Understanding entrepreneurship

UNDERSTANDING
ENTREPRERSHIP

Contents
INTRODUCTION.......................................................................................................................................4
PART 1.......................................................................................................................................................4
P1: Provide an introduction to the report by examining different types of entrepreneurial ventures and
explaining how they relate to the typology (different types) of entrepreneurship. Your introduction
should aim to define entrepreneurship and explore entrepreneurship scope and typology.......................4
P2: Building on the different types of entrepreneurial ventures explored in P1, you are now required to
explore the similarities and differences between each. You could consider the roles, characteristics and
objectives of different types of ventures: private; public; social enterprises - as well as different sized
ventures: micro; small; medium..............................................................................................................5
P3: Present, interpret and assess relevant data and statistic to illustrate the impact micro and small
business have on the economy. You should consider local, regional, national and international
economic impacts....................................................................................................................................6
P4: Building on the information you provided for P3, you must explain the importance that small
businesses and business start-ups on the growth of the social economy..................................................7
M1: To achieve M1 you are required to develop your response to P1 and P2 by investigating a diverse
range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both public
and private sector.....................................................................................................................................7
M2: To achieve M2 you are required to develop your response to P3 and P4 by evaluating the
differences that small, medium and large businesses make to the economy, applying relevant data and
statistics...................................................................................................................................................7
D1: To achieve D1 you are required to develop your response to all aspects of task 1 by critically
examining the scope, development and growth of entrepreneurship ventures.........................................8
D2: To achieve D2 you are required to develop your response to all aspects of task 1 by critically
examining how small businesses have an impact on different levels of the economy in a local, regional,
national and international context............................................................................................................8
PART 2.......................................................................................................................................................8
P5: Determine what makes a successful entrepreneur. You could consider examples of successful
entrepreneurs and determine the characteristic traits and skills they possess. Similarly, you could
explore whether entrepreneurs are born or made and whether entrepreneurship skills can be learned
over time..................................................................................................................................................8
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset. You may wish to consider how personality is shaped by family upbringing, lifestyle, cultural
differences and personal motivation and drivers amongst other factors.................................................10
P7: Examine, using relevant examples, how a person’s background and past experiences can hinder or
foster entrepreneurship. Factors to consider may include level and type of education, national culture,

economic circumstances and character traits. The risks and rewards of starting a business should also
be considered.........................................................................................................................................11
M3: To achieve M3 you are required to develop your response to P5 and P6 by exploring and
examining different lines of argument relating to entrepreneurial characteristics..................................11
M4: To achieve M4 you are required to develop your response to P7 by analyzing the link between
entrepreneurial characteristics and the influences of personal background and experience to specific
successful entrepreneurs, differences that small, medium and large businesses make to the economy,
applying relevant data and statistics......................................................................................................12
D3: To achieve D3 you are required to develop your response to all aspects of task 2 by analyzing the
characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific
examples................................................................................................................................................12
D4: To achieve D4 you are required to develop your response to all aspects of task 2 by critically
evaluating how background and experiences influences entrepreneurs, both positively and.................12
CONCLUSION.........................................................................................................................................13
REFERENCES..........................................................................................................................................14

INTRODUCTION
Entrepreneur means a person who wants to start his business by their own. He is the
person who manages his business and a risk taker. He brings innovative ideas for his business
and creates something different. Every people have their own views regarding Entrepreneurship.
It means a person create new idea for development of his business and create profits. An
entrepreneur must be motivated and confident so that he does his business effectively and
efficiently. Entrepreneur is those people who generates new products by innovation and
creativeness and take risk (Webb, Ireland and Ketchen, 2014). An entrepreneur must be
passionate and he will also give advice to other people and motivate them. There are many types
of venture and types of the entrepreneurship. The purpose of this report is to identify the roles of
small, micro and medium enteprises and they also affect the economy growth. There are various
types of culture and motivational tool which also can affect the entrepreneur.
PART 1
P1: Provide an introduction to the report by examining different types of entrepreneurial ventures
and explaining how they relate to the typology (different types) of entrepreneurship. Your
introduction should aim to define entrepreneurship and explore entrepreneurship scope and
typology.
Entrepreneur is a person who takes risk and produce new products by innovation and new
creation. He is the person with full determination and also self – motivated. He is an innovative
thinker who generates new idea for his business (Seelos and et. al., 2011). There are various
types of typology of entrepreneurship which are described as below:
Small business entrepreneurship: There are many types of small businesses which
develop and generate more profits in the world. It also provides growth to the economy and
provides more jobs to the people. In small businesses it includes plumbers, electricians etc. They
are the person who takes all the profits and if there is loss in the business then it is also bear by
him only. It helps to reduce unemployment and poverty line in the economy.