Entrepreneurial Ventures: Types, Impact, and Mindset

This report delves into the realm of entrepreneurial ventures, exploring various types such as serial, social, and female entrepreneurship, and their relation to the typology of entrepreneurship including survival, lifestyle, managed growth, and aggressive growth ventures. The report examines the similarities and differences between different entrepreneurial ventures. The study interprets data and statistics to illustrate the significant impact of micro and small businesses on the UK economy, including employment, inflation, and the effects of economic slowdown and population composition. Furthermore, the report highlights the importance of small businesses and start-ups in contributing to the growth of the social economy, particularly in the context of Brexit. The report also identifies the characteristic traits and skills of successful entrepreneurs, differentiating them from business managers, and assesses how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset. Finally, the report examines how background and experience can either hinder or foster entrepreneurship, providing a comprehensive overview of the entrepreneurial landscape.

Entrepreneurial
Ventures and
Exploration of the
Entrepreneurial
Mindset

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK1.............................................................................................................................................3
P1. Carry out a mini research to examine different types of entrepreneurial ventures and
explain how they relate to the typology of entrepreneurship......................................................3
P2 Explore the similarities and differences between entrepreneurial ventures...........................4
TASK 2............................................................................................................................................6
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...............................................................................................................6
P4. Explain how important small businesses and business start –ups will contribute to the
growth of the social economy.....................................................................................................8
TASK 3..........................................................................................................................................10
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers..........................................................................................10
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set..............................................................................................................................11
Task4 .............................................................................................................................................12
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................12

INTRODUCTION
This report revolves around entrepreneurship venues along with the mind-set that an
entrepreneur should have. The report reflects on entrepreneurs of ASDA. Zuber and Mohsin Issa
are commonly known as the Issa brothers. Both of them are well known all over the globe
because of their understanding of entrepreneurship ethics and application of innovation in the
same (Ács, Autio and Szerb, 2014). In addition to that, the report also sheds light on the
relationship between typology of entrepreneurship and entrepreneurial venues. The study also
discusses similarities and differences in different entrepreneur venues. The study is based on
secondary data interpretation in order to draw more reliable conclusions. The report also focuses
on the importance of small businesses along with start-ups that accumulated towards the growth
of social economy post BREXIT.
MAIN BODY
TASK1
P1. Carry out a mini research to examine different types of entrepreneurial ventures and explain
how they relate to the typology of entrepreneurship.
Entrepreneurial ventures can be defined as the organizations that uses the concepts of
opportunism and innovation at the core in order to contribute in social and economic value. The
entrepreneurs around whom this report revolves around are Issa brothers. Zuber and Mohsin Issa
are well known all over the globe for their understanding of this concept. Issa brother are known
for their contribution towards the same.
Serial entrepreneur: Serial entrepreneur's are entrepreneur's that have ideas regularly and
willingness to invest in new businesses. Serial entrepreneurs focuses on creativity, innovation
and look forward in grasping more opportunities (Blackburn, Hart and Wainwright, 2013). some
of the example of serial entrepreneur includes Steve jobs, Elon musk.
Social entrepreneur: Social entrepreneurs have different beliefs as they focus on solving
societal problems. These entrepreneur's encourages on creating a positive impact on the people
of the society. Martin Riddiford and Jim reeves are example of social entrepreneur who develop
gravity light.
Female entrepreneur: In rapidly changing society, women's are the new face of
entrepreneurship. Female entrepreneur focuses on organizing, managing an organization in

most effective and efficient ways. Deborah Meaden is one the successful female entrepreneurs
she is part of many successful entrepreneurs, she is well known for Dragon's Den where she has
made investment of 2 million pounds across 34 different business.
Typologies of entrepreneurship ventures:
Topologies is an interpretation or classification of things according to some specific types
for examples classification on the basis of structure, form, style and plan. Mentioned below there
are four types of typologies that are mainly found in entrepreneurship:
Survival Ventures: These ventures mainly indulge in the activity to survives and fulfil
basic necessities. Firms in these sectors are not registered and doesn't operate their business
functions in any kind of premises. They perform their activities with limited resources and
generally does not have any type of banking relationship. Type of business in this venture
includes micro-ventures (Bosma, 2012). Example of survival entrepreneur includes the “mom
and pop stores”. Gas stations, mini marts and small retail stores.
Lifestyle Ventures: Lifestyle ventures are set up to achieve effective level of productivity
to fulfil income an entrepreneur. Business organisations in this type of ventures are not
subjected to growth and expansion. Lifestyle ventures have constant number of employees and
operate their business activities in a single premises. Firms covered in this segment includes
small business organisations. Example of lifestyle venture is Tim Ferris who is known as one of
the most innovative business ventures.
Managed Growth Ventures: Organisations in this segment aims towards stable growth.
Most of their focus is on expanding their facilities in steady way, launching new products and
services with innovative ideas, shifting their geographical locations and hire new staff. This type
of venture is continuously in reinvestment mode (Choi and Majumdar, 2014). Business firms in
these ventures are medium sized organisation.
Aggressive Growth Ventures: In aggressive growth ventures, there is technology based
nature and strong innovative potential. Funds in these organisations are generated through equity
capital and they seek more exponential growth. Their main aim is to take their business ventures
in different international and national market. Organisations in this type of venture include all
large scale business enterprises (Bridge and O'Neill, 2012).
P2 Explore the similarities and differences between entrepreneurial ventures
Basis Lifestyle ventures similarities Serial entrepreneurs ventures

similarities
Definition These are that kind of business
venture which aim to earn
fixed level of income in order
to meet needs of daily
survival.
This business also earn profit
which is also which act as an
aim of business firm.
Operations In this venture it is must to
develop skills related to
business survive in order to
meet neds of profitability
(Choi and Majumdar, 2014).
In this kind of business
venture, firm also needs to
develop
Differences Differences
Innovation These entrepreneurs focuses
on maintaining the growth of
their organization through long
term continuity of the
business.
Serial entrepreneurs focuses on
creativity and innovations
through which they they can
grasp more beneficial
opportunities.
Risk-taking habit Lifestyle entrepreneurs are not
easily risk takers as they focus
on having a clear and planned
strategy that needs to be
implemented.
Serial entrepreneurs are highly
risk takers as they are always
willing to invest in a new
business and take risk without
fearing of facing failures.
Basis Female entrepreneur
businesses similarities
Male entrepreneur businesses
similarities
Definitions Female entrepreneurs are
women's that are the new face
of the business and they focus
Male entrepreneurs have been
ruling the business from
decades, they are self-

on maintaining the goodwill of
the company.
sufficient and high risk takers
(Chrisman, 2012).
Passion Female entrepreneurs are
highly passionate in achieving
the organization's
effectiveness.
Male entrepreneurs follow
their passion through investing
and risk taking.
Differences Differences
Identification of opportunities Female entrepreneurs identify
the opportunities through
searching on social network.
Male entrepreneurs identify
opportunities through
communicating with bankers
and investors.
Risk-taking ability Female entrepreneurs are less
likely to take risks and operate
with clearly planned strategy
Male entrepreneurs are likely
to take risk's and try to
implement new ideas.
Leadership style Female entrepreneurs often
tends to operate through
participative leadership style.
Male entrepreneurs lead with
autocratic leadership style.
In context of ALDI it can be said that is a brand that includes two German country discount
supermarket chains having 10,000 stores present in 18 countries. ALDI has maintained the
discounted reputation by offering all the products at discounted prices in comparison to their
competitors. The organisation is focussing on no frills shopping experience.
TASK 2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy.
In context of UK there is a fixed criteria to divide the business in micro small and medium term
business. The whole discussion which is based on the data provided by UK government is
discussed below:
 Micro Business = less than 10 employees & turnover under £2 million

 Small Business = less than 50 employees & turnover under £10 million
 Medium Business = Less than 250 employees & turnover under £50 million
Impact of small business on the economy:
Small scale business play important role in meeting neds and performing task according
to needs of economy (Decker and et. al., 2014). There are different factor in economy which are
based by these firm and has be followed. There different impacts which on components of
economy which are discussed below:
Employment: This is an major factor which is related to impact of SME, this can be
seen that SME contribute in large number for providing employments in UK. This can be seen
from the graph mentioned below. This is also related to use of this sector and performing in
effective way. Here, SME help in meeting needs and gaining insight about different factor.
Inflation: This is also an factor which is related to growth on SME in UK. This can be
seen that in resent years inflation rate in UK is higher then target rate. This is also impacting on
perforce of SME. This is because it results in fluctuation of pieces related to products and
services. This also leads to changes in polices of products and services which are offered by firm.

Economic slowdown: under this factor, SME has to focus on meeting there daily
survival needs this is because due to impact of Covid-19, different SME impacted negativity.
This make it essentialist for business firm to meet there expenses and performer task in effective
way. This is also impacting ion performance of firm and help in meeting needs according to
performance standards.
Population composition: This is also an factor which impact on perforce of SME. This
can be seen that Britain has limited population which is effective tools to meet needs. Preference
of UK people is also limited which helps SME in meeting demands and performing there
operation according to needs. This helps them in meeting performance standards and achieving
business objectives.
These are some factor which are impacting on performance of business and has to be
manage according to needs. SMEs are contributing effective roles in development of UK. This is
related to changes in business function and meeting needs in effective direction. This also helps
in building effective economy by managing flow of good and services according to needs
(Fassin, Van Rossem and Buelens, 2011).

P4. Explain how important small businesses and business start –ups will contribute to the growth
of the social economy
Brexit refers to exit of Britain from European Union and changes in norms of dealing
between Europe and Britain. This was implemented on 31st January 2020. This is also a factor
which impacted in performance of business firms situated in UK. As, there are different changes
in business functions which have to be addressed by firms working in these nations.
This is an important factor for other nations of world because there are different nations
which are dealing with both European nations and Britain. Due to this there polices will also
impacted. This will also impact on trades of different nations. This has both positive and
negative aspect which has to be faced by firm in order to manage roles and achieve business
objectives (Drucker, 2014).
Positive aspect of this on social development is that it helps in bridging differences which
are related to rigid policies of EU. These restrictions can be removed after this from the side of
Britain. This helps in interaction with those nations where Britain is not trading before this
decision. This helps in exploring business operations and well as interaction between different
economies.
This will also impact negativity on economic condition on business firms situated in
Britain. As these firm has to changes there polices and perform with new guidelines which are
issued by government of Britain. This is identified that Small scale firms are playing important
roles in this function. Here, Small businesses help in economic growth as it is easier for small
firm to changes there working framework because of simple structure. This helps economy to
service in period of Brexit and manages roles in effective way (George and Bock, 2011).
More revenue to government taxes, foreign exchange gains is also a factor which is
related to benefits of SME in time of Brexit. This is because small scale firm are working on
local level which is related to uses off resources a performing task by using local capital. This
aids these firms in meeting regular working in times of Brexit. Here, they also sale produce to
other countries which helps in meeting needs related to government taxes, foreign exchange.
One more contribution of small scale firm is related to improvement UK economic
growth. As, small scale firms are covering lager section of UK market. This is help full in
meeting needs of economic growth. This is because it serves customers by their innovative
products. These channelize flow of goods and services and helps in boosting economic growth.

Small scale firms in Britain act as an important part of business which aid in boosting
performance and meeting needs. This is because, such type of firm are producing goods by
following international standards. This is helping in booting sales and attracting employees at
global level. This directly helps in Improve UK international trading.
Impact of social economy: the small business are playing critical role in the economy by
contributing towards employment scenario for generation of a balance between input and output.
It leads to fuelling of economic growth, bandwagon of innovation, expansion of tax base. There
is enhancement of competitive spirit for such organisations
Social media impact on economy: with the changing external environment there has been a
complete shift in the way different strategies are being used by organisation for the purpose of
enhancing their growth and success. The mobile technology ahs also played a essential role in
shaping the social media impact. Across globe mobile services are dominating the total time
spend online by various social media users. ASDA is one of well known chain of supermarkets
that is having high commitment towards use of social media applications like Instagram and
Twitter to manage their online brand image.
NGO work for development of society:
Enterprise role is to promote CSR practises are becoming very critical assist business experts and
leaders to value the way it can positively impact strategies of a business organisations. In context
of ASDA there are some of the ways in which there is development of suitable corporate actions
which includes building up of brand image, appealing to customers, retention of employees and
attracting of talent. In case of retail sector organisation CSR practises are playing a major part in
helping the organisation to grow. It leads towards community relations and stronger client base.
CSR role of ASDA: ASDA is willing to handle the function of corporate social responsibility in
a very careful manner as they are using sustainability approach to enhance the process of
offering affordable product range to their customers. They are focussing on use of a statement
that is “doing the appropriate thing”.
As a growing spirit entrepreneurship ASDA is also willing to support the aspects of
sustainability by offering affordable product range to their customers so that they are able to
safeguard the environment in which we are living. Such as they have build up policies of
offering incentives to customers who are choosing to use a reusable bag. The stores have been

promoted by using of single use carriers by encouraging customers to work on affordable and
sustainable alternatives.
TASK 3
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.
In the business environment, it is identified that every successful entrepreneur possess
different kind of traits and skills which help them in being different from the business managers
and attain a level within their life. This help in meeting the standards and achieving better results
while working out the different jobs. In order to this, there is comparison between traits and
skills of Philip green and James Dyson. All these are discussed below:
Philip green Richard Branson
Skills
Ambition: ambition is a most important skill
of a successful entrepreneur which is possessed
by Philip green. He is so famous retail group
full stop in order to achieve this length used to
perform different functions and make
ambitious plan for every step in his life. This
help achieving a better milestone as well as
performing in effective manner (Islam, 2011).
Willingness to learn: this is also a skill which
is possessed by Philip green in its career. It is
an ideal quality which can be seen within him
fall stop at this he always willing to learn
different things as well as capture ideas to
become a better person who support
Innovation and learn different things to
perform on them
Skills
Courage and risk taking: Richard Branson
always focuses on taking risk in order to
achieve better results. He always uses his
courage to perform at different task and
achieve better results by using greater id as
plans. Is ideology helping them a lot to become
a member top 10 billionaires within UK.
Confidence: Richard Branson always
confident on the decisions as well as they
effectively communicate in order to meet the
assertiveness and perform function in better
way. His confidence always leads to success
within the business where you confidently
invest and perform task according to the
requirements (Kirzner,, 2015).
Traits of Philip green
Creativity: It is a major trade of a leaf green
Traits
Risk tolerance: One of the major treat of

which is related to creativity in their mind. He
always used to be creative as well as think out
of the box ideas for staff we always want
employees to be able to carry out the
assignment by using better ideas and consider
effective techniques of innovation.
Vision: Vision is also treat which is process by
Philip green. He always used to make effective
region where the major strategy is that vision is
about a strategic planning which help an
entrepreneur to keep a big picture of different
functions and manage employees in better way
to achieve their goals.
Richard Branson is related to risk tolerance.
Near always things that if organisation will
grow then it involved the risk and changes
which has to be considered to be a better profit
opportunities. This perspective he always
becomes a risk tolerant person who used to
take risk according to the requirements of
profit.
Flexibility: Sir Richard Branson is flexible
enough to take changes and solve problems. He
always used to believe that there are different
functions which help in individual and
flexibility is one of them. In order to meet
needs he use open-minded approach and
perform functions in efficient way (Kiss, Danis
and Cavusgil, 2012).
 Risk taking: Risk taking is a aspect that is required to analyse all the associated risks that
may be in terms of making financial investment or not acceptable in market because of
already existing competitors.
 Market research: Market research provides relevant data that is important for the
purpose of dealing with the challenges that are taking place generally in the business
planning process. Generally in context of ASDA there is use of two types of information
that is primary information where the information is related to the target segment of
customers. Secondary information includes that is collected from any existing sources
that includes government agencies, trade association or other business types.
 Keep an eye on competitors: major competitor brand of ASDA: There are some pf
the competitor brands of ASDA that includes sainsbury's, Morrisons, Tesco, ALDI,
Argos limited. It is important to keep a check on the continuous changing strategies of the
competitor brands that is also a part of entrepreneurship management process in ASDA.
In this function if there is a sudden change in the strategies of competitors then those
have to be continuously monitored if there is launching or expansion of present product