ASSESSMENT SUBMISSION & DECLARATION

QUALIFICATION UNIT NUMBER AND TITLE

PEARSON BTEC HIGHER NATIONAL DIPLOMA IN BUSINESS (RQF) 09. ENTREPRENEURSHIP & SMALL BUSINESS MANAGEMENT (LEVEL 4)

STUDENT NAME ASSESSOR NAME

MR. JAHANZAIB NIAZI

DATE ISSUED COMPLETION DATE SUBMITTED ON

MONDAY, 18TH JANUARY 2021

ASSIGNMENT TITLE ENTREPRENEURIAL VENTURE & THE ENTREPRENEURIAL MINDSET

ASSESSMENT CRITERIA TASK NUMBER EVIDENCE PAGE NUMBER

PASS 1 TASK 1
PASS 2 TASK 1
PASS 3 TASK 3
PASS 4 TASK 3
PASS 5 TASK 2
PASS 6 TASK 2
PASS 7 TASK 2
MERIT 1 TASK 1
MERIT 2 TASK 3
MERIT 3 TASK 2
MERIT 4 TASK 2
DISTINCTION 1 TASK 1
DISTINCTION 2 TASK 3
DISTINCTION 3 TASK 2
DISTINCTION 4 TASK 2

PLAGIARISM

Plagiarism is a particular form of cheating. Plagiarism must be avoided at all costs and students who break the rules, however
innocently, may be penalised. It is your responsibility to ensure that you understand correct referencing practices. As a
university level student, you are expected to use appropriate references throughout and keep carefully detailed notes of all
your sources of materials for material you have used in your work, including any material downloaded from the Internet.

LEARNER DECLARATION
I CERTIFY THAT THE ASSIGNMENT SUBMISSION IS ENTIRELY MY OWN WORK AND I FULLY UNDERSTAND THE CONSEQUENCES OF PLAGIARISM. I
UNDERSTAND THAT MAKING A FALSE DECLARATION IS A FORM OF MALPRACTICE.

STUDENT SIGNATURE: DATE:

Assessment Submission & Declaration

QUALIFICATION UNIT NUMBER AND TITLE

PEARSON BTEC HIGHER NATIONAL DIPLOMA IN BUSINESS 09. ENTREPRENEURSHIP & SMALL BUSINESS MANAGEMENT
(RQF) (LEVEL 4)

STUDENT NAME ASSESSOR NAME

OMAR FARHAN AWAN MR. JAHANZAIB NIAZI

DATE ISSUED COMPLETION DATE SUBMITTED ON

MONDAY, 18TH JANUARY 2021

ASSIGNMENT TITLE ENTREPRENEURIAL VENTURE & THE ENTREPRENEURIAL MINDSET

ASSESSMENT CRITERIA TASK NUMBER EVIDENCE PAGE NUMBER

PASS 1 TASK 1

PASS 2 TASK 1

PASS 3 TASK 3

PASS 4 TASK 3

PASS 5 TASK 2

PASS 6 TASK 2

PASS 7 TASK 2

MERIT 1 TASK 1

MERIT 2 TASK 3

MERIT 3 TASK 2

MERIT 4 TASK 2

DISTINCTION 1 TASK 1

DISTINCTION 2 TASK 3

DISTINCTION 3 TASK 2
DISTINCTION 4 TASK 2

PLAGIARISM

Plagiarism is a particular form of cheating. Plagiarism must be avoided at all costs and students who
break the rules, however innocently, may be penalised. It is your responsibility to ensure that you
understand correct referencing practices. As a university level student, you are expected to use
appropriate references throughout and keep carefully detailed notes of all your sources of materials for
material you have used in your work, including any material downloaded from the Internet.

LEARNER DECLARATION

I CERTIFY THAT THE ASSIGNMENT SUBMISSION IS ENTIRELY MY OWN WORK AND I FULLY UNDERSTAND THE CONSEQUENCES
OF PLAGIARISM. I UNDERSTAND THAT MAKING A FALSE DECLARATION IS A FORM OF MALPRACTICE.

STUDENT SIGNATURE: DATE:

Contents
Entrepreneurship: 3
Entrepreneurial activities 3
Differences between entrepreneurs, intrapreneur, and owner manager: 4
Similarities 5
Interview questions 5
Introduction of Edenrobe: 6
Scope of textile industry in Pakistan 7
Edenrobes 7
Learning outcome 2 7
Industry analysis 7
Pestle Analysis: 8
 Segmentation 9
Geographic 9
Behavioral 10
Psychographic 10
Target market 10
Porter five forces model 10
Importance of small businesses for growth of social economy: 11
Difference between small medium and large scale organizations. 11
Business structure 12
Organizational functional functions and its interrelationships. 12
Human resource department: 12
Finance 12
Supply chain and operations 12
Marketing 12
Interrelation with other functional units 12
Impact on small business on local regional national or international context 13
LEARNING OUTCOME 3 13
CHARACTERISTICS TRAITS AND SKILLS OF SUCCESSFUL ENTREPRENEURS THAT DIFFERENTIATE FROM
BUSINESS MANAGERS 13
The Mind-Set of an Entrepreneur: 13
Determine the characteristics, abilities, and tools that distinguish effective entrepreneurs from
other managers. 14
ENTREPRENURIAL PERSONALITY REFLECT ENTREPRENIAL MOTIVATION AND MINDSET 14
Does risk taking and aggressiveness of entrepreneurs affect their success factor? 14
Study entrepreneurs of the few ventures researched earlier and apply these traits on them. Also
apply these determined traits on the founder of your selected enterprise 15
ARGUMENT RELATING TO ENTRENEURIAL CHARACTERTICS 15
Characteristics traits, skills and motivational drivers of successful entrepreneurs 16
LEARNING OUTCOME 4 17
Factors that influence the decision to start a business 17
Risk and Rewards of business startups 18
Rewards 18
Risks 18
Examine, using relevant examples how background and experience can hinder or foster
entrepreneurship. 19
 Background and experience that can hinder or foster Entrepreneurship 19
Analyze the link between entrepreneurial characteristics and the influence of personal background
and experience to specific successful entrepreneurs. 19
Characteristics, Background and experience of Mr. Mr. Junaid Dandia owner of selected
Organization Edenrobe: 19
Learning Outcome 1

Entrepreneurship
In earlier times people used to work very hard and struggle in order to do business they would
have to travel hundreds of miles to earn a living selling and trading goods but whereas nowadays
it's much easier anyone with a particular business plan can start up his own business and earn a
profit. “Entrepreneurship is the act of creating a business or businesses while building and
scaling it to generate a profit”. This is viewed by economists to be a combination of innovation
and risk taking. The latter benefit from growth and employment as well as through opportunities
for entrepreneurship. Pakistan innovation and risk taking is severely inhibited by the intrusive
role of government in the market place. (Haque,2007). This is basically doing business to
improve living standards, create wealth as well as providing new and improved products for
developments of new markets

Entrepreneurial activities
There are many industries operating in Pakistan, these include the textile, beverages, automobile
pharmaceutical, telecommunications and many more. Cotton industry has been one of the most
successful ones. The industry chosen for specific assignment is the textile industry. Textile sector that
accounts for more than 60 percent of total exports. (Infomedia, n.d.).The company selected for research
is Edenrobe that is a local company operating in Pakistan that is owned by Mr. Junaid Dandia founded in
the year 1998 as Eden apparels later changed to Edenrobe. The company’s vision is to provide ultimate
clothing experience and let people achieve desired urban look through our own distinctive mix of
comfort, quality, colors and exquisite styles in western and traditional wear. The mission is the company
bent its efforts to bringing colors, designs, fabrics & magic together and it is located in Saddar Karachi,
Pakistan.

Differences between entrepreneurs, intrapreneur, and owner

manager:
Entrepreneur Intrapreneur Owner manager

An entrepreneur is a person An intrapreneur is an employee A person who establishes and

who Sets up new businesses
keeping in Mind the risks
involved as well as the rewards,
this individual is seen
as an innovator who brings
forward new creative ideas in
order to solve everyday
problems.
An example for this is the CEO
of Facebook Mark Elliot
Zuckerberg (Facebook:
Instagram: oculus rift) or bill
gates founder of Microsoft
cooperation
Someone who runs their own
company, have
complete freedom and
responsibility
who is assigned with developing manages an enterprise for the
innovative ideas or project purpose of achieving his/her
within a corporation. The personal goals. The enterprise is
intrapreneur might not face the primary source of income
the risks or receive the big and takes up most of the owner
rewards of an entrepreneur. manager’s time as well as
However, the he has access to resources.
the resources and capabilities of
the company.
An example can be of Sony the
PlayStation when an employs at
Sony tinkered with his daughter
Nintendo trying to make it user
friendly and more powerful but
bosses at Sony who were
refused to enter the gaming
industry got his idea and
introduced PlayStation series.
An intrapreneur is a person who servant of an
works on new ideas and
organization he is a salaried
products within the boundaries
person is not independent of his
of the business that they
employer,
already work at.

An innovator and a leader who Enhance the competitive Responsible for the
is a game changer strength and the company’s management and admiration of
 market sustainability a department of an organization

Has a vision and has to bare all Very little risk as he’s not Responsible only for systematic
the financial risks involved funding the organization risk not uncertain risks

Focuses more on expanding the
business and following his
dreams
The rewards for his efforts are
profits earned by his enterprise
Has to get others to agree to
help achieve a dream
The rewards could include pay
for performance as well as
being promoted
His main focus is smooth
functioning of the business
His rewards/earnings is his
salary

His motivation is his His motivation is the failure isn’t His motivation comes from the
achievements directly going to affect him so authority he’s been given
he’s free in incorporating new
ideas.

Table: Difference between

Similarities
Entrepreneur and Owner Managers have creative minds thus constantly working on new ideas and
looking for opportunities of growth
Both have to keep in mind the risks involved
Both maximize the resources available allocating resources in order to get maximum return on
investment
Success is the motivator and profit is their reward.
Keep on learning to stay ahead in the game by learning new skills and picking up on new information
Both Have to be sedulous and be president as failure will come first before success.

Interview questions
phase I: pre startup period

After doing my MBA I was working in a clothing factory with my uncle for about 11 years there I learnt
many things about textiles and got to know how to run the business and finally launched my own
business Eden apparel in 1998 Yes, it was my uncle who used to owned a textile business, he used to
have a lot of contacts due to his work and he used to work very hard and in a period of 5 years started
to run 2 factories in the region. my father was but he was first into the printing business owned his very
own printing press after wards joined in with his brother in marketing company completing my MBA
helped me in learning management and what is the needful to run a business making accounts
I had multiple work experiences before started working with my uncle I used to run a garment store
where I used to sell factory export clothes to local public then i pitched in for a food venture with a
friend of mine but that didn’t go so well but yes I’ve learned from my mistakes.

phase II: Startup

I wanted freedom and do my own work I didn’t like that my hard work would give benefit to some other
person or company. Biggest fear was my family as my uncle wanted me to work with him but I wanted
to work alone so yes indeed my relations were effected I knew that people always want to get their
hands on new designs and want to follow the trend so I was selling the new cuts and designs but at
quite an affordable price. Challenges faced where setting up a factory looking for skilled workers and
having a backup plan as I had invested most of everything me and my family owned into this venture.
Not really I’m a self-made man though we can add my uncle as I learned a lot from him and I’m very
grateful towards him as he was the most experienced guy in the textile business Yes of course I did I
knew what the market needed so I kept my approach very simple I already had made a few useful
contacts so basic business plan was to sell the first lot and then wait how does the market respond.50
thousand Pakistani rupees few loans cashing out bonds and using my savings for the startup Yes, I
remembered we did a bit of advertising at that time we published an advertisement in dawn newspaper.

Phase III: Post startup

Problems I’ve faced were more related to operations as when I started my business I faced problems in
choosing my team and workforce it took me a while we lost around 0.2 million rupees in theft from our
very own employee as well as high rate of inflation rate makes it difficult to increase wages of our team
for us for this problem I had to install a full security bar code system in all of our outlets as well as 24
hours surveillance cameras, for the inflation issue we added bonus and yearly appraisals for our
employees Yes, with a few business owners like Pakistan denim and Qureshi buttons and luqman
fabrics.it helped my business in a way as I got to meet more clients and got more investments a result of
my partnership with Qureshi button led me to meet a perfume company and we decided about starting
our own line of fragrances. Not really a crisis but three of our containers got stuck on port we had to pay
a huge amount and even use legal sources to get them back to us as it was a customs issue always
introducing new policies. To deal with competition you must first understand your competitor’s
strengths as well as weaknesses and then plan and act accordingly competitive strengths of my brand is
affordability for customer’s care for customers as well as also delivering high quality products with all
that we also have a very easy and simple return and exchange policy of 30 days. To run a successful
business in Pakistan aside from motivation self-drive and commitment there’s one thing you’ll need to
develop and that’s personal relationships as things work on trust over here as well as you must have
contacts that can provide you with assistance with whatever that hinders your business.
Wrapping up

All my decisions are on plans viewing the market and I try to keep myself updated with new fashion
trends Yes, we are planning to open 7 new outlets in Karachi and Lahore and also launch our very own
perfume line. To make my business stronger I need to focus on Customer care the reliability and quality
of product and as well as market my products effectively.

Lessons

Hard work focused and loyalty don’t try to cheat because that will then endanger the image of the
company and you can be blacklisted.

Introduction of Edenrobe:
Edenrobe was established by Mr. Junaid Dandia in the year 1988. Edenrobe is a name that synonymous
with both tradition and modernity. Its comes in the fashion and apparel industry of Pakistan. Since its
inception, the brand has been associated with aspirational but inexpensive clothing that offers an
enticing mix of distinctive style, elegance, high quality, and value. The corporation has transformed
Pakistan's ready-to-wear and retail markets. The reason it stands out is the variety its offering of ready
to wear premium clothing at an affordable price for men, women and children of all ages. In the men's
range, the company provides formal and business casual tops, as well as ethnic wear such as salwar
suits, kurtas, and shalwars, and formal wear such as three-piece and sherwani suits., and the company
now has over 75 stores in 28 cities across Pakistan. (saad, 2015)

Scope of textile industry in Pakistan

Pakistan's textile industry is the country's largest manufacturing sector. The textile industry has long
been the country's pillar, providing both

jobs and export revenue. Pakistan’s garment industry accounts for 57 percent of the country's exports.
The garment industry employs the second-largest number of people in Pakistan. It's worth noting that
textile exports increased by 12.8% year over year to $4.4 billion in 2017-18. In volume terms, gross
textile industry exports hit $7.72 billion in July-January 2018, up 7.18 percent from $7.2 billion in the
same timeframe last year. To enhance production and exports of value-added textile goods, the
government is expected to unveil an ambitious Textile and Apparel Policy 2020-25, which includes cash
incentives and lower utility prices worth Rs960 billion. The new strategy, which would be the third of its
kind, forecasts that the policies would boost textile and garment exports to a minimum of $15.7 billion
and a maximum of $20.8bn by end of the year 2025
Edenrobes
Vision:

On a journey to bring out the best in premium ready to wear. (dandia, 2016)

mission:
To provide ultimate clothing experience and let people achieve desired urban look through our
distinctive mix of comfort, quality, colors and acquisitive styles. (dandia, 2016)

Learning outcome 2

Industry analysis
Pakistan is Asia's eighth largest exporter of textile goods. It is also one of the world's leading cotton
consumers and producers. The textile manufacturing sector in Pakistan generates 8.50 percent of
national income. Since cotton is Pakistan's most important commodity, the textile industry is the
country's major industry. And accounts for more than 60% of the country's export earnings. Textile
industry provides 9% of the global textile needs and ranked at world’s number 10 textile producers.
Pakistan’s textile industry, based on locally-grown cotton, produces cotton yarn, cotton cloth, and made-
up textiles and apparel. Market for imported textile machinery and equipment in Pakistan is directly
proportional to the overall strength of the local textile industry. The textile industry supplies 9% of global
textile needs and is ranked among the top ten textile producers in the world. Pakistan's apparel industry
manufactures cotton thread, cotton fabric, and made-up textiles and clothing using locally produced
cotton. The strength of the local textile industry is directly proportional to the demand for manufactured
textile machinery and equipment in Pakistan.
Pestle Analysis:
PESTLE analysis is basically a framework of all the external key factors that affect the organize from the
outside these are Political factor, Economic factor, Social factor, Legal factor, and Environmental factor.
These factors offer the professionals on the insight of the factors that can influence their business

Political factor: This applies to the government's ability to interfere in the economy through
environmental and labor regulations, sanctions, import controls, and tax policies.

Due to political problems as well as the unrest in the country sales can be greatly affected due to closure
of Edenrobes outlets

Economical factor: This is the effect of exchange rates, inflation, interest rates, and economic growth on
a company's ability to invest, expand, and make different decisions.

If another competitors comes in the market with the same strategy as Edenrobe so demand for
Edenrobe in the local population can decrease.

Social factor: These considerations include how a community behaves culturally, how the population can
grow, how health-conscious its citizens are and people's attitudes toward their professions. As social
movements change, it can have a significant impact on the demand for a company's goods or services.

If the population of middle class of the country increases Edenrobe sales, it be increased greatly

Technological factor: This applies to how technology can adapt, and it examines innovation, R&D
operation, and technical rewards. Technology may also have a major effect on manufacturing efficiency
and outsourcing decisions. Furthermore, technological advancements will influence the costs that a
company must face as well as increase the efficiency of a product or service.

If most advanced machinery is used so manual labor can be decreased and the orders can to
transported to the outlets faster and in greater quantities due to fast machinery

Legal factor: Present and pending regulations in areas such as employment, competitiveness, and health
and safety may have an effect on the industry. This includes taking account of the effect of both
domestic and international legislation that could have an impact on the company.

If the government makes implementations in profit margins or product transportation laws in the textile
sector Edenrobe can be greatly affected

Environmental factor: sometimes called ‘ecological factors’ variables pertaining to the human world (the
climate of Earth, for example). Consumer wellbeing, climate change, energy supply, and the direct
effects of these things are examples of this.
If there is a thunderstorm in the country so sales of Edenrobe will be affected as well as outlets can be
damaged as well as inventory in the warehouses.

Segmentation
This is when the market place is divided into parts. The market segmentation has four types geographic
demographic psychographic and behavioral

Geographic
The geographical segmentation is all about religion, population, country and the climate. For Edenrobe
the customers is the middle class people who need to buy clothes for everyday use or for a special
occasion. The organization has its branches all over Pakistan.

Demographic
Demographic segmentation includes gender nationality and ages. In Edenrobe this is anywhere between
5-60 years old.
Behavioral
This means how loyal people/customers are to your brand. As for Edenrobe most sales are in between
the summer and winter season. The main reason people prefer Edenrobe is because of their high quality
with a low price tagging and their exchange policies.

Psychographic
This is basically based on the lifestyle of people their personalities and interest. Edenrobe keeps up with
the new fashion trends that attract its customers.

Target market
The target market for Edenrobe would be the middle class people of Pakistan who want quality products
but are not ready to spend a fortune these people are loyal customers of the brand and that’s why they
prefer Edenrobe.

Porter five forces model

Porter's Five Forces is a model that defines and analyses five competitive forces that form any market
and aids in determining an industry's strengths and weaknesses. A five-forces analysis is commonly used
to assess strategic strategies by identifying an industry's structure. Porter's model can be used to
consider the level of competition within an industry and improve a company's long-term performance in
any sector of the economy. Michael E. Porter, a Harvard Business School professor, is the creator of the
Five Forces concept. (scott, 2020). According to figure no1, a survey was conducted within the industry
and company, the outcome was as follows; It was found that 100% of people agreed that supplier has an
influence on the textile industry. However, the owner of the company and public also strongly agreed
with this 80% of them said that it will affect the business, furthermore the management disagrees.80%
people agreed to this. The CEO agrees with this statement too. The management and the people also
agreed.60% of people agreed. The firm also agreed.
Figure 1 porter five forces model.

Importance of small businesses for growth of social economy:

Small business has a significant value when talking about new business men in the market as they offer
new opportunities for them and they can start their own set up that’s not to big but is their own and
gain experience of how to run a business compared to working in any large scale organization. This place
can also be a training ground for a local entrepreneur as the can see the market response producing and
selling their products in the regional market to see the response and then expand gradually. small
industries are more in number and are giving taxes so government gets more revenue from them and
thus standard of living of people in the country increases Also that the goods and products made from
locally available raw materials in small scale industry when exported abroad brings in foreign exchange
in the country that causes an increase in the countries trade surplus and thus the trade balance
becomes positive. Small industries also help in creating jobs for the people of the region thus reducing
unemployment as well as also helps to develop the rural areas in the country. When people are getting
paid my working in small scale industries the people start utilizing and saving that money thus the GDP
of the country overall increases

Difference between small medium and large scale

organizations.
Small Business Medium Business Large Business
It’s considered as a small scale This is when a business This kind of business generates
business when the revenue generates a revenue of $20-80 1 billion revenue compared to
generated is around $15 million small and medium scale sized
million.. businesses.

In this type of business there
are less than 25 employees
working
Most workers working are
learning the work.
Location of small scale business
has environmental boundaries.
The employee count in this type
of organization is around 20-
250 employees.
The workers working are skilled
but are not specialized
This kind of organization has
more than one office.
A business is a large scale
business when there are more
than 250 employees
Over here every worker has
their own specialty
There are different offices and
at different locations.

Similarities
They are all creative and always come up with new ideas that can help them in making profit.
They all are hardworking and ready to face challenges
All types of businesses have made plans and done planning in order to achieve their goal.
They are all good communicators

Business structure
Organizational functional functions and its interrelationships.
Every organization has different departments that link them with other departments. Here we will be
discussing some departments like, human resource, financial, supply chain and operations as well
marketing departments.

Human resource department:

This departments responsibility is to plan strategies that help the organization to achieve their vision.
This department is about the people that have to work out and plan the goals and missions they have to
accomplish in the company. Human Resource department is a very important department in an
organization as they have lot of information and data on them also have power to create policies, hire or
fire employees in the company.

Finance
This departments function is to do all the financial planning in the organization and handles all the
accounts and book keeping of the organization also they set do budget planning for the future. Finance
also looks for opportunities for the company where it can invest and get high return on investments.
Supply chain and operations
This department is also known as OSCM (operations and supply chain management). The supply chain
and operations manages all the places where the services or work is to be required this department
basically deals with operations planning as well as the deals of the company etc.

Marketing
In this department the people must attract the customers and inspire them with services and products
of the organization. The marketing department has to keep up with the market research and identify the
needs of the customers. This involves basically marketing distribution as well as advertising and how the
product be marketed so that people can get awareness about its existence and then buy the product for
this promotions are also introduced by this department to help the company sell the product or service.
The marketing department plays a vital role In creating a relationship between the customers and the
organization.

Interrelation with other functional units

All the units and departments interrelate with one and other. Example if marketing department want to
offer discounts on products then the marketing team needs to discuss it and have a meeting with the
financial department as the department sets the budget and it provides suitable budget to marketing
department. On the other hand, the human resource department creates new policies according to the
trend going on in the market and get customers according to target market of the company. For the
satisfaction of the demands and supply of the product production department needs must connect with
the logistic department that is the supply chain department.in the end all these departments of the
organization must be linked together and function as a system in order to achieve the company’s
success.

Impact on small business on local regional national or international

context
To summarize, small businesses have a significant effect on the economy at all levels. At the local level,
small businesses buy goods from local vendors, which lets local merchants keep their businesses going
rather than exporting. Local sellers’ market local products and hire workers to sell those products, which
decreases unemployment and helps the economy grow. Junaid Jamshed, for example, operates on a
national and international level and employs thousands of people, reducing unemployment while also
exporting suits and cloth, increasing Pakistan's GDP. looking at foreign context companies like Zara sells
their articles in Pakistan, which are manufactured in the brazil Bangladesh and contribute to the
Pakistani economy by hiring people to promote and sell their products. As Zara is a multinational
company it also brings in investment which will assist Pakistan in growing its economy. Also a majority of
small businesses market their products and services on a regional and international basis, and as they
establish branches in different countries, they Earn foreign exchange that is beneficial to the growth of
the country

Learning Outcome 3

CHARACTERISTICS TRAITS AND SKILLS OF SUCCESSFUL

ENTREPRENEURS THAT DIFFERENTIATE FROM BUSINESS MANAGERS
The Mind-Set of an Entrepreneur:
Entrepreneurial mindset: a way of thought that allows you to conquer obstacles, make decisions, and
take ownership of your performance. It is imperative that you want to develop your talents, learn from
your experiences, and act on your ideas. An entrepreneurial mindset can be developed by anyone who
is willing to put in the effort. (Jha, 2020)

Determine the characteristics, abilities, and tools that distinguish effective

entrepreneurs from other managers.
Traits skills characteristics
Flexibility of their work always ready to learn are very persuasive

They believe in vision not afraid of failure able to identify new trends
Always self-motivated have capability to manage they have skills of being
money efficiently practical and managing their
resources according

Risk taking Motivation Vision Flexibility

An entrepreneur is a The main motivation An entrepreneur has a Entrepreneur has
very big stake holder in for an entrepreneur is long term vision and he flexibility in his work he
the business as he has being successful in the has turned his idea into can decide when to
invested money in it in business he’s running a business setup and all come and what to do
starting the new but for a manager the the threats and but manager has to
venture where as a motivation usually responsibilities in the follow the manager has
manager doesn’t have comes from the power end lie on them so he to follow the
much on stake he is they have has to take all the entrepreneur and
working for his salary decisions wisely. A come to the office on a
manager on the other fixed time
hand has no such risks
to bear as he is also
concerned about when
he’ll be getting his next
paycheck

ENTREPRENURIAL PERSONALITY REFLECT ENTREPRENIAL

MOTIVATION AND MINDSET
Does risk taking and aggressiveness of entrepreneurs affect their success factor?
Risk taking and aggressiveness of entrepreneurs play a big factor in achieving success as they know they
will never succeed if they don’t take any risk and without risk they will not be able to bring their
innovation into the market. Aggressiveness nature of entrepreneur helps them take decision and
implement those decisions in their business which often results into success for them both risking and
aggressiveness plays a big factor for them and their business to be successful. However, being aggressive
increases the likelihood of making an error, which may be too dangerous and obstruct the company's
progress. On the other hand, taking risks leads to failure, and failure leads to success, as man cannot
achieve success without gaining experience and learning from his failure. An example can be taken of
Edenrobe (A clothing brand) that was introduced by Mr. Junaid Dandia with little to no investors so he
risked most of his resources into starting this new venture at first he many faced challenges as they
were many competitors in this sector of market and used different strategies to increase sales but his
brand made its place over time after he failed and learn from his past mistakes and is today seen as one
of the most reliable local clothing brand in Pakistan.

Study entrepreneurs of the few ventures researched earlier and apply these traits on
them. Also apply these determined traits on the founder of your selected enterprise

Jeff Bezos Mark Zuckerberg Steve jobs Mr. Junaid Dandia

(Edenrobe)
(Amazon) (Facebook) (Apple)

Jeff Bezos, a well-known Mark Zuckerberg is A point came in the Edenrobe's owner
billionaire, had a vision considered an career of Steve jobs began his business with
of tapping into the new ambitious where he had to be a vision of success and a
age of online retailing entrepreneur. when he very resilient when the desire to stand out from
and becoming the gets involved in company he was fired his rivals in the industry.
world's most consumer- something, he is really from the company he He began his company
oriented company, focused on it and founded (apple) jobs knowing the
Amazon, which is now a understands just what did not gave up on his competition in the
blueprint for all he wants. He often dreams and instead industry and was very
ecommerce businesses criticizes and accepts accepted his loss and concentrated and
around the world. criticism in a positive moved on creating two committed. He used to
way. His coworkers other successful take customer feedback
identify him as creative businesses (NeXT and and by gave them
and still looking for Pixar) premium clothing at a
ways to improve. As a very reasonable price.
result, he built an He took this risk as he
interactive atmosphere didn’t know how will his
in his workplace where business end up but he
his employees could believed in himself and
collaborate and think gradually expanded his
independently. business

ARGUMENT RELATING TO ENTRENEURIAL CHARACTERTICS

Interview with Mr. Junaid Dandia (founder of Edenrobe)

The question arises that how Mr. Junaid started this venture and how he has managed it. “I started my
venture when I was in University and I was provided with an assignment that I had to do in which I had
to set up my own business on the and create any product or service that would benefit both the
entrepreneur and the consumer this was mandatory for my degree. Both my father and mother are not
entrepreneurs I'm studying right now in IBA I'm doing degree in entrepreneurship in the past I've
completed my Olevels and Alevels. I haven’t experienced anything in my teens but I am now considered
my youth and I am pursuing my venture. My motivation was my teachers who motivated me to start
something which would benefit me and Pakistan the main motivation was to prove myself that I can be
an entrepreneur I never tried to find a job as I am still pursuing my degree but I've done few and
internships to get experience. to start some, I choose the textile industry I chose this as it is the fastest
growing industry in my country created my own brand Edenrobe this is how I spotted it happened. I had
no fear in starting my business because as approximately Rs. 50,000 was needed in order to start. I
didn't have to face any financial crisis as my investment was a very small amount. Right now my business
is operating in major cities of Pakistan I am very proud of who I am today and also I am competing with
my competitors I believe that my products are more affordable for the middle class and giving them an
opportunity to buy premium clothing for me personally until now it hasn't been that easy as I faced
many hurdles my future plan is to expand my business and introduced more products of our clothing
line Eden Road the most important lesson I've learned is how to deal with customers and understand
their expectations also learning how to deal with criticism is very important.

Characteristics traits, skills and motivational drivers of successful

entrepreneurs

(Local Entrepreneur) (social Entrepreneur) (Global entrepreneur)

Mr. Junaid Dandia
The owner of Edenrobe (clothing
brand) began his new venture
with a vision of success. He did
this by being different that his
competitors in the market and
took a risk by providing premium
made clothing to the middle
class segment of the market at a
much lower cost and he offered
the customers competitive
pricing that was seen as an
aggressive strategy by him
Abdul Sattar Edhi
Elon Musk is the founder and
CEO of Tesla and SpaceX, as well
as the cofounder of OpenAI, an
artificial intelligence firm. He is
so motivated as he thinks about
the future. He says “the thing
that drives me is that I want to
be able to think about the future
and feel good about that" This
demonstrates his foresight. Elon
is also a self-taught learner,
having taught himself to code.
He is really committed to
everything he does, as shown by
the fact that when Tesla was
going to go bankrupt due to a
lack of investment, he slept in
the office and worked 22-hour
Elon musk
The founder of the Edhi
Foundation was, Abdul Sattar
Edhi. He was a very good guy
with a kind personality who
helped others during his life and
even after his death through the
foundation he founded. His
mother instilled in him the habit
of constantly assisting the poor
and needy from a young age.
Due to his charismatic
personality and inspiring tal,
Abdul Sattar used to get along
with people quite quickly. He
was also a very adaptable person
who was accustomed to
adapting to different social and
technical situations. One of the
 shifts with his staff. (Elon Musk's
Early Years, 2021)
most notable characteristics
about him are that he was
uninterested in money or
something about himself, and
that he existed solely for the
good of mankind. For him,
humanity came first. (About Us –
Edhi Welfare Organization, 2021)

Such examples tell us that all of these businessmen have one thing in common: they are all leaders and
entrepreneurs who have taken enormous risks and made life choices that have made them famous.
They have always believed in their philosophies and taken initiatives that have deeply motivated them.
They are all professionals who are always able to follow the plan to solve the obstacles they all face. It is
critical that anyone who wishes to be innovative entrepreneur must first develop a new way to reach
your audience and introduce his work into the market

Learning Outcome 4
Factors that influence the decision to start a business
According to a new report conducted by VOX eu, 25 percent of the variance in individuals' choices to
become self-employed is clarified by personal experiences or backgrounds. It has been discovered that
people who have support from their families, colleagues, and relatives have greater confidence in their
abilities to do the job and are more successful. Community influences; bad experiences or history on the
other hand can hinder entrepreneurship. (Matthew Lindquist, 2016). One's education helps them to
develop professional knowledge that can assist them in establishing their business. It has also been
found that trained people will begin their business with more technique or method, enabling them to
attain greater longevity. One example is Jeff Bezos, who was named a National Merit Scholar and
received a Silver Knight Award from the University of Princeton at the completion of the program.
(leverage, 2020) A postive culture fosters the growth of entrepreneurial habits, behaviours, and ideals,
which is another factor that may lead to the rise of entrepreneurship. When it comes to
entrepreneurship growth, economic conditions are also significant. In today's global economy, a
company's competition is essentially dictated by the economic condition of the country. To sum it up
Entrepreneurial performance is defined by self-sacrifice, self-confidence, and the desire to take risks.

Risk and Rewards of business startups

Rewards
Job satisfaction

Starting your own company gives you the freedom to choose what job you do and what you do it.
Personal accountability, a lack of red tape, and the ability to choose who you partner for are all factors
that contribute to the appeal of the entrepreneurial life. As a result, most entrepreneurs are pleased
with their work than the average employee. and are focused on something they are passionate about.

Freedom

An entrepreneur satisfied and more as a result of his newfound independence. Also can work at home
or while travelling, and choose his own hours of working as well as work whoever and wherever he
wants to as you are your own boss.

Learn new skills

if you are an expert in some fields, you could do a little bit of everything at first. This way, you can learn
about accounting, architecture, marketing, public speaking, delegation, creativity, sales, and much more.
You must still learn how to lose and face failure while also getting up on your feet.

Risks
If you're an entrepreneur, this also means foregoing the comfort of a regular paycheck at the end of the
month. This suggests that if your company isn't doing well, it might have a major impact on your
personal earnings.

Emotional risk

Starting a company will take you on an emotional rollercoaster – you will believe some had it better at
first, there may be envy of a rival who made the news, relationship challenges because you are investing
too much time on the business, self-doubt, time management issues and not enough time to see your
family and friends, feelings of rejection from customers, and so on.

Sacrificing Personal Capital

Many founders must rely on their own savings to get their businesses off the ground before they are
able to seek outside support from angel capitalists, government grants, loans, or crowdfunding projects.
If you do not want to save or get funding, the burden on your finances would be much greater.

Examine, using relevant examples how background and experience can

hinder or foster entrepreneurship.
Background and experience that can hinder or foster Entrepreneurship
background and experience can have a huge impact on an organization, fostering or hindering business
growth. This approach aids in becoming motivated to start a business so you can enlist the assistance of
your peers and family. The personal experience entails assistance from friends, other people, and family
members, all of which can strengthen the motivation and the ability to take risks in order to encourage
entrepreneurship A person's financial history can also affect their risk-taking and start-up abilities.
However, without the support of family and friends, many people lose interest in entrepreneurship.
(schaper, 2018) Personal expertise in entrepreneurship plays a significant role in an individual's
advancement; if a person has experience, he will succeed in business.

Analyze the link between entrepreneurial characteristics and the

influence of personal background and experience to specific
successful entrepreneurs.
Characteristics, Background and experience of Mr. Mr. Junaid Dandia owner of
selected Organization Edenrobe:

Characteristics Background Experience

Mr. Junaid Dandia is the owner
of Eden's Robe, and his
inspiration is power. Junaid is
determined to do everything he
can to help Pakistan develop its
economy .Junaids success is
largely due to his ability to run
his company while still pursuing
his higher education, and
Junaid's success is largely due to
his ability to win clients and
Mr. Junaid Dandia was born in
the city of Karachi. He is a
fantastic chess player with a lot
of love and brain for his game.
He used to be the captain of his
high school's debating team too.
He attended Army Public School
for his primary and secondary
education and is currently
working full time as an
entrepreneur handling all affairs
Mr. Junaid Dandia is the owner
of the “Edenrobe a” clothing line.
He completed a three-month
sales internship at Alkaram
another textile manufacturing
company and another 6 months
at J. by Junaid Jamshed. Where
he was made the head of sales
department and was given an
award of employee of the year
due to his hard work and sales
convince them to buy his related to Edenrobe after
products. graduating from Institute of
Business Administration (IBA)
with an Entrepreneurship
degree. His father is the owner
of an market company shows
he’s a self-made person all
together.
strategies. Junaid was also
appointed in charge of an
entrepreneurship event that
took place in Karachi and he
managed it for 2 years and found
multiple investors that were
ready to invest in his brand
“Edenrobe”

(D4) Critically evaluate how background and experience influences

entrepreneurs, both positively and negatively, by comparing and
contrasting examples
Positive and Negative influence of Background and experience on Entrepreneurs.
(Local, International or social Entrepreneur of relative Industry)

Junaid Dandia Elon Musk Abdul Sattar Edhi

Junaids experience and
background have had a positive
and negative impact on him. The
biggest advantage he has is that
his father has a company about
which he has learnt a lot, that he
has a high standard of education,
and that he has always been a
leader in everything he has
achieved, such as becoming
Captain of his high school’s
debating team. Junaid gained
exposure during his high school
years by participating in a few
Entrepreneurship activities and
meeting people that inspired
Elon Musk was born to a South
African father and a Canadian
mother. He exhibited early
computing and technology
capabilities. At the age of 12, he
created a video game that he
later licensed to a tech
magazine. Musk's experience
was very solid, and he was
always willing to make
something, as shown by his first
product, Zip2, which he later
sold for a fair price and founded
another company, X.com, which
later became PayPal from which
he was driven out. He achieved
A poor but wealthy person. Born
in a small village, he had a
difficult upbringing. When he
was a child, his mother had
taught him to donate by giving
him two coins and instructing
him to hold one and give one t
the homeless. He began with a
small dispensary, but the Abdul
Sattar Edhi Foundation now has
a global presence. At the age of
eleven, he had a bad experience
when his mother got paralysis
later got mentally ill and died, it
made him think of other people
who were struggling just like his
him positively; he has not had
any negative experiences yet
due to his family's inspiration
and encouragement.
success at an early age but also mother and who had no one to
made had numerous mistakes, look after them; from this
that made him experience failure experience, he began his welfare
a failure that had a good effect and supported millions of people
on him and he learned from it. and made history
An example can be of investing
all of his resources in SpaceX,
nearly going bankrupt, but
thanks to his previous
experience, he was able to
recover and accomplish his
goals.

Small scale, large scale, and medium enterprises are all examples of startup business. Small companies
play a significant role in the economy of the country and in any sector. An individual's history and
expertise may have a positive or negative impact on entrepreneurship. Mr. Junaid Dandia is passionate
about starting a business and solving problems. Good support from team leaders would motivate and
direct the organization. According to (Dees, 2017) many companies are no longer able to compete due
to insufficient teams and a lack of desire to maintain demand. Companies will suffer as a result of their
past failures. According to (Kuratko, 2016), if you have a strong financial background and wealth, you
can take the risk

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[Accessed 2021].

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