FIND A SOLUTION AT Academic Writers Bay
Part A 4
Various types of entrepreneurial ventures 4
Scope, development, growth and their relationship with the typology of entrepreneurship 6
Similarities and differences between entrepreneurial ventures 7
Impact of micro, start-up, small, medium and large businesses on the local, regional and national level of economy 8
Growth of the social economy and the importance of small businesses and startups 10
Part B 15
Information of organisation 15
Characteristic traits, skills and motivational drivers of successful entrepreneurs 15
How background and experience influences entrepreneurs, both positively and negatively 20
Entrepreneurship ventures can be varied that would include a range of types and initiatives that are used to generate the business successfully. In the first section of the assignment there would be analysis of the various types of entrepreneurships that are found and the similarities and differences that can be hence found from the same. There would be evaluation of different types of entrepreneurships based on size that would be analysed with respect to the UK economy. In the second part the study would evaluate characteristic traits, skills and motivational drivers, background that influence successful entrepreneurs positively and negatively.
Entrepreneurship is the process through which innovation is used by business professionals or owners so that they can effectively manage and organise people. Innovation and creativity are used for the products and services along with different types of leaderships that include a strategic vision.
Various types of entrepreneurial ventures
Entrepreneurial ventures can be defined as an organisation or a company in which innovation and opportunism is used as part of the development of business process through products that produce economic or social value (Ratten, 2021).
An entrepreneur is a person who is responsible for utilising aspects such as innovation and can be the owner or the path finder in an organisation (Jones-Evans, 2012).
There are different types of entrepreneurial ventures that primarily include the following:
Social Entrepreneurship – these are the entrepreneurs responsible for developing the societal condition. In this the societal changes are brought with the help of productivity and creativity through societal developments. Earning profit is not the target of this initiative. Social, cultural aspects are important in this entrepreneurship. Example of this entrepreneurship would be Bill Drayton (Down, 2010).
Public sector – the venture in this entrepreneurship are the public sector areas in which the concern of the public and the growth and development of the people are considered. the idea is to serve the people so that their wants and requirements are improved and met thoroughly. The government and the local self-government bodies play a dominant role in this. There can be single entrepreneurs and joint entrepreneurs who can be found as part of the sources. The taxes and the tariffs are used for the development rather than generating only profit. The idea is to serve the people for their betterment in lifestyle and welfare. British Army can be example of this form of entrepreneurship (Jones-Evans, 2012).
Corporate sector – the corporate sector is the one in which the business professionals are targeting profit as the main criteria. The idea is to serve the customers with wide range of products and services that not only cater to their needs but are innovated based on changing needs. This is one of the areas in which technology would be required so that opportunities are seized by the entrepreneurs to create products that would reach more and more people. Strategic thinking plays a dominant role in the same for gaining competitive advantage. M&S that is Marks and Spencer can be an example of this entrepreneurship. In these attracting customers and to increase sales and is one of the pivotal areas that is targeted (Ratten, 2021).
Serial entrepreneur – A serial entrepreneur is one who has been part of different business and they have been part of multiple businesses which they have founded and moved to the new one. The idea is to incorporate the knowledge of previous business in new initiatives. Jeff Bezos can be an example of this form of entrepreneurship (Jones-Evans, 2012).
Female entrepreneur – female entrepreneurship is the process through which female business founders are seen to the owner of the companies or the business organisation. this is a step that mostly taken by women for their empowerment and to bring a change in patriarchal society. an example of this would J. K Rowling of the Harry Potter series (Morris et al., 2018).
Micro ventures – these are the types of entrepreneurs who are provided with the basic needs through the business prospects for family. This is the business in which the resources are very limited with typically no premises for continuing business. As the operations are limited there is only basic services that are provided without much of technological or innovative motivates by the entrepreneurs. As survival of the entrepreneurs is the key idea and hence serving the existing customers with best means is necessary. Duncan Bannatyne can be an example of this form of entrepreneurship (Morris et al., 2018).
Lifestyle ventures – this is the entrepreneurship that is based on stable income and there is utilisation of a business model that is aligned with the management. In case of the competitiveness, it can be seen to maintain the reinvestments that are embedded in the firm. There are premises that are given with single location and there is presence of employees in the same location however, expansion as part of growth is not much considerable. The capacity is limited with constant number of employees. Conventional market and targeting or profit initiatives is not necessary in this. Chris Guillebeau can be an example of this form of entrepreneurship (Morris et al., 2018).
Medium size ventures – this is the entrepreneurship that has stable growth and a business model that reflects in creating new products and launching the entry in the new markets. The expansion of the facilities also includes staff and the locations that develop products based on regional needs. There is continuous development that is important for the regional growth guide for business. The idea is to target the market with the demands and the requirements. Airbnb can be an example of this form of entrepreneurship (Morris et al., 2018).
Gazelle ventures – there are number of technologies based in this type of business and there is incorporation of innovation for exponential growth in the business targets. The capabilities in these ventures are funded by equity capital. There are venture driven opportunity that is utilised for new markets. Increasing customer base drastically is necessary in this entrepreneurship. Uber can be an example of this form of entrepreneurship (Jones-Evans, 2012).
Scope, development, growth and their relationship with the typology of entrepreneurship
The scope of the organisation is based on the objectives, mission and vision of an organisation. Like in case of a private sector company like in M&S there are sustainable development objectives that are set based on demands of the customers. hence, the scope of the company or the entrepreneurship is that of looking after the meeting the expectation of the customers and to expand business by gaining the competitive advantage (Javed, Yasir and Majid, 2019). This is the strategic thinking of the company to generate the demands of the customers. the development of the organisations is targeted through focus on the investments so that best profit is generated and the latest trends are offered to the customers. The scope further includes the products to be quality assured (Down, 2010).
In case of development, it can be seen that the both private sector companies like M&S the idea would be to expand and to increase the customer base. Profit perspective and growing innovative products or meeting the needs of the customers is necessary. In public sector companies the development is serving people with the necessary and improved services (Ratten, 2021).
The growth in the public sector the entrepreneurial objectives are driven towards social development and also welfare of the citizens or the public. Hence, the work of the entrepreneurs or the entrepreneurial objectives are mostly aligned to the governmental directions. In this, generating profitability is missing and the ownership is mostly no single handed. Offering the correct service without any profit motive is the key area of growth and development of this type of entrepreneurship. The idea of serve to people like social entrepreneurs try to serve the society with their services and products (Ismoilov et al., 2020).
In the corporate sector the growth and development of the organisations are based on private ownerships mostly. Marketing strategic is one of the key areas that is targeted through these entrepreneurship and competitive advantage is to serve the customers with effective methods of meeting their expectations through innovation and creativity. Sustainable development of corporate entrepreneurship is through generating profit ad bringing betterment and uniqueness that other entrepreneurs are unable to provide to the customers. assured quality is the key objective to grow as an organisation (Down, 2010).
Similarities and differences between entrepreneurial ventures
Lifestyle ventures or businesses similarities
Serial entrepreneurs’ ventures similarities
Innovative Thinking by altering personal life
Innovative Thinking through experience repeated and entrepreneurial success
Always learning from life
Always learning from passion before profit
Flexibility through true passion towards work
Flexibility through personal interest
Creating visions through rewards and monetary rewards
Creating visions through talent with personal ability
The most important area is the idea of using personal life and changing the lifestyle so that innovation could be brought in products and services
The most important area is using the the knowledge and the experiences of the previous experience for new entrepreneurial venture
Source: Ratten, 2021
More than 5% yearly
Less then 20% yearly
Day to day
Business model maintenance
Incremental strategic growth
Strategic and proactive
Shut down, sell, transfer
Sell, merge, transfer
Sell, merge, go public
Little to none
Functional; product and market-based
(Morris et al., 2018)
The similarities that have been found in all the enterprises is that with the resources that are present all of the organisations are trying to serve the target customers effectively. In this one of the key aspects include satisfying the customers or the targeted people.
Impact of micro, start-up, small, medium and large businesses on the local, regional and national level of economy
SME or Small and Medium Sized Organisations have limited number of employees and these organisations as small and limited have limited resources to operate successfully. In this regard, in UK 250 employees are made part of the SMEs and are segregated from the micro organisations accordingly. In micro organisation in UK, the employee base is to be within 1-9 and for small scale organisations it has to be within 10-49. 50-249 employees are allowed to be part of medium sized organisations (Linton and Solomon, 2017).
Characteristics of business
Private ownership in business is the process through which the legal entities are not taken into account by governmental ownership. The ownership is personal and government or stte entity is not attached to the same. There can be collective or cooperative property that are part of non-governmental ownership (Lawless and Morgenroth, 2019).
Sole proprietorship is the ownership in which business structure is not regulated. This is the business that is mostly by a single owner and is local government is required to obtain the license of this business (Ratten, 2021).
Partnership is the business in which there are more than one proprietor and the partners need to file the tax separately. In case of debts the partners are responsible equally. There are legal boundaries that the partners need to follow equally (Morris et al., 2018).
Contribution of micro organisations to UK economy
In case of UK the micro business creates opportunity constitutes 96% of the business and in this 5.5 million is accounting in the business. The importance of the business for the economy of UK accounts 33% of the employment opportunities. In 2017, the turnover was nearly about 22% and in the same €824 billion is the turnover through micro business. In UK out of every 1000 businesses there has been 5445 micro businesses are found. In UK nearly 8790 employees out of every 1000 people working in the private sector is found to working in the micro sector organisations (Ratten, 2021).
Contribution of small organisations to UK economy
In the year 2017, as per statistics of House of Common 99% of the businesses are found to be small and medium sized organisations. small business out of every 1000 private business in 2017 had 208 businesses. It has been further found that in small business organisations 4059 employees in small business organisations are out of every 1000 employees in the private sector. In 2017, the employment rate is to be 15% and the turnover in the same year is about 14%. The business generated was nearly 4% and the estimated turnover is around €540 billion (Ismoilov et al., 2020).
Contribution of medium private organisations to UK economy
In the medium sized organisations in veery 1000 organisations that were private it has been found that 34 businesses were medium sized in nature. In every 1000 employees who are part of the private sector businesses there are 3297 employees who are employed in the medium sized organisations. The estimated turnover of the business includes around €541 billion. 14% of the turnover in the economy is generated from this sector and 12% is the employment rate. 1% of the business generated in the private organisation is through medium sized organisations (Linton and Solomon, 2017).
In the economy it is seen that employment has increased by 21000 from 2018 to 2019. The positive impact in the economy is through the business that increased by 2.4% from 2000 to 2019. New and innovative businesses ideas have been incorporated that is accentuating the opportunities of the organisations with increased creativity of the nation in the local, international and national market (Ratten, 2021).
The impact of SME’s can be identified with supporting data in the following four areas of the economy of UK:
Employment opportunities – the wage and the betterment of lifestyle in the economy of UK has been based on the consumer spending factor. With the establishment of different types of private business organisation that range from micro to medium scale the employment opportunities have increased. The economic health has improved based on GDP. In the current situation it can be seen that 16.3 million people in UK is employed by SME. That constitutes of 60% of all the jobs that are generated in UK (Tetlow and Stojanovic, 2018).
Encouraging competition and innovation – with the success of start ups like Deliveroo and Airbnb it can be said that UK can be developing the economic health with the dynamism that is found in the market. Furthermore, people are interested in accepting changes in products and services. This is necessary for the development of the SMEs (Bloom et al., 2019).
Adaptation to quick changes – in the present situation statistics show that 99.5% of every business sector is part of SMEs. This is the reason that SMEs are made part of integral development of the UK economy. Government has been supportive in the recent situation with funding of different types that would enhance prospects of SMEs in every sector (Lawless and Morgenroth, 2019).
Betterment in technological opportunity – in terms of the development of the technology UK government is no less or behind countries like Japan. There are different technological investments that are conducted so that business sector is supported as this would help in FDI for the country. This would in turn enhance the disposable income of the people (Bloom et al., 2019).
Growth of the social economy and the importance of small businesses and startups
Brexit is the step that has been taken by Britain to move out from the EU. This is one of the drastic steps that has been taken and in this there are certain major threats that are found that would eventually impact the operations of the start-ups or small businesses (Lawless and Morgenroth, 2019).
Startups are mostly online or companies that are interested in technology-oriented services for a large market. Small business on the other hand is the concerns that are part of big market however, technology and innovation can be used to limited extent by these organisations. the idea is to reach the customers and serve them effectively (Tetlow and Stojanovic, 2018).
The issues that have been found to bring in the business objectives of the start-ups or the small business is that supply chain. With Brexit there would be increased cost of products and raw materials that would affect company operations. There can be custom border tariffs that might be used for other EU countries that would impact the business operations. In case of workforce British employment law might be changed for staffs who have migrated to the country. Furthermore, there can be withdrawal agreement that might be used by the UK government that would affect business operations (Bloom et al., 2019).
In this regard the following areas can be analysed:
The importance as in other parts of the world – Brexit might be a game changer in the history of countries who are part of the EU. In this it can be mentioned that in case of the terms that are part of UK government with the other EU nations not following the same can lead to no-deal Brexit. However, this might impact the business operations of UK. There can be disruption in the supply chain. For the other nations the idea of moving to UK and trying to establish a career in the nation or students migrating for studying at the universities of UK might be limited. The case can be vice versa as young Britons interested in studying at the EU nations might not get the opportunity (Lawless and Morgenroth, 2019).
Economic and social development – Brexit vote in terms of central social-structural components is one of the areas that can affect the idea of neoliberalism in the country. Brexit has been able to divide based on class, geographical region, ethnicity, age, and educational attainment as per the vote that was casted in the year 2016. This is the reason that the idea of offering power to handful of people in the decisions has created a wide social impact. Sociologists are of the opinion that there is a crisis and instability that can be found based on class constellations (Tetlow and Stojanovic, 2018).
On the other hand, in case of economists it can be said that investment and migratory links would be limited. This can limit trade relationship within nations and affect the economic development of the nation. Faster economic growth that was derived from the trade relationship with other countries including supply chain management can be found to be affected. There can be increased barriers in business relationship that would hamper the economic growth of the country. Economists are of the opinion that stranger trade, migrations and investment is essential for economic development of UK that might be lost to extensive extent (Bloom et al., 2019).
Reduction in poverty, wealth distribution, employment, provision infrastructure and social amenities – I terms of wealth distribution, poverty and social amenities it can be said that child poverty is set to increase in the nations. The domestic decisions or houses can be affected due to Brexit that also include changes in the buying decisions of the customers. this can affect business turnover and finally the employment of people. It has been said that before Brexit and the vote nearly 14 million people are locked out and left behind by poverty in UK. This is expected to rise and there can be tax rise and increased risks of price rises, lower employment, real wages (Tetlow and Stojanovic, 2018).
More revenue to government, taxes, foreign exchange gains – low-income families are set to be affected the most with the new revenue structure that can be created by the UK government. Furthermore, the taxes are to be increased and as trade relationship would be risked the idea of FDI is set to fall drastically. There can be rising inflation that is hard to be tackled by the UK government as the issue would be wide with risky relationships with the other EU countries.
Improve UK economic growth (acceleration) – Studies published in 2018 estimated that based on the vote for Brexit there can be GDP for 2% to 2.5%. the economists are of the opinion that Brexit is set to hamper economic growth as there would be reduced national income that would range within 0.6% and 1.3% (Bloom et al., 2019).
Improvement in social security – as per the protocol that has been set for social security there has been an agreement called the new Agreement incorporates that considers the idea of offering social security rights of UK nationals. There would a cross border situation that has been initiated from 1st January 2021 that is based on stateless persons, third country nationals, and refugees legally residing in the UK. EU Social Security Coordination Regulations mentions of Provisions on equal treatment, Applicable legislation, Aggregation of insurance periods and Exportability of benefits (Tetlow and Stojanovic, 2018).
Improve UK international trading. (BOP) – After Brexit happened on 31 January 2020, it has been through there would be a wide implication in the international tradition relation. The relationship that was established with UK and the EU nations would be hampered due to new tariff structure that might be introduced and this would affect the relationship of EU and the UK’s largest and closest trading partner. A UK-EU trade deal came into force on 1 January for economists feel that with time the relationship would be grown and in course of time there can be hard trade relationships that would be found. The deal prevented any tariffs as of now but with time this would lead to more expensive to trade (Bloom et al., 2019).
In UK the growth of entrepreneurships has been one of the core reasons that is necessary for developing the economy and to influence the same positively. The innovative measures that are used by entrepreneurships can be applied and used in the organisation to increase business benefits and the spending of people on the products is increased is through the same. In 2014, the UK economy has benefitted around £1.6 trillion that was combines by the small and medium sized organisations. there has been profit around 47% for UK economy that has been generated through the process (Ratten, 2021).
The above graph helps in identifying the highs and the lows of the SMEs and the percentage of their growth from the year 2011 to second quarter of 2017 that is the 4-year lapse.
UK is a country that has social economy and hence employment opportunities in the small and medium sized organisations organisation have been massive. The buying of the customers has also stabilised the economy. These are the prime reasons that there has been stable growth in UK prior to pandemic. though pandemic has affected the employment opportunities and the buying intentions of the customers however, the economy of UK is stabilising soon after. Startups has been another key growth of the economy that includes disruptive startups. According to the Department of Business, Innovation and Skills (DBIS), in UK 15.6 million jobs were created in the year 2015 SMEs provided. This is 60% of all total private sector employment (Ratten, 2021).
In the social economy that there are many opportunities for employment that have been created. Improvement in the prospects of micro or small businesses has been through flexibility for the employees that include part time employment as well. The augmentation of business due to new companies and startups has been found by through 1,46,000 business segments from 2000 to 2015. Women led enterprises has been another key punt in the startups that has generated nearly £50 billion from the year 2006-2010. In case of balance of payments in 2015, 54% of SMEs have been selling products or services abroad (Julien, 2018).
As seen in the above report it can be seen that there are different types of entrepreneurial ventures that are found in the UK economy. In this one of the key areas that have been targeted is not only improvements of services but utilising innovation. This includes influencing the prospection the national and the local economy with the prospects of serving the people.
The following report would be analysing the leadership of the present CEO of M&S that is Marks and Spencer, Steve Rowe. The report would evaluate the background of the company along with the leadership style that has been used by Steve Rowe and the usual traits that are found in successful entrepreneurs. The background and the importance of the positive and negative areas of a successful entrepreneur would be analysed as well.
Information of organisation
M&S is a retail sector company that was established in the year 1884 and was founded by Michael Marks and Thomas Spencer. the company serves in many across many countries and £10,181.9 million was the revenue that has been collected by the company in the year 2020. In 2020, M&S had an operating income of nearly £254.8 million. In the year 2021, the number of employees is estimated around 78,000. However, owing to the pandemic and limitation of business and operations it has been found that the leaders of the organisation took the decision of cutting 7,000 jobs in August 2020. The number of locations in the year 2019, is around 1463. The CEO of M&S is Steve Rowe who believes is certain thoughts and accordingly he envisions the company objectives. In the recent scenario, it has been found that he reshuffled the executive team of M&S to revitalise the services and to satisfy customers with the expected services (Lavorata and Sparks, 2018).
The other company that would be evaluated in the study include the fashion company called Trespass that is owned by the parent company Jacobs & Turner. The company is run by brother Afzal and Akmal Khushi (BBC News. 2021).
Characteristic traits, skills and motivational drivers of successful entrepreneurs
There are certain traits that are necessary for any successful entrepreneurs and this include the following areas:
Strong leadership qualities – A leader entrepreneur is also a successful leader and hence he is someone who values the goal. In this he needs to be effective and tenacious with a strong communication that would include to integrate and to communicate with the team. The common goals are to be achieved collectively and motivation is to be provided by a successful entrepreneur with trust that must be embedded through demonstrating positive work qualities. The values of the team must be integrated in the system along with the leader to lead and help the team achieve the mission and vision (Julien, 2018).
Highly self-motivated – a successful entrepreneur is the one who is interested in being self motivated and this can be seen by the skills of resolving problems. The changing situations ae tackled and according to the need of the hour the changes are successfully implemented by the entrepreneurs. The new goals are to be targeted by the entrepreneurs and in this the opportunities are to be utilized successfully so that the changed company objective is met. The vision drove goal is hence me by the entrepreneur and in this meeting the ultimate goals is necessary (Ismoilov et al., 2020).
Strong sense of basic ethics and integrity – for any successful entrepreneur it can be seen that sustainable business objectives are to be met successfully. This creates integrity and highest standards are to be maintained in business so that the trust of the customers is maintained. In case of leading a team, the necessary areas include the entrepreneurs learning from their past experiences are following the same (Julien, 2018).
Willingness to fail – the entrepreneurs are aware that they might fail in any of the initiatives that they take and in this, calculating and mitigating the risks is essential. However, they are ready to take the plunge once they are confident. This is through the idea of venturing and gaining and planning the decision making is necessary (JONES-EVANS, 2012).
Serial innovators – a successful entrepreneur is the one who is successful by effective methods and by developing business concepts that are meant to improve the services with time (Javed, Yasir and Majid, 2019).
Entrepreneur Steve Rowe
The skills that are necessary in for any successful business entrepreneur is that they need to be efficient in business management skills. In case of Steve Rowe, it has been found that in business management he has been able to consider the same with change. In this the nature of M&S is to be considered that include inputting and utilising the insights by the clients. Rowe is interested in communicating with the customers so that the fashion trends are enhanced and with time the changes are incorporated for sustainable development (Lavorata and Sparks, 2019). Rowe being goal oriented as part of characteristic traits have been found in including interest in organisational structure with the idea of three pillars that include design, range and availability. In M&S this is the reason that the other necessary skill that is teamwork and leadership skill is applied sufficiently. This includes Rowe including a mix of participative and transformational leadership that has been effective part of responsible and risk taker leader in an organisation. The feedback and the significant role of the customers is utilised through the leadership (Javed, Yasir and Majid, 2019).
Characteristic traits like in case of being creative in nature specialising building brands and developing the brand for perfect experience across the organisation.
Skills like communication and listening and taking the necessary decisions accordingly are the next important step that is taken by rreducing the size of the operating committee by Rowe. In this he reduced the directors from 20 to 10 so that there are less conflict and the customers are not affected through the decisions. Basic business skills have been found in Rowe in incorporating the innovative and strategic decision making is necessary that can be grown through handling additional responsibilities to existing employees (Lavorata and Sparks, 2018).
The next skills of a successful entrepreneur are customer service skills that is a technical skill and based on this in M&S, Rowe has been effective in taking the decision of delegating new responsibilities to the employees. This further includes his decision of higher focus on customers. The actions are taken based on the idea of achieving a simple and small team so that necessary services are offered quickly and efficiently. Smoothly running business is necessary for Rowe (Linton and Solomon, 2017).
In case of the motivational aspect, it can be seen that Rowe is a person who is inspired a there is a spirit of enthusiasm in him, and he tries to motivate the management team by assigning entirely new departments. The challenges help in creating the job interesting and employees are given roles to meet some objectives and additional responsibilities to others (Lavorata and Sparks, 2018). As Rowe mostly follows the transformational leadership style this involves high level of communication between an organisation and the teams. This is effectively followed by taking the necessary feedback from the employees and to achieve the goals. Decision making skills of Rowe has been found in the fact that M&S should the current strategies and motivational aspects and organisational structure to build and retain the trust among the employees. This will enhance productivity and efficiency (Ismoilov et al., 2020).
Entrepreneurs Afzal and Akmal Khushi
In case of Afzal and Akmal Khushi it can be found that communication is the idea that is utilised by them. There is social media that is used by the brothers, and they believe that in integrating the company with customer-based relationship that is based on Partnership with Glasgow 2014 Commonwealth Games (BBC News. 2021).
Afzal and Akmal Khushi have utilised Trespass to form a company that understand the needs of the customers based on fashion and the products are based on pricing strategy that is used for serving the customers perfectly. Characteristic traits of being creative in nature by Afzal and Akmal Khushi has been through the responsibilities include the company serving 62 countries worldwide with an e-commerce business that is effective in reaching people (BBC News. 2021).
In being goal-oriented Afzal and Akmal Khushi has been found to be to be taking the clothing industry to a multibillion turnover company which diversification of products have been able to support the objective of the company.
In being responsible and risk taker, Afzal and Akmal Khushi include the incorporation of expansion of range like winter clothing to include summer clothing, sportswear and skiwear by companies like Trespass.
Basic business skills of Afzal and Akmal Khushi has been the idea of using diversification as part of the strategic move though the company owners have faced a 300% downturn in the last year due to pandemic. in case of communication skills technology and the e-commerce has been utilised by them so that there is integration with the customers. the decision-making skills include the entrepreneurial spirit and the flexibility that is the changes that is supported by Afzal and Akmal Khushi with changing demands. Technical Skills include business networking that is used for management skills and sales and marketing of the company Jacobs & Turner.
In case of the characteristic skills or other skills it can be seen that for an entrepreneur these are important as they lead the organisation whereas for a manager as they only need to manage a team or a department, they only follow the commands of the owner, leaders or authorities. This is further shown in the following image:
(Javed, Yasir and Majid, 2019)
The five main dimensions are expressed as the OCEAN acronym
Openness – this is the characteristic that should be present in an entrepreneur like imagination and insight with broad range of interest and acceptance. The trait is high in people who are adventurous and creative in nature. The trait is high with people who are very creative in nature and focused on tackling new challenges. This is seen in leadership of Sam Walton (Javed, Yasir and Majid, 2019).
Conscientiousness – the traits in this include thoughtfulness, good impulse control, and goal-directed behaviors. In this process people having high traits include spending time in preparing, finishing the right tasks and maintaining a schedule. An effective example of this would be Bill Gates.
Extraversion – excitability, talkativeness, sociability, assertiveness, and high amounts of emotional expressiveness are the traits that are part of this aspect. In case of people having high range of this there is center of attention required and starting conversations is necessary. There are chances of meeting new people like Walt Disney (Lavorata and Sparks, 2018).
Agreeableness – trust, kindness, altruism, affection, and other prosocial behaviors are the traits that are exhibited in this. The high proportion of this include great deal of interest in other people, feeling empathetic for the people and caring for others like Henry Ford (Javed, Yasir and Majid, 2019).
Neuroticism – moodiness, sadness, and emotional instability are assigned traits in this and with high traits it can be found that individuals are experiencing anxiety, mood swings, irritability, and sadness like Richard Branson (Lavorata and Sparks, 2018).
How background and experience influences entrepreneurs, both positively and negatively
Stephen Joseph Rowe or Steve Rowe was born in 1967 and is from Croydon. Rowe joined Topshop as a trainee when he was 18 years of age and soon became the store manager. However, as there was lack of career development in the company Rowe decided to join M&S. in this regard, his early life and career inspiration was drawn by him from his father. Rowe’s father worked for M&S as the head of food. He was also a main board director in the company (Lavorata and Sparks, 2019). This inspired Rowe to be persistent in the company and he almost spent his entire career till data in the company M&S. The other opportunity that came in way of Rowe was the stepping down of Marc Bolland CEO since 2010 in M&S. Rowe was then head of clothing, and prior to that he has been the head of the food business. He was appointed as Executive Director of Food to the Board in October 2012 before2015 when he became the Executive Director of General Merchandise. With the following M&S’s 50% acquisition of the company Ocado, Rowe became a Director of Ocado Retail Limited (Lavorata and Sparks, 2018).
The influences that have been found to be positive for Rowe is that as he was kid, he was close to the idea of joining M&S as his father was part of the company. Since, a very early age the positive aspects of getting influenced by Rowe’s father has been the idea of utilising the personal motivation. In this the motivation of Rowe has been following well known business tycoons and this required inspiration and collecting relevant information that was knowledgeable for him (Lavorata and Sparks, 2019). He also has been part of goal-oriented approach in climbing the ladder in the organisation M&S. Rowe has been always inspired with the idea of implementing leadership and trying to create unique experiences that was not only positive for him but effortlessly paid him in the organisation. these experiences helped him to become the CEO of Marks & Spencer on 2nd April 2016 (Lavorata and Sparks, 2019).
Rowe is a person who has been always inclined in creating employees base that is inclusive in nature. He brings over 30 years of retail and consumer experiences in the operations of M&S. this also includes M&S leadership team and utilising the brand experience by Rowe (Lavorata and Sparks, 2018). Afzal and Akmal Khushi has utilised the traits of shareholders, contacts, financials, industry and integrating the needs of them with the service of the company. In gaining feedback and enhancing the skills and service-oriented nature of company Trespass has been made part of different sponsorship by Afzal and Akmal Khushi. The same include Great Britain children’s ski team and ski academy, British Universities & Colleges team (BUCS), P1 Motorsports Team and Royal Caledonian Curling Club (BBC News. 2021).
However, in the negative context it has been found that there are times when the required support as a child is not found. There are cases when the support of the family or close people is missing. This is one of the issues during which in the early years of becoming a successful entrepreneur people strive. They do not have the confidence to use the experience or to self-motivate as the surrounding is not positives in such cases (Javed, Yasir and Majid, 2019). Though, this has not happened much in case of Rowe and since he has been closely integrated with the work life of his father, he got the required vision and confidence to move. There have been issues and conflict in the teams due to which the services of M&S was affected. This is the reason that Rowe believes in changing positions and departments many employees so that they get the required challenge and motivation to serve the customers effectively. In such situation he has leaded an efficient team with a strong vision with calculated risks (Linton and Solomon, 2017).
Personal background and experience can be both positive and negative for an entrepreneur as failing support reduced the self-motivation. On the contrary, the support can enhance the risk taking and the motivational aspect of people. In this financial background play a dominant role as the same supports an entrepreneur in the initial days to search and collect information through technological means like computer or magazines. Good and positive experience help in taking the required risk and facing the challenges as the entrepreneurs are not scared of the same (Julien, 2018).
(BBC News. 2021)
Steve Job’s background and experience showed he was born in 1955 and raised by adoptive parents. He took keen interest in engineering and this led him to work as a video game designer at Atari. He dropped out of Reed College and in1976 he was helped to launch Apple. He was one of the first entrepreneurs to design computers and keyboards that is meant for broader audience. He understood that with Apple and a moulded plastic case customers would be attracted to the computers. Next to this in his later life gaining experience from Apple he started NeXT Inc. and Pixar for computer graphics (BBC News. 2021).
Mark Zuckerberg’s background and experience showed he being born in 1984 in New York. He was raised by a well-educated family and this is the reason that education and knowledge has been always considered pivotal by him. At Harvard University, Mark Zuckerberg was one of the best and well known for go-to computer programmer. This led him to develop two programs: CourseMatch and FaceMash. This was acclaimed widely and soon in the year 2004, “The Facebook,” was created by Zuckerberg with the idea of creating a room in which personal and other spaces can be shared easily and there can be emergence of an integrated social networking site (Lavorata and Sparks, 2018).
As seen in M&S as Steve Rowe has been a successful entrepreneur in creating and establishing the necessary innovative styles in products, fashion and trends along with integration of the employees this self-motivation and the other necessary skills have been effective. The traits, motivation and the positive aspect of background has been strong.
Entrepreneurship can be of different types however, there are certain necessarily attributes that are to be considered. one of the most important areas include following the customers wants or serving the targeted people effectively. The would be for any successful entrepreneur taking up the right opportunities and using the experiences are necessary so that they can stabilise their career. In this leadership and the vision of taking the risks is necessary. Small business can be one of the most effective sources of business for the national and the local economy.
BBC News. 2021. Trespass owner Jacobs & Turner posts rise in profits. [online] Available at: <https://www.bbc.com/news/uk-scotland-scotland-business-39527740#:~:text=The%20Glasgow%2Dbased%20owner%20of,in%20the%20UK%20and%20Europe.> [Accessed 22 June 2021].
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