Entrepreneurial Ventures: Scope, Types, and Personal Traits

This report discusses the scope and types of entrepreneurial ventures, including personal traits and characteristics. It also highlights the impact of these traits on the venture. The report covers social entrepreneurship, technology entrepreneurship, small business entrepreneurship, and serial entrepreneurship.

UNIT 9
ENTREPRENEURIAL
VENTURES

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Entrepreneurial venture and the scope of entrepreneurial ventures and some similarities and
differences between them............................................................................................................3
Personal traits and characteristics................................................................................................6
Impact on entrepreneurial ventures.............................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship venture is a business pursues new practices and opportunities in order
to make venture profitable. FSB (Federation of small businesses) is a United Kingdom business
organization act for medium and small sized businesses. Their purpose is to helps smaller size
businesses to reach their goals or ambitions (Kloepfer, and Castrogiovanni., 2018). Business
offer advice, support, financial expertise and powerful voice in UK government. This report will
discuss some scope and types of entrepreneurial venture and also includes their similarities and
differences. Moreover, this report also includes some example whether characteristics and
personal traits of it. This report also highlights the different entrepreneurial mind-sets operate by
the different characteristics and skills play role to make a new venture.
MAIN BODY
Entrepreneurial venture and the scope of entrepreneurial ventures and some similarities and
differences between them
Entrepreneur is an individual who begin and runs their business with the narrow planning
and resources, and liable for the reward and risks of their own venture. The knowledge is usually
enclosed a fresh or innovative products and services and not the current business model. Such
projects target good or high profits with the equally level of an uncertainty. The person is ready
to take risk on their career and financial security, and they spending time and capital on uncertain
business or venture, and arranging for the essential capital, manufacturing location, skilled
employee and raw materials. Entrepreneur has characteristics such as willingness to take risk,
respect and trust in the team, self-confidence and ambition, as well as ability to learn from the

mistakes. The scope of venture is depending on the geographical location, structure and their
size.
Serial entrepreneur: in this entrepreneur start different businesses one after the another
comparatively than beginning one business and focused on it for the many years (Kelliher., and
et.al., 2019). Serial entrepreneur sells their venture after they achieve a certain level of the
maturity. They may keep ownership while delegating their day to day responsibility to other
individuals. Characteristics of serial entrepreneurs are:
 Passion: It takes may zest and zeal to attempt to overcome the challenges that
entrepreneur faces when they run and launching a business. To want to do again and
again, this type of entrepreneur want to be passionate about their work and it can be
easily seen that how they talk and give their ideas.
 Curiosity: A serial entrepreneur has the way of attracting the people and attract their
interest towards ideas. Given that entrepreneur is interested and curious in other
environment and people, they get to introduce ideas that they share with other people
around them. Individuals are attracted to the industrious people.
 Excellent time management: An entrepreneur has the ability to manage their time
effectively, so they can manage their businesses in efficient manner, so a serial
entrepreneur has the capability to manage their time and discipline mind-set. For
example, George karibian is a serial entrepreneur and now has three fast growing United
Kingdom fin tech businesses. And other example of this entrepreneur type is Brent
Hoberman has the co-found the six high growing United Kingdom firms to date. These
start up include networking app grip, software venture karakuri, accelerator founder’s
factory and food tech robotics.
Technology entrepreneur: It is the style of doing business based on a process of the identifying
high potential, gathering resources like cash band talent, technology intensive starts-up
opportunities, by using principle manage rapid growth and real time decision-making skills.
Technology entrepreneurship is a type of vesical which facilitates prospective in people region,
nations, firms etc. A good business opportunity contains great value proposition, strong
intellectual property, large potential market, technically feasible products and sustainable
competitive advantages and proven business model (Anggraini, and Persada., 2021). Technology
makes the entrepreneur capable to take good decision in different and difficult situation.

Technology entrepreneurial process is applicable for both that is within establish corporation and
independent start-up. Successful innovation includes both function that is team work and
creativity. Entrepreneurship is a concern of making a lifelong plan to create a positive or good
impact on the society. For example, there are many tech start-ups on the United Kingdom such as
Cord company, united fin tech company, WeVee etc.
Social entrepreneurship: this is a process by which people, start-ups and entrepreneurs find and
develop solution that are related to the social issue (Gandhi, and Raina., 2018). An entrepreneur,
is an individual who identify the business opportunities that have a great and positive impact on
their community in the world or in society. Their main target is to solve a problem of the society
by their innovative product or services. They are not seeking for the profit by selling the products
rather than entrepreneur want to make the world where people get better place.
Small business entrepreneurship: A person can make this type of venture with the limited
resources and limited capital. They do not seek for the outside investors, the entrepreneur invest
fund in the venture and manage their venture on their own (Westman, and et.al., 2022). They get
fill profits of the venture as well as bear full loss too. Unisure, Liberia, MyHRToolkit are the
example of this type of entrepreneurship in the United Kingdom.
Similarities and differences between the different ventures:
Similarities
Serial entrepreneur Small business
entrepreneurship
Technology
entrepreneur
Social
entrepreneurship
Have decision-making
power
Decision-making
authority
Decision-making right Decision-making
power
Common goals of
creating venture
successful
Common goal They also have a
common goal
Common goal
Seek for opportunities
and managing ability
Seeking for
opportunities to start
their venture
Seeking for tech
opportunities
Seeking to solve the
problem of society
Differences:

Serial entrepreneur Small business
entrepreneurship
Technology
entrepreneur
Social
entrepreneurship
More capital and
resources required
Limited capital and
resources required
Need good amount of
capital
Medium
High risk The risk is
comparative low
More risk Low risk because is
managed by the public
and government dues.
Personal traits and characteristics
It is said that entrepreneurs are made and not born, which basically means genes might
play a major role in some sectors of the society but not in entrepreneurship. Through a thesis
done it is analysed that only around 37% to 48% of the urge or tendency to be na entrepreneur in
a person is genetic. The major behavioural traits that are required to be an entrepreneur such as
openness, extroversion, etc. are the ones that are determined through the genetics, which
specifically means that genetics influence the “entrepreneurial aspects” of one's personality by
impacting their tendency to be an entrepreneur. Further the discussion explains some traits and
characteristics of entrepreneurs and if they are genetic or learnt by the examples of
entrepreneurial ventures.
1. INNOVATIVENESS- It is believed by many that innovation and entrepreneurship go
hand in hand with each other (Lounsbury. and et.al., 2019). This way of thinking often
tends to be true. Some well-known start-ups took the existing product and then
improvised it in accordance with the consistently changing needs and wants of the
market. One of the best examples of a company that has changed its market reputation
and working index through amazing innovation techniques is Entocycle, this is a
company that is revolutionizing the industry of animal feed through building a
sustainable and localized food chain. The company has totally brought a new and
interesting dimension to the market by replacing meat and fish with insect larvae which
are both nutritionally comparable, since insects support production of protein more easily
than farmed animals.

2. PROAVTIVENESS- Proactivity specifically means the tendency of human beings or
entrepreneurial agents that take action according to the external constraints in the
environment (Gao. and et.al., 2018). By doing so, these agents are able to change or
impact the environment they are operating in. these entrepreneurs can also be referred to
as action-oriented entrepreneurs. An example of a company that follows a proactive
approach is s UK based media company named Virgin Media that proactively does
communication with its customers prior to the service appointments. This action of being
proactive was taken due to an analysis done which showed that number of customers
forgot about the appointments made, and after adapting this approach there was a drastic
fall in the count of missed appointments.
3. RISK TAKING- Entrepreneurship is often something which is associated with enormous
risk. But entrepreneurs who are able to do the management between reward position and
risk are always beneficial for their company (Chipeta. and Surujlal., 2017). The
entrepreneurs that tend to be successful are the ones that are comfortable with the
encounter of a particular level of risk in their company to further get the rewards of the
efforts put in by them, however the risk tolerance of these entrepreneurs is totally related
to the efforts made by them for the purpose of mitigation. An example of such
entrepreneurs is Suzanne Brock, founder of the start up named Nutriment is a female
entrepreneur that remortgaged her house to raise funds to start her factory that sold raw
pet food.
Impact on entrepreneurial ventures
There are a variety of differentiated skills, traits and characteristics possessed by different
entrepreneurs in accordance to the sector and type of their business and also their personality
traits. These traits or characteristics can either be genetic or learnt through life and experiences.
Further, are the characteristics and skills of entrepreneurs and their impact on the entrepreneurial
venture;
Persistence
Persistence refers to the ability to be consistent and continue doing the tasks as well as
activities also if the success one desires is not achieved yet, and making changes accordingly
(Fritsch. and Wyrwich., 2017). For an entrepreneur its not all daisies all the time and that is fact
no one can deny from, sometimes the venture might lose big customers, or extremely proficient

employees might leave the firm or also become competitors of the firm, the regulations might be
changed by the government, etc. but for being successful one must be persistent through all the
difficulties faced by the venture and that is how they get better and better with each passing day
and also support in the growth of the venture.
Adaptability
In many cases, when the venture starts they are doing something else than the time when
they are successful ultimately. As the entrepreneurial journey begins it is tough for both the
entrepreneur and the venture to go according to a rigid plan. This is because the market a venture
works in has inconsistent nature, which means it goes through changes very frequently. As a
result of these changes the venture is forced to adapt to them, to be present in the market.
Through the nature of being adaptable and tolerable to the market conditions, the organization
has an upper foot when it comes to opportunity grasping, better market knowledge, more
advanced employees and technologies and better customer response or reviews. This affects the
venture in a positive way and helps to enhance the possibility of growth and goodwill.
Vision
This refers to the ability which precisely focuses on identification of problems and
development of their solutions for their elimination (Sibeko. and Barnard., 2020). Entrepreneurs
with vision are not sacred or afraid of causing disruption and complete recreation of the way of
doing things. For example, no one could think about ordering and eating food from their
favourite restaurants on their own phones, but ride-sharing revolutionized the industry through
its great and impeccable vision approach. Through vision a company can plan better and the
utilization of resources can also be done in an optimum manner. Through which the working will
be effective, efficient, trustworthy and more proficient.
Other factors
These factors specifically point to the factors such as cultural background, lifestyle and
family upbringing. All of such factors also have a major impact on the mindset of the
entrepreneur which further affects the venture too. An individual with a good upbringing from
family, knows how to treat people connected to the venture with warmth and etiquettes.
Someone who belongs from a high maintenance background might not have money as their
major priority, these are just examples how different behavioural aspects affect the venture and
its growth.

CONCLUSION
This report highlight the different entrepreneurship ventures such as Social
entrepreneurship, Technology entrepreneur, Small business entrepreneurship, Serial entrepreneur
and their similarities and differences with some example. Furthermore, this report also discussed
the personal traits and characteristics and also discussed the various entrepreneurial mind-sets
driven by the characteristics and skills play a major role in making a new venture.

REFERENCES
Books and Journals
Anggraini, E.W. and Persada, S.I.P., 2021. How to Become Technology-Based
Entrepreneur. International Journal of Research and Applied Technology
(INJURATECH). 1(1). pp.103-108.
Chipeta, E.M. and Surujlal, J., 2017. Influence of attitude, risk taking propensity and proactive
personality on social entrepreneurship intentions. Polish Journal of Management
Studies, 15.
Fritsch, M. and Wyrwich, M., 2017. Persistence of regional entrepreneurship: causes, effects,
and directions for future research.
Gandhi, T. and Raina, R., 2018. Social entrepreneurship: the need, relevance, facets and
constraints. Journal of Global Entrepreneurship Research. 8(1). pp.1-13.
Gao, Y. and et.al., 2018. Impacts of proactive orientation and entrepreneurial strategy on
entrepreneurial performance: An empirical research. Technological Forecasting and
Social Change, 135. pp.178-187.
Kelliher, F., and et.al., 2019. Outside in and Out and in as a Serial Entrepreneur. In Outsider
Leadership (pp. 113-133). Palgrave Macmillan, Cham.
Kloepfer, K. and Castrogiovanni, G.J., 2018. Entrepreneurship: venture creation subprocesses,
subdomains, and interfaces. International Entrepreneurship and Management Journal.
14(3). pp.681-696.
Lounsbury, M. and et.al., 2019. Culture, innovation and entrepreneurship. Innovation, 21(1).
pp.1-12.
Sibeko, M.S. and Barnard, B., 2020. Visionary leadership and entrepreneurial vision within
entrepreneurship. IUP Journal of Entrepreneurship Development, 17(2). pp.1-91.
Westman, and et.al., 2022. Market transformations as collaborative change: Institutional co‐
evolution through small business entrepreneurship. Business Strategy and the
Environment.