Entrepreneurship and Small Business Management: An In-depth Report

This report provides a comprehensive overview of entrepreneurship and small business management, encompassing various types of entrepreneurial ventures such as small business, scalable start-up, large company, and social entrepreneurship. It analyzes the similarities and differences between these ventures, exploring their characteristics, and examining their impact on the economy at local, regional, national, and international levels. The report investigates the characteristics, skills, and motivational drivers of successful entrepreneurs, differentiating them from business managers and assessing how background and experience can hinder or foster entrepreneurship. It also delves into public and corporate sector entrepreneurship, highlighting their contributions to economic development and innovation. The report includes an analysis of the role of small businesses and business start-ups in the growth of the social economy, supported by relevant data and statistics, and concludes with a critical evaluation of the scope, development, and growth of entrepreneurial ventures.

Entrepreneurship and Small
Business Management

Contents
Introduction......................................................................................................................................1
Main Body.......................................................................................................................................1
TASK 1............................................................................................................................................1
P1. Analyse various types of entrepreneurial ventures and state how they associate to the
typology of entrepreneurship......................................................................................................1
P2 Explore the similarities and differences between entrepreneurial ventures...........................3
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector...........................................................5
D1 Critically examine the scope, development and growth of entrepreneurial ventures...........6
TASK 2............................................................................................................................................7
P3 Explain and evaluate relevant data and statistics to illustrate how micro and small
businesses impact on the economy.............................................................................................7
P4 State the importance of small businesses and business start-ups to the growth of the social
economy......................................................................................................................................9
M2 Evaluate the differences small, medium and large businesses make to the economy,
applying relevant data and statistics..........................................................................................10
D2 Critically evaluate how small businesses have an impact on different levels of the
economy (local, regional, national) and in an international context.........................................12
TASK 3..........................................................................................................................................12
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers..........................................................................................12
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set..............................................................................................................................14
M3 Explore different lines of argument relating to entrepreneurial characteristics.................15
D3 Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples.........................................................................15
TASK 4..........................................................................................................................................15
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................15

M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs.............................................16
D4 Critically analyse from background and experience influences entrepreneurs...................17
Conclusion.....................................................................................................................................17
References......................................................................................................................................18

Introduction
Entrepreneur is an individual who start a business and bear the risks and thus enjoy
profits by taking the risk and conducting business. The entrepreneurs are seen as innovator which
means they conduct business with unique idea or provide solutions in unique way. These
entrepreneur when conduct business in the market known as entrepreneurship. They play key
role in an economy by using their innovative ideas and skills in order form a start-up that can
make profit out of risk taking. In recent time the entrepreneurial opportunities are increased at
good level (Burns and Dewhurst, eds., 2016). Entrepreneurship is significant for many reasons,
from promoting to social changes into innovation, they often thought as a national asset that need
to nurtured and cultivated in an economy. With new product development or through service
offering entrepreneurs help in growth of the economy. Entrepreneurship can be described as the
heart of business. In the era of global competition where every large company were in their
initial stage started from only idea that live in the heart of the entrepreneur as a small start-up
spirit (Bindu, 2018). The more an economy become volatile and have the skill set, knowledge the
more they become innovative and with the spirit of doing something and try to wing their skill in
small business.
Main Body
TASK 1
P1. Analyse various types of entrepreneurial ventures and state how they associate to the
typology of entrepreneurship.
Since there are different types of entrepreneurs are there hence, different types of
entrepreneurship are also exist depending upon the type of business they are operating (Nakara,
Benmoussa and Jaouen, 2012). In following section the most common types of entrepreneurship
are discussed below:
Small Business Entrepreneurship. In small business like; a hairdresser, general store, travel
agent, consultant- agency, plumber, electrician, etc. These individuals run their own business and
either they employ their family members or employees from their local area. For these
businessman conduct business with a sole motive to earn profit would be enough to bear the cost
of running business and it is not necessary to make millions from business or take strong
1

competition in the industry. Usually these small businessman fund their business by taking loans
either from banks, friends or family.
Scalable Start-up Entrepreneurship. This are the start-up entrepreneur who conduct business
as they know that their vision behind the starting the business can change the world. They try
catch the attention of investors who think differently and encourage people who are not rigid in
their thought also, think out of the box (Radović-Marković, and Tomaš, 2019). In scalable
business entrepreneurs hire the best and the brightest employees in their venture who could bring
innovation with them. These start-up need capital to give wing to their dream into successful
venture.
Large Company Entrepreneurship. These are the usually the large companies have well
defined life-cycle. These companies grow by offering new and innovation in their product or
service that circle around their main offering (Laudano, Marzi and Caputo, 2018). Any changes
in technology, customer preferences, new competition, etc., create force on these large
companies to create innovative product and sell it to the new segments of customers in the
market. In order to meet with the fast changes in technologies in the present organisations either
acquire innovation enterprises or they make effort to build the product internally.
Social Entrepreneurship. Entrepreneurship in this category are those entrepreneur who wants to
work out different social issues with their manufactured products or services. The primary
objective of the entrepreneur is to make the world a better place where all social issues of every
individual can be addressed. Usually this type of entrepreneurs do not work to make big profits
out of their business instead, they intended to run non-profits organization or company that will
be dedicated to work for social good.
Types of Entrepreneurs.
Female. Women or female entrepreneurs are defined as the enterprises that are owned, managed
and run by woman entrepreneur. Usually female entrepreneur are less risk player as they like to
use their skill in logical wise where return from business are sure (Sahut and Peris-Ortiz, 2014).
Female entrepreneurs take up in most cases; small-businesses entrepreneurship or scalable start-
up entrepreneurship. Following characteristics are mentioned below:
 Usually face difficulty while decision making
 They mostly focused on business like, making social contribution and quality
 Women are mostly rigid in terms of financial risk
2

 More emphasized on good relation with all their stakeholders
 Mostly interested in small retail and service orientated business
Male. When business enterprises are owned, run and controlled by men, known as men
entrepreneurs. Usually, men are comparatively more influenced than female to start a business or
become an entrepreneur because of overconfidence.
 Decision Making are usually effortless
 Decisions of the business are mostly focused on economy and cost
 Men are more willing to take financial risk
 Management bodies are task oriented
 They mostly choose their business manufacturing and construction sectors
Survival. In this type of entrepreneurship is run with one of the main objective is to survive and
achieve the venture’s financial commitments. This type of businesses are conduct only in order
to survive, known as survival entrepreneurship where their ultimate goal is to stay in business.
Following are the characteristics are mentioned below:
 Laying off employees
 Employment freeze
 An anxiety of committing to future plans
 A mind-set of saving the present state of affairs
Lifestyle. It is an entrepreneur that motivated on the basis of quality of lifestyle instead of
growth (Bennett, 2014). The reason behind existence of this type of entrepreneurship
lifestyle is the limited growth focus. The entrepreneur have following characteristics:
 There is a lack of focus on marketing and product development.
 Investment in fixed assets is small.
 Management activities in lifestyle entrepreneurship may be characterized as illogical.
 The undertaking of a lifestyle entrepreneurship, may result in the underutilization of
resources.
P2 Explore the similarities and differences between entrepreneurial ventures.
Small-businesses Entrepreneurship Large company Entrepreneurship
Key differences  The only motive is to earn
surviving profits only.
 The major goal is to earn
huge profit to grow more in
3

Small-businesses Entrepreneurship Large company Entrepreneurship
 Not necessary to take part in
competition in order to earn
huge profits.
 Funds are invested either by
loan from banks or from
family members.
 Personal risk involvement is
high
 Enjoy autonomy and
independence
the industry.
 In order to stay competitive in
the marketplace is the
competition pay lot
importance to large
entrepreneurs.
 Capitals are invested either
by large associated investors
or by shareholders or through
banks.
 There is less personal risk
 Less decision making
autonomy
Key Similarities  Discovery, evaluation and exploitation of available opportunities etc
all are there.
 Bringing new product or service into market either for self profit
earning or making any large profit.
Scalable Start-up
Entrepreneurship
Social Entrepreneurship
Key Differences  The venture usually believe
that their product or service
are so different and novel
that it have the power to
change the world.
 They need huge investments
as their project aim to
provide solutions to big and
unsolved issues in the world.
 This type of venture is started
with the aim of serving either
local society or large society
with a novel cause to make
our society a better place.
 They need capital but not for
earning profit but to help
others who are in need.
4

Scalable Start-up
Entrepreneurship
Social Entrepreneurship
 Usually they become pioneer
of their service hence their
group is small but have
highly professional team that
matches with their dream
team.
 They usually involve large
group in order to reach
maximum people that their
problem could be solve.
Key Similarities  Both need professional team as their area of interest are require such
team.
 Initiating new ideas that can solve the problem of the society.
 Both offer particular service or product.
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector.
Entrepreneur usually are the risk taker who conduct business with innovative idea either
to serve society or to earn profit to grow further. However, one of the basic reason behind
conducting any business is to earn profit but since entrepreneurs are different from traditional
businesses. They seek innovation, take risk and like to gain popularity through their product
innovation (Johannisson, 2014). There is a very fine line are there in between small business and
the entrepreneurs. However the role play by each individual have lot in common. In order to
distinguish it can be said that small businesses usually deal with known and established product
or services whereas in entrepreneurial venture give importance on new and innovative things
because small businesses face known risks while entrepreneurs face unknown risks with their
new product in the market.
 Public Sector Entrepreneur. The proclamation of innovative public policy initiatives
that generate greater economic prosperity by changing the status-quo of economic
environment into one that is more contributing to economy of the nation by producing
creative activities during the face of uncertainty, can be termed as Public sector
entrepreneurship (Link, 2016). This type of entrepreneurship largely impact the
transformation which is primarily responsible for the increasing the effectiveness of
5

knowledge network, which means by increasing heterogeneity of experiential associate
with economic units and ability of the same economic units in order to utilise such
diversity.
 Corporate Sector Entrepreneur. Corporate entrepreneurship or Intrapreneurship is
referred to the concept of supporting the employees in order to think and behave like
entrepreneurs within a limit of existing organisation structure. It is believed that
employees if have right vision and proper skill-set are able to identify opportunities and
can develop ideas which may lead to innovation of new product or even new line of
business (Kennedy, 2018).
D1 Critically examine the scope, development and growth of entrepreneurial ventures.
From above description regarding entrepreneur and entrepreneurship it can be understand
that entrepreneurship in today world of continuous development and innovation play a major in
developing a nation and utilize the various resources in optimum way. Whether the
entrepreneurial ventures are at small level or on a corporate level, both have their own significant
contribution in the economy (Jafarnejad and et. al., 2013). It importance get more bigger when
an economy of a country is developing; where growing population need job and most of its
population are young who thrive innovative ideas that have power to change the world or bring
changes in old or conservative method in different sectors of the economy and ultimately
contributing in the world. In order to understand the scope of entrepreneurship can be easier to
grab in an economy like India, which is a developing nation. At present country have large
population but low employment rate. The government of the country largely have given thrust on
entrepreneurial venture where they use their own ideas to generate employment (Dewra, 2020).
Thus the area of entrepreneurship can be understand as how they have shaping economies around
the world. They bring economic prosperity and growth by contributing in GDP, increasing
employment opportunities among youth. It also help in bringing social stability and balanced
regional growth by absorbing workforce in industries, reduce poverty and improve health and
educational facilities by providing service and goods. Entrepreneurs who conduct entrepreneurial
ventures also act as a catalyst agent, as they destroy thing in order to create innovative thing in
order to change things that were become obsolete over the time.
6

TASK 2
P3 Explain and evaluate relevant data and statistics to illustrate how micro and small businesses
impact on the economy.
According to European commission, small medium enterprise or also termed as SME are
those who employ people less than 250 person and that enterprise have turnover of less than 50
million Euros and its balance sheet total is less than 43 million Euros as per Commission
Recommendation 2003/361/EC. Moreover that SME is divided into three categories i.e. Micro,
Small and Medium Enterprise (Papadopoulos and et. al., 2020).
Small and medium-sized enterprises considered as the backbone for Europe economy,
where these SMEs provide mostly of all new jobs to population of the nation. The European
Commission intent to promote entrepreneurship and bring improvement the business
environment for SMEs by permitting them to realize their full potential in present global
economy. The new Programme for the Competitiveness of Small and Medium-sized
Enterprises will run from the year 2014 to 2020 with objective of use their full potential with a
planned budget of EUR 2.5 billion.
In broad context, there are two major types of businesses operating within the small scale
sector. Firstly, the traditional cottage or household industries and secondly are often termed as
modern SMEs. The traditional cottage or household industry usually found in rural or semi-urban
areas and they offer different way for earning part-time employment. Whereas modern SMEs
offer particularly innovative where technology is involved with it (Ismoilov and et. al., 2020).
This type of enterprises usually come up with creative solutions to old with traditional
methodologies and introduce new concepts of doing things thus mostly start-ups enterprise fall
into this category.
7
Illustration 1: Criteria for medium, small and micro-sized
enterprises

The private sector comprises largely of non-employing businesses and small employers,
as shown in the presented Illustration 2. Where small and medium-sized enterprises account for
99.9% of the business population around 6.0 million businesses.
During the start of year 2020:
 It was estimated that 6.0 million private sector businesses will be there
 1.4 million of these had employees and 4.6 million had no employees
 therefore, 76% of businesses did not employ anyone aside from the owners
 there were 5.94 million small businesses with 0 to 49 employees, 99.3% of the total
business population
 there were 36,100 medium-sized businesses with 50 to 249 employees, 0.6% of the total
business population
 a further 7,800 businesses were large businesses (with 250 or more employees), 0.1% of
the total business population
Source: Department for Business, Energy & Industrial Strategy
Notes from Illustration2:
8
Illustration 1: Business population estimates 2020.

 In turnover column: figures exclude Section K (financial and insurance activities) where
turnover is not available on a comparable basis
 In row with no employees category, include sole proprietorships and partnerships with
only a self-employed owner-manager and companies with one employee, taken as
working proprietor
Source: Department for Business, Energy & Industrial Strategy
From above Illustration 3, it can be observed that, the large businesses in UK have major
contribution in turnover but small businesses at UK have significantly more contribution in
employment with 48%. Which account for three fifths of the employment and around half of
turnover in the private sector of UK.
P4 State the importance of small businesses and business start-ups to the growth of the social
economy.
As mentioned earlier small businesses act like backbone of the economy of the nation.
Small-businesses play biggest role in fulfilling daily essential needs of the consumers. All
business are part of society which started with most primary motive to serve people of the
9
Illustration 1: Contribution of different sized businesses to total population,
employment and turnover, start of 2020

economy by earning sufficient profits. According to Global Entrepreneurship Monitor Research
data reflect that an entrepreneur with high potential create on average as much as 3times more
jobs than an entrepreneur with average potentials and as much as 15times more jobs than an
entrepreneur with low potential. Therefore, there is only 4% of entrepreneur who can be put -in
the group of Dynamic companies that have potential to grow on global markets and will be able
to contribute in the economic development of the society (Ribeiro-Soriano, D., 2017). In
following sections will state how small businesses are transforming the social economy and its
growth impact:
 People are now get their products and services real quick around the world.
 Both small and large business are depend on each other for growth.
 They create perfect competition in the market of an economy.
 They have huge impact on the economy
M2 Evaluate the differences small, medium and large businesses make to the economy, applying
relevant data and statistics
10

Small-Businesses
 Equity held by founder
or family
 Managed by owner of
the company
 Decision-making taken
by owner
 Have short term
planning
 Follow informal
process to operate
business
 Most of its capital
needs are met by
leveraging personal net
worth
 have comparatively
small market but large
customer base to serve
local people
 Limited to personal
development
opportunities
Medium-Business
 Mostly held privately
by family and may be
with public as well
 Usually run by owner
but also have
professional people for
key role in the business
 Decision-making power
lay with either by owner
or CEO of the company
 Long term planning is
done by key personnel
of the business
 Business also follow
some formal process
 Company have limited
source of capital
 Company have partial
customer base for its
business
 Personal development
limited to only key
employees of the
company
 Considerable external
output
Large-Business
 Mostly owned by
public investors equity
 Business have totally
professionally manage
people
 Decision-making
within organisation
follow a hierarchical
form
 Extensive long-term
plan by dedicated
teams of the
organisation
 Company follow
totally formal structure
and process where
people work
independently
 big business have wide
range options for
funding
 Usually have diverse
market with diverse
customers
 Multiple career
development path and
program
 Significant external
inputs from network
and have separate
governance structure
11

D2 Critically evaluate how small businesses have an impact on different levels of the economy
(local, regional, national) and in an international context.
Small-businesses have impact all over the world whether the economy level is local,
national or international. Jobs are the main channel through which people share in are left out of
economic growth. Where SMEs, account for nearly 70 percent of global employment. Thus
improving SME productivity translates into more and better paying jobs, distributed across less
fortuitous sections of the economy. It is believed that SMEs have ability to internationalise,
whether by exporting or importing directly or selling to firms that do, register particularly high
productivity, wage and employment gains (González Laya, 2015). Therefore boosting the
competitiveness of SMEs will means working for inclusive growth of the economy worldwide.
TASK 3
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.
There are various traits that makes an entrepreneur successful and that makes him/her
different from a business manager. In upcoming section of the report will focus on most common
type of traits, characteristics and skills of the entrepreneur:
Skills of Entrepreneur:-
Strong Thinking Power: According to Richard Branson’s, founder of Virgin Group, during
Annual CGI meeting in New York told that no two successful entrepreneurs are same instead
individuality and different ways of thinking that make them successful. According to him, an
entrepreneur mostly take calculated risk, in his word, “The luckiest people in business are those
are prepared to take risk.” Where he directly relate success of entrepreneurs by taking risk that
open door for opportunities and bring progress.
Great communicator: A successful entrepreneur’s possess excellent communication skills
where they not just able to make it happen in entrepreneurial world but also make them listen in
than world. With Richard Branson from his personal experience of entrepreneurial skill he
added, “Entrepreneurs listen more than talk, if you are not listening, you are missing out.” Hence
effective communication are the key skill to develop entrepreneurial skill among individuals
(Elkins, 2017).
Traits of Entrepreneur:-
12

Highly Motivated: Many personalities with entrepreneurial ability may reflect such traits even
in most famous business entrepreneurs in history that they have typically intense personalities.
No one make progress by sitting back and waiting for it to find them. Successful people go out
into the world and raise change through their actions. Entrepreneurs enjoy experiments and work
tirelessly to solve complications which pose challenge to them. They acclimate with changes
without unravelling and are usually expert of helping their teams with changes and motivate
them toward achievement of objectives and opportunities. Successful entrepreneurs are obsessed
with their vision or goal than simply task in hand and able to think higher level in that regard.
They are also zealous about their ideas that drive toward these ultimate.
Dedication: It doesn't matter how many times you failed but keeping the dedication for success
is the ultimate essential trait of the entrepreneurs. Which means entrepreneurs must not afraid of
failure, where there is failure there is lesson that can be learned. By embracing failure, success
become invincible. Many entrepreneurs have face failure way more than before achieving
final success. But ultimate learning come out is do not let failure hold back from achieving
success. Instead, this provide opportunity for learning from their mistakes and failure (Rampton,
2016).
Characteristics of Entrepreneur:-
Energetic: Starting and functioning a business takes long hours also anticipating the changing
needs in market and partners are essential. According to Peter Jones timing when to enter a
market or not will help elevate success, as will knowing the correct time and surroundings to
start business, where entrepreneurs need to be energetic and perfect with timing.
Passionate. Entrepreneurs love their work they have passion for what they doing in their
business and also love their ideas to be executed. As Richard Branson demonstrated by starting
his company at initial despite the odds against it being a final success for him.
From above skills and traits of entrepreneurs it is clear that the major key difference
between an entrepreneur and a manager is their stand in the company. An entrepreneur from skill
and trait point view, are the visionaries where they converts an idea into a business and ready to
take risk and learn from them whereas managers work in the company and maintain status-quo
of the company. Entrepreneurs are owner of their business, so they bears all the financial and
other risks. On the other hand, a manager of a company is an employee, he works for a salary. So
they do not have to bear any risk.
13

P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set.
The big five model also termed as five-factor model, a widely accepted personality theory held
by psychologists. The model explain that personality can be break down to five factors known as
OCEAN. Where acronym for OCEAN are explain below with diagrammatic way for better
understanding of model with the qualities of entrepreneurs:
Openness: Usually with this trait people either have this or low trait of openness. People with
high in this trait have broad range of interests, they are curious about world, people and eager to
learn new things but enjoy them. People with low in this trait are often rigid with their thinking
and found themselves struggle with their thinking.
Conscientiousness: This trait where individual with high conscientiousness have thoughtfulness,
good impulse control, goal oriented and very organised minded. They usually make plans to
move ahead and think that their behaviour have effects on other people too.
Extraversion: This type of personality is also characterised by excitability, sociability and high
emotional expressiveness. People with high extraversion are outgoing in nature and also have
high energy level. Whereas with low trait of extraversion are opposite of the trait also known as
introvert with less energy level.
Agreeableness: In this type of trait which include trust, kindness, affection etc. people with high
in agreeableness tend to be more cooperative whereas with low trait of this tend to be more
competitive and even manipulative.
Neuroticism: In this type of trait is characterized by sadness and more emotional instability
within individuals. People with high in this trait experience mood swings, anxiety and sadness
very often. While with low in this trait individuals are more stable with their mental position and
also emotionally resilient.
It needs to be remember that behaviour involves an interaction between a person and their core
personality and situational variables. Which means situation that a person finds themselves
suitable and play a major role in how the person reacts. Though, in many cases, people offer
responses that are stable with their original personality traits. Thus in case of entrepreneurs as
well, since every individual is different from other and so their traits as well. Which makes the
person successful with own qualities and traits (Sampaio, Thomas and Font 2012). From the
model it can be observed that both mentioned entrepreneur Sir Richard Branson and Peter Jones
14

have all the traits as per their characteristically feature as human. Where Sir Richard Branson
have high trait of conscientiousness and Peter Jones have high trait of Extraversion as their in
their trait.
M3 Explore different lines of argument relating to entrepreneurial characteristics.
From above it is now seen that there are different aspects that help to develop
entrepreneurial skill, characteristics and traits where they forge such qualities to be successful in
their innovative business ideas that have strength to change the world and economy of the nation.
Entrepreneurial characteristics as discussed above either individual may have in-born qualities or
either can be developed over time with lot of experience which significantly include failures but
ultimate success.
D3 Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs,
supported by specific examples.
While analysing entrepreneurial qualities of Richard Branson, where he successfully developed
his knowledge throughout his career as entrepreneur. He encountered lots of difficulties but his
traits, skills and motivational driver keep him pushing towards his dream, established successful
brand known as Virgin Group. He himself state that entrepreneurs believe in thinking big. In his
word, “Successful entrepreneurs take an idea and let it fly.” A true Entrepreneurs do not see
coming down way for where he start his journey, all they see success not in immediate affect but
in long term perspective.
TASK 4
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.
Background of Richard Branson: He was born on July 18, 1950, in Shamley Green, Surrey,
England, British entrepreneur and adventurer and head of Virgin Group Ltd. Branson was a
school dropout, entered into his first successful business venture as a teenager with the magazine
known as Student. During his time, Branson had the idea to begin a mail-order record company
called Virgin to help fund his magazine efforts. The company performed modestly but well
enough for Branson to expand his business venture (Richard Branson Biography, 2020).
Experiences: In his first artist on the Virgin Records label, Mike Oldfield, recorded his single
"Tubular Bells" in 1973 with the help of Branson's team. The song was a hit, which stayed in the
15

UK charts for long time. Further, Branson extended his entrepreneurial efforts, this time to
include the Voyager Group travel company in 1980, the Virgin Atlantic airline in 1984 and a
series of Virgin Megastores. However, his success was not predictable thus by1992, Virgin was
suddenly stressed to remain financially afloat. The company was sold later that year to Thorn
EMI for $1 billion. Branson was crushed by the loss, reportedly crying after the contract was
signed but continued his determination for music business. In 1993, he established, station Virgin
Radio and in 1996 he started a second record company, V2, which was signed by artists like,
Powder Finger and Tom Jones.
Background of Peter Jones: Peter was born 1966, he is one of the successful entrepreneur
presently worth over £367 million. Peter was brought up in an entrepreneurial environment
because his father owned a business and by the age of 8 years old Peter was already filling
driven. As a teenager he represent strong entrepreneurial qualities. Even at the age of 28 Peter
didn’t have a job, car or home but in spite of the terrible situation he never gave up. (Harris,
2015).
Experience: Peter’s first entrepreneurial venture was a tennis coaching school that he founded.
In his twenties he created and failed with three more entrepreneurial ventures. Due to his strong
character traits and experience he kept push himself forward. In 1998 he established his first
successful company, Phones International Group and after two years he sold his second
company for millions of pounds. Peter Jones was given the title of: Emerging Entrepreneur of the
Year 2002 and in 2009 he established the Peter Jones Enterprise Academy. Currently Peter Jones
has more than 1000 employees and he has personal investments in over 40 businesses in a
variety of markets which produce sales of over £250 million (Tucker, 2020).
M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs.
In spite of all the failures in both entrepreneurs who today known in the world wide and kiss
their success stories even with all the odds they face while struggling through impossible. For
Peter Jones it was never an easy way to, where he continuously failed due lack in his decision
making strength and unable to see unforeseen contingencies, where he loss pounds and
everything he had. He was to force to start from the bottom again but he never refuse to make
efforts again and again in spite of all downfall. All he have the strength and fearless
characteristics that make him today what he is now.
16

D4 Critically analyse from background and experience influences entrepreneurs
An inclusive range and range of entrepreneurial ventures is necessary and advantageous because
it will generate benefits to individuals to grow as entrepreneur in future where they coming from
different backgrounds and with different levels of experience and ideas (Nowduri, 2012). Thus
successful entrepreneurs have both types that is, either they born with such an entrepreneurial or
leadership qualities or they can be developed over time from different experiences, where they
imagine themselves as owner of new business idea or start-up which can be seen as source of
motivation and path leading for coming generations of entrepreneurs.
Conclusion
From above it can be summarise that, entrepreneurs are important and vital for the growth
an economy for any nation thus through their innovation and thinking power entrepreneurs
largely impact the business environment by creating new business ideas and solutions that give
ultimate developmental way to nation and create jobs for people. Today the concept of
entrepreneurship has been widely recognised as their strength have made significant changes in
the life of people around the world and now have introduced this concept even in the public
sector as well but presently with some necessary limitations regarding risk and finding of new
entrepreneurial opportunities.
17

References
Books and Journals
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Nakara, W. A., Benmoussa, F. Z. and Jaouen, A., 2012. Entrepreneurship and social media
marketing: evidence from French small business. International Journal of
Entrepreneurship and Small Business. 16(4). pp. 386-405.
Radović-Marković, M. and Tomaš, R., 2019. Globalization and entrepreneurship in small
countries. Routledge.
Laudano, M. C., Marzi, G. and Caputo, A., 2018. A decade of the International Journal of
Entrepreneurship and Small Business: a bibliometric analysis. International Journal of
Entrepreneurship and Small Business. 33(2). pp. 289-314.
Sahut, J. M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics. 42(4). pp. 663-668.
Bennett, R. J., 2014. Entrepreneurship, small business and public policy: Evolution and
revolution. Routledge.
Johannisson, B., 2014. The practice approach and interactive research in entrepreneurship and
small-scale venturing. In Handbook of research methods and applications in
entrepreneurship and small business. Edward Elgar Publishing.
Jafarnejad, and et. al., 2013. Analysis of barriers to entrepreneurship in Small and Medium-sized
Enterprises (SMEs). International journal of academic research in economics and
management sciences, 2(4), p.207.
Ismoilov, and et. al., 2020. The Essence of Small Business and Private Entrepreneurship And
The Theoretical Basis Of Its Development. The American Journal of Applied sciences.
2(08). pp. 45-50.
Sampaio, A. R., Thomas, R. and Font, X., 2012. Small business management and environmental
engagement. Journal of Sustainable Tourism. 20(2). pp. 179-193.
Nowduri, S., 2012. Framework for sustainability entrepreneurship for small and medium
enterprises (SMEs) in an emerging economy. World Journal of Management, 4(1). pp.
51-66.
18

Ribeiro-Soriano, D., 2017. Small business and entrepreneurship: their role in economic and
social development.
Online
Bindu. H. 2018. Small businesses, big contribution. [Online] Available through :<
https://www.dailypioneer.com/2018/columnists/small-businesses--big-
contribution.html>
Dewra. S. 2020. What is Entrepreneurship? [Online] Available through :<
https://www.careerguide.com/ask/t/what-is-entrepreneurship-what-are-the-scopes-of-
entrepreneurship-in-present-scenario>
Male vs. Female Entrepreneurs: How Are They Different? 2020. [Online] Available through :<
https://www.businessnewsdaily.com/6762-male-female-entrepreneurs.html>
Link, A.N. 2016. Public sector entrepreneurship: introduction to the special section. [Online]
Available through :< https://doi.org/10.1007/s40812-016-0059-0>
Kennedy. J. 2018. Corporate Entrepreneurship. [Online] Available through :<
https://www.afce.co/corporate-entrepreneurship-definition/>
Papadopoulos. G. and et. al., 2020. Eurostat, Structural business statistics. [Online] Available
through :
<https://ec.europa.eu/eurostat/statistics-explained/index.php/Statistics_on_small_and_m
edium-sized_enterprises#SME_definition>
Business population estimates 2020. 2021. [Online] Available through :<
https://www.gov.uk/government/statistics/business-population-estimates-2020/business-
population-estimates-for-the-uk-and-regions-2020-statistical-release-html>
González Laya. A. 2015. [Online] Available through :<
https://www.weforum.org/agenda/2015/10/how-small-companies-can-change-the-
world/>
Elkins. K. 2017. Richard Branson: Successful entrepreneurs share these 5 skills. [Online]
Available through :< https://www.cnbc.com/2017/01/31/richard-branson-successful-
entrepreneurs-share-these-5-skills.html>
Rampton. J. 2016. 8 Characteristics Shared by the 'Shark Tank' Team. [Online] Available
through :< https://www.entrepreneur.com/article/281626>
19

Richard Branson Biography. 2020. [Online] Available through :<
https://www.biography.com/business-figure/richard-branson>
Harris. J. 2015. Why Peter Jones is so successful. [Online] Available through :<
https://addicted2success.com/entrepreneur-profile/success-peter-jones/>
Tucker. J. 2020. How Peter Jones become millionaire. [Online] Available through :<
https://www.headspacegroup.co.uk/how-peter-jones-became-a-millionaire/>
20