Unit 9 Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset

Entrepreneurial Ventures and
Exploration of the
Entrepreneurial Mindset

INTRODUCTION
Entrepreneurship can be defined as an ability of an individual known as entrepreneur to
develop organised and run a business enterprise along with bear to where all the risk associated
with the business organisation in order to make profit. Entrepreneur is the person who starts
entrepreneur adventure by identifying opportunity and developing product by identifying the gap
between existing product and needs and desires of the customer. This report discusses about
entrepreneur real Ventures and similarities and differences between different entrepreneurship
Ventures. This report will also discuss about small businesses and their impact on Economy
small business can be defined as business with limited scope and invested capital. Followed by
this report will discuss about characteristic traits and skills of a successful entrepreneur and how
they differentiate entrepreneurs from business managers and will discuss about personality of
entrepreneur. Success of entrepreneur is result of fostering there entrepreneurship. There are
several factors that affect entrepreneurship and contribute in fostering entrepreneurship and they
can also hinder entrepreneurship of the entrepreneur. This report will discuss about those factors
of entrepreneurship.
MAIN BODY
Different types of entrepreneurial ventures
Entrepreneurship is an act of creating a new venture by identifying the scope of growth
and analysing existing need for the product and service being sold by the venture, and along with
this bearing all the risk associated with in order to generate profit from the venture (Kier and
McMullen, 2018). Entrepreneurship can be defined as something which involves creation and
extraction of value (Gaddefors and Anderson, 2017).
There are several concepts regarding entrepreneurship.
Serial entrepreneur
As one of the important characteristic of entrepreneurs which includes identifying and coming up
with new ideas serial entrepreneurs are those who come up with new ideas and start new
businesses on the basis of those ideas. The difference in entrepreneur and serial entrepreneur is

those entrepreneurs come up with new ideas and develop the company and then run the company
they have developed. Serial entrepreneur is on the other hand comes up with several ideas and
start businesses instead of starting only one business.
Intrapreneurs
Intrapreneurs can be defined as an employee use task in the organisation is to develop innovative
ideas and products for company. Intrapreneurs are save from risk of failure is there not
developing Idea on their own. But at the same time they also did not get complete benefit of the
innovation they have done.
Owner manager
Owner manager can be defined as a person who has started the business and is owner of the
business and along with that also play important role in day to day management of the business.
These are known as owner managers (Karagiannaki, Trachana and Doukidis, 2018).
These were some of the types of entrepreneurs. Now the discussion will include types of
entrepreneur Ventures.
Typology of entrepreneurship is as follows-
Survival entrepreneurship
Survival entrepreneurship involves micro and small ventures. These are known as
survival because they are able to give profit which is required for fulfilling substantial needs of
the entrepreneurs. Scope of this type of ventures is limited in growth and their scope and area of
operations is also limited. These types of business operate to the area of their locality or the city
where they exist. The difference in small and micro enterprise is that small business might
employ less than 50 employees whereas employees employed in micro firm are less than 10.
Lifestyle entrepreneurship
Lifestyle entrepreneurship includes businesses which are able to provide a high standard
of life to entrepreneurs and the ventures operated under this are medium size ventures. In this
type of ventures maximum employees employed are 250.

Aggressive Growth entrepreneurship
These are those business organisations whose motive is to increase their scale of
operations and this subsequently increases the profit. These types of business are based on the
innovation and idea of the entrepreneurs who considers that their idea can change the world.
Investment and funds of such business are provided by investment capitalist (Stenholm and
Renko, 2016). Their scope in employees is not limited and their scope in operations is also not
limited. Technological innovations are one of the examples of such type of entrepreneurship.
Corporate entrepreneurship
Corporate entrepreneurship can also be defined as large company entrepreneurship. This
entrepreneurship is based on large investment which are done in order to generate large profit.
Corporate entrepreneurship is also not limited in scope of operations and scope of employees.
Profit generated by such entrepreneurship is also very large compared to other entrepreneurship
ventures. These are of several types such as public corporate ventures and private corporate
ventures.
Social entrepreneurship
These are those ventures which are developed and run so that they can contribute in
creating society as a better place. These are operated and functioned so that they can serve
society. These ventures generally are of three type profit, non-profit and semi profit organisation.
Similarities and differences between entrepreneurial ventures
Several type of entrepreneurial ventures were discussed in above heading under different
typology of entrepreneurship (Urbano and Aparicio, 2016). These entrepreneurial ventures are
very different from each other on the basis of their nature but they also have many similarities in
them. The similarities and differences of entrepreneur real Ventures are as follows.
Similarities
There are many similarities in entrepreneurial ventures

 On the basis of profit micro and small Ventures are similar as profits generated by both
this type of Ventures are limited. Small and micro business are also similar in their scope
which is also Limited in terms of profit growth and operations of the venture.
 Entrepreneurial ventures have important relation with innovation and on the basis of
innovation large company entrepreneurship and aggressive growth Ventures are similar.
This is because aggressive growth ventures are mainly based on innovation whereas large
company Ventures in present business environment requires to maintain innovation so
that they can survive and grow in competitive environment.
 In terms of profit public organisations and Social entrepreneurship are similar as both are
there to to provide services to the society rather than earning profit.
Differences
 Difference in in terms of profit exist between small and micro Ventures and in large
company Ventures and aggressive growth Ventures. Because both these type of ventures
and profit seeking.
 On the basis of profit accept public organisations and social Ventures all other type of
Ventures operate to generate profit for their owners. Public organisations are are operated
by government and this is why profit of the organisation is four government which is
again used for public. Profit earned by social organisation is also again invested in the
venture so that beneficiaries can take but most benefit from the venture.
 On the basis of scope large company ventures and social venture are different from all
other type of Ventures. This type of Ventures has significant scope for growth and profit
generation. This scope lacks in small micro and medium Ventures.
 Innovation is another factor that creates difference in Ventures (Malesios and et.al.,
2018). This is because scalable start up are based on innovation and other ventures like
small all medium micro and Social Ventures can be operated on the basis of existing
practices and products.

On the basis of discussion it can be concluded that there are several types of
entrepreneurial ventures and similarly there are several types of entrepreneurship as well. In
order to ensure that entrepreneurship is successful entrepreneurs should have adequate
knowledge about the type of entrepreneurship ventures they have established.
Impact of micro and small businesses on Economy
Micro and small businesses are two types of businesses that have significant impact on
the economy (Beisengaliyev and et.al., 2018). Direct impact of these businesses is on local
economy as their scope is limited and local economy contributes in development of national
economy and later when local and national economy of the countries are developed and strong
this contribute in development of international economy. These way small and micro businesses
are making huge and significant impact on all types of economies.
In UK there are 5.8 Million small businesses and among these businesses businesses with 0-49
employees were around 99.3% of total businesses in UK. In this, SME accounts for 99.9% of
business in UK. In context of employment it contribute in three fifth of employment and half of
the turnover.
Though small and micro words are often used simultaneously and together but have different
meanings. Small business can be defined as businesses that employ maximum 50 employees in
the organisation. micro businesses on the other hand employs only 10 employees maximum.
Impact of these businesses on UK economy can be discussed as below-

Figure 1impact of Micro and Small Businesses on Economy
The data in above figure states clearly what impact does micro and small business has on
economy. The businesses with 1-9 employees are in category of micro businesses and those with
10-49 employees are in category of small businesses. In terms of number of businesses these are
in highest number which contributes to 76.0% of total business population in UK (BĂLU, 2016).
Second are businesses with 10-49 employees and these businesses are important and contribute
in 19.7% in total business population. These businesses are also playing important role in
employment specially businesses with 0-9 employees they have provided employment to 17.6%
in total employment which is on second number after employment of businesses with more than
250 employees. Secondly businesses with 10-49 employees also have provided employment to
15.3% of total employment.
On the basis of turnover these businesses are providing those with 1-9 employees 7.3% of total
turnover and those with 10-49 employees 14.3% turnover in total business turnover in UK.
Following figure outlines these-

Figure 2UK SME Data, Stats & Charts
Important of small business and business start-up in growth of social economy
Social economy can be defined as economy which is based on social behaviour and
shared values. This economy and values of social economy considers that people and social
benefit and social objectives of the society are above capital and wealth. Social economy
promotes social values and welfare and reflects commitment to social development (Christophe
and Duquerroy, 2018). There are several ways in which social economy is being contributed by
small business and business start ups. Some of the ways in which they are making contribution
are-
Employment and Diversity
Small business and business start ups are providing employment to local people and this
is one of the reasons that small business and business start ups operate at local level. This is
helpful in providing employment to local people and this is why they contribute in growth of
social economy. Small business also provides employment to semi-skilled and non-skilled
people and this is why they contribute in increasing employment and employment opportunities.
Employment also contributes in strengthening economic condition and making society equal and
better for everyone by providing them opportunities. In small businesses all type of people can
get employment and source of having a stable living.
Environmental sustainability
This is a very well known fact that operations and functioning of corporate organisation
several type of pollutions and create threat to environment sustainability and safety of the
environment (Santoro, 2017). Now it now it has become very important for everyone to ensure
sustainability of environment in this case small businesses and start-up are playing important role
in ensuring that their practices does not cause any harm to environment. There are several small

and startup businesses who are working on ensuring environmental sustainability through their
practices. Many of the businesses are directly playing role in in Environmental sustainability and
safety e by removing the fact which effect environment negatively. Many of the businesses are
using waste is the material and are playing important role in waste management. Some of the
businesses are identifying and practicing alternative ways through which environment can be
saved. Businesses using renewable energy are one of the example. Innovation of small business
and startup is playing important role in sustainability of environment through small businesses.
Tax contribution and strengthening local economy
Tax contribution is also a part of economy and which is ultimately used for creating better
facilities for people of a local area and country. Tax contribution made by small and start up
businesses play important role in strengthening local economy. Local economy collectively
strengthens national economy (Sonnenfeldt, 2017). This also plays important role in
strengthening international economic condition. Businesses operating in local area and
employment opportunities provided to local people also contribute in local economy.
Innovation
Small businesses also bring several types of innovation through which all people of the society
can get benefit from. Innovation are encouraged and success of innovation also does not need
much efforts, this way small businesses contribute in social economy.
Characteristic traits and skills of successful entrepreneur differentiating them from business
managers
Entrepreneurs are different from business managers and this difference is based on
difference between them on the basis of-
 Their focus- Focus of entrepreneur is on business start up and its growth and scalability.
On the other hand focus of manager is on effectiveness of ongoing operations.

 Their Motivation- Motivation of entrepreneurs is their achievement and motivation of
manager is in power they possess in their organisation (Mensah, Asamoah and Sadeghi,
2019).
 Their Reward- Reward of manager is their salary and compensation and reward of
entrepreneurs is profit generated by their reward.
 Their decision making- Decision making of entrepreneurs is intuitive and decision
making approach of managers is calculative.
 The force that drives them- entrepreneurs’ driving force is creativity and innovation and
driving force of managers preserving status quo, this means maintaining present status in
order to avoid any type of discomfort.
Other than this entrepreneurs also have different characteristic traits and skills. These are-
Motivation
This is one of the most important characteristic trait in which entrepreneurs does not required to
be motivated by others. They are self motivated to complete their task and achieve objectives
that has been developed by them regarding their entrepreneurship ventures. They are hard-
working and enthusiastic related to their venture, this enables them to do whatever it takes to get
success of their entrepreneurship.
Risk Tolerance
This is another characteristic trait of entrepreneurs that they have high risk tolerance (Quast,
2016). This is because risk is integral to success and successful entrepreneurs require taking risk
in order to get success. This also includes that successful entrepreneurs does not lose their
motivation in situation they are required to face risk.
Decisiveness
This trait of entrepreneurs enables them to make effective and fast decision in situation.
Successful entrepreneurs are able to make decision in highly stressful situation. This quality and

trait also includes that entrepreneurs are able to make decision even when information available
to them is limited.
Adaptable
This is another important personality and characteristic trait of successful entrepreneurs that they
are able to get adjusted according to situation and does not get uncomfortable in changing
themselves according to the situation.
People Skills
This is a skill through which successful entrepreneurs are able to influence and motivate others.
There are several reasons because of which this skill is important and successful entrepreneurs
possess this skill (Bosman and Fernhaber, 2018). Entrepreneurs require effective skills to
motivate and inspire employees and people who are working for them and this is also important
while selling the product of the venture.
Interpersonal Skills
This is another important skill which enable individual and facilitate their communication
with other people. Interpersonal skill is important because it also enables to work with others.
This includes communication, listening, understanding other people’s point of view and social
skills which help in socializing. These enable entrepreneurs to effectively socialize and influence
people along with networking with people which are because of so many reasons important for
entrepreneurs.
Skill of thinking strategically
This is one of the skills which refer to the way entrepreneurs think (Cahyani and et.al.,
2018). This means thinking in a way which covers all the areas that will affect decision of the
entrepreneurs.
Reflection of entrepreneurial motivation and mindset through entrepreneurial Personality
Personality is very important aspect which enables individual to reflect what they think
and believe in. This is the reason that mindset and motivation of entrepreneur can be identified

by their personality. Some of the aspects of personality that reflect their entrepreneurial
motivation are-
Passion
This is one of the very important aspects of entrepreneurial personality. Passion can be
defined as something which is done the cause of the person doing a work like to do it. This is the
reason that entrepreneur are ready to you work hard and walk extra mile to achieve their
objectives and vision. This makes entrepreneurs successful and entrepreneur is remaining
satisfied with their work. This is very important aspect that every entrepreneur has and this is the
reason that entrepreneurs are successful because they want to do what they do.
Determination
Determination is a aspect of personality in which individual does not get affected bi
negative experiences they have during their journey to success. Entrepreneurs are also known to
have determination and this allows them to stay determined on what they want to achieve. This
also includes that entrepreneur does not get affected significantly by failures and failure plays
important role in their success (Norasmah and Sukarni, 2019). Entrepreneurs are also able to
learn from the failure and ensure that they do not make the same mistake again.
Creativity
Creativity is integral to success of entrepreneurs and the personality reflect in such way
that they are able to find creative solution to all the problems. Creativity also includes finding of
the solutions which are unusual and finding relationship between unrelated situations.
Entrepreneurs are able to use material which is considered to be useless in unique manner and
adding value to the material. Creativity is basis of innovation and because entrepreneurs are
expected to and required to come up with innovation this is only possible when they are creative.
Creativeness reflects in how they deal with their problems and which reflect
theentrepreneurialmindset and motivation.
Open Minded

This is another attribute of entrepreneurial personality that they are open minded and
willing to consider thoughts and opinion of everyone around them. This helps in increasing
scope of thinking about the problem and solution as well. Full entrepreneur it is very important
that they know what impact will their decision have on different parties concerned with their
business and product. One of the examples regarding this can be e that entrepreneurs are able to
identify and analyse what impact their product will have on different customer group and how
their product will be perceived by customers.
Positive and confident
This is another respect ofentrepreneurial personality that they are always positive and
confident. Positivity is very important positivity enables introduce to identify opportunities in
Crisis situation and confidence help them to achieve their objective (Molina, Velilla and Ortega,
2016). Confident reflect personality and others can identify and experience it through the
thoughts and words of individual. it is very important that Entrepreneur are able to identify
opportunities even when situation is challenging and unfavourable. Confident is important to
utilise the possibility they have identified.
Background and Experience in fostering entrepreneurship
Background which involves various factors like family background, financial background
and educational background have ability to make significant impact on the entrepreneurship of
the entrepreneurs. Experience refers to situation that has been faced by entrepreneurs resulting in
different results such as success and failures (Cumming, Walz and Werth, 2016). There are
several factors that collectively affect and play important role in determining whether
entrepreneur will be successful or not. Success of entrepreneurs is result of fostering their
entrepreneurship and in case it is hindered instead of fostering entrepreneurship either do make
entrepreneurship efforts or in case they do it come up as a failure. There are several successful
entrepreneurs such as Steve Jobs, Andrew Carnegie, Henry Ford, Jeff Bezos these are one of the
most successful entrepreneurs world knows. Regarding all these people one thing is common that
all them have suffered and struggled and on their way to become successful they have had
experienced failure. But it did not stopped them to what they want to do and become successful.
Among all these people Jeff Bezos is one of the most successful entrepreneur world knows and
will ever know.

Jeff Bezos is an American internet entrepreneur, industrialist, media proprietor and investor. He
is known as Founder Amazon and along with this he is also known as the world’s first centi-
billionaire.
Background
It plays important role in fostering entrepreneurship and background consist of family
whose encouragement and motivation can play important role in fostering entrepreneurship.
Regarding family background Bezos’ parents got divorce when he was a child and this suggests
a negative aspect of the family background. But in case of Bezos his entrepreneurship is
considered to have been derived from his family. His maternal grandfather played important role
in fostering his entrepreneurship (Tabrizi, 2017). Many of the entrepreneurial traits and
characteristics of entrepreneurs were developed through his maternal grandfather. In terms of
educational background he was a bright student and he graduated from Princeton University in
Bachelor of Science and Engineering and Computer Science. This suggests that his educational
background was of his interest and this later also helped him in his career in technology.
Another example that can be discussed here is example of Henry Ford, his family
background was normal as he was not from the wealthiest family but it was neither poverty
stricken. But in terms of background Henry Ford was a sufferer of Dyslexia. But it did not
became the reason for Henry Ford to give up. This requires determination and passion to what
entrepreneurs want to do.
Concerned with this one of the most successful entrepreneur can also be taken as an example. He
have had positive background in which his knowledge and talent was encouraged and efforts
were made so that he can enhance them.
Experience
This is another important factor in contributing to fostering entrepreneurship of
entrepreneurs. Experience play important role in fostering entrepreneurship when they are
positive and favourable. But experience can be negative as well and in such situation something
that can help entrepreneurs to foster their entrepreneurship is their characteristic traits which are
determination and positive attitude. These are most important characteristic traits that help in

ensuring that negative experience does not negatively affect entrepreneurship. Regarding Jeff
Bezos it can be said that his experience were not negative as he established a company and
through his constant efforts resulted in success of the Amazon.
In terms of experience Henry Ford experienced many failures before he became
successful with Ford Motor (Buttice and Rovelli, 2018). Before achieving success he faced
failure with two of the companies he started. This requires risk taking capabilities and positive
attitude to stay on doing what entrepreneur want to do so that they can ultimately achieve what
they envisioned.
CONCLUSION
On the basis of above discussion it can be concluded that there are several types of
entrepreneurial ventures and along with this entrepreneurs are of several types. This report
discussed about some of the types of entrepreneurs and entrepreneurship. Later this report also
discussed about difference and similarities in different entrepreneurial ventures. Later this report
involved discussion about impact that small businesses have on economy and discussion
suggests that in all factors of economy small businesses are playing important role. Their role
considers employment and strengthening local economy. They are also playing important in
growth of social economy. Later this report discussed about characteristic traits of successful
entrepreneurs and what skills do they posses. These skills and traits are part of their personality
and reflect their entrepreneurial mindset and motivation. Later contribution of background and
experience in fostering entrepreneurial motivation was also discussed and they can make positive
impact when they are combined with entrepreneurial skills and traits.

REFERENCES
Books and Journals
BĂLU, P.E., 2016. THE ROLE OF SMALL AND MEDIUM ENTERPRISES IN
ECONOMY. Quality-Access to Success. 17.
Bosman, L. and Fernhaber, S., 2018. Integrating the Entrepreneurial Mindset as an Engineering
Educator. In Teaching the Entrepreneurial Mindset to Engineers (pp. 47-49). Springer,
Cham.
Buttice, V. and Rovelli, P., 2018, June. Organization and finance of entrepreneurial ventures:
looking beyond the surface. In Academy of Management Proceedings (Vol. 2018, No. 1,
p. 14406). Briarcliff Manor, NY 10510: Academy of Management.
Cahyani, R.R and et.al., 2018. Family Background, Entrepreneurship Education, And Creativity
In Supporting Entrepreneurship Intention. Asia Pacific Journal of Management and
Education. 1(1).
Christophe, C.A.H.N. and Duquerroy, A., 2018. Non-standard monetary policy: what impact on
small and medium-sized enterprises financing?. Rue de la Banque, (65).
Cumming, D., Walz, U. and Werth, J.C., 2016. Entrepreneurial spawning: experience, education,
and exit. Financial Review. 51(4). pp.507-525.
Karagiannaki, A., Trachana, T. and Doukidis, G., 2018. Leveraging Digital Entrepreneurship
Through Collaboration Between Incumbent Firms and Entrepreneurial Ventures: An
Inbound Open Innovation Perspective. Management. 6(5). pp.319-337.
Kier, A.S. and McMullen, J.S., 2018. Entrepreneurial imaginativeness in new venture
ideation. Academy of Management Journal. 61(6). pp.2265-2295.
Malesios, C and et.al., 2018. Impact of small‐and medium‐sized enterprises sustainability
practices and performance on economic growth from a managerial perspective:
Modeling considerations and empirical analysis results. Business strategy and the
environment. 27(7). pp.960-972.
Mensah, E.K., Asamoah, L.A. and Sadeghi, V.J., 2019. Entrepreneurial opportunity decisions
under uncertainty: Recognizing the complementing role of personality traits and
cognitive skills.
Molina, J.A., Velilla, J. and Ortega, R., 2016. The decision to become an entrepreneur in Spain:
the role of household finances. International Journal of Entrepreneurship. 20. p.57.
Norasmah, O. and Sukarni, A., 2019. The influence of self-efficacy and achievement motivation
on entrepreneurial aspiration: The case study of students from Riau province.

Quast, H.M., 2016. Examining the Overlapping Traits of Athletes and Entrepreneurs Through a
Series of Case Studies.
Santoro, G., 2017. Innovation in small and medium enterprises: the impact of open
innovation practices on firm's performance. Global Business and Economics
Review. 19(5). pp.508-520.
Sonnenfeldt, M.W., 2017. Think Bigger: And 39 Other Winning Strategies from Successful
Entrepreneurs. John Wiley & Sons.
Stenholm, P. and Renko, M., 2016. Passionate bricoleurs and new venture survival. Journal of
business Venturing. 31(5). pp.595-611.
Tabrizi, N., 2017, October. Fostering an entrepreneurial mindset in “digital systems” class
through a jigsaw-puzzle model. In 2017 IEEE Frontiers in Education Conference
(FIE) (pp. 1-8). IEEE.
Urbano, D. and Aparicio, S., 2016. Entrepreneurship capital types and economic growth:
International evidence. Technological Forecasting and Social Change. 102. pp.34-44.
Gaddefors, J. and Anderson, A.R., 2017. Entrepreneursheep and context: when entrepreneurship
is greater than entrepreneurs. International journal of entrepreneurial behavior &
research.
Online
UK Small Business Statistics. 2020. [Online]. Available Through: < https://www.fsb.org.uk/uk-
small-business-statistics.html>.
UK SME Data, Stats & Charts. 2020. [Online]. Available Through: <
https://www.merchantsavvy.co.uk/uk-sme-data-stats-charts/>.