Entrepreneurship Report

This report explores the concept of entrepreneurship, discussing different types of ventures, their impact on the economy, and the characteristics of successful entrepreneurs. It examines the contributions of small businesses and start-ups to the social economy, particularly in the context of Brexit. The report also analyzes the motivations and mindsets of entrepreneurs, using Mark Zuckerberg and Bill Gates as case studies.

ENTREPRENERUSHIP

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Various types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and differences between entrepreneurial ventures.............................................3
TASK 2............................................................................................................................................4
P3 Micro and small businesses impact on the economy.............................................................4
P4 Important small businesses and business start –ups will contribute to the growth of the
social economy after ‘Brexit’......................................................................................................6
TASK 3............................................................................................................................................7
P5 Characteristics, traits and skills of two successful entrepreneurs..........................................7
P6 Entrepreneurial motivation and mindset................................................................................9
TASK 4..........................................................................................................................................10
P7 Background and experience can hinder or foster entrepreneurship.....................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship refers to process of designing, launching and also running new business
initially at small scale. It is explained as willingness and capacity of a person to create, organize,
manage and control business venture with any risk in context to make profit. The person who
develop these businesses are known as entrepreneurs. They play a necessary role in an economy
because they have capabilities to anticipate the current as well as future requirements of
consumers. An entrepreneurial spirit is characterized through risk taking and innovation.
Entrepreneurs which prove to be more successful in order to taking risk of start up that rewarded
with profits, growth opportunities and fame (Aldrich, 2017). Under this, mentioned report will
discuss about various kinds of entrepreneurial ventures and their relationship with typologies of
entrepreneurship. There will be discussion about similarities as well as differences among the
entrepreneurial ventures. The start- ups and small businesses will contribute towards
development of social economy after the Brexit will be discussed in mention report.
TASK 1
P1 Various types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship
An entrepreneurship refers to activity of setting up business for taking financial risks in
hope of profit. The main focus of entrepreneurship is to launch as well as run business and also
deal with risks. An entrepreneurship is process through which team or person determines various
business opportunities as well as acquires required resources for the purpose of its exploitation.
An entrepreneur begins new business venture by developing enterprises to unsatisfied needs of
customers. It is necessary that business venture needs unique or new process. At the time of
building new business, entrepreneurs face several obstacles for an instance hiring talent,
overcoming bureaucracy and also obtaining the financing (Bae and et. al., 2014).
There are different types of entrepreneurial ventures. Some of them are given below:
Micro- It refers to small businesses which employ small number of people. In micro enterprises,
there are less than people are working and it began with small capital amount. These firms are
specialized in offering services or products for local areas. These contribute towards social
stability, equity and economic growth of country.
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Small ventures- These are privately owned partnerships, sole- proprietorship and
corporations which have small number of staff members and minimum annual revenue. In small
businesses involve grocery stores, hairdressers, convenience stores, bakeries and many others.
The risk involved in small businesses are less as comparison to large size businesses.
Large ventures- These entrepreneurial ventures plays a necessary role in increasing
economic growth of country. These types of ventures conduct its business operation at large
scale or globally (Barringer, 2015). There are more than 500 staff members working here. The
main focus of these enterprises are earn more profit by satisfying needs of customers in an
effective manner.
There are different entrepreneurial typologies mentioned below as above:
Serial entrepreneur- This type of entrepreneur comes up with the new ideas on
continuous basis and also begins new businesses by implementing those ideas. It will come up
with single idea, begin firm and then plays a necessary role in daily functioning activities. This
entrepreneur is engaged with the many businesses.
Social entrepreneur- These are the individuals which establish a firm with an objective
of solving issues or impacting the social change. Their main focus is on work towards benefit of
society. The social entrepreneur works towards create, fund and execute the solutions to cultural,
environmental and social problems. They work towards welfare to people of society not to earn
profit. These entrepreneurs work towards a way that help in improve lives of society people
(Bruton and et. al., 2015).
Lifestyle entrepreneurs- It refers to an individual which setup their businesses with an
aim to sustain a particular income level for the sake of owner. This business is one which allow a
person to operate its business without making any sacrifice in their personal life. It is also
consider to be an alternative option to retirement.
Male entrepreneur- The businesses which are run, managed and also controlled through
a male is known as Male entrepreneur. This person is always ready to deal with risks and take
better decisions. The share of male entrepreneur in an organization is about 49%.
Female entrepreneurs- Those businesses which are owned and managed by the female is
known as female entrepreneur. They have skills and capabilities to deal with any issues. From
the total capital, share of female entrepreneur is around 51%.
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Survival entrepreneur- The main purpose of this person is to retain at market place for
long time period. In this, new technologies are to be executed in system to minimize cost of
production and enhance employees performance.
P2 Similarities and differences between entrepreneurial ventures
An entrepreneurial venture refers to places opportunism and innovation in context to
produce the social or economic value (Burns, 2016). An entrepreneur begins as well as run
business with the planning, limited resources and also responsible for all rewards or risks of its
business venture. There are similarities and differences among the entrepreneurial ventures
mention below:
Entrepreneurial
ventures
Similarities Differences
Survival and lifestyle
entrepreneurial
venture
The main focus of both
entrepreneurial ventures is to
retain at market place for long
period of time in order to earn
more profit. In this, they prepare
system and offer better quality of
products to consumers on the
basis of their demands and needs.
The survival entrepreneurial
ventures think creative as well as
innovative ideas to make products
attractive. They provide the
innovate products or services to
people at reasonable costs. On the
other hand, the main focus of
lifestyle entrepreneurial venture is
to earn profit for making their
lifestyle better. They make their life
more comfortable and easy.
Male and female
entrepreneurs
 The similarities between
male and female
entrepreneurs is that they
both have capabilities to
run and mange business in
a proper manner ( Cooper,
2017).
 They both are same
 The focus of male
entrepreneurs is towards
generate more revenue.
They are always prepare to
deal with any kind of risks.
On the other hand, female
entrepreneurs focus on
produce innovative products
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demographically as well
as psychologically which
affect on functioning
along with decision
making of company in a
better manner.
which can satisfy needs and
demands of consumers.
They have good knowledge,
skill and also better in
taking any decisions.
Social and serial
entrepreneurs
The main focus of both
entrepreneurial ventures is to use
resources in a proper manner for
an instance manpower, funds,
equipment, raw materials etc.
They also find innovative ideas to
conduct their business activities
effectively and properly.
 The aim of social
entrepreneurial venture is to
work for welfare of society
by fulfilling their needs in a
better manner. On the other
hand, serial entrepreneur is a
person who come up with
the new and innovative
ideas.
TASK 2
P3 Micro and small businesses impact on the economy
Micro, small and medium businesses are different organization and their size are also
varied from the each other. These three different enterprises are mention below:
Micro enterprise- It conducts and operates its business at very small scale and its main
focus is to earn money for living purpose (Choi and Majumdar, 2014).
Small- It is independently owned, run and operated through an individual with small
capital. Under small firms, less than 250 staff members are working. They provide its services in
local areas in order to meet needs of local people.
Medium enterprise- It is larger than the small size business and it conduct its business
operations at global level. They manufacture products and services on the basis of needs of
consumers.
Impact of small scale business on economy
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Employment- Small businesses plays a necessary role in providing the job opportunities
to people. It is helpful in increasing spending power of people along with maintain their living
standard (Decker and et. al., 2014).
Higher level of competition- In United Kingdom, there are many small business firms.
They work towards fulfil needs of consumers by providing them better opportunities. At market
place, there is high level of competition, so innovation is required to make products unique.
There are some other impact of micro and small business on economy mention below:
Local impact- Small and micro business firms gives employment services top those
people which do not have job in local economy. Through this, people can improve their standard
of living (Drucker, 2014). The small firms produce products and services on the basis of needs
of consumers and sell them at minimum cost. It helps in attracting large number of consumers
towards firms.
National impact- Both enterprises give better job opportunities to the people in order to
improve economic conditions of UK.
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On the basis of mention graph, small business firms provide the employment to people
with are related with less than growth of firm. These contribute towards enhancing an economy
of UK In better manner.
Regional Impact- Small and micro business offers services and goods at fixed costs so it
develops negative affect on buying power of customers. At small scale, these both firms conduct
CSR activities for welfare of society (Fernhaber, Gilbert and McDougall, 2014). It is helpful in
develop positive impact on both enterprises.
P4 Important small businesses and business start –ups will contribute to the growth of the social
economy after ‘Brexit’
Brexit is an impending withdrawal of United Kingdom from European Union. Brexit
refers to possibility to possibility of Britain to withdrawing from European Union. Under this,
country will hold vote on membership of European Union. For Europe, shock of Brexit is to be
profound since the Britain is only main country for leave European Union. In historic
referendum, Britain people voted for Brexit from European Union.
Difference between small and start- ups business
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Basis Small business Start- up businesses
Scale These are self content
businesses and they have fixed
boundaries. They have less
capital so that do not want to
expand their business and not
to make global affect.
They have aspirations to make
large affect along with motive
to be disruptive.
Funding The small firms are already
established so they do not need
funds (Frese and Gielnik,
2014).
In order to start a new
business, there will be
requirement of proper amount.
Rate of growth Small enterprises have
minimum growth possibilities
because of large number of
strong competitors at market
place.
Start- ups businesses
contribute towards
development in fast rate due to
make improvement in system
as well as develop innovative
or creative ideas to make
products as well as services
unique.
Start- ups and small businesses venture both are helpful in develop and also increase
economic conditions of United Kingdom. Under this country, there are large number of small
firms which provide job opportunities to local people. Small businesses contribute towards local
economies through bringing an innovation as well as growth to community under which business
is already establish (Hitt and Duane Ireland, 2017). Contribution of start- ups and small firms
towards economic growth of country mention below:
Provide employment- The small and start- up both contribute towards developing an
economy of country. These both businesses provide the employment opportunities to those
people which mat not employed through large companies. Small organizations tend to attract the
talent which can invent be goods or execute new solutions of current ideas. Firms provide job
opportunism to unemployed people of local economy.
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Poverty minimization- Small and start- up firms provide the employment to local people
which help in enhance their knowledge as well as capabilities. Through job, people will earn
more and their spending power will be enhanced. With the help of this, they can fulfil their
requirements as well as families. In United Kingdom, level of poverty goes down that aid
government in growth effectively.
Provision infrastructure: Start- ups and small businesses help government of United
Kingdom to have proper funds in order to increasing as well as developing an infrastructure of
that country. Under UK, there are many small firms which help in get the taxation for make
improvement in infrastructure such as society, improving road, school, bridge etc.
Improve living standard: Start-ups and small businesses both are helpful in improving
the living standard of an individual through offering them job in a better manner (Kazanjian,
Drazin and Glynn, 2017). In context to this, if income level of local people will be enhanced they
their purchasing power will also be increased. It will help in increasing their living standard of
local people of United Kingdom.
TASK 3
P5 Characteristics, traits and skills of two successful entrepreneurs
An entrepreneur is an individual who set up business and taking the financial risk in hope
of earning profit. Entrepreneurs have skills and also as capabilities to anticipate in future and
current needs. It is helpful in bring the new ideas at market place. Mark Zuckerberg and Bill
gates are the two successful entrepreneur whose personalities and characteristics separate them
from other business persons of the society (Kerr, Nanda and Rhodes-Kropf, 2014).
Mark Zuckerberg is the founder and CEO of the Facebook company. He invented the
multi-billion social network site in 2004 to make world more open and connected. Facebook was
incorporated by Mark from his friends Chris Hughes , Eduardo saverin and Dustin moskovitz . It
is a site in which people can share their photos and information from other person sitting on
other area of the world. Here the some characteristics and traits which separate flourishing
entrepreneurs from others.
Risk taking : Risk is the foremost step in the route of success. Mark Zuckerberg ignored
calls and meetings and even countless investor in order to find the correct person or organisation
for their work. At that time, there are many companies who show interest in funding their site but
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their team want to wait for the right time to dive. There can be also a big possibility that these
investment does not come back in upcoming future but does not happen. He also takes a huge
risk at the separation of Facebook mobile app from the messenger. Manager always avoid risk or
take measure to minimize it because they have lot of work to perform in the organisation
according to them they are not in the capacity to affect their activities.
Face criticism : Facebook CEO has to face many criticism and problems before and after
company incorporation. He was accused of stealing the idea of his college seniors. Mark also
face many battles regarding confidentiality of matter in Facebook which make his site banned in
many countries. From all these things he learn many things and use it for the further
development and growth of their organisation. Manager never face criticism because they does
not implement anything new and never take risk in their working.
Vision: Mark have clear vision in mind before starting his venture. Due to this
Zuckerberg able to face all problems easily and became successful. He wanted to create a social
networking site which able to connect a person with each other (Kirzner, 2015). He was so
passionate about his aim in such a way that mark put all his time and effort for that. Manager has
no vision regarding the organisation they always try to make improvement and development of
the current situation.
Bill gates is the co-founder of Microsoft corporation which was founded in 1975. He was
the chairman and CEO of world largest computer software company. In the begning they
adopted a BASIC a programming language for use of their software and later on continuous
developed a programming language software for various systems. Bill have various skills and
characteristics which differentiate him from other business persons which are described below:
Learn from failures : Bill gates say that people should learn from their failure and
mistakes in place of giving on it. He gave famous quotes that person should enjoy success but
should remind the lessons of failure. Due to this thought process bill becomes an successful
entrepreneur and leave many persons behind. Manager never learn from their failures because
they always try to imposed the failure on their subordinates or other person.
Risk : People always shy to think out of the box and to choose an unexplored path. Bill
believes that success lies in the unexplored area so entrepreneur should try to explore some
untapped area. His risk taking habit made Microsoft when nobody knew about the computer
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software. Manager avoid risk because they does not want to become responsible for any kind of
loss and problems.
Continuous learning : Before the development of Microsoft,bill gates and Paul Allen
started out-of-date for analysing the traffic data. His invention got failed miserably which put bill
in lot of debts (Meyer, Neck and Meeks, 2017). He learned many lesson from his failure and
launch Microsoft. In the case of Microsoft he also face many problems but he learned from that
and move ahead and later on got the reward for not giving up. Manager never try to learn new
things and from the failure because their mind is restricted or limited to their day to day
activities.
P6 Entrepreneurial motivation and mindset
Entrepreneurs should have capabilities to innovate new ideas and deal with risks in
proper manner. They have better leadership as well as management skills to guide staff members
and make coordination among them. Mark Zuckerberg and Bill gates both are successful
entrepreneurs and have good personality which reflects mindset and motivation. There are Big
five personality traits like OCEAN model mention below that defined characteristics in an
entrepreneur:
Openness to experience- An individual who want to learn as well as enjoy the new
experience are high in openness. Persons with high openness are pursue the self- actualization
through euphoric experiences, seeking out intense etc. Openness consists being imaginative,
insightful and also having interests.
Conscientiousness- Under this, standard featured involves good impulse control, goal-
directed behaviours and thoughtfulness level. Those people which have high conscientiousness
tend to mindful and organized of details. Mark Zuckerberg and Bill gates both are hard-working
and their main focus towards attaining set goals.
Extraversion- It is featured through sociability, assertiveness, emotional expressiveness
and talkativeness. They get energy from communicating with the other. Bill gates and Mark
Zuckerberg both are talkative in native and this feature of both entrepreneurs is helpful in
maintain better relations with their stakeholders (Scarborough, 2016).
Agreeableness- These people are cooperative, compassionate and friendly. Under this,
tendency to be cooperative and compassionate rather than antagonistic and suspicious towards
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others. It is helpful for Bill Gates and Mark Zuckerberg to connect with their staff members in a
easy manner.
Neuroticism- It is also known as emotional stability. It is related with degree of negative
emotions and emotional stability. Individuals which have high neuroticism often experience of
negative emotions as well as negative instability (Cherry, 2018).
TASK 4
P7 Background and experience can hinder or foster entrepreneurship
Background can make positive impact or negative impact on the individual. It depends upon the
person family how they influence the individual. Background remain which a person throughout
their life wherever they go and whatever they become. Due to this there are many persons who
become successful entrepreneur (Aldrich, 2017).
Mark Zuckerberg was born on the May,14 ,1984 bought up in the city of new york and
attend Philips Exeter academy in New Hampshire. His father Edward Zuckerberg is a dentist
and mother Karen Zuckerberg is a psychiatrist. Mark is the only son among the four children.
His father owned a dental practice next to the family house. Mark father allow him to installed a
messenger in his dental office so that he get information when the new patient arrived. His father
adopt his invention in his work with open heart which shows that Edward always motivate him
to do whatever he wants (Bae and et. al., 2014). His positive background always encourage him
to choose anything as a career.
Bill gates was born on 28 October,1955 in the Seattle,Washington,United states. Gates
father William gates was a senior lawyer and his Mary mother serve as a executive in a major
bank. He was a middle child in well so family. There family is rich but they have to face many
challenges which motivate their children to work hard if they want to achieve something in life.
After completion of school, Bill enrolled to Harvard college where he did not stay for a longer
period because he wanted to pursue his passion in computers. He founded Microsoft in 1976
when bill entered into a contract with micro instrumental and telemetry system to develop a basic
operating system. His family faced many problem when bill was child which motivate him to do
something different so that the adverse situation can't be rise in coming period. He belong to the
education family which encourage him to select anything as a profession.
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CONCLUSION
It has been concluded from the above mention report that entrepreneurship plays a
necessary role in increasing economy of country. There has been discussed about the differences
and similarities among the different entrepreneurial ventures. The entrepreneur is a person who
focus towards create,manage and run new businesses in a better manner. Under this report
studied about the contribution of start- ups and small business to development of social economy
of country after Brexit. Traits, skills and characteristics of the two successful entrepreneurs has
been also discussed in given assignment in better manner.
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