Entrepreneurial Ventures and Mindset: Types, Impact, and Benefits

This report covers types of entrepreneurial ventures, their impact on the economy at local, regional, national, and international levels, and benefits of micro and small businesses on the overall economy of the country. It also defines the entrepreneurial mindset, characteristics, skills, and traits for successful entrepreneurs.

Entrepreneurial
Ventures and Mind-
sets

Table of Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY...................................................................................................................................1
Types of entrepreneurial venture............................................................................................1
Similarities among entrepreneurial ventures..........................................................................2
Differences among entrepreneurial ventures..........................................................................3
Evaluate the Impact of entrepreneurial ventures on local, regional and national level economy
................................................................................................................................................4
Evaluation of relevant data regarding the impact of small and micro start-ups on all level of
economy.................................................................................................................................6
Describe the benefits of micro and small business on the overall economy of country........7
Evaluate the characteristics, skills and traits to the successful entrepreneurs........................8
Aspect of the entrepreneurial personality reflects entrepreneurial motivation and minds ....9
Examine how background and experiences can foster and hinder entrepreneurship .........11
CONCLUSION .............................................................................................................................12
REFERENCES .............................................................................................................................13

INTRODUCTION
Entrepreneurship refers to the act of opening and running up a business or a
propensity to be creative and desire to work for their own venture, bearing the risks in order
to make profits. Entrepreneurship is the willingness and capability to start up, organize,
evolve and manage a business along with all of its concerns to generate profit. It refers to
what an individual want and do for their dreams and career and direct it in the right
path(Neck, H.M. and Corbett, 2018). Now adays entrepreneurship is about making an
innovative product and bringing cultural changes which increase standard of living of
people. The following report cover types of ventures (UK's local public social venture,
international profit making private venture and entrepreneurship corporate sector venture),
similarities and differences between them. Further, it depicts the impact of chosen ventures
on the economy at local, regional and national level and international level. With the help of
relevant stats and data, the impact of small and micro businesses is shown on the economy.
Further, it defines the mind-set of entrepreneur with the characteristics, traits and skills.
MAIN BODY
Local social public sector venture: A social venture works to complete a series of goals
for a particular reason. These are mainly public ventures which owned and operated by the
government. The main motive of this venture is to supply goods and services for the welfare
of the society and community instead of making profits. They function and operate with the
money received from taxes. For eg: Child maintenance service
International profit making private venture: A private sector ventures are operated
individually or by group of people in order to gain profit from within and outside the native
country. Such types of ventures are not controlled by the government. t. For eg: Amstrad
Intrapreneurship corporate sector venture: Intrapreneurship is a method which allows an
employee to utilise their professional and entrepreneurial skills for the growth of
organisation (Kwapisz, 2019). It gives freedom to their employees to do experiments, think
innovative and suggest ideas and turning them into profit making for the ventures and their
own. For eg: Amazon
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Types of entrepreneurial venture
An entrepreneur is one who launch and organizes a business, and introduce the idea
and opportunities of new business and product in the market. It is about converting a passion
and dream into a new venture and prepared to take risks to earn money.
 Small scale business: It refers to the small and local business such as retail shop,
local restaurant and grocery shop situated in local market. The owner of this business
start and run an enterprise for making money and support to their families.
Generally, they provide goods and services in local market and local people and
family members are the employees of these venture. Example; Eye Room
 Scalable start-ups: It refers to bringing a unique and innovative idea of business in
the market that can change the mind set of people. From generating a business plan
to starting it, they need huge investment and highly skilled professionals for rapid
growth and high return. The main motive of start-ups are to earn maximum profit
and become successful so they compete with large business in competitive world.
Example; Bizzby
 Large scale business: It refers to the business which produce and sell large variety
of product in all over the world. They hire professional employees which work in
different departments of multiple branches of the business. They require huge capital
and investment for production and promotion of goods and services to earn
maximum profits. Sometimes these venture merged with various small business to
acquire innovative technology and services to produce and create new line of
product according to current consumer preferences and rivalry product which are
related to their main product. Example; Amstrad
 Social business: It refers to start a business with the motive of solving the problems
of society and country and make social changes which improve the living condition
of people. They provide their services to the needy peoples and backward areas for
the betterment of their condition (Lundmark, Krzeminska and Shepherd, 2019). It is
non-profit making venture which works only for welfare of society and environment
and their funding are dependent on donations and grants. Example; Transforming
lives for good.
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Similarities among entrepreneurial ventures
 Risk Factor: Risk is most common factor in all type of businesses sometimes it may
be low or high depending upon the nature, size, capital and type of product and
services. There are various types of risks such as economic risk, financial risk,
operational risk, security risk, reputational risk and competition risk. Every
entrepreneur has to deal with these risks during their life of business.
 Opportunities: All ventures look for good opportunities and chances for the
progress and betterment. It refers to a favourable chance or situation for achievement
of aims and success. Every entrepreneur makes various strategies to find good
opportunities and take advantage of the same for the growth and development of
business, employees and society.
 Accountability: In all type of businesses, people and employees are accountable for
their work done (Cao, V.Q. and Ngo, 2019). It refers to responsibility of each person
for their actions, behaviours, decisions and values towards the business, society and
world. Success and consistency of an enterprises depend upon the accountability and
commitment of an individual.
Differences among entrepreneurial ventures
Basis Small scale
business
Large scale
business
Scalable start-
ups
Social business
 Meaning It refers to the
small and local
business such as
retail shop, local
restaurant and
grocery shop
situated in local
market.
It refers to the
business which
produce and sell
large variety of
product in all
over the world
and have
multiple
branches and
highly skilled
It refers to
bringing a
unique and
innovative idea
of business in
the market that
can change the
mind set of
people.
It refers to start a
business with the
motive of
solving the
problems of
society and
country and
make social
changes which
improve the
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professionals. living condition
of people.
 Purpose The main
purpose of this
business is to
earn money for
their livelihood
and supply
goods and
services in local
market (Jwara,
N. and Hoque,
2018).
The main motive
of this business
to earn
maximum profit
and capture big
market shares
and attract large
number of
customers to
increase
goodwill.
The main motive
of start-ups are
to earn
maximum profit
and become
successful so
they compete
with large
business in
competitive
world.
The main
purpose of these
businesses is to
improve and
encourage the
social changes.
Provide social
services for the
betterment of
people, society
and environment.
 Finance In small
business, less
investment is
required for
running day to
day expenses
and supply
goods in local
market.
Huge capital and
investment is
needed to
purchase various
machines and
promotions of
goods and
services and also
management of
the business.
In start ups huge
capital and fund
is needed for
launching,
promotions and
operating unique
business ideas
and their
expenses.
Social business
required less
investment as
compare to other
business for
doing their work
or daily
operations.
Evaluate the Impact of entrepreneurial ventures on local, regional and national level
economy
Level / type of
business
Small business Large business Scalable start-up Social business
Local level Small businesses
help to the local
Large business
have multiple
Start-up
contribute to
Social business
help the local
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economic system
by bringing
development,
employment,
creativity and
innovation to the
market in which
the business is
formed.
branches which
located in
different part of
the country so
they provide
employment to
people of local
area and give
various training
for their personal
development.
local system by
bringing new
innovation and
development in
the market in
which they
situated.
communities by
providing goods,
social protection,
health and
education to the
needy people.
Regional level It generate lot of
jobs and balanced
regional
development by
paying taxes ,
utilizing local
services and
suppliers and
encourage youth
to work for their
livelihood.
Large business
creates a
favourable
market for the
development of
regional business
and help in
increasing the
tax income of
state government
Start-ups helps
and motivate
people who
dream of
opening their
personal
business and
create new
market and new
opportunities.
Social business
start various
program and
training centre at
regional level
which aware
people for their
rights, and
responsibility
towards there area
and generate
employment.
National level It contributes in
the productivity
and growth in the
GDP of the
country which
lead overall
Large business
play important
role to influence
a country's
economy by
introducing new
New innovative
products,
technology and
services from
start-ups create
employment,
They encourage
and improve the
social changes
and traditions in
the country and
provide better
5

progress and
improvement.
innovations,
product, and
production
process in the
market. Which
shows overall
growth of the
country.
new market and
wealth to
national income
in form of
higher tax thus
directing the
nation towards
future growth.
environment for
living and also
solve various
problems of the
country for fast
development.
International
level
After
globalisation,
small business
use digital
platform to sell
their goods and
services which
attract and invite
foreign investors
and customers.
(Kaartemo,
Coviello and
Zettinig, 2018)
By exporting and
importing of
goods and
services they
create healthy
competition in
global market.
By giving new
technology and
new product to
the world they
create
competition
among various
countries to
increase their
technology and
invite foreign
investment.
Social business
operates their
businesses across
different countries
and are
associated with
many
organisations to
solve problems
regarding
environmental
and social issues
of world to make
better place to
live.
Evaluation of relevant data regarding the impact of small and micro startups on all level of
economy
Small and micro startups contribute to economic growth at all level by creating
innovations and job opportunities to scale up and provide goods and services in local
market. It also play an important role for providing services to primary sector (agriculture),
industries and IT services(Titus Jr, Parker and Covin, 2020). It also influences the
6

competition among the all type of businesses in the market which lead national development
and increase the tax base and productivity of the country. t promote and protect their local
culture and values and modified them for the betterment of society. It promote and protect
their local culture and values and modified them for the betterment of society.
In above figure, it clearly shows the growth rate of micro and small businesses rapidly
increased and they highly contribute in generating employment, and increase national
income by 48% and 37% as compare to other type of business such as 12.6% and 15.4% of
medium scale businesses and 40% and 47.8% of large scale businesses. So the micro and
small startups have positive impact on the economy in past recent years. Which shown
below in the given table.(business population estimates, 2019).
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Illustration 1: Business population estimates, 2020

In this table, it clearly shown how small and micro businesses continuously increased in past
recent year as total employment of small and micro businesses was 16.8million (61%),
turnover was2.3 trillion (52%) of the total as compare to employment and turnover of
medium businesses was 3.5 million(13%) and O.7 trillion(16%) and in large businesses
employment was 10.9 million(39%) or turnover was 2.1 trillion (48%).
In above both figures , impact of small and micro business greater than medium and large
business for generating employment and surplus of the country in past recent year.
Describe the benefits of micro and small business on the overall economy of country
 Community development: Small business startups motivate and help youth to take
initiative to evolve their creations and innovative ideas into a business and bring new
ideas in the market(McAdam, M. and Cunningham, 2019). Sometimes they give
finance to them to start a new business and development of their personal skills.
 Employment generation: Small start-ups play most important role in generating
employment in the country. Start-ups create a large part of new jobs. Mainly start-
ups choose to hire fresher and fresh talents for innovative ideas and new mind-sets.
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Illustration 2: business population estimates, 2020

 Add to national income: Small and start-up business contribute to increase national
income by increasing productivity, invite foreign investment and export of goods
and services in the form of higher tax income. They introduce new product,
technology which attract foreign countries and higher earnings.
 Create social changes and awareness: Small start-ups also spread awareness to the
people about their rights, responsibilities and ethics towards society, environment
and their career. They modify the belief and values of the society and convey new
idea and mind-set. So people are concern and responsible about their career and
development.
Evaluate the characteristics, skills and traits to the successful entrepreneurs
Characteristics
 Passion: It means to do hard work and creative things to fulfil dreams. Being
passionate means willingness to wake up earlier and stay up late without getting
tired to finished tasks on time and delivers quality product to their customers. Alan
Sugar is passionate and disciplined toward his goals and always try to work hard
for making his commodities better than others.
 Fearlessness: It means to have courage to take risky decision in business. Ability to
overcome from failure and fearless spirit is the power that lead an entrepreneur and
their business to heights (Krohn, M. and Herstatt, 2019). JK Rowling take courage
and fight from failure and depression to become successful writer then she fought for
the rights of transgender.
1. Visionary: It refers to an individual who has a clear plan and idea for their
future activities and have the ability to lead peoples in that directions.
Visionaries are always think creatively and always try to change the thinking of
people to see the things and world. In this dynamic world Bill Drayton is a
visionary social impact leader and want to help ordinary individuals to know
about their potentials and talents to make their career as well as change maker
for other peoples.
Skills
 Management skills: It refers to the proper planning, organising and directing their
ideas, passion and work to achieve goals. Management of time and finance for future
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challenges and opportunities. When JK Rowling had a job she always followed her
passion to learn and write in her free time by proper utilization of time management
skill rather than wasting time like other manager she become a famous novelist.
 leadership skills: Leadership skills include ability to assign, communicate (know
strengths or weaknesses) and motivate their employees and team to do their best and
complete tasks on time. Alan Sugar know the power of ownerships and sometimes
he uses blunt and non-negotiable style with employees when deadline are close. He
always use his leadership skills to guide and motivate employees rather than
instructing them like other managers which make him different from other mangers.
 communication skills: Communication skills refers to clearly communicate goals,
work or deal and listen ideas, complaints and offers of employees, customers and
dealers. Through good communication an entrepreneur achieves their goal more
efficiently and effectively. Bill Drayton clearly convey his idea and thoughts about
environmental safety, poverty and help to students to build their career. He always
use his skills for the betterment of people and society which makes him different
from various self oriented managers.
Traits
 Ambitious: It refers to strong desire and want of achieving wealth, success, power
and specific goal. JK Rowling is an ambitious women and had ambitions to become
a writer. She often proved her writing skills by written a famous book Harry Potter.
 Adaptability: It refers to a person's flexibility or capacity to adjust changes and
challenge themselves to tackle future problems (Brännback, M. and Carsrud, 2018).
Alan Sugar continuously track new opportunities to grow and always ready to try
make his products better than others.
 Compassion: It involves the kindness and concern of a person toward others and
needy people through their words and actions. Bill Drayton works to ''tip the world
in the right directions'', provide grants and support the work of various
entrepreneurs.
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Aspect of the entrepreneurial personality reflects entrepreneurial motivation and minds
Personality is a set of characteristics that determine personal behaviour. These
personalities have to be understood so that an entrepreneur can use their concept, traits and
skills in the correct task or approach. They will be able to motivate, inspire and train their
employees clearly if they have an image of their O.C.E.A.N personality traits(Pomare,
2018).
 Openness: It refers to the curiosity and willingness of a person is to seek and try
new ideas, new experiences and learn something interesting. JK Rowling is open-
minded and passionate women she tried something new and prove it by written
many books and novels and also voiced out on various political matters.
 Conscientiousness: It means an individual is concerned to be dependable, punctual,
organized and certain toward their goals. Alan Sugar respond quickly and is punctual
towards his goals and make decisions to recognise failures, track good opportunities
for the development of organisation. He creates healthy working relations among
employees so they achieve target on time.
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Illustration 3: the big five personality traits

 Extraversion: This means a person is sociable, energetic, emphatic, talkative in
nature and eager to be outgoing. Bill Drayson is a social entrepreneur who works to
reduce poverty, to protect environment and human rights.
 Agreeableness: It refers to an individual who desirous to delight others and be kind,
sensitive and friendly with others(Cumming and Zhan, 2018)
 Neuroticism: It refers to emotional reaction and stability of an individual such
feeling as moody, self-conscious, depressed, anxiety, anger and jealousy.
Examine how background and experiences can foster and hinder entrepreneurship
 JK ROWLING
Joanne Kathleen Rowling, (pen name, JK Rowling) was born in Yate General Hospital near
Bristol on 31st July, 1965. She is British author and creator of the famous series, Harry
potter. She was graduated from the Exeter's university in 1986, and start working for
Amnesty International in London, First book of JK Rowling published as Harry Potter and
the Sorcerer's stone in 1997. The book was received huge success, awards and popular
among children and adult. There were 6 sequels, the last sequel released in 2007. After that
she has written many books such as The Casual Vacancy , Cormoran Strike and The
Ickabog for children and adult readers. For which she received many rewards (Times,
Forbes, Person of the year , Political inspiration and many more) and become world's first
billionaire author. JK Rowling suffered from depression and faced various rejection in
initial stage of her career. She inspired in many ways such as she has given moral, political
and social support to her fans and do charity. Rowling expressed her views on political
matters. She also gives support to transgender people. JK Rowling is a big inspiration for
the youth, women and all who have courage to do something for their career. All the efforts
and experiences of JK Rowling makes her great and most successful entrepreneur.
 ALAN SUGAR
Alan Sugar was born in Hackney, London on 24 march 1947. He went to Brooke House
Secondary school in Hackney ,left school at age 0f 16 and worked as a statistician for the
civil services at the ministry of education(Matos and Hall, 2020) . He is a successful
business man, author, media personality and politician. He was started his business in 1968,
Amstrad, consumer electronics company by selling electronic goods. In 1980 the company
become his largest and most profitable venture of television and listed in London Stock
12

Exchange. He also known as the chairman of Tottenham Hotspur. Sugar well known for his
appearance on 'The Apprentice' BBC reality show, He donate his fees for appearances and
speaking to charity and become member of the labour party. In 2011 survey of 'Sunday
Times Rich List, He stood on 84th position.
Despite Amstrad, Alan Sugar owns several companies Amscreen, YouView, Amsprop and
Amsair. He experiences failure but he continuously pursued new opportunities which
inspired and influence other to try new, follow their dreams and work on making the product
better than other.
 BILL DRAYTON
Bill Drayton was born in New York on 15 June, 1943. He attended Phillips Academy,
Harvard University, Balliol College, Oxford University and Yale Law School for his
schooling and graduation. He was working for 10 years as consultant in Mckinsey &
Company. After that he was an assistant of the Environmental Protection Agency (Maziriri
and Chivandi, 2020). Later he worked as professor at Harvard University. In 1981, he was
the founder and now CEO of Ashoka; Innovators for the Public and involve as board chair
of Get America Working! And youth venture. He has received numerous awards and titles
for his action. Drayton was honoured by US News for one of best America's Leaders and
Harvard University for Public Leader, Yale Law School's highest alumni honour. He was
elected one of the early MacArthur Fellows for his contribution to public service. He
inspire and help people to become change maker for themselves and society.
After evaluating the experiences and skills of above given entrepreneurs they inspired and
motivate other entrepreneurs to use their skills and traits to build their career as well as
betterment of the society and environment.
CONCLUSION
It is concluded that the given data shows small and start-up entrepreneur can make
great impact on the overall growth of the country and world as compare to medium and
large organisations. By modify and learn their entrepreneurial skills and also have good
personal qualities traits to become a successful business man. Given example of the
entrepreneur traits are high level of confidence, desire learning and adaptable, not afraid to
take risk, understands failure, leadership quality and ambitious towards their goals. All the
skills and traits are need to be applied, learned and followed by every entrepreneur to
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become successful. These traits explain the differences between various successful
entrepreneur.
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Pomare, C., 2018. A multiple framework approach to sustainable development goals
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Online
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attachment_data/file/
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