Entrepreneurship and Its Concepts

This assignment delves into the fundamental concepts of entrepreneurship. It examines various aspects like personality traits associated with entrepreneurs, ethical considerations in entrepreneurial ventures, and the emergence of social entrepreneurship. The text explores different theories and models within entrepreneurship, providing a comprehensive understanding of this dynamic field.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their relation with typology........................1
P2 Similarities and differences between entrepreneurial ventures.............................................2
TASK 2............................................................................................................................................4
P3 Relevant data to understand impact of small business on economy......................................4
P4 Contribution of small businesses and start ups on social growth..........................................4
TASK 3............................................................................................................................................6
P5 Traits and skills of successful entrepreneurs.........................................................................6
P6 Aspects of Entrepreneurial Personality..................................................................................8
TASK 4............................................................................................................................................9
P7 Ways in which background and experience hinder and foster entrepreneurship...................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
A person with different thought processes and these procedures are used to run a business
enterprise in order to gain personal objectives which is catering need of person himself and his
family also. Person with distinct ideas is an entrepreneur and corporate entity which he is
running is to be called as enterprise and process of running enterprise by entrepreneur is defined
as entrepreneurship (Drucker, 2014). There are lots of ways in which distinct idea can be used
like in manufacturing process, in sales and distribution processes etc. Main advantage of
entrepreneurship is that it allows business personnel to gain rival's benefits which aids stronger
marketplace than competitors in industry. This report is based upon Wiser Co. which is a
creative and recruitment firm and provides young and dynamic people to a platform where
youngsters can dream big to get all achievements which they want to gain in their lifetime.
TASK 1
P1 Different types of entrepreneurial ventures and their relation with typology
Entrepreneurs are the individuals who deliberately takes risk with a view of earning higher
profits. They explore the market opportunities and exploit them which further raise the total
options in the market. The rate of investment varies with the capacity of an individual that how
much resources does he willingly wish to allocate. Some of the key enterpreurail ventures are
discussed below:
Small Business Enterprise: These ventures are started by single persons in order to
satisfy need of himself and family members. Examples of these firms are painters, owner of
grocery shops, plumbers etc. These people run their business venture to satisfy need. A little
scaled enterprises are interlinked with other business typologies. Businessman are those
personnel’s who put efforts in his association to gain greater market share and financial benefits.
The thing which makes an enterprise successful is higher satisfaction of customers by products
and services that are served by company and main reason behind producing unique items and
facilities is to gain that satisfaction from clients. Whether loss and profits any of these is
generated by business entity is bearable for entrepreneur. Most of the employees working under
this type of variety are the family members.
Scalable Start-Ups Entrepreneurship: These ventures are grown up a per time passes.
When a person operates these type of firms then it means businessman is able in generating
funds from many options (Dees, 2017). The most concern of these ventures are to improve level
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of society by serving extraordinary quality goods and services. All business activities depend
upon financial resources and it is required from entrepreneur that he should arrange requisite
amount of funds in order to conduct all operations in beneficial manner because these enterprises
are point of higher risk which is not able for everyone to bear (Schaper and et. al., 2014).
Aggressive Development Ventures: This is a kind of scalable start-ups
entrepreneurship. The entrepreneur dealing in this type of venture wish to earn higher returns on
a large scale and for same take high risk.
Large Company Entrepreneurship: These ventures can be stated as corporate
entrepreneurship. Businessmen take care about all activities and risks which are linked with
ventures to get done all actions and tasks in most efficient way. Main attribute of these firms are
antique items and facilities. Research program is a best tool to get information and knowledge
about taste preferences and desires along with needs & wants. For investigating all required info,
entrepreneur hires an investigator who collects all know-how about consumers in order to
produce required number of products.
Social Entrepreneurship: Main aim of these type of enterprises is to serve better quality
goods and service to society and these ventures also want to facilitate society members in
enhancing their living standards by providing employment opportunities to young and dynamic
personnel’s of total population. These facilities could be anything like providing education
facilities to those whom not having sufficient financial resources.
Relation with typology of entrepreneurship
Variety of entrepreneur and their connection with the typologies are discussed
below:
Female entrepreneur – It is a variety of entrepreneur venture which is specifically
operated by females. They prefer doing a safe business and ensures that high quality is
maintained in whatever work they do. The most commonly used option under this category is
starting up a saloon, boutique, coaching etc. They are hardworking and dedicated towards their
work.
Serial entrepreneur – They are those individuals whose major role is confined to the
starting up of a new business plan. Once a particular idea is successfully set up it is handed over
to some other person and again the serial entrepreneur starts working towards another idea.
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P2 Similarities and differences between entrepreneurial ventures
When different entrepreneur ventures are compared with one another it is found that each
one of them has a number of similarity and differences. The comparison in major ventures is
done below:
Lifestyle ventures (Similarity) Serial ventures (Similarities)
Allocation of resource is done in such sectors
where there is close competition as this way
the chances of developing brand name
increases.
This category entrepreneurs give efforts
towards bringing innovative ideas in market so
that more market share can be captured.
These entrepreneurs believe in what they do
and start work with maximum level of
confidence.
They bring a new idea in market believing that
it will get the desired results in return.
It is believed by these entrepreneurs that their
idea is better from the other and perform all the
task associated with the start up with high
dedication.
Investment is done with a view of raising the
market share by using creative thoughts and
ideas.
Differences Differences
Allocation of resources is done in order to
achieve the competitive market.
Funds are invested for bringing more options
in the market.
Scope of these is less Scope or these entrepreneur is more
Male entrepreneur
(Similarities)
Female entrepreneur
(Similarities)
They try different areas and finds that which
option will deliver maximum returns and hence
work towards same.
Female entrepreneurs also does full capacity
utilisation of their resourses in order to earn
maximum returns.
Their confidence level is high and are of mind-
set that whatever they choose will be the best
option for them. effective decision making is
done so that the gap between actual and desired
Women’s are capable of performing different
task together and therefore take the risk of
working even under great pressures.
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results remain minimum.
Differences Differences
Men’s are aggressive and believe in earning
quick returns for which they even take high
risk.
Women’s are polite and give a deep thought
even before taking a small decision.
There are greater number of options which are
available for male entrepreneurs.
The number of options which are available for
female is comparatively less as they select a
safe option
The above discussion shows that there are a number of similarities and differences in the
range of ventures. It is found that the goal of each entrepreneur is to create value and earn profits
for which risk is taken by each.
TASK 2
P3 Relevant data to understand impact of small business on economy
Contribution of small scale businesses units are very large because these having larger
amount of profit generation in marketplace which provides some stability to economies. As
stated in a report of that was published in UK, there are more than 6 million business entities
which are conducting their operations at little level. Small and moderate type of enterprises are
those ventures which have 87% share in country's growth and success. This action is a enhancer
of profit for enterprise and nation as well (Burns, 2016).
Small or micro business play important role in economy because they provide several job
opportunities to such peoples who are unemployed. Their production give contribution in
increasing Gross domestic production and national income of particular country. Along with this
when small business is started it provide living standard to people who started business with their
family member also. Development of nation is important for providing better life to citizen of
that particular nation (Shane, 2012). There are few criteria defined that assist in understanding
micro and small-business effect on the economy so these factors are stated below:
Impact on local: Start up organisations are giving their huge contribution in development
and growth of locality as well it also encourages population of that particular nation and
government for adopting local products and services for growth. Instead of this it plays vital role
in motivating or pulling individual for starting their own business. As well such organisations
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give support to the unique and new idea which they have to bring that in market. Hence, they
excite local economy for development of country.
Regional impact: this is possible with start up because when new business was
introduced it help in improving infrastructure of a particular region in proper manner. Ventures
also assist in developing society or community which help in creating environment which is
healthy, free from diseases as well encouraging people to make their area neat and clean all these
activities help in development of regional area. Along with this it creates employment
opportunities for societal people for fulfilling basic need as well also in increasing living
standard of citizen of that particular area.
Impact on national economy: small scale companies give their contribution in increasing
gross domestic production of the particular company. Along with this it also raises national
income, export in the nation like custom duties, tax rates many others also which contributed in
national economy generating. GDP increase because entrepreneur always come this new ideas
and innovations for generating revenue so this will support in growth of economy by more
investment (Santos, 2012). All these above mention points are help in development of economy
it is with the help of small scale organisation. Every individual people and government want that
their country should be well developed compare to other in every way.
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P4 Contribution of small businesses and start-ups on social growth
In order to experience growth in an economy it is important that the state of present society
is developed so that the living standards can be raised. With the help of entrepreneurs, a range of
options are brought in the market which has its great importance. It is identified that country
having more entrepreneurs are developing at high speed as it offers various options for market
which further raise the capacity of customer and provide them goods at different price levels.
Customers can now do better comparison which has its direct influence on the customer
satisfaction level.
Employment: A person can easily start a small level firm in his respective area and when
a person starts a business firm then he is not able in conducting all kind of actions and activities
and in respect to this purpose entrepreneur needs some other people whom might have some
specialised skill to perform particular tasks in association and when businessman hires sufficient
number of employees in order to perform all kind of actions and duties in most beneficial manner
(Bae and et. al., 2014). So above situation is an example of how small scale enterprises are able
in generating employment abilities but entrepreneur appoints a person as per rate of candidate's
efficiencies and virtues whether new person is applicable for performing desired task or not. As
per a research, it was stated that approx 89% people are engaged in medium kind of firms and
hiked rate of employment is able in reducing health issues of people because increment in
income, persons spend in eating healthy food and this action further enhances opportunities of
financial stability.
Living Standards of Society: As it is clear that these little and moderate enterprises are
able in enhancing earning and income opportunities and a hike in monetary options are a reason
of increment in living standards because gap of previous and current earning is to be spend in
living luxurious life which is a representative of higher living standards (Baum, Frese and Baron,
2014). Apart from this when same product is made available by different entrepreneur at
different prises coursers has more choice. They can compare the price offered by every
entrepreneur and can take the decision accordingly.
Exports: This function is based upon adequate promotion of business because publicity is
a tool which attracts larger number of customers towards enterprise and when entrepreneur sees
that there is a prominent no. of consumers and on the basis of client’s company can conduct
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export functions and to conduct this task, quality of goods should be prominent and better so that
all aim of business could get completed. Major objective of exporting items is to create better
options of higher profitability by catering need of numerous pupil whom have adequate
purchasing powers.
Community Development: Each and every kind of associations are able in meeting market
demands by serving desired products and services. Enterprises are good alternatives of
increasing employment opportunities and enhancement in income chances bring development in
community when all needs and desires of all customers then people will be able in earning more
finance by doing extra work as individuals would not feel any health issues and this action is
responsible for overall development of society. Major concern of entrepreneur is to provide
quality goods because there are so many consumers whom are using several products and
services to meet their different necessities (Fisher, 2012).
The above discussion shows that with the introduction of entrepreneurship concept the
economy is benefited with more employment opportunities which has its direct impact on the
increase in purchasing power of different individual. This collectively gives a positive impact on
the present state of economy as the GDP gets increased.
TASK 3
P5 Traits and skills of successful entrepreneurs
Entrepreneurs are supposed to work in different style in order to hit all competitive
targets in marketplace by performing business activities and duties in distinct manner and then as
a resultant, these actions would be able in bringing some advancements and enhancements of
skills and talents. There is various type of personality traits which should possess by an
entrepreneur. These virtues are elaborated as beneath:
Passionate: It means determined on one thing. An entrepreneur should be passionate
about his enterprise because if he is not determined to achieve all set targets then he could not
make his venture successful. Passion is necessary in performing all task and allotted duties in
most significant pattern (Ács, Autio and Szerb, 2014). Only a determined entrepreneur can bring
passion among his workforce which is a necessary action because if workers are not passionate
about their work then manpower could not achieve their targets in prior set timelines and low
quality good will be manufactured. This action is necessary for producing extraordinary quality
goods along with accomplish all tasks in significant manner.
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Optimistic: An entrepreneurial person should be optimistic because of this trait individual
will be able in seeing some positive aspects in failures and negative situations and an individual
like this is a capable person who can bring success in his venture without getting affected by
some losses and critical situations and person with quality of optimism can bring and motivation
among his workforce by presenting a fine future picture. Optimism is a virtue that enables a
person in considering some positive aspects even in negative situations (Venkataraman and et.
al., 2012).
Confidence: Entrepreneur must have faith in all actions done by him. Sometimes
situation is very negative and in these conditions some strict decision has to be taken by
businessman and at that time entrepreneurial person should conduct all activities with full
confidence in order to hit all targets in limited period of time. Confidence is a talent which is
able in gaining trust and loyalty of customers towards enterprise.
Thinker: It is clear that an entrepreneur should be creative in running business activities
because creativity is a necessity for attaining all competitive advantages in market and distinct
thinking stands business entity apart from rivals in industry by catering all unique to unique
desires of clients by producing and serving better quality products.
Entrepreneurial persons are supposed to have some features and qualities in order to meet
all market demands along with catering desires of customers by serving those products who
exactly belongs to necessities of clients and then makes a consumer highest satisfy with product
and services of enterprise. This is a situation which brings larger market share for longer duration
in marketplace.
There are some particular virtues which is require from an entrepreneur to obtain:
Communication: It is a common activity of every business firms that all information and
knowledge should be clearly spread in order to meet individual and group targets. So, an
entrepreneur should be a well communicator so that he could convey all requisite info to his
workforce in order to tell them about their individual as well as group targets. Efficient
communication should be avoided from any flaws and barriers so that accuracy adequacy of
know-how should keep maintained and maintenance is a responsibility of entrepreneurial person.
Decision Making: Need of efficient decision making is not a novel concept even it is a
requirement of every kind of organisation whether large or small because accomplishment of
task depends upon good judgements and on the other hand if decisions are not good then this
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action will bring failure of activities and overall loss to enterprise. An adequate decisions bring
competitive advantages and higher profitability into association. Proper judgements are
necessary for optimum utilisation of financial resources because money should be employed
there where less fund can generate higher returns to ventures and because funds are like blood
for any business concern.
Leadership: An entrepreneur must be a leader who brings all workers on same page
according to their duties. A spearhead is a person who takes care his all workforce and makes
effective and adequate judgements for manpower because he knows that If he will care his team
then his group will perform well and would be able in gaining all achievements which he wants
to achieve as entrepreneur. Entrepreneurial person should be an assertive leader instead of
aggressive one. Chieftain is an individual who allotted task to his team as per their talents and
skills and in order to achieve this goal he must be a good assessor of performance.
Time Management: Many times it is discussed that all targets should be covered in
limited period of time and to hit this aim time should be distributed to workers as per their task
and duties. Best products are manufactured in correct time frame and to fulfil this criteria
management of time is a mandatory task. This action is helpful in gaining competitive
advantages which necessarily to be gained by entrepreneur in order to secure a larger market
share (Miller and et. al., 2012).
P6 Aspects of Entrepreneurial Personality
Personality of a person is defined a way in which some personnel behaves. This is an
indicator that tells which kind of task that person can do in business with maximum efficiency
and effectiveness along with hundred percent efforts. There are some models which are linked
with responsibilities of entrepreneurs and these are stated as beneath:
Extraversion: Person who belongs to this ability is very enthusiastic and energetic whom
can share his thoughts with other persons and individual whom are linked with this situation are
able in communicating info and knowledge about task completion. This type of personnel is very
energetic and enthusiastic in completing their task and duties and these people are self-inspired
and optimistic in nature and bring positivity in environment.
Agreeableness: Entrepreneurial persons should be agreeable in inspiring his teammates in
order to make them able in accepting future challenges in order to beat market demands with
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appropriateness. These type of persons are those personnel’s who can attain all targets in limited
period of time.
Conscientiousness: This is an ability of being attentive related to all small or big matters
and to monitor all situations and task completion whether they are generating profit or not. This
virtue is helpful in reducing stress from work environment by focusing on each element of task
and when all points are considered then it will be managed in future while planning and allotting
activities to employees.
Emotional Ability: Entrepreneurs should be emotionally stable and does not get affected
by failures and losses because by doing this action an entrepreneurial person is able in efficiently
dealing with critical and opposite conditions. This virtue allows a person to take risk and beat it
with maximum efforts and effectiveness.
Openness to Experience: Entrepreneur should establish a health competitive environment
at workplace and fine atmosphere is a responsible factor of covering all goals in limited duration.
This action brings modification in enterprise and these changes are seen in manufacturing and
sales & distribution function (Kirzner, 2015).
TASK 4
P7 Ways in which background and experience hinder and foster entrepreneurship
Experience and background are important aspects of an individual as it leaves impact in
direct and indirect way. Inner and outer capabilities of a person play wider role in improvising
personality of personnel and helps in converting a person into entrepreneur. There are so many
factors which is able in influencing a person's personal life. For instance, school, colleges,
universities, family, friends, society, tradition etc. because these aspects taught a person how to
respect each other and when entrepreneur respects his customers then he is eligible in gaining
attention of larger number of people. Respect of consumers is a most prioritise task because all
business activities revolve around current clients and how to enhance present number of
consumers (Brenkert, 2017). In order to better understand how an individual’s backroad, effect
the way an entrepreneur behaves there are certain situations such if in past person has
experienced great loss than next time when he will work on a new idea he will take time to
invest. This incident will restrict the risk taking capacity of the entrepreneur. On the other hand,
if the person who wish to start a new business belongs to a family where most of the people are
dealing in this type of business activities is familiar with the situation of rise and fall in business.
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Therefore, he gives a less thought before taking risk and is strong enough to deal with the little
ups and downs.
CONCLUSION
This assignment is based upon a person's distinct qualities which is uses in running a
business enterprises and individual is called as entrepreneur and corporate entity which he is
running is an enterprise and the whole process is called as entrepreneurship. This report includes
personality traits, different types of entrepreneurial ventures with similarities and distinctions.
Along with this background and experience of entrepreneurs and personality of individual are
also included in this project.
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REFERENCES
Books & Journals
Ács, Z. J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy. 43(3). pp.476-494.
Bae, T. J. and et. al., 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship theory and
practice. 38(2). pp.217-254.
Baum, J. R., Frese, M. and Baron, R. A., 2014. Born to be an entrepreneur? Revisiting the
personality approach to entrepreneurship. In The psychology of entrepreneurship. (pp.
73-98). Psychology Press.
Brenkert, G. G., 2017. Entrepreneurship, ethics, and the good society. In Entrepreneurship. (pp.
85-128). Routledge.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Palgrave Macmillan.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Dees, J. G., 2017. The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability. (pp. 34-42). Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
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.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
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entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of
Business Venturing. 28(2). pp.211-224.
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.
Parker, S. C., 2018. The economics of entrepreneurship. Cambridge University Press.
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111(3). pp.335-351.
Schaper, M. T. and et. al., 2014. Entrepreneurship and small business.
Shane, S., 2012. Reflections on the 2010 AMR decade award: Delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
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