Entrepreneurship: Types, Impact on Economy, Traits and Skills

This document discusses entrepreneurship, different types of entrepreneur ventures, and their impact on the international economy. It also explores the characteristics, traits, and skills of successful entrepreneurs that differentiate them from other business managers. Additionally, it highlights the importance of small businesses in the growth of the social economy in the UK.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
Different types of entrepreneur ventures and typology .........................................................3
Task 2 ..............................................................................................................................................8
Impact of Micro and small business on international economy. ...........................................8
Impact of small business in Growth of social economy in UK..............................................8
Task 3...............................................................................................................................................9
Characteristics traits and skills of successful entrepreneurs that differentiate the from other
business managers. ................................................................................................................9
Aspects of entrepreneurial personality for motivation and mindset. ...................................11
TASK 4..........................................................................................................................................12
Influence of Positive and Negative Background on Entrepreneurs......................................12
CONCLUSION .............................................................................................................................15
REFERENCES .............................................................................................................................16

INTRODUCTION
Entrepreneur is a person who takes risk to earn profitability for their business.
Entrepreneur is a person who work hard for success of business at a large scale. Person is ready
to sacrifice for growth of business. And he is able to solve problems on their own. Entrepreneurs
have a passion to develop new things and product and services to achieve their goals easily. They
have a plan and vision for future development of their business. Entrepreneur is important to
develop employment opportunities help to bring change in society. Report will discuss
entrepreneurship and difference between entrepreneur and intrapreneur. Discuss different
activities of an entrepreneur for their success. Discuss different ventures and difference between
those ventures.
TASK 1
Different types of entrepreneur ventures and typology
Entrepreneurship
Entrepreneurship is a process to create a business to generate profit. Entrepreneurship
comes with different types of risk which will affect overall working of a business and a
person(DeSantola and Gulati, 2017) . An entrepreneur is a person who starts a business for their
own success. Person need to have some skills and abilities to develop a business. Overall
experience help person to manage business smoothly and also affect success of business at a
large scale. Entrepreneurship aim to change the world and solve all problems of an individual.
Entrepreneurship brings innovation and creativity in an individual. Aim to bring all people
together to achieve a common goal.
Difference between entrepreneur and intrapreneur
Entrepreneur is a person who starts his own business with creativity and innovative idea.
Whereas intrapreneur is employee for business who is responsible for developing innovation in
product and services of organization(Lahiri and et.al., 2019) . Entrepreneur develop their own
resources that they have and intrapreneur use those resources that are provided by their
organization. Entrepreneur earn a profit from business and intrapreneur earn salary for their
efforts in organization. Entrepreneur is an independent person make his own rules and regulation
whereas intrapreneur need to depend and work according to rules set by company. Entrepreneur
aim to innovate new product in market and intrapreneur aim to develop sustainability of
organization in market.

Different activities of entrepreneurship
Entrepreneur is a busy person always do something for success of business. Entrepreneur
analyze market situation to know innovation and demand of customers and develop products
according to requirement and bring changes in their product. Plan for next product by developing
new technologies, new product help entrepreneur to earn new advantage increase sales of their
business to grow at a large scale. New product help them to earn profitability in their business.
Brainstorming the next business is an activity which each and every entrepreneur develop once
in a life(Wallmeroth, Wirtz and Groh, 2018) . Due to changes in market entrepreneur need to
bring variety in their product and services to gran a large number of share in market. Success of
organization largely depends on effectiveness of employees and entrepreneur need to monitor
working of their employees to minimize wastage and to make employees understand working.
Different ventures undertaken by entrepreneur
Small business entrepreneurship
Large number of small business are working now days. Small businesses are not too
profitable but able to earn a small amount of money. Different big brand and investors are not
attracted towards those business. Small business are also a leading sector to provide employment
to workers all over the world.
Scalable startup
Scalable entrepreneurs start their business to bring change in world. Aim to get best
employees in their business.
Large company
Large companies offer innovative and attractive products which help to attract customers
easily. Their aim to fulfill customers needs and improve technology to develop effective product
and services.
Social entrepreneurship
Social entrepreneurs are those who works for welfare of society and serve to solve
problem and fulfill social needs. They are non profitable organization and aim to make a world
better place to live.
Different between entrepreneurial ventures
Each and every entrepreneur venture is different from one another are as follows.
Basis Private Public

Meaning Private Enterprises are those
which owned by an private
individual(Miao and et.al.,
2019) . Private companies
have their own control on
working and costing of
products and services.
Public enterprises are those
which are control by
government. Usually services
provided by public companies
are free or less priced as
compare to private sector.
Objective Private company works to earn
profit and increase sales of
their product and services to
earn a competitive advantage.
Whereas public company aim
to serve people in country.
Aim to provide quality life to
an individual at low prices.
Raise money Private enterprise raise money
for working of their business
from taking loan or from
shares and debentures.
Public sector earn revenue
from tax paid by
citizens(Manev and et.al.,
2017) .
Benefits of working An employee working in
private sector get good salary
and an positive environment to
work and opportunity for
future.
Whereas person working in
public sector get job security,
retirement benefits and other
allowances provided by
government.
Difference between small and large entrepreneurship
Basis Small Large
Goals Small business entrepreneur
are have no strategic goal their
aim to earn a small amount of
profit for growth in market
Large organization aim to
develop quality products and
services to attract customers
easily. Aim to increase overall
profitability of their business
by increasing sales.

Risk Small entrepreneurs have less
risk as small amount of money
is invested and able to attract
local customers but large
number of competitors are
available in market(Koo and
Perkins, 2016)
Large organization have
medium scale of risk because
due to their reputation in
market they are able to sell
products easily.
Structure Small businesses hardly have
an proper structure for
business.
Large entrepreneurship have a
complex structure for their
business.
Difference between three entrepreneurial ventures
Basis Tesco NHS Oxfam
Objective Tesco objective is to
become a leading
company in market by
attracting large
number of customers
and competing with
their competitors.
NHS aim to provide
health care services to
an individual. Promote
best clinical and
business practice.
Oxfam aim to work for
welfare of society and
reduce poverty and
provide quality life to
an individual.
Structure Tesco board of
directors have 10
members and different
types of communities
are available in Tesco
NHS structure provide
hospital services into
regional boards.
Provide primary care
to an individual.
Oxfam organization
structure shows they
are working in large
number of countries.
Oxfam structure is flat
because they try to
keep cost at minimum.
Size Tesco is a leading
company in UK and
NHS Is one of the
biggest company in
Oxfam is available all
over the world and

have a large number of
stores available all
over the globe.
world with 1.7 million
workers(Vickers and
et.al., 2017) .
reach over 22 million
people for their
welfare.
Entrepreneurship growth is required for development of a nation and to increase
employment opportunities. It is risky for an entrepreneur to grow but require to survive in
market. Employees, customers, government profit location all are important in growth of an
entrepreneur. Growth make them attract large number of customers towards their business and
require to achieve their goals easily. Overall structure of company have a huge impact on growth
of an enterprise. Skills and abilities of entrepreneur is require to innovate new products and
services to engage customers. Entrepreneurs require proper planning for growth of business.
Large amount of funds are required for growth of entrepreneurs business at a leading level.
Task 2
Impact of Micro and small business on international economy.
Small business help each and every economy to develop at a large scale and improve
effectiveness in market at a global level. Small business work as a blood in an human body for
UK economy. Help them to drive growth, open new markets for customers as well as business to
achieve goals and objectives easily(Aguilera, Kim and Lee, 2018). Create jobs and make them
achieve goals easily. Small businesses bring innovation and create new and fresh ideas and
improve competition. Small business help to improve overall economy and help to build new
opportunities and achieve goals and objectives. Small business help to cut cost for product and
increase profitability, increase overall exports for economy to attract and engage new customers
more easily. Sharpen business process and implement overall growth for business to achieve
their goals and objectives. Improve commitment towards quality. Small businesses help to gain
new customers keep existing satisfies with their products. Small business overall turnover shape
UK economy more strong and effective. Overall growth of small business help to expand nation
and economy easily and achieve goals more effectively. Small business play an important role in
increasing tax base of UK economy. Small business are able to understand changes in economy
an change according to requirement of those changes effectively and implement growth and

success for business. Contribution of small business in manufacturing, agriculture, ICT services
help UK economy to develop at a large scale. Overall creation in small businesses boost UK
economy and develop at a large scale.
Impact of small business in Growth of social economy in UK
Around 5.82 million small businesses are working in UK. Small business help to overall
UK social economy as follows.
Improve standard of living
Small businesses comes with new innovation in their products and services that help
them to engage new customers with their products and services(Adamu, 2018). Quality products
and services provided by small businesses help to improve standard of living of people in an
economy.
Increase jobs
Small business in UK provide 30 thousand employment to people. Increase in job help on
overall development of economy and have a huge role in decreasing unemployment in UK.
Increase in jobs help in overall development of economy and individuals in economy more
effectively and easily.
Bring changes
Innovation in products and services that help to develop quality life for an individual help
small business to achieve their goals and objectives effectively (Baines and et.al., 2018).
Innovation bring changes in overall economy new and upgraded technology is introduced to
people to develop quality life for people.
Technology up gradation
Small business comes with new product and services with effective and different
innovation in technology help them to attract customers more easily and effectively as compare
to competitors(Baines and et.al., 2018). Technology guide people towards new changes and
innovation and maintain effectiveness of product and services.
Improved services
Small business bring new services and product for customers and changes affect overall
growth of business and establish at a large scale (Vickers and et.al., 2017). Small businesses play

an important role in providing quality services to customers and improve their lives at a large
scale.
Task 3
Characteristics traits and skills of successful entrepreneurs that differentiate the from other
business managers.
Skill and abilities of entrepreneur help organization to achieve goals and objectives of
business more easily and effectively(Viinikainen and et.al., 2017). Each and every entrepreneur
is different from each other both Richard Branson and Edward page have their own working
style are as follows.
Characteristics of Richard Branson
Able to listen customer feedback
One of the most effective and attractive personal trait of Richard Branson is that he is
able to listen to their customers about their problems and issues that they are facing with
organizations products and services. He is able to prepare products according to requirement of
market as well as customers. Able to know need and requirement of company and work
according to those requirement.
Skills
Ability to think differently
Richard is able to think in a different way and able to develop their products and services
more effectively as compare to their competitors innovation in their products and services help
company to attract them towards organization working and make it effective for them to achieve
goals and objectives.
Make decisions
Richard have one of the effective skill to take important decision according to
requirement of market as well as customers and develop plans according to those requirement
(Stephan and Drencheva, 2017). Make their products attractive and effective to achieve goals
and objectives of business easily and effectively.
Lawrence Edward Page
Characteristics

Larry page is creative and intelligent to manage situation and work according to
requirement of business. His collaboration and ambitious approach help to achieve goals more
easily and effectively. Always concentrated to create a strong and effective team to achieve goals
and objectives more easily and effectively. He is always concentrated towards taking small steps
that help him to achieve goals and objectives of business more easily and effectively.
Skills
Motivate team
Larry page help company to motivate employees by providing them both financial as
well as non financial benefits(Mousavi, Nlil and Nasr, 2018). Provide retirement benefits to keep
employees motivated towards working of organization. Overall motivation help him to attract
employees to work effectively for success of organization at a large scale.
Communication
Larry is able to develop strong communication with team to make them understand
organizations working and maintain to achieve goals and objectives of business more effectively.
Communication help to make employees understand requirement of organization working for
business at a large scale.
Aspects of entrepreneurial personality for motivation and mindset.
Large number of Personality traits in an individual make them attractive and effective for
employees as well overall organization are as follows.
Ocean
Openness
Both Richard Branson and Larry page have high trait of innovation and insight they want
to learn new things and approaches. Entrepreneur are more adventurous and creative and
developed thinking help them to achieve goals and objectives more easily and effectively.
Conscientiousness
Both entrepreneur have features to achieve goals and objectives of business and highly
conscious to achieve goals and objectives of business more effectively. Both are attentive
towards new policies and plans and working according to requirement of changes.
Extraversion

Both are quite good in communication and like to start conversation, enjoy meeting new
people and an effective and good circle of friends make them effective and attractive to achieve
goals and objectives of business easily.
Agreeableness
Both care about their employees feel empathy and concern for people working in
organization(Barba-Sánchez and Atienza-Sahuquillo, 2017). Enjoy helping and contributing
towards happiness of other people and make them attractive and innovative. S
Neuroticism
Both experience high level of stress and worries towards different things in business
make them feel anxiety and unable to work according to requirement of business.
TASK 4
Influence of Positive and Negative Background on Entrepreneurs
One thing which of definite related to success and failure is that both of these are two
sides of a coin and both are influenced by certain factors. In relation with entrepreneurs factors
which affect their failure and success are their educational and family background. Risk taking
tendency and experience of the entrepreneur is also a key factor that affect their
entrepreneurship. This factors inference entrepreneurial characteristics from personal
background of the entrepreneurs (Rajabi, Brashear-Alejandro and Chelariu, 2018). Discussing
about Larry Page (Lawrence Edward Page) who is Co-founder of Google, Alphabet Inc. and
PageRank. Larry Page is one of the most successful entrepreneur world have witnessed and from
getting more insights about their family background and educational background it is can be
justified that family and educational background have a major impact on the entrepreneurship.
Family Background
Larry Page whose father earned a PhD in computer science from University of Michigan.
Father of Larry Page was also considered to be a 'Pioneer in Computer Science and Artificial
Intelligence'. This suggest and justify that from his childhood Larry's family background was
influencing him for becoming a entrepreneur in technology and computer science. His father was
also a professor in computer Science whereas his mother was an instructor of computer
programming and this created a strong basis for his future entrepreneurship.

This clarifies that entrepreneurs are very much influenced from their family background
specially from their parents and their profession. Their profession is not the only thing that
influence entrepreneurs but their motivation for their child's entrepreneurship is also a key
contributor which happened in case of Larry Page and there are many other examples where
motivation and support of the parents contributed a major part of the success of entrepreneurs.
In an interview Larry Page said that during his childhood his house was a mess with
computers, science, science magazines and technology magazines this is because profession of
his parents was related to technology (Fatimah and Setiawan, 2020). This is very obvious that it
generates curiosity in the child about technology and computer science from a very young age.
In contrast to the case of Larry Page there are various examples in which entrepreneurs
were negatively influenced by their family and family background and even after having
potential for entrepreneurship they avoided pursuing their career as entrepreneurs. This happens
when interest of entrepreneur is different from what their parents profession and background.
Another factor is that instead of getting motivation from the parents and family they are
demotivated by them and they do not have any support of their family which resist them from
becoming entrepreneurs.
Educational Background
This is one of the most important factor that influence entrepreneurial behaviour. This
factor influences in which field entrepreneurs will pursue their entrepreneurship. Larry Page who
is Co-founder of Google and Alphabet which are companies for computer science and
technology (Marques and et.al., 2018). His this entrepreneurship was influenced by his
educational background he was considered to be attracted to computers when he was only six
years old. Other important incident related to this is that Larry Page was the first kid in his
elementary school to turn in an assignment from word processor.
This suggest that from his childhood he was interested in computers and computer
science and technology which influenced him to become a technology entrepreneur and create
big organisations which are dedicated to technology. It has been said by the Larry Page that from
childhood he realized that he want to invent things and was really interested in computer and
technology. Along with this he gas said that from very oung age he knew that he was going to
start a company and eventually this happened and Larry Page started a company which is known
as Google and Alphabet Inc. in relation with formal education of Larry Page he holds a bachelor

computer engineering from University of Michigan and have honours and masters in computer
science from Stanford University. This education of Larry is big contributor in his
entrepreneurship.
This discussion over Larry page and his education suggest that same as family
background education and educational background is also a major contributor in the success of
entrepreneur (Nguyen, 2018). This firstly influence characteristics of entrepreneur whether they
will pursue entrepreneurship or not and then education adds in their entrepreneurship.
On the other hand this also serves a negative influence in a situation where interest of
entrepreneurs is different from their education and educational background. If the case of Larry
is analysed in different way that Larry Page was interested in computer science and technology
but due to some reason he had to pursue education in some other field than chances of their
becoming entrepreneurs would have been very less. Though this is possible to educate oneself
whenever they want to but practical implication of this are difficult than theory.
Risk-taking Tendency
Risk-taking is one of the most important characteristic of entrepreneur (successful) and a
requirement for becoming an entrepreneur as well. Entrepreneurship represent designing and
developing a new and innovative venture and then running it (Surjanti and et.al., 2019). In this
situation it is very normal that it associates risk with it. This is why entrepreneurs are required to
have guts to take risk. Larry Page from very young age thought that he will start a company
which shows that he has confidence which eventually made him successful. Risk-taking ability
and tendency is result of confidence that entrepreneurs have in their idea and vision. Risk-taking
is very important as entrepreneur knows that if their idea failed it would not just cause loss of
time and efforts but of that capital and money too which have been invested by him for starting a
venture.
This influence negatively to those people whose risk taking tendency is low and who are
afraid of losing (Darmanto and Yuliari, 2018). In this element of losing money and capital
invested is most important which resist entrepreneurs from starting their venture and pursuing
their idea and vision.
On the other hand if entrepreneurs' risk-taking tendency if high then not just by one
failure but after facing many failures they will keep trying by improving their efforts and idea.
Experience

This is another important factor that affect entrepreneurs, experience is very important in
one's life in life of entrepreneur as well. Influence of experience is less from the event which
developed experience and more from the perception of entrepreneur. Entrepreneurs whose
confidence is strong they tend to take every experience as learning opportunity and learn from
every situation. These experience allows them to learn from the mistakes that other and they
have made. Experience of failure faced by an entrepreneur will give them more ideas on how
they can improve their performance and offering so that they are successful. The same instance
happens with an entrepreneur whose confidence not as strong as it should be than in such case
entrepreneur will change their vision and adopt something which is completely new and
something which offers security with it.
In this manner experience of confident and not confident entrepreneurs influence their
entrepreneurship.
From the above discussion over factors that influence entrepreneurship and events of life
of one of the most successful entrepreneur Larry Page suggest that factors which are supposed to
influence entrepreneurs are their family, education, experience and risk-taking (Surjanti and
et.al., 2019). Though family and personal factor cannot be changed and controlled by anyone but
factors like confidence and risk taking which are individual characteristic of entrepreneurs and
which they can control and change as well and if not change then they can definitely improve
them so that does not influence negatively.
CONCLUSION
Entrepreneurship is not an easy task person require large number of capabilities and
talent to achieve their goals and objectives. In this report entrepreneur have an aim to develop
business at a large scale. Entrepreneur and intrapreneur both have their own goals and different

background and working style to achieve goals. Different ventures have their own style of work
and aim that they want to achieve. Entrepreneurs aim to increase profitability of their business
and social entrepreneurs work for welfare of society at a large scale.

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