University Entrepreneurship and Society Trends Analysis Report

This report, commissioned by the Institute of Small Business Development, investigates major trends in Entrepreneurship and Social Entrepreneurship. It is divided into two sections. The first section examines self-efficacy, small business failure, and enterprise education, identifying key trends such as the crucial role of self-efficacy in entrepreneurial intentions and actions, the high failure rate of small businesses, and the evolving landscape of enterprise education. The second section explores social enterprise business models, community enterprises, and cooperatives and the social solidarity economy. It discusses the trends impacting these areas, including the evolving nature of community enterprises and the shift in social enterprise ventures. The report concludes with a summarization of the major findings and analyses, reflecting on the key trends and their implications for businesses and entrepreneurs.

Running Head: ENTREPRENEUR BUSINESS AND SOCIETY
Entrepreneur business and society
Student’s Name
University Name
Author’s Note

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Abstract
Commissioned by the Institute of Small Business Development, the researcher aims at analysing
the major trends related to Entrepreneurship and Social Entrepreneurship, under the scope of this
report. Split in two sections, this report explores key concepts related to the two major variables
as specified. Under the first section, Self Efficacy, Small Business Failure as well as Enterprise
Education are analysed for identification of major trends. The second section involves concepts
regarding Social Enterprise Business Models, Community Models, Co-Operatives and The
Social Solidarity Economy. Self efficacy has a crucial role to play in developing
entrepreneurship intentions and actions. The trends as in reasons and outcomes of major small
business failure have also been discussed here. This report identifies that more than 30% small
businessese fail in the first year. The factors which drive the failure are lack of Right planning,
funding taxability and the factors that are responsible for the sustenance of new businesses in
modern business atmosphere. Enterprise education is the third aspect explored here. In the
second section, concepts like Social enterprise Business model, Community Enterprise and
Cooperative and the social solidarity have been considered. There are five major Trends of
community enterprise that impacts small businesses. The biggest trend of community Enterprises
is that this sector is highly evolving which the presence of a new generation who brings in
entrepreneurial spirit. Major trends related to the other two aspects have also been explored here.

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Table of Contents
1. Introduction..................................................................................................................................4
2. Discussion....................................................................................................................................5
2.1 Section A: Entrepreneurship.............................................................................................5
2.1.1 Self Efficacy....................................................................................................................5
2.1.2 Small business failure......................................................................................................6
2.1.3 Enterprise education........................................................................................................8
2.2 Section B: Social Entrepreneurship.......................................................................................9
2.2.1 Social enterprise Business model..................................................................................10
2.2.2 Community Enterprise..................................................................................................12
2.2.3 Cooperative and the social solidarity............................................................................14
3. Conclusion.................................................................................................................................14

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1. Introduction
Commissioned by the Institute of Small Business and Entrepreneurship, the researcher
tends to explore the trends in Academic Theory. Under two main sections, in this report, this
report aims to understand the trends in two main areas, namely Entrepreneurship and Social
Entrepreneurship. Entrepreneurship and development of small businesses are interlinked
concepts and relevant areas of research for the business students. The foundational idea behind
entrepreneurship is to develop the knowledge gained from a business or innovation idea or
established business model in to a market suitable products and/or service. Hatten (2015),
provides that analysis of the entrepreneurial business management concepts provides a great
scope of understanding the primary ideas related to market factors influencing entrepreneurs in
the modern day business environment. Entrepreneurship concepts or model do not always
necessarily apply to the responsibilities of proprietors of small business, but they are also
applicable towards members with executive or managerial capacity (Carland et al. 2007).
Entrepreneurship ideas and concepts help the researcher to understand the key concepts and
latest trends in relation to the business skill development as well as financial as well as employee
management skill development. In high contrast, the idea behind social enterprises is not profit
generation, but rather drives social changes. However, unlike the social reform agencies about a
generation ago, social entrepreneurs do not aim to accomplish these changes using tools and
frameworks. However, social enterprises are studied under this report because of the fact that the
ventures for striving social enterprises nowadays are less analogous to the operating in non-profit
organisation and rather similar to operating a small business. Under the section involving
Entrepreneurship, the three sub themes of Self Efficacy, Enterprise Education as well as small
business failure are analysed in the light of the major recent trends under these domains. Under

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the second section involving Social Enterprise, the aspects like Social Enterprise business
models, Co-operatives and The Social Solidarity Economy and Community Enterprises have
been explored from the same perspective. The major trends influencing business and
entrepreneurs under these concepts have been explored under these headings and their outcomes
have also been analysed. In the end, the major findings and analyses have also been reflection in
a layout of summarisation.
2. Discussion
2.1 Section A: Entrepreneurship
Entrepreneurship can be defined as the procedure for designing, launching as well as running
new businesses, which is most probably a small business. The human forces involved in to the
development of the businesses are the entrepreneurs.
2.1.1 Self Efficacy
As argued by Boydet Vozikis, self efficacy can be defined as a preposition that has a very crucial
role to play in development of entrepreneurship intentions as well as entrepreneurship actions.
The conception and proposition of self efficacy has changed over the years but its importance
towards entrepreneurship remains the same. In the year 1994, Krueger developed the idea that
self efficacy has a great role to play in the realisation of the entrepreneurial potential in any
business agent or individual or group. Analysing the empirical literature of Burns (2016), the role
that self efficacy has to play towards organisational entrepreneurship can be understood in a
professional manner. Firstly, researchers highlight that self efficacy is determined in cognitive
variable which is most effective in evaluating the entrepreneurial behaviour. Secondly Volery, T.
and Mazzarol (2015), indicates that self efficacy is the basic need for starting entrepreneurship

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activities. The entrepreneurial self efficacy is actually the perception and realisation of the
confidence latent in the entrepreneurs which leaves himself to gain control of their own
entrepreneurial capabilities before they step out to lay down their own start up business. On the
contrary, Storey (2017), argues that in the context of small businesses, self efficacy can be
perceived to be an essential antecedent of a perceived business opportunity that has been utilised
by a great entrepreneur in realising the self potential to develop a big Corporation. In this context
aligning with the previous view, Díaz-García et al. (2016), also upholds that self efficacy is the
minor environmental business trust coming from external sources that helps to Ignite the
individual potential of an entrepreneur in establishing his or her own business. Self efficacy is
not any tangible resource and business, rather it is a perception regarding attitude of the business
personnel. The individuals who have a high perception, regarding self efficacy, always gains in
confidence of the big market players (Welter and Gartner 2016). Based upon the entrepreneurial
capacities in them and support from external market opportunities, the entrepreneurs aim to
launch out their own business. Compared to the non entrepreneurs, the entrepreneurs have a
strong perceived sensation of control over their future (Cnaan and Vinokur-Kaplan 2015). This is
because, the current business setup that they have established, is an outcome of the realisation of
their own business potential, equipped with entrepreneurial optimism. Hence, in conclusion it
can be stated that entrepreneurial optimism is related to the belief in self efficacy.
2.1.2 Small business failure
Analysing small businesses, Linton and Solomon (2017), perceive that more than half of the new
business endeavours fail in the first year itself. However the Small Business Association do not
believe this fact. According to the SBA, less than 30% new business fails in the first year. Right
planning, funding taxability at the factors that is responsible for the sustenance of new businesses

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in modern business atmosphere. Analysing some of the biggest mistakes conducted by
entrepreneurs in developing their business aspect of new business failure will be in this section.
As highlighted by, Matlay (2018), one major reason behind failure of business in the first year
itself is not investigating the market conditions properly. For evidence if an entrepreneur wants
to open a real estate agency driven by some factor of passion, he or she might often understate
the fact that the housing market is currently going down and the area where he or she is wanting
to set up the business is already saturated with Realtors which will make the business prone to
failure from the start itself. In alignments to this business need, Blackburn (2016), states that
entrepreneur should have the short mind to explode the under service sector for the unmet needs
of the market and then indulge his or her resources to fill in that particular gap, rather than
breaking into any familiar business field (Chell et al. 2016). According to the views provided by
Van Meerkerk, Kleinhans and Molenveld (2018), penetrating the market in a business is very
easy however it is equally tough to satisfy the demands of the customers. In analysing the reason
behind this Volery, Mueller and von Siemens (2015), contemplates that the products or service,
such a business will provide to the customers have already been experienced by them and if they
want to avail the products or services of the new company, this implies that they are in search of
something new.
There are problems in business plan formulation also. As stated by Epifanova et al. (2015), a
business plan always incorporates realistic business goals and possible problems along with their
mitigation policies. In this context, Demil et al. (2015), reports that most business entrepreneurs
do not have the experience to conduct proper market survey in order to figure out cost and input
needed by the company and outline a strategic time frame within which they have to implement
the business strategy. In this context, Dugguh (2017), analyses that most business entrepreneurs

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Are Young in age and that is why they fail to consider the business based on the importance of
business planning to meet those risks and directly plants into operations.
2.1.3 Enterprise education
Analysis of the empirical findings of Roig-Tierno, Alcazar and Ribeiro-Navarrete (2015), reveals
three major trends in entrepreneurial education since 2016. The first trend is mobility and hence
personal education which emphasizes on learning how to learn from business outcomes. In the
yesteryear, the students were studying curriculum for regurgitating it for or an academic project,
often leading to limited understanding of the subject matter. However in the current scenario, the
students will need to analyse their ability and acquire skills to implement them in number of real
life situations. Hence, it can be analysed that from “listen and learn” the entrepreneurship
education has now shifted to “explore, create and learn” (Van Meerkerk, Kleinhans and
Molenveld 2018). Digital Technology has enabled the students to get access to their textbooks as
well as large variety of references regarding all subject matters. This kind of self guided learning
helps the students in troubleshooting, brainstorming and thereby developing critical thinking in
which they will need when the face challenges in their entrepreneurship programs. This helps in
introduction of the students with a variety of business environment where they might not be able
to implement textbook education theories and bring out some innovative solution.
The next trend in enterprise education is implementation of the student led learning method. As
stated by Roig-Tierno, Alcazar and Ribeiro-Navarrete (2015), this is another important strategy
of learning that helps students to believe in themselves to take a business risk is by taking charge
of their own classroom. As highlighted by Van Meerkerk, Kleinhans and Molenveld (2018), the
environment in a student led learning outfit, places the student in the driver seat where we can
modify their own educational experience. This model is Really effective for business students

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who can plan their school days according to their individual interests and learning styles.
Students can carry out individual lessons using their mobile devices and the projectors in the
classroom (Somerville and McElwee 2011). They can decide which subject matter they will
undertake and to what extent. Intervention of the teachers is needed only when they face
difficulty in learning from the self led learning environment. In this context Dugguh (2017),
reflects that when the students are provided at crucial role in deciding what they will learn and
how they will learn, their interest in the curriculum is aggravated and the exhibit better
understanding of their subject matter. However Linton and Solomon (2017), analyses that the
primary motive behind implementation of students led learning model is to allow them to make
mistakes and then learn from those mistakes by utilising them as learning opportunities rather
than avoiding negative all throughout their Learning Course.
The third major trend in enterprise education is the maker movement. With disruptive digital
technology, a maker space is evolving with greater flexibility and opportunity to harness
creativity and thereby helps students in creating and building business strategies. The
makerspaces are high tech with large fabrication space that can be used by the students for
supporting their innovation. Matlay (2018), reflects that the main aim behind development of
makerspaces, is to provide the students an opportunity of physical learning through
experimentation (Cooney 2008). This helps in the development of a shared learning environment
where the students learn through the fail forward model.
2.2 Section B: Social Entrepreneurship
Social entrepreneurship is the use of start-up companies and other entrepreneurs to develop, fund
and implement solutions to social, cultural, or environmental issues. This concept may be applied
to a variety of organizations with different sizes, aims, and beliefs. For-profit entrepreneurs

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typically measure performance using business metrics like profit, revenues and increases in stock
prices, but social entrepreneurs are either non-profits or blend for-profit goals with generating a
positive "return to society" and therefore must use different metrics. Social entrepreneurship
typically attempts to further broad social, cultural, and environmental goals often associated with
the voluntary sector in areas such as poverty alleviation, health care and community
development.
2.2.1 Social enterprise Business model
The most relevant 5 business model of Social Enterprise in the modern times has been discussed
under this section. Analysing the trends in social Enterprises, the entrepreneur support model
seems to be the most relevant in context of business. This model of Social Enterprise advocates
the sales of business support services so that the entrepreneur can easily population. Open the
business entrepreneurs approach Consulting Services with great business ideas with the earth in
training for a micro financing as well as technical support. this is the role of business support
services come in. most businesses who adopt this model are of the categories like economic
development organisations come on micro financers and so on.
Next in importance is the market intermediaries’ model which advocates the social Enterprises to
help their clients by selling their products for them. For evidence, there are organisations to help
the small farmers by marketing for the sales of their crops belong to this category of social
Enterprises (Spear et al. 2017).
The employment model is another important framework of social Enterprises who provides their
customers which job opportunities and training. Revenue generated by the companies. Not only
organised business entrepreneurs but also many youth with innovative business ideas have

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adopted this model to grow as a successful entrepreneur in the future. The mission of the
Employment Model is cantered around creation of employment opportunities for the clients.
These organisations and their agents act job coaches and provide knowledge like soft skills
training, mental health counselling, and thus helps in development of an enabling work
environment for their clients. The social enterprise achieves financial self-sufficiency through the
sales of its products and services. Income is used to pay standard operating expenses associated
with the business and additional social costs incurred by employing its clients.
The free for service model is also crucial social enterprise business Framework with charges
customers directly for providing social benefitting services. Many schools, membership
organisations, hospitals and museums use this free for service model.
However, Linton and Solomon (2017), argues that the most strategic model is the low income
plant model which generally offers direct social services emphasizing on the low income
generating clients. The Health Care Centres and hospitals who provide services to the low
income patients often adopt this social enterprise model. Another most widely accepted social
enterprise model is the Co-operative model. These kind of social Enterprises are fee based
membership organisations which provides membership services to our community sharing
common business needs. This is a Cooperative run by the members of the organisation and of
external candidates who received the benefits from the business model also. The credit unions as
well as employee owned businesses are the best examples of cooperative model of Social
Enterprises. Lastly, the social enterprise model, which has the most implementation in the last 5
years, is the service subsidization model. These kind of social Enterprises do not provide
organisational support. On the contrary, Volery and Mazzarol (2015), in forms that they integrate
the intrinsic business ventures with the external social programs.

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2.2.2 Community Enterprise
There are five major Trends of community enterprise that impacts small businesses. The first
trend is that the community Enterprises employee, support as well as reveal the opportunities for
success throughout the country. These Enterprises are using measurement as well as results
orientation which is more routine in business communities, thereby setting clearly defined
business and social goals, measuring and utilising data for driving change as well as
improvement. Utilising the data, the Enterprises confirms positive outcomes as well as cost
benefit of the social Enterprises.
However, the biggest trend of community Enterprises is that this sector is highly evolving which
the presence of a new generation who brings in entrepreneurial spirit. They apply their skills
from private and social sector with the passion for solving the racing social issues like endemic
unemployment. This is helping them to create value in the vibrant business sector by delivering
profit and purpose through employment of people who are not hire traditionally and also have
been perceived to be an employable. Some of the community Enterprises offering traditional
employment and providing support as well as basic skill development are also highly in vogue.
Some community Enterprises are also profit making organisations that adopt a lead management
technique for hiring, cultivating management policies as well as focus on including as well as
retaining those employees who would have otherwise had a tough time to get a job or sustain in a
job role. The third major trend of community Enterprises is that the mainstream employers are
enabling upward mobility. Like many office, the people who are employed in the community
enterprises, are also ambitious about the advancement of their careers. The community
enterprises provide them with scope of prioritising on development of the skill that will help
them to meet the demand of employers in the future. Community Enterprises also work towards