Entrepreneurship: Skills for Success

This assignment delves into the critical business skills necessary for entrepreneurial ventures. It examines various aspects, including human capital formation, the influence of personality traits, and the importance of cultivating compassion in social entrepreneurship. The document emphasizes the value of strategic entrepreneurship, exploring how it creates value for individuals, organizations, and society. It also considers the historical evolution of entrepreneurship and its impact on developing countries.

ENTREPRENERUSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their typologies...........................................1
P2 Similarities and differences between entrepreneurial ventures.............................................2
TASK 2............................................................................................................................................3
P3 Interpret relevant data and impact of micro and small business on economy.......................3
P4 Small and business start –ups will contribute to the growth of economy.............................4
TASK 3............................................................................................................................................6
P5 Characteristics, skills and traits of successful entrepreneurs................................................6
P6 Entrepreneurial personality reflect entrepreneurial motivation and mind-set.......................7
TASK 4............................................................................................................................................8
P7 Background and experience can hinder or foster entrepreneurship......................................8
CONCLUSION................................................................................................................................9
REFERENCES ............................................................................................................................10
.......................................................................................................................................................11

INTRODUCTION
Entrepreneurship is a willingness and capabilities to create, manage and then control
business firm with taking any kind of risks to earn more and more profit. An individual who start
or establish business is known as entrepreneurs. Generally people develop their business at small
scale not large scale because in small firm an involvement of risk is less as comparison to large
enterprises. In this report mentions about the different types of entrepreneurial ventures and some
of their related typologies (Acs, Autio and Szerb, 2014). There are some differences and some
similarities among all entrepreneurial ventures. In this present business report also mentions
about the impact of small and micro businesses on the economy of country. There are some
differences among the start- ups and small firm and also their importances. In this report
evaluates about the traits, skills and characteristics of some successful entrepreneurs. Most of the
times, the background and past experience of a person can foster and hinder entrepreneurialism.
TASK 1
P1 Different types of entrepreneurial ventures and their typologies
Business venture means to start a business for earning more profit and it may also related
to the small scale business. Some of the ventures are develop on the basis of market demand or
the reason can be minimum supply at market. It is necessary to an entrepreneur to produce
quality standard products and services by identifying the tastes and needs of customers. The
entrepreneurial ventures are created by the entrepreneurs. Its main focus is on giving advices or
suggestions to the mid stage as well as early stage firms (Fayolle, 2013). The entrepreneurial
ventures are of different types such as:
Small business entrepreneurship- This type of entrepreneurship is generally operated by
an individual person and the size of these firm are small. In UK, under manufacturing firms there
are 500 to 1500 employees are working and in wholesaling industries, there are total 100 to 500
people are working. The sales and revenue of small firms are not much high as compared to large
firms. In these kinds of firms included hairdressers, carpenters, consultants, grocery stores, travel
agents, electricians etc.
Scalable Start-up entrepreneurship- The main purpose of this type of business person is
to change world from its activities. People start a business firm and hire most capable persons
who can do and conduct business activities in a proper way.

Large firm entrepreneurship- The size of these companies are large and revenue or
turnover of large enterprises is more than the small companies but in this the change of risk is
more. There are more number of employees are working and in it big hotels, restaurants etc.
Social entrepreneurship- They are innovators and creators and their main focus is on
developing service sand goods that solve the problems of society (Grégoire, Corbett and
McMullen, 2011). Social entrepreneurship mostly works for the welfare of society.
There are some typologies related with entrepreneurship:
Serial entrepreneur- These kind of business persons are very creative and innovative and
they start their business and after earning some profit they sell and then start new venture. Their
main purpose is to earn profit.
Social entrepreneurs- Their main objective is to work for the welfare of society and they
always try top fulfil the needs and wants of customers. They produce only those products and
provide those services which are good for people of society not harm them. For the people of
locals community, these types of entrepreneurs conduct some social activities, workshops and
some campaigns.
Male entrepreneurs- Those business firm which are managed and controlled by the men
are known as male entrepreneurs. Their share is 49 percent from the total share capital.
P2 Similarities and differences between entrepreneurial ventures
Entrepreneurs are of different kinds there are some differences and some similarities of
entrepreneurs are given below:
Trading and manufacturing entrepreneurs- The work of trading entrepreneurs is to
conduct its trading related activities. These entrepreneurs take the finished goods from the
producers and after this sell all products to consumers directly or from the retailer. On the other
hand manufacturing entrepreneurs are those people who produce goods and services. Before
manufacturing, they conduct research on customers needs and tastes and then produce products
according to them. In manufacturing process they use latest technology (Wry, Lounsbury, and
Glynn, 2010). The similarities among both of them are that they work in their own way and are
self motivated.
Imitative and Drone entrepreneurs- The dissimilarities among these both entrepreneurs
are that imitate business persons are very innovate but they do not innovate any modifications
themselves, they take help from technologies and other techniques through other people. The

Drone entrepreneurs neglect to adopt some new and great opportunities to make some
modifications in manufacturing process. These people not want any change in its current
manufacturing process and suffer from losses. The similarities are that both adopt new
technologies and do not want take help from other person.
Small and medium scale entrepreneurs- The difference between both of them are that
than investment in machinery and the plant by small entrepreneur is 1.00 crore and the
investment by medium scale entrepreneur is Rs. 5.00 crore (Awogbenle and Iwuamadi, 2010).
The similarity is that they are very innovate and also creative.
Agricultural and Technical entrepreneur- Those entrepreneur who agricultural
activities are known as agricultural entrepreneurs. They conduct many agricultural activities like
for an instance cultivation, irrigation, technology, machineries etc. On the other hand technical
entrepreneur run and mage its business with the help of technology and science. These people
depend on technology and use new or innovative methods in their abusiveness firm. The
similarity between both entrepreneurs are that they are creative and also search new ways to do
their work in simplest way.
TASK 2
P3 Interpret relevant data and impact of micro and small business on economy
The micro and small business are not similar. Micro businesses are introduced at very
small level in and the sales of these kind of businesses is very less and there are not more than 9
people working. But the risk involvement in these is very minimum as compared to small and
large size enterprises. On the second hand, small scale business are developed at small scale and
there are small number of people are working but the revenue and sales is less. The small and
micro business contribute more in the economy of country. The main focus of these both
businesses is on the economy business policy of European Union (Moroz and Hindle, 2012).
The statics of small firms are shown presently and from the development of these firms large
number of people are employed.
There are some statistics findings of micro and small scale businesses:
 These firms are important and necessary part of economy and in UK, from the
99% of firms more number of people are employed.

 Some of the firms are independent and not connected to any industry group.these
are the part of group.
 In small countries, the dependent small business firms plays an important role in
context top gross value and the employment.
There are some affects of small and micro businesses:
Job creator- From the creation of these business, more number of people are employed
and with the help of these the living standard of local community is increased. From this the
economic growth of country will enhanced.
Unemployment reduction- From introducing micro and small firms, in UK the
unemployment reduced. After provide job, it is the duty of employer is to give them training for
enhance their profitability and productivity (Glaeser, Kerr and Ponzetto, 2010). It will helps in
increasing their performance level.
Future Growth- From employment, an economic growth of United Kingdom country
will increased. It is very beneficial for future. When the economy of UK was affected badly
through Brexit and its impact was bad on small businesses, after that, there are some actions
taken by the United Kingdom country that it developed some effective and beneficial policies
related to provide financial help to small companies. It will helps in enhancing the growth and
sales of small enterprises.
Adaptability- For maximising the productivity of business, small and medium size
companies stated use the new and latest technologies and machineries in their business. With the
help of these, the productivity increases and economic level also increased of United Kingdom
country.
P4 Small and business start –ups will contribute to the growth of economy
The start ups firms are developed newly and it is a small version of the large firms. The
main purpose of start ups is to grow and develop rapidly and change in to large companies. On
the other hand, small business firms are set up already at market place and their size and revenue
is also less. The main objective of small firms is to contribute something towards society. The
start-ups and small enterprises both impacts on the economy of country (Miller and et. al., 2012).
These both are different and differences among both of them given below as above:
Small businesses Start up businesses

These businesses are already established at
small scale.
These kinds of companies are established
newly and their focus is to increase the growth.
It is necessary to small company to more focus
on improving the production process and make
some modifications in its present products and
services.
Need to producing new and different services
or products and after that conduct some
promotional activities to ware people.
They do not want much finance and the
financiers of small firms are already exists.
It is necessary to start ups to select the methods
of funding which is good for business. There is
more need of finance.
eg- Austin Fraser, Engeo, badger mining,
Austin Fraser etc.
eg. Cocoon, Freeagent, Sendmybag.com,
Bizzby etc.
These both business will also contribute towards the growth of economy. The main
motive of small companies is to increasing the income level of people of local society. So, small
firms produced products or services of good quality which can satisfy the needs and wants of
customers. When European Union and United Kingdom separated at that time the small firms of
European Union faced many problems and the revenue or turnover of small firms reduced
(Stokes, Wilson and Wilson, 2010). But to overcome from all these issues, government of EU
formulate some effective strategies and policies to minimize the affect. The significances of
start- ups and small firms are given below:
Employment generation- From the set up of small and start ups, the employment will
generate and more number of people will get job. Their income level will increased and it will be
beneficial for business firms.
Innovation and technologies- To increase the productivity and growth of business,
small business firms adopt and use new and advanced technology (Bornstein and Davis, 2010).
From this, companies can make improvement in the quality of production process and it will be
helpful in increasing the development of economy.
Level of spending- If income level of people will increased then their standard of living
will also enhanced and they can purchase expensive things or can the purchasing power of local
community people will enhanced.

TASK 3
P5 Characteristics, skills and traits of successful entrepreneurs
Entrepreneur is a person who has some skills and abilities to establish a new business
venture. There are two Bill Gates and Jeff Bezos, these two are very successful entrepreneurs.
Bill Gates is a founder of Microsoft Corporation and he is also an investor and philanthropist.
He made Microsoft and it is a biggest software organisation the the world. Jeff Bezos is a CEO
of Amazon and it is a retail company and provides its products on this software application. In
these entrepreneurs have many skills and traits (Landes, Mokyr and Baumol, 2012). They are
very talented and also have the ability to deal with any kind of risks. Some traits of these both
successful entrepreneurs are given below:
Strong leadership qualities- The main and necessary trait of an entrepreneur is that they
should have strong qualities of leadership. They deal with their employees or team members in
an effective way and always motivate them. Leaders have interpersonal as well as
communication skills and capability to deal with its team members in an effective way.
Highly motivated- They are highly and self motivated and not want want support from
any other person. Entrepreneurs enjoy any kind of challenges and always try to solve problems
of their employees.
High confidence- Those entrepreneurs who have high confidence level are get job
opportunities in some most stressful situations (Naudé, 2010). They have high level of
confidence and want to successful.
Illustration 1: 5 business skills that make a formidable
entrepreneur, 2017

There are characteristics of Jeff Bezos and Bill Gates:
Goal- oriented- The main focus of these two successful entrepreneurs is on achieving its
goals and objectives in a particular time period. Entrepreneur is related with setting aims and
objectives of a business firm.
Risk taker- They both have the ability and capability to deal with risks. They very well
know that how to take risk and manage all business activities.
Passionate- They are very curious to work and achieve the organisational goals. Their
main motive is to finish tasks and activities in particular time period.
Make plan effectively- Plan is related to future and in this all those things are mentioned
which entrepreneur want to so in future. With the help of planning they do all their activities in a
systemic and also in proper way.
These two entrepreneurs have some effective skills and abilities which are as follows:
Communication skills- Bill Gates and Jeff Bezos are very good in nature and they both
have good communication skills. They interact with their employees and also listen their issues
and try to solve them out with in a short period of time (Samwel Mwasalwiba, 2010). They also
communicate with their suppliers and also customers and include them in decision making
process.
Decision making skills- They have skills and abilities to take any decisions properly
always take decision which is in favour of company and local community.
Team building skills- Team work is very important and these two entrepreneurs always
motivate their employees to work together in a team for achieving the common goals and
objectives of a business firm. They both work with their team members and also understand them
an importance of teamwork.
P6 Entrepreneurial personality reflect entrepreneurial motivation and mind-set
Most of the people follow Bill Gates and Jeff Bezos and also their life style. Their image
affected people. During their beginning time of setting a business, they faced many issues or
problems. They are passionate for during their work and they Jeff Bezos and Bill Gates both
have many skills such as team building, communication, decision making skills. Some other
skills of these business persons are given below:
 They are self motivated.
 Positive mindset

 they are very determinant
IN many difficult or bad conditions they help many people. At difficult time many people
irritated and frustrated but Jeff Bezos and Bill Gates think positive and handle conditions in an
easy way (Nga and Shamuganathan, 2010). The mindset and the motivation level can reflect the
entrepreneurial activities. If the mindset of a person will good then in this case it can affect good
on entrepreneurial activity and motivation impacts a lot on entrepreneurship. There is a OCEAN
theory and it has total five dimensions:
Openness- In this dimension, people like to learn and to know about new things and also
want to take experience. It is a degree of curiosity,creativity and innovative. According to this
entrepreneurs should innovate and try to find new ways to do work in an easy way and
individuals do not follow any values, traditions and culture.
Conscientiousness- In this people show high curiosity and also also passionate to do
work. They are very hard-working and try to complete tasks in a particular time limit.
Extraversion- In the basis of this, entrepreneurs should extrovert and interact with
employees, customers and stakeholders in a short period of time (Martin, McNally and Kay,
2013). If at workplace, there is any problem to stakeholders then Jeff Bezos and Bill Gates try to
solve them out.
Agreeableness- In this entrepreneurs are trustworthy, friendly in nature and very
cooperative. They both guide or lead their staff members and also motivate them.
Neuroticism- This kind of dimension is known as Emotional stability. According to this
dimensions, business persons are very curious to work and they also should have positive
thinking.
TASK 4
P7 Background and experience can hinder or foster entrepreneurship
Bill Gates and Jeff Bezos both are very successful entrepreneurs. Yes, the background
and also their last experience can foster and hinder entrepreneurship. The Bill Gates is Chief
Executive Officer of Microsoft and he is very creative. His father was a good lawyer. His
mother and father motivate him and from the childhood age he take interest in software. By
adopting new technology and machineries he prepares software. He belongs to rich family so in
starting his own business he has not face any finance related problems. He educated from big

college. On the other hand Jeff Bezos is a founder of Amazon and he sells many products with
the help of application or can say online (Hitt and et. al., 2011). On its Amazon application, it
provides goods at reasonable price. At graduation time, he takes interest in computers. His
family is good and society is highly motivated. If any person want to an entrepreneur and has not
much knowledge then it can not succeed. The family background and education matters a lot and
hinder or foster an entrepreneur activities. They both follow the rules, culture, values and norms
of society and also give some contribution towards it. So, to foster entrepreneurship, it is
necessary the support and family and also has the good past experience.
CONCLUSION
It is concluded from the above report that entrepreneurship is related to setting a new
business venture by using skills and abilities. In this present report studied about the various type
of entrepreneurial ventures and types of entrepreneurs. Entrepreneur is that person who establish
a firm. All entrepreneurial ventures are not same, in them there are some similarities and some
differences. In this present business report also studied about the contribution of small and start-
ups to the development and productivity of social economy. Sometimes, the background and the
past experience of a person can foster and hinder entrepreneurship.

REFERENCES
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Online
5 business skills that make a formidable entrepreneur, 2017. [Online]. Available through:
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