Unit 9: Entrepreneurship and Small

Business Management
Table of Contents
Introduction...........................................................................................................................................3
Task 1.....................................................................................................................................................5
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial......5
P1: Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship............................................................................................................5
P2: Explore the similarities and differences between entrepreneurial ventures...............................8
LO2: Assess the impact of small businesses on the economy..............................................................11
P3: Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...................................................................................................................11
P4: Explain the importance of small businesses and business start-ups to the growth of the social
economy..........................................................................................................................................13
LO3: Determine and assess the key aspects of an entrepreneurial mind-set......................................15
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers...............................................................................................15
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset............................................................................................................................................16
LO4: Examine the different environments that foster or hinder entrepreneurship............................17
P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.............................................................................................................................17
Conclusion...........................................................................................................................................18
References...........................................................................................................................................19
 Introduction
Entrepreneurship is a process by which new entrepreneurial ventures get designed,
launched and run. Those who initiate the entrepreneurship is known as an
entrepreneur. In this assignment, different types of entrepreneurial ventures are
described with similarities as well as differences. Analysing statistical reports,
different types of SME businesses (Micro, Small and medium) are illustrated with
help of current UK economy. In case 1, famous entrepreneur Elizabeth’s business
timeline has been discussed and in case 2, we understand Tom’s business struggle
who was also a Cambridge graduate. The characteristic traits and skills of successful
entrepreneurs have been discussed differentiating from managers. Finally,
backgrounds and experiences which are contained by entrepreneurs is a life-giving
force in almost every business.
To,

The Manager,

X Consultancy Firm

Subject: Assessing the range of venture types and the impact of small business on
the economy.

Task 1
Introduction: Primarily four types of entrepreneurial ventures are ruling the UK
business. They differ from each other by the number of employees employed, size of
the business and objective. Small Business is one them. It has a great impact on the
UK economy. More than 60% people of private sectors are employed in micro, small
and medium enterprise. Small business alone covers 3% of job market. Many small
businesses have turned into medium as well as large business in the previous two
decades.

LO1: Explore and illustrate the range of venture types that might be
considered entrepreneurial.
P1: Examine different types of entrepreneurial ventures and explain how they
relate to the typology of entrepreneurship.
Someone who initiates a business with his/her own resources (land, capital and
labour) and planning, and bears the risks as well as enjoys profits of his/her business
venture. Entrepreneurial venture deals with new innovation and innovative offerings
so that they have to face unfamiliar risks.

There are primarily four types of entrepreneurial ventures in the UK (Bygrave,

Zacharakis and Corbett, 2017). These are given below.

i) Small Business
ii) Scalable Startup
iii) Social Business
iv) Large Business
Small Business: Anyone can run this business easily and it gains a very low profit
(Nirjar, 2016). Someone who operates a small business aims to feed his /her family
rather than to grab a bigger market share. Generally, they invest their business with
the help of family, friends or small business loan. A firm will be considered as small
or medium enterprise if it has less than 250 employees. Grocery shops,
Barbershop, internet commerce, consultants, travel agency etc. are a small
business.

Scalable Start-up: From the very beginning of the business, this initiator knows that
their ideas, thoughts and missions can modify the world. They can bring investments
from hard-core financial investors such as venture capitalists. They appoint the
brightest employees who find out sustainable but scalable business. When they find
one, they pay attention to more venture capital for having greater business
expansion (Sahlman and Stevenson, 2018). Example: WorldRemit, Improbable,
Citymapper, Skyscanner etc.

Social Business: This business is conscious of society’s wants and demands and
fulfils producing new products and services. They may be profitable or may run
without profit. But their main goal is the betterment of society and countrymen
(Bygrave, Zacharakis and Corbett, 2017). Example Action Aid, BRAC, Oxfam etc.

Large Business: Large business has a definite life cycle, different organisational
culture and rituals. It always offers new products around its core products by the
virtue of sustainable innovation. Transformation of customer tastes, technologies,
competitors etc. can create pressure which is solved via sustainable innovation.
Example Virgin Atlantic, Thames Water, Unipart, Welcome Brake etc.

These four entrepreneurial ventures are related to the typology of entrepreneurship.

1. Survival Venture: It provides the basic elements to the business person and
his/her family to survive, somewhat like a hand-to-mouth type of life. It may or
may not be certified according to law with having a poor asset and very low
investment. Generally, no re-investment is needed after the cost is duly
covered. Small business is related to survival venture (Sahlman and Stevenson,
2018).

2. Lifestyle Venture: Moderated investment is made to maintain competitiveness

in the local market where firms perform. This venture maintains a single
 location with limited employees. This employee number generally remains
constant. Besides, the capacity of production is also limited.
3. Growth Venture: It has a dynamic working business model and it maintains
growth over time. New products are always entered to expand the business.
Appropriate emphasize is given to establish the products as a strong local and
regional brand (Bygrave, Zacharakis and Corbett, 2017).
4. Aggressive Growth Venture: It is completely based on new technology and
innovation. The growth rate is very much high and the fund is backed by
various venture capital investors. The market is highly concerned about
national and international players to grab more profitable market share.
P2: Explore the similarities and differences between entrepreneurial ventures.
Similarities among entrepreneurial ventures are given below.

Survival Venture: A person runs the business to survive his/her family. He/she
barely makes profit and it is very much limited. The business may or may not be
registered but uses very low investments from family, friends or small business
banks. No re-investment is essential after loss is covered (Dominguez, 2017).

A barbershop may be a survival venture.

Lifestyle Venture: This venture is limited within a single location with limited and
constant employees after having moderate investments. Here capacity of production
is also limited (Sahlman, 2015).

A super shop may be a lifestyle venture.

Growth Venture: It has a dynamic working business model and it maintains growth
over time. New products are always entered to expand the business. Appropriate
emphasize is given to establish the products as a strong local and regional brand. It
is completely based on new technology and innovation.

Uber is a growth venture.

Social Venture: This business is conscious of society’s wants and demands and
fulfils producing new products and services. They may be profitable or may run
without profit. But their main goal is the betterment of society and countrymen
(Dominguez, 2017).

BRAC is social venture which is applied in many countries all over the world.

Topic Survival Lifestyle Growth Social

Venture Venture Venture Venture
Investment Very low A moderated A handsome Comparatively
amount of amount of amount of large amount
investment is investment is investment is of investment
needed. needed. essential. is necessary to
run a social
 business.
Source of Family, Family, Venture NGOs, Venture
Investment Friends or Friends or Capital Capital
Small Investment Investors. Investors etc.
Business Banks Investment
Banks Banks etc.
Location A particular A single Multiple A limited area.
place with very location. location or It may be a
low influence branches may village or a
occur. portion of a
town.
Profit Seeking They barely Less concern Profit is the They seek
profits which on profit, high key to expand profit. Without
help them to priority in the business. profit, they
survive. lifestyle. cannot sustain
in the market.
Donation Sometimes They generally They generally They donate
they receive do not deal do not deal when they
donation. with donation. with donation. become rich.
Working Hour No specific A balance There occurs a Social
working hours. working hour. particular Entrepreneurs
working hours are ready for
for employees. working extra
hours in order
to grab profit.

In your report, you will also need to investigate and critically examine the scope,
development and growth of entrepreneurial ventures both in public and corporate sectors.
Scope, Development and Growth for the entrepreneurial ventures of the UK
The population of the UK is rising up day by day for the pressure of migrants all over
the world. Besides a lot of tourists are visiting every year. So, a new business
opportunity is very much high than any other nations. Here needs, wants and
demands are more versatile than other nations. So, Scope of new business is very
much high. Every year a lot of new businesses, especially micro, small and medium
enterprises are growing rapidly. They are creating major job opportunities all over the
UK. Besides, these businesses are also growing and contribute a lot to gross
domestic production. When these businesses grow, they employ more people and
create employment opportunities.
 LO2: Assess the impact of small businesses on the economy.
P3: Interpret and assess relevant data and statistics to illustrate how micro
and small businesses impact on the economy.
Business enterprises which employ less than 250 employees and has an annual
turnover of less than 50 million euro are small and medium business enterprises
according to the European Definition of SME (Kahin and Foray, 2018).

Number of SMEs: In 2018, there were 5.7 million SMEs in the UK. It is the highest
number in the history of the UK business.

SME’s Percentage in total Business: SMEs cover 99% of all business in 2018
where micro business covers 95%, small business covers 3% and medium business
covers 1%.

Number of Employees: Micro-businesses have 0-9 employees. Small businesses

employ 10-49 employees and 50-249 employees are employed by medium
businesses.

Total Employment in SMEs: 16.2 million employees are employed in the SME
sector of the UK which is 60.25% of country’s total employment in the business
sector.

Annual Turnover of the SMEs: The combined total turnover of SMEs was 2.99
trillion euro in 2018 which is 52% of all private sector turnover in the UK.

SME’s impact on the economy is described below.

Creating Employment Opportunity: SMEs create a significant employment

opportunity all over the UK. It has employed 16.2 million employees which is about
60.25% of country’s total employment in the business sector (Bossoutrot, 2015).

Limiting Number of Positions: Micro-businesses have 0-9 employees, small

businesses employ 10-49 employees and 50-249 employees are employed by
medium businesses. As the number of employees is limited, employees can keep a
close tie with the owners which ensure better working opportunity and healthy
working environment.
Increasing SMEs: More five hundred thousand SMEs has been increased within
two years and still increasing. It is creating more job opportunity and plays a vital role
in the UK economy (Kahin and Foray, 2018).

High Competition: As 95% of businesses are micro business and 3% of businesses

are small businesses, there occurs very high competition in the market.

Innovation: Innovation is a part and parcel of every business. It is essential for

every business to run swiftly. Small businesses do not lack innovation.
Entrepreneurs gather knowledge, do research work, focus on technical skills and
hire technical and management experts for having better innovation.

Opportunities for women: Small businesses create opportunities for women to a

great extent. Women can utilise their surrounding and house space for business.
Moreover, small business requires few investments, infrastructure and asset.

Sources of Fund for each Types:

Topic Small Scalable Large Social

Business Start-up Business Business
Source of Family, Family, Venture NGOs, Venture
Investment Friends or Friends or Capital Capital
Small Investment Investors. Investors etc.
Business Banks Investment
Banks Banks etc.
P4: Explain the importance of small businesses and business start-ups to the
growth of the social economy.
Small businesses are those enterprises which employ 10 – 49 employees. There
were more than 210,000 small businesses all over the UK which employed
approximately 4 million employees.

So, the significance of small business beggar description. It is described below.

Turnover: Small businesses had a significant turnover in the year of 2018. The
amount was 590 billion Euro which is also 15.2% of total turnover from the business
sector. It contributes to the UK economy to a great extent.

Employment: Small businesses are the primary source of employment. In the year
2018, small businesses of the UK created job opportunity for more than 4 million
people and this number is still increasing day by day (Alderwood, 2017).

Growth: Small business plays a vital role in the growth of country’s economy. It has
a huge contribution to Gross Domestic Production of the country. These small
businesses lessen dependency on other countries.

Industry: In several industries, especially agriculture, grocery, barber shop etc.

small businesses are the vanguard to keep pace with the change and modification.
Small businesses utilize the latest technology and ensure the best output not only for
themselves but also for society (Griffin et al., 2016).

Service: Small business is the key source of continuous innovation and creation.
They can confront to market imperfections. They can easily move to person to
person and meet what needs, wants and demands are. They can also create
specialization and different segmentation for different types of people.

Contribution: Small business covers 3% of the total job market or more than 4
million employees which is also increasing day by day. The turnover was 490 billion
Euro in the year of 2018.

Increasing SMEs: More five hundred thousand SMEs has been increased within
two years and still increasing. It is creating more job opportunity and plays a vital role
in the UK economy.

Difficulties Faced by the Entrepreneurial VENTURES:

Funding: Who will fund the business is always a remarkable question. In a small
business, personal asset and friends and family may help. But it is not always
certain. There also occur venture capitalists and angel capitalists who will also take
equity for the investment. On the other hand, banks also help to invest but they will
also count high interest.

Hiring Employees: Hiring Employees is also a crucial part of a venture. Sufficient

experts are very essential for a profitable business. But it is not always easy. We
may not find employee according to our will.

Competition: Nowadays the business world is very much competitive. What we are
thinking precious today may become useless tomorrow. All competitors are trying to
grab more market share at any cost.

Conclusion: Businesses are becoming more dynamic day by day. Apart from any
types of business, it is essential to pay more attention to market and product
research as well as human resources. Visionary entrepreneurs are perseverant and
try to make the best use of rare business skills either achieved by own research or
hiring from outsiders.
LO3: Determine and assess the key aspects of an entrepreneurial mind-
set.
P5: Determine the characteristic traits and skills of successful entrepreneurs
that differentiate them from other business managers.
Slide 1

Unit 9
Entrepreneurship and
Small Business
Management
Slide 2

Welcome to My

Presentation
Slide 3

Case 1 is about Elizabeth Gooch and Case 2 is about

Tom Mercer. Both are charismatic entrepreneurs with
a good amount of courage. As an entrepreneur, both
Introduction have played an iconic role. Both have faced hard
times, loss and have to make a lot of changes, but
they have come forward with their perseverance as
well as intelligence.

Case 1 is about Elizabeth Gooch and Case 2 is about Tom Mercer. Both are
charismatic entrepreneurs with a good amount of courage. As an entrepreneur, both
have played an iconic role. Both have faced hard times, loss and have to make a lot
of changes, but they have come forward with their perseverance as well as
intelligence.
Slide 4

Learning Outcome:03
Determine and assess the key aspects
of an entrepreneurial
mindset
Slide 5

P5: Determine the

characteristic
traits and skills of
successful
entrepreneurs
that differentiate
them from other
business
managers

There is no doubt that Elizabeth has some charismatic quality and courage to stand
alone and run after for her business. There are several differences between other
managers and Elizabeth. Elizabeth left a job to start her venture. It defines her as a
strong and independent person as nature. On the other hand, Elizabeth is a brave
and innovative person. When she understood the demand of industry, she did not
take time to initiate the consultancy firm. Generally, a manager is not as brave as her
to take risks. On the contrary, Elizabeth has also face loss on her journey. But she
had managed it and brought out the profit. Finally, Elizabeth changed her
consultancy firm to a software firm. It proves that she is flexible to make a decision
which is generally absent in the managers.
Tom began his business bearing a lot of problems. He believed that he could grab
success. Tom knew that his product will hit the market as he had very rare skills.
These rare skills are very much absent from the manager. Tom pulled his products to
several super shops which made a great success. It proves that he has very good
forecasting power which is absent in the managers.
Slide 6

The characteristic
Focus
traits and skills of
successful Primary Motivation
entrepreneurs that
Status & Reward
differentiate them
from other business Driving Force
managers

Focus: Entrepreneurs have focused on the whole start-up. They are very much
concerned about the future, sustainability and brand value. On the other hand,
managers focus on ongoing projects or their specific works. It would be difficult for
both Elizabeth and Tom if they do not have a focus on the whole business (Adair and
Thomas, 2016).
Primary Motivation: Entrepreneurs primary motivation is achievement. He/she
wants achievement at any cost. But managers seek power. Entrepreneurs do not
bother power. Both Elizabeth and Tom run after profit in an effective manner
(Skvoretz and Thye, 2015).
Status and Reward: Entrepreneur’s status is an owner who possesses his/her
business for profit. On the contrary, a manager is an employee who works for a
salary.
Driving Force: Creativity and innovation are the primary driving forces of
entrepreneurs. Managers are driven to preserve his/her current status. Both
Elizabeth and Tom have caught the success in virtue of their creativity and
innovation.
Slide 7

Key aspects Approach

which Role
differentiates
entrepreneurs
from managers

Approach: Entrepreneurs always have productive approaches either it is formal or

informal. Managers always make formal approaches. Both Elizabeth and Tom do not
need to make formal approaches all time.
Role: An entrepreneur is a risk taker and enjoys the profit. But the manager is risk
averse. He/she does not need to deal with risk (Adair and Thomas, 2016).
 P6: Assess how aspects of the entrepreneurial personality reflect
entrepreneurial motivation and mindset.
Slide 8

Freedom-oriented
P6: Assess how
aspects of the Courage
entrepreneurial
personality Perseverance
reflect Visionary
entrepreneurial
motivation and Rare Business Skills
mindset.
Risk Bearing Tendency
Persuasiveness

Elizabeth has unbelievable courage and charismatic qualities to initiate a business

alone leaving her 12 years’ job. She took risks for a brighter future as well as her
dream. Besides her creativity, innovation, decision-making skills etc. paid her in her
later life. On the other hand, Tom began his business bearing a lot of problems. He
believed that he could grab success. Tom knew that his product will hit the market as
he had very rare skills. These rare skills are very much absent from the manager.
Tom pulled his products to several super shops which made a great success. It
proves that he has very good forecasting power which is absent in the managers.
Slide 9

Freedom-Oriented

Freedom Oriented: Elizabeth left her secure job in

order to find a way for her business. This approach
published her as a strong independent woman who is
freedom oriented and ambitious to possess her very
own business. Being a freedom-oriented is a key
tendency of an entrepreneurial personality (Chell, 2017).

Freedom Oriented: Elizabeth left her secure job in order to find a way for her
business. This approach published her as a strong independent woman who is
freedom oriented and ambitious to possess her very own business. Being a freedom-
oriented is a key tendency of an entrepreneurial personality (Chell, 2017).
Slide 10

Courage

Courage: Both Elizabeth and Tom have high courage. Otherwise,

it would not be possible to take the initiative to start a new
business. Without having courage, it is hardly possible to sustain
as an entrepreneur.
Perseverance: It is a key characteristic of a successful
entrepreneur. Without perseverance, no one should enter in this
Perseverance highly competitive field. Elizabeth had faced loss for two
consecutive years but in the middle of her journey. But she has
strongly minimized it and pulled different strategy to the way of
success.

Courage: Both Elizabeth and Tom have high courage. Otherwise, it would not be
possible to take the initiative to start a new business. Without having courage, it is
hardly possible to sustain as an entrepreneur.
Perseverance: It is a key characteristic of a successful entrepreneur. Without
perseverance, no one should enter in this highly competitive field. Elizabeth had
faced loss for two consecutive years but in the middle of her journey. But she has
strongly minimized it and pulled different strategy to the way of success.
Slide 11

Visionary

Visionary: Both Elizabeth and Tom have a very deep visionary

mind. After meeting with another entrepreneur she has decided to
change the firm from consultation to software firm. This proves the
vision of Elizabeth. In the second case, Tom also faced a number of
problems at the time of starting his business.
Rare Business Skills: Rare business skills are very much effective
Rare Business for business. It can give a significant pace to the business. Many
business achievements arise from rare business skills. Tom was
Skills determined to start his business when he was sure that his rare
business skill will hit the market and catch a greater market share.
There was no doubt that Tom has very rare business skills (Forsyth,
2018).

Visionary: Both Elizabeth and Tom have a very deep visionary mind. After meeting
with another entrepreneur she has decided to change the firm from consultation to
software firm. This proves the vision of Elizabeth. In the second case, Tom also
faced a number of problems at the time of starting his business.
Rare Business Skills: Rare business skills are very much effective for business. It
can give a significant pace to the business. Many business achievements arise from
rare business skills. Tom was determined to start his business when he was sure
that his rare business skill will hit the market and catch a greater market share.
There was no doubt that Tom has very rare business skills (Forsyth, 2018).
Slide 12

Risk Bearing
Tendency

Risk Bearing Tendency: Risk bearing tendency is an inherent part

of every entrepreneur. Without having this tendency, it will be
quite difficult to grab the profit. A proverb goes on “No Risk, No
Gain”. For many years, Tom had distributed his products believing
that one day it will bring success. This risk-taking tendency made
Persuasiveness success happen.
Persuasiveness: It is essential for entrepreneurs. In the time of
recession, Tom has a strategy that he could pull his business to
various super shops and this was a huge milestone for his business.
This shows persuasive characteristics within Tom.

Risk Bearing Tendency: Risk bearing tendency is an inherent part of every

entrepreneur. Without having this tendency, it will be quite difficult to grab the profit. A
proverb goes on “No Risk, No Gain”. For many years, Tom had distributed his
products believing that one day it will bring success. This risk-taking tendency made
success happen.
Persuasiveness: It is essential for entrepreneurs. In the time of recession, Tom has
a strategy that he could pull his business to various super shops and this was a huge
milestone for his business. This shows persuasive characteristics within Tom.
 LO4: Examine the different environments that foster or hinder
entrepreneurship.
P7: Examine, using relevant examples, how background and experience can
hinder or foster entrepreneurship.
Slide 13

Learning Outcome:04
LO4: Examine the different environments
that foster or hinder entrepreneurship.
Slide 14

P7: Examine,
using relevant
examples, how
background and Technical Skills
experience can Forecasting Skills
hinder or foster
entrepreneurship Rare Business Skills
.
Slide 15

Elizabeth Gooch

Founder of EG Solutions PLC

In the first case, Elizabeth was a strong lady with charismatic quality and courage.
She started her business relying on previous experiences. It would be quite
impossible for her without technical knowledge. Moreover, it would be tough to
conduct and implement the right business in the right market. After meeting
someone, Elizabeth came to know that it was a suitable time to convert the business
from consultancy to software firm. Besides, there were some qualities which helped
her to think out of the box and beyond. Depending on this quality, she left the job and
started her entrepreneurial journey.
Slide 16

TOM Mercer

Founder of MOMA Foods

In the second case, Tom had suffered a lot regarding his workplace. He had no place
or location to launch her business and to conduct business. So, he started at the
railway station. When he found that it is tough to conduct from inside the station, he
came outside and installed the business again. On the other hand, Tom had made
some good decision. He had succeeded to get space in supper shop at the time of
recession which made him much profitable. I think this opportunity has fostered his
business.
Slide 17

Technical Skills
Technical Knowledge: Elizabeth’s technical skills keeps
her in the front while doing the business. Her eight years’
job in consultancy firm provided adequate knowledge to
start a new consultancy firm (Bennis, Benne and Chin, 2018).

Technical Knowledge: Elizabeth’s technical skills keeps her in the front while doing
the business. Her eight years’ job in consultancy firm provided adequate knowledge
to start a new consultancy firm (Bennis, Benne and Chin, 2018).
Slide 18

Forecasting Skills
Forecasting Skill: After meeting someone, she
converted the consultancy firm to a software firm. It
shows that she could forecast that future consultancy
will be more dependent on software (Bennett, 2015).

Forecasting Skill: After meeting someone, she converted the consultancy firm to a
software firm. It shows that she could forecast that future consultancy will be more
dependent on software (Bennett, 2015).
Slide 19

Rare Business Skills

Rare Business Skills: Rare business skills are very much
effective for business. It can give a significant pace to the
business. Many business achievements arise from rare
business skills. Tom was determined to start his business when
he was sure that his rare business skill will hit the market and
catch a greater market share. There was no doubt that Tom has
very rare business skills.

Rare Business Skills: Rare business skills are very much effective for business. It
can give a significant pace to the business. Many business achievements arise from
rare business skills. Tom was determined to start his business when he was sure
that his rare business skill will hit the market and catch a greater market share.
There was no doubt that Tom has very rare business skills. 
Slide 20

Elizabeth’s and Tom’s case study were full of courage

which indicates what an entrepreneur should be. They
have shown the path of perseverance, risk-taking,
Conclusion flexibility and making the best use of experiences. Not
only to learn skills but also to acquire experiences are
essential to be a successful entrepreneur.

Elizabeth’s and Tom’s case study were full of courage which indicates what an
entrepreneur should be. They have shown the path of perseverance, risk-taking,
flexibility and making the best use of experiences. Not only to learn skills but also to
acquire experiences are essential to be a successful entrepreneur.
Slide 21

I. Adair, J. and Thomas, N. (2016). The concise Adair on

teambuilding and motivation. London: Thorogood.
II. Bennis, W., Benne, K. and Chin, R. (2018). The Planning of
change. Fort Worth: Harcourt Brace Jovanovich.
References III. Chell, E. (2017). The entrepreneurial personality. Hove, East
Sussex: Routledge
IV. Forsyth, P. (2018). Smart skills. London: Legend Press.
V. Skvoretz, J. and Thye, S. (2015). Power and status. Emerald
Group Publishing Limited.

Conclusion
Dreams will come true if we have the courage to pursue them. This popular quote is
very much true or applicable to entrepreneurs. Not only to learn skills but also to
acquire experiences are essential to be a successful entrepreneur. More
entrepreneurs should belong some traits and characteristics such as full of
determination, not afraid to take risks, high level of confidence, ready to deal with
failure, highly adaptable and flexible, a good understanding of money management,
an expert in networking etc. These traits differentiate entrepreneurs from managers
or other employees. Finally, Elizabeth’s and Tom’s case study were full of courage
which indicates what an entrepreneur should be.
 References
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motivation. London: Thorogood.
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E-Z Products.
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Harcourt Brace Jovanovich.
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