Entrepreneurship

Entrepreneurship and Small Business Management
Entrepreneurship & Small Business Management Individual Assignment
Contents
Executive summery.....................................................................................................................................3
Introduction.................................................................................................................................................4
TASK 1..........................................................................................................................................................5
P1: Provide an introduction to the report by examining different types of entrepreneurial ventures
and explaining how they relate to the typology (different types) of entrepreneurship. Your
introduction should aim to define entrepreneurship and explore entrepreneurship scope and
typology.......................................................................................................................................................5
TASK 2..........................................................................................................................................................9
P2: Building on the different types of entrepreneurial ventures explored in P1, you are now required
to explore the similarities and differences between each. You could consider the roles,
characteristics and objectives of different types of ventures: private; public; social enterprises - as
well as different sized ventures: micro; small; medium..............................................................................9
TASK 3........................................................................................................................................................18
P3: Present, interpret and assess relevant data and statistic to illustrate the impact micro and small
business have on the economy. You should consider local, regional, national and international
economic impacts......................................................................................................................................18
Task 4........................................................................................................................................................22
P4: Building on the information you provided for P3, you must explain the importance that small
businesses and business start-ups on the growth of the social economy.................................................22
TASK 5........................................................................................................................................................28
P5: Determine what makes a successful entrepreneur. You could consider examples of successful
entrepreneurs and determine the characteristic traits and skills they possess. Similarly, you could
explore whether entrepreneurs are born or made and whether entrepreneurship skills can be
learned over time......................................................................................................................................28
TASK 6........................................................................................................................................................29
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset. You may wish to consider how personality is shaped by family upbringing, lifestyle, cultural
differences and personal motivation and drivers amongst other factors..................................................32
Task 7........................................................................................................................................................37
P7: Examine, using relevant examples, how a person’s background and past experiences can hinder
or foster entrepreneurship. Factors to consider may include level and type of education, national
culture, economic circumstances and character traits. The risks and rewards of starting a business
should also be considered.........................................................................................................................37
Conclusion.................................................................................................................................................40
References.................................................................................................................................................41
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Acknowledgement
I would like to take this opportunity to thank each and every person that helped me by any
means, to complete this assignment according to the required standards, on time.
Special thanks go to my Lecturer, for guiding me through the required parameters and for
showing me the errors and for helping me to do the assignment.
Thank You.
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Executive Summary
This unit furnishes understudies with a comprehension of the definition and extent of
enterprise and a comprehension of the empowering agents and hindrances to business begin
up. Students will find out about the impact of national culture and economy on enterprise and
will investigate the individual qualities of business people and the effect of individual
situational factors, including training and foundation. Understudies will likewise find out
about the job and significance of little firms to the economy, and about social undertaking
and the social economy. Understudies will likewise be relied upon to comprehend the parity
of hazard and reward in beginning another endeavor and they will research and think about
their very own innovative and ambitious attributes. Precedents of business visionaries and
start-up associations will be talked about and understudies will be relied upon to draw on
nearby, individual and general information together with their figuring out how to have the
capacity to distinguish the attributes of innovative endeavors.
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Introduction
Business is one of the central segments for the monetary and social development. It delivers
national improvement as well as provincial and in addition neighborhood as well. Hence,
despite the fact that the whole idea of business enterprise appears to be basic, its whole
working is mind boggling and dynamic; and furthermore every one of the pioneering
capacities in an individual varies from each other in regard of the beneficial experience and
information they gained. The report intends to talk about the part of business person and
enterprise in a broad way.
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TASK 1
P1: Provide an introduction to the report by examining different types of
entrepreneurial ventures and explaining how they relate to the typology
(different types) of entrepreneurship. Your introduction should aim to
define entrepreneurship and explore entrepreneurship scope and typology.
1.1 Introduction of entrepreneur
Who is an 'Entrepreneur?'
A business person is a person who, as opposed to filling in as a representative, establishes and

maintains a private company, expecting every one of the dangers and prizes of the endeavor.
The business visionary is generally observed as a trailblazer, a wellspring of new thoughts,
products, administrations and business/or strategies.
Definitions of Entrepreneurship
Financial analysts have never had a reliable meaning of "business visionary" or "enterprise"
(business person" originates from the French verb entreprendre, signifying "to embrace").
Despite the fact that the idea of a business visionary existed and was known for a
considerable length of time, the established and neoclassical market analysts let business
people well enough alone for their formal models: They expected that ideal data would be
known to completely sane performing artists, ruling out hazard taking or disclosure. It wasn't
until the center of the twentieth century that business analysts genuinely endeavored to join
enterprise into their models.
What is “Entrepreneurship”?
The limit and eagerness to create, arrange and deal with a business adventure alongside any
of its dangers with the end goal to make a benefit. The clearest case of enterprise is the
beginning of new organizations.
In financial matters, business joined with land, work, common assets and capital can deliver
benefit. Enterprising soul is described by advancement and hazard taking, and is a basic piece
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of a country's capacity to prevail in a regularly changing and progressively aggressive

worldwide commercial center.
1.2 Agriculture Entrepreneurship
Agriculture Entrepreneurship can be characterized as being essentially identified with the

promoting and creation of different horticultural items. Horticultural Entrepreneurship is
additionally identified with rural sources of info. Models of territories where agrarian
business people relate themselves incorporate dairy, ranger service, and cultivation.
Generation and showcasing of agrarian data sources and yields (Dairy, agriculture, ranger
service) Political Entrepreneur There are three distinct sorts of political business visionaries.
1. The first is somebody who is here and there identified with the field of governmental
issues and makes new political gatherings, gatherings or ventures to make a benefit
2. The second sort is a political business person who makes benefits through different
government contracts, endowments, and security. Benefit is made through different political
courses of action.
3. The third sort is the more typical legislator. These political business people utilize
imaginative thoughts and approaches to profit their very own political profession or intrigue
and at the same time makes a benefit.
1.3 Manufacturing
Nourishment fabricating laborers perform errands as differed as the numerous sustenances we

eat. For instance, they butcher, dress, and cut meat or poultry; process drain, cheddar, and
other dairy items; can and protect organic products, vegetables, and solidified fortes; fabricate
flour, oat, pet sustenances, and other grain process items; make bread, treats, cakes, and other
pastry kitchen items; make sugar and sweet and other dessert shop items; process shortening,
margarine, and different fats and oils; and plan bundled fish, espresso, potato and corn chips,
and nutty spread. Despite the fact that this rundown is long, it isn't comprehensive.
Nourishment fabricating specialists likewise have an impact in conveying various other
sustenance items to our tables.
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1.4 Entrepreneurs Take On Manufacturing
In any case, as of late a parallel blast of advanced instruments and administrations has
occurred in the assembling domain too, attracting PC helped structure and 3D printing
hardware to open-source working frameworks, the cloud, and the Internet of Things (IoT).
1.5 Industrial Manufacturing Industry
Industrial Manufacturing Industry. Assembling industry alludes to those enterprises which

include in the assembling and handling of things and enjoy either making of new items or in
esteem expansion. The assembling business represents a noteworthy offer of the mechanical
segment in created nations.
1.6 Entrepreneurship
Ducker (2014) characterizes the procedure of enterprise as a standout amongst the most
inventive methodology towards the business and business exercises to compose, oversee and
lead individuals inside the association towards the hierarchical objective. It is likewise
imperative a powerful enterprise will deliver positive change and advancement for the
association. Ducker (2014) points out that the generally speaking enterprising exercises
comprise of imaginative method for creating and instituting materials, the procedures in
which the created materials are used and embraced, lastly grow the whole procedure of
generation or the assembling.
On the opposite side, Kirzner (2015) means the psychological capacity that a business person
ought to have amid the task, with the end goal to convey request and congruity to the tumult,
this includes all the hazard that are covered up in the business and showcasing exercises.
Kirzner (2015) likewise relates the term 'business enterprise' with the words 'development
and innovativeness’, which thus adds to the development and maintainability of the
association in general.
The current and the future business, and furthermore other critical segment abides upon
powerful and effective enterprising aptitudes of the people. Ducker (2014), one of the central
part of the idea of business is to define a dream for the organization, and through time
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executing it in the most vital and auspicious way. Henceforth, surveying genuine business
enterprise does not just keeps to dividers of an association and the improvement of a
particular association, rather it impacts and adds to the general neighborhood and national
economy too, and furthermore mull over every natural necessity amid the force.
Here are the different sorts of business enterprise as per its organizations or the association
related with:
Large Corporations: When it comes to huge partnerships, it has a specific life cycle; and
this predominantly in light of the fact that they procure development and also manageability
through orchestrating new administrations and items, and furthermore through the matter of
the enduring items and administrations individually. With regards to substantial partnerships,
they are constantly subjected to rivalry; thus it is vital for them to form their items and
administrations as needs be with the changing business condition and incline, and the most
versatile and viable change can be purchased forward by effective business people. As per
Kirzner (2015), the imaginative and inventive capacity of the business visionary shows best
amid the defining moment or the up and coming change. Examples : Samsung, LG, Sony
Cooperation.
Enterprise of Small Businesses: When it comes to independent ventures, SRI LANKA has
an enormous rate in the grow of new businesses. As indicated by Shattner (2016), there is a
gigantic development in the rise of new companies in SRI LANKA, in the year 2015-16 just,
there were in excess of 3630 new businesses grew in SRI LANKA as it were. It is likewise
essential to pass on the specific truth that these new businesses are additionally adding to the
general work in SRI LANKA to over 19.8%. Nearby and local general stores, web bistros and
stores, counseling organizations, car retailers and even little scale creation houses establishes
a portion of the private company new businesses developed over the most recent couple of
years in SRI LANKA. The arrangements of these organizations are through couple of
individuals or even as a privately-owned company show. Examples: Travel Agents,
Plumbers, Web designing, Event DJ, Tutoring.
Scalable Business Startups and Entrepreneurship: The endeavors that have the objective
to progressively change the whole holding on model, says Ducker (2015). This sort of
innovative endeavors concentrates more on the quality and in the imaginative part of the
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business, and thus they includes proficient faculty as their workforce. As the term itself
recommends, the principle point of these organizations are the 'scale', which shows the
money related speculation and the investment assets for the development. Examples:
Facebook, Google, Yahoo.
Social Entrepreneurship: The principal point of this sort of business is to build up the items
and administrations for the advancement and advancement of the general population and
societal frameworks. The business person of these organizations centers to create and
executes items or administrations that would prompt viable and productivity of the general
public and condition, and furthermore towards the advancement of the populace. Examples:
Embark.
TASK 2
P2: Building on the different types of entrepreneurial ventures explored in
P1, you are now required to explore the similarities and differences
between each. You could consider the roles, characteristics and objectives
of different types of ventures: private; public; social enterprises - as well as
different sized ventures: micro; small; medium.
The similarities and the dissimilarities are of different types of entrepreneurial ventures
according to Schaper et al (2014) are;
Type of Attribute of the Roles Goals

Entrepreneurial venture
Ventures
Business The main attribute of Since the main aim As discussed in the
Entrepreneurship the business is to of these ventures is to ‘role’ section, the
generate revenue and generate profit and main aim of the
profit. revenue, the role they business company is
acquire is also acquire maximum
competitive in nature. revenue and profit,
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For this, they would and through this to

indulge in ht e become the leading
production of quality company in the
product or services or respective industry
both in order to win and also to acquire
the customer segment maximum market
share.
Social Social Social Through
Entrepreneurship entrepreneurship is entrepreneurship’s development of the
mainly oriented on role is to synthesize effective and
the betterment of the product and service efficient products
society, people and for the overall and services that
the environment betterment and would influence and
improvement of the improve the ongoing
three afore said areas, condition of the
and that is people, environment,
society and the people’s living and
environment through this society
as a whole
Macro Macro The entrepreneurs of Goal is to become
Entrepreneurship entrepreneurship is these types take the the market leaders
largely managed and role of the captain, and successful in
lead by business and through this a acquiring the
founders and owners better understanding maximum market
of large businesses. of the organization segment.
For them, their main they are at work can
vision is to bring be understood with
change within the all its strength and
industry they are weaknesses. Hence,
established through by strategizing
more market shares suitable market and
and expanded operational strategies
revenue, and to become successful
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establish themselves and acquire market

as leaders of it. shares in the
respective industry.
Micro Founded and Although the To generate
Entrepreneurship operated as a small- workspace for the maximum profit
scale, within minimal employees are within the
investment. When it comparably small established industry
comes to small than that of the
business or the macro
macro- entrepreneurial
entrepreneurship, the ventures, it is
maximum number of important to
employees would comprehend the very
range 5-10, since the fact that these small
initial annual revenue businesses would
would range from provide an efficient
Rs.500,000- ground for the
Rs.1000,000. employees to acquire
industry knowledge
and to develop
efficiency. For this
reason a better
understanding and
knowhow on the
activities, operations
and the role they
have to play would
empower the
entrepreneur in
efficient
entrepreneurship.
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2.1 Sri Lanka Public Sector Entrepreneurship
Department of Sri Lanka Railway (SLR)
During the year 2016 SLR dedicated to give its fullest contribution for passenger & Freight
Transport Service to the Transport Service in the National Economy. The total revenue in
2016 was Rs 6623.37 mn showing an increase of 4.5 % form Rs 6634.60 mn in 2015.
increasing by 4.5%. And also, Passenger income recorded as Rs 5,366.31mn in 2016 from
Rs.5,174.55mn. in 2015. Showing a 3.7% increase. The increase of the Number of trains
operated, Increasing the number of suburban train services during the peak hours, minimizing
the train delays, Continuous maintenance and development to the train fleets ,Signalling &
Telecommunication system and track network were the main factors which contributed
directly to the above favorable condition. The total expenditure also decreased from Rs
44,485.02mn to Rs. 29,090.39mn. in comprising these figures with last year, it showed a 34%
decrease.
Action taken to improve Efficiency & Productivity.
• Calling for quotations and conducting evaluating activities to procure 10 Nos.of
locomotives and 06 Nos. of power sets under the Indian Line of Credits.
• Calling for quotations and conducting evaluating activities to procure 160 Nos. of
Passenger carriages,30 Nos. of Oil Tanks and 30 Nos. of Container Flat Wagons under
the Indian Line of Credits.
• Improvement of Kelanivelly Line.
• Installation of 200 Protected Railway Crossings.
• Recruited new stations masters and Railway Guards to make the train service efficient , .
• Regularization & widening the security affairs of the Railway stations & the passengers.
• Regular of self employees for mobile sales at the Railway stations & in the trains under
the programme “ Divi Neguma “ implemented by the Economic Development Ministry
• Procurement of 07 Nos. of Bridges under the Belgium Line of Credit.
• Steps taken to initiate computer programming to collect revenue of railway reservations
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efficiently & decentralization of the activities of railway lands division.
• Developments in main railway stations
2.2 Sri Lanka Coperate Sector Entrepreneurship
John Keells Holdings PLC, Sri Lanka.
History: In 1870 The foundation was laid for the corporate journey of John Keells Holdings
PLC (JKH), when two English brothers, George and Edwin John set up E. John & Co., a firm
of produce and exchange brokers. 1960 The firm amalgamated with Keell and Waldock Ltd.,
another long established produce, share and freight broking company thus changing its name
to John Keell Thompson White Ltd. The firm became a Rupee quoted public company and
took the name of John Keells Ltd in 1974.
Sri Lankan Economy(2016/17):
GDP(Gross Domestic Product) Growth Impact to JKH: The Sri Lankan economy grew
by 4.4 per cent for the calendar year 2016, compared to 4.8 per cent GDP growth recorded in
2015. The economic growth in 2016 was mainly supported by the Industries sector, which
recorded a significant growth of 6.7 per cent. Services related activities also contributed
positively to the growth during the year, expanding by a modest 4.2 per cent compared to 5.7
per cent in the previous year. The Agriculture sector witnessed a sizeable decline of 4.2 per
cent from the positive growth of 4.8 per cent recorded in the previous year. Whilst the overall
performance of the Group demonstrated significant growth over the previous year, the slow-
down in economic growth impacted consumer and business sentiment leading to a certain
moderation of business activity, particularly during the fourth quarter of the year.
Inflation Impact to JKH: Year-on-year headline inflation, based on the NCPI (National
Consumer Price Index) , increased to 8.6 per cent in March 2017 from 2.2 per cent in March
2016. Year-on year core inflation, based on the NCPI increased to 7.0 per cent in March 2017
from 5.0 per cent in March 2016. Although overall growth for the consumer focused
businesses remained positive for the year, the rising inflationary trend during the financial
year partially impacted consumer discretionary spending which led to a moderation in the
growth of the Consumer Foods and Retail industry group during the fourth quarter of the
financial year. There was no impact on the margins of the businesses, as there were no
significant impacts on the price levels of raw materials.
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Exchange rates Impact to JKH: The Rupee depreciated to Rs.151.99 as at 31 March 2017
against the US Dollar compared to its closing rate of Rs.144.69 as at March 2016. The
exchange rate was maintained at relatively stable levels during the first half of 2016, with
support from the supply of foreign exchange liquidity which depleted the reserves of the
CBSL(Central Bank of Sri Lanka) . However, the Rupee depreciated at a higher rate in the
second half of the year on the back of Dollar demand from higher imports and net foreign
outflows from Government securities.
2.3 Where micro and small business man get ideas
3D motion pictures - viewing a film in 360 degree VR.
Land showcasing - envision hunting down another home and having the capacity to take an
online VR stroll through of a publicized house from the solace of your work area seat.
Gaming - VR is reforming the gaming business, with new VR titles being discharged on a
week by week premise.
Group building works out - shaking up group building occasions with a gathering VR
encounter.
Web based life VR cooperation - companions will have the capacity to interface in a virtual
online space.
Preparing - VR can infuse a significantly higher level of authenticity into preparing

situations. Numerous organizations, (for example, UPS) are propelling new conveyance
driver preparing programs utilizing VR.
Reflection - VR is perfect for redone contemplation.
2.4 Some of the major problems faced by micro and small enterprises are as follows:
1. Problem of Raw Material:
A noteworthy issue that the miniaturized scale and little undertakings need to battle with is
the acquisition of crude material. The issue of crude material has accepted the state of:
(I) A flat out shortage,
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(ii) A low quality of crude materials, and
(iii) A surprising expense.
The dominant part of smaller scale and little ventures generally created things reliant on
nearby crude material. At that point, there was no serious issue in acquiring the required
crude materials. However, as far back as the development of modem little scale enterprises
fabricating a great deal of modern things, the issue of crude material has risen as a difficult
issue on their generation endeavors.
The little units that utilization imported crude material face crude material issue with greater
seriousness basically because of trouble in getting this crude material either by virtue of the
remote trade emergency or some of different reasons.
2. Issue of Finance:
A critical issue looked by smaller scale and little ventures in the nation is that of back. The
issue of fund in miniaturized scale and little division is for the most part because of two
reasons. Right off the bat, it is somewhat because of shortage of capital in the nation in
general.
3. Issue of Marketing:
One of the fundamental issues looked by the miniaturized scale and little endeavors is in the
field of showcasing. These units regularly don't have any advertising association. In result,
their items contrast ominously and the nature of the results of the extensive scale enterprises.
Consequently, they experience the ill effects of focused inconveniences opposite expansive
scale units.
2.5 Advantages for Small & Medium Enterprises
SME – Small and Medium Enterprise
Growing Small and Medium Enterprise (SMEs) accomplishes supportable development as a

brought together topic. SMEs assume an essential job in the nation's general generation
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systems and they are center to the financial development of creating nations. The
commitments of formal SMEs are half of aggregate work and 33% of the national salary of
developing economies. While including casual SMEs the rates will be expanded. Back
promotion is the fundamental imperative to SME development, without that numerous SMEs
are declined. There are numerous favorable circumstances for SMEs which are depicted
underneath.
Empowers Team Spirit
Enormous organizations representatives do chip away at various floors and structures. In

spite of the fact that many work for long years, meeting balanced would not be conceivable.
Continuously division rivalries and staffing will invade among the general population. Yet, in
Small and Medium-sized organizations, the proprietor perceives each worker and
comprehends their significance. Broadly educating will occur on account of assigning one
representative in somewhere else in the event of excursion, sickness and so forth.,
Profited with simple advance
There are various credit programs accessible for SMEs though the enormous organizations
don't fit the bill for such advances. The credits are sponsored up with Small Business
Administration. Indeed, even a neighborhood bank acknowledges the advance use of SMEs.
The Small Business Associate ensures the credit for SMEs however they don't specifically
give the advance.
SMEs coordinate contribution
SMEs can well command over their yield and clients collaboration than the greatest
organizations. For example, the proprietor can be in a situation to investigation the item
quality and amend if any issue happens therefore the hazard is limited and emergency are
avoided on the before stage itself. Independent company can straightforwardly contact with
potential clients to advance them openly. Out of the advanced insurgency, the expense of
promotion is chopped down. A lot of costs powerful, proficient arrangements are accessible
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for new businesses and SMEs to advance their infectious brands and other advertising
materials.
Taking prompt choice
SMEs can rapidly respond as per the commercial center changes. It doesn't pursue with an
official progressive system which may back off the basic leadership process. On the off
chance that the entrepreneur will in general observe there is a wide chance to test with his
rival, it tends to be done at a minute since he require not sit tight for others endorsement. A
worker in a SME is given the open chance to learn other division works, if and just in the
event that he is very educated. Be that as it may, huge organizations have its own
confinement for representatives work portrayal which is an extraordinary snag for a worker's
development.
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Scenario 2
TASK 3
P3: Present, interpret and assess relevant data and statistic to
illustrate the impact micro and small business have on the
economy. You should consider local, regional, national and
international economic impacts.
3.1 What is a developing country economy?
A developing country economy is regularly normal for a created nation with a moderately
abnormal state of financial development and security. Normal criteria for assessing a nation's
level of improvement are salary per capita or per capita GDP, the level of industrialization,
the general way of life and the measure of innovative foundation. Noneconomic factors, for
example, the human improvement list, which measures a nation's levels of instruction,
proficiency and wellbeing into a solitary figure, can likewise be utilized to assess an economy
or the level of advancement.
3.2 What is the Sri Lankan Economy?
Sri Lanka's monetary opportunity score is 57.8, making its economy the 111th freest in the
2018 Index. Its general score has expanded by 0.4 point, with enhancements in speculation
opportunity, business opportunity, and legal adequacy exceeding a lower score for monetary
wellbeing. Sri Lanka is positioned 25th among 43 nations in the Asia– Pacific area, and its
general score is underneath the provincial and world midpoints.
To keep up the unfaltering financial development that Sri Lanka has appreciated as of late
while keeping up macroeconomic strength, the legislature should at the same time benefit its
abnormal state of obligation out of decreased assessment receipts while diminishing the
enlarged open area and bringing down truly high spending deficiencies. That will mean far
and away superior administration of open accounts and extra basic changes to enhance the
business atmosphere. Be that as it may, a powerless legal keeps on undermining property
rights, and abnormal amounts of seen defilement are crippling.
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3.3 Sri Lanka Economic Growth
The economy is expected to strengthen over the next two years, supported by robust services
activity. However, the country’s current account and fiscal deficits will continue to weigh on
the outlook. Focus Economics panelists expect growth of 4.3% in 2019, down 0.2 percentage
points from last month’s forecast, and 4.4% in 2020
Sri Lanka Economy Data
2013 2014 2015 2016 2017
Population (million) 20.6 20.8 21.0 21.2 21.4
GDP per capita (USD) 3,609 3,820 3,839 3,842 4,063
GDP (USD bn) 74.3 79.3 80.5 81.5 87.1
Economic Growth (GDP, annual variation in %) 3.4 5.0 5.0 4.5 3.1
Consumption (annual variation in %) 7.0 3.9 7.8 -3.3 0.6
Investment (annual variation in %) -8.8 11.5 3.8 27.1 17.2
Industrial Production (annual variation in %) -0.5 6.1 9.2 -2.8 4.3
Unemployment Rate 4.4 4.3 4.7 4.4 4.2
Fiscal Balance (% of GDP) -5.2 -6.2 -7.0 -5.4 -5.5
Public Debt (% of GDP) 71.8 72.2 78.5 79.6 79.4
Money (annual variation in %) 18.0 13.1 17.2 18.9 17.5
Inflation Rate (CPI, annual variation in %, eop) 4.7 1.3 4.6 4.5 7.2
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2013 2014 2015 2016 2017
Inflation Rate (CPI, annual variation in %) 7.0 2.8 2.2 4.0 6.6
Policy Interest Rate (%) 8.50 8.50 7.50 8.50 8.75
Exchange Rate (vs USD) 171.6 173.5 151.0 161.8 172.4
Exchange Rate (vs USD, aop) 129.1 130.6 136.1 146.2 152.5
Current Account (% of GDP) -3.4 -2.5 -2.3 -2.1 -2.7
Current Account Balance (USD bn) -2.5 -2.0 -1.9 -1.7 -2.3
Trade Balance (USD billion) -7.6 -8.3 -8.4 -8.9 -9.6
Exports (USD billion) 10.4 11.1 10.6 10.3 11.4
Imports (USD billion) 18.0 19.4 18.9 19.2 21.0
Exports (annual variation in %) 6.3 7.1 -5.2 -2.3 10.2
Imports (annual variation in %) -6.2 7.9 -2.5 1.3 9.4
International Reserves (USD) 7.5 8.2 7.3 6.0 8.0
External Debt (% of GDP) 53.7 54.1 55.7 57.0 59.5
3.4 Indian economy
India has developed as the quickest developing real economy on the planet and is relied upon
to be one of the main three monetary forces of the world throughout the following 10-15
years, upheld by its solid majority rule government and associations.
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Market measure
India's GDP is evaluated to have expanded 6.6 percent in 2017-18 and is relied upon to
become 7.3 percent in 2018-19. In April-July quarter of 2018-19, the GDP developed by 8.2
percent.
India has held its situation as the third biggest startup base on the planet with more than 4,750
innovation new companies, with around 1,400 new companies being established in 2016, as
indicated by a report by NASSCOM.
India's work compel is required to contact 160-170 million by 2020, in light of rate of
populace development, expanded work drive investment, and advanced education enrolment,
among different components, as indicated by an examination by ASSOCHAM and Thought
Arbitrage Research Institute.
India's remote trade holds were US$ 400.49 billion in the week up to September 14, 2018, as
per information from the RBI.
3.5 Japan economy
Japan's financial opportunity score is 72.3, making its economy the 30th freest in the 2018
Index. Its general score has expanded by 2.7 focuses, with sensational shortage decrease
enhancing the score for financial wellbeing and far outpacing a decrease in government
respectability. Japan is positioned eighth among 43 nations in the Asia– Pacific area, and its
general score is over the local and world midpoints.
The recently reelected government's 66% parliamentary "super lion's share" will convert into
a new command to twofold down on its "Abenomics" renewal motivation went for reinflating
the economy: money related facilitating, "adaptable" financial strategy, and basic change.
Exchange advancement is likewise an objective. The administration is quick to resuscitate the
Trans-Pacific Partnership following the U.S. withdrawal, yet that is probably not going to
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happen soon. Japan has one of the world's heaviest government obligation troubles. Political
steadiness and a very much kept up standard of law fortify its financial opportunity.
3.6 China economy
China is the world's biggest assembling economy and exporter of goods. It is likewise the
world's quickest developing purchaser market and second-biggest shipper of goods. China is
a net merchant of administrations products. It is the biggest exchanging country on the planet
and assumes a noticeable job in global trade and has progressively occupied with exchange
associations and bargains lately. China turned into an individual from the World Trade
Organization in 2001. It likewise has unhindered commerce concurrences with a few
countries, including ASEAN, Australia, New Zealand, Pakistan, South Korea and
Switzerland. The territories in the beach front locales of China[38] will in general be more
industrialized while areas in the hinterland are less created. As China's monetary significance
has developed, so has regard for the structure and strength of the economy.
Task 4
P4: Building on the information you provided for P3, you must explain the
importance that small businesses and business start-ups on the growth of
the social economy.
As talked about previously, the independent companies in SRI LANKA assume an

exceptionally pivotal job in the monetary development and manageability of the nation. A
bigger level of the populaces inside SRI LANKA are utilized or at the end of the day working
in private ventures and these little undertakings goes about as a center generator of work in
the business. With these business, the stream of money inside the economy moves toward
becoming and compelling (Lewis, 2013). A significant number of the private ventures, which
ended up fruitful and furthermore developing, are opening up noteworthy open doors for the
neighborhood and provincial populace of SRI LANKA. With these certainties, data and
information talked about, it turns out to be evident that independent ventures are beyond
22
question one of principle segment and spine for the monetary development and
maintainability in SRI LANKA.
4.1 What is GDP in a country?
The (GDP) is one of the gross domestic product used to measure the strength of a nation's
economy. It speaks to the aggregate dollar estimation all things considered and benefits
delivered over a particular era, frequently alluded to as the measure of the economy.
4.2 What is GDP in Sri Lanka
The Gross Domestic Product (GDP) in Sri Lanka was worth 87.17 billion US dollars in 2017.
The GDP estimation of Sri Lanka speaks to 0.14 percent of the world economy. Gross
domestic product in Sri Lanka found the middle value of 18.58 USD Billion from 1960 until
2017, achieving an unequaled high of 87.17 USD Billion of every 2017 and a record low of
1.41 USD Billion out of 1960.
Agriculture
Gross domestic product From Agriculture in Sri Lanka expanded to 160674 LKR Million in
the second quarter of 2018 from 154906 LKR Million in the main quarter of 2018. Gross
domestic product From Agriculture in Sri Lanka found the middle value of 153750.91 LKR
Million from 2010 until 2018, achieving an unsurpassed high of 178265 LKR Million in the
final quarter of 2017 and a record low of 124301 LKR Million in the main quarter of 2011
Service
Adding to in excess of 60 percent of Sri Lanka's GDP starting at 2016, the administrations
area is by a wide margin the biggest creating wellspring of the nation's generation. As
indicated by the Central Bank of Sri Lanka, the discount and retail exchange took the biggest
cut of the administrations segment, with in excess of 20 percent of all Services area's
commitments getting through this exchange.
All things considered, coming at second place was the Transport and Communication section,
which consolidated added to in excess of 14 percent of the result of the Services business.
At third place was the nation's quickly developing the travel industry, which represented
generally around 10 percent of the administration business' aggregate result.
23
At long last, the managing an account division, protection and additionally land were at a
decent fourth place and contributed approximately 9 percent to the administration business'
yield.
4.3 GNP
Gross national product (GNP) is a gauge of aggregate estimation of all the last items and
administrations turned out in a given period by the methods for generation possessed by a
nation's inhabitants. GNP is generally figured by taking the total of individual utilization
uses, private residential speculation, government use, net fares and any pay earned by
inhabitants from abroad ventures, short salary earned inside the local economy by outside
occupants. Net fares speak to the contrast between what a nation sends out short any imports
of products and ventures.
4.4 GNP impacts on economy Sri Lanka
The economy is relied upon to fortify throughout the following two years, upheld by hearty
administrations action. In any case, the nation's current record and monetary deficiencies will
keep on weighing on the viewpoint. FocusEconomics specialists expect development of 4.3%
in 2019, down 0.2 rate focuses from a month ago's conjecture, and 4.4% in 2020.
4.5 Population
The current population of Sri Lanka is 20,976,312 as of Saturday, November 10, 2018, based
on the latest United Nations estimates.
Sri Lanka population is equivalent to 0.27% of the total world population.
Sri Lanka ranks number 58 in the list of countries (and dependencies) by population.
The population density in Sri Lanka is 334 per Km2 (865 people per mi2).
The total land area is 62,710 Km2 (24,212 sq. miles)
19.6 % of the population is urban (4,095,751 people in 2018)
The median age in Sri Lanka is 32.7 years.
4.6 Per capita income
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The GDP per Capita in Sri Lanka is proportionate to 30 percent of the world's normal. Gross
domestic product per capita in Sri Lanka arrived at the midpoint of 1521.72 USD from 1961
until 2017, achieving a record-breaking high of 3842.30 USD in 2017 and a record low of
585.90 USD in 1961.
4.7 Unemployment
Unemployment Rate in Sri Lanka increased to 4.60 percent in the second quarter of 2018
from 4.50 percent in the first quarter of 2018. Unemployment Rate in Sri Lanka averaged
7.88 percent from 1991 until 2018, reaching an all time high of 16.60 percent in the second
quarter of 1992 and a record low of 3.70 percent in the fourth quarter of 2013.
4.8 Inflation
Definition: inflation is the long term rise in the prices of goods and services caused by the
devaluation of currency. As the nature of inflation is not uniform in an economy for all the
time, it is wise to distinguish between different types of inflation. Such analysis is useful to
study the distributional and other effects of inflation as well as to recommend anti-
inflationary policies. Inflation may be caused by a variety of factors. Its intensity or pace may
be different at different times. It may also be classified in accordance with the reactions of the
government toward inflation. Types of inflation;
 On the Basis of Speed or Intensity:

 Creeping or moderate inflation
 Galloping Inflation
 Hyperinflation
Inflation impacts on economy Sri Lanka
Inflation rate in Sri Lanka dropped to 3.1 percent year-on-year in October 2018, from 4.3
percent in the previous month. It was the lowest inflation since March 2016, as prices slowed
for restaurants & hotels (11.3 percent from 14.1 percent in September) and declined 2.3
percent for food & non-alcoholic beverages (from a 2.3 percent gain in the prior month).
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Contrarily, cost advanced faster for housing & utilities (1.4 percent from 1.1 percent);
transport (14.9 percent from 12.7 percent); clothing & footwear (7.2 percent from 4.7
percent) and furnishing equipment (3.6 percent from 3.2 percent). On a monthly basis,
consumer prices edged down 0.2 percent, following a 0.7 drop in September. Inflation Rate in
Sri Lanka averaged 9.50 percent from 1986 until 2018, reaching an all time high of 28.30
percent in June of 2008 and a record low of -0.90 percent in March of 1995.
Core consumer prices in Sri Lanka increased 3.80 percent in October of 2018 over the same
month in the previous year. Core Inflation Rate in Sri Lanka averaged 6.70 percent from 2004
until 2018, reaching an all time high of 12.76 percent in September of 2008 and a record low of
2.13 percent in December of 2013.
Inflation: how Sri Lankan small businesses & entrepreneurs can deal with soaring
prices
Large businesses are better able to buffer themselves from the impact of inflation. Small
businesses are generally in a much weaker position to adjust prices when inflation kicks in. Many
small businesses are already weakened by the prolonged recession and are hesitant to raise prices right
now.
How can small businesses prepare for the onslaught of inflation that seems almost inevitable?
Now that inflation has begun to heat up, it is time to become aggressive with frequent small
price increases. This is generally a much better strategy than waiting and trying to catch up at
some point with one big jump. For some businesses that post prices, such as restaurants with
printed menus, this will create a challenge. But it is worth the effort, as customers are more
willing to accept smaller price increases. Cash may be a questionable investment during
inflation, as its value decreases due to its diminishing buying power as prices go up.
However, cash does become a critical asset for small businesses facing inflationary pressures.
Cash reserves can serve as a buffer, as costs often increase faster than the entrepreneur can
raise prices. "Cash is King," even during inflation, so it is important to build cash reserves to
buy time until small businesses are able to pass along higher prices to their customers.
If small business extends credit to customers, stay vigilant in collecting receivables. Don't let
customers manage their cash-flow challenges at small business or entrepreneur’s expense.
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Eventually, inflation will begin to create wage and salary pressures. Smaller businesses can
see profits getting pinched as payrolls go up. When this happens, focus on the efficiency and
productivity of their work force. Entrepreneurs have to be prepared for more difficult times
ahead. Expect a continued fragile economy, but with the added pressures of inflation.(Jeff
Cornwall-2011).
4.9 Exchange rates or currency risk.
Currency risk, or exchange rate risk, is the concern that a depreciation in the value of a
currency can have a negative impact on business. Currency depreciation can devalue assets,
investments, interest, and multiple payment streams.
Whether companies are seeing growth on a global scale, or they’re just struggling to manage
currency fluctuations in the digital market, learning how to manage currency for small
business should remain a priority.
In today’s global marketplace, there’s no reason why even the smallest companies can’t
compete when it comes to mastering and reducing currency risk. At the same time, learning
to deal in multiple currencies, or at least how to avoid dealing in them, can help businesses
take their profits to the next level.
While economic instability, the political climate, and other outside influences affect small
companies from their tax status to profit margins to brand loyalty, small businesses who
acknowledge and address those factors will withstand change more solidly.
Managing currency for small business isn’t relevant to every company, as those that exist
only in local markets close to home won’t see any need for trading or streamlining their
currency. However, awareness is the first step in embracing the global nature of today’s
market, so even small businesses without the means to go international may one day need to
know more about currency than they ever thought necessary.
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Scenario 3
TASK 5
P5: Determine what makes a successful entrepreneur. You could consider

examples of successful entrepreneurs and determine the characteristic
traits and skills they possess. Similarly, you could explore whether
entrepreneurs are born or made and whether entrepreneurship skills can
be learned over time.
Business person or enterprise is an idea that outperforms the negligible containment of

business administration. With regards to accomplishment of a business visionary in the
present setting, he or she ought to outperform the traditional method for beginning and
dealing with a business, and reach towards another level where development and business go
as an inseparable unit. It is additionally imperative for a business visionary to create thoughts
as per the changing business condition and execute those business thoughts as system
towards the business. Consequently a negligible capacity or an aptitude isn't adequate in a
business visionary; it rather requires enthusiasm and want as well.
Amid an ongoing article, Richard Branson, the Co-organizer of the organization Virgin
Groups stated that there are various components that impacts a business visionary. One of the
principle attestations he made was on going out on a limb, since business visionaries ought to
dependably be prepared to go for broke (Branson, 2013). As per him, hazard delivers colossal
open door for the business and in addition for the self-improvement of the business visionary.
Aside from it, it is likewise essential for the business person to be versatile towards the
circumstance, particularly with regards to initiative styles (Branson, 2013).
With regards to address whether pioneers or the business people are made or conceived, there
a two ideas supported among the insightful world; where one side place that 'business people
are made' and alternate says 'business visionaries are conceived.' Baum et al (2014) in their
book, 'The Psychology of Entrepreneurs,' declares that the business visionaries are made, as
opposed to the thought of being conceived is only an old one as indicated by them. They
include that it is the outer condition of a person, which backings and molds the inward part of
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that individual; and business, or, in other words factor of authority and administration ability,
is for the most part shaped through that outside upgrade according to Baum et al (2014).
5.1 Characteristics of a successful Entrepreneur
On the personal and the humanitarian level, an outstanding entrepreneur has to own several
features. These traits enable him or her to achieve the maximum success in the practical life
and to accomplish his or her entrepreneurial project in the best possible way. The most
important of these characteristics are;
 Passion & motivation
 Entrepreneurs not afraid to take risk
 Self-belief, hard work, discipline and dedication
 Entrepreneurs are adoptable and flexible
 Product and market oriented and knowledge management
 Good and strong in money management
 Affective in planning skills
 Ability to question them self
5.2 Personality traits of Entrepreneurs

Big-5 model
The Big-5 model is a multidimensional approach towards defining personality, through
measuring openness, conscientiousness, extraversion, agreeableness, and neuroticism. It has
been the predominant model for personality traits since the 1980s, and the Big-5 traits have
been found to influence career choice and work performance.
The five elements are:
 Openness to experience (creative/inquisitive versus predictable/careful).

Gratefulness for workmanship, feeling, enterprise, abnormal thoughts, interest, and
assortment of experience. Transparency mirrors the level of scholarly interest,
innovativeness and an inclination for curiosity and assortment a man has.
 Conscientiousness (proficient/composed versus agreeable/imprudent). Inclination to
be sorted out and tried and true, show self-control, act obediently, go for
accomplishment, and favor arranged instead of unconstrained conduct.
 Extraversion (active/vivacious versus single/held). Vitality, positive feelings,
surgency, self-assuredness, friendliness and the inclination to look for incitement in
the organization of others, and loquacity.
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 Agreeableness (inviting/sympathetic versus testing/isolates). Propensity to be

sympathetic and helpful as opposed to suspicious and hostile towards others. It is
additionally a measure of one's trusting and accommodating nature, and whether a
man is for the most part all around tempered or not. High pleasantness is regularly
observed as gullible or resigned. Low appropriateness identities are frequently
focused or testing individuals, which can be viewed as factious or untrustworthy.
 Neuroticism (delicate/anxious versus secure/sure). Propensity to be inclined to
mental stress. The inclination to encounter obnoxious feelings effortlessly, for
example, outrage, tension, gloom, and defenselessness. Neuroticism additionally
alludes to the level of enthusiastic security and motivation control and is once in a
while alluded to by its low shaft, "passionate soundness”.
5.3 Entrepreneurs’ Traits of Leadership
Drive: Leaders exhibit a high effort level, they have relatively high desire foe achievement.
They have lot of energy. They are tirelessly present in their activities and they show
initiatives.
Desire to lead: Leaders have strong desire to influence to lead others. They dominate the
willingness to take responsibilities.
Honesty and integrity: Leaders built trusting relationship between them self and follows by
being truthful and showing high consistency between words and deeds.
Self-confidence: Followers look to leaders for an absence of their self-doubt. Leaders,

therefore need to show self confidence in order to convince followers of their rightness of
goals and decisions.
Intelligent: Leaders to be intelligent enough to be gather synthesis and interpret large amount
of information. They need to be able to create vision solve problem and make correct
decisions.
Job relevant Knowledge: Affective leaders have a high knowledge about the company,
industry and technical matters. In-depth knowledge allows leaders to make well information
decisions and to understand the implication of those decisions.
The successful entrepreneur must also have the following qualities: the ability to listen,
easiness, the capability to avoid negative criticism and the willingness to provide needed
30
support for overcoming urgent problems and mistakes. In addition to this, the entrepreneur
should be caring, should cultivate the ability to develop personal relationships with the team,
individually and collectively, and the ability to support them in adversities and in the times of
crises. Finally, he or she, as entrepreneurs, should share their happy occasions with the team
to gain their loyalty, on a human level, and effort, on a practical level.
These leadership qualities are not innate only. A successful entrepreneur must first develop
his leadership skills on a permanent basis, using the weapons of knowledge and training, as
well as patience and focus on achieving his or her goals. His or her goals should be achieved
one at a time with courage and calmly, away from irrational speed or boredom so they would
not turn into a mirage.
In correspondence with the human nature and its just requirements, the entrepreneur
sometimes has to delegate some of his or her responsibilities to be a wise leader. He or she
must not hold on to executive tasks or authority and should be keen on empowering the ties
connecting the team in a manner which helps the establishment to achieve its anticipated
objectives, both efficiently and effectively.
5.4 Managerial Skills of Entrepreneurs
Smit (2004) define management as the attainment of enterprise goals in an effective and
efficient manner achieved through planning, organizing, leading and controlling the
enterprise resources. Management skills shall be looked under conceptual and technical skills
of entrepreneurs.
Conceptual Skills
Conceptual skills are the cognitive ability to see the enterprise as a whole and the relationship
among its parts. It involves the entrepreneur thinking, information processing and planning
abilities. Daley (2001) observes that conceptual skill is the ability to think strategically.
Conceptual skills are needed by entrepreneurs to strategically plan for their enterprise. They
must perceive significant elements in a situation and in broad conceptual skills in areas such
as decision making, resource allocation and innovation.
Technical Skills
Technical skills are the understanding of a proficiency in the performance of specific tasks.
Technical skills include mastery of the methods, techniques and equipment involved in
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specific functions such as engineering, manufacturing or finance. They also include

specialized knowledge, analytical ability and the competent use of tools and techniques to
solve problems in that specific discipline. Entrepreneurs and founders of Small and Medium
Enterprises should have some technical skills in their field so as to effectively manage their
enterprise.
TASK 6
P6: Assess how aspects of the entrepreneurial personality reflect
entrepreneurial motivation and mindset. You may wish to consider how
personality is shaped by family upbringing, lifestyle, cultural differences
and personal motivation and drivers amongst other factors.
There are different components that establish an achievement business person, as indicated
by Ducker (2014), it incorporates the capacity to enhance, hazard taking, improvement and
usage of new business thoughts and notwithstanding securing dynamic authority and
administration aptitudes. Understanding these viewpoints, it turns out to be evident that
business person is a person who rehashes every once in a while with the end goal to wind up
aggressive. There is a more prominent connection between the pioneering identity towards
enterprising inspiration and outlook. Baum et al (2014) certifies that the pioneering identity is
significantly shaped from the youth itself, and the outer condition in which he or she
developed impacts the identity. The people who are purchased up in a domain of imagination
and opportunity have indicated unmistakable characteristics of authority and administration,
than that of the people who are conceived and purchased up in strict youth condition. It is
likewise critical that these people who have these constructive identity qualities obtain more
abilities in understanding their kindred men or the specialists, which thusly adds to the
general mentality or more all towards innovative inspiration.
6.1 Entrepreneurial Motivation.
Employee or entrepreneur motivation is one of the most important factor and the main
concern of an any organization. Broadly, motivation can be express as the gap between the
32
ability and the willingness to do a certain task. Even though the employee is capable of doing
the task, he/she does not show the fondness to perform it well. So, motivation is the way of
bridge that gap. So if any organization unable to motivate the employees then arise many
risks upon the firm in terms of inefficiency, less productivity and less growth rate of the
business activities. Consequently, it’s vital to satisfy the employee needs in order to achieve
great success. Moreover, it’s essential to do a broad analysis of the classical motivation
theories to identify the factors that will enable to motivate the employees.
Maslow’s Hierarchy of Entrepreneurial Needs
 Physiological Needs
At the base of the pyramid Maslow says physiological (body-based) needs. For
entrepreneurs, this pyramid is more focused on needed concepts and understanding rather
than bodily needs. Example: An employee (entrepreneur), an idea, sleep, work-free
relaxation, flexibility with ideas and plans.
 Safety Needs
Next are needs for immediate safety and protection, which are only pursued once
physiological needs have been fulfilled. Example: Entrepreneurs- Protection of employees,
customers, company resources, product demand, equipment.
 Social Needs
Social needs in Maslow’s hierarchy include such things as love, acceptance and belonging.
At this level of entrepreneurs needs are Business partnerships, retaining original supporters,
sexual intimacy at home, finding mentors.
 Esteem Needs
At the 4th level of Maslow’s hierarchy is the need for appreciation and respect when the needs
at bottom three levels have been satisfied, The esteem needs begin to play a more prominent
role in motivating behavior. Example: Entrepreneurs- Confidence, sense of worth, meeting
goals and milestones, respect to and from customers and stakeholders.
 Self-actualization needs
Finally, self-actualization needs are at the top of the entrepreneurs’ hierarchy pyramid. Most
entrepreneurs don’t reach this point. One might consider this group of needs as “wisdom.”
33
Gaining wisdom isn’t pursued until all other needs are taken care of. Example:
Entrepreneurs- Imagination, spontaneity, innovation, disruption, clear judgment, successful
products that meet demand, not attempting to create demand, philanthropy and charity work.
McGregor’s Theory X and Theory Y
Theory X stands for conventional approach of viewing and managing people and Theory Y
stands for combinational goals of the organization. But, Theory X has depicted only the
assumptions of the management perspectives and there is no indication of human resource
development perspectives of the organization. The Theory X management style is based on a
pessimistic view of human nature and assumes the following:
 Work avoiding
 Need to control
 Avoid responsibilities
 Workers seek security
In contrast, a Theory Y management style is based on a more optimistic view of human

nature and assumes the following:
 Work is natural
 Capable of self-direction
 Seek responsibility
 Can make good decisions
Managers who operate on Theory Y assumptions recognize individual differences and

encourage workers to learn and develop their skills. In short, the Theory Y approach builds
on the idea that worker and organizational interests are the same. It is not difficult to find
companies that have created successful corporate cultures based on Theory Y assumptions.
According to the Theory X and Theory Y, management believe that the employees should be
always self-driven and motivated to interfere with the organizational tasks.
6.2 Entrepreneurial Mindset.
An entrepreneurial mindset is characterized by the critical, analytical, and fundamentally

disruptive perspective that it brings to the world. However, this isn’t necessarily an innate
ability – like with many other perspectives, it is something that can, and should be learned by
all those with entrepreneurial dreams. Making the ‘switch’ to an entrepreneurial mindset can
34
be challenging. Recognizing the required shifts in mindsets and how they can contribute in
making you a better entrepreneur is vital; with that in mind, here are some changes in
thinking that entrepreneur should consider.
Optimism- Despite challenges, successful entrepreneurs maintain a buoyant attitude.

optimistic about a situation means approaching it as a possibility to be explored. When a
problem occurs, an entrepreneur sees it as a learning opportunity.
Flexibility- Entrepreneurs are flexible enough to make the adjustments to make that idea
feasible. Furthermore, entrepreneurs are prepared and willing to modify their plan when new
information arrives and when there are changes in circumstances.
Self respect- Any entrepreneur will tell that there are numerous problems to overcome.
Whether it be not securing enough funding, proving the naysayers wrong or facing the
competition head on, it’s not easy being an entrepreneur. And, being passionate and resilient
can only go so far. Which is why entrepreneurs also have an extremely strong sense of self.
Passionate- successful entrepreneurs are passionate. They feel deeply about their product or
service or mission. There are many serial entrepreneurs that create successful businesses, sell
them, and then create something else.
Examples of motivational drivers of successful Entrepreneurs:
 Bill Gates, founder of Microsoft. There are probably not many people that have not
been touched by one of his products, such as Microsoft Windows, Microsoft Office
and Internet Explorer.
 Steve Jobs, co-founder of Apple computers, which produces Macs, iPods and
iPhones, as well as Apple TV.
 Mark Zuckerberg, the founder of Facebook.
 Pierre Omidyar, founder of eBay.
 Arianna Huffington, founder of the Huffington Post, a well-known online news site.
 Caterina Fake, co-founder of Flikr, which hosts images and videos on the Internet.
35
M3 To achieve M3 you are required to develop your response to P5 and P6 by exploring

and examining different lines of argument relating to entrepreneurial characteristics
Assignment P5 and P6, investigates more into the idea of business visionary and enterprise.
One of the major inquiries has been investigated here, what makes the business visionary
effective, and as the discourse point by point there isn't one yet numerous components
affecting everything for its prosperity. This asserts the thought that every one of the business
visionaries has same and also unique methodology towards their business, and this
methodology is significantly impacted by the character characteristics or the identity of the
person, which planned through the course of time.
36
Scenario 4
TASK 7
P7: Examine, using relevant examples, how a person’s background and

past experiences can hinder or foster entrepreneurship. Factors to consider
may include level and type of education, national culture, economic
circumstances and character traits. The risks and rewards of starting a
business should also be considered.
The methodology of every business visionary is diverse with regards to business and basic
leadership process. These distinctions are principally a direct result of the identity attributes
they gained through time and educational encounters. Training and the beneficial experience
is a more prominent impetus in the arrangement of an individual identity, and the equivalent
applies to a business person as well. Baum et al (2014) points that attributes, for example,
self-inspiration, self-administration and coordination is imperative in a business visionary and
they are gotten from components, for example, instruction and beneficial experience, since it
is these viewpoints that make the person to outperform the difficulties in the way.
For instance, Richard Branson says that his hazard taking capacity is mostly shaped from his
past encounters, since he trusts that with each test a chance and information opens up for the
person. Evaluating his positive view or the character towards the business, it moves toward
becoming clearer this was framed through the training or the information he got through the
beneficial experience.
One of the primary and the more conspicuous terms that has been articulated all through the
insightful articles regarding the matter of enterprise is the word 'hazard'. The idea of hazard
conveys an enormous open door and in addition challenges for the people, and it is one of the
significant character characteristics in an effective business person. It is additionally essential
that this hazard taking components in a business visionary have created through time with the
elements, for example, information and the educational involvement in which that learning is
obtained. Thusly for a business visionary who is initialing a business startup, hazard is one
principal factor that he or she should comprehend in the entirety of its viewpoint, since
37
hazard does not mean blindingly going out on a limb a, fairly comprising the thought through
the figuring of difficulties looked previously, makes the whole procedure successful and
proficient.
Dhammika Perera carrier
Dhammika Perera didn't end up one of Sri Lanka's most extravagant individuals by luckiness.
It was very plan. In 1999, when he was 32, he built up a 20-year plan for his youngster
organizations with the assistance of a coach. His venturesome objective: Become the nation's
pioneer in every one of 12 areas by 2019. He's as of now prevailing in 9 of the parts,
constructing best-in-class organizations in the travel industry, saving money, clothing and
different enterprises. To be sure, his Royal Ceramics Lanka showed up in 2010 and a year
ago on FORBES ASIA's rundown of the best 200 recorded Asia-Pacific organizations with
under $1 billion in yearly deals.
A conceived speculator, he began as a young person by placing cash into a road peddler's
business before his uncle's bistro. At that point he leased opening machines and introduced
them inside the bistro. In 1987, with the nation four years into the common war, Perera
dropped out of the University of Moratuwa, a best innovation school south of Colombo.
Rather, he went to Taiwan for three months of specialized preparing, at that point returned
home and began a business making space machines, rather than simply leasing them. He
enlisted his 17-year-old sibling, Harindra, as the floor chief of their new industrial facility.
(Their most youthful sibling, Anuradha, was just 15 at the time however now is additionally
in business with them; they have one sister.) In 1993 he moved into the betting business
itself, opening his first clubhouse. He's supplanting the club currently, beginning with
development of the 40-story, 500-room Queensbury Integrated Resort and Casino, which will
cost $350 million. Be that as it may, he never again makes opening machines, and he gets a
kick out of the chance to make light of his inclusion with gambling clubs, saying they
represent just 3% to 4% of the aggregate benefits of his organizations.
38
M4 To achieve M4 you are required to develop your response to P7 by analyzing the

link between entrepreneurial characteristics and the influences of personal background
and experience to specific successful entrepreneurs, differences that small, medium and
large businesses make to the economy, applying relevant data and statistics.
Task P7 widely investigates the business through the idea that business people are
conceived. Every one of the positive or the negative quality that a business visionary has, is a
result of the past experience and the learning he or she aggregated through that experience.
Since the idea has been attested that the business visionaries are conceived, it turns into a
reasonable factor that aggregated educational experience has a more prominent task to carry
out in the arrangement of the enterprise. The case of Richard Branson himself would
elucidate this thought, since his hazard taking capacity is fundamentally a gained expertise, in
which he have just managed a similar circumstance before as far as he can tell. At the point
when every one of the difficulties are outperformed, it gives an additional certainty for the
business visionary to confront the following, as examined in the before part the capacity to go
out on a limb does not intend to go out on a limb a, somewhat an ascertained move towards
the difficulties and openings.
39
Conclusion
The report investigates the idea of business visionary and enterprise in a broad way. It
likewise talks about the commitment of business or the pioneering adventures towards the
development of the locale and in addition for the country. On the opposite side, the report
additionally directed a point by point think about on the characteristic of business people and
enterprise.
40
References
Anderson, E. (2017). Britain hits record number of startups as more aspiring entrepreneurs
take the plunge. Telegraph.co.uk. Retrieved 8 July 2017
aum, J. R., Frese, M., & Baron, R. A. (Eds.). (2014). The psychology of entrepreneurship.
Psychology Press.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
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Entrepreneurship and Small Business Management

Entrepreneurship & Small Business Management Individual Assignment

1.1 Introduction of entrepreneur

A business person is a person who, as opposed to filling in as a representative, establishes and

of a country's capacity to prevail in a regularly changing and progressively aggressive

1.2 Agriculture Entrepreneurship

Agriculture Entrepreneurship can be characterized as being essentially identified with the

Nourishment fabricating laborers perform errands as differed as the numerous sustenances we

1.4 Entrepreneurs Take On Manufacturing

1.5 Industrial Manufacturing Industry

Industrial Manufacturing Industry. Assembling industry alludes to those enterprises which

Type of Attribute of the Roles Goals

For this, they would and through this to

establish themselves and acquire market

2.1 Sri Lanka Public Sector Entrepreneurship

Department of Sri Lanka Railway (SLR)

Action taken to improve Efficiency & Productivity.

• Calling for quotations and conducting evaluating activities to procure 10 Nos.of

the Indian Line of Credits.

• Improvement of Kelanivelly Line.

• Installation of 200 Protected Railway Crossings.

the programme “ Divi Neguma “ implemented by the Economic Development Ministry

• Procurement of 07 Nos. of Bridges under the Belgium Line of Credit.

• Steps taken to initiate computer programming to collect revenue of railway reservations

efficiently & decentralization of the activities of railway lands division.

• Developments in main railway stations

2.2 Sri Lanka Coperate Sector Entrepreneurship

John Keells Holdings PLC, Sri Lanka.

Sri Lankan Economy(2016/17):

2.3 Where micro and small business man get ideas

3D motion pictures - viewing a film in 360 degree VR.

Preparing - VR can infuse a significantly higher level of authenticity into preparing

Reflection - VR is perfect for redone contemplation.

1. Problem of Raw Material:

(I) A flat out shortage,

(ii) A low quality of crude materials, and

(iii) A surprising expense.

2.5 Advantages for Small & Medium Enterprises

SME – Small and Medium Enterprise

Growing Small and Medium Enterprise (SMEs) accomplishes supportable development as a

Empowers Team Spirit

Enormous organizations representatives do chip away at various floors and structures. In

Profited with simple advance

SMEs coordinate contribution

Taking prompt choice

3.1 What is a developing country economy?

3.2 What is the Sri Lankan Economy?

3.3 Sri Lanka Economic Growth

Sri Lanka Economy Data

2013 2014 2015 2016 2017

Population (million) 20.6 20.8 21.0 21.2 21.4

GDP per capita (USD) 3,609 3,820 3,839 3,842 4,063

GDP (USD bn) 74.3 79.3 80.5 81.5 87.1

Consumption (annual variation in %) 7.0 3.9 7.8 -3.3 0.6

Investment (annual variation in %) -8.8 11.5 3.8 27.1 17.2

Industrial Production (annual variation in %) -0.5 6.1 9.2 -2.8 4.3

Unemployment Rate 4.4 4.3 4.7 4.4 4.2

Fiscal Balance (% of GDP) -5.2 -6.2 -7.0 -5.4 -5.5

Public Debt (% of GDP) 71.8 72.2 78.5 79.6 79.4