Entrepreneurship Assignment

This assignment explores different types of entrepreneurial ventures, their impact on the economy, and the skills and attributes of successful entrepreneurs. It also examines how background and experience can influence entrepreneurial endeavors.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and state its relationship with entrepreneurship
typology .................................................................................................................................3
P2 Similarities and difference between entrepreneurial ventures .........................................5
TASK 2............................................................................................................................................7
P3 Impact of micro and small business on economy ............................................................7
P4 Importance of start-up and small business in economic growth and development ..........9
TASK 3..........................................................................................................................................10
P5 Skills and attributes of two successful entrepreneurs .....................................................10
P6 How aspects of entrepreneurial personality reflects entrepreneurial mindset and motivation
..............................................................................................................................................11
TASK 4..........................................................................................................................................12
P7 How background and experience can hinder entrepreneurship .....................................12
CONCLUSION .............................................................................................................................13
REFERENCES .............................................................................................................................14

INTRODUCTION
An entrepreneur can be characterized as a man who can begin their own venture by
utilizing their insight, creative aptitudes, thoughts and capacities. High risk is related with
beginning another wander and business visionaries are those people who have capacity to go out
on a limb with the desire for acquiring high benefits (Audretsch and Link, 2012). By effective
change of thought into product or service that creates value for money, firm empowers to return
high revenues. In simple words, it can be define as a person who exploit current market
opportunities in best possible manner that gives them high level of return and profits. The given
report include different types of entrepreneurial ventures and its typologies, how SMEz are
contributing towards the growth and development of economy, skills and attributes of two
successful entrepreneurs and how their past experience hinder entrepreneurship.
TASK 1
P1 Different types of entrepreneurial ventures and state its relationship with entrepreneurship
typology
Concept of Entrepreneurship: The word “Entrepreneurship” refers to the procedure of
changing over a thought into innovation that aid in development and sustainability of new
business venture. By consolidating capital, resources, land, labour and resources in a significant
manner, higher profitability ratio can be yield by entrepreneurs (Altman, Sabato and Wilson,
2010). It totally rely upon the capacity and capability of entrepreneur to take risk, analyse market
and execute design with the point of conveying high quality items and services to potential
buyers.
Different types of entrepreneurial ventures: Small-business enterprise: These are little firms which are possessed and overseen by
single person. There is a sole proprietor which handles the working of whole business.
These are usually viewed as small scale firms with respect to beginning it, high measure
of capital and additionally manpower isn't required. These ventures are built up with the
point of fulfilling fundamental needs of individuals and acquiring enough benefits
(Audretsch and Link, 2012). Primary goals behind working these organizations is feed
individuals from family as opposed to acquiring benefits. Carpenters, grocery store,
electricians are some of the example small-scaled business.

 Scalable start up business enterprise: Such type of entrepreneurs are skilled and creative
who have high potential and capacity to change the world by their aptitudes, skills and
imaginative thoughts. They basically underline on seeking out repeatable and versatile
plan of action (Barringer, 2012). Once they discovered such kind of structure, their
following stage is to begin concentrating on getting attention investment capitalist. These
people set up, create and extend their business by their inventive and imaginative
thoughts. Social business enterprise: Such type of entrepreneur known as the trend-setters that
primarily center around developing such products which encourages in settling issues and
needs of society. Principle point behind beginning this business venture is to upgrade
nation's financial condition. Its reality isn't just for the reason to procure enough profits
however to give their high commitment in welfare and improvement of society. These
type of ventures deals with various issues like illiteracy, poverty and health care. Serial business enterprise: These are people who brings new thoughts on constant
premise to build up a new business venture. They are fairly not quite the same as other
business venture as others build up their business with possess thoughts and play
important role in overseeing routine tasks and operation of business. However in case of
serial venture, entrepreneurs come up their extraordinary thoughts, begin a business and
handover it to others after its effective running. Then again they come up with new idea
for establishing new business venture. These business people are known by the name of
organizer of organizations.
 Large scale enterprise: It incorporates multinational companies that start their business
eventually with high investment. Such associations for the most part centers around
innovation and works with the real motive of earning higher profits and also working for
social welfare. Moreover they also occupied with CSR exercises and maintain their
business morally. For increasing high productivity and aggressive edge in advertise, their
primary concentration is to enhance nature of items and fulfil needs of clients (Baum,
Frese and Baron, 2014).
Different types of entrepreneurial typologies: Female entrepreneur: These are ladies business people who begin their business
effectively with advancement and inventiveness. Female cooperation in business and

value of firm is the premise of female enterprise. In this, association is effectively run and
oversaw by females and have least 51% of stake in organization. Male entrepreneur: Organizations are depend on capacity and capability of men and a
whole business is worked and overseen by guys as it were. Least 49% offers of
organization are hold by male business person (Bruton, Ahlstrom and Li, 2010). .
 Serial entrepreneur: These people ceaselessly concoct creative plan to begin business.
They take challenges, build up business appropriately, appointing obligations to perform
activities and afterwards move to another new venture.
P2 Similarities and difference between entrepreneurial ventures
Lifestyle entrepreneurial venture
Similarities
 This entrepreneurial venture runs with
an aim of generating high profitability
ratio to take the advantage of lavish
lifestyle.
 In order to yield higher profits, they
recruit only skilled and competent
employees.
 Such kind of venture laid stress on
obtaining high market share and utilize
available resources in an optimum
manner.
Serial entrepreneurial ventures
Similarities
 The main focus of this business venture
is to acquire large proportion of market
share and earn high profits which
provide them the benefit of enjoying
luxury lifestyle.
 Business goals and objectives can only
be accomplished through hiring
talented and skilled candidates.
 The common similarity lie in the form
of using business resources in an
efficient and optimum manner.
Differences
 In lifestyle venture, proper information
is not communicated to financial
capitalist in regards to company's
growing and developing stage.
 Launching of these ventures are from
entrepreneur's earning and livelihood. Centralization of power
Differences
 Every single information of company is
communicated properly and accurately
to financial investors on frequent basis.
 Their primary objective is to earn high
profits and revenues. They just want to
become rich at any cost.
 Decentralization of power

Female entrepreneur business
Similarities
Male entrepreneur business
Similarities
 Run business with an objective of
yielding high profitability ratio.
 Goods are manufacture keeping in
mind the needs and desire of target
customer.
 Their business purpose is similar like
female i.e. primary motive is to earn
high profits and revenue.
 Customer needs and wants are fulfilled
by providing them such products or
services that fulfils their diverse desire
and requirement.
Differences
 Lack of confidence level Females usually takes more time in
taking decision
Differences
 Male entrepreneurs are highly confident
and possess great potential
 Their decision making power is quick
as compared to female.
Size of firm: A firm is classified into three categories namely micro, small and medium that
contributes significantly towards growth and development of economy.
 Micro: These are little firm which is worked by single individual just with reason to
nourish themselves and family. These organizations requires less venture and their
structure is adaptable and straightforward as number of individuals engaged with these
organizations are less.
 Small: These types of business ventures are worked either by single individual or by
accomplice and are kept running in nearby economy. There are just 10 to 12 people
occupied with it for running tasks. These organizations are kept running with the
motivation behind returning adequate benefits. They made items as per likes and dislikes
of customer (Defourn and Nyssens, 2010).

 Medium: Annual offers of such firms are £ 25.9 million and around 250 individuals are
working in these organizations. Their primary point is to get great position in showcase
and procure high benefits.
Roles and characteristics of public, private and social enterprise:
Private firms: These are non government associations and keep running by single enterprise.
Government Involvement is less in these organizations and these organizations are kept running
for motivation behind procuring high benefits. These organizations assume significant part in
development and advancement of economy.
Public firms: These are the associations keep running by government to earn benefits and in
addition welfare of society. They purchase and offer offers for creating assets and maintaining
their business tasks effectively.
Social firms: These are the organizations which keep running by the assistance of volunteers.
Principle reason behind running these associations is welfare of society. These organizations run
just for prosperity of society and enhancing their expectation for everyday comforts (Delgado,
Porter and Stern, 2010).
TASK 2
P3 Impact of micro and small business on economy
Micro and small business venture put enormous effect on a few areas of economy. These
aid development and advancement of society. Discussed below are the regions of economy that
are affected by smaller scale and private ventures.

Global and national level: Small and medium scale organizations gives a stage to individuals to
demonstrate their ability and aptitudes at worldwide level. They additionally direct preparing to
them with the goal that they inspire chance to improve their aptitudes and capabilities. This will
at last gives a chance to firm to giving their products and enterprises to different nations and
enhance inflow of remote cash in nation.
Regional Level: Economy of territorial region is influenced by little and medium firms as they
get preferences of creating items and administrations as indicated by the selection of clients. In
such territories, firm initially comprehend purchasers tastes and inclinations so as to offer them
great products and ventures. These aides in fulfilling their necessities in more better way.
Local level: At this level, little and medium firms gives work to nearby individuals which helps
with expelling joblessness from the place. This eventually contributes in enhancing monetary
state of nation.

P4 Importance of start-up and small business in economic growth and development
The commitment of private companies and new businesses in monetary development and
improvement is high. In United Kingdom, there is extremely quick development of such
organizations and gives advantages to economy. These organizations contribute around 30% in
development of economy (Neck and Greene, 2011). By beginning up new pursuit or from
independent ventures, around half of benefits and incomes are created in UK. Some of the
importance of start up's and small scale companies in country's growth and development are
discussed below:
 Employment: These organizations makes immense openings for work for individuals of
nation. These organizations contributes in improving abilities and capability of
individuals which is gainful for them in their own and expert development and
improvement. These business ventures are frequently known by the name of occupation
makers as they render work chances to local populace of nation or to the general
population who look for work. This will help with expanding expectation for everyday
comforts of individuals and enhancing financial state of nation. Around 25 million of
individuals are utilized with new companies and private venture undertakings.
 Turnover: This characterizes as the business turnover cycle of firm in entire year. In
United Kingdom, deals turnover proportion is around 1.8 trillion and in it, independent
company contributes roughly 48%.
 Export: Today, it is exceptionally normal to trade products and enterprises in another
nation. The significant purpose for doing trades is to build stream of remote money in
nation and get substantial segment of piece of the overall industry. Around 408.9 billion
of fare is record in United Kingdom and about 15% of commitment is done in it by little
and new companies (Schaper and et. al., 2014).
 Growth:Employment circumstance of nation put high effect on its monetary development
and it can be assessed by quantities of utilized and jobless individuals. High openings for
work are controlled by new companies and additionally private ventures to residential
individuals of country which is beneficial in terms of achieving both long and short term
objectives in a significant manner.

TASK 3
P5 Skills and attributes of two successful entrepreneurs
1. Jeff Bezoz: He is one of popular and successful entrepreneur who is CEO, executive and
founder of company called Amazon.com. Amazon is a most prevalent web based shopping
retailer of world which gives different items and administrations to clients. The business was set
up in year 1994 and starts as online books shipper. From that point onward, the extended their
business by offering scope of items to clients. As utilization of web is expanding step by step
with fast speed and it is a major open door that has been taken by Jeff. He exited his activity for
building up their own business (Storey, 2016). By offering assortment of items to clients, fulfil
their requirements in powerful way. It is the significant purpose for accomplishment of
Amazon.com. A few attributes, aptitudes and characteristics of Jeff Bezoz are characterized
below:
 Talent for innovation: Jeff is known from his youth days for advancement and
uniqueness. A sound alert is made by him in his initial days which watches his room. His
energy and commitment acquires his name the rundown of world's most extravagant
individual. Jeff, by his inventive abilities, grow his business. digital book and Kindle are
the creative results of Amazon which help firm in getting more popularity.
 Hard-Core Realistic: It is a basic quality that ought to be have in each fruitful business
person and Bezoz have this. He ponders every single such issue and dangers which may
associated with business before building up his own particular business. The reality of
wander disappointment is acknowledged by him and look at all the elements and powers
deliberately which may drives Amazon towards destruction.
 Risk Taker: It is a capacity that ought to be have by all people keeping in mind the end
goal to develop and maintain in focused world. Jeff have this capacity. For satisfying his
fantasies and wants, he cleared out his activity (Unger and et. al., 2011). The hazard
identified with human asset, fund, physical and innovative assets are ascertained by him
painstakingly. One of the primary concern is that, he knows or understood from every
one of those dangers which may drives the firm towards disappointment at the same time,
his solid assurance and convictions did not disappoint him.
2. Bill Gates: He is the author of Microsoft Corporation and drop out from Harvard University.
He sets a case of being fruitful business person before individuals. He is an effective individual

who has faith in dedicated and assurance. He trusts that if a man needs to achieve something then
he needs to do efforts for achieving the same. The thing that issues the most is solid bravery and
assurance of person. A few attributes have by Bill Gates are characterized below:
 Voracious Reader: Reading helps with enhancing correspondence and aptitudes of
individual and the same is accepted by Bill Gates. He want to peruse books progressively
and conceives that by perusing these, he can enhance his insight and relational abilities.
This will help him in getting learning about various regions which helps in his self-
improvement specifically or in a roundabout way (Welter, 2011).
 Philanthropist: Bill and Melinda Gates Foundation are established by Gates and his better
half. They both trust that it is constantly better to think for future in introduce. His better
half moved toward becoming programming designer and Gates took retirement. Before
getting resigned, he used to get ready feasible arrangements. Bill Gates is one of the huge
humanitarian and they generally center around enhancing training arrangement of nation.
 Know to organize things: It is important for individuals to needs things in appropriate
way with the goal that destinations can be achieve in precise way. It is a propensity which
decides disappointment and accomplishment of a person. Doors exceptionally understand
how to organize things in legitimate way which is the significant reason of his prosperity
P6 How aspects of entrepreneurial personality reflects entrepreneurial mindset and motivation
Big Five Personality Dimension: According to this theory, it has there are five common types
of personality traits and every person falls into at-least any of these types: Openness to experiences:- keeping in mind the end goal to encounters new things it is
fundamental for them to attempt new and innovative things that originate from their own
particular capacity and aptitudes. Experience about every one of the progressions coming
in outside world is one the quality in both identity keeping in mind the end goal to beat
every one of the difficulties of contenders (Wheelen and Hunger, 2011). Conscientiousness:- Under this progression if individual is resolved towards their work
then it is simple for them to accomplish every one of the objectives in indicated day and
age. Agreeableness:- Both Steve employment and bill doors are two identity who constantly
eager to learn new things and collaborate with nature and roll out improvements as

indicated by the necessity and needs of clients keeping in mind the end goal to beat every
one of the difficulties of contenders. Neuroticism:- Human is social being a direct result of which he or she influenced by
various factor both physically and rationally. They are distinctive stages in life which
accompany high points and low points so it rely upon him just how to deal with it
emphatically and decidedly.
 Extraversion:- It is mainly defined by sociability, excitability, assertiveness,
talkativeness and high level of emotional expressiveness (Zott, Amit and Massa, 2011).
Individuals with high extraversion are normally outgoing type of people i.e. they gain
energy or gets motivate in social situation. On the contrary, people with low extraversion
i.e. the one who are more introvert are tend to be more reserved as compared to the one
who are much introvert.
TASK 4
P7 How background and experience can hinder entrepreneurship
Successful entrepreneurs can be define as the one who identity and exploit opportunities
in an innovative and creative manner. They provide assistance in terms of growing up the
business by utilizing their inventive abilities and ability in their items and administrations.
Basically they are risk takers who put resources into numerous part to increase higher returns as
opposed to getting apprehension of misfortune and there are distinctive components which
consider by business visionary in outside condition so they snatch every one of the openings and
expel every one of the dangers coming in showcase. Adopting all changes that takes place in
both external and internal environment influence adjustment in their association to structure
which enable them to enhance quality norms of merchandise and ventures. satisfy his fantasies in
the event that he have strength and potential to do it (Storey, 2016). The foundation of an
individual helps with cultivating enterprise in a person. On the off chance that the foundation of
an individual is sure then it cultivates the movement of business enterprise in legitimate and
precise way , in the event that it is negative then it can not encourage business enterprise among
people. Further, it help in setting up better picture in the market and legitimate directing in
business task help them in achieving the objectives and destinations of business. Despite the fact

that the adventure of individual isn't straightforward they need to confront numerous challenges
and complexities which can deal with by their rational thinking.
CONCLUSION
According to the previously mentioned report, it has been presumed that enterprise is
recognized as a method in which an individual set up its own business by going for broke in the
desire for returning high benefits. Different abilities and traits of a business visionary
characterizes his prosperity. They makes new pursuits by executing their imaginative thoughts
and change over them into products and enterprises that helps them in serving and fulfilling
clients in more better way. Distinctive kinds of entrepreneurial ventures contributes in financial
advancement of nation.

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