Entrepreneurial Ventures: Types, Impact on Economy, and Skills of Successful Entrepreneurs

This report discusses the various types of entrepreneurial ventures, their relation with typology, and the impact of small and micro organizations on the economy. It also analyzes the similarities and differences between entrepreneurial ventures and explores the traits and skills of successful entrepreneurs that set them apart from other business managers. Additionally, it highlights the importance of small and start-up businesses in the growth of the social economy.

Entrepreneurial
ventures

Table of Contents
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
ACTIVITY 1...................................................................................................................................4
Types of entrepreneurial ventures and their relation with typology............................................4
Analyses similarities and differences between entrepreneurial ventures....................................7
Analyse, interpretation, and illustrate impact of Small and micro organisation on the economy
.....................................................................................................................................................8
Importance of small and start-up businesses in growth of social Economy..............................11
ACTIVITY 2.................................................................................................................................12
Analyse Trait and skills of successful entrepreneurs that differentiate them from other business
managers....................................................................................................................................12
Evaluate how aspects of entrepreneurial personality can affect entrepreneurial motivation and
their mind sets............................................................................................................................15
Evaluate with the help of relevant examples and discuss how the background and experience
can hinder and foster the entrepreneurship................................................................................16
CONCLUSION..............................................................................................................................16
References......................................................................................................................................17
Books and journals:...................................................................................................................17

INTRODUCTION
An entrepreneur is known to build and create an innovative business which gives a Society new
experience about unique products and services. So that entrepreneurship is also known as
designing, creating and regulating all the business activities in an effective manner so that
common the enterprise will make success into the largely competitive market. These
entrepreneurs are said to be innovative and dedicated towards their work in order to maximize
their profits an exploit the market share by leading Technologies and contributing capital within
the business (Chao,. and Biao, 2019). This report will present the community of local business
by showing various types of entrepreneurship and their similarities. Also how these
entrepreneurs are related with typology. The report will analyses and interpret the impact of
small and micro organization into the economy and various characteristics and trait of great
entrepreneurs will explain in this report.
MAIN BODY
ACTIVITY 1
Types of entrepreneurial ventures and their relation with typology
Entrepreneurship is a kind of position that hold by individual who has great capability to
capture the market opportunities in order to to make profit and contribute in to economy. The
Enterprises runs by many entrepreneurs who have settled a great example of running business in
an effective way by adopting technology and providing unique products and services to the
society and people. The entrepreneurship contains various business practices and strategies of
planning organizing and monitoring the practices. There are various kind of entrepreneurship
which are presented underneath:
Serial entrepreneurs: these entrepreneurs have a great deal of being creative and innovative in
whatever they do. They have competitive personality and desire to achieve their goals by
adopting various management skills and discipline. So that, serial entrepreneurs look for bigger
expansion and does not stick to only one Enterprise as they certainly come up with the new one.

Intraprenuers: basically these entrepreneurs are more than one in number which came together
for some specific project and deal. These entrepreneurs are free to take decisions and regulate
their actions into the organization. They worked as the owner of organization until project
completion. So that, they have full authority and freedom over their task and responsibilities.
Owner managers: A business owner is the one who enjoyed all the profit and share over their
capital contribution (Brown, and Mawson, 2019). These owners have termed to be companies
directors who regulate all the planning procedure for organization favor. Major decision task are
in the hands of these owner in order to make any change and new product development within
the company.

These on technical mentors are classified into different categories which perform different
functions and enable practices.
Survival venture: The Ventures or Enterprises are mainly worked on small level. The main aim
of survival venture is to accomplish their target of minimum profit bi enable their practices into
competitive market. This organization mainly tries to utilize their resources and any e laws for
extra cost would lead to lower down their profit and suffers their existence. The best example of
this kind of printers is Amazon sellers, MOMA food and various others.
Lifestyle Ventures: these kinds of ventures mainly run by family. They mainly aims to improve
their standard of living and enjoy a life style (Blevins, and Ragozzino, 2018). This one's
basically run on the basis of owners skills and personality to attain a particular level of income.
For example, in UK SGS incorporation is one of the best Lifestyle venture that fulfilling their
AIMS and living standard simultaneously.
Growth Ventures: These ventures are mainly seen and popular into the market. The
organization which aims for long-term development and future sustainability is known as growth
venture. This Enterprises regulatory focus on competition, technology and market trends in order
to take the opportunity into market. In UK, ASDA, Sainsbury’s and Tesco are the great
Supermarket chain which developer best example for growth venture.
Relation with Entrepreneurial typology
Small Business Entrepreneurship: There is various kind of entrepreneur typology in which
small businesses are the lowest form of entrepreneurship. This comes mainly Run to fulfil their
basic livelihood by attaining a minimum profit. Capital investment and resources are very less in
number. Also their asset and liability are limited and does not pen Germany in external
recruitment as mainly the family members get engaged in business working. These include dairy
and poultry farm and a local General Store.
Scalable start-up Enterprise: These Enterprises have a good investment and capital
contribution into business practice. They try to be innovative and unique into market in order to
stand against competitor and come up with whole new product and services. The best example of
this organisation is Google, Facebook, WhatsApp that regulate the attention of worldwide
customer.

Large Company Enterprise:: as the name says the company work on large level which shows
their capital investment shareholder and products and services are large in number. This
organisation started their operation with minimum resources but leads to undertake the
competition and aim to expand the business. Examples are Amazon, Alibaba and many more.
Social Enterprise: not every enterprise is established to and profit but social Enterprises are
work for society and its people. They provide assistance to the vulnerable individuals by giving
those resources, education to children and fulfilling their basic necessities like food and water
(Al-Nashmi, 2017). One of the best organisations is UNICEF which comes forward to support
mother and their children by acknowledging them with their rights.
Analyses similarities and differences between entrepreneurial ventures.
As there is different entrepreneurial Ventures, they are characterized with some
similarities and differences. All the businesses Run for maximizing their profit and utilizing
resources. Whereas, Lifestyle ventures and growth ventures are different in their operations as
well as the objectives. The differences are described below:
Survival Ventures Lifestyle Ventures Growth Ventures
 The Ventures does not
raise funds from
outside Institutions but
invest their personal
saving into business
operations.
 The organisation work
is not hectic but carries
out a regular way of
working criteria as the
owner if the only
decision maker in to
this venture.
 The Ventures require
high investment to set a
living life style so that
there are there funds
through other Financial
Institutions with the
minimum amount of
interest rate (Chen,
Chang, and Pan, 2018).
 As these Ventures run
and carried by family
or relatives but it does
not have full freedom
 The organisation is
popularise and in
demand of customers
so that they require
youth initial investment
for generating varieties
of products and
services. There raise
funds through bank
loans and government
funding.
 The organisation has
proper management

over decision making
as they follow chain
of ,nd. This will create
Chaos and feeling of
less respected into to
the organisation
functions in terms of
building strategies
policies and regulations
which are managed
through top authorities
and leaders are
assigned to handle
teams.
Analyse, interpretation, and illustrate impact of Small and micro organisation on the economy
A country economy is highly impacted true micro and small business organisations that cover a
large area in order to serve people with most of their demand and requirement. These
organisations are the gem for the economy as they contribute in society’s welfare by undertaking
growth of new product and innovation into market. There are various benefits of micro and small
business for both economy and country which are described below:

Contribution into GDP: as the statistical data shows that micro and small business has
contributed highly in promoting the growth and development of GDP. This organisation work on
customer centric approach which believes that customers are their first priority and their needs
must be fulfilling at initial level (Khan, Lacity, and Carmel, 2018). By fulfilling all the
requirements, these organisations generate high growth and expansion into market which leads to
eventually impact on GDP growth of country.

Employment: micro and small business organisations are also a great way to create employment
opportunities for many people who does not have much education and technical knowledge to
work in large organisations. Not every person is born to work in top most company but they start
their career with the contribution of these micro and small Enterprises who give them
opportunity to show their talent and fulfil their financial needs. In UK , through this organisation
there has been increment in employment rate and eliminate disguised unemployment from the
economy which become a hurdle for countries growth. Many unemployed get an early living
wage by regulating normal operations of the small scale companies.
Therefore, it has evaluated that micro and small business organisations has positive
impact on countries economy and they become large contributor in GDP growth to the the local
and national level.

Importance of small and start-up businesses in growth of social Economy
Social economic: business organization not only works individually but takes the people
of all society whether it is direct or indirect contribution. Social economy defines that the
organization needs to work in an appropriate manner by considering all the values ethics and
norms of society (Kier, and McMullen, 2018). This organization regulates the significance of
rights of duties, democratic environment as well as open membership for the interest of general
public. There are various importance and benefits of small Enterprises for social economy which
are discussed below:
Employment opportunities: why reviewing with an economic context , providing employment
is highly necessary task to reduce poverty and revise employment from the economy. So that
small organizations fulfill these responsibilities towards the country by giving lots of
opportunities for people who are in need and seeking for job. It increases the level of income and
maintains money flow into the economy. Employment opportunities will make the people more
aware and innovative in order to make growth of Enterprise. It declines vulnerable and illegal
ways of making money which reduce crimes from country.
Innovation: many large organizations are not started from the top level services. They go step
by step towards the achievement by focusing on new and innovative things which would exploit
the market share in their favor. So that, these small organizations are the future of next
generation. The future of organization is only depending on how they innovate their products and
services as per customer requirements. Due to having large competition for innovation is the key
for their success as well as to economics contribution.
Social purpose: Small organizations are not only work to give job opportunities and make
maximum profits but also contribute in society’s welfare. The economy is highly in need of these
organization who provide voluntary services to the people who does not have basic life necessity
and suffering from poverty. As compared to large organizations, small organization mainly
contributes in society welfare as they get immense support from government as well as charitable
funding.

It has evaluated that small business has positive impact on social economy as they work
between group of individuals which maintain the culture common norms and ethics of society.
These organizations will create an upcoming future in order to technological development and
innovation to fulfill customer’s requirement more effectively. Therefore, governments and large
firms needs to provide support and contribute in their growth and expansion.
ACTIVITY 2
Analyse Trait and skills of successful entrepreneurs that differentiate them from other business
managers.
Characteristic traits: states are defined as the skills and internal talent of an individual. Some
people are born with creative mind set and capabilities to work in complex situations which
includes in their characteristic traits. Mainly these individuals are their own leaders that make
their own ideas and receptions over working (Marx, and Hsu, 2019). The skills include
communication leadership and motivation in order to carry out the process of goals achievement.
Characteristics skills: there are a lot of skills that makes an individual positive and in different
from each other. A skillful individual required in every field in an organization that built
relations with their polite and generous behavior and leave a positive attitude behind their role.
Difference between characteristics traits and characteristic skills
Basis Zuber and Mohsin Issa. Sir Philip Green
Trait  Issa brothers are dedicated
personalities who believes
in hard work and accepting
any change into positive
manner. This is the secret
of their success in
competitive market.
 The brothers mainly focus
 Sir Philip green is blessed
with many technical
qualities and behaviour such
as right use of technology
and men material and
Labour are utilised properly
to produce products with
great quality. As they

on appreciation and
customer reviews through
which they make changes
Strategies and decisions for
delivering product and
services which better match
to customer requirements.
believe in best Quality
Services.
 The entrepreneur always
believe in finding the root
cause of the problem then
apply appropriate techniques
to overcome the challenges
of business (Sadiku-Dushi,
Dana, and Ramadani, 2019).
Skills  These brothers are
profound with many great
skills which make them a
successful entrepreneur.
They are polite in their
nature that helps in retain
employees for long term in
the company.
 They have great leadership
traits to motivate their
employees and provide
support whenever it is
needed with their
appropriate communication
skills.
 Sir Philip green has many
skills in which they are
mainly focused on
marketing and accounting
skills and to make profit.
Entrepreneur Managers
 Entreprenuers are covered with many
business risk and fear of uncertainty.
 Manager is covered with their
responsibility to manage all the

 They are the only contributor of capital
into the business which fulfils the
financial requirements of company in
order to carry out all the operations.
 All the legal signatures and agreements
are only get concerned through
entrepreneurs.
 They developed a unique mind set and
innovative reception from the
normalised market.
 Entrepreneur could perform any role in
the organisation whether it is leader,
Manager or stakeholders.
departments in organisation and
communicate with the owner about any
new strategy.
 Managers get their remuneration
monthly as per their job role.
 Manager look for every activity carried
out into the organisation and keep an
eye over employees
working(Shepherd,. and Patzelt, 2018).
 These managers are not allowed to take
decisions of expansion and innovation.
 Managers are the outside personalities
who get recruited within the
organisation so that they could not be
able to get position of entrepreneur.

Evaluate how aspects of entrepreneurial personality can affect entrepreneurial motivation and
their mind sets
Entrepreneurial mind set and motivation
Entrepreneur mindset and motivation is is highly necessary in running an organisation. As these
Enterprises are impacted through various factors of environment which require courage
dedication and interest of learning. The mind that needs to be positive and they need to get
motivated by seeing any risk and uncertainty . as they are the only motivator of themselves
which make them influence to achieve their goals. The personality and behaviour will eventually
impact on the entrepreneurial mind set which include employees the satisfaction and inefficient
working. Therefore, they need to create positivity into the working environment by giving
employees some areas of motivation like less work Golden minimum working hour and an
effective salary and incentive (Zhengyun, Jinlian, and Jingxian, 2020). There are many factors
that influence on entrepreneurial traits which are discussed below:
Freedom and adaptability: Entrepreneurs need to make environment of freedom and
adaptability in which employees are ready to give their new ideas and opinion which would be
helpful for the entrepreneurs to take decision. Also, these entrepreneurs require a peaceful
environment without interference of outside activities so that they could come up with creativity
and innovation.
Authority and Responsibility: These entrepreneurs work into many diversify and complex
situations into the environment. So that, they need to delegate their authority and responsibility
to their subordinates to reduce the burden and make time for other necessary work.
Accomplishment of tasks: This trait highly influences the employees working in organisation.
As every employee work harder to achieve something big from the organisation so that
entrepreneur needs to motivate them by giving appreciation and rewards in terms of gaining
success and achieving targets which is highly beneficial for organisation.
Improvising Financial Condition: The entrepreneur needs to take wise decision over financial
need of organisation. When the company continuously attend losses they will end in winding up.
To not achieve this stage, entrepreneurs needs to regularly work on maintaining financial
position and by investing Indo sources which give high funding and return on investment.

Evaluate with the help of relevant examples and discuss how the background and experience can
hinder and foster the entrepreneurship
Entrepreneurial personal backgrounds
Every individual has different background and experience which day took from many past life
scenarios. This background of various entrepreneurs will help in understanding the meaning of
success that could be attained with true hard work and motivation.
Background and factors that foster entrepreneur
Education: Education is one of the major elements that affect an individual skill and knowledge.
An entrepreneur could only act as a mature person by become educated what's the time in facing
business challenges. The CEO of Apple that is Tim Cook who performed there studies in
business schools and pass out from Auburn University.
Family Background: An individual learn and develop some of skills and traits from what they
see in their surroundings. They develop kind of mentality and culture in their status. The family
of Tim Cook describe that his father was a Shipyard worker and his mother work at pharmacy.
He was a enthusiastic person with the great support of family.
Society's Culture motives: Society is that element which influence on every individual. It play a
vital role in creating a mind set of an individual . Tim Cook was born and brought up in a great
society and culture that make possible to achieve their goals and objectives.
CONCLUSION
The report has concluded that entrepreneurship is a wider concept that includes various
personality traits and duties and responsibilities. These undeclared are characterized as different
Ventures. Also the report has identified various characteristic traits of individual which make
them in different from each other. The economy has positive impact of micro and small
organization. Also on technical background are evenly impact on their traits and mind-set.

References
Books and journals:
Al-Nashmi, M.M., 2017. The impact of entrepreneurial characteristics on the intention of
administrative sciences students–university of science and technology–to start new
ventures. The Arab Journal For Quality Assurance in Higher Education, 10(31),
pp.103-119.
Blevins, D.P. and Ragozzino, R., 2018. An examination of the effects of venture capitalists on
the alliance formation activity of entrepreneurial firms. Strategic Management
Journal, 39(7), pp.2075-2091.
Brown, R. and Mawson, S., 2019. Entrepreneurial ecosystems and public policy in action: a
critique of the latest industrial policy blockbuster. Cambridge Journal of Regions,
Economy and Society, 12(3), pp.347-368.
Chao, W. and Biao, C., 2019. Entrepreneurial Learning, Entrepreneurial Strategy and the
Competitive Advantage of New Ventures. Foreign Economics &
Management, 41(09), pp.139-152.
Chen, M.H., Chang, Y.Y. and Pan, J.Y., 2018. Typology of creative entrepreneurs and
entrepreneurial success. Journal of Enterprising Communities: People and Places in
the Global Economy.
Khan, S., Lacity, M. and Carmel, E., 2018. Entrepreneurial impact sourcing: A conceptual
framework of social and commercial institutional logics. Information Systems
Journal, 28(3), pp.538-562.
Kier, A.S. and McMullen, J.S., 2018. Entrepreneurial imaginativeness in new venture
ideation. Academy of Management Journal, 61(6), pp.2265-2295.
Marx, M. and Hsu, D.H., 2019. The Entrepreneurial Commercialization of Science: Evidence
From'Twin'Discoveries. Boston University Questrom School of Business Research
Paper Forthcoming.

Sadiku-Dushi, N., Dana, L.P. and Ramadani, V., 2019. Entrepreneurial marketing dimensions
and SMEs performance. Journal of Business Research, 100, pp.86-99.
Shepherd, D.A. and Patzelt, H., 2018. Prior knowledge and entrepreneurial cognition.
In Entrepreneurial Cognition (pp. 7-49). Palgrave Macmillan, Cham.
Zhengyun, R., Jinlian, L. and Jingxian, G., 2020. How does New Ventures' Network Orientation
Affect Their Entrepreneurial Orientation?. Management Review, 32(1), p.119.