Entrepreneurial Ventures and Traits

The report highlights the importance of small businesses in contributing to the UK's economy after Brexit. It identifies key traits and skills that distinguish successful entrepreneurs from others. Additionally, it touches upon the role of background and experience in fostering or hindering entrepreneurial endeavors.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P 1- Analysing different entrepreneurial ventures and their relation with the typology of the
entrepreneurship..........................................................................................................................1
P 2- Analysing and learning the similarities and differences which the entrepreneurial venture
carries..........................................................................................................................................3
TASK 2............................................................................................................................................4
P 3- Impacts of small and micro companies on the economy of the country.............................4
P 4- Importance of small businesses and business start ups in growth of social economy after
Brexit. .........................................................................................................................................5
TASK 3............................................................................................................................................6
P 5- Traits, characteristics and skills of successful entrepreneurs which make them different
from other managers...................................................................................................................6
P 6- Entrepreneurial personality reflecting motivation and mindset..........................................7
TASK 4............................................................................................................................................8
P 7- Background and experience in hindering and fostering entrepreneurship..........................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is the term which states about bringing innovation in the company.
Entrepreneurs are the person with spirit of doing something new. They want to create and
innovate something which will make them grow in the market. Economy of the UK is very much
benefited by these entrepreneurship firms. This report includes about the various entrepreneurial
ventures which are related with typologies of the entrepreneurship. These ventures are different
from each other but have some similarities too. There are many factors on whose basis these
similarities and differences are evaluated. These micro and small enterprises have many impacts
on the economy of the country (Drucker, 2014). They are also responsible for the growth of
economy after the Brexit. Entrepreneurs who are successful have many characteristics, traits or
skills which make them different from the other managers in the organization which is reputed.
Motivation and mindset are reflected by the entrepreneurial personality. Background and
experience are the two factors of the entrepreneurship which can hinder or foster it.
TASK 1
P 1- Analysing different entrepreneurial ventures and their relation with the typology of the
entrepreneurship.
Entrepreneurship is the activity bringing innovation and creativity in the working style. In
the simple words it is the activity of the person who is launching something new. Entrepreneurs
are the person who starts the business by using their own creativity which makes them different
from other managers who works in the organization as the employees. They are not the owners
but entrepreneurs are owner of their business. It makes the entrepreneur to achieve all the
objectives and goals which are set, targeted or desired. Many types of entrepreneurial ventures
are included which shows the different aspects of entrepreneurship. Those ventures are as
follows:
 Social ventures- These entrepreneurial ventures are based on the basis of the activities
which are done for solving social problems which arises in the country. They work in the
direction of making the world a better place (Kirzner, 2015). These are not profitable they
only want the welfare of public. Their main aim is to create safe and secure environment in
the country. Entrepreneurs of this venture are very talented and social workers. They care
very much for the betterment of the society. These social ventures have support of many

people because of the cause of their start up. The person who starts this business is known as
the social entrepreneur.
 Small ventures- These are the ventures who only started by the entrepreneurs to fulfil the
basic need of theirs and family. Very small amount of capital is required in this sector
because they are started at the very law level. They grow on the basis of innovation which is
brought in it. The entrepreneurs who bring or start this type of business are known as the
small entrepreneurs. This venture is mainly started by the female entrepreneur. They try to
bring many innovations by using their creativity. The newness which is brought by these
ventures is the only thing which makes them grow further in the market. Number of
employees is also very small in this sector (Kuratko, 2016). Entrepreneurs mainly handle
their business with the help their family or friends. For being very small in the structure this
does not need many workers. This can be only handled by the creativity of the single owner.
 Large ventures- Unlike the small ventures these need large amount of the capital to be
invested. Entrepreneurs who are handling the large scale ventures needs to bring many
innovations which will be helpful in increasing their market share. They use their revenue
again in the organization to bring something new which will be liked by their customers and
will make them grow more in the market. The entrepreneurs who are the owner of these
ventures hire very high number of employees. Because of being wide they need many
skilled workers to handle the business in better way. Their main aim is to achieve all the set
and targeted objectives of the business. High amount of salary is given to the employees of
the large ventures (Hvide and Panos, 2014). Their main aim is to earn as many profits which
can be used in the working of the departments in the firm. Entrepreneur who owner of these
ventures are mainly serial. They start the business and after give this in the hand of others to
be handled and focus on more important activities. They hire the best person who will be
able to handle the business in effective and efficient way.
 Scalable start up ventures- These ventures are only working in the direction of making
profits. Their main aim is to be on the top and lead in the market. They want to increase their
market share by using creativity and bringing innovations. The entrepreneurs who start these
ventures have only one motive to grow in the market and gain many competitive advantages
among their competitors (Schaper and et.al., 2015). These types of sectors bring the highest
amount of innovation in their working style. Entrepreneurs of these ventures have very high

spirit to get developed and get recognition in the market which will eventually help them to
gain the attention of many customers. They want to satisfy all their consumers by fulfilling
their needs and demands according to their taste and preferences.
These are the ventures which are entrepreneurial and which are handled by the different
entrepreneurs. Every person who owns this type of business has the quality and spirit of doing
something new.
P 2- Analysing and learning the similarities and differences which the entrepreneurial venture
carries.
The entrepreneurial ventures which are stated in the above paragraphs have many
differences but also have some similarities which are same in all. These sectors are different
from each other and are same on the basis of some factors.
Similarities are that all the ventures work by bringing some innovation in their working
style. Their main aim is to use and make something new which will satisfy all their customers.
Innovativeness and creativeness is same in all the ventures. They all want to achieve all their
objectives and goals which are set or desired by them.
All the ventures are very much different from each other. They all perform the different
activities to sustain in the market and give sustainable business performance. These sectors are
different from each other on the basis of many factors which are objectives, number of
employees, capital amount, range of innovation etc. social ventures works in the direction of
solving the social problems on the other hand scalable start up ventures are the profitable
organizations whose main aim is to grow and develop in the market (Baum and et.al., 2014).
Small ventures are with few amounts of capital and number of employees whereas large venture
invests high amount of capital and hire wide number of workers who are skilled and talented.
Similarities between businesses Similarities between entrepreneurs
All the ventures grow on the basis of
innovation which is brought.
All the entrepreneurs have the creative mind
which is used for bringing innovation.
All the entrepreneurial ventures are started by
the creativeness of single owner.
The entrepreneurs are the person with same
thought process which makes them different
from other managers in the company.
Differences Differences

Ventures are engaged in the different types of
work.
Entrepreneurs work on the different task and
bring different innovation according to their
work.
All the sectors differs from each other by their
size and number of employees hired in them
The persons differ from each other by using
creativeness in different matters.
Similarities between female entrepreneurs Similarities between male entrepreneurs
They all have the same thought process and
traits which makes them entrepreneur.
All the male entrepreneurs have very high spirit
to grow and give something new to their
customers.
All the female owners of the business mainly
do not get the support of their families.
They generally get the support of their families
and society.
Differences Differences
Female entrepreneurs are different from each
other by their thought process which they will
use in bringing the innovation.
Male entrepreneurs are different from each
other in accordance with their working style
(Morris, 2015). Different style is used to work
by all.
All the female persons are not able to take the
risks.
All male owners are not able to take the failure.
They get afraid of making some mistakes.
TASK 2
P 3- Impacts of small and micro companies on the economy of the country.
There are many types of businesses which have different impact on the economy of
country. There are micro size businesses that are very small with the very few amounts of capital
and employees. They grow further by using their own strengths. Small businesses are somewhat
big from the micro. They have slightly increased amount of capital and employees. Then there
are medium size ventures which are bigger than the micro and small. These all sectors do many

activities which eventually impact the economy. The impact is the positive one because they
make the economy grow in UK.
Other than these there are many other type of businesses. Private sectors are the one who
have the private owners, they are profitable ventures. Sole proprietorship is the business which
has the single owner. Partnership is that type of business in which two or more than two persons
are included in the handling of activities.
Economy of the UK was increasing in the past years but is has slowed down to very low
level. It has grown only 0.2% in the current year. Economy has grown very much in the past
years. GDP has increased 2.2% per year.
In the growth of economy in UK there is a very big hand of small and medium enterprise.
It is the fact there are many SME’s is the country who are working and giving better
performance which makes the economy to grow. Around 99% of organizations are classified as
the small or medium. 81% of UK populations are employed in this sector which is around 24.3
million people. It is found that around 37% of the companies are engaged in doing activities
which are innovative and which eventually helps the economy to grow (Hatten, 2015). Revenue
of 46% is gained by these sectors only. These businesses form the biggest industry. They are the
one who are very important to make the economy grow or stable.
P 4- Importance of small businesses and business start ups in growth of social economy after
Brexit.
Brexit is the term which is formed by the learning UK leaving EU. It was estimated that
UK will face many economic problems due to this. There were many threats which were
recognized because of Brexit. It was expected that it will lower the growth of economy. They
will lose all their powers in the global economy.
There are small businesses and start ups, both are very much different from each other.
Small businesses are already started and working. On the other hand starts up business are the
one who are going to enter the market and start the working. Small businesses are working in the
direction of fulfilling their needs of family. On the contrary start- ups are the profitable
organizations. They want to earn profits as much they can.
These types of companies have many importances in other parts of the world as well. But
it is not that much which is in UK. They are the main part of country. It makes them to gain
many benefits which lead them to develop their global economy. Small businesses and start up

business number is very less in other parts whereas UK has the largest number of these type of
businesses (Read amd et.al., 2016). Economic and social development is ensured by these
organizations. They contribute very much in the growth of GDP which further helps in making
the economy grow. These businesses come with many innovative ideas which make them satisfy
all their customers. These companies fulfil all their social responsibilities which bring social
development. Small businesses and start ups increase the standard of living in people and make
them to talk about their needs and demands. They also work making the safe and secure
environment. These organizations have reduced the level of poverty in the country because they
employ many workers at many levels. Wealth distribution is effectively done because of these
types of businesses. They bring the highest amount of wealth in UK. Employment has been very
much increased due to this. 81% of the people get employed by these sectors. Higher the number
of small businesses and business start up both will give amount which will increase the revenue
to government in the form of taxes or foreign exchange gains. These are definitely essential to
improve the economic conditions. They had helped UK to make the economy stable. Growth of
economy has never been stopped due to these types of businesses. Social security has also been
increased because small and start up business fulfil all the responsibilities and follow all the
legislations which are made by the government (Davidsson, 2015). This eventually ensures the
social security. These organizations also do trade with other countries in the work which
improves UK international trading.
TASK 3
P 5- Traits, characteristics and skills of successful entrepreneurs which make them different from
other managers.
Successful entrepreneurs carry some traits, skills and characteristics which make them
different from the manager who works in the business. Entrepreneurs are the risk takers while on
the other hand business managers are the one who takes the step after doing the proper research.
Managers do not enjoy bringing the innovation. On the contrary entrepreneurs are the one whose
only aim is brought to innovation in their working style (Naudé, 2013). Businesses cannot run
without the managers but serial entrepreneurs make their company but give it in the hand of
others.
Traits and skills of the Walt Disney.

 He is the risk takers. Walt Disney does not get afraid from making mistakes.
Confidence is carried in their personality. He always made the decision which he wants
to. He never came in the words of others.
 Walt Disney carries leadership skills which made him to lead many of the employees
in their work.
 He is very much inspiring for others. He had the mark for other people to be
successful.
Traits and skills of the JK Rowling.
 JK Rowling was a very patient man. He waited for the success for the very long time but
he did not give up.
 He was confident that one day he will be successful.
 He has very strong leadership skills which made him lead all his workers who worked for
him.
Both the entrepreneurs have the same trait of bringing innovation in their working style. They
have no fear of taking risks. They are the owner of their own. They make their own decisions.
That’s why there are many differences between them and other manager who are working in the
organization.
P 6- Entrepreneurial personality reflecting motivation and mindset.
There are many factors which show the different personalities of the entrepreneurs.
 Agreeable -- Both the cited entrepreneurs have positive attitude. They find good things in
each and every aspect. Entrepreneurs never give up. They think they should do their work
result will definitely come and it will be good. It is mindset of all the owners. This
personality brings motivation for the entrepreneurs. They maintain healthy relationship
with all. They create positive environment around them (Sarasvathy and et.al., 2014). It is
the personality of all the entrepreneurs. All have the ability which can make other believe
on them. JK Rowling and Walt Disney both were persuasive in their field.
 Extraversion- Entrepreneurs are the persons with extraversion. They have all the
knowledge about what should be done for setting the business. They do not depend on the
skills of other to start the organization. The cited entrepreneurs were with high
extraversion ability which made them to start their own business with the creative ideas.

This personality of the entrepreneurs makes them cheerful and full of life (The
entrepreneurs and the big five, 2017). By this they enjoy working on their ideas.
 Conscientiousness- This personality of the entrepreneurs shows that they are obsessive
towards the success. They want development at any cost. They plan each and every thing
in the proper manner. JK Rowling and Walt Disney both planned their activities in the
efficient way. This personality shows that entrepreneurs are very much persistent to work
hard.
 Experience -- One of the personalities of the entrepreneurs is that they are passionate.
They have passion to be successful. Both the entrepreneurs had this personality which
made them passionate and made them more developed (Abrams, 2017). This made them
gain experience. They are the persons who worked very hard to gain the experience and
applied it on their business activities. This made them more successful.
 Neuroticism- This personality of the entrepreneurs is based upon their emotions.
Entrepreneurs with high emotions needs to control it otherwise they can’t be successful.
JK Rowling and Walt Disney both had low emotions and had ability to control them in
the efficient manner (Frese and Gielnik, 2014). High neuroticism makes the
entrepreneurs to have some negative thoughts which is not good for them.
These are some of the personalities of all the entrepreneurs. These are very important is setting
the mindset and be motivation for them. These personalities of the entrepreneurs lead them to the
direction which may or may not make them successful.
TASK 4
P 7- Background and experience in hindering and fostering entrepreneurship.
Entrepreneurship has both rewards and drawbacks. There are many factors which decide
that it will be the issue or the benefit. Background of the person includes about their family,
education, experience, gender etc. These are the factors which can hinder or foster the
entrepreneurship. JK Rowling and Walt Disney also faced many problems because of their
background. Many times the family does not support the creative idea of the entrepreneurs.
Society makes negative comments on them. Sometime they don’t have enough experience and
education to start their own business. Both the cited entrepreneurs also faced many problems due
to these factors. But their families supported them (Gartner and Brush, 2016). Support of the
family can be loosed if society does not approve the idea of unique business. That’s what

happened with both of them. Their family supported but they came in the words of society. It
made them voice against the innovative and creative idea of the entrepreneurs. They also do not
have the enough experience in their respective field. The entrepreneurs who want to start their
own business with their creative and unique idea faces many problems because of the
background. Nationality can also hinder it. People of the society have very narrow thinking.
They do not understand that everyone has the right of using their creativeness to be successful.
Entrepreneurship should work on not getting in the clutches of the factors of background.
It will never let them successful (Manso, 2016). They should never listen to negative words of
people in the society. The persons should only focus on implementing their creative idea.
Criticizing the unique ideas and talented persons is the work of negative people in the society.
Entrepreneurs small and should not let the negative emotions come in their way of success. Their
main aim and focus should be on gaining the success. Persons who listens to other not their own
mind and heart cannot be successful and become developed. JK Rowling and Walt Disney both
had faced many issues but they used their skills and overcome with it. They never got afraid of
making mistakes. Making mistakes is the sign of learning something new. They always believed
that to be successful the person have to overcome with all the factors which can hinder their
success.
There are some factors which can foster the entrepreneurship too. Support of the family
will lead the entrepreneur towards the success and development. Not listening to the negative
comments of the society will lead the individuals to implement their creative idea in better way.
This is the reason for the success of JK Rowling and Walt Disney (Brush, De Bruin and Welter,
2015). They never came in words of others. They always kept their focus on making their
innovative and creative idea work and be successful.
CONCLUSION
This report concludes about the various entrepreneurial ventures which have some
similarities other than having differences. Small and micro businesses are the one who have very
much impact upon the economy. These small businesses and business start up has very much
helped the economy of UK after the Brexit. Successful entrepreneurs carry some characteristics,
traits and skills. These make them different from the others. Personality of the entrepreneurs is
also very much different. There are factors of background and experience which can hinder or
foster the entrepreneurship.

REFERENCES
Books and Journals
Abrams, R. M., 2017. Entrepreneurship: A Real-World Approach. Planning Shop.
Baum, J. R and et.al., 2014. The psychology of entrepreneurship. Psychology Press.
Brush, C. G., De Bruin, A. and Welter, F., 2015, June. Revisiting women’s entrepreneurship:
how context matters. In Diana International Conference.
Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing, 30(5), pp.674-695.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Frese, M. and Gielnik, M. M., 2014. The psychology of entrepreneurship. Annu. Rev. Organ.
Psychol. Organ. Behav., 1(1), pp.413-438.
Gartner, W. B. and Brush, C. B., 2016. Entrepreneurship as organizing.
Hatten, T. S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.
Hvide, H. K. and Panos, G. A., 2014. Risk tolerance and entrepreneurship. Journal of Financial
Economics, 111(1), pp.200-223.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cen
Manso, G., 2016. Experimentation and the Returns to Entrepreneurship. The Review of Financial
Studies, 29(9), pp.2319-2340.
Morris, M. H., 2015. Entrepreneurship as Experience. Wiley Encyclopedia of Management.
Naudé, W., 2013. Entrepreneurship and economic development: Theory, evidence and
policy. Browser
Read amd et.al., 2016. Effectual entrepreneurship. Taylor & Francis.
Sarasvathy and et.al., 2014. An effectual approach to international entrepreneurship: Overlaps,
challenges, and provocative possibilities. Entrepreneurship Theory and Practice, 38(1),
pp.71-93.
Schaper and et.al., 2014. Entrepreneurship and small business.
Online

The entrepreneurs and the big five. 2017 [Online]. Available through:
<http://www.bretlsimmons.com/2009-07/entrepreneurs-and-%E2%80%9Cthe-big-five
%E2%80%9D/>.