Entrepreneurship Report: Ventures, Economy, and Entrepreneurs

This report delves into the multifaceted world of entrepreneurship, examining different types of entrepreneurial ventures, including survival, lifestyle, growth, and aggressive growth ventures, along with their respective typologies such as private venture, scalable start-up, and social business entrepreneur. The report then analyzes the similarities and differences between these ventures, providing insights into their operational characteristics and market positioning. A significant portion of the report is dedicated to the impact of small businesses on a country's economy, highlighting their role in employment, innovation, and economic growth, supported by statistical data and real-world examples. The report also explores the characteristics, skills, and traits of successful entrepreneurs, and the factors that influence entrepreneurial motivation and mindset. Furthermore, the report examines how an individual's background and experience can either hinder or foster their entrepreneurial journey. The report covers the importance of small businesses in contributing towards economic growth and provides a comprehensive understanding of entrepreneurship's role in the business world.

Entrepreneurship

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............................................................................................................................................5
P3 Impact of small businesses on the economy of the country...................................................5
P4 Importance of small businesses in contributing towards economic growth..........................7
TASK 3............................................................................................................................................8
P5 Characteristics, skills, traits of successful entrepreneurs.......................................................8
P6 Factors of entrepreneurial personality reflect entrepreneurial motivation and mindset........9
TASK 4..........................................................................................................................................10
P7 Examine how background and experience can hinder or foster entrepreneurship..............10
CONCLUSION..............................................................................................................................11

INTRODUCTION
Entrepreneurship is that process of launching, operating, framing and developing a new
business suggesting goods and services in the large market place. This is generally capacity and
desires for set up the creative and innovative company with risk to develop profit. Entrepreneur
are those who think towards the box and they have certain ability to afford risks. This is mainly
concentrate on generating new ideas and manage the business ventures. Such time have bad
business decisions, economical issues and problems, lack of funding will force the innovators to
shut down the business operation (Ackermann, 2012). Apart from this, entrepreneur has some
opportunities to grab the whole market needs by launching their new products and services. In
this report, it can be discussed the similarities and differences of ventures. They are directly
impact and contributing with small business and entrepreneurs skills and this will affecting the
factors that can be determined.
TASK 1
P1 Types of entrepreneurial venture and relation with typology of entrepreneurship
Entrepreneurial is the thinking in an individual who will developing and introducing new
business with huge profit level. This is an activity of a person which assist them in show case
their innovation in large market place. There are four types of ventures that are as follows:
Survival ventures- Such type of venture may be register and they have no limit or
premises. They smoothly run the business with some assets and no baking relation has been
involved. This is that type of sector which has been regulated and operated in high competitive
rate.
Lifestyle venture- This will provide actual stabilized income and revenue for
businessmen. It is based on work oriented business set up and run the management approach.
This venture has constant number of employees and this will not desire towards particular
development (Blackburn, Hart and Wainwright, 2013).
Growth venture- The venture has some opportunities for stable growth and development
and they have ability to prepare reinvestment in project and can take entry in the new market
place. The moderate growth will assist the owners for developing and formulating business.
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Aggressive growth- It is that venture which is based on technology along with making
innovative products with the help of new ideas so they are able for expanding their business and
such growth are funded by equity capital.
Typology- This can be define as the classification as per the general type, social science
and psychology (Bridge and O'Neill, 2012). An individual required to formulate and develop
their business operations in such market area for going with market research. There are some
kind of typology that are as follows:
Private venture entrepreneurship- This type of company has single entity and it can be
determine as one possession are there which provide facilities to innovator for having effective
income or profit.
Scalable start-up- This will cover small and high level of ventures. Along with this,
small business has start with niche market so they are run for surviving in the livelihood and they
have not required financial techniques and methods.
Large company- The people mainly deals with large scale along with large projects. This
sector have target marketplace and they are focusing on expensive items. Entrepreneur have
certain finance to expand their business and also face many issues or problems.
Social business entrepreneur- Such are non profit organisation which main motive is to
provides quality based stuffs in large market for satisfying their customers. This type of
organisation does not need to gain benefits but they are doing work for social cause.
There are different types of typologies that are as follows:
Female entrepreneurs- This is called as the entrepreneurial venture in which women
start and regulate or operate their business that can be conducted by their own (Bruton,
Ahlstrom and Li, 2010). Female are talented in arranging and organising the various things, staff
and administration so that this is the duty for managing and handling the venture and they are
getting feeling of risk while smoothly running the business.
Social entrepreneur- It is that type of business where entrepreneur perform for social
welfare and also generate innovation in various fields such as education, health, development,
hospitals of business and survive in sound environment.
Serial entrepreneur- In this form of business, entrepreneurs mainly coming forward with
certain innovative ideas and thoughts in the enterprise. The main motive of this entrepreneur is to
introducing successful company with attractive and creative ideas and sell them to other person.
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P2 Similarities and differences of entrepreneurial venture
Growth and aggressive growth venture
Similarities Differences
 Serve in the huge competitive market
place.
 They have ability to enter in the new
brand in market and mark their goods
for target area.
 Such venture are ready for growing
their branches in the new place to grab
needs and wants.
 It is situated on single place and this
will create moderation in growth that
provide development in business.
 This venture are techno friendly. Which
serve the whole market along with new
goods for technically updated.
 This is high financial method and tool
but growth of venture does not have
capital or money for spending
additional payment.
Survival and lifestyle venture
Similarities Differences
 These are initial level start up business
which are associated with customers
taste and preferences (Burns, 2010).
 Such ventures are interrelated with
lifestyle venture so firstly this will
desire to survival and expand their
business operation in other location.
Along with this, survival firm are look
forward for durability if they have
make good range of advantages when
they are motion business.
 Lifestyle can be made for specific
season and also provide stable
advantages to the businessmen.
 This can be differentiated on small and
large scale business.
 Lifestyle can be generating on larger
scale and it can be set up for target their
customers. Apart from this, survival
can be declared on high standard which
does not go beyond limits.
Lifestyle ventures Serial ventures
Similarities Similarities
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 It is that type of entrepreneur which
have tendency to develop investment in
business whose main motive is to build
effective image in the large market
place.
 They can alter and change their current
goods with innovation for having more
income gain high profit on regular
basis.
 These kind of entrepreneurs are curious
for having new strategies and
technologies in an organisation and
they mainly focus on adopting new
ideas and thoughts in the venture which
are totally different in the large market
area.
 They are trying to make and create new
things and effective which assist in
capturing the customers.
 They required to developing and
formulating new ideas and thoughts or
new technologies for producing new
goods and services.
Differences Differences
 The main difference between such
entrepreneur is that they are mainly
concentrate on expending high level
finance and spent their capital in
developing effective image of products
in the large market place.
 An individual are doing work hard for
getting success, so they can identify
new opportunities and ways for making
their business development and show
the talent through making new ideas
and thoughts in better manner.
Male entrepreneur Female entrepreneur
Similarities Similarities
 Male entrepreneur start their business
with determining the capability of an
individual for managing and handling
risk and ideas for regulating firm in
smooth manner.
 Female entrepreneurs are able to bear
risks while running or operating the
business. They are doing work for
handling multiple tasks at the same
time for gaining quality based goods in
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 They are extremely confidence person
who make new ideas and thoughts.
this condition.
 They are mainly focus on their work for
some task or objectives. Women are
able for managing and handling various
situations.
Differences Differences
 Male entrepreneur determined as such
powerful ventures and entity for
starting the venture in business
operation context. They required to
manage and arrange their staff
members for considering their
performance and doing work hard for
getting success and growth.
 They are more conscious for their
work. Women entrepreneur are very
polite and erogenous in their nature so
they can tackle desired customers with
have soft behaviour.
TASK 2
P3 Impact of small businesses on the economy of the country
It can be identified that micro and small businesses are growth drivers of the economy
and have been helpful in shaping economy in desired manner. The government have been
emphasizing in uplifting amount of small businesses which are being carried out in the country
due to their positive influence on employment rate, innovation and economic prosperity.
It can be said that there are approximately 5.5 million businesses in the private sector of
the country out of which 99.3% belongs from small and medium scale (Chittithaworn and et. al.,
2011). The reason behind that is government support such endeavours through provision of start-
up loans and grants which helps them operate successfully in the market. It has been identified
that most of the businesses employs less than 250 employees, conforming with criteria defined
by the European Union.
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(Source: Facts about SME's in UK, 2018 )
The above graphical illustration is able to describe the role which has been catered by
small, medium and large enterprises in the United Kingdom. The small businesses have emerged
to be one of highest employment provider in the country and possessing a turnover of 33% of the
total output of the economy. 48% of the total employable workforce in the country is dependent
upon small businesses for their livelihood. Most of the small business have been working in the
manufacturing sector where as large corporation have been successful in catering value in the
service sector in the nation. The growth which has been attained by the small and medium
businesses are not confined to a single sector as they have shown their entrepreneurial capability
in the manufacturing, service and education sector (Cowling, Liu and Ledger, 2012). There is a
recent development of people venturing into healthcare and financial sector as well. The
financial crises of 2008 have enforced people to take up financial technology so that particular
circumstances can be mitigated. The government in present environment have been successful in
creating a suitable environment through relaxing of tax structure and smart regulations so that
they are able to nourish in the environment leading to economic welfare.
It can be said that small businesses play an influential role in the economy of country and
should be promoted in distinct areas of the country such as small cities, suburban and remote
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Illustration 1: Facts about SME's in UK

location so that they are able to enhance their standard of living along with welfare of the
country. A small business can be categorised onto three major segments which are as follows:
 Private business can be referred which has been launched by an individual or a group of
people at the small scale. It is a privately owned business launched with an aim of
securing financial gains (Dennis Jr, 2011).
 An individual can launch a business himself which will comes under category of sole
proprietorship. An individual in this segment invests his personal saving in the business
basically carried out for survival.
 A group of people can launch a business at the small scale through forming a partnership.
The people have specified terms and condition which will define manner in which profits
and loss will be shared amongst them.
P4 Importance of small businesses in contributing towards economic growth
This is fact that at some time small business does not able to generate money which has
large organisation but they are play crucial role and also contribute power in the social economy.
Small businesses render new business possibility in the economic system.
Contributions- The business are totally associated with small venture that can define as
number of employees has 500. such business can be limited liability of association or corporation
that can be proprietorship. This will create and make high percent for contributing to generate
new jobs.
Growth- In this, small business and start-ups contributes in carry out towards growth and
innovation to which develop business. This will assist in promoting the growth economy by
serving job possibility to an individual who does not employed by big corporation.
Adaptability to changing climate- Small business have capability and ability to adopt
certain changes in fast which mainly deal with changing condition of economy. Along with this,
small venture is mainly customer oriented (Down, 2010).
School and local government offices- When an individual make and design their local
business so that they are paying back to their local community. The business can smoothly
running for generating higher level of income which firm required to give high tax including
local taxes.
Future growth- Small business does not stay in term of small ventures. This will expand
time according to the company demand. Microsoft is the best example for how small innovation
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can change the whole world. Along with this, businesses are grows as the leader of market which
remain stable in stream which can be established.
Employment- Small scale business have major part in the economy growth so they can
generating effective level of employment for all an individuals (Fassin, Van Rossem and
Buelens, 2011).
BREXIT- It is that term which denotes for withdrawal of the united kingdom from the
European union. Along with this, there are different types of issues which directly affected on
various kind of ventures and certain advantages which are facing major drawbacks by United
Kingdom after BREXIT. After BREXIT of UK has main issues with currency so this will
changing their country with have suitable number of employment then the people are capable for
getting specific job.
TASK 3
P5 Characteristics, skills, traits of successful entrepreneurs
There are various elements which has been developing differences among company
managers and entrepreneurs. There are two personalities who are doing good work and activities.
The characteristics and traits of successful entrepreneur such as Steve jobs and Bill gates which
are creating impact and there are certain points are as under:
Bill gates – He is one of the successful entrepreneur who is known as American business
magnate. He start their career with Microsoft and now they known as world's wealthiest person.
He has skills to manage their working activities properly and consider innovative ideas in their
business procedure. Bill gates known as mastermind of software industry who work with each
and every marketing aspects.
Steve Jobs – He is the co founder of Apple. They implement their business ideas
positively in their working approaches to make desirable modifications easily. He is known as a
mastermind of technological changes (Hall, Daneke and Lenox, 2010). Their main objectives is
to implement advance technology in their business procedure to attract target customers easily.
Skills and characteristics of Bill Gates
Self starter- An entrepreneurs begin business and also manage all major functions and
activities on their behalf. They are set appropriate benchmark which help in achieving task or
major objectives which ensure that activities can follows specific direction in better manner.
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Confidence- A entrepreneur are confident about their business so that they are identifying
for smoothly running the business and they have ability to gain growth and success of the
company. In an enterprise, there are certain managers who are not confident about their effective
strategies and policies which can formulating the business (Ligthelm, 2010).
Hard work and disciplined- An individual mainly concentrate on their organisation
succession so they are required to eliminate and remove the hurdles which can occurs for
achieving desired goals and targets in proper manner.
Risk taker- A person have some ability and capability for taking risk in the business
where some managers does not take any type of risks and analyse the quality of entrepreneur by
which they can bear such kinds of danger or hazards for surviving in the large market place.
Skills and characteristics of Steve jobs
More creative- An entrepreneur are more creative and curious so other manager are
doing something different work. They are coming up with the different solution for specific
issues in the market for fulfilling the main motive is to create new market and provide tough
competition to their rivals.
Communication skills- They have strong interaction and communication skills so that
their managers can convey message to the people regarding their mission and organisation major
goals. Also they are encouraging their staff members and providing accurate communication
among people for solving any issues.
Strong work ethics- An entrepreneur are honest and loyal towards their work so they
come first in the office residence and leave in the last for ensure about appropriate functions and
results for reaching with their expectation.
Passions- Entrepreneur always passionate about their work as they genuinely love their
job. They are interested to give time for their work to achieving their goals and target in proper
manner (Nga and Shamuganathan, 2010). They mainly enjoy their work that goes beyond the
capital. A successful entrepreneur are analysing and studying about new things which can doing
market research, customer behaviour and competitors study for getting certain ideas and thoughts
to developing competitive advantages.
P6 Factors of entrepreneurial personality reflect entrepreneurial motivation and mindset
An individual has some features and characteristics but entrepreneurs have such traits and
skills which need to be established. Not for every person is born along with the power and
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creativity level which has ability to change the world. Such personality includes different factors
which can inspiring and motivating others which can modify their mindsets. This includes
characteristics such as ability, attitude, values, motives that giving shape to their major actions
and experiences (Preuss, 2011). Along with this, entrepreneur personality reflect towards
entrepreneurial mindset and level of motivation in better manner. Bill gates and Steve jobs are
two popular and successful personality. Most of the people are mainly impact by their lifestyles.
After becoming famous and popular, they have facing certain issues and problems which are
related with finance, plan of formulating business, encouraging factors and some other barriers.
Both of them have actively deal with such issues due to this entrepreneurial personality. Along
with this, they have certain characteristics and traits which are developing them different from
other people. The positive mindset and determination towards specific work are major pillar of
their business success and growth.
OCEAN are described as under:
Openness- it is essential to be transparent and open. They should search new things for
doing work rather than following old traditions.
Conscientiousness- An individual are doing hard work and conscious regarding their
work.
Extraversion- For becoming successful entrepreneur, it is required to be extrovert and
they should be capable for interacting with each person in better manner.
Agreeableness- It refers that they should be coordinated and coordinated with others.
Neuroticism- They should be curious and dedicated towards their jobs and they should
accept everything in positive manner (Schaltegger and Wagner, 2011).
TASK 4
P7 Examine how background and experience can hinder or foster entrepreneurship
Background and experience are major variables which can be issues and barriers for
effective entrepreneurship in proper manner. According to some specialist, qualification level,
experiences and other personal aspects. Along with this, family is the first phase where an
individual get socialised. There are certain social values and lifestyles of family members which
direct impact on human behaviour in high manner. A person thinking and perception take shape
from their family background.
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