Entrepreneurship Report: Ventures, Traits, and Case Studies

This report provides a comprehensive analysis of entrepreneurship, covering various types of entrepreneurial ventures, including entrepreneurial, intrapreneurial, and managerial approaches. It explores the similarities and differences between social and lifestyle entrepreneurship, providing examples of each. The report investigates diverse entrepreneurial ventures, examining their scope, development, and growth in the UK. It also delves into the characteristic traits and skills of successful entrepreneurs, such as Fraser Doherty and Hamdi Ulukaya, contrasting them with those of business managers. The report assesses how the entrepreneurial personalities of Doherty and Ulukaya reflect their motivation and mind-set, providing insights into their business acumen, risk appetite, and willpower. Overall, the report offers a detailed overview of entrepreneurship, combining theoretical concepts with practical examples and case studies.

Running head: ENTREPRENURSHIP
ENTREPRENURSHIP
Name of the Student
Name of the University
Author Note

1ENTREPRENURSHIP
Table of Contents
Task 1...............................................................................................................................................2
P1.....................................................................................................................................................2
P2.....................................................................................................................................................3
M1....................................................................................................................................................5
D1....................................................................................................................................................6
Task 3...............................................................................................................................................7
P5.....................................................................................................................................................7
P6.....................................................................................................................................................9
M3..................................................................................................................................................11
D3..................................................................................................................................................12
Task 4.............................................................................................................................................12
P7...................................................................................................................................................12
M4..............................................................................................................................................14
D4..................................................................................................................................................14

2ENTREPRENURSHIP
Task 1
P1
Examine different types of entrepreneurial ventures and explain how they relate to the typology
of entrepreneurship ventures, including examples of each type.
Entrepreneurial
An entrepreneur can be defined as an individual who begins a business however the
resources at his disposal are very limited. The entrepreneur takes account of the various risks and
the different rewards which are associated with the business venture. A business is a risky affair
and for this reason, it is important for the entrepreneur to take risks in order to achieve success.
The business plan which the entrepreneur makes is concerned with a new brand innovation,
service or a product or an alternate from the existing business model in which the business
functions.
The entrepreneurial ventures which are taken under this category are generally high
returns, with a high level of uncertainty involved (Decker et al. 2015). Furthermore, the
entrepreneur needs to take other risks like career risks, money security risks and others in order
to fulfil his aspirations.
Intrapreneurship
Intrapreneurship can be defined as an entrepreneur who works within the realms of the
organization. These individuals are highly motivated, action oriented and proactive individuals

3ENTREPRENURSHIP
who take various decisions of their own but do not go beyond the boundary of a firm in order to
produce innovative services and products. The critical aspect of this is that the intrapreneur
functions within his comfort zone because he does not associate the organization failure with his
personal one. He tends to believe that if the organization fails, he will have nothing to lose.
The entrepreneur does not function in general but tends to focus on specific issues in the
given area. The areas which he concentrates on may be deficient in skills or related to the
productivity of the firm (Dees 2017). Briefly stated, an intrapreneur tends to have the ability to
drive innovative ideas in the given realm of the organization.
The primary characteristics is that the intrapreneurs prefer freedom in their functions and
like to have independency within their base. They work efficiently towards development of
workflow charts and they can visualise the competition existing in the company and tries to
remove them.
Managerial
This kind of person in an organization showcases his entrepreneurial skills by managing the
different people who exist in an organization. They like to manage the different people who are
present in the firm and thus this is popularly known as managerial work force. These employees
are paid and tend to have authority of making any changes within the realm of the firm. These
entrepreneurs are to manage the daily responsibilities at work. They are concerned with making
the daily processes and tend to make them more efficient.

4ENTREPRENURSHIP
P2
Explore the similarities and differences between Social Entrepreneurship and Lifestyle
Entrepreneurship, including two existing examples of each.
Lifestyle Entrepreneurship
A Lifestyle Entrepreneurship can be defined as an entrepreneurship which is concerned
with creation of business not for the profit motive but rather creating or altering an existing
lifestyle. This kind of entrepreneur is generally concerned more with the rewards gained and
conducts the given practices because he may consider that doing good is his duty or rather his
passion.
For instance, Gary Vaynerchuk is an inspirational author, who tends to give out
motivated speeches and tries to motivate people.
Social Entrepreneurship
The social entrepreneurship can be defined as a technique whereby the primary motive of
an entrepreneur is to associate with other entrepreneurs and help them to develop, implement and
fund the different solutions with an aim to look into social, environmental and cultural issues.
The given organization may differ from others in sizes, aims and beliefs (Fayolle 2013).
An example of the social entrepreneurship is the Amul Company in India which was
established as a cooperative to fight against the unfair milk trade practices in India.
The differences between the two are as follows:
Point of distinction Social Lifestyle

5ENTREPRENURSHIP
entrepreneurship Entrepreneurship
Investment Seeks investors
because he has a well
defined goal in mind
Does not seek any
external investment
Exit Strategy Always has an exit
strategy in mind
Does not have an exit
strategy
Location Limited with respect
to locations
Not limited
Donation Do believe in the
donation aspect
Do not believe in the
donation aspect
Profit motive Always seeks profit Does not seek profit
Structure of the
organization
There is a presence of
a well defined
organizational
structure
There is no such a
strict organizational
structure
M1
Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding
of entrepreneurship, including sources and Harvard Referencing Style.
The entrepreneurial ventures primarily perform in three different stages. The descriptions
are given as follows:
Entrepreneurial

6ENTREPRENURSHIP
As stated earlier, an entrepreneur is an individual who runs a business with limited
resources and undertakes huge amount of risks on his shoulders. He takes the given risks in
anticipation of the rewards which he will be achieving. In the given business domain, the
entrepreneur looks forward to innovate new brands, product or a service. An entrepreneur may
also consider adopting a new business model and let go of the existing one.
The entrepreneurs generally take such a business enterprise in return for high returns.
They leave behind many career prospects and invest their entire savings in order to make the
uncertain venture a successful one.
Entrepreneurship
The intraprenurship is like an entrepreneur in a larger organization. These individuals do
not have no ideas or motives but instead work towards the achievement of the betterment of the
given organization (Singer, Amorós and Arreola 2015). They have a free personality and tend to
take initiatives for the betterment of the given firm. They want to add the x factor to the different
procedures of the organization.
His focus remains on specific issues in the firm and he does not consider the
organisation’s development in general.
Managerial
In the given aspect, the entrepreneur is concerned with the management of people. They
are paid employees who are focused on ensuring that the organizational process is effective and
that the different employees in a firm are concerned towards the long term well being of the
organization.

7ENTREPRENURSHIP
D1
Critically examine the scope, development and growth of entrepreneurial ventures in the
UK, including sources and Harvard Referencing Style.
Entrepreneurs are often considered to be a critical part of any economy and their
development is deemed to be crucial for the long term benefit of the economy. The economy of
the United Kingdom is doing well which presents with various opportunities to the different
entrepreneurs who would like to expand their horizons (Terjesen, Hessels and 2016).
Furthermore, the younger generation is interested in having a business of their own. In that
aspect, the scope of business in the United Kingdom is increasing considerably.
However it is a proven fact that no organization will be able to operate effectively
without using these entrepreneurial ventures (Meyer, Neck and Meeks 2017). People these days
are making use of their effective creative skills in order to determine new ventures in the given
domain,
Statistics reflect that it scope of the ventures and their development are open for various
business organizations irrespective of their size. This is because a majority of business is
conducted by small and medium and due to the high profitability and success, they will be a
major hit in future.
Task 3

8ENTREPRENURSHIP
P5
Determine the most likely characteristic traits and skills of Fraser Doherty and Hamdi
Ulukaya, stating how they are differentiated from those of business managers.
In the beginning, it can be stated that Fraser showed some charismatic quality this
reflected in the manner in which he began his own business enterprise. There does exist certain
differences between the managers and Fraser who can be identified as a leader or an
entrepreneur.
Fraser decided to work diligently and build an empire out of the Grandmother`s recipe.
This quality in him reflected that he is an independent person in nature and is filled with
compassion (Kirzner 2015). He wants to go ahead in life and due to this he was able to establish
an enterprise which was so successful in nature.
Except for this, Fraser has showed innovation and creativity which lead him to
understand the industry demands and make jams which were fully natural (Drucker 2014). He
understood that if he is able to produce goods which people wanted to try.
The given qualities set the entrepreneur different from that of the managers. Managers
often lack the skills which are optimum in creativity. They just prefer carrying out their
monotonous work and do not reflect the quality of independence. They are greatly dependent on
the senior management due to the hierarchical structure. However, the same is not the case for
Fraser who worked independently in order to create his empire.
Furthermore, he worked with an open mind and this is something the manager’s lack. The
manager`s characteristics confine them to a single goal or an activity (Naudé 2014). They do not

9ENTREPRENURSHIP
have the vision to establish in deals which might appear risky in the beginning but may prove to
be beneficial for the long term of the business enterprise.
If the case of Hamdi may be taken, Hamdi came from a humble background and did not
possess the knowledge of English. However he engaged in hard work and compassion which
made his enterprise as successful as it is today. He gave in months of his life to produce yoghurt
so that he could gain the first movers advantage in the business environment.
He went out of duty hours to ensure that their company was fast enough and that they
were fast enough to take over the international competitors like General Mills. This is a quality
which is generally not present in the managers these days (Parker, 2018). They would not like to
work beyond their working hours for the welfare of the organization.
Hamdi was sure that if he worked fast enough and gave into his compassion, he would definitely
be able to achieve success (Bosma 2013). This showed that although did not even possess any
qualifications he started a business which was an instant success and overcame all barriers.
These characteristics are qualities which are very rare in individuals who are managers. These
characteristics are not found in managers (Schaper et al. 2013)
Although at that time the given industry, was going through a phase of recession, but the
entrepreneur’s capability got him ahead.
P6
Assess how aspects of the entrepreneurial personality of Fraser Doherty (Case Study 1) and
Hamdi Ulukaya (Case Study 2) reflect their entrepreneurial motivation and mind-set.

10ENTREPRENURSHIP
As stated earlier, Fraser had a charismatic quality and through the given quality the
person was able to balance both his personal life as well as his professional life. Given below are
certain characterises which help in understanding the personality of Fraser.
Will Power
Fraser portrayed immense will power. Although he believed that the opportunity
available to him was not very well defined, his immense will power was able to help him to not
give up on any of the aspects and to keep trying to excel in the given business domain (Baum,
Frese and Baron 2014). This will power is a very essential character which goes a long way in
helping the firm to succeed.
Intellect
Fraser had business acumen which helped him to excel in the given domain. He was
easily able to identify the gap which was present in the given market and this helped him to
perform well (Brenkert 2017). He was able to set up an environment which was nurturing for all
his workers as well. This realty helped him to succeed (Storey 2016).
Risk appetite
Fraser had a risk appetite as well. Making jam, at first does not really appear to be a
career prospect however, Fraser realised that this was not the case and that if he took the right
amount of risk, he will be successfully able to achieve success in the given domain, this aspect of
him went a long way in making him successful (Kickul et al. 2013).
Hamdi
Visionary

11ENTREPRENURSHIP
Furthermore, Hamdi was very visionary as well. He had set out a mission in the very
beginning that he would be required to establish an enterprise for the long term welfare of his
workers and establish advantage against the various competitors and gain large market in the
long run (Parker 2018).
Strong headed
Hamdi was quite strong headed as well. This is largely portrayed from how he was
indulged in his work for months until he found success (Mason and Harvey 2013). Although he
was inexperienced and did not have any command over the language in America, he did not fail
to understand the market demand and for this reason, he is believed to be strong headed and
capable of doing what is required out of him.
Intelligent
Hamdi was quite intelligent as well. Overpowering the different large enterprises is not
an easy task and for this reason, Hamdi worked on bringing different products together in a fast
manner (Burns 2016). Only an intelligent mind is capable of doing this and thus, the given
entrepreneur was quite intelligent as well.
Inspiring
Hamdi was simply inspiring to his employees. In the given case study, it was stated that the
different employees of Hamdi, were truly in awe of the given entrepreneur and admired him
greatly for his hard work and acumen (Schaper, et al. 2014) they believe that it was due to his
hard work and straight forwardness towards work that they were able to achieve success.

12ENTREPRENURSHIP
M3
Explore and examinedifferent lines of argument relating to entrepreneurial
characteristics, building on P5 and P6, including sources and Harvard Referencing Style.
There does exist a relationship between the entrepreneur kills of an individual and the
background where they live. This can be said with respect to evidence that the parties are equal
and that the entrepreneur s helped though his phase.
D3
Analyse the characteristic traits, skills and motivational drivers of at least two (2)
successful entrepreneurs, supported by specific examples, including sources and Harvard
Referencing Style.
Larry pge
The given characteristics are portrayed by Larry Page in his entrepreneurial endeavours:
 Hard work
 Creativity
 Intellect (Baum, Frese and Baron 2014)
 Willpower
 Sustainanee
Sergin Bins
The induvial is a Russian entrepreneurial who portrayed the given skills;
 Risk Appetite
 Endeavour

13ENTREPRENURSHIP
 Intellect
Task 4
P7
Examine, using Fraser Doherty (Case Study 1) and Hamdi Ulukaya (Case Study 2), how
personal background and experience can hinder or foster entrepreneurship.
The personal background of an individual tends to have a huge impact on the
entrepreneurial opportunity which is adopted by the individual. This can be said because, the
way and mannerism in which the individual has been brought up tends to have a huge impact on
the thinking ability of the induvial which in turn has a huge impact on the ideas which are
reflected by the individual in the given domain Hence, it can be stated that it is extremely
important that as a person, an individual learns from his or her surroundings in order to analyse
and convert the problems of an individual to a an opportunity. Following this, the entrepreneur
will be able to successfully ensure that the entrepreneurial venture is a complete success.
As it was observed in the case of Fraser, it can be said that the passion and idea about the
right kind of business model that could work effectively brought him to the given stage. When he
realised that his grandmother`s recipe and concept was becoming popular and that the demand
for such pure products would increase in the future, he decided to convert this to a full time
business. Furthermore, the encouragement from his friends and family helped him to succeed
and go beyond the present domain. Hence, he decided to take up this as a career option and
engage in something he was passionate about. Passion forms an essential aspect of any business
enterprise.

14ENTREPRENURSHIP
In the second case, it could be stated that, Hamdi has struggled quite a lot in his business and
has reached the given place after immense amount of hard work and sustenance. He was an
individual who did not even have a hang of the English language and has reached to new heights
since then, therefore for this purpose, it becomes essentially important to see that Hamdi has the
business skills which are quite rare in others. These skills have include hard work, determination
and struggle. The struggle in him and the passion to perform better instigated him to perform
better.
M4
Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to Fraser Doherty (Case Study 1) and Hamdi Ulu kaya (Case
Study 2), including sources and Harvard Referencing Style.
As stated previously, as there exists a link between the past experiences of the individual
and the entrepreneurial ventures. There also exists a link between the entrepreneur characteristics
and the background of the induvial. Very individual the background of the individual tends to
become a factor of the hinder. In other cases, the background of the induvial like that of Hamdi
and Fraser became a point hindrance to them. Hamdi was someone who did not even know the
American Language but his hard work and determination bought him forward and helped him to
start a yoghurt business in America which became one of the largest enterprises present in the
given country.
However, in the case of Fraser the entrepreneurial background was a support for him. His
parents, family and friends used to encourage him and ask him to perform in a manner such that

15ENTREPRENURSHIP
he will be able make a business out of his passion and thus, this ensured that he was successful in
the long run (Ács, Autio and Szerb 2014).
D4
Critically evaluate how personal background and experience influences entrepreneurs,
both positively and negatively, by comparing and contrasting Fraser Doherty and Hamdi
Ulukaya.
There exists a link between the entrepreneurial characteristic s and the background of the
different individuals. For some people it acts as a hindrance whereas for others it may act as a
support. In the case of Hamdi his background was a component of hindrance in his entrepreneur
and success. Whereas on the hand, the background of Fraser acted as a point of support for his
entrepreneurial ventures (Abreu and Greenwich 2013). As it can be seen from the given case
study, Hamdi did not get any personal support in the past and it was his hard work and
determination that took him forward and made him succeed in the business domain. However,
Fraser`s background is such that it provided him sufficient support in the past and went a long
way in making him successful and assisting him to achieve his goals.
Therefore, there exists a strong link between the different experiences and background of
the entrepreneur with the future success of the firm they work into.
However in reality, it is not necessarily that a good background may help an
organization to gain success. It is the idea of the entrepreneur that goes a long way in making
him successful in the business domain. The entrepreneur should portray the right kind of skills
and determination like hard work, intellect, creativity and determinacy.

16ENTREPRENURSHIP
References
Abreu, M. and Grinevich, V., 2013. The nature of academic entrepreneurship in the UK:
Widening the focus on entrepreneurial activities. Research Policy, 42(2), pp.408-422.
Ács, Z.J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy, 43(3), pp.476-494.
Bae, T.J., Qian, S., Miao, C. and Fiet, J.O., 2014. The relationship between entrepreneurship
education and entrepreneurial intentions: A meta‐analytic review. Entrepreneurship theory and
practice, 38(2), pp.217-254.
Baum, J.R., Frese, M. and Baron, R.A. eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Baum, J.R., Frese, M. and Baron, R.A., 2014. Born to be an entrepreneur? Revisiting the
personality approach to entrepreneurship. In The psychology of entrepreneurship (pp. 73-98).
Psychology Press.
Bosma, N., 2013. The Global Entrepreneurship Monitor (GEM) and its impact on
entrepreneurship research. Foundations and Trends® in Entrepreneurship, 9(2), pp.143-248.
Brenkert, G.G., 2017. Entrepreneurship, ethics, and the good society. In Entrepreneurship (pp.
85-128). Routledge.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Decker, R., Haltiwanger, J., Jarmin, R. and Miranda, J., 2014. The role of entrepreneurship in US
job creation and economic dynamism. Journal of Economic Perspectives, 28(3), pp.3-24.

17ENTREPRENURSHIP
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development, 25(7-8), pp.692-701.
Kickul, J.R., Gras, D., Bacq, S. and Griffiths, M.D. eds., 2013. Social entrepreneurship. Edward
Elgar Publishing Limited.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Martin, B.C., McNally, J.J. and Kay, M.J., 2013. Examining the formation of human capital in
entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of Business
Venturing, 28(2), pp.211-224.
Mason, C. and Harvey, C., 2013. Entrepreneurship: Contexts, opportunities and processes.
Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship‐strategic management
interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.
Naudé, W., 2014. Entrepreneurship and economic development. International Development.
Ideas, Experiences and Prospects.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small
business.

18ENTREPRENURSHIP
Singer, S., Amorós, J.E. and Arreola, D.M., 2015. Global entrepreneurship monitor: 2011
global report. London Business School.
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.
Terjesen, S., Hessels, J. and Li, D., 2016. Comparative international entrepreneurship: A review
and research agenda. Journal of Management, 42(1), pp.299-344.