The contemporary era has witnessed an upstart and proliferation in the entrepreneurial endeavours across the globe subsequently challenging many incumbents and established market players with their innovative and transforming business dynamics that redefined many traditional business models. Many factors have stimulated the growth of the numerous entrepreneurial ventures like digital revolution, consumer-centric business operations, changing consumer demands, feasible and accessible technology, social consciousness, and accentuated perception of establishing business ventures as an accountable and responsible corporate entity and so on. In this context of discussions, the present report is contextualised wherein various perspectives of an entrepreneurial organisation has been evaluated with the real-life examples of successful entrepreneurs. The report engages in determining the various entrepreneurial ventures, similarities, and differences between them, the ways in which small entrepreneurial businesses impact the local, regional, national, international economy. In addition to this, the personality trait of the entrepreneurs has been discussed to uphold how personal affiliations and bent of mind instigates towards developing something worthwhile along with understanding how a positive or native external ambiance could shape and influence the entrepreneurial mindsets. For More Visit https://assignmentwizardsonline.com/

1. 1
Entrepreneurship and Small Business
Management
Learners Declaration: I certify that the work submitted for this unit is my own and the
research sources are fully acknowledged.
Learners Signature: Date:

2. 2
Contents
1. Introduction............................................................................................................................3
2. Critical examination of the scope, development, and growth of a diverse range of
entrepreneurial ventures.............................................................................................................3
2.1 The different types of entrepreneurial ventures and the ways they relate to the typology
of entrepreneurship ................................................................................................................3
2.2 The similarities and difference between the entrepreneurial ventures.............................5
3. Critical evaluation of how small businesses have an impact on different levels of the
economy (local, regional, national) and in an international context..........................................6
3.1 Assessing the ways in which micro and small businesses impact the economy .............6
3.2 The importance of small businesses and business start-ups to the growth of the social
economy.................................................................................................................................8
4. Analysis of the characteristic traits, skills, and motivational drivers of successful
entrepreneurs, supported by specific examples .......................................................................10
4.1 Determination of the characteristics traits and skills of the successful entrepreneurs that
differentiate them from the other business managers ..........................................................10
4.2 Asses how the aspects of entrepreneurial personality reflect entrepreneurial motivation
and mind-sets .......................................................................................................................12
5. Examining through examples how the environmental background and experience could
hinder or foster entrepreneurship.............................................................................................13
5.1 Example of successful entrepreneurship positively influenced by environmental factors
..............................................................................................................................................14
5.2 Example of an entrepreneurship that has been negatively influenced by environmental
factors...................................................................................................................................14
6. Conclusion ...........................................................................................................................15
Reference list ...........................................................................................................................16

3. 3
1. Introduction
The contemporary era has witnessed an upstart and proliferation in the entrepreneurial
endeavours across the globe subsequently challenging many incumbents and established
market players with their innovative and transforming business dynamics that redefined many
traditional business models. Many factors have stimulated the growth of the numerous
entrepreneurial ventures like digital revolution, consumer-centric business operations,
changing consumer demands, feasible and accessible technology, social consciousness, and
accentuated perception of establishing business ventures as an accountable and responsible
corporate entity and so on. In this context of discussions, the present report is contextualised
wherein various perspectives of an entrepreneurial organisation has been evaluated with the
real-life examples of successful entrepreneurs. The report engages in determining the various
entrepreneurial ventures, similarities, and differences between them, the ways in which small
entrepreneurial businesses impact the local, regional, national, international economy. In
addition to this, the personality trait of the entrepreneurs has been discussed to uphold how
personal affiliations and bent of mind instigates towards developing something worthwhile
along with understanding how a positive or native external ambiance could shape and influence
the entrepreneurial mindsets.
2. Critical examination of the scope, development, and growth of a diverse range of
entrepreneurial ventures
2.1 The different types of entrepreneurial ventures and the ways they relate to the typology
of entrepreneurship
The typologies of entrepreneurship have been formulated over the years according to different
parameters as new avenues of entrepreneurial endeavours came into being. Therefore, the
typology considered here is a typology of opportunity that consists of four different types of
entrepreneurial venture features namely the Allocative-based Opportunity, Construction-
based opportunity, Discovery-based opportunities (discovering new attributes of the
industry to open new opportunities), and Imitation-based opportunities (Hunter, 2013). In
this thread of discussion of the typology of the entrepreneurial organisation, the next part is
tailored with the three distinctive type of entrepreneurial ventures namely Social, Civic,
Sustainable that belongs from private and public sectors respectively or both.

4. 4
Figure 1: Opportunity-based Entrepreneur Typology
(Source: Hunter, 2013)
Entrepreneurial ventures Contingent Typology
Social entrepreneurship sets out to address
certain societal issues through autonomous
and innovative functionalities operating at
the intersection of the public and private
sectors. Its revenue stream is trading. An
example of social entrepreneurship in the UK
includes Smart Glasses, a company that is
making breakthrough contribution in the
eyewear by helping people with different
eye-condition (Prosser, 2014).
Imitation-based opportunities as this
entrepreneurial endeavour aim at improving
and modifying the existing business
functions and model.
Civic entrepreneurship that works with
profit-oriented goals in large public sector
organisations with limited freedom and high
obligations. An example of civic
entrepreneur is Norman Redfearn who
works as labour politician and mayor of
Allocative-based opportunity as this
entrepreneurial endeavour exploits new
market place by examining demand, supply,
and demographics to find out niche
opportunities.

5. 5
North Tyneside of England.
Sustainable entrepreneurship aims at an
integrated approach of delivering value-
added services by amalgamating economic
interests and ecological concerns. An
example of a green start-up company could
be given of green tech start-up company
operating in the UK named Pavegen. The
company has invented special type of paving
tiles that are capable of converting footsteps
into kinetic energy with the help of the
electromagnetic generators which the
entrepreneurs have installed across the busy
spots of 36 countries. This energy can used
to power electrical instruments without
deriving energy from the natural resources
that would reduce the environment footprints
on the finite natural resources (pavegen,
2021).
Construction-based opportunity as this
entrepreneurial endeavour introduces new
service or product with a new business model
and technology.
Table 1: Different entrepreneurial ventures and relation to the typology
(Source: Burns, 2016)
2.2 The similarities and difference between the entrepreneurial ventures
Social entrepreneurship Civic entrepreneurship Sustainable
entrepreneurship
Social entrepreneurship
functions at the boundary
private and public sectors
Civic entrepreneurs solely
belong to the public sector
organisation like police
forces, health authorities,
schools, local councils, and
government.
Sustainable entrepreneurship
is a "for-profit" commercial
enterprise that priorities
judicious usage of natural
resources for the present
needs without prejudicing
future needs.
Social entrepreneurship The entrepreneurial intent of Sustainable entrepreneurship

6. 6
propagates social change at a
community level voluntarily
or in community groups.
civic entrepreneurship is
similar to that of social
entrepreneurship which is
social rather than economic
but is differentiated sectors-
wise.
propagates the share value of
the business and social,
environment, and
community.
Social entrepreneurship is
defined by a definite social
mission, innovation,
accountability, transparency
is an important facet for
ensuring organisational
functions.
Civic entrepreneurship
works for perpetuating
greater and widespread
benefits and welfare of the
people generally at the
behest of the governmental
instructions for
accomplishing government-
led initiatives.
The Innovation criteria of
sustainable entrepreneurship
similar to that of social
enterprise which is an
essential parameter. In
addition to this, learning and
knowledge are integral to
finding effective and reliable
solutions for sustainable
functionalities.
Table 2: The differences and similarity in the entrepreneurial ventures
(Source: Burns, 2016)
3. Critical evaluation of how small businesses have an impact on different levels of the
economy (local, regional, national) and in an international context
3.1 Assessing the ways in which micro and small businesses impact the economy
As observed by Thurik et al. (2013), the entrepreneurial revolution in the 21st century has
unveiled avenues that were hitherto unexplored due to the preconceptions that only large
businesses have the potentiality to contribute towards the economic sustainability of the
country while small businesses were relegated into the background as having no major
contribution in the different economic spheres. However, lately, people have begun to
appreciate and acknowledge the contribution of the small firms to the local, regional, national,
and international economy.
According to Burns (2016), in 2014, small businesses numbered 5.2 million wherein 1.5
million accounts for small companies, 3.3 million for sole proprietorships, and 460,000 for
self-employed partnerships which generated 60.1% employment and 46.7% of total economic

7. 7
turnover in the UK. Furthermore, the author upholds the fact that almost 75.6 % of all the
businesses in the UK are micro-business that contributed to 17.3% of the employment in the
UK with a turnover of about 231 billion euros. Therefore, micro-businesses that encompass a
vital part of economic wealth generation that encompasses partnerships, self-employed, and
sole proprietors and is witnessed to have been growing fastest as a form of business. Though
all these figures reach a whopping rate in recent years owing to the accelerated and significant
growth in the UK's economy.
Presently the UK has an estimated 5.94 million SMEs (0-249 employees) in the 1st
half of 2020.
Though medium-size businesses haven't been considered here, it has been found that these
SMEs inevitably include the small businesses which are accountable for a revenue turnover of
2 trillion Euro annually ranging its economic impacts from the local, regional and national
level. Furthermore, SMEs business holds almost 99.3% of the total business population, an
indispensable and integral part of economic stability procured from the overwhelming
industrial productivity. Moreover, small businesses substantially form the backbone of the UK
economy as it has been enriching community life across the country through offering
employment accounting for 13.3 million employment that attributes financial assistance to the
countrymen and country by securing half the turnover (1.6 trillion euro) in the UK’s private
sectors (fsb,2020). Now, micro-businesses count for over 5.6 million in the UK driving 96%
of all business with accountability for 33% of employment wherein 235,000 micro-business
has a turnover of 1 million euro (Rhodes and Ward, 2020).
Figure 2: The number of microbusiness in the UK by regional breakdowns
(Source: Rosling, 2020)

8. 8
Figure 3: Share of businesses in the UK by size in 2019
(Source: Rhodes and Ward, 2020)
Moreover, 25% of the SMEs are active on the global platforms as they are manufacturing
products that fulfill the demands, needs, desires of the global customers attesting valuable
economic benefits to the domestic economic stability. This is because SMEs have been
responsibly extracting 10-40% of the revenue turnover from the international business spheres
through cross-border initiatives. Further, SMEs contribute between 25-35% of the global
exports of manufactured national goods and contribute towards foreign direct investments and
garnering capital returns much more steadily than their domestic equivalents (Rhodes and
Ward, 2020).
3.2 The importance of small businesses and business start-ups to the growth of the social
economy
The micro and small businesses that possess a workforce strength of max 9 and 49 respectively
make an essential economic contribution to the local level with their capabilities to cater to the
needs and demands of the local people by delivering personalized, tailor-made, flexible
serviceability. The small businesses through its diverse inventory ensure serviceability along
with providing huge employment scopes of variegated types for the people hailing from all
walks of life that enable these enterprises to build a strong social capital within the environment
within which they operate. Moreover, the increasing number of small and micro businesses
means more employment scopes and it has been found that these business enterprises are
responsible for 70% of the global employment (Laya, 2015).

9. 9
Figure 4: Contribution of the Small and Micro businesses in ensuring employment
(Source: Rhodes and Ward, 2020)
As observed by Wang and Altinay (2012), Small businesses and start-ups navigate through the
market by bringing in differentiated product or service portfolio and target for small economies
of scale which is feasibly procures given that they offer reliable and convenient services to the
intended customers and thus, derive economic productivity. Therefore, the social capital is
strengthened through forging a mutually reinforcing relationship with all the stakeholders that
include business partners, employees, suppliers, distributors, and customers since the small
scale and size of the business help the business owner to address and equitable profits to the
concerned individual and deliver convenient and customised service to the prospective
customers. Furthermore, the local, regional and national entrepreneurial endeavours have the
capability to build wider brand recognition and loyalty that drives the formation of stronger
social capital of customer’s segments as they ensure responsible and flexible services to the
customers according to their needs. This is reliably done by responding done by addressing the
changing customer’s preferences, better and comparatively sounder responsiveness to the
market conditions as they invest in small scales and consistently replenishing the product line
bringing in new and innovatively distinctive products (Ward and Rhodes, 2014).

10. 10
Figure 5: Profit-making rate of the Small and Micro businesses through strong social
capital
(Source: merchantsavvy, 2020)
4. Analysis of the characteristic traits, skills, and motivational drivers of successful
entrepreneurs, supported by specific examples
4.1 Determination of the characteristics traits and skills of the successful entrepreneurs that
differentiate them from the other business managers
In the words of Felício et al. (2012), entrepreneurs are becoming imperative to meet the

11. 11
increasing needs of the global customers which ought to encompass diversified variation as
they possess personality traits of vision, creative urge, passionate zeal, and free-spirited mind
to conceptualize, materialize, take a risk and executes to address some issues or introduce new
improved facilities. This free-spirited urge infused with visionary purpose, innovation and
creativity to build up something new is what defined the entrepreneurial venture of the two UK
billionaire brothers named Zuber and Mohsin Issa who hit upon the idea of transforming their
ancestral petrol station into a whole new 'shopping destination' with their original fuel
providing services. The self-willed brothers then with foresightedness, diligence and business
acumen successfully transformed their petrol station to nearly 6000 forecourts across 10
countries employing 33,000 people presently (Neate, 2020). Therefore, as evident
entrepreneurs fosters a character of indomitable spirit, courage, self-confidence, and belief
along with dedication and commitment to materialize their dreams into actionable reality.
Since the entrepreneurs embrace opportunity available readily which they think has the
potential to open up new vistas in the business world even if for short-term, they tend to
consistently urge for exploiting new ideas. This characteristic trait of embracing opportunity is
also witnessed in the Issa Brothers who bought supermarket Asda in 6.8 billion deal from the
US owners Walmart recently that earned them the title of 'remarkable entrepreneurs' (Mustoe,
2020). This empowering nature of an entrepreneur that encourages team members to put forth
new ideas along with his individualistic contribution is what forms the foundational antecedent
for optimising the entrepreneurial spirit of the organisation. While the managers of the large or
medium business enterprise, on the other hand, induces its managerial techniques through
rational strategies meant for long-term development and often prefers rigid centralised control
systems that challenge them to adjust to the changing business environments of the
contemporary age (Amiri and Marimaei, 2012).
In addition to this, as Burns (2016), opines that the business managers of the medium to
multinational corporations incorporate variegated strategies that would drive efficacies and
agile operational mechanisms across their functional units in different wings of their business
process which is why they seldom focus on creativity and innovation. This creativity and
innovation form the integral part of the entrepreneurial ventures as entrepreneur seeks to create
something different through they could not only gain profit-oriented goals or no profits at all
but definitely contributes towards development and accentuation of pre-existing dimensions or
phenomenon of something or transform or introduce innovative things that attribute welfare to
the society. Therefore, changing certain dynamics or bringing new perspectives through

12. 12
business endeavours enables the entrepreneurs to outperform the existing organisation and
derive profitable success and consumer’s acceptances. Furthermore, in the words of Karabulut,
(2016), another determining trait of entrepreneurs is that they strive to create value with their
new venture with the self-motivated spirit of doing something worthwhile and substantial
diversity. As reported by Mustoe (2020), their willingness to learn and garner new ideas makes
the Issa brothers successful entrepreneurs. In addition to this, the following enumerated skills
could also be found in the entrepreneurial brothers like strong strategic thinking capabilities,
inquisitiveness, resiliency, patience, efficient business skills, and purpose-driven approach
with strong managerial efficiencies and leadership (lancashirebusinessview, 2018).
Apart from this, the skills of the entrepreneur could be enumerated below:
 Inquisitiveness to know about new things and recognise the niche market opportunities
through rightful identification of the issues or needs
 Harbouring Effective time-management that facilitates the systematic accomplishment
of the required responsibilities and liabilities through planned and careful priority
planning.
 Nurturing and fostering efficiency in problem-solving and decision-making to optimise
the serviceability offered by the entrepreneurial organisation.
 Strategic thinking capabilities to think and analyse facts and information critically from
various dimensions.
 Strong communication skills to forge feasible and comprehendible interaction with all
the stakeholders.
 Resiliency and patience in the time of crises, downturn, stress, and rejection along with
fostering utmost determination and eagerness to follow the dream and commitments.
 Exhibiting potential networking skills both offline and online to facilitate opening up
of prospective opportunities as well as connect with wider stakeholders through
incorporating strategies to reach the broad spectrum of the business world.
 Efficient and convenient skills of the business functions like accountancy, marketing,
branding, training, and developing the employees.
 Pertinent managerial skills to know the ways to motivate, inspire, and encourage the
team members to foster their best possible professional proficiencies (Forbes, 2017).
4.2 Asses how the aspects of entrepreneurial personality reflect entrepreneurial motivation
and mind-sets
In the words of İrengün and Arıkboğa (2015), entrepreneurial personality acts as the driving

13. 13
force behind their passion and commitment to accomplish the entrepreneurial aspirations
enabling them to perpetuate not only beneficial functionalities for the business environment
and the social community but also significantly keeps them self-motivated to achieve their
goals. Since entrepreneurs believe in working together or solely towards all-encompassing
advantageous outcomes as well as create value through ways, they tend to exhibit a mindset
that takes into consideration the welfare of all of their stakeholders. This is why they forge
interpersonal and loyal relationships with all the stakeholders concerned in their business to
induce flexibility eradicating the hierarchies and formal organisational culture which ultimately
empower them to create a strong social capital in their business.
Moreover, as Obschonka et al. (2017), states that entrepreneurs show a bent of mind that
remains prepared to combat the risks for their inherent courage to brave the crises and
indomitable spirit to move on towards their goals, they mostly facilitate an incremental
approach towards risk management. This approach though lives for the short-term helps the
entrepreneurs to navigate through the uncertain and ambiguous business environment that
keeps them motivated to pursue their entrepreneurial goals despite the challenges and
hindrances. In addition to this, another factor that keeps them self-motivated is their strong
strategic intent which instigates them to perpetuate organisational functions effectively in both
good and bad phases of their business. This strategic intent generally erupts from
entrepreneurial skills of strategic thinking capabilities, the analytical skill of problem-solving
and decision-making along with their ability to drive innovation and creativity.
5. Examining through examples how the environmental background and experience
could hinder or foster entrepreneurship
The entrepreneurial environment that constitutes both the external and internal factors tends to
either stimulate the entrepreneurial endeavours or thwarts the attempts of the entrepreneurs. As
per the opinions of Meoli, et al., (2020), positive factors acts as a conductive and facilitative
environment like receptive local and regional market, incubator organisation, tech-savvy
human capital, adequate source of venture capital, favourable governmental policies,
supportive societal attitudes, political and economic stability, proper educational institutions,
proficient existing business environment as well proficient experience and self-determination.
All these act as predictors of motivation for the entrepreneurs to start a business. Negative
environmental ambiance seems to be inhibiting the proper growth and development of the
entrepreneurial organisation like lack of financial stability, inaccessibility to advanced

14. 14
technology, constraining managerial strategies, reduced passion and dedication, incompetency,
regulatory obligations, low productivity and so on that hinders the growth of the entrepreneurial
businesses.
5.1 Example of successful entrepreneurship positively influenced by environmental factors
Phillip Green, an eminent and popular entrepreneur who touched the pinnacle of success
through sheer determination, innovative creativity, and hard work, is currently the CEO of the
Arcadia Group, a retail chain in the UK. He started at the age of 27 from importing and jeans
seller and subsequently acquired several designer’s brands gradually. The fact that Green’s
experience in apparel retailing of the fashion industry, intelligence, and self-confidence, self-
motivated urge, and commitments to expand and takeover along with addressing the niche
market that supported Green’s endeavours with the suitable market condition. Therefore, these
show how both internal and external factors shape and aid entrepreneurial efforts (Miah, 2019).
In addition to this, the successful entrepreneurship of the Issa brothers has been greatly driven
by the external factor wherein the changing market dynamics of the High street petrol market
offered market opportunities to the Issa brothers to successfully expand their entrepreneurial
idea of transforming their petrol station and incorporate various other retailing services.
Therefore, as the High Street petrol outlets begun focusing on refining and production by
closing and selling off their petrol stations, the brothers seized this 'huge opportunity' to add
more retailing facilities to their petrol stations. This idea enabled the entrepreneurial brothers
not only to serve the customers with convenient fuelling services but also to offer the customers
takeaway coffee, fast foods, and groceries that led to an unprecedented growth of their business.
Furthermore, the self-determination and creativity coupled with putting forth innovative ideas
to provide new kinds of service mechanisms, the Issa brothers excelled in their entrepreneurial
endeavours. This implicates how the internal efforts from the Issa brothers optimised the
growth of their entrepreneurial business.
5.2 Example of an entrepreneurship that has been negatively influenced by environmental
factors
A start-up company was established in 2016 named Faraday Grid that came into the market to
function as an electrical energy conversion by accentuating the capacity of energy carriage of
the existing infrastructure and networks. Therefore, the company aims through its
entrepreneurial endeavours to deliver affordable, clean, and reliable energy underpinned by
technology-driven functions. Yet the company failed to survive due to the required technical
support that was required to perpetuate the commercial operations while the company was still

15. 15
in administration. Moreover, capital insolvency, building proficient product prototypes,
inability to meet global benchmarks, incompetent managerial strategies, incoherency amongst
the stakeholders not only tumbled the enterprise but also lead to job losses of over 50 people.
Therefore, this implicates that the negative repercussion has the propensity to obstruct
entrepreneurial endeavours (Skingle, 2020).
6. Conclusion
Therefore, from the aforementioned discussions, it could be stated that implicit and explicit
factors and parameters go into establishing and operating an entrepreneurial business.
However, evidentially it has been observed that though variegated types of entrepreneurial
ventures exist till now which could be segregated into different entrepreneurial typologies,
entrepreneurial mindsets form a quintessential factor in entrepreneurial endeavours.
Henceforth, not only the environmental factors including tangible and intangible external and
internal factors affect the business functionalities of the entrepreneurial organisation but the
characteristics traits and personality of the entrepreneur himself also. This sways an influential
impact on the strategies and operational mechanisms as well as retaining a healthy and
nurturing organisational ambiance.

16. 16
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