Understanding Entrepreneurship: A Comprehensive Analysis of Entrepreneurial Ventures, Characteristics, and Influences

This paper delves into the multifaceted world of entrepreneurship, exploring various types of entrepreneurial ventures, analyzing the characteristics of successful entrepreneurs, and examining the influence of personal background and experiences on entrepreneurial success. It investigates the impact of micro and small businesses on the economy and their role in addressing social issues. The paper also examines different lines of argument relating to entrepreneurial characteristics and analyzes the link between these characteristics and the influences of personal background and experience on particular successful entrepreneurs. Through a comprehensive analysis of entrepreneurial ventures, characteristics, and influences, this paper provides a deeper understanding of the entrepreneurial journey and the factors that contribute to success.

Understanding entrepreneurship

Table of Contents
Part 1:.........................................................................................................................................3
P1. Analysing various types of entrepreneurial ventures and explaining the way they are
related to various types of entrepreneurship..............................................................................3
P2. Explaining the similarities and differences between each type of entrepreneurial ventures
....................................................................................................................................................5
P3) Impact of micro and small businesses on the economy:.....................................................7
P4) Importance that small and start up businesses on the social economy:...............................9
M1) Investigating a diverse range of entrepreneurial ventures for understanding the
entrepreneurships in public and the private sector:..................................................................10
M2) Differences among small, medium and large businesses.................................................11
Part 2:.......................................................................................................................................12
Introduction..............................................................................................................................12
P5: Determining what makes a successful entrepreneur..........................................................13
P6: Assessing how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mind set...........................................................................................................14
P7: Examining using relevant examples how a person’s background and past experiences can
deter or adoptive entrepreneurship...........................................................................................14
M3: Exploring and examining different lines of argument relating to entrepreneurial
characteristics...........................................................................................................................15
M4: Analyzing the link between entrepreneurial characteristics and the influences of personal
background and experience to particular successful entrepreneurs.........................................16
Conclusion................................................................................................................................18
Reference list:...........................................................................................................................19

Introduction
The discussion made in this paper identifies important yet different shades in the characters if
successful entrepreneurs. The Business Show of 2018 makes provision of opportunity to
interact with loads of entrepreneurs of the higher profile as well as successful. The paper
looks deep into the factors that help in building successful entrepreneurs. Assessment of
entrepreneurial personality and traits are conducted in order to identify how well these reflect
the mindset and motivational aspect of the entrepreneurs. The report also presents the fact
that how the past experiences, the background of an individual can escalate or sometimes
hinders the growth and success s of the entrepreneurs.

Part 1:
P1. Analysing various types of entrepreneurial ventures and explaining the way they are
related to various types of entrepreneurship
Entrepreneurship usually focuses on profitability, creative and sustainable growth of the
business. It can be defined as the process of devising, introducing and carrying out a new
business venture. This type of business begins with a small business or start-up a firm that
has a significant scope in the long-run or in the coming future. The business unit is developed
with the aim of gaining financial benefits. Entrepreneurial ventures can also be considered as
small business. It can be initiated by one or a group of people with the major aim of
generating profit for the supporters. Various kinds of entrepreneurial ventures are there such
as small-profit venture, high growth venture and lifestyle venture (Mariotti and Glackin,
2014).
The entrepreneur of a small-profit venture or small business does not focus on extensive
business expansion or making a huge profit. This type of entrepreneurs mainly focuses on
living a decent life through their small businesses rather than focusing on becoming a famous
entrepreneur in future. Mom and Pop Store is an appropriate example of a smaller-profit
venture. It has presence only in one location in London. The business is run by a family and
hence, any risk related to the business is the responsibility of the business owner only. The
owner is also accountable for developing business strategies and making important business
decisions. Hence, these types of the entrepreneurial venture are related to small-scale
entrepreneurs, who recruit few employees and do not have a large sales volume. They
operate sole proprietorship (Burns, 2016).
On the other side, in lifestyle venture or microbusiness, the business owner has the
autonomy, control, and independence over all the aspects of the business. As commented by
Hatten (2015), these ventures are small, family-owned businesses, which are usually focused
on fulfilling personal goals and interests of generating higher profit as opposed to the smaller-
profit ventures. In such venture, there is no specific dress code, time or places for conducting
business meetings, specific working hours. People enjoy the flexible nature of such a
business. According to Henrekson and Sanandaji (2014), pure entrepreneurs mainly carry
out such business ventures. Such entrepreneurs run a business just for personal contentment
and they are not at all focused on gaining huge financial profit. They are typically encouraged

to gain or determine their expertise in their tasks and business performance. Apart from that,
they motivate others by setting up their sovereignty and hence, gratifying their ego.
High-growth ventures or medium enterprises put stress on gaining maximum profit and
expanding the business in as many locations as possible both domestically and globally. Such
entrepreneurs are creative in nature and they bring innovation to their business activities for
making it competitive. The first-generation entrepreneurs are involved in such ventures.
They start doing a business based on their talent and innovative skill. They are encouraged to
build groundbreaking products and services, which can generate a significant amount of
profits for the organisation and its stakeholders (Burch et al. 2016).

P2. Explaining the similarities and differences between each type of entrepreneurial
ventures
The various types of entrepreneurial ventures are characterised differently in terms of their
roles and objectives. Besides the difference, they also share some similar features as well.
The following table represents these similarities and differences among the public, private
and social enterprises. In the next table, the similarities and variations among medium, small
and micro enterprises are also depicted.
Medium enterprise Small enterprise Micro enterprise
Medium enterprises generate
revenue $20-$300 million.
Small businesses earn $1-$20
million.
Revenue of micro-businesses
is restricted to $1 million.
They look for support with a
personal loan, asset back
lending, fund man agent and
home loan.
Like medium businesses,
small businesses also search
for assistance with fund
management, personal loan,
home loan and asset back
lending.
They seek support for a home
loan
Larger businesses owned
privately or by a family.
Smaller public enterprises
fall under this category.
This is family and privately
owned businesses
These are privately owned
firms
They get help from main
regional banks
They get fund from retail
banks and regional banks
Mortgage brokers and
business brokers mainly
provide financial assistance
to these enterprises.
Business owner, CEO and
some major leaders take
business decisions
The business owner takes
most of the decisions
The business owner takes all
the business decisions
Limited customer base and
access to some customers is
difficult.
The customer base is minor
and is limited to local
regions.
The customer base is smaller.
Table 1: Similarities and differences among medium, small and micro enterprises
(Source: Sahut and Peris-Ortiz, 2014)

Public enterprise Private enterprise Social enterprise
The aim of such businesses is
serving public and citizens of
the country.
Such enterprises’ objective is
to gain most of the profit for
the company and its
shareholders.
The key aim is to obtain
social veracity.
Public organisations refer to
the part of the economy of a
nation that is administrated
by local, central or state
government.
Private enterprises are
controlled are considered as
personal property and are
controlled by private
individuals.
This portion of the economy
is directed by not-for-profit
firms, which are focused on
promoting social welfare.
The target audiences of such
businesses are general people
and customers.
Its targeted audiences are
customers
Society, beneficiaries, and
customers are the target
audiences of social
enterprises
They acquire financial
resources from public
revenue such as tax,
penalties, duty and so forth.
They obtain money through
issuing shares and debentures
or taking loans
They gain capital from
donations, funds and local
public.
The workers are entitled to
get retirement benefits, job
security, fringe benefits, and
allowances.
Employees get good
compensation package,
incentives, and competitive
environment.
Social enterprises usually
employ people, who live at
the lowest level of the
income level pyramid and
thus, social organisations
offer them with a mean of
occupation or livelihood.
Table 2: Similarities and differences among public, private and social enterprises
(Source: Miles et al.2017)

P3) Impact of micro and small businesses on the economy:
In the economy of UK, small and micro businesses create significant contribution because
these kinds of companies are the backbone of the economy that creates a huge amount of
employment and also added value on the GDP of the country. However, there are sufficient
numbers of the big organisation in the UK but they are not sufficient for the creation of the
employment opportunity in the UK (Hatten, 2015). It has been observed that in the present
time, the numbers of small and medium business enterprises are 99.9% and among this
99.9% organisation, 99.3% organisations are small and micro businesses. It has been
observed that there are 5.5 million private businesses, among which only 0.1% businesses are
the big organisations. It has been observed that in the present time, the number of employing
businesses has been increased by 14000 and the business that does not employ any employees
has been increased by the 84000 (Hatten, 2015).
Figure 1: different types of businesses
(Source: Small Business, 2017)
Due to the development of the micro and small business enterprise, the total number of
employees has become the 15.7 million which mainly holds almost 6-% of the total
employment opportunity. These types of organisation have created a total contribution of the
£1.8 trillion which is the total 47% turnover that is mainly created by the private sectors. It
has been observed that small and micro businesses are not creating the huge employment
opportunity or the economic benefits but it is also helpful for the government in getting huge
money as a tax that can help the government of the UK in investing in the infrastructure
development (Fsb, 2017). It has been observed that along with the number of small and micro
businesses, the number of business for registering on the VAT as well as PAYE is increasing.
Though there are 3 million numbers of businesses that are trading without registering for the

VAT as well as PAYE but the number of sole proprietorship business that has been registered
them for the VAT and PAYE has been increased to 14% and 53% partnership businesses
have been registered for the VAT as well as PAYE (Fsb, 2017). In the present times, the
number of businesses that hire employees has been increased by 19% that makes it clear that
the employment opportunity has been increased by increasing the number of businesses that
employs individuals so that it can help in developing the employment opportunity in the UK.
In the present time, the numbers of the trading organisation are the 32%, the sole
proprietorship organisations are the 60% and the ordinary business organisations are the 8%
(Fsb, 2017).
In the present time, Brexit has hit the UK economy very badly but due to the presence of the
small and micro businesses the economy of the UK has not been broken (Dennis Jr, 2011). It
has been observed that the big organisation that is operating in the UK along with other
European countries has been suffered due to the Brexit issues but as the area of operation for
the small business organisation is very less and they do not operate on the outside of the UK
so that Brexit has not created any impact on the economy of the UK. The main reason behind
the small organisation develops the economy of the UK is it helps in creating huge revenue
from the lesser cannot of revenue. It has been observed that small and micro business can
create revenue of £26 to the £28610.

P4) Importance that small and start-up businesses in the social economy:
For the reduction of various types of social along with the economic issues, the existences of
the social entrepreneurship are very important. Social entrepreneurship is self-sufficient
entrepreneurship that helps the government in fulfilling the tasks that are not possible to fulfil
by them. In the economy of the UK, the contribution of the startup and small business is huge
because the number of these kinds of the organisation is increasing and they are creating a
sufficient number of employment and economic wellbeing for the economy (Chittithaworn et
al. 2011). Along with creating the economic benefits for the country, startup and small
business enterprises also create an effective solution for the social problem that is observed in
the UK. It has been observed that startup and small business not only helps the owners in
maintaining an effective economic advantage and their lifestyles but it also helps the
employees hired by them in maintaining their lifestyle and this small and start-up business
hires a huge number of young and energetic people. Therefore, by hiring eth number of
young and energetic people from the UK economy, start-up and small businesses reduce the
number of crime that is mainly conducted by the young people if they do not get any jobs
when they required. Startup and small businesses also create a source for the livelihood for
the employees along with owners (Burns, 2010). Along with the increasing number of startup
and small businesses, the number of VAT registered organisation are increasing in the UK
that helps the government in gaining huge money as a tax that helps the government in
investing the money as the development of present generation or the development of the
infrastructure. Along with that, the revenue that is generated through the tax is also helpful
for the government in spending on various types of the disaster of the countries.

M1) Investigating a diverse range of entrepreneurial ventures for understanding the
entrepreneurship in public and the private sector:
Entrepreneurship in the public sector mainly refers to the process that is generally associated
with the activities of the public sector that mainly helps in developing varieties of activities
such as developing the existing services, improvement in the assessment of the risks along
with the implementation of the administrative techniques. Public entrepreneurs are mainly
interested in developing business in the public sector domain and they are mainly associated
with gaining the interest from the investors so that they can gain the fund for operating
businesses (Burns, 2010). For example, Unilever is one of the public limited company the
share of which is registered on the London stock exchange.
Private sector entrepreneurship, on the other hand, is the key to facilitating the economic
growth that is mainly focused on the creation of the profitability along with the business
(Stokes et al. 2010). These types of organisation are generally built up by various types of
cooperated as well as individuals and most of the cases, the owners make the decision. As an
example, the name of greenery international limited can be mentioned that is the distributor
of petrol and diesel.

M2) Differences among small, medium and large businesses
In the economy of the UK, 99.9% organisations are the small and medium business
organisation. The number of a big organisation is the economy of the UK is 0.1%. On the
other hand, among this 99.9% organisation, the percentage of the small and micro business
companies are the 99.3% (Stokes et al. 2010). Though the number of a big organisation is
less in the UK the contribution of the big organisation is highest. It is seen that the 40% of the
employees is mainly held by the bigger organisation. On the other hand, small and the
medium organisation mainly creates more than 60% employment opportunity in the UK.
Therefore, it can be said that this 60% employment opportunity is mainly created by the
99.9% organisation in the UK economy. However, among this 60% employment, only 12%
employment opportunity is created by the small and micro business organisation though they
are the 99.3% organisation in the UK. The other 48% employment opportunities are generally
created by the media organisation (Chittithaworn et al. 2011). However, they are only
the .7% of the total number of the organisation. The numbers of small and micro businesses
are huge but they hire a lesser number of individuals because most of the small and micro
businesses are non-employing businesses. Mainly 53% turnover is created by bigger
companies; medium companies create the 14% and small businesses carets the 33% turnover.

Part 2:
P5: Determining what makes a successful entrepreneur
The Business Show 2018 will be held at Excel London Centre on 16th and 17th May 2018.
This is going to be the greatest source of scope to interact with entrepreneurs who achieved
success. It helps in assessment of the personality, mindset, characters and traits they have an
explanation for their success. The process definitely helps the people to recognize the
attributes and talents required to come out as successful and powerful entrepreneurs. Chief
executive officer Steve Jobs who is supposed to be the co-founder and chairperson of Apple
Inc. possess immense imaginative power that further provided him with the ability to design
and bring development in the technology. Improved and dynamic technological up gradation
actually helps greatly to develop unique and efficient products. The extent of passion mingled
with fearlessness posed by him consolidated the expansion of the firm establishing his name
in the list of successful entrepreneurs. One of the important name in the list of successful
entrepreneurs is Mark Zuckerberg. He has generated a sensation in the recent world through
accustoming to mental and physical evolution. His creativity level was set high for the
creation of Facebook. The appreciation, recognition and social significance he received made
him much motivated and influenced which acted as the greatest source of his excellent
personality traits. His dream of doing something breath-taking and be respected by mass
motivated him in all of his business pursuits (Wilton 2012).
In the opinion of Dennis (2011), no person in the world is a successful entrepreneur inborn. It
is rather the experiences they acquire that shape their characteristics ideal for becoming
successful. This trait important to become successful in business are learned throughout life
and from different aspects of family, friends, professional and other personal space.
According to Burns (2010), the curiosity of the entrepreneurs surround their lives and help
them explore the world lying outside their reach.
The capability that empowers the businessmen to define opportunities, identify problems and
take measures to solve them as well as make value addition to the firm. The failures along
with success they face in their lives are the greatest source of motivation to expand the
business. The attributes and qualities of good entrepreneurs are acquired over time and these
make them over time.

P6: Assessing how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset
One of the greatest factors of motivation provided to the entrepreneurs is how he is reared by
his family. It has been noticed that maximum of the well-off entrepreneurs come from
families of the upper and lower-middle-class standard of living. This provides the motivation
for making more money and builds assets through doing business successfully. People
coming from the entrepreneurial family background are well versed in adapting skills related
to business, traits and methods since early day soft their growing up. Role of self-motivated
individual and inspiration to do something of own act as a most crucial factor in setting up
business and put effort to make it a success. The craving for independent working evoke the
confidence and boost the self-respect and self-admiration. The lack of interest to work under
someone and in a group, higher affinity towards becoming successfully self-employed make
them successful entrepreneurs.
The motivation of being successful entrepreneurs also come from differences borne by people
culturally. Cultural differences give birth to the difference in the rules, regulations and way of
living. These have different impact and varied motivational aspect on people. The desires,
perceptions, feasibility, values and even entrepreneurial experiences of individual are
influenced deeply and positively by the culture they have. Lower uncertainty, the shorter
aloofness of power, higher intention and individuality are the driving factors stemming from
a culture that shape the business set up of a new venture.
P7: Examining using relevant examples how a person’s background and past
experiences can deter or adoptive entrepreneurship
Standard and quality of education is an important determinant of entrepreneurial qualities.
People with qualification backed by studies and degrees in affiliated sectors like business
studies and so on are more prone to become good entrepreneurs. The best example here of a
successful entrepreneur is not that great in studies is Sir Richard Charles Nicholas Branson
who is the founder of Virgin Group. He was not at all a good scholar student and was
deprived of business-related studies, training and diploma before he started his business. The
start by him was pretty rough and he attempted to sell records popping up in smaller
magazines at that time. Eventually, his business grew big (Dennis, 2011).

For example the socio-economic condition of Pakistan against the growth and development
of female citizens depriving them of the equal opportunities and scopes to be educated
adequately and get employed. The cultural barrier and narrow thoughts stop the women of the
countries to achieve growth and success in the business sectors. Great contrast to this
situation is UK government that provide ample scope to its women encouraging equal
opportunities in education and employment helping them to become successful entrepreneurs.
They are treated just as men in terms of scopes and facilities in business. It is important to
note that economic status and condition of a nation play important role in providing
motivation to entrepreneurs. People from the poor community feel the more urgent to make
money and that push them to become successful entrepreneurs. For example, Oprah Winfrey
was an illicit daughter of sharecropper based in Mississippi. She overcame the difficulties
wrapped in poverty, parental neglect, sexual abuse, unsafe insecurity as child and racism. All
of her negative experiences propelled her towards utmost success being a powerful and
successful entrepreneur among women. The experiences of her life made her so strong and lit
a fire within her to become famous that she ruled television with her reinvention of chat shoe
and accolades earned from all over. A mongo economic conditions also fall the
national economic growth rate and global economic situation. A country in the boom period
of economic cycle would allure entrepreneurs to set up business, make investments and put
effort for business. On the other hand, a national with drooping economic condition
submerged in losses and recession will signal the entrepreneurs to shut down their venture or
lay back.
Starting a new business is as risk prone as the business venture itself is. Some of the ajar risks
mostly spotted are lower sales rate than expectation, higher cost stemming from unexpected
ventures, and failed delivery in time. Decreasing profit, no profit, loss and so on. These lay a
heavier impact on the success of the business. It is possible for these start-up businesses to
provide positive and significant rewards to them if the risks factors are addressed properly.
For this, the firm needs to ensure satisfactory sales, more recruitments, good marketing with
publicity, obtaining business awards and operate under excellent self-control.
M3: Exploring and examining different lines of argument relating to entrepreneurial
characteristics
There is a range of qualities and skills possessed by almost every entrepreneur and they are
mostly same. These include self-motivation, craving and desire to build own identity,

independent operation, self-achievement, self-respect and so on. There are various
characteristics possessed by entrepreneurs that are discussed and explained by scholars with
giving varies importance. It is said that the people who are born with risk-taking mentality are
capable of becoming a successful entrepreneur (Stokes et al. 2010). Again it is thought that
people born with a higher standard of vast creativity along with business insightfulness are
the one who can make great entrepreneurial skills. In order to earn a competitive edge in the
marketplace, it is important to yield creative designs and thoughts. Creativity helps in the
development of newer products. As per (Welter 2011) it is important for the entrepreneurs to
possess strong managerial skills and greater capabilities to run a business successfully.
M4: Analyzing the link between entrepreneurial characteristics and the influences of
personal background and experience to particular successful entrepreneurs
Influences of the personal background are important characteristics for the entrepreneurs. It
might consist of suffering or greater experiences all of these shape up as well as consolidate
the business. Oprah Winfrey due to her poverty-stricken condition wore potato sack in her
childhood days since she lacked money to buy proper clothes. The miserable condition of her
family led her to achieve a position among 400 most rich business celebrities of world and
influential position among women business people. Her net worth is $4 billion in the USA. It
was the adversity of her childhood and personal background that pushed her to become queen
of TV and rule as media tycoon.
Coming to UK economy, the small and medium business are considered as the spine of it
shaping the growth of it over time (Wilton 2012). More than 90% of the business stem for
private sectors and include both medium and small-sized firms. This business sector helps in
creating employment in the nation by 48%. There are found a positive link between economic
developments of UK with the growth of the business.

Figure 4: Small, medium m and large companies in the UK
(Source: influence.cipr.co.uk, 2017)

Conclusion
People with loads of potential, skills, self-motivation, independence, inspiration and other
related skills make them become great and successful entrepreneurs. Acquiring required skills
along with proper attitude, characteristics paves the way toward becoming high profile and
successful business people. Cubulation and deposition of experiences, values, religions,
beliefs, knowledge, norms, notions and attitudes make a culture stand upon with glory. The
culture be it social, local or national help in shaping up the perception of people and their
choices greatly. It acts as a force that fosters or hinder the entrepreneurial skill of the
individual. Some of the important qualities posse by the entrepreneur are his daring attitude,
generosity and strong determination help him build himself as one of the successful
entrepreneurs.

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