Entrepreneurship And Small Business

Introduction:

Entrepreneurs are the individuals who operate and launch new business with limited resources. seeking business dissertation help. They introduce innovative thoughts, market strategies and ideas to deal with business risk. This assignment is going to discuss the different types of entrepreneurial ventures and their relationship regarding the typology. Moreover, this assignment would represent the effect of behaviour and mindset of entrepreneurs on market strategies and business operation.

Entrepreneur is the individual who operates new business with limited stakeholder, resources and planning (Barbero et al. 2014). Entrepreneurship is considered as paramount to economic and social growth. Entrepreneurs are highly optimistic, risk takers and efficient in handling any difficulties or challenges towards their business venture. Entrepreneur venture is based on eth ability and efficiently of entrepreneurs in contributing the innovating thoughts, as well as decisions in launching new products and service.

Characteristics of the entrepreneurial venture:

• Entrepreneur venture emphasize on continuous business growth with high return that contributes to the economic as well as social growth (Aparicio et al. 2016)
• Entrepreneur ventures have limited business opportunities as these deal with limited resources
• These businesses are confined into their domain due to economic constraints
• Entrepreneur venture deal with huge number of market risks, as the entrepreneurs operate their business in new environment consisting of huge number of market rivals

Types of an entrepreneurial venture:

There are mainly four different entrepreneur ventures, which are as follows:

Small business entrepreneur venture:

In current market situation, very small resources operate profuse numbers of the entrepreneurship ventures. In these ventures, the owners have limited number of stakeholders, small economic strength and limited market strategies to operate the business. According to Bjørnskov and Foss (2016), these businesses are barely profitable as the marketers deal with poor business management process. through operation of small entrepreneur ventures, the entrepreneurs makes small earning as well as profit which emphasize on improving eth living standard rather than contributing to the broad economic and social spectrum. Therefore, these businesses are barely involved in any social corporate responsibility. There are different small business such as storefront, travel agents, hairdressers, glossary, consultants and electrician (wol.iza.org , 2018).

One of the most common example of small entrepreneur venture is The Berkeley Partnership, the London based consultancy business. This business operates it marketing activities by using limited resources; small marketing planning and limited stakeholders. Another UK based small entrepreneurship venture is Pegasus, which is health communication consultancy. It offers the natural health products, medical service, medicines and clinical advice.

Public entrepreneurs work under the government rules as well as regulation and perform two main roles such as works as the entrepreneur and as the government servant. Public entrepreneurs inject the entrepreneurial spirit and innovation in the government sectors for improving the revenue as well as governmental profit.

Public entrepreneurs focus on different roles such as collaborating as well as networking, building narratives for change, leveraging the new resources and transforming the governmental trade policies into positive direction. In UK entrepreneurship in public sector encompasses the entire sets of measures set by regional, local and national authorities for supporting the self-employed entrepreneurs on starting their new business. Public sector entrepreneurship focuses on developing network on expanding the trade operation of the self-employed businesses. Entrepreneurship in public sectors is based on the action as well as operational support from the public sector organisational in terms of economic growth, collaboration with market and promoting sustainable development. For example, two UK based public sector banks, First Trust Bank and Allied Irish bank focus on supporting eth local entrepreneurs to launch their new business venture by providing loans, credit offerings and financial facilities. Moreover, these two banks focus on leveraging the new financial resources in order to meet the economic demand of newly set-up entrepreneurial businesses.

Scalable Start-up entrepreneurial venture:

Unlike small entrepreneur ventures, scalable start-up venture is based on the business operation that is similar to the Silicon Valley ventures. In these businesses, entrepreneurs emphasize on the strategic vision for changing the world with introducing new ideas and innovation in the society (Drucker, 2014). From the very beginning of this business, the entrepreneur is highly optimistic about meeting mission and vision of this organisation to achieve the organisational goals. The entrepreneur emphasize on forming healthy relationship with industrialist to attract the investment for expanding their capital (omicsonline.org, 2018).

Bain & Company the UK based famous management consultancy, is good example of scalable entrepreneur venture that provides the strategic innovation, marketing services, project management services and realistic marketing advice to the entrepreneurs.

Large company entrepreneurship:

These entrepreneur ventures have definite business life cycle throughout which the entrepreneurs contributes to eth economic and social growth of eth society. These ventures emphasize on forming the innovative planning and highly effective marketing strategies by using huge resources (Fuentelsaz et al. 2015). These ventures contain huge stakeholders, high quality business planning and enormous resources. Changes in eth customer perception, national as well as international legislation, marketing strategies and current market trend affect the overall business process of these ventures.

Delloite , the UK based entrepreneur company, is good example of large entrepreneur venture which provide financial advice, marketing support and risk management as well as tax related advice to customers across the world.

Social entrepreneurship:

Unlike the aforementioned ventures, these types of entrepreneur venture emphasize on contributing to social welfare and corporate social responsibility. Through the operation, these businesses affect the economic growth in the society (Glaeser et al. 2015). These organisations focus more on the social development rather than their profit. They are involved in producing such service and product that improve the living standard quality of life and economic standard of the society people.

Speakset is UK based social start-up that provides opportunities to the health executives, care groups and charities involved in National Health Service to make video calls through their laptops, television and computers to raise concern regarding different disease and infections in the society.

Entrepreneurial typology:

According to Guerrero et al. (2015), entrepreneurial typology is the classificatory scheme that represents the overall relationship between the different types of entrepreneur ventures. Typology regarding describing the entrepreneurship emphasise on the characteristics, intentions and trait of the business. Through analysing the criteria of the entrepreneur typology, one can understand the similarities and differences between the different types of the entrepreneurs. Berkeley Partnership has been categories under the small entrepreneur venture as it deals with the limited resources and small number of stakeholders. Moreover, the categorisation of Pegasus, in small types of entrepreneur is based on its characteristics, which meet the criteria of the small start-up. Although there several dissimilarities between the above two companies, both of them belongs to eth same entrepreneur type or category. On the other hand, Bain & Company and Cambridge Consultants are categorised under the Scalable start-up, which have huge amount of resources and high number of stakeholders. Typological features of the companies are important to be executed for determining its category. Based on the typological features, Speakset is categorised under the social entrepreneur ventures as it deals with eth corporate social responsibilities, which not only effect the economic growth of eth society but also improve the living standard of eth society people (wol.iza.org , 2018).

As stated by Guerrero et al. (2015), development of entrepreneurial business is based on different factors, such as availability of resources, national legislation, support from government, demographic facilities, national and international economic growth. On supporting this statement, recent researches have shown that, entrepreneurial ventures affect the overall economy of national by creating jobs, improving national as well as local infrastructures and elevating living standard of the community people. In this aspect, Memili et al. (2015) commented that, investment in product and service is one of the most important aspects that positively affect the economic growth as well as development of entrepreneurial ventures. Moreover, regional economic integration has influence on small entrepreneurial business to extend their market across the regional as well as global market. On the contrary, Nabi et al. (2017) argued that, there are some environmental, demographic challenges that that impede the entrepreneurial growth such as climate changes, green house emissions, lack of proper irrigation technology, poor customer based due to rural locality and less availability of sanitation and water. On supporting the viewpoint, recent researches show that, besides the socio-economic challenges in rural areas, there are huge competition, lack of resources, poor technological advancement and less compatibility of entrepreneurs in dealing with environmental issues that retards the proper economic growth of entrepreneurial ventures. In this aspect, Mason and Brown (2014) stated that, improving economic growth of newly set-up entrepreneurs is based on government activities to offer financial support to entrepreneurs by maintaining continuous flow of resources. Moreover technical training for eth entrepreneurs needs to be conducted that will enhance proficiency level of entrepreneurs to develop their market strategies and orientation.

Similarities and dissimilarities between the entrepreneurial ventures: (P2)

Typological explanation of eth different entrepreneur ventures shows their similarities and differences which are as follows:

Similaritie

• By analysing the typological features of aforementioned entrepreneurs, it can be stated that, majority of the ventures emphasize on improving the economic growth and profit of the company, which not only improve the business framework of that company but also make the international marketing reputation (Mason and Brown, 2014). Social entrepreneur firm emphasize on their business expansion by social welfare rather than focusing on the profit.
• All the aforementioned ventures emphasize on expanding the business operation in several ways (Memili et al. 2015). Except social entrepreneur venture, the other three ventures are based on making huge profit at the year-end to improve the international business growth. In case of the social entrepreneur venture, the entrepreneurs also focus on business expansion through social welfare, corporate social responsibility and developing social improvement strategies.
• All types of entrepreneur ventures have more of less market risk. The aforementioned ventures, where they belong to small, large or scalable category, they have sudden market risk and business operational challenges (Nabi et al. 2017). Due to changing market trends, changing customer demand and increasing number of rivals in the market, all types of entrepreneur face the severe market challenges. Speakset faces severe market challenges due to existence of rivals in UK market, such as Abianda, Access Dental and Active stirring (omicsonline.org, 2018).

Difference:

• Severity and type of market risk is one of the important differences among the four kinds of entrepreneur ventures (Naudé, 2014). As small venture such as The Barclay partnership is operated through the small amount of resources and limited stakeholders, it deals with small market risk. On the other hand, Deloitte, leading UK based consultancy, deals with huge market risk as the marketers have high number of stakeholders and huge resources.
• Small entrepreneur emphasize on their day-to-day activities and small target that are set by the marketers for meeting eth regular bushiness target (Rauch and Hulsink, 2015). For example, Pegasus, UK based small firm is based on the setting small goals to meet their regular work target. On the other hand, other three entrepreneurs such as Scalable, large and social entrepreneur venture focus on meeting their vision and mission to meet the broad organisational target.
• Small entrepreneur venture emphasize on attracting the small investment that they generally receive from the family members, friends and different small organisation (Roig-Tierno et al. 2015). On the other hand large organisation emphasize on the large organisations, industrialist and businesspersons for having the consistent flow of fund. For example, Hunter Adams is UK based large consultancy firm, which emphasize on the interim marketing and international business planning. For these reason, this company has established strong business relationship with international market leaders and businesspersons, which assist the marketers to get consistent flow of the fund.

Impact of the micro and small business on the economy: (P3)

Small and medium sized firms are considerd as eth business in which there are fewer than 250 employees. In UK, 5.7 million SMEs account for at least 99% of the entire business in UK.

On the other hand, Medium businesses are considered as the firm in which there are 0-9 employees.

Although small or micro businesses is based on limited resources, small number of stakeholders and limited investment, they are considered as paramount as well as critical to change the conventional market trend in eth domestic and international market. According to Urbano and Aparicio (2016), small start-up offers the innovative ideas, new market thoughts and highly relevant market strategies to broad spectrum of the economic as well as social growth. For example, The Berkeley Partnership, the UK based small firm emphasize on changing the traditional market outlook by offering the innovative business knowledge, marketing advice and high quality network assistance to the marker leaders (wol.iza.org , 2018).

Office of National Statistics, UK represents the statistical database on entrepreneurial business growth in country. Based on the ONS reports, in 2017, there are nearly 5.8 million private start-ups in UK. There is a hike of 197,000 start-ups in UK with 4% increase on private sector business in 2017. Micro and small business in UK affect the overall economy through influencing different economic aspects such as employment, GDP growth, turnover, import export, innovation and percentage of UK economy (researchbriefings.files.parliament.uk, 2018).

As opined by Guerrero et al. (2015), development of small start-up promotes new job opportunities for huge number of people, which not only develop the living standard of the community people but also improves the social growth of community. There are nearly 5.8 million SMEs in the UK in 2017, that is over 98% of all then business in this country. UK also has reported to have 5.4 million micro businesses in 2016 that accounts for at least 97% of all business in the country. This vast majority of UK based small and micro business accounts for 33% of the entire employment and 23% of turnover. For example, UK based small company Engeo acts as a successful engineering consultant, which has appointed huge number of technical staffs, and senior technical consultants. UK based medium businesses has offered employment to more than 25,000 employees, that accounts for 40% of employment and 50% of eth turn over. Moreover, the ONS (Office of National Statistics) report shows that, due to massive development of micro and small entrepreneurial ventures, Britain has set highest record of employment rate of 76% with 33 million people now work in UK based SMEs and large entrepreneurial businesses. On the contrary, to increasing employment, employee turnover has also been increased due changing needs of customers, increased competitions in entrepreneurial market and development of new talent. In UK ther are an increase of 22% turnover and 49% turnover in micro and large entrepreneurial ventures respectively (researchbriefings.files.parliament.uk, 2018). Another UK based small company Studer Group, operates as healthcare consultants and it offers job opportunities to several nursing students, healthcare staffs and clinical staffs. Through creating job opportunities in community, the small firms develop the economic reputation of the country as well as enhance the national income.

Development of micro and small start-ups leads to sharp increase of GDP rate by 1.5% year-on-year in 2018 that is up by 1.2% from the previous year rate. It is the strongest pace of GDP expansion that is mainly achieved by eth increased export and household consumptions. Moreover, increase in GDP leads to development of employment, increased wage, and improved labour market in UK. UK based consumers now have increased ability to spend more into goods and service. Due to increased GDP rate, household expenditure rise by 1.8% in third quarter of 2018. Spending of UK government is increased by 0.8 % for development of export-oriented market. On the production side, service industries has expended by 1.7 % due to increased number of small and micro start-ups such as hotels, distribution and restaurant (researchbriefings.files.parliament.uk, 2018)..

Innovation:

In 2017, UK has been reported to have small and medium sized business, which accounts for at least 99% of the overall business in UK. Development of SMEs in UK leads to technological, structural and business innovation in the market. In London, there are 1520 businesses for each 10,000 people, which offer them to apply their knowledge, marketing ideas and innovative thoughts for developing the profit margin as well as market expansion of the start up. Based on eth ONS database, there are births of 414,000 innovation firms with death of 328,000 outdate companies in UK. More than 21% of the innovative entrepreneurial ventures are female-led businesses, which focuses on women empowerment by offering them equal opportunities like men for applying their own ideas and marketing opinion in terms of developing the company (researchbriefings.files.parliament.uk, 2018)..

Import Export:

Due to the development micro and small entrepreneurial ventures in UK, economic growth of UK has been improved with sharp increase in GDP rate and export operation (Leffel et al. 2016). ONS report shows that, UK exported $374 B and imported $609 B with negative trade balance $234 B in 2016. Development of innovation firm, entrepreneurial ventures and SMEs, the scenario has been changes with increase of export by 12% compared to the last years. Top exports of UK are gold, gas turbine, crude petroleum, cars and packaged medicaments. Due to expansion of start-up in UK, it has established strong coordination with overseas countries such as Germany, Switzerland, China, Netherland and US.

Small entrepreneur venture make strong effect on customer perception, conventional market trend and community thoughts (Zahra, 2015). Marketers of small start-up develops new market ideas, innovative marker strategies and highly updated business advice that assist the global community in gaining huge marketing knowledge. According to, Memili et al. (2015), as compared to large corporate companies, small entrepreneur ventures are more likely to offer possible information, advice and assistance regarding uniqueness, reliability, quality of their products and service. As small form has limited number of customers, they emphasize on their improving their customer perception regarding their products and service by offering well-represented product description. On the contrary, Leffel et al. 2016 argued that, customers could compare the price, benefits and uniqueness of each products of the firm with other company products by reading product description. For example, UK based small start-up Pegasus act as health communication consultancy, which offers high quality clinical advice, natural health care knowledge, information regarding different, medical service and their importance in providing proper health and wellbeing in the global community. According to, Memili et al. (2015), small or micro firm always emphasize on knowledge enhancement of customers, which improves the decision-making ability, judgemental power and perception of the customers regarding any product or service. For example, Talent Plus is UK based small sized HR consultancy firm, which offer high-quality career improvement discussion to mangers. Through this process, Talent Plus assists mangers to create new ideas and market strategies for improving the community employment, organisational productivity and skill development of staffs (wol.iza.org, 2018). Similarly, UK based management consultant The Berkeley Partnership, offers several marketing advice and assistance to its clients such as advice regarding the marketing strategies, global business research, current market trend, forming high quality business network and dealing with every day business processes. On the contrary Glaeser et al. (2015) argued that, small start-up offers ranges of knowledge, business advice and information regarding current issues to eth community for developing their knowledge, skills and decision-making ability Through improvement of the decision making ability, judgemental approach of global community small start-up improves the living standard of community people (omicsonline.org, 2018).

Impact of small start-up on social economic growth after Brexit: (P4)

According to Fuentelsaz et al. (2015), small businesses show their concern regarding maintaining the socio-economic growth by meeting the sustainable social and economic needs of community. As compared to the large corporate firm, small, businesses are more dedicated towards their liabilities in contributing to social welfare and economic growth. In this aspect, Brexit has posed potential impact on UK based small and medium firms by influencing their trade, market strategies and business target market that indirectly affect the socio-economic growth of the community.

On discussion the impact of small start-up on the socio economic growth of community, Drucker (2014), stated that, in post Brexit condition, small firms are free from the legal and trade obligations set by the EU government. UK based small firms are free to forge their own Free Trade Agreement (FTA) which not only improves the economic standard of the community but also contributes to the social development of the society.

Moreover, after Brexit, the trade limits for the UK based small firms are extended. Now the marketers of these small firms can operate their trade with large number of countries such as India, China, United States, Australia and Canada. On the contrary Zou et al. (2016), that, although post Brexit condition eliminate the trade barriers for SMEs inn UK market, it fails to attract the huge investment of the EU countries which previously supported most of eth small,, enterprises in UK by offering continuous fund.

According to Bjørnskov and Foss (2016), Britain is one of eth most attractive and flexible economy in the world. After Brexit, Small forms get the permission for providing their service and assistance to the community people for developing the social and cultural values of eth society people. Moreover, UK government are now freely appointing local people in different small and medium forms, which not only provide employment to large number of people in the community but also develop their skill, knowledge and living standard. On the contrary Aparicio et al. (2016), argued that, exit from EU, has shrink the talent pool of UK based firms and now the marketers will face the scarcity of low-wage labour that they previously gained from the EU countries. In this aspect, UK based small firm can face high manufacturing cost and labour charge that can affect the overall economic growth of nation (omicsonline.org, 2018).

Based on this aspect Barbero et al. (2014), mentioned that, after Brexit, although UK based SMEs can face the labour shortage, they get huge opportunities to appoint low-wage labour from the developing countries such as India and China. Therefore, UK can be one of eth important employment hub for many overseas staff. Now, when it comes to development of domestic community, Brexit has allows UK based firms to freely adapt acts and laws regarding improving the corporate social activities by these firms, such as providing skill based training, marketing advice, employments and career training which will develop the socio economic standard of of entire community.

Carry out the mini research for determining the characteristics
skill and trait of successful entrepreneur (P5)

Entrepreneurs are highly optimistic, risk taking people who introduce innovative marketing strategies, business ideas for dealing with any market situation. They need to possess certain number of skill that will assist them for conducting proper business operation as well as high quality framework.

Entrepreneurs need to have clear-cut target for operating their start-up in such a way that will assist them to meet the mission and vision of the firm. As stated by Fuentelsaz et al. (2015), due to ever-changing market trend and competition in the market, the entrepreneurs need to set clear goals in dealing with several distracting aspects. Through setting relevant focus regarding business operation, entrepreneur can take effective market strategies in well-organised manner, which not only expand their business but also from their international market reputation. For example, Gravity Lights, the UK based social entrepreneur venture, focuses on meeting the social, behavioural, emotional and cultural needs of the community people.

Resiliency

With the changing market trend and customer demand, there is continuous ups and down in the business which can affect the overall self-confidence and decision-making skill of entrepreneur. As stated by Glaeser et al. (2015), entrepreneur needs to be highly resilient to deal any business risk by transforming each business strategies into positive as well as highly relevant business moves that can assist the marketers and staffs for operating the overall business as per the current market trend and customer demand. For example, Bain & Company, the largest UK based management consultant, focus on improving the resiliency of its staffs for assisting them to be enough efficient in making possible adjustment with the frequent changing business strategies (wol.iza.org , 2018).

Self-reflection:

Self-reflection is one of most important skills for any entrepreneur, that assist the entrepreneur for evaluating own strength and weakness. According to Guerrero et al. (2015), entrepreneur are responsible not for introducing innovative market strategies but also for analysing and evaluating the effectiveness of these strategies based on the market trend and customer perception. In this aspect, self-reflection is paramount which will assist entrepreneur in evaluating their efficiency to take proper market decision in order to deal with different market opportunities or risks. For example, Deloitte, the UK based largest consultancy firm, provides self-assessment training to all its staffs , for improving their ability to judge their activities and performance, this process assist the mangers of this company to improve as well as shape the skill and efficiency of staffs based on the current market environment.

Adaptation and flexibility:

Entrepreneurs have to deal with continuous market challenges and opportunities due to increasing market competition and changing community perception (Mason and Brown, 2014). Therefore, entrepreneurs need to have ability and skill to adapt themselves in any business circumstances. They need to be highly flexible to any market situation and hold their self-confidence and patience for handling the situation. For example, Gravity Light, the famous UK based social entrepreneurship venture, deals with ever-changing community demands due to the changing social, cultural and economic standard of the society. In this aspect, entrepreneurs of Gravity Light, focuses on improving their adaptability as well as flexibility in order to provide positive market strategies in any critical market situation (omicsonline.org, 2018).

Self-learning:

Entrepreneurs need to highly robust in increasing their knowledge, skill by dealing with new things and people during their business operation. They need to listen to other people with proper concentration and analyse their decision by applying proper judgemental skill. As stated by Memili et al. (2015), through this skill entrepreneurs can learn new things such as innovative process of risk assessment, relevant market strategies and activities of global business leaders. For example, UK based social entrepreneur Speakset focuses on improving the knowledge sharing process in the firm, through which staffs can share their ideas and techniques for developing he overall strength of the workforce (omicsonline.org, 2018).

Difference between eth typical business manager and successful entrepreneur:

As stated by Guerrero et al. (2015), both the entrepreneurs and business managers focus on the on the profit through market expansion. Although characteristics of both business managers and entrepreneurs are more or less similar, there are some important differences maintaining the uniqueness of both the individuals. Unlike entrepreneurs, business manager can join the unoriginal product or business idea by appointed into any retail or franchise company. Business manager always chooses the most profitable business ideas in terms of preferring the jobs. On the other hand, successful entrepreneur always is an inventor as well as the creator of a business or product. On the contrary Memili et al. (2015) argued that, business manager of any company can also be involved in innovative creation like entrepreneur which influence the overall market framework of that company.

Most of the business mangers are concerned about increasing profit margin of company and development of their living standard as well as economic position. On the other hand, entrepreneurs always focus on creating something new that can change the world. They always pursue their mission and passion for implementing the innovative through into the business. On the contrary, Rauch and Hulsink (2015) argued that, business managers like the entrepreneurs, focus on achieving company’s mission and vision through incorporation of relevant market strategies.

When irt comes to take market risk, business manger always, take the managed and calculated risk that can be dealt with proper market strategy (Nabi et al. 2017). On the other hand, entrepreneurs are the actual risk takers who deal with unprecedented market risks. They love to deal with sudden market risk for developing their risk management skill and efficiency level in terms meeting deadline task. On the contrary Naudé (2014) argued that, business managers also have to take unpredictable market risks that needs proper risk assessment framework to be mitigated.

How entrepreneurial personality reflect the entrepreneurial motivation and mind set: (P6)

Personality and perception of entrepreneurs affect not only their business activities but also their mindset, psychology and motivation. As stated by Nabi et al. (2017) personality of different types of entrepreneurs such as social, global, small and scalable entrepreneurs, affect their own understanding, mind-set and psychology. Through the following process entrepreneurial personality, influence their mindset:

Influencing determination level:

Different entrepreneurs have their unique thoughts, ides and aspiration regarding their business expansion. As stead by Naudé (2014), social entrepreneurs believe on corporate social responsibility, which makes them different from the small and large entrepreneurs. The Berkeley Partnership, UK based management firm, has a mindset, which is based on expanding its business through profit making and revenue generation through providing business advice to global leaders. on eth other hand, Gravity Light is London based social entrepreneur, which has a mindset that emphasize on improving social living standard and making community welfare. Therefore, personality and psychology of entrepreneurs influence their determination level for operating their business in unique direction (wol.iza.org , 2018).

Family upbringing:

Family upbringing is paramount factor that affect the behaviour, perception, mindset and skill of entrepreneurs. As stated by Rauch and Hulsink (2015), family environment and support of family members will develop positive behaviour, optimistic approach, positive decision-making ability and problem solving skill within the entrepreneurs. Positive and cultural upbringing develops optimistic and intellectual mindset within entrepreneur, which assist them to take innovative market strategies and smart business tactics. For example, UK based leading consultancy firms; Bain & Company and Deloitte have wealthier entrepreneurs as compared to UK based small firm, The Berkeley Partnership. Entrepreneurs of Bain & Company and Deloitte must have wealthier and highly optimistic family background for which not only provides huge economic resources to them for launching the business but also improves their decision, intelligence and skill.

Cultural differences:

Culture affects the perception, decision and behaviour of entrepreneurs. Cultural differences lead to make huge contrast in business decision, marketing strategies and opinions of eth marketers (Roig-Tierno et al. 2015). For example, UK based firm Deloitte, provides worldwide consultancy service based on culture and social standard of target market. Marketers of this company has made complete different market strategies for UK market and South Asian market based on eth cultural different of the two regions.

Behavioural differences:

As stated by Urbano and Aparicio (2016), behaviours are outcomes of society culture, upbringing and family background of the entrepreneur. Entrepreneurs, who had positive and highly motivating family culture, upbringing and social support, have developed optimistic as well as highly determined behaviour. Entrepreneurial behaviour effect their market strategies and business operation process. For example, entrepreneurs of small UK based firm, Pegasus need to have highly motivated, flexible and intellectual behaviour and mindset for dealing with economic risk, market threats and changing market trend. As compared to this Pegasus, UK based leading consultant Deloitte need to improve the intellectual behaviour and risk taking approach of entrepreneurs to grab the market opportunities.

There are massive arguments regarding the statement ‘Are entrepreneurs born or made?”. Most of economists agree that entrepreneurs are more made than born. On supporting this viewpoint, Ismail and Zain (2015) stated that, entrepreneurs are highly ambitious and motivated. They apply their ideas, intelligence and tactics to made innovative products or services. Most of the researches show that, although there different factors such as genes, behaviour, family support a affect the upbringing of individuals, entrepreneurial characteristic is perfect outcomes of own intelligence, knowledge and smartness. On the contrary, Urbano and Aparicio (2016) argued that, only ideas or intelligence cannot make any individual successful entrepreneurs, rather there are need of proper upbringing, education, market knowledge, family support and better guidance. Recent studies show that, entrepreneurs with entrepreneurial background are more like to achieve the success than the entrepreneurs without any entrepreneurial background. On supporting this viewpoint, Aparicio et al. (2016) stated that, genetic factors also affect the behaviour, characteristics and intelligence of individual. Therefore, individuals who have businesspersons in their family, have the higher chances to get success entrepreneurial business.

Therefore, it can be concluded that, whether the entrepreneurs are born or made, they need to have proper marketing knowledge, intelligence, problem-solving skill and quick decisions making power to deal with sudden market challenges. Personal background affects the perception, ideas, mindset and thought of people. As stated by Zahra (2015), family background pose high impact on entrepreneurial-specific training and education regarding performance management and venture creation. If entrepreneurs belong to business related families, it act as important economic s well as social support for them to launch their new start up. On the contrary, Urbano and Aparicio (2016) argued that, there are leading companies, in which entrepreneurs do not have any business background, and then they get high success by their effort and intelligence. For example, The Barkley Partnership is UK based small management consultant, which makes its strong footprint in the international market by providing high quality market advice.

Experience:

Experience is important for developing the knowledge and understands of entrepreneurs in dealing with any market situation. According to Ismail and Zain (2015), experience poses positive as well as negative on entrepreneurs. Sometimes, entrepreneur use previous experience and knowledge to deal with current situation, which assist them to create quick business strategies for handling the situation. On the contrary, Zahra (2015) argued that, sometimes, previous experience that entrepreneurs apply to the current market situation is irrelevant to the market needs thereby leading to failure of archiving business goals. For example, UK based start up, Speakset, focuses on high resiliency of the entrepreneurs, which assist them to change market strategies based on the current market trend and customer needs.

National culture:

Culture and social trend of nation affect the market strategies and business decisions. For example, cultural trend in South Asian Countries is different from that in United Nations. Therefore, entrepreneurs need to deal with risk as well as opportunities during dealing with different target market. Deloitte, the UK based leading consultant have applied different market strategies for South Asian market and UK market which pose economic burden and severe workload on the staffs. On the contrary, Aparicio et al. (2016) argued that, business deals with different culture assist entrepreneurs to learn the different customers’ needs, their perception and presences. Focusing on this perception, Bain & Company deals with worldwide business for approaching different culture people that assist marketers to expand their internal business footprint.

Conclusion:

From the aforementioned discussion, it can be concluded that entrepreneurs need to focus on improving their decision-making skill, knowledge and problem-solving ability. This concludes that, entrepreneurs would maintain proper communication with the staffs to promote the proper information sharing process. This assignment concludes the fact the entrepreneur need to improve their skill and knowledge to deal with market risk. Family upbringing behaviour and culture affect the decision, perception and market approach of the entrepreneurs.

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