ENT301: Entrepreneurial Ventures Report - Analysis and Discussion

This report provides an overview of entrepreneurial ventures, including an analysis of different types of entrepreneurial ventures and their characteristics, such as skeptical, copycat, research, determined, and accomplished entrepreneurs. It also discusses the similarities and differences between entrepreneurial ventures, focusing on goals, value creation, profit, and marketing communication. The report further examines the data and statistics related to the impact of small and micro businesses on the economy, highlighting the contributions of private entrepreneurs, sole proprietorships, and partnerships. It also explores the contribution of small businesses to the growth of the social economy, particularly in the context of the UK economy and the impact of Brexit on SMEs, emphasizing the importance of trade links and the role of small businesses in driving economic growth and development. The report analyzes the impact of small businesses on the economy and the impact of Brexit on SMEs.

ENTREPRENEURSHIP

INTRODUCTION
An entrepreneur is person who starts his business with an aim of achieving maximum profit.
Entrepreneur is a person who is involved with all the risk and return of the business and thus
performs the work alone . When any person invest his own capital in the business then it is known
as a firm and any person who invests in his own business is known as an entrepreneur. It involves
new business creation with the idea of innovation and creation and the facility of economic growth
and development. It is also created for the new market and industries and for the existing firms in
the market. It gives proper understanding about the roles and characteristics that help to get success
in the life. Complete understanding give the impact on the European union for the success in
relevant market.
TASK 1
P1. Analysis the various types of entrepreneurial ventures and how it is related to the typology
Entrepreneurs are considered as the people who with a very limited resources initiates a
business and are themselves responsible for their personal business ventures. Ventures means the
starting of the new business with is own capital and then gaining maximum profit. The main aim of
entrepreneur is to gain profit and customer satisfaction. The different types of entrepreneurial
ventures can be according to the amount of money invested in te entrepreneurial business. If more
money is invested then the venture may grow and the profit is also increased and if less amount is
invested then the venture may not grow and thus the profit is not increase so according to the size
of the business venture is also growth and thus profit increases and the entrepreneur may retain for
long time period in the market. Entrepreneur ventures are considered as the factors of innovation
and various opportunities so that the business might be able to achieve a great social value. There
are various types of entrepreneurial ventures and these are discussed as following :
1. Skeptical entrepreneur: He is person who skips some ideas and then does the business and
starts gaining profit in the long run.
2. Copycat entrepreneur: He is a person who copy the other person and starts is business. E
follows all the business policy of other business and then he starts his work and then
accordingly he gains.
3. Research entrepreneur: Before starting a business a person who does the research is
known as research entrepreneur. He researches that what type of business should be started
so that e gains the customer satisfaction and gains profit in the long run and type of business
should retain in the market.
4. Determined entrepreneur: This is a person whose aim is fixed for doing business and the

Peterson who does the business keeping in mind his aim then he is known as determined
entrepreneur. E establishes his business according to a given target and then he is known as
determined entrepreneur.
5. Accomplished entrepreneur: He is a person who takes over the business of another person.
Means e purchases another’s businesses so he can be a accomplished entrepreneur. The
whole business is purchased so goodwill of the business is also purchased and thus he gains
more profit in the long run and stays in the market.
These different ventures are made with the main aim of increasing profit and long term stability in
the market.
There are various types of entrepreneurial ventures and these are classified as under :
Small business ventures
Small scale ventures are classified as those ventures that start on a very small scale and
involves businesses like grocery stores, restaurants, cobblers etc. These businesses do not dream
bigger but to an extent that they can achieve their motives and what they want.
Start up ventures
These ventures are classified as those ventures who consider the fact that their vision can
actually help in changing the whole world as they are creative enough. They take financial help
from investors known as venture capitalists. Also, they are known for hiring the suitable and best
individuals so that they can help in changing the vision and making it more creative and efficient.
P2. Similarities and difference between entrepreneurial ventures
The basic difference between an entrepreneurial and venture is that the venture is made when the
business is newly started and the enterprise is when the business is growing at a large pace. Venture
is a grown up business so less amount is invested in the business that if the business is nor grown
then the venture and closed and the enterprise is which a business is grown up and makes profit in
the long run. Complete research is been done before starting new research. The biggest similarity is
that only the capital amount is been invested by the owner or the entrepreneur of the business. The
difference between a venture and an entrepreneur is that the venture is for a limited time span and
entrepreneur is for a long time span.
The following are the differences between the entrepreneurial ventures:
Differences
1. Goals: The business entrepreneur has the goal of achieving the profit in doing the business
and remain in the market whereas their social;l entrepreneur has the goal of social imparting
and thus social values and ideas are the major key terms used in the success of the business.
2. Value creation: The value of each entrepreneur is created in the minds of customers so

before starting the business complete research is being done to see that how the customers
will attract towards our business and thus the company or the firm will gain profit in the
long run.
3. Profit: Some entrepreneurs have the main aim of earning profit whereas some don't consider
the ideas of the profit they focus on customer satisfaction and thus the profit is very low.
Many entrepreneurs just focus on customer satisfaction and thus the objective is been
achieved and the main aim is not to earn profit.
4. When we talk about female entrepreneurs and male entrepreneurs we can see that male
entrepreneurs are more interested in doing business and thus the main aim of male is ro
expand their business in the long run and thus the female does not focus totally on
expanding the business and thus the profit is not achieved and loss occurs
5. Marketing communication: To see the strength of various entrepreneurs at the top then the
different types of marketing communication tools are to be achieved and thus the main aim
should be to achieve the profit in the long run.
Similarities
Although there are various similarities along with some differences as well in the
entrepreneurial ventures. It can be well explained with an example. The goal of small scale
entrepreneurs as well as scalable entrepreneurs is to satisfy the customers to a huge extent, thus
increasing the productivity and popularity, but a small difference arises in between. The small scale
entrepreneurs get the financial support from family members, friends etc. whereas the scalable
entrepreneurs take all the financial support from venture capitalists. So, when there are some similar
features, there are some differences as well.
TASK 2
P3. Data and statistics of research and impact of small business on the economy
Small and micro business organisations
Small enterprise can be grouped into partisanship business, small corporations and sole
proprietorship and the business which is small means the business which needs less capital. Small
business are business which do not have more branches and thus the scale of the business is not
grown and thus the profit is not increased When we start a small set up we need to invest a small
amount of investment and thus profit level is also changed and less profit is there.
Micro business is a business which has many branches of the firm and which needs huge
amount of investment in the business. The small business does not affect the growth of the business

whereas the micro business depends mainly on the growth of the business.
Both these business have a major impact on the economy because the economy is mainly
concerned with the growth of the business or the company. When the growth rate of the GDP
increases then only the growth of the counter increases and the profit of the business is also
increased. It all depends on the market demand and supply in the economy. In the USA most of the
set-ups are small business set-ups . Their aim is to gain profit in a limited span of time and then stop
that small business. Micro businesses are made with the aim of expanding their business and the
growth will also increase as the business keeps on expanding.
Medium sized organisations
If the business will grow it will lead to the overall development of the economy and thus rate
of GDP and growth rate of the country increases. There are different types of small enterprises in
UK which are created by the local entrepreneurs to generate self employment in an industry. In
small businesses there are less taxes are charged on the products. Less charged taxes help to get
more profit in the country and also able to give contribution to increase GDP in country if overall
GDP rate will increase then only the whole economy\y increases and thus it leads to maximum
profit in the long run . In this way micro business keeps on expanding whereas the small business
are not expanded because the aim of small business is not to expand business. They are made for a
limited time period and closes as they gain maximum profit.
Both these businesses affects the economy and the overall growth of the business is not increased
because the small business are closed after some time period.
The statistics representing the status of micro and small business in UK is represented as under :

Private entrepreneur: it is the private entrepreneur which holds business at their own level. The
main aim of the organisation is that to get maximum revenue and business growth.
Characteristics
 It main aims to earn profit revenue.
 No interference of government regulations.
 Maintained quality of services.
Sole proprietorship: it is the single person hold company which runs for only one purpose is to fill
the needs of family. It is based on small scale to just earn money to handle their livelihood.
Characteristics
 The main purpose is to get the money to live life.
 They liable to their own liability or risk
 It involves less risk.
Partnership: it is the another business type in which two or more than two partners joins their hand
for making profit revenue and earn goodwill.
Characteristics
 It involves two or more than two peoples
Illustration 1: Statistical image of micro and small business in UK

 It involves risk by their own individual.
 Each partner their own liability.
 Every partner invest equal amount of capital.
P4. Contribution of small businesses in growth of the social economy
It is seen that small scale enterprises and start up as achieved a great significance in the us
economy. Introduction of the start-up business has given growth in the field of GDP and per capita
income of the country also increase. If the start-up of the business is good then it leads to high
growth in the economy and thus it leads to the overall development in the economy and thus it
contributes to the growth of the economy. It has been observed that because of Brexit, there has the
various measures and regulations of the business which is followed by micro and start-up units of
the economy .continuous improvement in balance of payment can increase the overall development
in the economy. In UK they remove the trade link between the countries for the great threat to
economy. By removing the trade link they can get higher profit to the SMEs. It will give more
enhancement to the SMEs to expand their business in the market. It will provide negative impact on
the economy as it decrease the contribution of the companies. Small business provide 55% of jobs
to the people and 66 % new jobs to the people of US. Thus, the small business contributes to the
overall development of the economy. There are total 60000 plus franchisee in the whole retail
business and are providing jobs to more than 8 million people in and around US. In this way
employment of the people are increasing and thus the overall economy is affected in a positive way.
Small business leads to the economic growth and thus developing the entrepreneur in the small
business. It is a major component of economic development which is overlooked in the community
and thus the national income of the country increases and it leads to the growth of the social
economy. Also, these small businesses and start ups can lead to various economic changes after
Brexit because it consists of enormous number of functions and operations for developing the
business and modifying it according to the current need.
TASK 3
P5. Mini-research for the determination of the characteristics, traits and skills
In order to gain success in the long run every individual must have some characteristics and
traits which should be followed and thus the success is achieved in the long run. Thus, to overcome
any problem the various characteristics \are been achieved will lead to huge success in the business.
The following are the characteristics which should be followed.
1. Communication skill
2. Leadership quality

3. Learning ability
4. Ability to understand easily
The characteristics of two successful entrepreneurs have been discussed below:
BILL GATES:
One of the famous entrepreneurs, a very well known example, Bill Gates. According to a survey, he
has been given as the wealthiest person across the world from a very long time. It was the hard
work and skills of the person, who made him well efficient to gain such popularity in a short period.
Behind the world’s largest software company, Microsoft, it is the hard work and luck of the person
who developed the revolution of computers. The culture and surroundings in which the person lives
matters a lot because it is the culture only which either motivates the person or de motivates it. So,
some important factors other than it are considered as the dedication of the person, which was
efficiently built in case of Bill Gates which encouraged him to work harder and is now efficiently
seen as an example of successful entrepreneurs.
When he was very young, he decided to spend much of his free time in computer programming and
this interest of him helped him in reaching to this level when the whole world know who Bill Gates
was. After the business became successful, he also donated much amount of money to the charitable
homes so that it can help some part of the world's population.
In this way he as done various contributions in the field of entrepreneurial development and
increases the growth of his business in the market.
LAKSHMI NIWAS MITTAL :
Arcelor Mittal, CEO of the world’s largest steel making company has 38% of Arcelor Mittal
He has been observed as the third richest person in the whole world. Mittal has been a successful
and famous personality of the Goldman Sachssince. He has gained a lot of achievements in a very
short amount of time and behind it, there was only his hard work and skills along with the talent
which helped him in reaching this position in a very small amount of time.
The abilities which are mentioned above are learned and they are followed by both of them to
achieve success in the long run. Although failures are a part of everyone's journey. So, the same
happened with Laxmi Niwas Mittal as well as he started with a small scale firm but because of the
continuous hard work and dedication, proved it to be a successful venture. Also, the culture has its
own influence on these factors.
There achievements are differentiated from the different mangers because all the skills are being
used by these persons to go to top position and thus the managers who are doing business in the

current scenario are not using these skills and thus the growth of the business is not good in the
current market condition. The above mentioned entrepreneurs have made a great success in the
field of entrepreneurship with their skill and ability.
P6. Aspects of the entrepreneurial personality reflecting entrepreneurial mind set and motivation
The personality of entrepreneurs are quite different. While taking any further step in their
business, they always keep the risks and failures in their mind too. It is so because entrepreneurs
have to face any situation, whether it is about the success or about the failures, any one of the both
can anytime occur in the life of an entrepreneur. They are always ready for risks and failures and
have set their mindset as well. An entrepreneur can be considered as a person who has the ability of
dreaming big without focusing on the outcome. This is termed as the entrepreneurial personality
which reflects the mind set and motivation of an entrepreneur. Motivation in this is considered as
the power an entrepreneur has to deal and cope with the situations. With taking the risk of failure in
mind can be harmful for the life of an entrepreneur. It can also result in a big loss but the
entrepreneurs are always ready for failure as well as success. Family upbringing, culture are some
examples of the factors that has a very important role in setting the mind set of the entrepreneur.
The culture in which the person lives has a huge impact on the way that person talks and acts, same
as the way in the case of an entrepreneur. It affects the min set and motivation level of a person,
thus it reflects in the entrepreneurial personality as well. Different aspects of the entrepreneurial
ventures helps in setting an efficient level of motivation and mind set as well because when these
cases of successful people are being observed, it helps in providing an efficient level of
encouragement and motivation because it helps in increasing the encouragement rate to a huge
extent. Also, such stories help in making the mindset more strong that if one can do this, why can't
others. This helps in building a strong mindset.
There are some basic dimensions that can help in analysing the same and it is discussed as
following :
OCEAN Acronym
Openness (Originality): it refers to business culture, originality or intellect, appreciation for art,
emotion, adventure, variety of experience.
Conscientiousness (Consolidation): it defines the tendency to show the self discipline and
confidences level. Through which people get achievements planned rather than negative behaviour.
Extroversion: Surgery energy positive emotions, urgency which relates to positive environment.
Agreeableness (Accommodation): it refers to the behaviour which compensate and cooperative

with others
Neuroticism: it defines the need for stability fifth factor refers to the tendency to experience
unpleasant easily.
P7. The Way Background Can Hinder Or Foster The Entrepreneurship
Entrepreneurship has its benefits as well as some drawbacks that can even help the business
or can also have a negative influence on the same. So, the rewards and drawbacks of the
entrepreneurship are discussed as under :
Education
Education can have an impact on an entrepreneur because if the person has a strong family
background in academics and the person itself has achieved various academic levels, so it can be
considered as a beneficial factor for the person in their journey of being an entrepreneur because
efficient amount of skills and talent can help an entrepreneur ro achieve all the targets and outcomes
at a higher rate.
Social network
Social networks can act as an essential factor that may have a huge impact on the life of an
entrepreneur because more the networks of a person is, more is the chance of expanding the
popularity of the business. So, it can actually help in increasing the rate of popularity as well as
productivity.
Experience
The experience of a person can also play important. If the person is quite experienced, so it
can help the person as experience teaches many things such as ways, strategies to deal with the
people. On the other side, any newcomer might face some difficulties as it takes some time to make
contacts with the other partners etc. in the market. So, it might affect a bit initially.
The people who live by it have a huge amount of successful outcomes but entrepreneurship
has various failures too. Some factors that have given bad experiences of entrepreneurship to some
people are described in the form of examples as under. Because of some small mistakes, they had to
pay huge amount of it and after that some period of time, they all became one of the successful
persons of the world. There are various examples of the failures of entrepreneurship that have
turned into failures and some are discussed under:
Hiten Shah, who is now the founder of KISS metrics, once created a website with his friend that
never launched. Their mistake was that they avoided the requirements of the customer. If they

would have been doe according to the requirements of the customer, then may be their website
would have worked. So, it turned into a failure. They failed in this investment and it lead to a huge
wastage as well. That is why it is considered essential to understand the needs of the customers
before starting any project. It helps in a better analysis and also helps in the development and
innovation rate of the project.
Another example of this can be Robin Chase who is the co-founder of Zipcar. They spent too much
money in the development of website and the software. It was done before the engagement of them
with their customers. So, they made it out of the requirements and then they had to pay for it. This
happened with him when he started his second company, GoLoco. It was considered as a social
online ride sharing portal and they wasted a huge amount of money just on the development of the
website. Now, Robin is the CEO and founder of Zipcar as well as of Buzzcar.
Leo Laporte, who is now the founder of TwiT network once made a mistake in his previous
business that he decided to do it all by himself without any help and the mis guidance lead him a
failure. After a while, with the help of a business partner, he was recovered from the situation and
became one of the successful persons of the World.
CONCLUSION
From the above report it is seen that different entrepreneur ventures are made with the aim
of earning profit in the long run. It is also seen that how the economy will grow when there is a
growth in the small, large and medium enterprises and thus it is seen that own profit will be
achieved and thus it leads to economic growth in the business. Different learning styles are also
made clear that how different learning g styles helps us to achieve the profit in the business and
remain stable in the economy. We have also discussed how different entrepreneurial ventures are
same and how they differ from each other. Ere focus is also given on the two successful
entrepreneurs and ow they achieve success and stabilises their business in the long run. It is also
seen that how small business achieves growth in the long run and it leads to social economy in the
country. Thus, entrepreneurship is considered as the best mode of doing the business as we can
invest in the business according to our needs and wants.