Entrepreneurship and its Nature, Types, and Comparison

This assignment solution delves into the core concepts of entrepreneurship, defining its nature as the process of creating and managing a new business venture for profit. It explores the creation of enterprises, economic activities, innovation, risk-bearing, and the role of profit. The solution outlines different venture types found in a country, including lifestyle firms, salary substitute firms, entrepreneurial firms, and social enterprises. It also discusses the role of Small and Medium Enterprises (SMEs) in economic development and compares them with large enterprises. The assignment further differentiates between entrepreneurs and intrapreneurs, highlighting their characteristics and responsibilities. The document provides valuable insights into entrepreneurial traits and their significance in achieving business objectives. This resource is designed to aid students in understanding the multifaceted nature of entrepreneurship.

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Module Name
[ Entrepreneurship and small business]
Submitted To:
[ Daw Hay Mar Naing ]
Submitted By:
[ Nu Jar ]
[ Student ID - 2019B0670 ]

Entrepreneurship and it’s nature
Entrepreneurship is the technique of designing and walking a brand-new enterprise
mission for incomes profits. It is a technique that brings innovation this is new ideas,
products, and offerings to the market. Entrepreneurship is the capacity to create,
manipulate and function a brand-new enterprise and bears all its danger so that you can
incomes profits. A man or woman who develops a brand-new enterprise and undertakes
all dangers and demanding situations related to its miles is termed an entrepreneur.
Creation Of Enterprise
Entrepreneurship is a method that refers to the advent and walking of a brand-new
enterprise. It is a hobby below which someone known as an entrepreneur starts a brand-new
undertaking the use of a brand-new idea.
Economic Activity
Entrepreneurship is a monetary pastime because it includes developing and going for walks a
brand-new enterprise via the most suitable usage of all mixed sources. It guarantees that each
scarce source is effectively used for deriving higher returns withinside the shape of profit.
Innovation And Creativity
It is the manner of coming across new thoughts and ideas and enforcing them in enterprise
ventures. Entrepreneurship includes bringing innovation withinside the marketplace via way of
means of introducing new merchandise or manner that offers higher service.
Risk Bearing
It is a pastime that includes a big chance which each entrepreneur desires to adopt for
beginning an assignment. New thoughts evolved and applied via way of means of the
entrepreneur are unsure and might bring about losses.
Profit
Profit income is the only goal of an entrepreneur for task chance. Entrepreneurs begin a brand-
new assignment a good way to incomes profits.
Gap Filling

Entrepreneurship is a manner of spotting and filling the space among client desires and to be
had merchandise or services. It specializes in doing away with the deficiencies from the present
to be had merchandise to satisfy the desires of customers.
Organizing Function
It is an organizing characteristic that brings collectively various factors of manufacturing like
land, labor, and capital. Entrepreneurship is involved with coordinating and dealing with all
sources engaged withinside the enterprise.
Different venture types and their characteristics that found in country
There are (8) types of venture in my country. They are lifestyle firms, salary substitute firm,
entrepreneurial firm, serial entrepreneurship, social enterprises, civic entrepreneurship,
sustainable entrepreneurship, and scalable firms.
Lifestyle firms
Lifestyle firms are the one's groups that offer their proprietor or proprietors the possibility to
pursue a specific way of life and earn a residing even as doing so. Lifestyle companies
encompass ski instructors, golfing pros, and excursion guides. These companies aren't
innovative, nor do they develop quickly.
Lifestyle Firms - Definition and more | THE-DEFINITION.COM, 2021)
Salary substitute firm
Salary substitute is small corporations that yield a degree of profits for his or her proprietor or
proprietors this is much like what they might earn whilst operate for an employer. Dry cleaners,
comfort stores, restaurants, doctor’s offices, accounting corporations, retail stores, carrier
stations, and hairstyling salons are examples of salary-replacement corporations. (Salary-
substitute Firms - Definition and more | THE-DEFINITION.COM, 2021)
Entrepreneurial firms
Entrepreneurial firms are businesses that carry new services and products to the marketplace
with the aid of using growing and seizing opportunities. It brings new services and products to
the marketplace with the aid of using growing and seizing opportunities. Having identified an
opportunity, the marketer's main businesses of this kind to create services and products which

have worth, which are full-size to their clients, and that offer a degree of usefulness to their
clients that they wouldn’t have otherwise. (An entrepreneurial firm, 2015)
Serial Entrepreneurship
A serial entrepreneur is an individual who constantly takes projects to transform possibilities
into more than one new venture at some point of their career, taking up extra than ordinary
economic dangers so one can do so. In easy terms, a serial entrepreneur acts upon multiple
possibilities and starts more than one enterprise venture at some point in their career. Serial
entrepreneurship is a man or woman’s mentality and drives to begin new ventures, impartial of
whether they succeeded withinside the beyond or will be triumphant withinside the future.
Characteristics of Serial Entrepreneurs
Serial marketers stand out, be it individually or professionally. They like to take dangers, are
quite optimistic, and feature a long-time period vision. Here are some traits a serial
entrepreneur possesses. (Sivakumar, 2021)
Social Enterprises
Social enterprises are groups that placed the pursuits of humans and the planet beforehand of
shareholder gain. These groups are pushed with the aid of using a social/environmental
assignment and reinvest income into developing wonderful social change. Maximizing
income isn't always the number one intention of a social agency as is with a conventional
business. Unlike a charity, social companies pursue endeavors that generate revenues,
which fund their social causes. Regarding employment, desire is given to jobseekers from
at-threat communities.
Civic Entrepreneurship
A civic entrepreneur is one that creates applications and sources that gain our groups and our
lives. They expand children’s museums, offer public fitness care, and construct new
playgrounds and parks. The principle of civic entrepreneurship may be utilized by the enterprise
developer to take possibilities of enterprise capacity in marginalized international locations or
groups. The word civic entrepreneur is frequently considerably used to explain those who are

using modern methods and the electricity of network involvement to address social problems.
(Civic Entrepreneurship: Doing Well by Doing Good - Points of Light, 2021)
Sustainable Entrepreneurship
Sustainable entrepreneurship is the persevering with dedication through companies to act
ethically and contribute to financial improvement even as enhancing the first-class of lifestyles
of the workforce, their families, the neighborhood, and international network in addition to
destiny generations.
Scalable firms
Scalable firms are a commercial enterprise version wherein an agency is commenced on the
premise of a completely unique idea. Also, a commercial enterprise version wherein an agency
is commenced on the premise of a completely unique idea. It concerned the entirety of that
stage from growing a plan to all the manners up launching the commercial enterprise. This
shape of Entrepreneurship concerned an amazing kind of work, education, and experience.
They could make a few modifications withinside the world. The funding comes from the mission
capitalist purpose is to discover the repeatable and scalable commercial enterprise version.
Once they discover that version, they similarly commenced elevating finances from mission
capitalists for the boom of the commercial enterprise. A small share of all trades is made from
scalable startups due to the threat of capital and outsize return.
Role of SMEs in the country
Small and medium-sized businesses (SMEs) play a crucial part in a country's economic
development. Their importance in terms of productivity, job creation, export contribution, and
assisting equitable income distribution cannot be emphasized. The following are examples of
SMEs:
1. Village industries, handicrafts, and coir industries are examples of traditional cottage
and domestic enterprises.
2. SMEs in the modern era.
In contrast to modern SMEs, traditional village and cottage industries are largely
disorganized and located in rural and semi-urban regions. They usually don't utilize
electric machinery or appliances, and they invest and use technology at a lower level.

They do, however, give part-time employment to a vast number of the weaker members
of society. They also provide important items for domestic and international usage.
Most current SMEs are defined by the amount of money invested and the
number of employees. SMEs with fewer than 50 workers with the assistance of power
or less than 50 workers with the aid of power are defined by the industries
(Development & Regulation).
The government is taking several efforts to help SMEs. In addition, many government programs
for infrastructure assistance, technology up-gradation, preferential access to financing,
Compare between small and large enterprises
According to the Small Business Administration, manufacturing enterprises with up to
1,500 employees can still be classified as small businesses. Large enterprises in the mining
industry are those with 500 or more employees. In the service industry, the maximum
yearly receipt size permitted for some small enterprises is $35.5 million.
The number of intermediate inputs utilized by a company determines the main difference
between its sales and its GDP. Enterprises with 1 to 99 workers are classified as small
businesses; enterprises with 100 to 499 employees are classified as medium-sized businesses;
and businesses with 500 employees or more are classified as large businesses. A smaller
enterprise with fewer employees is less likely to have to lay off staff during a crisis and can keep
the organization running more effectively. Because there are fewer levels of management,
decision-making is significantly faster, providing for flexibility and adaptability that a bigger
organization lacks.
Small enterprises have several advantages, including flexibility, relatively lean workforce, and
the opportunity to form strong connections with clients. The digital communication revolution
has drastically reduced the cost of reaching clients, which has benefited both small enterprises
and large corporations. The advantages of a large enterprise are enhanced existing goods
and/or services, Create and/or improve new goods and/or services, Good personnel should be
hired, trained, and retained and Attract new clients. The Disadvantages of small enterprise are
there are no written processes or procedures in place, The business is TOO reliant on the owner
or a single key employee, putting all your eggs in one basket and There are no tried-and-true
strategies for increasing income. Giants' Disadvantages Large enterprises are known for being

delayed acting. It might take years for a unique view to gain momentum. Someone who
generated a product concept at a huge firm only to have them sit on it creates a spin-off
company. Big enterprises can have too many layers of management.
Term of Entrepreneur
Entrepreneurial traits are characteristics that assist entrepreneurs in achieving their
objectives. An entrepreneur is a person who starts, organizes, and manages their own
company. Entrepreneurs include people like:
 Bloggers, e-commerce proprietors, and any other company owner that conducts
commercial activity primarily online are examples of online entrepreneurs.
 Entrepreneurs who conduct their businesses from their homes rather than offices are
known as home-based company owners.
 Inventors: Inventors are entrepreneurs who develop and promote their ideas.
 Small firms employ less than 500 people who are Owners of small enterprises.
Entrepreneurship includes developing up with fresh ideas, putting them into action, and
persevering in the face of obstacles in every situation. Some entrepreneur attributes are
genetic, but there are also skills and traits that may be acquired through practice. (2021)
Difference Between Entrepreneur and Intrapreneur
The following are some of the key difference between an entrepreneur and an
intrapreneur:
1. An entrepreneur is a person who starts a new company based on a novel notion or idea.
Intrapreneur is a term used to describe a company employee who has been given
permission to develop new products, services, processes, or systems.
2. The nature of an entrepreneur is intuitive, but the nature of an intrapreneur is
restorative.
3. An entrepreneur employs his own resources, such as manpower, machinery, money,
and so on, whereas an intrapreneur has access to resources that are supplied to him by
the corporation.
4. An entrepreneur generates funds on his own. An intrapreneur, on the other hand, does
not need to solicit capital; instead, the firm provides it.

5. An entrepreneur is a person who works for a freshly formed organization. An
intrapreneur, on the other hand, is someone who works for a company that already
exists.
6. Because an entrepreneur is his own employer, he is free to make decisions. In contrast
to an intrapreneur, who works for the company, he is unable to make autonomous
judgments.
7. One of the most important characteristics of an entrepreneur is his ability to withstand
business risks and uncertainty. In contrast to intrapreneurship, in which the firm bears
all the risks.
The entrepreneur works incredibly hard to effectively enter the market and establish a presence.
In contrast to the Intrapreneur, who seeks to bring about organizational-wide change to
encourage innovation, creativity, and productivity. (S, 2021)
Entrepreneurial Motivating Factors: Internal and External Factors
Let us look at the broader issue of what motivates entrepreneurs to establish
enterprises. Many researchers have attempted to comprehend and answer this issue by
conducting research investigation to evaluate the variables that encourage people to
assume the risk of starting a business. While some researchers have divided the variables
inspiring entrepreneurs as ‘push' (compulsion) and ‘pull' (choice) elements, most
researchers have categorized all the reasons influencing entrepreneurs as follows:
Internal Factors are strong desire to try something new, learn to be self-sufficient,
achieve what one desires in life, having one's contribution acknowledged, A person's
educational history and a person's professional background and experience in the field.
External Factors are Aid and support from the government, Workforce and raw material
availability, The support of major corporations and the product has a promising
demand. (Sinha, 2021)
According to one research, the following three sorts of reasons motivate entrepreneurs to
establish their own businesses:
1. Factors that are ambitious.
2. compelling elements
3. Facilitating elements

(Sinha, 2021)
The influence of Social and Demographic factors on successful entrepreneurs
Demographic Factors Influence
Demographic Factors is positively influence on successful entrepreneurs. That matter is
described below with one of the examples. The purpose of this paragraph is to analyze the
demographic factors which influence the success of entrepreneurs in Pakistan's Small and
Medium-Sized Enterprises (SMEs). As a result, survey data was collected from 230
entrepreneurs from around Pakistan using a random sample approach. The results show that
the entrepreneurs' company performance was associated to the independent factors
(demographic variables) and that all assumptions were handled in this way. Entrepreneurial
demographic variables like as gender, age, education, and experience have a beneficial and
significant influence on their performance. This research may aid the government in upgrading
entrepreneurs' entrepreneurial abilities through the allocation of funds and skills enhancement.
Furthermore, the study may energies policymakers and the government to provide
entrepreneurial education and bring forth experience through various training programs to
increase the duration of experience among the country's entrepreneurs. In Pakistan,
nevertheless, demographic factors have a positive and significant impact in the development of
entrepreneurs. The analysis may help to strengthen the firm by improving demographic
characteristics in a short period of time. (2021)
Social Factors Influence
Social Factor is a part to become successful entrepreneurs. It is also explained below
with examples in India. Entrepreneurship can be aided by a variety of social variables. It was a
strong community that helped to shape the Industrial Revolution into a huge success in Europe.
It has the potential to have a significant influence on entrepreneurial behavior and growth.
People's core ideas, values, and standards identify the social system in which they grow. The
following are some of the most important aspects of the social environment:
1. The value of Culture
Men are motivated to act by goals. Entrepreneurship growth necessitates specific goals,
such as profitability and social standing. If these goals are strong, ambitious, and capable folks

will take risks and innovate. The strength of these goals is determined by the community's
culture. If the culture is economically or financially oriented, entrepreneurs will be valued;
wealth accumulation will be regarded. Workers in less developed countries are not driven by
profit.
Cash incentives aren't really appealing. Humans can attain social diversity through non-
economic motivations in a variety of ways. As a result, men with organizational skills aren't
attracted to the business world. They put their skills to good use to make money
2. Education
Education enables a person to comprehend the outside world and to possess the
necessary knowledge and abilities to deal with common challenges. The educational system
plays a critical role in the promotion of entrepreneurial ideals in any community.
In India, the education system before to the twentieth century is centered on religion.
Critical and questioning views to society were encouraged in this strict environment. The caste
structure and the resultant industry were reinforced by such education. It spread the concept
that business was a minimal profession. Then, when the British arrived in India, they
established an education system to train authors and accountants for the East India Company,
which was, as you can see, anti-entrepreneurial from the start.
The educational systems in India have remained mostly unchanged in recent years. It is
more important to keep kids on their feet than it is to keep them standing for the standard job.
3. Background of the Family
The size of the family, the type of family, and the family's financial situation are all
factors to consider. According to Halimane’s research, the Zamindar family possessed political
clout and was responsible for the emergence of high-level entrepreneurs.
Industrial entrepreneurship was sparked by a family background in industry. The movement
was affected by the family's business and social standing. Only a few people are required to be
brave in such situations. Joint family members who achieve riches through their hard work, for
example, are forbidden the opportunity to enjoy the results of their effort in a society where

the joint family structure is practiced because they must share their wealth with other
members of the family. (Social Factors of Entrepreneurship in India - Roarwap, 2021)
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Sustainable Entrepreneurship
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