Entrepreneurship: Types and Characteristics

This assignment delves into the realm of entrepreneurship. It defines entrepreneurs as individuals who aspire to start their own businesses and achieve independence. The text categorizes them into corporate, social, and individual entrepreneurs, highlighting how their diverse mindsets influence business activities. It emphasizes the importance of setting personal goals and working diligently to realize entrepreneurial dreams.

ENTREPRENEURSHIP

INTRODUCTION.....................................................................................................................................3
P1 Different types of entrepreneurial ventures and relations with topology....................................3
P2 Exploring difference and similarity between different types of entrepreneurial ventures.............4
P3 Interpretation and analysing of relevant data to analyse the impact on small business in the
economy............................................................................................................................................5
P4 contribution of small business and start up business operations in economy..............................6
P5 Skills and traits of a successful entrepreneurs..............................................................................7
P6 Aspects of entrepreneurial personality........................................................................................8
P7 Ways in which experience and background can hinder or foster relationship...............................8
CONCLUSION.....................................................................................................................................9
REFERENCES........................................................................................................................................10

INTRODUCTION
Entrepreneurship is defined as the start-up of new venture at the market place by developing a
new and innovative ideas in order to start a new business thus earning high profitability and revenues
from their overall business operations. This is one of the most important & vital factor of the current
business environment. Entrepreneur is one who is executing different activities at market place in
order to earn profits. The positive factor of entrepreneurs is that it helps in promoting innovative
ideas by which they can easily expand their overall business operations. While on the other side
some business entrepreneurs are working for the overall benefits of the society and not with the
motive of earning financial gains (Ács, Szerb and Autio, 2011). As there is high competition in
economy so every individual is focusing on earning high profits by running their own business with
unique ideas. The under mentioned report contains study about different types of entrepreneurial
ventures, similar and different between entrepreneurial ventures, impact of small business on
economy and the contribution of small and start up business on social economy.
P1 Different types of entrepreneurial ventures and relations with topology
The process of establishing a business operation are executed in different ways but the aims
and objectives of launching business is not different as their main factor is linked with establishing
financial stability in the economy. The business which is started by a person with his own new and
innovative ideas are classified on the following grounds which are evaluated below as:
Small business entrepreneurs: These small business operations are similar to those business
which are executed by self employed. The main objective of starting this business operation is
related with establishing financial gains in the economy. The major example of persons who are
running small business are carpenter, grocery, plumber etc. All the family member are helping the
business owner in order to earn money so they can fulfil basic needs of their family.
The small business operations are linked with survival ventures of topology of
entrepreneurs. The efforts are made so that his family members can be survived and their needs and
demands can be fulfilled in this competitive market place. These business operations are not
registered anywhere and they are running independently by maintaining trust and faith between the
parties. While talking about the business ventures cash is the most important faith.
Scalable start up entrepreneurs: These types of business are having opportunities so they
can easily expand their overall business operations. The persons who are running their activities
under scalable start up are having the vision that they can easily change the perception of public
according to which they analyse different things (Andersson, 2011) .In this venture the financial
resources are provided by venture capitalist in order to carry out their business operations at
different models. On the other hand these ventures are small in size but the risk factor among them
is very high.
The topology which is related with these types of ventures are aggressive growth. These
scalable strat up business develop new and innovative ideas in order to achieve competition at the
market place. These ventures are beneficial for a person as they can easily perform their operations
at market places.

Large company entrepreneurship: The another name of this type of venture is corporate
entrepreneurship. The most difficult factor is to maintain stability at market places as the firms who
are operating at large level are using innovation and research in order to fight with competition at
market places from other rivalries. This is beneficial for them in order to earn high profitability and
growth. This is the most advantage factor for business as they are able to establish strong positions
at market place.
The topology which is linked with these ventures are related with the corporate
environment is known as growth ventures. The firms aim to sustain strong positions at market place
thus earning high profit and revenues.
Social entrepreneurship: The main aim of these business is linked with providing those
products and services to the customers which are beneficial for the overall society in different ways.
Entrepreneurs are developing new and innovative ideas by which the problem can be easily resolved
by applying effective measures. There was an invention in the recent era which have helped
customers to easily communicate with the doctors while sitting at home if they are facing any type
of problem (Bhachu, 2017).
In social entrepreneurs topology the main aim of business owner is to manufacture goods
which is beneficial for the society and they objective is to earn high profitability shares. If the
financial gains are not available in sufficient amount them it may result in down in overall business
operations.
P2 Exploring difference and similarity between different types of entrepreneurial ventures
The under mentioned table evaluates the difference and similarities which are related with
different types of entrepreneurship ventures are described below as:
Basis Similarities Difference
Objectives All the business ventures are
having their own aims and
business objectives. The
individual ventures are based
on financial factors which will
support their family to fulfil
their basic needs. The
corporate entrepreneurship
objective is related with
ensuring stability at market
areas (Bozeman, Fay and
Slade, 2013).
Social entrepreneurs are linked
with making the society a
better place where people can
easily live their life. The
financial factors are important
for these business and
sometimes this may not be an
important factor according to
business situation.
Value creation Another vital factor is related
with the operations of business
as they are developed in order
to carry out some value for
performing business activities.
The ventures can be social or
corporate but their aims is to
create something which is of
value and importance.
The objectives are always
differentsome operations are
carried out in order to earn
high financial and some
operations are based on
creating value for the overall
aspects of society.

Marketing channels The other major different
between the entrepreneurs is
different channels which are
related with marketing so that
awareness can be created
about their products at market
places and people can easily
purchase them (Bruni,
Gherardi and Poggio, 2014).
Both the scalable and corporate
entrepreneurship are using the
common tools of marketing
such a TV, media and printer
while on the other hand the
social and small scale
entrepreneurs are using the the
organic methods of marketing
like word of mouth and other
social media channel.
Employment generation This factor is not implemented
by all the entrepreneurs. The
social start up ventures and
employs very few or small
number of employees.
All the scalable start up
business is giving importance to
the merchandising work in
order to remove the chances of
mistakes.
Mind set The most similar factor among
the mind set of entrepreneurs
is that they are mainly focusing
on developing something which
is unique and innovative and it
is also launching in the market
place for the first time.
The major difficult factor
among these types of
entrepreneurs are the different
mind set they are using in order
to develop the products. This is
mostly reflected as the attitude
and beliefs of entrepreneurs by
which they see things. Some of
the entrepreneurs thinks it as
the way to earn money while
for many persons it is an
approach by which they can
easily fulfil their passion.
P3 Interpretation and analysing of relevant data to analyse the impact
on small business in the economy
The small business are playing the most important role in growth and development of the
overall economy. The report which was made by the parliament in UK states that there more then 6
million business who are categorised among medium and small scale business operations. The value
which is generated by them in the overall economy consist of the 50% of the overall populations
thus there is higher growth in economy and resources are utilised in effectual and planned manner.
In terms of the employability scales it is reported that all the private undertakings in the
economy are employing almost 70% of the overall working persons all across the country. These
revealed statistics proves the facts that small business are very important for the overall growth of
economy in terms of use of resources and employment generation.
According to the data which was collected in the year 2016 there was constantly increase in
the number of total business operations in the overall economy. If there is maximisation in the self
employed business in UK then it is calculated at the rates of 3% in UK. The total turnover of the
business ventures are accountable at 2.0 trillion euros and this is very much similar to the
contributions which is made by the private sector in the overall economy. There are in total more

then 4.5 million proprietors who are involved in business operations and this is the one of the
important factors for UK (Choi and Majumdar, 2014).
Thus it is analysed that small business operations are important for the growth and
development of the overall economy as people are earning money and they can easily satisfy their
basic ammenties of life. These business operations are not making the economy strong in terms of
capital and finance but they are working in order to remove poverty ratios and increase the annual
turnover. The government had also taken steps in order to help these small businesses by giving
them financial help so they can easily expand their overall business operations in the economy and
earn high profitability. While the contribution of business in industries and construction areas are
only 2% of the overall population of the economy.
The small business operations have not only given their contribution in economic factors but
they play a very vital and important role in developing new creative and innovative ideas by which
country can achieve growth. The small business ventures are also considering the regional
development of the nation as it is important in order to enhance the exports of goods from one
place to another and it results in balances economic growth in economy. Thus all these factors are
beneficial in order to remove recession from the overall economy.
P4 contribution of small business and start up business operations in
economy
Social economy is explain that people development rather giving the the emphasis to the
outcomes of financial earned due to the business. Before profit people put to the social ground.
Impact of the welfare of the people has been ascertained. It business play a very important role in
the economy of the country in terms of turnover and productivity along with the advantages, it
carried out a positive impact on the country of social growth. Incorporated the major social benefits
of business are as follows
Employment : Person who is looking for a job will get a job according to capabilities. The
entrepreneurial business and small business had raised the opportunity of employment in the
country. Which the data is published accordingly it identified the 60% employees around this sector
of the employees of the private sector of the country. It is termed as an important business
contribution in the population of social growth.
Living standard of peoples : Increases the standard of living of peoples is a main contribution of the
population of a business in United Kingdom. The chances of entrepreneur and self employment had
provide them the opportunities to increase the standard of living and level gives the defined of
stability in finance. Innovation promotes through the business will improve the peoples life (Hall,
Sheehan and Silvestre, 2012).
Regional development : Limited places are set of the major industries which contribute to
unequal development of nation context. Small business and the entrepreneurial are the areas which
are under developed. Placement in some of areas will make them available the facilities of hospitals,
electricity, schools and connectivity. It promotes the equitable and regional development of the
economy.

Exports : Exports of the commodities and product are sent to be outside the geographical
areas of the nation. It play a vital role in the social growth in economy. Exports amount will not only
give them positive outcomes of financial it also help in stabilising the currency value of a economy.
Revenue help business to count the bad times in the market context
. Community development : Business activities promote the community development.
Development of community includes building of colleges, hospitals and school. These activities of
development ensure the skilled and competent workforce is developed. The sustainable adoption
means the factors of environment are given consideration which conduct the operations of business.
P5 Skills and traits of a successful entrepreneurs
It is believed that entrepreneurs should have effective skill and capabilities by which
they can easily carry out all the business operations in effective and planned manner. Thus it
helps in performing the assigned task in that time frame which have been allotted to them
effectually (Madhok and Keyhani, 2012). Characteristics are most important factor all those
persons who are thinking to start their own business setups. The major characteristics of
businessman are evaluated below as:
Passionate: It is the most vital traits for all persons who want to see themselves as
entrepreneurs. These individuals are mostly passionate about the tasks which are assigned to
them in order to achieve their set goals and targets. While an entrepreneur set business
objectives then he is working with his capacity in order to fulfil all his wishes and desires.
Optimistic: It is the most vital factor for all the entrepreneurs to become optimistic in
the business operations which had to be performed by them. There are certain conditions
when the entrepreneur thinks about the work which is carried out by him and he questions
himself about the success of the operation. The businessman had to be very much positive in
their thoughts and this is the most important factor in order to achieve success in their overall
business operations.
Confidence: It is the most powerful and vital characteristic in a businessman. It is
faith and belief of the person in the business operations which are performed by them. It is
identified that there is not much difference between overconfidence and confidence. There
can be situation when the belifes have let down the person in his overall business thus he is
not able to fight competition at the market place (Ireland and et. al., 2013).
Thinker: This is also an important skill of entrepreneurs. They are thinking of new
and innovative ideas by which they can easily gain attention of customers thus enhancing
their overall sales and profitability volumes.
Decision Making: An entrepreneur should have the ability in order to select the best
options from all the alternatives which are available with him. This can be linked with
choosing the best channel of marketing for giving advertisement of their new products or
arranging financial factor in terms of money for the overall business activities.
Time Management: Time plays an important role in overall business operation. In this
age of competition the person who have learnt to mange their timings for different activities

are achieving success in their overall business operations. Thus effective time management
results in maximising productivity and profitability for the overall business operations.
P6 Aspects of entrepreneurial personality
Personality is defined as the set of skills and capabilities that are inbuilt in person. The
personality reflects those factors by which individual carry out all the business operations in
effectual and planned manner. The model is executed in order to determine personality of
entrepreneur. This trait model have a homogeneous impact on mind set of people and also
motivation factor. The classification of model is evaluated below as:
Extraversion: This model which is referred as extraversion is more outspoken and energetic
form of model. The person who can easily share his thoughts and feelings with other is called as
extraversion. If leaders are having this skill then it helps them to motivate their employees so they
can achieve success in their business operations (Parker, 2011)
Agreeableness: This is also vital traits which are seen among entrepreneurs. It helps in
developing good behaviour among employees at work place. The leader is having a cooperative and
trustworthy nature which helps employees to carry out all business operations in harmony. They are
having positive minds and leader is fully supporting them in achieving their set goals and targets.
Conscientiousness: This skill is beneficial for leaders as it results in achieved all business
objectives in effective and planned ways. The personality of leader is related with various factors
such as duty obligations, goal oriented, trust full etc. This implies that all the workers are having the
mind set to achieve their set goals. Individuals are mainly focusing on using all the resources in order
to achieve the seat targets.
Emotional Stability: In order to perform all operations it is important factor to maintain
stability at work place. If the entrepreneurs are clam and polite then they can easily face any type of
business situation effectively and it also encourages to maintain the zone of tolerance. Leaders
should maintain positive relations with all the workers and they should not shout at them in any
circumstances (Priem and Carr, 2012).
Openness to experience: The entrepreneur is one who is having the capability in order to
explore new and innovative ideas at market place. Innovative ideas helps in developing the mind set
of individuals thus they explore new ideas in order to expand the overall business operations. Thus
creativity helps in motivating employees in order to achieve their set goals at market place.
P7 Ways in which experience and background can hinder or foster relationship
In an individual the spirit of entrepreneurship plays an important role in developing his
background and experience. The spirit is developed by the environment in which he grows up at
home, his school and college life and the other external factors. All these factors plays an important
role in order to foster and hinder relationships. All those persons who have taken their school and
college life seriously are now entrepreneurs as they are placed at good positions teaching other
persons in order to gain a bright future. If persons want to start up their own business ventures then
they should have the spirit to and enthuses to become entrepreneurs. The entrepreneurs who are
lecturers in schools and colleges are providing job to other students so they can easily fulfil needs
and desire of their life.

The background of a person is much beneficial in order to become good entrepreneurs and
start up their own business operations. The background to which the person belong can also hinder
his relationship if he is not having much knowledge about the venture then also he started his
operation but does not achieve success in that business operation (Schaper, 2016).
Example: The founder of Virgin Atlantic was Richard Branson and he belongs to a very polite
and humble background. He was not having higher education and also no knowledge about business
operation but his passion was never down and his main aim was to become the most successful
person in his life and achieve good position in whatever work he do. In the present time Virgin group
is providing job opportunities to large group of people all around the globe and these are also
classified among the start up firms.
If person is having enough knowledge about the market areas then it is very much useful for
him in order to become business owners. The results can be both positive and negative as it can help
person either to foster or hinder their relationship. If the person is having good knowledge about the
market place then it helps him to easily arrange funds in order to carry out all the business
operations in very effective and planned manner. The knowledge about the market place can help
him to achieve strong image and also strong competitive positions at market places. If the person is
not having high experience then he will not be able to evaluate the market places he will not achieve
success in their overall business operations. Persistence to knowledge can be achieved by knowledge
and understanding of person at market places. There can be high challenges which had to be faced
by a person in his overall business operation but he can become a true entrepreneur if he know how
he had to fight with all these challenges effectively (Wright and Stigliani, 2013).
Example: The founder of mobile phone 4U is John Caudwell and he is also an entrepreneur.
In the start up of his business operation he worked very harder and he also struggle in order to fulfil
all his dreams and in the present time he is earning more then billion euros and this was the major
point of his achievement and success.
CONCLUSION
From the above report it has been concluded that entrepreneurs are those persons who are
having their dreams and desires in order to have their own business and want to live an independent
life. The businessman are further classified into three major categories which are corporate, social
and individual entrepreneurs. The entrepreneurial ventures very because of mind set and
characteristics of persons by which they will perform the business activities. Thus each individuals
should set goals of their life and they should work hard in order to fulfil all their dreams.

REFERENCES
Books and Journals
Ács, Z. J., Szerb, L. and Autio, E., 2011. Global entrepreneurship and development index
2011 (Vol. 400). Cheltenham, UK/Northampton MA, US: Edward Elgar.
Andersson, S., 2011. International entrepreneurship, born globals and the theory of
effectuation. Journal of Small Business and Enterprise Development. 18(3). pp. 627-
643.
Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic
networks. Routledge.
Bozeman, B., Fay, D. and Slade, C. P., 2013. Research collaboration in universities and
academic entrepreneurship: the-state-of-the-art. The Journal of Technology Transfer.
38(1). pp. 1-67.
Bruni, A., Gherardi, S. and Poggio, B., 2014. Gender and entrepreneurship: An ethnographic
approach. Routledge.
Choi, N. and Majumdar, S., 2014. Social entrepreneurship as an essentially contested
concept: Opening a new avenue for systematic future research. Journal of Business
Venturing. 29(3). pp. 363-376.
Hall, J., Matos, S., Sheehan, L. and Silvestre, B., 2012. Entrepreneurship and innovation at
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Parker, S. C., 2011. Intrapreneurship or entrepreneurship?. Journal of Business Venturing.
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