Entrepreneurial Ventures, Traits, and Economic Growth Report

This report delves into the multifaceted world of entrepreneurial ventures, commencing with an introduction to the concept of entrepreneurship and its significance in the business landscape. The main body explores the various types of entrepreneurial ventures, distinguishing between small bus...Read More

Ventures and
Entrepreneurial
Mindset

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
P1 Different types of entrepreneurial ventures............................................................................3
P2 Similarities and differences between entrepreneurial ventures..............................................4
P3 Interpret relevant data and statistics to illustrate how micro and small businesses impact on
the economy.................................................................................................................................5
P4 Importance of small businesses and business start-ups to the growth of the economy..........7
P5 Characteristic traits and skills of successful entrepreneurs....................................................8
P6 Aspects of the entrepreneurial personality that reflect entrepreneurial motivation and
mindset.......................................................................................................................................10
P7 How background and experience can hinder or foster entrepreneurship.............................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
An entrepreneur is one who takes business and financial risks while expecting profits. He is
generally regarded as the source of innovation, new ideas, the producer of various goods and
services for his customers. Entrepreneurs, those who work under others, start their own business
after analyzing all the risks and rewards. Entrepreneurship is the process of designing, creating,
and starting a very small new business idea at the start. Entrepreneur of the business helps in
analysing the demand of the customers so that good services can be given to the customers.
Innovation in the business is very important so that more customers can be attracted towards the
business. in this report various similarities and differences among the entrepreneurial ventures
and entrepreneurship will be discussed (Çera, 2020). Various impact of small business on the
growth of the economy will also be discussed. Also it will be analysed that how the entrepreneur
are different from managers.
MAIN BODY
P1 Different types of entrepreneurial ventures.
Entrepreneur is someone with the underlying skills and knowledge to take the lead in switching
current ideas to future needs. Business Ventures appear after taking risks to make a profit.
Entrepreneurial ventures grow by starting with idea generation, starting a business and moving to
sales and marketing strategies. Entrepreneurship isn't just about profit, it's about business success
and growth. After taking risks, explore various opportunities. They start their business in small
quantities and with limited resources to meet their basic needs. The types of start-up ventures are
as follows.
Small Business Ventures: These ventures are started in small quantities due to the existence of
limited resources. Funds are collected by taking loans from friends and family to meet basic
needs. For example, cookware stores and grocery stores that usually have very few natural
systems. Instead of focusing on making huge profits, they start businesses to survive and meet
the basic needs of society. The money they invest in their business is not large, so they need to
have a proper plan that will bring maximum profits. Customers have the advantage of being able
to use a variety of products in a wide range and increasing their purchasing power.

Social Ventures: This type of venture is conducted to work for social welfare. The main purpose
of these ventures is to fulfill social responsibility, not profit. These ventures are launched to
provide people with a good lifestyle and a better standard of living. They think they want to
solve the problems of the poor by offering cheaper products.
Typology of Entrepreneurship Related to Start-up Ventures.
Copycat Entrepreneurship: This enterprise is only a copy of the policies and strategies of other
successful entrepreneurs. They even imitate their websites and business cards to be just like
them. Individuals need to switch from copying to following or modeling. They do not imitate
them by adopting what is important to their business (Pratama, 2020).
Research Entrepreneurship: They do a great deal of research on all situations before developing
policies and strategies in business. They participate in research because they like learning and
want to do something different from others. Entrepreneurs need to learn something and apply it
to their business right away.
Determined Entrepreneurship: This entrepreneur adopts his own policies and makes business
plans that do not match with others. They are one of those who can do anything to make a
business successful. Sometimes they need to imitate others by believing in the reality of the
market and changing their minds about success.
Successful Entrepreneurship: People have gone through several stages of entrepreneurship and
has grown their business in line with the right strategies and plans. They solve all the problems
and succeed. We adopt business ideas based on the needs of our customers. They use their time
wisely for the development of the organization.
P2 Similarities and differences between entrepreneurial ventures
Every organisation has its own need and requirement and that is what motivates them for their
work so that they can achieves success and growth. Businesses are similar according to different
ways of working to achieve various strategies by meeting the customer demand. All
organizations in the economy want to succeed with large profits, but it is a social venture
established to provide customers with cheaper products to meet customer needs and wants. They
all have different styles to achieve set goals and goals. There are various similarities and
differences between entrepreneurial ventures: -
Differences Small business ventures Social ventures

Objective Small ventures earn basically
incorporated to generate income so
that they can achieve basic or everyday
success for businesses. needs. They are
using society's resources to build a
strong foundation.
Integrate social ventures for social
welfare by offering cheaper and more
rational products. They invest social
resources to provide innovative
products.
Value Small-scale ventures want to solve
business problems by offering
qualitative products at low prices or at
a reasonable rate. They employ all the
ways they can make their business
successful.
Social ventures are doing all of these
things because they wanted to create
the right balance between the different
social classes of economy. They meet
their needs, providing poverty equal
to those in the middle.
Therefore, both ventures develop their policies, plans and strategies in a way that can help them
achieve their desired goals (Garcia-Cabrera, 2020).
Similarity - Small ventures and social ventures want to produce and provide products that can
improve the living standards and living standards of society. They all want to provide jobs to
many people and reduce the unemployment rate across the country. Social and small business is
established at a small level with limited resources.
P3 Interpret relevant data and statistics to illustrate how micro and small businesses impact on
the economy.
It is observed that the number of small businesses in the UK is increasing . The government is
also supporting the growth and development of these businesses, as it provides jobs for most of
the unemployed who survive in the country. Many female entrepreneurs seeking support from
governing bodies are investing their money in building new businesses. For example, among the
well-known women entrepreneurs are Sarah Willy Hamm, Holly Tracker Jo Malone MBE and
Holly Tracker, who started small businesses in the UK and are now active at national and
international levels. This woman is doing so for a large profit in return. In addition to this,
employment is created by them specifically for groups of women. This make them ideal
personalities for women and are thus motivating other young people to engage with them so that

their commerce can be effectively expanded in a minimal period of time. These events are also
contributing to the economic development of the country. In addition to this, innovative products
or services are being manufactured by them, improving the survival standards of those living in
society. Most companies have an innovative opinion in conducting commerce, so a strategy can
set the attention of many capitalists and investors. Therefore, the overall level of UK “foreign
direct investment” (ie FDI) can also be significantly improved. Therefore, it can be seen that the
commercial activities of SMEs contribute to the increase in national GDP. The impact of SMEs
on the country's economic situation can be understood in the following points.
 Regional Impact: If the entrepreneur is doing business in different parts of the country.
Therefore, they provide local people with better quality products and services at
reasonable prices. However, it should be noted that such companies can be adversely
affected by a variety of factors, including governance and external factors.
 Local civilian impact: By starting business at the local level, businesses are providing
employment opportunities to large numbers of the local public. This helps people in the
sequence to generate a sufficient amount of wealth. Thus, the overall rate of poverty and
unemployment can be reduced in an effective way.
 Impact on the international and domestic economy: The small business owners within the
UK is growing regularly. It turns out that these entrepreneurs not only do business at the
national level, but they also tie up with stakeholders in other countries. Therefore, paying
the appropriate taxes to the government will optimistically affect Britain's economic
position. These are influencing the commerce of other foreign countries in a hostile way,
as entrepreneurs set up businesses there and derive their monetary value.
P4 Importance of small businesses and business start-ups to the growth of the economy.
It defines the effective contribution of various businesses, including social, economic mortgage
associations, buildings, community groups, trade unions, charitable sports associations, and
insurance mutual self-help groups. It is generally designed to advance a variety of social
enterprises where many opportunities are enhanced across the UK. It is also concerned with the
enduring relationship between the economic and social foundations of a society. Small
businesses and ventures can gain both skilled and semi-skilled workers, which is the future of the
country's industrial expansion. The high growth of new businesses has exceeded sales growth,

which is the largest contributor to overall GDP. There are certain opportunities created by the
state to develop an appropriate social economy, which is explained as follows.
• Employment Production: - Many employment opportunities is created by startups and
new businesses. Direct impact on increasing the economic capacity of the country. It also
consists of the stability of employment that both skilled and semi-skilled workers get a
job and work efficiency is adequately expanded. It is also a beneficial aspect for countries
where some tasks and functions are controlled by workers.
• Innovation: - They help in providing new and innovative product and services to the
customers so that growth of the business can take place in the marketplace and more
profit can be earned in the business providing innovative services helps in increasing the
demand of the business in the marketplace.
• To connect more people: - The participation of people, workers and competitors in the
market has a direct and lasting impact on improving work efficiency. It helps in making
strong bond among the people which helps in developing the growth chances of the
economy (Warhuus, 2020).
P5 Characteristic traits and skills of successful entrepreneurs
Entrepreneurs are the people who start their own business after evaluating all the risks factors
associated with the business. Efficient risk offers great returns. Entrepreneurs have multiple
skills, attitudes, and visions that can direct their actions. They try to achieve every opportunity in
the market to achieve their ultimate goal. business idea should be influencing to attract more
people. A successful entrepreneur is someone who can do more than one activity at a time.
Entrepreneurs who enjoy their vision, mission, confidence, general characteristics have more
chances to achieve success. Mark Zuckerberg and Walt Disney are two entrepreneurs who carry
out research to evaluate technology and qualities that differentiate them from other companies.
The official name of Walt Disney was Walt Elias Disney. Disney founded the Walt Disney
Company in 1923. He is a popular American entrepreneur, animator, and film producer. Because
of him there are several developments in the animation industry. His many innovations make
him popular. It includes the first cartoon full meat animation of the music sound, and a theme
park. His famous innovation is Mickey Mouse, known worldwide as a cultural icon. He said that
the has several features and characteristics that make it different from other businessmen.

Accepting Failure: This is the most important part of life where everyone must accept it and
move on further. After passing this stage, no one succeeds in the first stage, where all businesses
prosper. Walt Disney has had many failures and his first studio can't make profit which was
laughing O’gram. That is, he lost all of his studio equipment and works. But all this made him
strong Mickey Mouse creator. Expert do not learn from failure.
Risk-taking: Risk is an important part of business, and risk-taking people go long way in future.
Walt does not hesitate to take risks with his life and career. He sold personal assets because the
venture failed, but he still didn't stop trying new things. He makes the biggest gamble of his life -
opening Disneyland in 1955. Taking the risk helps in building the confidence if the individual
which help them to achieve success (Rosli, 2020).
Self-assessment: Individual needs to know what he has or what needs to be improved to go the
long way. Walt Disney constantly reviews and evaluates customer reactions. Walt, who has
opened Disneyland, personally tests his ride and converges on guest views. With every new
innovation, he can rest in his honor, but not. His mind was always thinking about what was right
to improve it in the early stages so that more revenue can be earned.
The official name of Mark Zuckerberg is Mark Elliot Zuckerberg. He is famous for establishing
Facebook in May 2004, which makes billions of dollars through social networking sites. His
mission is to connect people all over the world. He starts Facebook at college, persuading
students to share and enter their information and photos. He and his friends are constantly
updating it with more advanced features for users. Mark left his education to focus more on the
flowering enterprise to make it big. Following are some of his successful techniques and
features.
Vision: Every company has some vision towards which their actions are headed. His vision of
connecting people with advanced communication technology is developing the best social
networking sites. Because of his vision, people across society are connected at low cost for
purposes such as business and politics.
Passion: Individuals need passion for their work. Showing her passion for work motivates him to
continually innovate and face all the challenges. Early in his life, he is passionate about creating
computer programs, communication tools, which he finds success in later stages. Managers are
not passionate about their work, as they are doing everything for a living.

Learning: Learning must be continuous, whether in a society or an educational institution. From
an early age he develops many computer programs so that he can learn new things that will
further increases his growth chances.
Risk-taking: Mark believes that no-risk dreams can come true until or without risk taking. Since
he has a backup plan, he is not afraid of failure and is always at risk.
P6 Aspects of the entrepreneurial personality that reflect entrepreneurial motivation and mindset.
Entrepreneur features promote other people in society in the direction of their goals. They deliver
path to the individuals and companies so that they can achieve the goals they want .There are
some character and qualities that make people successful.
Failure: Walt Disney is always motivated from the failure which she faced. Her Oswald loses,
the bunny was lucky enough to take everything from him like his studio, creation and animation
from him. All this makes him strong after the major loss of Oswald, which motivates him to
create Mickey mouse (Lee, 2020). He knows that they should always learn from the bad
experiences in the past and brighten the future.
Risks: To successfully make a dream, people sometimes take money or borrow it, and no one
knows if he can recover or not. Disney also takes money from his brother Roy. Snow White and
seven dwarfs are the first movie with a marketing campaign that takes place after publishing in
the big crisis. Mark also believed at risk because he could implement his dream project on school
days. From both persons can learn that they risk the risk, otherwise they can not achieve success.
Passion: It means that people should do what they like and enjoy while doing because without
this they cannot not succeed. Mark Zuckerberg is very passionate to develop software in such a
field, which he himself perform in his schools and after college as a carrier.
P7 How background and experience can hinder or foster entrepreneurship.
The success of an entrepreneur depends on the background in which they are grown up because
background has a great influence on personal life. From past experience, people are making
every possible effort to start their own small business and provide effective products for social
welfare. These experiences will help them to work day and night for business growth. family is
the first place for individuals to learn new things and lessons of life. This experience remains
with the person wherever he goes. Here, we discussed the background and impact of the two
entrepreneurs Walt Disney and Mark Zuckerberg on their success. Disney was born on
December 5, 1901 in the United States. It was fun when he was a kid. His father enforces strict

discipline, as Walt and his brother Roy need to be ahead in everyday life. He discovered through
his paintings that he escaped from his father's brutal acts. Young Walt with a pen created a
world of his imagination where life was perfectly beautiful, people were always happy and
everything was controlled. The 16-year-old joined the Red Cross Society and customized his
paintings to serve World War people and ambulances. He then takes his art seriously and begins
making animated films for business. His positive background and life experience motivate him to
do something different (Taiwo, 2020).
In White Plains, New York Mark Zuckerberg was born. His father was dentist by profession, his
mother was a psychiatrist, and he had three sisters. He studied computer programs in high school
with his hacker friend Adam D` Angelo, where he raised Microsoft's interest. His father always
motivates him to do new jobs. He develops a program to help his father in the office. This
program allows his father and his workers to communicate more effectively so that they can
achieve their targets easily.
CONCLUSION
As per the above report it has been analysed that entrepreneur aim is to develop the growth of the
economy by the services which they are providing. Every organisation has its own goals and
objectives which they have to achieve. Characteristics and skills of two top entrepreneur is also
discussed which helps in developing motivation so that confidence of the entrepreneur can get
developed after analysing the though and ideas which they have use to become successful. To
achieve success in life it is important to build the confidence by improving the skills so that
individual can develop new and innovate products in the business which will satisfy the need of
the economy more effectively.

REFERENCES
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