Factors Influencing Student Entrepreneurship in Higher Education Assignment Sample

Factors Influencing Student Entrepreneurship in Higher Education

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The foundation of the economy is believed to be entrepreneurship. This study applies to the United Kingdom in particular, taking Wisteria as my working company. The aim is to create value via invention through meeting market gaps. During this paper, I will discuss several elements of entrepreneurship. I have taken on the job of an intern in Wisteria, providing small firms and start-ups with guidance and market intelligence. This could be regarded a mini-research paper in which I discuss regarding the many sorts of ventures and their distinctions and commonalities. Furthermore, I will discuss how small and micro businesses contribute to the economy of the UK and how they support social economic progress. Finally, I will describe the qualities and abilities that successful entrepreneurs often encounter and how their history and experience may promote or hamper the entrepreneurial spirit.

Different forms of entrepreneurship are addressed in this study on “Entrepreneurship and Small Business Management.” The relationship between these undertakings and topologies is demonstrated. This study also explains the distinction and similarities among different sorts of entrepreneurships. Variables like jobs, goals and features demonstrate the difference. Statically, using statistics that take into account provincial, local, domestic and worldwide economic consequences. In this study, the success elements of a company are detailed below. This research described the characteristics and qualities and personalities of a successful entrepreneur. Also included is the link between risk and reward. This report also illustrates the link between prior experience and the individual’s background. The research analyses the importance and development in the economies of the country of new and commercial start-ups.

Part 1: Mini research project

Overview

The portion offers a quick overview of entrepreneurial enterprises, entrepreneurship and the kind of enterprise. It also addresses the distinctions between the sorts of business endeavours. In addition, a debate will be held on the economic effect of micro and macro companies. The paper concludes with an assessment of the relevance of start-ups for social financial development.

Different Types of Entrepreneurial Ventures and Different Types of Entrepreneurships

It is all about growing and constructing a company to make money. The current meaning highlights the change in the world via the resolution of large challenges. This can be associated with the development of a new product or service, initiation of societal change, or a significant notion of life transformation. Continuity is the most creative method for businesses in the running, organising and leading of an organization’s personnel, as stated by Morris et al. (2018). This is done in order to fulfil the organisational objectives.

This can assist to reduce poverty and unemployment through providing jobs by speaking about social advantages. Since the whole issue is to create one’s life on pre-defined parameters, it pushes individuals towards their direction. In various nations, the spectrum of entrepreneurship varies (Busenitz and Arthurs, 2014). For example, poorness and poverty are quite high in the developing nations, such as India, and business activity might thus be a useful approach to deal with this problem. In addition, enterprise can assist eradicate socio-economic disequilibrium in the developed country.

Various analysts have provided their own types of enterprise based on various factors, such as need for success, security, strength, acknowledgement, development approach, strategic thinking etc. Different kinds of enterprises were defined in this article:

1. Large Corporations: This enterprising kind is intended through combining new goods and services to achieve sustainable growth and development. These have a specific cycle of life and are susceptible to major market rivalry (Neumeyer and Santos, 2018). Their achievement hinges on product development. Examples of such organisation are HSBC, John Lewis etc.

2. Small Scale Business Entrepreneurship: These companies normally function on the localized and international markets (Wallmeroth, Wirtz and Groh, 2018). Superstore, Internet café, shops, eateries, etc. are examples of this type. A few individuals alone have acquired these. Such organisational examples are: easymoney, fluidstack, Accel, etc.

3. Social Entrepreneurship: Such enterprise seeks to produce the services and goods that serve and benefit society (Neumeyer and Santos, 2018). Such organisations in UK are: ACH, Active Prospects, Aspergers East Anglia, etc.

4. Scalable Business Start-ups: These companies have the capacity to dynamically transform the whole business paradigm (Wallmeroth, Wirtz and Groh, 2018). This kind of business approach encourages quality and innovation more. Examples include Hopin, Checkout.com, Cazoo, etc.

Similarities and Differences Between Each Type of Entrepreneurship Venture

Understanding of Entrepreneurship in Both the Public and Private Sector

The public and private sectors have a role to play in the creation of business model strategies in the UK. These completely developed models contribute to the country's economic prosperity. The country's socio-economic growth and achievements need to be examined to recognise its effect (Dilli, Elert and Herrmann, 2018). Privatization also plays an essential role in enhancing the region's economic growth and creating many employments. Collaboratively, public and private firms assist to entrepreneurial growth by providing technological and economic support.

When talking regarding developing nations, innovative and efficient ways are needed to achieve and stimulate economic development, while taking use of the potential opportunities offered by these flows (Barral, Ribeiro and Canever, 2018). In order to do this, private sector undertakings are important. Nations governments like India, Bhutan, Sri Lanka and Africa encourage and promote enterprising enthusiasm throughout the country.

The nation’s business climate depends on the performance and policy of the government in the public and private sectors. Business Indicators offer standards, review the business climate and stimulate internal investment World Bank facilities (Dilli, Elert and Herrmann, 2018). Commercial and governmental policies in developing nations are based on the characteristics of the World Bank index, and the outcomes are quite unclear.

Scope, Development, And Growth of Entrepreneurship Ventures

Entrepreneurship is the process of production of value through commercial discovery of opportunity. Management and communication are merely the problems of producing corporate cash and resources. Small and medium-sized businesses are said to be able to further develop the country’s entrepreneurial models. They have a wide selection of services that they may market and sell instead of produce. Large and microcontent companies are not especially creative and successful and have very little turnover (Leitch and Volery, 2017).

The range of business models is covered in the commercial, service and agricultural industries. Of these three, the service sector has been the fastest moving. There are also a number of problems. For instance, the market is changing and competitiveness is always increasing. Entrepreneurs must therefore continue to update their procedures in order to preserve their business position and growth (Abdul, 2018). Another difficulty, especially for SMEs and micro-enterprises, is the lack of capital. The primary difficulty is the lack of competence and management expertise.

Relevant Data and Statistic to Illustrate the Impact Micro and Small Business Have on The Economy

OECD reports that SMEs contribute over 60% of the world economy with jobs. As stated in this study, in emerging and established nations various entrepreneurial companies work independently (Freixanet and Renart, 2020). These assist emerging countries to create wealth and employment. In addition, successful business concepts encourage foreign involvement in the nation. The small-scale model responses to some key developmental challenges are successful at regional level. These SMEs, for example, may supply alternatives for connectivity to fresh water, energy and training.

Small business models in impoverished countries can boost shared prosperity by enabling private-sector growth. Small firms have an essential role in tackling the problems of development of local communities, because they produce local growth. The development of capacities in big firms in a variety of sectors, such as ICT, green technology, marketing research, etc. is helped by small enterprises.

Figure: Employment of UK SMEs

(Source: Freixanet and Renart, 2020)

Over 27 million individuals are employed in small companies in the United Kingdom. The expansion of the small business also increases. It should be noted. The number of small companies has exceeded large companies in the United Kingdom. Moreover, the huge industry is challenged by the use of intelligent, new and creative tactics in the business model (Zahra, 2021). The UK’s 33% income is generated by small enterprises.

Figure: UK SMEs Business Activities

(Source: Zahra, 2021)

Importance of Small Businesses and Business Start-Ups on The Growth of The Social Economy

During the 1980s, the UK Government recognised the potential for SMEs, including poverty, unemployment and socio-economic inequalities, to alleviate social challenges. Recent research has shown that United Kingdom has a “long-term prosperity” and “economic growth” requiring full participation by SMEs (Peck, Jackson and Mulvey, 2018). The government decides to encourage small businesses as a suitable means of alleviating the economic crisis. The growing proportion of work opportunities in small businesses can achieve local, national and worldwide development goals. Simply stated, the British economy grows through small and medium-sized businesses.

In small-scale start-ups, net jobs are rising by 1.8%. Small firms have an essential role in tackling the problems of development of local communities, because they produce local growth. Small businesses contribute to local currencies via innovation and expansion. They are also responsible for economic and social advancement of the nation (Mxunyelwa and Vallabh, 2017). This allows newcomers to acquire essential information and industry skills and therefore to increase their chances for a future employment. Larger firms usually cooperate in the procurement process with small enterprises to finish their shipments.

In times of crisis, the operational size of small and medium-sized enterprises is not huge and hence their losses are lower than the size of large firms. As a result, these firms rarely eliminate their employees during the recession. Minor businesses are not always tiny, as they are growing in size over time (Hussain, Salia and Karim, 2018). They were often headquartered in the neighbourhood where they started their business. This allows the region to flourish by creating jobs for locals and promoting the local economy.

Different impacts of Small, Medium and Large Businesses to The Economy

Many analysts have argued that entrepreneurship is supported for economic growth. It can assist unlock the possibilities both of national and local economies to encourage the most suitable sort of business model (Herr and Nettekoven, 2018). The size of activities of companies is diverse. Small business models and small company models may be readily adapted and novel concepts can be explored. More companies pursuing greater profits, on the other hand, are positioned to generate significant gains.

There are some facts concerning the marketing of the business in the UK at a certain size.

• Expanding a company and large-scale model of micro-enterprise can have a negative influence on economic advances, in the developing world in particular (Abdul, 2018).

• The expansion of “medium-sized enterprises” in the country can have a favourable influence on economic growth, particularly in developed countries (Abdul, 2018).

On this basis, the public and private sectors must encourage a proper local, regional and national mix of small, medium and large-scale companies.

Impact of Small Businesses on Different Levels of The Economy in A Local, Regional, National and International Context

In the UK, small and medium-sized businesses are inspired to develop. They are widely known for their role and participation in the household, regional and local economies. As they are small, the UK economy has been affected greatly. More than 25 million small and medium-sized companies produce 60 percent of the UK's workforce. Small businesses can improve factors such as the intelligent tax structure and legislation (Hussain, Salia and Karim, 2018). Factor in the destruction of SMEs in the United Kingdom are the shortage of money and subsidies. In terms of firm size, two major components were found. Firstly, corporate expansion and a broad micro-company model might have an adverse influence on the economic development of the country, especially in emerging countries (Peck, Jackson and Mulvey, 2018). Second, an increase in medium-sized enterprises, especially in developed nations, might have a beneficial impact on economic growth.

Summary

A basic introduction to entrepreneurialism and entrepreneurship has been provided in this portion. It also developed the entrepreneurial typology. In addition, it also discussed the contrasts between the sorts of business endeavours. Besides that, there has also been a dispute over the economic impact of micro and macro enterprises. The paper concluded with an assessment of the necessity for social economy growth of small businesses.

Part 2:The Mindset of the Entrepreneur

Overview

The qualities of a successful entrepreneur are discussed in this portion. It also evaluates the corporate characteristics of individuals. It also explores how entrepreneurship might well be affected by experiences and background variables.

Traits and Characteristics of a Successful Entrepreneur

An entrepreneur’s performance is a multifaceted notion that comprises micro and macro variables. The performance of the company may be measured in many ways such as increase in companies, profitability, etc. (Wach and G?odowska, 2021). Another essential element are entrepreneurial skills, that rely on the history and the experiences of the individual as aspects. There are no genuine elements or features that may guarantee commercial success. Business characteristics hardly affect the individual’s separated conduct. Here have been described some important characteristics:

• Innovation Venture: helpful for the competitive edge. The connection between innovation and profitability of the company is causal (Kozubíková et al., 2017).

• Self-efficiency: identified as the ability to identify one’s own ability to execute a complex job. This enables businessmen to pursue possibilities.

• Opportunity Recognition: No organizations can ensure success without identifying and taking advantage of an opportunity. This all relies on the capacity of the entrepreneur to identify chances (Wach and G?odowska, 2021).

• Tolerance: the urge for achievement may sometimes lead entrepreneurs to accept some risk to achieve results. The desire for success and risk tolerance has a strong correlation.

• Learning Orientation: it is regarded as knowledge growth and the capability to use it in the execution of business operations. Passive information as well as active information are the key to understanding orientation (Kozubíková et al., 2017).

Reflections of Entrepreneur Personality on Entrepreneurial Motivation and Mindset

The motivation of the organisational manager is crucial for the performance and development of the firm. Workers are enabled to work for inspiration with greater commitment and passion. Motivation can be offered for financial and non-incentives in accordance with the needs and requirements of the workforce (Bandaranaike, Quijano and Navarrete-Baez, 2020). This positive component should have been developed by every company operator. A successful entrepreneur has followed the ideas and ethics of another individual. It is an obligation of the entrepreneur to perform its work in a highly ethical manner to control reputation. Many of the most prestigious companies, including Mark Zuckerberg, Steve Jobs and Bill Gates, are the company’s finest entrepreneurial faces.

In addition, a range of variables indicate the motivation strength of company entrepreneurs are analysed. For instance, upbringing is the component where anybody may buy customs but from this rearing in the family also excellent quality is achieved (Wardana et al., 2020). For example, Steve’s work seems to have the highly appealing communication skills and thus encourages his own organizational workers to increase efficiency and performance. A motivated individual works incredibly rapidly with dedication and thought. Steve’s speech encourages and motivates workers. The next example is Mark Zuckerberg, Facebook CEO and the youngest business to succeed. Each of them promotes and makes new steps in employee work and management methods in accordance with all the aforementioned traits.

Some elements of motivation are regarded as follows:

• Wage: the receipt of real pay is the reason when payments and appreciation in their salary level are affected.

• Non-financial incentives: specific non-financial incentives are provided to meet the needs of egoism and updating.

• Moral improvement

• Develop a pleasant working atmosphere

• High performance motivation

• Taking into account performance

• Leadership relationships: employees have a hierarchy of needs and a sense of responsibility that has created a strong connection with their line manager and other members (Krueger and Sussan, 2017). 

• Organizational culture: employees are cultural and match professional aspirations and goals.

Different Lines of Arguments of Entrepreneurial Characteristics

A successful company entrepreneur is a person who is managing and running the worn-out company rather than do a job elsewhere. In order to be a successful company owner, the specific characteristics and characteristics of the organisation must be respected and adopted regularly in its operations and activities (Kozubíková et al., 2017). Certain theoretical foundations such as self-motivation, trust, self-control, tranquil and courteous conduct with every business worker etc must be cultivated in businessmen. The entrepreneur ought to be extremely competitive in assessing the market and selecting the best choice to create and provide services and products.

The entrepreneur must possess a good communication ability with specific characteristics or attributes. When communication skills are dealing with situations, they cause problems in management of the connection between companies (Wach and G?odowska, 2021). To introduce better business ideas and apply it in the company process, he must be extremely creative to get the required results.

Characteristic Traits, Skills and Motivational Drivers of Successful Entrepreneurs

For a successful business person, the following are a range of qualities, attributes, features and motivational elements:

• Open-mindedness and flexibility: These are the important part of a healthy entrepreneur who needs fresh ideas and skills to take the difficulties and challenges, whether negative or good, in any situation (Obschonka, Moeller and Goethner, 2019). Vision is required to accomplish both objectives of the organisation and the individual character of the company, and the new market changes and culture of the environment should be extremely comfortable in order to accept them.

• Motivation: These drivers depend on employees and the rest of the company's work force to meet their requirements and wants. In comparison to other people in the development and expansion of the firm, motivated people are productive and effective (Cohen, Kaspi-Baruch and Katz, 2019). Productivity boosts profits and sales for the firm.

Influence of a Person’s Background and Past Experiences in Hindering or Fostering Entrepreneurship

There are several elements that assist to understand the backdrop of entrepreneurship and prior experience (Hellmann and Thiele, 2019). It includes cultural, national, economic and characteristic elements.

1. Economic Variables: It include government laws, and other corporate-related regulatory organisations, tax rates, currency rates, interest rates, etc. All of these variables focus on the purchasing power of each individual, which influences the purchasing capacity of the products and services (Zollo et al., 2017). When there are changes in government policies, the buying power will be prohibited or the contract position will be decreased.

2. Culture of the Nation: Entrepreneurs are dependent on culture. In this situation, entrepreneurs may improve service when culture is helpful and encouraging. There are a number of variables dependent on individuality, collectivism and other aspects that affect entrepreneurs and influence decision-making (Nguyen, 2018).

3. Education: Education is a key factor in the development of the entrepreneurship. If the entrepreneur is highly trained, for example, he follows the entrepreneurial spirit, conducts advanced creative ideas, equipment, procedures and business systems. Businesses should be taught to maintain stability in the increasingly competitive business (Marques et al., 2018).

4. Character Traits: they have to follow the different characteristics to become the most successful businessman. In his duties and operations, for example, he must be very confident, driven (Nguyen, 2018). He should have excellent communication skills so that a strong connection is established with every employee of the company.

The business company have different risks, if an entrepreneur builds a company, he has to evaluate all variables and implement the plans and policies in possible to lessen future possibilities and difficulties. In terms of monetary and non-currency perks, employees ought to get rewards in accordance with the company association's performance level and objectives (Hellmann and Thiele, 2019). When workers do well, incentives and pay are obtained so that the motivation is enhanced. Gravity Light is another indication of how businesses may improve backdrop. Martin Riddiford and Jim Reeves are developers of this light and have obtained a Ph.D. in the necessary areas. They were able to develop a product that made them social entrepreneurs utilizing their education. If they were not educated, there would not have been the concept of creating a light driven by gravity (Zollo et al., 2017).

It may also inhibit entrepreneurship, just as experience and expertise can encourage them. For example, Let’s consider of a guy who is always been a holder of services. He is quite unlikely to start a company abruptly. It is because he has little experience and has a restricted background.

In summary, both backgrounds (individual life, education, family support, etc.) and experiences may promote or impede entrepreneurship. They might not have been the ultimate facilitator or obstacle for enterprise, but play an important part in the shape of entrepreneurship.

Link Between Characteristics of The Entrepreneurs and The Influence of Personal Background and Experience to Successful Entrepreneurship

Different entrepreneurs in the nation grow their company via unique conceptions and qualities, yet in this competitive environment every new entrepreneur is no more effective. An efficient and successful entrepreneur should include certain distinct characteristics to work in the company and operate.

1. Effective schedule: Planning is developed for the appropriate use of resources, time management, the use of money, resources and so on in organisational activities and operations (?ahin, Karada? and Tuncer, 2019). A successful business operator has a solid business strategy and is willing to confront the difficulties.

2. Credit management: money is an essential resource and the correct use depends on the company operator as a specific business function and activity. Full information is required on the usage and investment of money (Bird, 2019).

3. Risk: business entrepreneurs are also described as risk-takers; a businessman is prepared to take into consideration the risk in time and money according to the targets and objective to assess future uncertainties (?ahin, Karada? and Tuncer, 2019).

4. Passion and motivation: A key to a successful business person is an employer who inspired and motivated employees and is passionate about accomplishing the objectives (Bird, 2019).

Positive And Negative Influence of Entrepreneurs Background and Experience on Their Entrepreneurship

The successful entrepreneurs’ qualities should be appropriately implemented and should have a negative influence on the image and reputation of the enterprise if not completely accomplished (Fodor and Pintea, 2017). For example, Bill Gates is one of the world’s leading business persons, yet he develops and wins with great work. His business partner meets numerous issues in his life and deceives him, yet in his future progress and success he does not take his look back and experience constant problems (Azoulay et al., 2020). He is the fourth-richest person in the world and now, according to all circumstances, creator of Microsoft Company. Steve, for example, works that are highly recognised for innovative inventions. After many problems he now controls Apple with the potential and special talents, he has also been battling to develop and sustain the company.

Summary

This part referred to the features of a successful entrepreneur. It also evaluated the business characteristics of individuals. It also examined the effects of entrepreneurship on background and experience.

Conclusion

The value of entrepreneurship is clear: creative destruction, unemployment reduction, a substantial contribution to the economy and attractive investment possibilities. There may be many kinds of entrepreneurial undertakings depending on the objective. All of them have differences and similarities. Small and micro-enterprises contribute more to unemployment than major companies. This study explored several sorts of entrepreneurship and businesses. The link between these companies and “the topologies” has been shown. This study also shows the difference and similarity between different types of businesses. Data driven information that takes into consideration regional, local, national and global economic consequences shows the differences between “factors, such as roles, aims and characteristics.” In this study, the success elements of an enterprise are addressed in detail below. This research described the attributes and characteristics of an individual and his personality. In this study there is also a connection between risk and reward.

This study also presented the connection between prior experience and a person’s background with the success of entrepreneurship. The research assessed the relevance of small enterprises and start-ups in the economy of the country and their development. They are also numerically dominant. This shows exactly how well the people in Britain absorb the notion of value creation, independence and risk taking. I have described in this study the qualities and abilities that entrepreneurs generally experience. I also talked about the personality of entrepreneurship. I also showed how background and experience may promote or impede entrepreneurship by providing pertinent examples. I hope that this report meets the curious requirements of readers who wish to discover the interesting entrepreneurial environment.

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