Entrepreneurial Ventures and Characteristics

This assignment delves into the world of entrepreneurial ventures, analyzing their various types and typologies. It investigates the similarities and differences between male and female entrepreneurs, highlighting key characteristics and traits that define successful business founders. The research further explores the positive influence of micro and small businesses on national economies and emphasizes the role of entrepreneurs in achieving business objectives.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Assorted kind of entrepreneurship undertaking and their categorization...................................1
P2 The sameness and quality betwixt businessperson undertaking.................................................2
Differences between male and female entrepreneur........................................................................4
P3 Micro and small businesses impact on the economy..................................................................4
P4 Small businesses and business start ups importance and contribution to the growth of social
economy...........................................................................................................................................6
P5 Characteristics and traits required for successful entrepreneur..................................................7
P6 Aspects for entrepreneurial motivation and mind set.................................................................9
P7 how prospect and mental object can hinder or surrogate entrepreneurship..............................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is a key approach to gain profit and manage activities in a business. In
this introduction, the various types of business ventures such as small, medium and micro are
well explained and their typologies also attached with them. Through research and investigation
the similarities and differences are also included with male and female entrepreneur description.
The impact of micro and small businesses upon economy is also included with support of
statistics and data. The importance of small businesses and their contribution to grow the
economy rate is also very well explained. The mini research determined the characteristics and
traits of a successful entrepreneur and how aspects of an entrepreneurial personality reflect
motivation and mind set is also accomplished.
TASK 1
P1 Assorted kind of entrepreneurship undertaking and their categorization
Entrepreneurship is a way which referred to take action for creating new ideas and
opportunities. It helps an entrepreneur to make a place in the market with his decisions. An
entrepreneur faces many efforts and assorted uncertainties while establishing a new business
concern. The businessperson are highly focused towards their objectives and understand the
opportunities which assistance them to take right decisions and steps. The different types of
entrepreneur ventures are as follows:
Small-business ventures
Starting a small business is not an easy work for an entrepreneur to take decisions
individually, although he needs support to carry out all activities of the business. Generally, this
kind of business or ventures take support from their family members to manage day to day
operations (Kuckertz, and Mandl, 2014). Small business typologies are serial which create
business and sell it. It is also managed by female entrepreneur.
Scalable start-up ventures
In this kind of businesses, entrepreneurs are motivated in respect to start a venture and
they unbroken the imagination for ever-changing the global. Entrepreneur selects the highly
skilled employees, which can assistance them to accomplish the vision of business and carry the
concern operations. Scalable start-up businesses are also managed by female entrepreneurs and
serial entrepreneurs.
Large ventures
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Big business concern beginning with a huge amount of capital and funds and for that,
entrepreneur makes effective and appropriate plan for managing the business activities. The large
ventures make strategies regarding making a new product or plan which help them to gain profit
and productivity to satisfy the need of customers.
Social ventures
Social ventures work for the society. This kind of business do not work for earning
profits, they offer services and products for society and mainly focused on developing the
products which can fulfil the needs of customers (Kuratko, Hornsby, and Hayton, 2015).
Determined entrepreneur
Determined entrepreneurs are largely the pacesetter instead of path followers and they are
also not curious to transcript the merchandise and work of any other business to indefinite
quantity their own gross sales and net income. They are determined for their individual efforts
and believe themselves in what they are doing.
These all business ventures are related to the typology of entrepreneurship (serial
entrepreneur, social entrepreneur and female entrepreneur). The main objective of small business
ventures is to earn profit as much as they can and expand their business for taking advantages of
future opportunities. On the other side, large business ventures are mainly focused on gaining
profitability and productivity effectively. The social businesses work for society as they do not
want any profits from the people and can be managed by female entrepreneur.
P2 The sameness and quality betwixt businessperson undertaking.
There are antithetical type of businessperson and they help to grow and develop the
economic system. They have some differences and similarities regarding developing their
businesses and earn net income. The main similarities in all kind of business organization is that
they are focused on developing and improving their services and products which is delivered to
their customers. The difference between them is that they all work or operate business for
different reasons. However, the investment made by the business in small industry is low as
compared to large businesses. The social ventures work for providing social services to their
custom-made with no profit policy and for the improvement of the club. Apart from this, some
other difference between business and social ventures is that they are created on the basis of
portion people. Moreover, other business undertaking aims at up numerical quantity on the basis
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of the quality. . Social investment creates value through delivering quality services and products
to modification the social science value. There are several types of speculation have their own
taste and preferences. Here are some deviation and sameness between the shadowing
undertaking which are as follows:
Similarities between different business ventures
Small Business Ventures Scalable Start-Up Venture Social Venture
Worker of the concern are not
in large number and their
production is limited
(Johannisson, 2014).
In this type of business
venture, there are few people
who have good cognition and
skills detail the business
concern.
Social ventures have large
number of employees to work
for the society.
It involves local employees
(people) for increasing overall
employment.
They work for the growth and
development in the economy
of the respective country.
It leads for increasing the
employment rate in the
respective country through
incorporating local people of
society.
Differences
Small Business Ventures Scalable Start-Up Venture Social Venture
Small ventures have basic
objectives and goals and they
start selling single product in
the marketplace in regard to
addition consumer base.
This type of venture has few
objectives from which they try
to make advance product and
services for customers.
They do not work for earning
profits, they work to improve
and develop the life of an
individual.
They take low level risks
while starting the business
High risk involvement and
they are passionate about
achieving success.
They do not have any risk in
their work as they work for the
welfare of society.
They try to deliver quality
services and products to the
They try to satisfy the needs of
market.
They work for increasing
economic value.
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customers for increasing
customer loyalty.
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Differences between male and female entrepreneur
MALE ENTREPRENEUR FEMALE ENTREPRENEUR
Make easy decisions Face difficulties in making decisions
Economy and cost is the focus of business Social contribution and quality focused
Willing for financial decisions Conservative for financial risks
Have enough information regarding business Require detail information about business
Males are logical thinkers Females are intuitive thinkers
Aggressive with expansion Conservative about expansion
Strong initiative Positive, autonomous and think critically
Similarities
MALE ENTREPRENEUR FEMALE ENTREPRENEUR
Control and focus on business activities Focus and control on business activities
Well educated and positive attitude Education level is good and positive attitude
Financial and business knowledge Good financial and business knowledge
Profit makers Significant enough to earn profit
P3 Micro and small businesses impact on the economy
The development and improvement of the nation is the essential factor and it should be
possible through enhancing and building up the financial state of the nation (Naudé, 2013). In
this manner, there are numerous independent venture undertakings who give such huge numbers
of positive effects on the economy. Be that as it may, benefit produced by the little size business
as contrast with expansive business is less yet they add to the development and improvement of
the economy. From the exploration, it is distinguished that there are in excess of 400 workers
who are associated with the exercises which give advantage to the firm. There are distinctive
sorts of developments to take position in the firm. This guarantees business is conveying great
administrations and items to the clients. The items and administrations purchase by the clients
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are serving to the development of economy. Another advantage which is UK watching is the
private venture related with business openings. Another business support to the development of
economy, as indicated by the data there are over 90% of private company ventures.
SOLE PROPRIETORSHIP
A sole proprietorship is a business run by any individual which makes all the decision
and engage employees. The sole proprietor is responsible for profits and any debts occurring in
the business (Kuratko, Morris, and Schindehutte, 2015). The characteristic of sole proprietorship
is ownership, liability or liability of taxes, risk and considerations.
PARTNERSHIP BUSINESS
Partnership is a business which is run by two or more than two people with common
objectives and goals regarding to the business. Each partner in partnership is liable for his acts
and debts for the business. The characteristic of partnership is management and control, taxation
divination, flexibility, unlimited liability, entity, conduct of business, number of partnership and
profit motive.
PRIVATE BUSINESS
A private limited business is a company run by privately for small or large businesses.
This kind of businesses limits owner liability to their share and number of shareholders. The
characteristics of a private business is limited liability, perpetual succession, index of members,
paid up capital and minimum subscription. The impact of the small and micro business to the
economy as follows:
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Brexit has specifically affected the economy of the UK, in this way its administration
needs to make a move for advancement of private venture undertakings to build the GDP. There
are distinctive fare and import sponsorships, announced by the administration in regard to
expanding economy rate. They have likewise disentangled the fare procedure and approaches for
expanding the business conceivable outcomes. These smaller scale business ventures influencing
commitment to expand the GDP to rate. Subsequently, it demonstrates that little and smaller
scale business undertakings take critical part in the advancement of economy (Audretsch,
Kuratko, and Link, 2015)
P4 Small businesses and business start ups importance and contribution to the
growth of social economy
Brexit directly impact the economy and it is become a main issue for UK government.
The workers openings has an extraordinary effect upon economy. Be that as it may, after Brexit,
UK economy have a positive effect by the assistance of private venture enterprises which is built
up in the individual nation. This independent companies work in the area of UK and they
additionally satisfy the prerequisite of business. Huge scale affiliation enhanced to be more
beneficial in the way that they are giving higher instalments to their workers. In this perspective
of delegates, working with adequacy can set up themselves as an important substance in a
business area of this worldwide level. UK particularly interface towards the amount of enormous
and huge relationship for the execution of their back. However, the economy is dependent on
small business industries to grow up. Some different aspects which led the contribution towards
the growth of the economy are presented as below:
EMPLOYMENT
There are different types of activities in a business that carry and handle various types of
business operations. Hence, it can be only done done the employment opportunities to the
grouping who are living in the administrative district. These will decrease the unemployment rate
within UK.
INCOME
Smaller scale business help to contribute the improvement of the economy of the UK. It
is a direct result of the change in the salary of a person which give opportunities to deliverer
quality administrations and items to the clients (Roth, 2014).
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Private venture and new companies constantly subsidize towards the advancement of the general
public and representatives who have joined the business. Along these lines they make a
beneficial outcome on them by giving social preferences and imperative settlement designs
appropriately to fulfill their requirements, necessities and essentials. This general things
influence the economy of a nation decidedly.
UK'S ECONOMY
The substantial hazard's impact constrained by Brexit situation over the UK could be reduced to
a unique degree by raising the nonexclusive monetary change of UK. This change will occur
because of the improvement of the economy by new and independent ventures.
Decrease OF NUMEROUS ISSUES
Decrease of various issues engage the level with the scattering of riches the nation over. Since,
economy enhanced, hypothesis could be raised in the hypothesis advance. People are
extraordinarily managed (Lofstrom, Bates, and Parker, 2014). The business practices improved
the situation the welfare of people in general and notwithstanding enhance the advantages for
feeling them all the more simple.
P5 Characteristics and traits required for successful entrepreneur
To become a successful entrepreneur some characteristics and traits are required, which
guide him to create innovative ideas and plans for a business. Here are some characteristics and
traits of a successful entrepreneur.
PASSIONATE AND MOTIVATIONAL
It is a characteristic of a successful entrepreneur that he always motivate his employees
towards business goals and also very passionate about his work. Employees and other members
of business always want to work with him without any issues. Employees of a business thinks
that working with a motivational entrepreneur can improve their career. They enjoy working
with this kind of entrepreneur.
RISK TAKER
Entrepreneurs are risk takers. They always try to do something new and take risk for
that. They execute strategies before taking risk and ensure, after taking risk how much they gain
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and what will be the place of their business in the existing market (Farhat, Matusik, Robb, and
Robinson, 2017). They think that “if there is no risk than there is no growth” in any business.
SELF BELIEF AND HARD WORKER
Entrepreneur does that work in which they feel enjoy. They always believe in
themselves. They are consecrated and confident about their works. They focus on creating ideas
of motivation and innovation. They are hard worker in nature. They never give up in their lives.
They work with discipline and concentration.
ADAPTABILITY AND FLEXIBILITY
These are the characteristics of an entrepreneur that they adopt every condition and
situation. Because they are burning, so they work with flexibility while handling clients. Their
belief provides success to them. Entrepreneur minimize problems that occurs in business.
MONEY MANAGEMENT
All the businesses want to make more profitability than other competitors but it takes
time. An entrepreneur always try to utilize resources with effectiveness. From preparation
entrepreneur successfully tackle the process of money management (Lans, Van Galen,
Verstegen, Biemans, and Mulder, 2014). In every business financial obligation arises so
entrepreneur handle that condition in the manner form which he can not suffer from financial
problems.
PLANNING
Entrepreneurs always makes plan for the improvement of his business. They create
strategies and planning for managing limited resource and to achieve business objective and
goals. They planed for completing the work on time and save money. Preparation is a procedure
from which entrepreneur can predict the upcoming situation and follows that planning to
accomplish their goals and objective. It is a procedure that applies at the opening for long term
allegiance. Planning is solutions for avoiding risk from a Business. Successful entrepreneurs
always make plan before starting work because they have authorities to keep their business
function alive.
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NETWORKING ABILITIES
Successful entrepreneurs always have more friends, colleagues and experience than
others. It is a key characteristic of a successful entrepreneur that they have more network ability
that they attract other clients or customers from their nature. Without this characteristic they
never become a successful person.
P6 Aspects for entrepreneurial motivation and mind set
Entrepreneurs has some characteristic such as risk takings, networking abilities, planning
skills, money managements capacity, hard working and passionate about his works as he become
a successful entrepreneur in the company. There are some situations that are very easy to
motivate themselves after having the trait and characteristic of successful enterpriser.
TAKE ACTIONS
If entrepreneur have knowledge and skill and skill from which they are able to take action
for their business activities. They are risks takers in nature so that they can take any decisions for
betterment of their firm (Drucker, 2014). They are also so confident and self-believers that they
can do every thing in a very possible manner and work for businesses.
DESIRE TO DO SOMETHING INNOVATIVE
A business visionary is brimming with characteristics that he needn't bother with anyone
to manage him as he work freely and end up fruitful from his own capacities. They needn't
bother with any help to end up effective. They can accomplish troublesome targets which they
need to have throughout everyday life.
Accessibility OF RESOURCES
Business person guarantees that the assets are accessible in the business to oversee
activities, creation and administrations on time. It diminishes cost from items and administrations
by growing new thoughts.
Support
From persuading power a business visionary can rouse themselves. They have a few
abilities to urge representatives to buckle down. They energize and inspires new workers towards
their destinations to accomplish their individual and business objectives and goals.
MAKE POLICIES
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There are such huge numbers of characteristics in a business visionary which influence
business emphatically. Business people dependably endeavor to build the benefit and
profitability in the business. They generally attempt to build efficiency and gainfulness. With the
goal that they make strategies for smooth working of a business. They generally attempt to make
a few procedures that will create merchandise and ventures adequately (Vanevenhoven, 2013).
Business visionaries make approaches and arrangements which accomplishes objectives and
focuses inside the business effectively. Approaches creates items and administrations in the way
that business can accomplish their objectives. Nonetheless, all the trademark and qualities of an
effective business visionary takes choice for accomplishing business objectives and from
administration expertise they can effectively rebuild the all approaches, procedures and plans
which can be valuable for satisfying the wants of a business (Williams, and Vorley, 2015).
P7 how prospect and mental object can hinder or surrogate entrepreneurship.
Keeping in mind the end goal to end up effective business person, an individual has
experienced an excessive number of stages. These stages either obstruct the capacity of business
person or aides in cultivating the capacities of business people. Foundation and experience of a
business visionary effects significantly on the conduct and brain science. There are numerous
viewpoints which thwart the aptitudes and ability of a business visionary, for example, absence
of better instruction, not having legitimate money related administration and so forth everything
relies upon the conduct and brain science which either makes a business visionary effective or
drags him down. There are a few focuses which depicts how experience and foundation of a
business person influence its improvement and development.
CAST ORIGINS
The cast framework has its own particular impact toward the occupation versatility.
Social gathering produce some extensive and fit structure of business people that some other
gatherings. This is a recommendation that specific throws and religions support the
entrepreneurial development and ability. Somewhere in the range of few give groups such a role
as Parsees, Marwaries, and Sindhees can build up their own business exercises, such sort of
exercises and culture encourage the enterprise. In india Baniyas, Sindhis, Vaishyas, Khatris,
Jains, all have their individual wellsprings of business. This sort of organizations known as
privately-run company and time by time it encourages the business (Carlsson, 2013).
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This capacity of business incorporates the kinds of families, size of families and the
status of family. Foundation of any business people's family give an applicable wellspring of
mechanical enterprise. Family foundation of business person underpins him to cultivate his
enterprise and at some point its contrary that the privately-owned company isn't considered by
the business visionary. A knowledgeable foundation of business visionary can assist him with
proceeding and development through his enterprise and on the opposite side uneducated
foundation of a family can not assist the business person with growing his aptitudes towards any
business.
EXPERIENCE
Experience of a business visionary encourages him to settle on choices later on to make
strategies. Business people dependably endeavor to pick up the productivity in the business (Acs,
Åstebro, Audretsch, and Robinson, 2016). They improve plans for the advancement and change
in items and administrations and furthermore help to accomplish the destinations. A business
visionary has involvement to play out his aptitudes from which he can take activities towards the
business. From these encounters a business person is prepared to take future focal points and roll
out propel improvements to his business or to cultivate his enterprise.
CONCLUSION
In this report we have included the different types of entrepreneurial ventures with their
typologies through our mini research. From research investigation we have explored the
similarities and differences between entrepreneurial ventures and also the male and female
entrepreneur characteristic, similarities and differences. As the micro and small business have
positive effect upon economy of any country and the contribution of business start ups to
increase the economy level. The characteristics, traits and skills of an entrepreneur describe the
importance of an entrepreneur in a business which also differentiate them to other business
managers. We have aspects of an entrepreneurial personality which reflects the motivation and
mind set of an entrepreneur. The final report tells the importance of entrepreneur in a business to
achieve its objectives and goals.
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REFERENCES
Books and Journals
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