: Salespeople are required to have
necessary skills and knowledge so that they are able to influence
people and induce them to purchase their products and services by
informing them about its features and benefits.
Characteristics of entrepreneur:
o Motivation: It is must for a business person to be motivated;
therefore, he will encourage others towards work. It has been analysed
that, a motivated person will able to accomplish his task within limited
period of time. As a result, firm will fulfil their goals as well as targets
effectually (Roth, 2017). Along with, satisfy needs and requirements of
customers as per their demands.
o Creativity: This is considered as a most essential characteristic into
entrepreneur. It is required an individual to do his work into innovative
way. This will aid them to capture attention of numerous people. If they
are creative then, they will think something unique or implement new
things into the goods and services of organisation. As a result, they will
improve their goodwill and market share in an effective way. It will
help them to take benefits from contenders at marketplace.
o Skills: It is needed for a business person to fulfil each work in a
corrective way. But if he does not have appropriate abilities then, he
will not be able to complete work in an efficient way which will provide
adverse effect to profit of enterprise. Henceforth, a much capable
individual will accomplish his work within certain period of time which
will aid them to improve reputation at market (Eijdenberg, Paas and
16

Masurel, 2017). Rather than this, if person is skilled then, he will easily
apply or use new methods or tools into procedure of business.
Skills of entrepreneur:
o Resiliency: A person should have skills to figure out problems and
then find appropriate solutions. This help executive to make their
company function properly as they have complete knowledge of their
system and are able to get work done through their staff by providing
them all necessary information.
o Focus: It is a quality of an entrepreneur which enables them to work
hard towards their goals and also able to maintain regularity. If they
are focused, then company can achieve their Projects within deadlines.
This helps company in achieving their target and prospers in their
operations (Anggadwita and et. al., 2017).
o Invest: An executive should have goal for long period and also take
care that they have adequate funds so that they are able to carry out
operations properly. This helps administration to manage their
activities by utilising resources appropriately and is able to fulfil their
customers demand by providing them goods and services according to
their requirements. By doing this firm is able to grow up in future.
o Sell: Executives should be able to provide their employees all
necessary skills through which they are able to influence customers by
informing them about their product, its features and benefits.
Salespeople should be able to attract people and induce them to
purchase their item (Ferreira, Ratten and Dana, 2017). This helps them
to achieve their target and is able to generate sufficient money which
helps company to prosper and grow by earning adequate profits.
o Learn: An entrepreneur is a quick learner and always ready to learn
new things which assist him into their career and advancement.
Entrepreneur: He or she is an individual who always take initiative; so that,
he will begin a new or distinguish venture in an effective and proficient
manner.
17

Manager: He has a responsibility to give work to subordinates as per their
skills as well as capabilities; therefore, they will accomplish it within certain
period of time. As a result, coveted targets will attain timely (Ibeh, 2017).
Difference between entrepreneur and manager:
An entrepreneur is a person who motivates others to complete task in
an appropriate manner. Along with, he implements unique things into
business which will help to improve efficiency of goods and services. Rather
than this, manager of firm always try to determine necessary things for
business so that work will complete effectually. They never focus on what
staff members of company are doing. But, this will only depend that, they
are following directions in a systematic manner.
Examples of local and global:
o Local: Turquoic is a firm which is doing their operations as a sole
proprietorship. In this, there is an entrepreneur, rather than manager.
Therefore, entire judgements and orders are taken by him only in
respect of everything (Avolio, 2017). Organisation is regulating by a
single person only and there are some staff members who are doing
their work under him. They are solving technical issues which are
facing by another companies or affiliation.
o Global: Best example which is associated with this, LNT global. This is
considered as a sole proprietorship because an individual is running it.
They are working with other firms who are accomplishing their
business at large scale or across the world. In this, all decisions are
taken by a person only. This association is operating business as a
consultant and give advice to other companies; thus, they will acquire
growth, success as well as development.
P6 Discussion about how an entrepreneur personality lead to reflect upon
mind set and motivation
Entrepreneur motivation:
18

o Desire: Each entrepreneur is much motivated so that they always
want to do something new for organisation which is advantageous for
them (Irene, 2017). It is must for them to comprehend needs and
wants of clients; therefore, he will accomplish it effectually. This will
assist them to improve their customer base. For above stated aim,
they will take assistance of some tools, such as social sites.
o Independence: Business person is always independent; they do their
work without depending on others. They try to solve issues of clients
quickly so that they will provide best and effective services to them.
o Experience: It is essential for an entrepreneur to acquire maximum
experience. Therefore, he will be able to accomplish his task more
effectually. This will aid him to get more growth as well as success into
career. If person is much experienced then, he will easily complete
task within limited period of time (Steyn, 2017).
o Demand: It is required for a successful entrepreneur to provide goods
and services to customers as per their requirements. This enables
them to improve profits of company which will build their reputation at
marketplace. As a result, they will compete their rivals at competitive
world.
Rather than this, there are some personalities aspects which are
associated with an entrepreneur are stated as beneath:
 Passionate: Entrepreneur should be focused towards organisation
goals and objectives and have complete understanding of their system.
If administration has clear view of their business then they are able to
direct their employees to function properly. They should build interest
among their subordinates so that they are motivated and encouraged
to carry out activities and completing their tasks on time (Struwig and
Lillah, 2017).
 Self - possessed: Entrepreneur should possess necessary skills and
knowledge which are required to accomplish organisation goals. They
should have trust over their capabilities and do not get affected by
19

performance of other people. This also helps them to utilise their talent
and improve their skills according to situations so that it benefits
company and help in attainment of goals.
 Fearless: Entrepreneur should not get afraid from difficult situations
and are able to find appropriate solutions to solve their problems.
Organisation profitability depends upon level of risk take by them.
Administration should have necessary skills through which they are
able to utilise their resources efficiently and are always ready to
initiate activities. An entrepreneur will keep making improvement in
their system and experience from their failures (Henning and Akoob,
2017).
 Flexible: Business environment never remain static which gives
entrepreneur responsibility to keep updating their system according to
market conditions. They should be able to handle complexities and
modify their products and services to remain competitive.
 Able to sell: An entrepreneur should be extrovert so that they are
able to interact with people easily and influence their purchase
decision. This quality makes them handle problems and find
appropriate solutions by making research to enquire their customers’
requirements. Company manufactures products and services
according to consumers demand so that they are able to convince
them by delivering standard items. This also helps them to compete
with their rivals by providing them quality goods (Henning and Akoob,
2017). Superiors should take care that their salespeople are calm while
dealing with people and take opinions from their clients.
 Financially prepared: Entrepreneur should have adequate capital so
that they are able to utilise market opportunities by carrying out
activities to produce goods and services to fulfil people demand. They
are required to have sufficient funds to purchase resources so that
their system functions smoothly. People who have small amount of
20

money are also able to manufacture products to gain profit by fulfilling
customers’ requirements.
 Decision making: An entrepreneur is required to make choice by
select best alternative through which they are able to accomplish
organisation goals. Business resides in dynamic environment where
they should keep system updated as difficulties are uncertain. They
should be able to make appropriate judgement which is good for their
enterprises (Nabi and et. al., 2017).
P7 Reflection about background and experience hinder or foster an individual
There are many individual personality get determine in real life whom
have better and appropriate knowledge about risk bearing. Background and
experience of an individual made vast impact on their working as well as
their actions. Thus, every famous personality have a story which signifies
their working pattern as well as motivate then or hinder them towards their
target.
Entrepreneurs have some basic aims and targets which they want to
accomplish in real life context. These aims only get accomplish with support
of friends, family as well as their determination towards target.
Entrepreneurship has some benefits as well as drawbacks which need to
understand by entrepreneur in an appropriate frame so that they become
productive in nature for maintain positive environment. One of a major
benefit of entrepreneurship is to pursue own vision. This stated that an
individual become more pursuing and motivating towards their aim when
they become self-employed in nature (Wheelen and Hunger, 2017).
Moreover, it also stated that an individual have more time to perform their
task so that flexibility get maintain and dilution get minimise. Another thing
is that an individual become able to learn so many new and innovative things
from market so that in future better and effective working get promoted.
Thus, it stated that an entrepreneur get motivated through various
context properly in order to accomplish all goals and targets properly.
21

All these things are helpful in order to make an individual body
aggressive towards target accomplishment. This consent get evaluated with
support of two famous bodies one if Richard Branson and Mark Zuckerberg.
Both these person faces so many things in their real life context from which
they really want to get overcome and become as successful leaders of
market and consider as completely differ from business managers. Mark
Zuckerberg family and his wife always support him in order to achieve his
target properly. His background is appropriate where left his study and start
work on his idea. His wife supports him in order to achieve target properly
and become as one of a most successful entrepreneur in market and become
idol for many people. But there are so many things arise in his path which
restrict him to become as one of a most successful person (Amato and et. al.,
2017). All these things stated that he have positive mind set as well as
motivation thus, neither of the thing stop him in order to achieve target.
Moral support is helpful in order to foster an individual towards their target.
This stated a person background and experience is good then they are
more able to accomplish target properly where as many people betrayed and
not support female entrepreneurs. Thus, this will reflect a negative
perspective and consider as major reason behind unsuccessful of female
entrepreneurs. Thus, background and experience hinder of foster an
individual more properly (Wajdi, Ummah and Sari, 2017).
CONCLUSION
It get concluded from the project that entrepreneurship is consider as
an activity in which an individual uses their potential in order to deal sustain
into keen competitive world. An entrepreneur is a risk taker and evaluate all
major benefits which arise with business and their start up. There are various
ventures get determine in a business like sole proprietor etc. whom support
society in order to grow and develop various market opportunities as well.
Along with this, each and every venture is differ from each other which need
to get understand in an appropriate frame so that better understanding get
22

encourage. Although, with every start up a positive impact on society get
reflected which support and provide job opportunities to many individuals.
These start up lead to contribute to society development so that chances of
better results accomplishment become possible. An entrepreneur always
consider as determinant towards their target as well as more able to gain
risk and derive positive aspects which stated their traits. Along with this, a
positive mind set person is more able to accomplish all aims and targets
properly for managing different number of things. Thus, their experience and
background hinder and foster them for betterment and development.
23

REFERENCES
Books and Journals:
Agrawal, H., 2017. Entrepreneurship an Aspect. Journal of HR, Organizational
Behaviour & Entrepreneurship Development. 1(1). pp.1-4.
Amato, C. and et. al., 2017. Regulatory modes and entrepreneurship: the
mediational role of alertness in small business success. Journal of Small
Business Management. 55(S1). pp.27-42.
Anggadwita, G. and et. al., 2017. Socio-cultural environments and emerging
economy entrepreneurship: Women entrepreneurs in Indonesia. Journal
of Entrepreneurship in Emerging Economies. 9(1). pp.85-96.
Avolio, B. E., 2017. A methodological problem associated with researching
women entrepreneurs. JWEE. (1-2). pp.9-25.
Avolio, B., 2017. Why women enter into entrepreneurship? An emerging
conceptual framework based on the Peruvian case. JWEE, (3-4). pp.43-63.
Baltaci, A., 2017. Relations between prejudice, cultural intelligence and level
of entrepreneurship: A study of school principals. International Electronic
Journal of Elementary Education. 9(3). pp.645-666.
Bird, B. and Schjoedt, L., 2017. Entrepreneurial behavior: Its nature, scope,
recent research, and agenda for future research. In Revisiting the
Entrepreneurial Mind. pp. 379-409. Springer International Publishing.
Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship.
SAGE.
Danakol, S. H. and et. al., 2017. Foreign direct investment via M&A and
domestic entrepreneurship: blessing or curse?. Small Business
Economics. 48(3). pp.599-612.
Dvouletý, O., 2017. Can policy makers count with positive impact of
entrepreneurship on economic development of the Czech
regions?. Journal of Entrepreneurship in Emerging Economies. 9(3).
pp.286-299.
Eijdenberg, E. L., Paas, L. J. and Masurel, E., 2017. Decision-making and small
business growth in Burundi. Journal of Entrepreneurship in Emerging
Economies. 9(1). pp.35-64.
Ferreira, J. J., Ratten, V. and Dana, L. P., 2017. Knowledge spillover-based
strategic entrepreneurship. International Entrepreneurship and
Management Journal. 13(1). pp.161-167.
Gërguri‐Rashiti, S. and et. al., 2017. ICT, innovation and firm performance:
the transition economies context. Thunderbird International Business
Review. 59(1). pp.93-102.
Gielnik, M. M., Zacher, H. and Schmitt, A., 2017. How small business
managers’ age and focus on opportunities affect business growth: a
mediated moderation growth model. Journal of Small Business
Management. 55(3). pp.460-483.
Henning, S. and Akoob, K., 2017. Motivational factors affecting informal
women entrepreneurs in North-West Province. The Southern African
24

Journal of Entrepreneurship and Small Business Management. 9(1). pp.1-
10.
Henning, S. and Akoob, K., 2017. Motivational factors affecting informal
women entrepreneurs in North-West Province. The Southern African
Journal of Entrepreneurship and Small Business Management. 9(1). pp.1-
10.
Ibeh, E. M., 2017. Factors affecting performance of women
entrepreneurs. JWEE, (1-2). pp.39-50.
Irene, B. N., 2017. Women entrepreneurship in South Africa: Understanding
the role of competencies in business success. The Southern African
Journal of Entrepreneurship and Small Business Management. 9(1). pp.1-
9.
Johnson, G., 2017. Exploring strategy: text and cases. Pearson.
Lans, T., Seuneke, P. and Klerkx, L., 2017. Agricultural entrepreneurship.
In Encyclopedia of creativity, invention, innovation and entrepreneurship.
pp. 1-7. Springer New York.
McKenzie, D., 2017. Identifying and spurring high-growth entrepreneurship:
experimental evidence from a business plan competition. American
Economic Review. 107(8). pp.2278-2307.
Muhos, M. and et. al., 2017. Early stages of service business-review and
synthesis. International Journal of Management and Enterprise
Development. 16(3). pp.151-173.
Nabi, G. and et. al., 2017. The impact of entrepreneurship education in
higher education: A systematic review and research agenda. Academy of
Management Learning & Education, 16(2), pp.277-299.
Panwar, R. and et. al., 2017. Does the business case matter? The effect of a
perceived business case on small firms’ social engagement. Journal of
Business Ethics. 144(3). pp.597-608.
Radović-Marković, M., 2017. Female entrepreneurship: Theoretical
approaches. JWEE, (1-2). pp.1-9.
Roth, S., 2017. Serious Gamification: On the Redesign of a Popular
Paradox. Games and Culture. 12(1). pp.100-111.
Spigel, B., 2017. The relational organization of entrepreneurial
ecosystems. Entrepreneurship Theory and Practice. 41(1). pp.49-72.
Steyn, R., 2017. The psychometric properties of a shortened corporate
entrepreneurship assessment instrument. The Southern African Journal of
Entrepreneurship and Small Business Management. 9(1). pp.1-13.
Struwig, F. M. W. and Lillah, R., 2017. South African small and medium-sized
enterprise owners’ intention to implement an environmental
management system. The Southern African Journal of Entrepreneurship
and Small Business Management. 9(1). pp.1-8.
Wajdi, M. B. N., Ummah, Y. C. and Sari, D. E., 2017. UKM Development
Business Loan. IJEBD (International Journal Of Entrepreneurship And
Business Development). 1(1). pp.99-109.
Wheelen, T. L. and Hunger, J. D., 2017. Strategic management and business
policy. Pearson.
25

Williams, C. C., Martinez‐Perez, A. and Kedir, A. M., 2017. Informal
entrepreneurship in developing economies: The impacts of starting up
unregistered on firm performance. Entrepreneurship Theory and Practice.
41(5). pp.773-799.
26