Entrepreneurship: Ventures, Economy, Skills, and Personality

This essay provides a comprehensive overview of entrepreneurship, covering various aspects of entrepreneurial ventures. It begins by defining entrepreneurship and exploring different types of ventures, including survival, lifestyle, growth, and aggressive growth ventures, as well as entrepreneurial typologies such as private, scalable start-up, large company, and social businesses, and also the different types of entrepreneurs like female and serial entrepreneurs. The essay then analyzes the similarities and differences between these ventures. Furthermore, it examines the impact of micro and small businesses on the economy, emphasizing their contribution to economic growth. The essay also delves into the characteristics, traits, and skills of successful entrepreneurs, as well as how entrepreneurial personality aspects reflect motivation and mindset. Finally, it examines how background and experience can either hinder or foster entrepreneurship, providing a holistic understanding of the entrepreneurial landscape.

ENTERPRENURESHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Types of entrepreneurial venture and relation with typology of entrepreneurship................1
P2 Similarities and differences of entrepreneurial venture.........................................................3
TASK 2............................................................................................................................................4
P3 Micro and small businesses impact on the economy.............................................................4
P4 importance of small businesses in contribution to the growth economy...............................5
TASK 3............................................................................................................................................6
P5 characteristics, traits and skills of successful entrepreneurs..................................................6
P6 aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set. 8
TASK 4............................................................................................................................................9
P7 Examine how background and experience can hinder or foster entrepreneurship................9
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11

INTRODUCTION
Entrepreneurship is a process of framing, launching and operating a new business
proposing product and service in market. This basically a desire and capacity to set up a
innovative organisation along with risk to make profit. Entrepreneurs are those who thinks out of
the box and have ability to afford risk (Blackburn And et. al., 2013). It is mainly focuses on
generating new ideas and manage a business venture. Some times bad business decisions,
economy issues and lack of funding will force innovator to shut down his business. Apart from
this phase, entrepreneur has opportunity to garb market demand by launching their brand new
product or service. Risks are more involved in developing new industry but if venturer runes
smoothly, it will helps owner to flourish their root in other places too. Here in this essay
entrepreneurial ventures will be discussed along with similarities and their differences. Impact
and contribution in economy through small business will be there. Entrepreneur's skills and
affecting aspects will be determined.
TASK 1
P1 Types of entrepreneurial venture and relation with typology of entrepreneurship
Entrepreneurial is a thinking in a person who develops and introduce new business with
hope of profit. It is an activity in individual that helps them to showcase their innovation in
demanded market. This procedure needed to be planed in proper frame other wise hurdle will
come over this activity is related to beginning and mid phase of business. There are four types of
ventures which are listed as:
Survival venture: This will provide a basic market to entrepreneur for survival his
business. It is just facilitates owner with normal profit by that they can move ahead. These types
of venture may or may be register and generally has no limits or premises. They runes his
business with few asset and no baking relation are involved. It basically use cash to meet with
their daily requirements. It can be said that this venture are exists for taking current profit from
market once their money are covered them they will not have capacity to reinvest in business
activities. This type of industry will operates in high competitive price in undifferentiated
market. (Bridge and O'Neill2012)
Lifestyle venture: It provides literal stable income for businessmen. It is based on work
oriented business set up and runes over management approach. Investment in moderation to
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garb competition in general market. Relatively it has primes and located on single place. This
ventures has constant number of employee and they will not seeks specific growth. This venture
has limited capacity.
Growth venture: Here venture has opportunity for stable growth and also workable
model of business. In this types of industry, they have ability to make reinvestment in project and
also can take entry into new market or location. Moderate growth in this business will helps
owner to develop business on large scale. (Burns 2010)
Aggressive growth: this venture is technology based with innovative product through
new ideas they have capacities to expand their business and seek growth these are funded by
equity capital. This has most invested business venture and have chance to grab and attract
market demand.
Typology- It refers to classification according to general type, Psychology ans social science.
When any individual wants to develop his business in any market he needs to go with market
research cause every market has it's own preference and wants or desire related to purchase
process. For expansion business and it's growth innovator should know typology. There some
kind of typology describe as:
Private venture entrepreneurship: As name says privately generated industry in UK.
This types of firm has single entity or it can be said that only one possession will be there that
facilitates innovator to have good profit. Here government forces have less force over these
industry. They are not having support of government as this types of venture are generate their
revenue by their own. (Dennis 2011)
Scalable start-up: It covers small and high level of ventures. Small business which are
begin with niche market ans runes just to survive livelihood and have not enough financial tool.
Other side high level start ups are comes with range of finance. They have both kinds of start-up
as these types of venture are having a scale of fund and according to it firm are started.
Large company: They people are deals in large scale and in bigger project. Industry
have target market and major focuses on luxury items. Here entrepreneurs have enough finance
to expand business and face any trouble.
Social business entrepreneur: These are non- profit organisation that have purpose to
provides quality stuffs in market to make customer satisfy. This kind of organisation does not
seeks any benefit but they are works for social cause.
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All ventures are related with entrepreneurial typology as they interrelated with each other such as
survival venture will be small business motive of this is just to survive and not seeks for profit.
Growth venture can be large scale business. (Dunn and Liang 2011)
Some of different typologies are:
Female entrepreneurs- It is also known as the entrepreneurial venture where women
begin and operate their business which are conduct by their own. Females are talented in
organising and arranging thing, staff and management as it is their duty to handle venture and
ready to have different various risk while running business. Female entrepreneurs are able to
make effective decisions and also they are capable to tackle all the condition. Just for an example
Oprah Winfrey, the lady is successful one as she is an owner of a production firm. There are
various successful women who are conducting and operating their own business at oversees
level.
Social Entrepreneurs- In these types of business. They performs for social welfares and
generate innovation in different fields such as health, hospitals, education, development of
business and healthy environment. They are concentrating on making effective venture with
having sustainability. Social welfare organisations can be non- profit or profit venture. Like; Bill
Drayton, he is a founder of Ashoka Group.
Serial entrepreneur- In this kind of business, entrepreneurs regularly come up with
some innovative ideas in the business. They begins their business and handover to other one
person with full responsibility and take their steps towards different venture. Their major aim is
to launched successful firm with creative and efficient idea and sell them to other individual. For
an example Andreas von Bechtolshein, he is a co-founder of Sun Microsystems. He quit his
venture for starting new one that is Granite system that produce network and switches or
continued to change their business after a certain time.
P2 Similarities and differences of entrepreneurial venture
Survival and lifestyle venture
Similarities Differences
 These both are initial level start-ups
related with customer's preference.
 Continuity is necessary for each of
 Survival business is related to endurance
of venture it does not seeks extra profit.
This can be a small scale industry.
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them to rooting business in market.
Through it they will have chance to
serve different market.
 These are interrelated as lifestyle
venture firstly seeks for survival and
them expand his business. Other side
survival organisation are look for
durability if they will have good rage
of benefit them only they will flourish
business.
 Lifestyle venture can be for particular
season. And provide stable benefit to
businessmen.
 It can be differentiate on large and small
scale business.
 Lifestyle can be generated on bigger
scale and set up his target audience. But
survival cannot be stated on higher scale
also they could not go beyond limits.
Growth and aggressive growth venture
Similarities Differences
 They both seeks for growth.
 Serves in competitive market.
 They have capacity to enter in new
brand new market and mark their
product as brand in target area.
 Both have enough ability to reinvest.
 These venture are always ready to
rooting their branches into new place to
grab demand.
 These both ventures are not for initial
level. They come up with bigger
investment to get his target market.
 Growth business has stable expansion
and also have capacity to reinvest.
 Located on single place and moderation
in growth provides business
development.
 Aggressive venture are techno friendly.
this serves market with new product
which are technically update.
 High financial tool is in this
organisation but growth venture does
not have money to spent extra penny.
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Lifestyles ventures Serial ventures
Similarities Similarities
 This kind of entrepreneur are having
tendency to make investment more in
their business for the purpose of
farming effective image of market.
 These entrepreneurs are confidant
enough with their innovation or new
thought and idea for producing
effective product and services which
are able to complete buyer's wishes and
needs.
 They change their current product with
innovation to have more revenues and
grab higher profit on continues basis.
 Entrepreneurs are very confidant
persons who are innovative and have
new business idea as they are working
effectively for attaining success and
bring efficient and stable growth.
 These types of entrepreneurs are
curious for having new technologies
and strategies with in an organisation
and also concentrate on opting new
ideas in the venture that are different in
the market place.
 They are always to tries to creates
effective or new thing that helps in
capturing the eyes of customers. They
concentrate on building some thing
with innovation.
 They always make some modification
on regular basis in their product and
services through adding some different
values and feature so that buyer can be
satisfied and also face off to
competitors.
 They concentrate on investing heavier
amount of finance for developing and
collecting new venture plans which
wished can be created.
 They also trying to have creative
thought and idea or new technologies
for manufacturing new products sand
services.
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Differences Differences
 The major difference among these
entrepreneur is that these all
concentrated on investing higher level
finance as well as spent their funds to
creates effective image in market and
frame brand among competitors for
having objectives and targets.
 In this kind of business, individuals
work harder to having success, they
finds out a new way and opportunities
in order to develop their business and
showcase their talent with the help of
new thought and ideas. They try to
produce new goods and services that
are not present before and different
form of competitors, so that they can
frame demand and capture more
numbers of buyers towards product of
the firm. They sell their venture to
different individual and shift to other
field.
Male entrepreneurs Female entrepreneurs
Similarities Similarities
 Male entrepreneurs begins their
business through determining that they
are capable to handle or bear risk and
losses for operating a company and
running business.
 They are highly confidante person for
their idea and plans.
 Female entrepreneurs are also capable
to have and bear losses and risk at time
of running the business. They can
work on multiple tasks at the same time
because of attaining quality to handle
the conditions.
 They concentrate on their work for
having certain task and objective.
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Women are capable for handling
different condition like business along
with house and arrange all these in
effective manner.
Differences Differences
 Male entrepreneur considered
themselves as a powerful entity to
begin a venture as well as its
operations. They tries to arrange their
employees by determining their
performance and work harder for
attaining success.
 Women are very polite and sensitive in
their nature. They can tackle buyers
with their polite behave.
 They are conscious for their work.
TASK 2
P3 Micro and small businesses impact on the economy
The contribution of micro and small businesses have major affect on economy. These
business are main focal point for shaping economy policy in UK. It is a key to ensuring
innovation, job generation and for economy growth.
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(Source:- Srivatstava, 2017)
SMEs has good contribution in economy. It helps in development of businesses and also
generation of employment which affect GDP of country. Many more enterprises are individual
that does no depends on other and does not belong to any groups but in SMEs medium sized
industry are the part of this group. ( Fassin and et. al., 2011)The equal contribution are made up
in manufacturing and other business service. Small medium scales are important term for
employment because It can be said that job generation are dependant part on SMEs. Larger scale
industry also have good impact over economy but SMEs are higher proportion creator of added
value in service sector.
Through small medium scale industry growth are shown all sectors such as employment,
education people are getting more chance to involve with education department, service industry
where person are likely to offer any service in market by they can survive their life. All it mean
that on one will be alone in order to took some steps towards success.
It also provides helps in health care services. As nursing stuff are required every where so
some of industry mark their availability in this sector. Small scale facilitates economy in order to
provide idea to every one that each and every person needs to go with some related job and boost
economy growth. It are also charge lower rates to his client and allows them to get benefits.
(George and Bock 2011) It provides liquidity to economy due to increased revenue and also
attract customers to repeat their business.
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I
llustration 1: Impact on economy

These types of businesses comes with more opportunity that facilitates country with
higher profit along with creating value of their currency. Increased growth of economy can mark
his currency to higher value in front of competitors.
As a whole small scale business is capable to make major impact over entire economy of
the nation cause SMEs are the ones who are captures person's of small, suburban and backward
locations who willing to perform work but did not get chance of job in bigger industries.
Private business- These kind of business is solely based on owner. They have started
their venture with effective finance. It is a non governmental business. They have shares but not
traded on public exchange.
Sole proprietorship- It is all about an individual who is the only owner of business, they
will have profits and liable to all losses. This types of venture refers to small scale investment
through which owner can survive.
partnership- this types of business denotes a legal form of a venture between two or more
persons and individuals who are sharing profit and management. Some of persons are engage in
this kind of business so that all of them are equally liable to have profit and losses.
P4 importance of small businesses in contribution to the growth economy
It is true that some times small businesses are not capable to generate money as much as
large organisation but they are crucial part of and major contribute to power up social economy.
Small businesses provides new employments opportunity in economy.
Contributions: A business related to small venture can be defined as it employees
number are 500 or may be less. These business could be limited liability company or
corporation and can be proprietorship. It creates higher per cent contribution in generation of
new jobs. In UK 64 percent of new employment and paid 44 percent of total private payroll,
according to small business administration. (Gorgievski and et. al., 2011)
Growth: Start-ups and small business contributes in bring growth and innovation to
community in which business is made. It helps in promote economy growth by offering job
chances to people who may not be employed by large corporation. It also attract talented people
who have capacity to create innovation, finding solution to implement them and work on existing
ideas. Large companies are depended on small scale business for accomplish variety of business
functions by outsourcing and they took their profit by these kind of venture.
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Adaptability to changing climates: small business have abilities to answer and adapts
changes quickly in order to deals with changing economic condition. It is the fact that small
ventures are very customer oriented. In the era of economic crisis many consumer are those who
are tend to be very loyal to their favourite small business and this trust worthiness will helps
these organisation to be stick in duration of tough times. Through small set ups country will
afford less lose in time of economic crisis.
School and local government offices: when individuals deign his local business they
basically pay back to their local community. A smooth running venture will helps in higher level
of revenue that means company needs to pay extra or high tax including local taxes. This
generated money will be used in schools. It is non stop process that customer will be paying for
their desired product or service and this money will be back in market in use for fulfilling social
requirement. ( Henrekson and Sanandaji 2014)
Future growth: small business dose not stays as small venture. It will expand with time.
Many organisation who are the biggest brand are started off as small business and they grew as
prominent player in internation and national market place. Here Microsoft is best example to put
of how an small innovation can change world. Businesses those are grow as leader of market are
remain in that stream in which they are established. After that having a title of bigger corporation
in market can provide employment in future ans collect the local economy.
Employment: Small scale business is having major part in the growth of economy as
they generate sound level of employment for all the persons.
BREXIT-It is a term which denotes the withdrawal of the UK form the European Union.
There were various types of problem that affected on the different kind of ventures and some
benefits along with drawback is faced by UK after Brexit.
After Brexit UK has major issues with currency as it changed after it along with nation
are not having suitable numbers of employment hence people are not able to get job. UK's trade
also get affected. But other side, leaving the European union is a decision through UK dose not
need to give their contribution in EU budget hence more cost will be saved. All the investment
are made in the United Kingdom only, country will not liable to make investment in EU.
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