Entrepreneurial Ventures

Entrepreneurial
Ventures

Table of Contents
Introduction......................................................................................................................................1
Activity 1.........................................................................................................................................1
Describe different kinds of entrepreneurial entities and how they relay to the typology of
entrepreneurship.....................................................................................................................1
Assess the distinction and similarities of different entrepreneurial entities...........................2
Assess and determine associated data highlighting how small businesses impact the economy.
................................................................................................................................................4
Discuss the importance of start-ups and small entity to the development of social economy.6
Activity 2.........................................................................................................................................7
Examine the skills an entrepreneur has in contrast to other managers..................................7
Determine how aspects of entrepreneurial personality imitate mindset and motivation........8
Examine with appropriate examples how background and experience can hinder or foster
entrepreneurship.....................................................................................................................9
Conclusion.......................................................................................................................................9
References......................................................................................................................................11

Introduction
Entrepreneurship is described as the method of building an innovative enterprise with the
aim of maximising profit and satisfying the needs and wants of the target customers, the person
who starts the enterprise bearing all the risk and enjoying all the profit is known as entrepreneur.
He is someone who has the ability to build new business with innovative idea, this kind
enterprises largely contribute to the development of economy. in this report Newmoon which is
an well established charitable organisation which helps start-up to secure required loans with
angel investors. This report includes the different kinds of entrepreneurial ventures and their
different typology along with their similarities and differences. Also how micro and macro
business impact on economy and development of social economy. And various skills of
entrepreneur and how surroundings and personal experience can hider or foster entrepreneurship
is also mentioned.
Activity 1
Describe different kinds of entrepreneurial entities and how they relay to the typology of
entrepreneurship
The term entrepreneurship is described as the procedure of building new and innovative
enterprise in the basis of creative ideas, this involves converting creative ides into reality.
Small business Vs Entrepreneurial ventures
The small business are the kind of business entity started with small amount of the capital by the
single entrepreneur, whereas the entrepreneurship is the creation of new and innovative
entrepreneurial ventures where entrepreneur starts new enterprise bearing all the risk and earning
rewards. The different kinds of entrepreneurial venture are highlighted below:
Small entity entrepreneurship: The first types of entrepreneurial venture is the small business
entrepreneurship, these are generally small in size started with very small capital by single
individual with aim to survive, these type of venture largely contribute towards the growth and
development of economy (Bade, 2018).
Plumber or electrician is an example of small business entrepreneurial venture.
Scalable start up entrepreneurship: The another type of the entrepreneurial venture is
the scalable start up entrepreneurship , these are started with the main purpose of offering
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innovative product and services to the society, these type of entrepreneurial venture starts with
an innovative and creative idea and to change society through their innovative idea.
Facebook and Instagram are the example of Scalable start up entrepreneurial venture.
Large company entrepreneurship: The large company are the type of company which
are generally large in size, started with large amount of capital with the aim of maximising the
profit and satisfying the needs and wants of the potential customers which leads them towards
gaining competitive advantage in the market place. Some of the example of large company
entrepreneurial venture are the Apple, Microsoft.
Social entrepreneurship: Another type of the business entity is the social enterprises,
under this the entrepreneur continuously work towards the welfare of the society, the main
purpose of this kind of enterprises is to fulfil the needs of the society. (Baporikar, 2019).
Typologies of entrepreneurial ventures: The term typologies of entrepreneurial ventures is
described as the kinds of entrepreneur and the kind of ventures they work in. some are
highlighted below:
Female entrepreneur: This kind of ventures are owned and managed by the female
entrepreneurs through their innovation and capabilities.
Innovator entrepreneur: The kind of ventures working towards brining new and
innovative ideas into the market.
Typologies
Growth enterprise: These kind of enterprise are working towards continuous growth and
development.
Lifestyle enterprise: The lifestyle ventures are working towards improving lifestyle of a
person.
It is analysed that the entrepreneurial ventures as well as its various typologies are directly
connected with each other and continuously work towards enhancing the lives of other and
maximising profit effectively (Garcia-Lomas and Gabaldon, 2020). As well as fulfilling the
demands of customers.
Assess the distinction and similarities of different entrepreneurial entities
The basic similarities and the difference between all the entrepreneurial ventures afre
highlighted below:
Similarities
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 One of the main similarities among all the four entrepreneurial ventures is that all four
continuously work towards satisfying the needs of their customers.
 Another similarity between all four is that all started with one unique idea which lead them
converting their idea into business entity.
 All four are offering quality product and services to their target customers effectively.
Differences
Basis of
difference
Small company
entrepreneurship
Scalable start-up
entrepreneurship
Large business
Entrepreneurship
Social entity
Entrepreneurship
Number
of
employees
The number of
employees in
case of small
business
entrepreneurship
are generally less
than 50
The scalable
entrepreneurship
is generally
started with the
innovative idea
so the number of
employees
depends on the
creativity and
interest level to
being some
innovation (Jaim,
2020).
The large
company
entrepreneurship
are generally
large in size so
the number of
employees are
more than 100.
The social
entrepreneurship
works towards the
welfare of the
company so the
numbers of
employees are
determined
through their
interest’s level of
working towards
the society.
Goal and
objectives
The key goal of
these type of
enterprise is to
earn minimum
profit in the
market.
The main
objective of
scalable start up
is to bring
innovation and
creativity in the
marketplace.
The large
company are
generally started
with large amount
of capital in order
to satisfy the
demand of the
target customers
and with major
The main goal of
these kind of
company is to
work towards the
welfare of the
public and satisfy
their needs
continuously.
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objective to earn
maximum profit
and gain
competitive
advantage in the
marketplace.
Assess and determine associated data highlighting how small businesses impact the economy.
Micro and small business organisations are playing a very important role in the growth of
economy of organisations. Small and medium enterprises are offering maximum support and
contribution required in the process of developing economy.
Small: These enterprises have less than 50 employees and their revenue is less than five
million pounds. They are working on a lower scale and offering more opportunities of
employment to local employees (Giudici and Adhami, 2019).
Medium: These enterprises include employees ranging from 52 to 250 in number. The
overall revenue of these enterprises is ranging between five million pounds and 22 million
pounds. These organisations have a positive impact on the growth of a country's economy and
mostly focusing on addressing the demand of people.
Large: These organisations operate on the National international skilled and the overall
associated workforce is more than 250 and revenue includes 22 million pounds. Organisation can
assist in the process of contributing towards development of economy (Harlow, 2018).
Local impact: Micro and small enterprises has created huge impact on the local economy.
These enterprises are offering goods and services to local individuals so that they are over their
demands can be fulfilled. It also provides a cost benefit advantage by keeping their portion of
profitability low. So there is local development that is taking place as a part of economy for a
developing nation micro and small enterprises play a very crucial role.
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(Source: The Role of Start-ups and Small Businesses in Today’s Economy, 2018)
Regional impact: from the above graph it can be analysed that micro and small organisations
are having a significant impact on the regional economy. These organisations offer effective
employment opportunities to people so that there can be elimination of unemployment issues.
They also offer a positive impact on the economy and it in the business process so that there can
be development of overall living standards of people. In case of large sector organisations they
have 53% turnover that is higher as compared to 33% and 14% of small and medium sector
organisations respectively (Jayakar Pai and More, 2018).
National impact: In this is the organisations can process a direct impact on the economy of a
country at National level because small and medium enterprises contribute towards offering
employment opportunities and promotion of creative and innovation across the country. The
main concern is to develop some innovative ideas in order to enhance the overall performance
level on part of Individuals. Approximately 15.7 million people are employed in the micro and
small business organisations across UK (Kowalik and Danik, 2019). On the above graph it can
be clearly observed that large sector organisations are contributing low as compared to medium
and small sector organisations. In terms of offering employment opportunities approximately
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there is 48% of contribution made by small organisations that is higher than 12 % and 40%
provided by medium and large sector organisations.
So, it can be summarised from the above discuss aspects that small medium and large sector
organisations are having their own pros and cons for the development of a nation. But small and
medium enterprises are having a higher amount of relevance in the changing nature of external
environment (Le Breton-Miller and Miller, 2018).
Discuss the importance of start-ups and small entity to the development of social economy.
The small entity and start-up the plays an very essential part in the development and
development of the social market. Both helps in the in increasing the GDP rate of the country
effectively through providing higher number of employment opportunity in the country
(Mohammed, 2019). Some of the important features of both which helps in the growth and
development of the social economy are highlighted below:
Providing more employment opportunity: The small business and start-ups helps in
creating more employment opportunity in the society through offering direct opportunity to the
locals. Both are largely contributing towards creating large number employment opportunity in
the society which automatically leads to improving and growth of the social economy.
Improving standard of living: The small business and start-ups continuously work towards
improving standard of living through offering them quality products and services. The small
business and the start-up enterprise offers their maximum contribution in the enhancing the
standard of lives of the society through offering quality services and products and also offering
employment opportunity to them.
Leads to economic development: Both small business and Start-ups continuously work
towards growth and development of the economy through mainly targeting the local people who
can largely contribute in the development of the economy through their innovative and creative
ideas. The start-ups makes large amount of the income every year which leads to the
development of the economy (Letsoalo and Rankhumise, 2020).
From the above discussed it is determined that the small enterprises and the start-up has huge
impact on the growth and enhancement of the social economy effectively through offering large
number of employment opportunities with around 48% which leads to the development of the
social economy. In addition to this both are actively involved in many type of corporate social
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responsibility which may include offering help to the rural area in offering educational facilities
or helping them to improve their living standards through offering required necessities.
Activity 2
Examine the skills an entrepreneur has in contrast to other managers.
The entrepreneur is the one who always functions towards launching his innovative and
creative ideas into reality through building and creating innovative enterprise, with the main
purpose of brining change in the society. An entrepreneur is the one who is always ready to take
risk and find opportunity which can be further converted into business enterprises. An
entrepreneur has set of skills which help him to be motivated and work towards achieving
desired goals and objectives (Powers and Zhao, 2019). Some of his main skills which
differentiate him from other managers is highlighted below:
Motivated: One of the greatest skills of entrepreneur is that they have high level of self
motivation which always leads them towards new innovation and creativity. They are always
working towards achieving desired goals and objectives.
Creative: Another skill of entrepreneur which differentiate them form other manager is that
they are highly creative, always finding innovative and creative ideas in each and every
challenging situation. In order to maintain their position in the competitive market it is very
essential for the businessman to be creative and continue to bring innovation. Entrepreneurial
enterprises starts with a creative idea only, this skills allows entrepreneur to be different form
everyone else.
Passion: The entrepreneur are always passionate about their work and follows their dream,
they are well aware of the fact that passion gives the constrain to function and also a motive to
work harder, it there is no passion individual will have no particular reason to work. It is the only
reason which leads entrepreneurs towards growth and success effectively (Lewellyn, 2018).
Future oriented: The entrepreneurs are future oriented, they always work towards
fulfilling their future goals and objectives and also moving forward with clarity of their future
and future goals they are needed to attain effectively.
Decision making: Another skill of entrepreneur is that they have great decision making
skills. They always look for all the aspects of the situation and accordingly take the correct and
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accurate decisions leading towards enhancing overall performance. The entrepreneurs have great
decision making skills under any circumstances.
Determine how aspects of entrepreneurial personality imitate mindset and motivation.
An entrepreneur has various skills, characteristics, traits and his own personality which
leads him towards more growth and success in the competitive environment. The personality of
an entrepreneur differentiates him from any one else reflecting his own mindset effectively. The
personality is defined as the quality of an individual, for an entrepreneur having strong persona is
very important as it helps in influencing other more easily and creating long lasting impression
on other (Loong Lee and Chong, 2019). In order to analyse the how entrepreneurial personality
reflect the entrepreneurial mindset the OCEAN model is taken into consideration, the various
factors involved in the model are discussed below:
Openness: The individual with this personality traits are more open, imaginative, this
allows them to analyse their creative level and their willingness for skill, knowledge and
experience. The entrepreneur having this personality traits are considered to be more open and
imaginative. It is also related with the level of emotions, ideas and thoughts of a person.
Conscientiousness: Another personality trait is the conscientiousness, entrepreneur with
this trait are mainly reliable and flexible which allows then to be more focused about their future
goals and objectives effectively. this kind of personality traits allows entrepreneurs to plan
everything well in advance.
Extroversion: The entrepreneur with this kind of personality traits are generally outspoken
and more social, they are generally more talkative and has extra level of energy in each and
everything they do. With this personality trait the entrepreneur can easily build relationship with
other. They generally like to be the centre of attention in everything they do mostly.
Agreeableness: The entrepreneur with this personality traits are generally soft hearted and
easily agrees to each and every thing, they are soft in nature and always ready to support others.
They makes everyone to trust them easily. This kind of entrepreneurs can easily form long
lasting relationship with others (Mazzarol and Reboud, 2020).
Neuroticism: The last type of personality trait is the neuroticism, entrepreneurs with this
type of personality are more often has two sides, entrepreneur with more frequency of this are
mostly emotionally unstable, can’t control their emotions but individual with low frequency can
easily control their emotion and has more emotional stability.
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Examine with appropriate examples how background and experience can hinder or foster
entrepreneurship.
A person’s background and experience plays an very essential role in fostering and
hindering the entrepreneurship, the background and experiences are the major elements of an
individual life which can lead him towards either success of failure, as both effectively determine
the his growth or failure (Perkins and Seals, 2019). The personal background which includes
elements like family, friends of an individual which directly influence the success and failure of
an individual, having good personal background will motivate him to work hard towards
achieving desired goals and objective. Similarly if the financial condition of the individual is
good then it will leads him towards the success, the financial background of the company
directly influence the success and failure of the entrepreneur. However the experience also plays
an essential role in the success and failure of the business for an entrepreneur, the term
experience is the continuous learning that an entrepreneur gets from the real life challenges
which helps him to grow and learn effectively. Having good experience can motivate individual
to grow and become successful in the life (Montiel-Campos, 2018).
For example Tom mercer, done his graduation from Cambridge university and then started
working in Bain and Co. as management consultant, he lately realised that there are many option
available for lunch and dinner but when it comes to breakfast there are none, so from there
started his own business in 2006, now his business is one of the well established business. he got
chance to get lots of experience through working as a normal city worker where he learned about
the normal struggle of people which lead him to provide healthy food to them.
Conclusion
From the above discussion it can be concluded that entrepreneurship largely contribute
towards the enhancement of the economy, the small entity contributes in the development of
social economy also. This report is divided into two activity, the first activity covers the various
types of entrepreneurial venture along with their typology also the similarities and difference is
also explained. Micro and small business is largely influence the economy as well as helps in
growth of social economy as highlighted in this report. The second part of the report covers the
characteristics and skills of entrepreneur and how their personality reflect their mindset,
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furthermore the surroundings and personal experience can hinder and promote entrepreneurship
is also highlighted.
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References
Books and Journals
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De Cock, R., Denoo, L. and Clarysse, B., 2020. Surviving the emotional rollercoaster called
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Park, S. and LiPuma, J.A., 2020. New venture internationalization: The role of venture capital
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