Entrepreneurship: Exploring Key Concepts

The assignment delves into the field of entrepreneurship by analyzing five meta-analyses. It examines topics like personality traits associated with entrepreneurs, employee mobility and its impact on firms, social ties in international entrepreneurship, the future of entrepreneurship education, and the interplay of effectuation, causation, and bricolage in entrepreneurial behavior. The document also considers the relationship between entrepreneurship, market orientation, learning orientation, innovation, customer value, venture capital, economic growth, and prosocial entrepreneurship.

Entrepreneurship
Table of Contents

INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1 Different type of entrepreneurial venture and their relation to typology of entrepreneurship
.....................................................................................................................................................4
P2 Similarities and differences between entrepreneurial ventures.............................................5
TASK 2............................................................................................................................................6
P3 Impact of small and micro business on economy..................................................................6
P4 Importance of small businesses and starts-ups to the growth of social economy..................7
TASK 3............................................................................................................................................8
P5 Important skills of successful entrepreneurs that differentiate them from other business
managers.....................................................................................................................................8
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.........................9
P7 Background and experience can hinder or foster entrepreneurship.....................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is the process of starting of new business by providing various products
and services for sale and hire. The persons who start such new business called entrepreneurs. It
includes the capacity of person to take the risks and manage the new ventures for the purpose of
earning profit. To start new business entrepreneur required to have good skills and capabilities.
4Com plc is the UK based organisation which operates to improve the communication services.
It provides the different type of services like internet & broadband, software applications, calls
and lines, phone systems and also introduce HIHI (Acs, Autio and Szerb, 2014).
In this present report explain about, different types of entrepreneurial ventures and the
similarities and differences between them and their relation to typology of entrepreneurship,
impact of small business on economy and their importance for growth. Here also define about
the characteristics of successful entrepreneur and benefits and drawbacks of the experience and
background of entrepreneur.

TASK 1
P1 Different type of entrepreneurial venture and their relation to typology of entrepreneurship
Entrepreneurship: It includes the process of taking risk by entrepreneur to develop new
company for the purpose of earning profits. This includes the skills and capabilities of person to
manage the activities and employees in proper manner to achieve success in future. The person
who takes the risk starts the new venture is called entrepreneur. This person has all responsibility
to manage the activities in appropriate manner and focus on desired areas (Brandstätter, 2011).
Different types of entrepreneurial venture
There are many types of entrepreneurial ventures which can adopt by the entrepreneur for
start-up the new business. All the ventures have different features and requirements which are
required to fulfil by entrepreneur. 4Com plc is the established company which is providing
communication services in UK. It already have more than 10 branches but they want to open
one more branch in UK. There are different type of ventures are available to cited company for
starting their new branch. The different type of ventures are described below:
 Small business entrepreneurship: This venture includes the small activities which are
started by entrepreneur to earn profit. This includes the less amount of risk and profit. In
UK, there is almost 5.7 million small businesses. This covers at least 50% of non
governmental workers. Small business which are started in UK includes: grocery stores,
hairdressers, travel agents, internet commerce store fronts, carpenters etc.
 Scalable start-up entrepreneurship: These entrepreneurs are similar to silicon valley
investors. These entrepreneurs knows the vision from first day which they want to
archive from business. They attract the investment from various investors called venture
capitalist. These investors are ready to take risk on new projects. These start-up are very
less in number because of the involvement of high risk (Campbell and et. al., 2012).
 Large company entrepreneurship: It includes the large activities to operate by the
entrepreneur. This involves the high risk and profitability. This kind of entrepreneurship
involves high need of innovation , skills, services, funding and good management system
which handles the competitive pressure.
 Social entrepreneurship: These type of ventures are setup to solve the social needs and
the problems faced by them. These type of venture helps the society to make better place

to live. These companies are not formed for the purpose of earning profits and all the
returns are invested in development of society (Ellis, 2011).
There are many kind of entrepreneur which have different skills. These entrepreneurs are defined
below:
 Serial entrepreneur: This kind of entrepreneur starts the various operations
simultaneously with the intention that to continue only one which does better in market.
This includes the to run the business till it makes profit and sell to other person to start
new firm.
 Female entrepreneur: It includes those which managed by females. The share of
women entrepreneur in UK is 51%.
P2 Similarities and differences between entrepreneurial ventures
There are many similarities and differences between the entrepreneurial ventures. All
these similarities and differences among them is described below:
 Female and male entrepreneurial ventures: The main similarity between female and
male entrepreneur is that both are successful in development of new ventures in UK.
Both the entrepreneur have good skills to mange the new operations of company and to
increase their market share. The only difference among them is share capital holdings by
them. The female entrepreneur holds 51% of share capital and where the male
entrepreneur holds 49% of share capital.
 Small and large business entrepreneur: The similarities between them is that they
required same kind of capabilities to start new venture and to attract the customers. These
capabilities helps both to get success in future. There are many dissimilarities between
both them, first of all is that the amount of risk. Risk in large business is more in respect
to small business (Fayolle, 2013). This will also effect the profitability of ventures.
Higher the risk means higher the profit. Another difference among both of therm is
market share. The market share of the large business is more in comparison to small
business. To setup large venture there is required the investment up to 5 core to install the
machine and start the operations. Similarly, in small company the amount of investment
is lower.
 Lifestyle and survival venture: The main difference among them is that lifestyle
venture gives more focus on improvement of the performance is company. The main aim

of company is to provide quality services to customers. On other hand, survival ventures
gives more focus on increasing the profits of company. The main aim of this venture is to
earn more profit by reducing the operating cost of company. The similarity between both
the ventures is that the management of both the company is sufficient to handler any
situation which arises in market and have set of goals and targets for which the
employees of company are working (Fisher, 2012).
 Technical and agricultural venture: Technical entrepreneur uses the new technology
and innovation to develop the products and services which are distinct from others. This
gives them competitive advantage and higher quality of products. On other hand,
agriculture venture includes the activities related to agriculture. This includes irrigation,
cultivation, technology etc.
 Joint and private entrepreneurship: Joint entrepreneurship includes group of persons
setup the new venture for the purpose of making profit. All these joint members are
equally responsible for the risks and liabilities of company. All these members have
limited liability in the venture. On other hand, private company includes the company
setup by one person for the purpose of making profit. This person has unlimited liability
towards the company and liable for all the risks.
TASK 2
P3 Impact of small and micro business on economy
There many effects of small and micro business on economy. All these business helps the
individual to be self employed and also provides the lots of job opportunities to persons of
economy. This helps them to earn more income and improves their living standard. The benefit
to economy is that more income generates more demand which increase the business of other
companies. This scenario increase the flow of cash in country which improves the economy.
4Com plc is the small company which operates the business in UK. This company also wants to
expand their business and start the new branch which helps in development of the company and
economy of UK (Miller and et,. al., 2012). All these impacts of the small and micro business on
economy of country is described below:
 Create job opportunities: New ventures in country provides the opportunity to the
person to be self employed and creates the job opportunities for the individuals of

country. This helps the persons to earn more income and increase their living standard.
Increase income of the people generates more demand of goods which improves the
business of other companies. All these activities helps in growth of economy by
generating more cash flow in country.
 Removes unemployment: New ventures in country provides the lots of opportunities to
persons for employment. This helps the persons to get employed and contribute in the
economy of country. This will motivates the other persons to start their business and
provides employment opportunities to other persons of country for the benefit of society
(Nasution and et. al, 2011).
 Mapping the future: These new ventures not only contributes in present of economy but
they also helps in maintaining the future sustainability of growth of economy. This helps
the country to build the strong economy with the growth of companies and to provide the
good infrastructure and facilities to society for their future growth.
 To attain support of society: At the time of economic crises, the local and small
business have attract the more support of the customers. This helps the economy of
country to retain the cash flow in economy and use to overcome from these situations.
This motivate nature helps to build the companies more large and contribute more in
economic development.
P4 Importance of small businesses and starts-ups to the growth of social economy
Small business activities and starts-ups have many benefits to the society. These ventures
not only helps in development of society but also contributes in the economic development of
country. These ventures motivate the persons to be self employed and create job opportunities
for society. This builds society more reformed and healthy. The local business activities and
ventures helps to retain the cash of economy in country which is used for the development of
society. This enables the persons of society to earn income and contribute to the society in return
by development of various educational institutes etc. (Samilaand Sorenson, 2011). This
contributions helps to increase the level of education among the persons of society. 4Com plc is
the small company which is operating its activities in UK. Cited company wants to establish the
new branch in the country. This helps the company to expand their business and profitability. It
contributes in development of economic of country. It also provides the job opportunities to the

persons of society. There are many more benefits of small business and new ventures in
development of social economy. This cab be defined below:
 Financial support: After the separation of EU from UK there is condition of market
depression in economy. To handle this situation UK government create new policies and
regulations which are beneficial for the small business operators and the persons who
wanted to start new venture. This helps the economy to develop new companies which
provides the financial support to UK (Shepherd, 2015).
 Increase level of spending: New ventures develops the job opportunities for the
individuals of society. This helps to remove the situation of unemployment. The overall
contribution of th8is is that it provides the source of income to peoples which increase the
standard of living and creates more demand. This provides the opportunity to other
businessman of society to earn income from the higher demand of products. This
contributes in overall economic and social development of country.
 Job opportunities: Small business activities and new ventures provides the job
opportunities to the persons. 4Com plc also wants to start new branch in UK, this
provides the opportunity to the persons of UK to get more jobs.
 Remove unemployment: All the activities and businesses helps the economy to remove
the situation of unemployment from the society. This builds the confidence among the
society of persons and improves the standard of living.
TASK 3
P5 Important skills of successful entrepreneurs that differentiate them from other business
managers
Entrepreneur is the person who takes the risk to start new ventures for making profits. To
start new venture, entrepreneur is required to have good skills and capabilities that helps to
manage the company in more effective manner at difficult times (Venkataraman and et. al.,
2012). The innovative ideas and the skills of the entrepreneur makes the differences with other
business managers. These qualities of entrepreneur helps them to setup effective venture and
achieve targets. 4Com plc is the established company operates its activities in UK. But the
company wants to start the new branch. This required that the manger of company has

appropriate skills and capabilities to start the new venture in effective manner. These skills and
the capabilities which are required to have by entrepreneur are described below:
 Resiliency: This is the ability is required to have by every entrepreneur because its helps
them to mange the activities of business according to changes in situations. This quality
provides the flexibility to them change their ideas as per the change in situations.
 Focus: To start the new venture required to have great focus on the activities of business.
After setting long term goals, it is the duty of entrepreneur to focus on the
implementation of the further steps for the completion of the activities effectively.
 Investment for long term: Most of the entrepreneurs are not patient and they focus on
the activities coming up next. But the sensible entrepreneur plans for the future and see
where the company needs to go. They invest their time and money for longer period to
get success in market (Wry, Lounsbury and Glynn, 2011.).
 Find and manage people: This is the capability of entrepreneur to find out the persons
as per the requirements of venture. This helps them to make the team more effective.
Another quality which they have is to properly manage the employees of company. This
will helps them to effective completion of the activities of business.
 Selling ability: Every entrepreneur has sales person whether they want to be or not. It is
the duty of entrepreneur is to sell the ideas, products and services to customers. This
quality makes difference between the normal and effective entrepreneur (Acs, Autio and
Szerb, 2014 ).
 Learn: A entrepreneur is successful only when they continuously learn from the market
about the changes and behaviours customers. This give them flexibility to adapt plans
according to changes and succeed their project.
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset
It is true that entrepreneurial personality motivate the persons to start their new venture.
These personality provides them positivity that everything is possible with hard work and new
ideas. This will motivate them to take the risks and earn profits and contribute in the
development of country. The entrepreneurial personality becomes role model because of their
dedication and innovative ideas. This provides them chance to do something good for society.
4Com plc is the small business enterprise operate its activities in UK. This company wants to
expand the business and start the new branch in UK. This motivation is given by the such

entrepreneurial personalities to expand their business to earn more profit. These personalities
provides the positivity to company to mange the activities and maintain discipline among the
employees of company. All these personalities helps in success of other companies and the
individuals (Brandstätter, 2011).
Ocean theory has five important dimensions:
 Openness: That the entrepreneurs should make the transparency among the activities of
company and find out the innovative ideas for effective completion of work. This helps
the company to achieve the organisations targets more effectively and efficiently.
 Conscientiousness: These personalities are hard working and very attentive towards their
work. They also concentrate on the performance of employees which improve the
productivity and efficiency of company. This motivate the employee within the
organisation that their work is supervised by superiors.
 Extraversion: This is the important quality is required to have by entrepreneurs. This
includes the communication ability of the entrepreneur with employees of company .
This helps the company ton improve the performance of employees. This helps the
management of company to assign the roles and responsibilities to employees. It also
helps the company to know about requirements of customers and make products
according to their preferences.
 Agreeableness: It is the quality required to have by entrepreneurs that they should be
cooperative, trustworthy and have the skills to deal with any situation. This provides the
flexibility to entrepreneur to change the plans according to market conditions and
contributes in the success of company (Campbell and et. al., 2012).
 Neuroticism: It includes those peoples which have anxiety and some emotions. The
entrepreneurs are required to be positive them and be more supportive to them. This helps
to maintain the employee relation among the employees of company. This will motivates
them to achieve organisational targets.
TASK 4
P7 Background and experience can hinder or foster entrepreneurship
The prior experience of the entrepreneur has benefits and drawbacks for there future
projects. The experience of the entrepreneur helps to design the better plan according to the

market situation and the economic condition persist in country. This helps them to setup the new
venture effectively. The experience also provides the flexibility to the entrepreneur, this helps
them to change the plan as per the change in conditions and customer preferences. But also the
negative effect of the experience is that it effects the innovative ides and risk taking ability of
entrepreneur. 4Com plc is the UK based organisation which wants to open new branch. They
already have experience in this field. Some of the benefits and drawbacks of this experience in
future growth is defined below:
Benefits
 Flexibility: Experience provides the flexibility to entrepreneur to change the plans
according to the changes in market and customer preferences (Ellis, 2011.).
 Effective management: Experience provides the effective management of the activities
of company. This helps the company to properly manage the activities.
 Better plans: Experience helps the entrepreneur to make better plans according to the
market situations. Experience helps to easily understand the market situations like
economical and social factors which helps in effective decision making.
Drawbacks
 Less innovation: Prior bad experience of entrepreneur affects the innovative ideas. This
affects the success rate of effective completion of the activities of company.
 Affect risk taking ability: Prior bad experience of entrepreneur de-motivate them. This
will affects the risk taking ability of the entrepreneur. This reduces the confidence of
entrepreneurs.
CONCLUSION
It has been concluded from the above report that, good qualities of entrepreneur helps
them to start the new venture in effective manner (Fayolle, 2013). These qualities are the basic
requirement to take the risks and start the venture. Entrepreneurs has different option of ventures
in which they invest their amount. But it is also understand from the report that there are many
benefits and drawbacks of the prior experience of entrepreneur which affects their decision
making. Overall, it helps the entrepreneur to achieve targets effectively.

REFERENCES
Books and Journals
Acs, Z.J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy. 43(3). pp.476-494.
Brandstätter, H., 2011. Personality aspects of entrepreneurship: A look at five meta-analyses.
Personality and individual differences. 51(3). pp.222-230.
Campbell, B.A., and et. al., 2012. Who leaves, where to, and why worry? Employee mobility,
entrepreneurship and effects on source firm performance. Strategic Management
Journal. 33(1). pp.65-87.
Ellis, P. D., 2011. Social ties and international entrepreneurship: Opportunities and constraints
affecting firm internationalization. Journal of International business studies. 42(1).
pp.99-127.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Fisher, G., 2012. Effectuation, causation, and bricolage: A behavioral comparison of emerging
theories in entrepreneurship research. Entrepreneurship theory and practice. 36(5).
pp.1019-1051.
Miller, T.L., and et,. al., 2012. Venturing for others with heart and head: How compassion
encourages social entrepreneurship. Academy of management review. 37(4). pp.616-
640.
Nasution, H.N., and et. al, N.O., 2011. Entrepreneurship: Its relationship with market orientation
and learning orientation and as antecedents to innovation and customer value. Industrial
marketing management. 40(3). pp.336-345.
Samila, S. and Sorenson, O., 2011. Venture capital, entrepreneurship, and economic growth. The
Review of Economics and Statistics. 93(1). pp.338-349.
Shepherd, D. A., 2015. Party On! A call for entrepreneurship research that is more interactive,
activity based, cognitively hot, compassionate, and prosocial. Journal of Business
Venturing. 30(4). pp.489-507.
Venkataraman, S., and et. al., 2012. Reflections on the 2010 AMR decade award: Whither the
promise? Moving forward with entrepreneurship as a science of the artificial. Academy
of Management Review. 7(1). pp.21-33.
Wry, T., Lounsbury, M. and Glynn, M.A., 2011. Legitimating nascent collective identities:
Coordinating cultural entrepreneurship. Organization Science. 22(2). pp.449-463.
Online:
Jelena Djurkic.,2013.Different types of entrepreneurship: What’s best for your business?
[online].Available through.<https://www.marsdd.com/news-and-insights/different-
types-of-entrepreneurship-whats-best-for-your-business/#other-authors> .[Accessed on
20th November2017].