Understanding Entrepreneurship: A Comprehensive Analysis of Ventures, Characteristics, and Impact

This report delves into the multifaceted world of entrepreneurship, examining different types of ventures, exploring the characteristics and traits of successful entrepreneurs, and analyzing the impact of small and medium-sized businesses on the UK economy. Through a mini-research study focusing on Peter Jones and Richard Branson, the report investigates the link between entrepreneurial personality, motivation, and mindset. It also explores how personal background and experience can influence entrepreneurial success, drawing on practical examples and relevant data and statistics.

Understanding entrepreneurship

TABLE OF CONTENTS
Introduction....................................................................................................................................1
Part 1...............................................................................................................................................2
P1 Examining different types of entrepreneurial ventures and explaining how they
relate to the typology (different types) of entrepreneurship...............................................2
P2 Explore the similarities and differences between different types of ventures...........5
M1 Demonstrate an understanding of entrepreneurship in both public and private
sector..........................................................................................................................................7
P3 Examination of relevant data and statistics to illustrate how micro and small
business impact UK economy.................................................................................................9
P4 Explain the importance of small businesses and business start-ups to the growth
of the social economy.............................................................................................................11
M2 Evaluate the differences that small, medium and large businesses make to the
economy, applying relevant data and statistics..................................................................12
Part 2.............................................................................................................................................14
P5 Carry out a mini-research to determine the characteristics, traits and skills of two
successful entrepreneurs, which differentiate them from other business managers...14
P6 Assess how aspects of the entrepreneurial personality as discussed in P5, reflect
entrepreneurial motivation and mindset..............................................................................16
M3 Explore and examine different arguments relating to entrepreneurial
characteristics..........................................................................................................................17
P7 With practical examples obtained through your mini-research, examine how
background and experience can hinder or foster entrepreneurship...............................18
M4 Analyze the link between entrepreneurial characteristics and the influence of
personal background and experience to specific successful entrepreneurs.................20
Conclusion....................................................................................................................................21
References...................................................................................................................................22

LIST OF FIGURES
Figure 1: Types of ventures...............................................................................................4
Figure 2: Economic growth................................................................................................6
Figure 3: Employment status.............................................................................................8

LIST OF TABLES
Table 1: Differences between different types of entrepreneurial ventures........................3

Introduction
Entrepreneurship is the quality of the person to own and manage the business and
activities with the aim of profits and welfare. There are many types of the business
which are operating in the economy but the size, function and the objective are different.
Entrepreneurship is the function to develop the business by adopting innovation
technique and contributing the same to the economic development. The current report
is based on the features and the qualities of the entrepreneurship and the different
types of the ventures in the economy. The report will evaluate the impact of the
business on the economy and the contribution of the business practices in the economic
development. The economy facilitates the platform for operations of different business
some of them are owned by the government and some are privately owned. However,
the role of the entrepreneurs is same in every business i.e. to develop and enhance the
business activities.
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Part 1
P1 Examining different types of entrepreneurial ventures and explaining how they relate
to the typology (different types) of entrepreneurship.
The successful business is dependent on the designing and launching of the new
business practices and this is known as entrepreneurship. Activities those enterprise
human actions in the motive of generation of value and other expansion of economic
activity are known as an entrepreneurial activity. The main aim is to identify and
exploit new products and process that will help in the expansion of the business.
Enterprise is generally a venture or the organisation that is managed and controlled by
individual or group to achieve different objectives. Different ventures related to the
suitable typology of entrepreneurship are explained below:
Basis of
difference
Lifestyle Venture Small profit
venture
High growth
venture
Significance Actual
independence is
offered to the
individuals by
giving proper
autonomy of
ownership
It is generally
formed for making
profits and is based
on proper utilisation
of resources.
The main purpose
of business to
make profits and
expand the
business into
international
markets. The
growth of the
venture is basically
based on efforts of
the organisation to
meet the needs of
the stakeholders.
Growth Effective to meet
the needs of the
stakeholders and
To have possible
opportunity to earn
small profits but to
The growth of these
ventures depends
on increasing
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also to provides
flexibility in terms of
hours, meetings,
places, etc
attain effective
market share.
extensive sales and
profits also to gain
suitable positioning
into markets.
Scope It generally falls into
the category of
micro or small
business and
mainly individual
aligns personal
interest and
hobbies that have
the desire to make
profits (Morris,
2015).
It is one small
sector business
that contributes to
the development of
the economy and
also helps in
serving standards
of the living to the
society.
Intrapreneur
generally works in
the workplace for
adding innovation
and creativity in the
business that will
add to higher and
higher growth of the
business.
Earnings Owners of the
entity are
responsible to
handle the entire
operations and
income level is
checked on the
daily basis of
weekly or monthly
income is
considered
It is responsible to
increase the sales
and revenues with
effective activities
of marketing and
income is observed
on the monthly or
quarterly basis.
Records and
accounts are
prepared for
measuring the
current
performances with
the past
performances
(Malmström et.al.
2015).
Example Small cafes,
bakery, car rental,
etc.
Leon restaurants Facebook, twitter,
etc.
Public Sector Entrepreneurship
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In public sector enterprises, the rules and the regulations are implemented by the
government of the state and the majority of the shareholding are owned and controlled
by the government authorities (Hsu et al, 2017). The activities of the public sector
consider the interest of the public at large.
Private Entrepreneurship
The business can be owned and managed by the group of persons in a partnership or
by the individual person. The decisions and the policies are owner’s responsibility and
there is no interference of the government agencies. The profits of the business are
owned by the proprietor and there are no circumstances of sharing the profit.
Corporate Entrepreneurship
The corporate business is operated as a large scale business and they open up the
employment opportunity for the new candidates to invite the fresh talent in the
organization. The profit of the business is maximised with the support of the talented
employees.
Social Entrepreneurship
The social entrepreneurship focuses on the growth and welfare of the people rather
than on the profits and revenue. Generally, the social business is owned and managed
by the trust and revenue is from donations and charity (Kontolaimou et al, 2016).
4

P2 Explore the similarities and differences between different types of ventures
There are many differences in the working pattern of micro, small and medium-sized
business.
Serial entrepreneur
This entrepreneur takes the challenge in a different manner as if particular business
established, the individual is responsible to delegate the responsibility to a responsible
person and runs different operations. On another hand, individual move forwards
towards handling other operations for achieving new profits. The serial entrepreneur will
have the idea of formation of the business and have the capability to move towards
other venture. In other words, individual starts with unique ideas contribute to achieving
more in future.
Intrapreneur
It is one of the inside entrepreneurs within the large firm that uses entrepreneurial skills
without incurring any of the risks that is associated with the activities. It is also one of
the managers of the business that is responsible to bring regular innovation and
creativity of the business (Kuratko, 2016). It applies the start-up style of management
with applying innovation, flexibility, innovation and risk-taking that lead them towards a
successful business.
Owner managers
It is the person who is responsible to manage the business and have the ownership to
take decisions regarding operations of the business. Individual being owner-manager
has the separate identity of having the owned business.
Table 1: Differences between different types of entrepreneurial ventures
Basis Small business Medium sized
business
Large business
Meaning The venture focused
on the small activities
They try to increase
the profits through
Their main aim is to
maximize the profit by
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for earning less profit innovation and
technology
investing activities for
growth
Earnings Earning is basically by
wholesale and retail
business
The earning is mainly
from selling the
products and return on
investments
The earning is
maximized by investing
in shares and
commodities in large
scale with other trading
activities
Expansion Expansion of the
business is not
primarily considered
by the ventures
Expansion activity is
considered but profit
earning is the main
activity
Expansion of the
business is the main
motive of the business
and the owners
For
example
A small retail business
engaged in the selling
and distribution of the
goods.
Business who trade in
goods and invest in
shares
Ventures who trade in
the commodities and
shares or consultancy
services
However, there are many similarities in different types of the business. Every business
whether it is small, medium or large business concentrates on the growth and
development. Every venture analysis the scope and opportunities for developing the
business and they are responsible for creating the employment in the market scenario
(Maritzand Donovan,2015). The entrepreneur recognizes the economic values of the
assets and the resources available in the environment of the market.
6

Figure 1: Types of ventures
(Source: Growth of different types of ventures in the economy, 2018)
M1 Demonstrate an understanding of entrepreneurship in both public and private sector
In the economy, the entrepreneurship is divided into two categories i.e. public and
private sector. In public and private sector there are different types of the business
which are classified according to their size and nature of small business, medium
business and large-scale business.
Public sector
The entrepreneurs in the public sector work according to the rules and the guideline of
the government of the state and the country (Kuratko et al, 2015). The ownership of the
business is basically in the hands of government authorities and the focus is on
improving the status and education of the people. The government of UK has appointed
various authorities who are responsible for the supervision of the activities of the
business and the entrepreneurs are required to submit the growth report. Public sector
and the businesses support the economy with public services and the trading of the
goods and services for the public services. Many of the public sector services are
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providing health services and education facilities for the development of the standard of
living of the people.
For example, The Child Support Agency in the UK is a public sector enterprise which
works for providing support to the children’s education and welfare.
Private sector
The private sector in the economy always focuses on the profit maximization. The
private sector is better known for the development and contribution to the economy in
terms of growth and GDP. The business is owned and controlled by the corporations
that are multi-talented and has capabilities to appoint and guide the employees. One of
the benefits to the private sector is that the activities are not controlled by the
government and therefore, this gives the way to the entrepreneurs to maximize the
profits (Kumar and Kumar, 2017).
For example, Iceland Ltd is one of the largest retail businesses operating in UK’s private
sector. The organization is maximizing profits by best services and customer
satisfaction.
8

P3 Examination of relevant data and statistics to illustrate how micro and small business
impact UK economy
The business is the factors which contribute to the development of the economy and
enhance the growth and development of the market. The entrepreneurs contribute to
the economy with their skills and talent by enhancing the competitive skills to reach the
desired goal. The economy of the UK is supported by the efficiency of the entrepreneurs
and quality work provided by the trained employees. The businesses are responsible for
generating revenue in the market and maximising their profits share along with the
contribution to the economy. Development of the economy because this will affect the
GDP of the country and ultimately the profits of the business will be affected (Hayter,
2015).
According to the statistical data, the small and medium-sized business acquired 99.3
percent of the private sector market of the economy by the end of the year 2016. The
entrepreneurs were successful in creating the job opportunities for the candidates and
were accounted approximately 16.1 million and it was 60 percent of the value of the
economy. Therefore, the annual turnovers of the small and medium-sized business
were estimated around 51 percent of the total turnover of the economy and after this
growth small business is considered as the backbone of the economy. The small
businesses were classified in business categories which were mainly construction,
mining and utilities sectors. They supported the economy by providing efficient public
services and with the help of these services, the number of employing businesses
increased by 41,000 in the UK.
9

Figure2: Economic growth
(Source: Statistics of growth of different types of ventures, 2018)
10

P4 Explain the importance of small businesses and business start-ups to the growth of
the social economy
The small businesses are the owned and managed by the entrepreneurs who are
talented and expert in the field of their operation. Along with the objective of the profit
they give value to the ethics and the human behaviour (Leydenand Link, 2015). The
success of the business is dependent on the nature and behaviour of the entrepreneur
as they are required to develop contacts for attracting investments. The growth of the
business can be enhanced with the help of communication and collaboration with other
business corporations. New startup of the business in the developed economy is difficult
but is possible with the skills of the entrepreneur. The social sector of the economy is
developed when the people with fresh knowledge and training are invited in the
business operations.
The social sector was influenced by 64 percent of the job opportunities provided by the
small business. The contribution of the business towards the education and training
system enhance the capabilities of the people and they are motivated to share their
knowledge with the business industries for growth and development. Small business
concentrates on various factors which can affect the growth of the business like risk,
losses and future contingencies. The business industries in the UK economy are
focusing on high revenue and risk factors which will support the manufacturing sector of
the economy. The core areas of focus of the business are on improving and developing
the skills of the employees who will contribute their talent in the growth of the business
and can manage the activities in the market (Bruton et al, 2015). One of the factors
important for all business types is achieving the satisfaction of the customers and
providing them quality services.
11

M2 Evaluate the differences that small, medium and large businesses make to the
economy, applying relevant data and statistics
The type and the size of the business in the UK are factors which affect the contribution
of the profits in the economy. According to the statistics in 2017, the economy of UK
was supported by around 5.7 million of the business groups which were small, medium
and large. The small businesses were 33 percent of the total economy and they
supported the growth by employment turnover of about 22 percent of the economies
turnover (Bohnsack et al, 2016). The medium and large businesses which were
engaged in the manufacturing sector contributed approx 30 percent of the economic
development. According to the survey, the employment was the main concern for the
development of the economy and small and medium sizes business supported the
economy by employing 5.5 million of the people in different sectors of the business
fields.
The business of the sole proprietorships was increased to 84 percent in the economy of
the UK which was a big support to the economy of the country. In 2017, there were 5.7
million private sector businesses in the UK, up by 197,000 or 4% since 2016. The
economy of UK although employees fewer people but accounted 33 percent of
employment and 22 percent of the total turnover in the economy. More than 250
employees accounted for 0.1% of businesses but 40% of employment and 49% of
turnover in the economic development (Siegeland Wright, 2015).
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Figure 3: Employment status
13

Part 2
P5 Carry out a mini-research to determine the characteristics, traits and skills of two
successful entrepreneurs, which differentiate them from other business managers
An entrepreneur is defined as a person who establishes business with taking every risk
in terms of gaining profit. An entrepreneur is really different from the professional
managers because in the case of entrepreneur they have to take care for all the roles
and responsibilities regarding managerial and operative functions such as directing,
organizing and controlling for the organisation. An Entrepreneur is a blend of the skills,
broad concept and tremendous courage as it is not without risk, the entrepreneur has to
be prepared to face any kind of risk at any time of venture handling. Entrepreneur
shows his/her capability to convert his/her concepts into the real actions with the
positive and effective. For the proper evaluation and to find out the difference between
the business manager and the entrepreneur here the two successful entrepreneurs are
described and Peter Jones and Richard Branson have been selected for evaluation.
Skills possessed by selected entrepreneurs
Peter Jones
Peter David Jones is very famous and well known British personality as Entrepreneur
who has shown his interest towards the media, property, retail and mobile phones with
another interesting area. He is very well known for his two TV shows that are very
popular shows on BBC named as Dragon’s Den. Here some special skills are discussed
which are possessed by Mr. Peter Jones which makes him a unique and successful
person.
 Risk taker – it is a strong ability which can be seen in his efforts and ventures as
without risk no one can expect the success and Peter Jones’s success in his
every idea shows his capability regarding risk-taking.
 Passionate – passion is the basic thing which is really important to establish self
as a successful entrepreneur. Peter Jones is really passionate as his interests
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towards various business developments shown his strategic skills which have
established him as very known and respected start-ups investor.
 Vision – a good and strong vision set an entrepreneur apart from the others as
Peter Jones has potential to go out of the established traditional pattern and
ideas and actually this potential to go beyond pushes an individual towards the
solutions and power to face and overcome the obstacles or challenges.
Richard Branson
 The founder of Virgin Group Mr. Richard Branson is very famous and ranked
among the top ten Entrepreneur in the UK. From the childhood, his vision was
very strong towards his capabilities and potential exploring. Some of his
characteristics are discussed here.
 Determination – Mr Richard Branson is very determined towards his passion to
serve as an entrepreneur from his childhood and it is a symptom of very strong
determination skills.
 Focused – being focused is really must while an individual is planning to pursue
his business ideas. At the age of 16, Mr Branson has released a Magazine
named Student which shows his focus on his dream and idea.
 Creativity – his visionary and creative ideas are the top of his skills list and the
Virgin Group can be seen as a result of his skills.
 Money management skills – after a huge profit or in the case of minimum
investment money management skills are really important which is seen as a
success of Mr Branson in the area of music label and airlines as well.
From this discussion of two very famous personalities as entrepreneur it is observed
that the successful entrepreneur pursue his/her individuality with efforts and potential
which needs to push towards the correct direction as they personalities do so the High
Risk taking abilities, extreme Passion and other discussed skills makes them a
successful entrepreneur but in case of business manager they cannot that much risk-
taking in terms of start-ups setting because of the high-risk issues.
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P6 Assess how aspects of the entrepreneurial personality as discussed in P5, reflect
entrepreneurial motivation and mindset.
From the discussed cases it is found that there are many virtues which determine the
personalities of successful entrepreneurs and that are given here;
 Openness: the openness in terms of new ideas and creativity along with the risk
involved is very important to possess by the entrepreneurs to be successful.
 Conscientiousness: according to Gurrieri et al., 2014, it is the mindset to be
successful and cooperative in terms of working with the employees as suspicious
thoughts with hopeless attitude is not good for success.
 Extraversion: when an individual take steps towards the business setup he/
should be much aware with the risk involved but his/ her focus with positive
thoughts along with the nature to motivate others is really must and in all of these
the energy level also must be at high.
 Agreeableness: a feeling of cooperation and emotion of supporting others
makes an individual extraordinary personality so towards the path of being a
successful entrepreneur one must have this nature to reach the goal.
 Neuroticism: decision making with the confidence is the ability by which an
individual can pursue his business idea in a better way in order to be a
successful entrepreneur as it shows the strong presence of confidence.
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M3 Explore and examine different arguments relating to entrepreneurial characteristics
It is one of the serious arguments to be presented that if entrepreneurs are born or
made. However, there are certain factors that influence entrepreneurial activities that
include background and mindset of the individual. In that case, if the entrepreneur is
supported by the sound position of the family if can help in a more effective manner as
an individual will not be able to face many hurdles in meeting with their dreams.
Some of the entrepreneurs have emotional support and physical support of educated
family. Those individuals are actually born as it is the matter of genes that are
transferred from the family. On the other hand, education field has been evolved that
includes giving proper guidance in form of lectures and high qualified education that can
support the argument that entrepreneurs can be made. However, family members and
friends are the drivers of the motivation that can help people to fulfil their dreams. God
gifted characteristics and traits of entrepreneur are generally born that is effective to
make their goals with not many hurdles.
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P7 With practical examples obtained through your mini-research, examine how
background and experience can hinder or foster entrepreneurship
Entrepreneurship is a result of a blend of some skills such as determination, risk-taking,
motivation and money with time management skills so it can be treated as prerequisites
to be a successful entrepreneur apart from these qualities social and cultural
environment of an individual is also the major influence on the individual in a positive or
negative way. Here are those factors that can positively or negatively impact over the
entrepreneurship;
 Education: The education is very important determinant for any area in terms of
its success or failure as it provides the knowledge and concepts regarding
everything so either it can motivate to the individual or demotivate to the
individual according to its efficiency and quality. If the concepts and knowledge
regarding entrepreneurship are not up to the mark and sufficient it won’t be able
to boost the entrepreneurship quality. (Aidis et al., 2012
 Family: background of individual’s family and the thoughts of the close family
members are also very important factors which cannot be ignored as the service
class family push the members towards the respected jobs and sufficient earning
whereas the business class family push its members towards the business ideas
set up and many more so accordingly the individual acts until he or she does not
have strong determination to go beyond the restrictions.
 Nationality: the government policies regarding the loans and advances for the
new setups and the financial policies of the related country is the other important
factor as the availability of loans and subsidies motivates the individual towards
the development of new venture with new ideas. Apart from that the human
resource availability in terms of monetary and non-monetary issues can also put
the negative or positive impact on the entrepreneurship ideas.
 Experience: if an individual has any experience regarding business as either
he/she is working with any business house or any family business experience
gives him/her confidence and ideas to pursue in this direction and hence the
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experience element plays a vital role to influence entrepreneurship positively or
negatively.
Pros of entrepreneurship:
 Ownership – Entrepreneurship provides freedom to take a decision on own basis
as it gives the potential to be the boss of own ventures.
 Satisfaction – while any individual opts for setting up his/her own venture he/she
feels the inner satisfaction in terms of job, finance, hope and the most important
satisfaction of pursuing the dream to be his/her own boss and doing something
with his/her own ideas.
 Financial benefit – the various funds in terms of profit and revenues which are
generated by the business ventures are totally owned by the entrepreneur
himself as he/she is the only risk taker and investor so he or she will be the only
person to receive the credits.
Cons of entrepreneurship:
 Financial risk: as it is discussed that the profit is received are only owned by the
entrepreneur himself so every kind of risk such as financial risk is also taken by
the entrepreneur himself. The correct investment and allocation of financial
resources appropriately are the major risks involved in this, in the
entrepreneurship development individual is really depends a lot on his/her
savings.
 Risk of losing entire investment: when an individual sets up a new venture
he/she should take the risk of the market as in the market there are so many
things such as demands, tastes and perceptions of the customer so these risks
are very big obstacles in order for a successful venture.
 Lower quality of life until the business is established: it can be said the other kind
of investment because it needs time and comprise in lifestyle and that is why it
requires proper management in terms of decision, time and life skills. So success
requires huge devotion in all areas.
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M4 Analyze the link between entrepreneurial characteristics and the influence of
personal background and experience to specific successful entrepreneurs.
Characteristics of the entrepreneur are generally affected by backgrounds and
experiences. Having personal experience will help an individual in a positive manner as
a person will be able to use that experience in performing the current task in the
workplace in much effective manner. Using past experience with available knowledge
can help to gain more profits and growth of the workplace. Quality of traits and
experience will enable individual to apply that learning in current performance.
On the other hand, the background will impact on individual’s personal and professional
development. Some of the individual face lack of support of family funds and emotional
support. Here individual will fight with many hurdles to meet with their dreams. It is
necessary to have confidence among the individuals that will help to gain more benefits
in the future. Positivity among the entrepreneur will help to attain new ideas and also for
the effective generation of outputs with a new idea.
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Conclusion
The report concluded with the importance of the entrepreneurship in the business and
the economy. The small and medium scale business support the economy in different
ways but the motive is to promote the best business practices and to develop the
business. The statistical data describes the growth of the business in the current
economy of UK and how the skills of the entrepreneurs give innovative ideas. The
report highlighted the market and the industry which require the efficient entrepreneurs
and their skills to manage the activities of the business. The entrepreneurship is the
process of developing the business with the knowledge and economic development of
the country. The activity, directly and indirectly, supports the GDP of the economy, In
addition, different factors are also outlined that guides about the success of
entrepreneur with creating motivation and mindset for future. At last, the report also
concluded that different environments will have a significant impact on the success of
entrepreneurship.
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