Entrepreneurial Ventures, Characteristics and Business Report

This report provides a comprehensive overview of entrepreneurship, examining various entrepreneurial ventures such as small businesses, scalable start-ups, large company entrepreneurship, and social entrepreneurship. It delves into the similarities and differences between these ventures, highlighting key factors such as funding, market research, risk assessment, and employment. The report further explores the characteristics, traits, and skills of successful entrepreneurs, differentiating them from other business managers and analyzing the entrepreneurial personality aspects that drive motivation and mind-set. It also discusses factors that can either hinder or foster entrepreneurship. The analysis includes comparisons of entrepreneurial types based on wealth creation, goals, mindset, risk tolerance, innovation, and profit motives, providing a detailed understanding of the entrepreneurial landscape.

UNIT 9. ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ..........................................................................................................................................3
1.1 Entrepreneurial Ventures......................................................................................................3
1.2 Comparison between the entrepreneurial ventures...............................................................5
TASK 2............................................................................................................................................6
2.1 Impacts of Small business on Economy................................................................................6
2.2 Contribution of start-ups in the growth of social economy ..................................................7
TASK 3............................................................................................................................................8
3.1 Characteristics, traits and skills of successful entrepreneurs, which differentiate then form
other business managers..............................................................................................................8
3.2 Aspect of the entrepreneurial personality reflect entrepreneurial motivation and................9
mind-set......................................................................................................................................9
TASK 4 .........................................................................................................................................10
4.1 Hinder or foster for being Entrepreneurship. ....................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurs are the people who starts a new business, the business can be a start-up, a
small business and any other process which includes the sales and marketing, that whole process
is called entrepreneurship. Chosen organization Cloud reach is basically a consultancy which
works on the cloud computing. It has the support for cloud solution from Amazon web services,
Microsoft azure and salesforce.com. The discussion is focused on the different entrepreneurial
ventures and their connection with entrepreneurship, also their similarities and differences are
discussed in this report (Kirzner, 2015). The qualities and skills of a successful entrepreneur is
also having a description in this report.
TASK 1
1.1 Entrepreneurial Ventures
Entrepreneurship can be done by so many ways, as there are plenty of options to start a
new business. There are some ventures in which an entrepreneur can establish its new business.
Basically, the entrepreneur may choose any venture but for each venture there are some
limitations. The entrepreneur must stand on that limitations with proper rectification of the
issues. Basically, there are 4 entrepreneurial ventures:
Small business Entrepreneurship- This type or business can be started by the non-
governmental people. In small business, the local people are involved as the customer and most
of the local people are from their family itself. There are so many option of small businesses like
shoe store, hairdressing shop, consultancy, travel agency, internet cafe, commerce store, book
store, carpentering plumber, electrician, street food vendors etc. (Drucker, 2014). Anyone can
start the small business; in this type of business the place is not that much important. The
investment in small business is so less as compare to the other entrepreneurship.
These kinds of businesses are opened only to fulfil the basic needs of the family. The
profit in these small businesses are so less so the entrepreneur cannot think to make more from it.
He cannot make the whole industry by the profit of a small business. As the typology says If the
entrepreneur is a craftsman that means he has creative mind-set so he can operate his small
business with so much of creativity, he can use the unique ideas to build a reputation of business
in the market. On the other side the opportunist can catch each possible opportunity to make a
better business environment. The fund comes from the family and friend to establish these kinds

of business because it cannot attract the other ventures to make some investment. For example, a
local person of UK wants to start a food vendor in a street which is a small business. For that he
must manage the fund from different sources like his friends and family because he is not able to
invest. Now to make success in that business he has to attract the customers to his shop also he
has to maintain the quality of his services and products to make a reputation in the market.
Scalable start-up entrepreneurship- The scalable start-ups are more stable from the small
businesses. The start-up is basically started from the investors then it attracts the other ventures
to show the interest in these start-ups and make more investment. The people who are so strong
financially can invest in these kinds of start-ups. The entrepreneur who have started start-up
makes the efforts to hire the powered ventures for their start-up. The scalable start up is inspired
from the model of business which are repeatable and scalable too.
After reaching the proper business model they do concentrate on more venture that can
expand their business rapidly. Typologies of the entrepreneurship is synced to the scalable star
ups as an extensive approach. The craftsman has the advantage of creative ideas; with those
ideas, he can attract the investors to its business. He can use the unique approaches to expand its
workspace. For example, delivered is a start-up in UK, it’s a food delivery company which has
connections with the leading food companies in UK. They also had started with the small food
companies but with the time they have made an impressive growth in their business. The risk is
in these scalable business is quite low because the fund has come from the outside.
Large company entrepreneurship- large scaled companies are depended on the market
evaluation. There are so many factors which are so essential to upgrade a company to large scale.
The products of these companies are made from some innovative idea to attract the people of
new generation. They use the best latest technologies in each department of their organisation.
Because the competition in the market is so high so the companies have more pressure on that to
hold their products in the market, as they do use the creativity in their production and services to
get the maximum customers and with this approach they can have more shares in the market.
Per the typologies the craftsman will try to innovate its products and services in the
market because he has that touch of innovation in its head (Baum, Frese and Baron, 2014). He
will make more profit in its business, as the new generation will pay more attention to their
products. On the other hand, the opportunist will make sure about the opportunities which he can
use to extend his business. He will try to get the best option for marketing and he will target the

new customers after the evaluating the market. For example, Kellogg’s is a food product
company in UK, the company produces the corn flicks and other products. It’s one of the leading
food companies so they must maintain their customers with the innovative approach.
Social Entrepreneurship- The businesses which are operated to solve the social issues or
to fulfil the need of society. These organisations are probably non-profitable because earning
profit is not their motive. The workers of the social organisation work only to resolve the
problems that are related to the society.
These organisations try to maintain peace in the environment. The objective of these
organisations is to create a healthy world. The products and services are only to make the better
society. The people can use those products and services to make their life better. The
organisation does not work to get any share of market or any other benefit. The products are
more beneficial for the people regarding their social issue and difficulties.
1.2 Comparison between the entrepreneurial ventures
There are so many similarities and so many differences between the entrepreneurial
ventures. There are various factors which are used in most of the all ventures of entrepreneurship
(Schaper and et.al., 2014). Basically, to start a business there must be an idea behind the whole
scenario. The concept should be cleared in the head of an entrepreneur that the business he wants
to operate either it is small or large scaled, he should know about the basics of business.
Comparison of all the ventures can be done with their characteristics, thus the basic components
that are needed to start a business are almost same.
The small businesses and large companies both have so many similarities when they do
start their business. First, they both want the capital to establish a structure of business. For
funding both type of businesses is depended on some financial institute, but the difference is that,
a small business like Cloud reach can get the fund from private institutions and the large
companies can have the investment from government or from some other big financial authority.
Also, they both must do the market research and evaluation to make sure about their production
part.
The market evaluation is done based on the values of products as which is the product that
have more demand in market. Then the risk calculation is so important to be done for small
business and large scaled company (Ács, Autio and Szerb, 2014). When there is some
investment to start a business then risk will be always there. The Cloud reach which is a small

business company and large scaled companies both are supposed to make an expenditure of their
fund but the difference is, small business has limitation in their workplace but large company can
make it as their requirement.
One more similarity can be seen in both type of ventures, the employment is must
needed in any business organization either it is a start-up or a market leading company (Storey,
2016). Both venture must make the employment process in the respective organisation but the
difference is that, in small companies this can be done by the choosy format but in large
company they have a complete procedure for recruitment of the employees.
Key Similarities and differences in Entrepreneur type are:
Speed of wealth: The entrepreneur are focusing on being an example in market that their ideas
will make their company more profitable and hence to achieve it they are in hurry to seed up
business growth and wealth creation. They create wealth and due to this they grow their
business.
Goals: For a business entrepreneur success mostly related with the profitability of its business
but there are some social entrepreneur who put social values over goals. Here goals refer to the
financial profit. So in ruthlessly achieving goal they do anything. On the other hand social
entrepreneur has to take difficult decisions and make balance between social impact and
sustainable growth in market. If an entrepreneur work as a social worker then the factor of profit
is like negligible to him but if he works on financial basis of his organization then he should
consider all the financial factors and the ideas by which his firm can more profit.
Mindset: One of the biggest difference between social and business entrepreneur lies in way they
perceive entrepreneurship itself. Pursuit of money versus pursuit of passion sums up this
differences. There are 2 things that can differentiate the facts between the social entrepreneur and
business entrepreneur. Social entrepreneur works for the pursuit of happiness, it just want to
serve the society with its ideas and thoughts but at the other hand business entrepreneur works
for the pursuit of money means its main motive behind its business is to gain profit by the ideas
which he have applied to increase its share in market.
Risk: Different entrepreneur have different ideas to be in the market under all the rules and
regulations and their risk taking ability is also different some entrepreneur have adaptability so
they have high risk taking ability and some are being insecure so it takes low risk to gain profit
and grow their business ventures as per their organisational goals.

Innovation: While business entrepreneur deliver innovation and make product with innovative
and advance technology. Some entrepreneur are highly creative and innovative while some are
less innovative. The innovation is all about how creative mind you have because to build an
innovation in your business an entrepreneur must have creative ideas and he should have the risk
taking ability because may be it is initialized with some risk. To make some difference from
other competitors in market innovation should be there.
Profit: There are different entrepreneurs and they act according to their profit goals depends on
their aims and objectives. So as per organisational goals risk taking ability of entrepreneur
changes and make effort to maximise profit. Profit is the leading factor for which an entrepreneur
make so much effort and plotted so much of ideas in their business so they can get more profit
with less investment. An business can have high profit if the investment is being so less but the
outcome from the business is being far more then the investment.
TASK 2
2.1 Impacts of Small business on Economy
The small businesses companies like Cloud reach are so beneficial for the economy of the
state and country. Basically, the organisation provides the software that people can utilize on
their own systems with the internet access. The company have hired the normal skilled people,
the maximum number of people not have the technical and professional skills so the large scaled
companies cannot recruit them so those unemployed people do get the job in such small scales
companies.
This will be so good for the economy because people who get the job will work for the
betterment of the company, thus the growth of company in the market will make a positive
impact on economy. The product cost of the small business company is affordable for the
middle-class families. The local people are more attracted to the small companies as they are
getting their required product and services in the reasonable and affordable prices. In UK, there
so many small business organisation, in those organisations so many people are working
(Shepherd, 2015). Many employees are from middle class families they just have one motive to
work there. Per a survey small and micro business always do help to increase the economy of a
place because they have the largest employment.

2.2 Contribution of start-ups in the growth of social economy
When a middle-class man is doing something to fulfil the requirements of his family, it so
obvious he will be happy. In UK, there are plenty of start-ups and each start-up have so many
youngsters who are working there. They all have economic background so they must such job for
their family. Start-ups are basically depending on the employment of the local people. The local
people have so much interest to work in such start-ups and small businesses. In this venture of
entrepreneurship, the profit is depended on the quantity sale of the product.
If the entrepreneur has the capability to sale its product to more and more customers in the
market, then he can make an impact on the social economy. The quality and affordable cost of
the product will get the more people to the market and that gives more stability to the social
economy. If people can have the same product from the start-ups and small businesses on very
less price that they used to buy from the leading companies, the small companies are more
efficient for them. So considering the all aspects of small businesses and start-ups and also the
leading companies of the market, social economy grows more as the small businesses increases
(Carland, Carland, and Stewart, 2015).
Impact of SME's on UK economy:
SME's drive economic grow through innovation, competition and Job creation. Small and
medium size enterprises drive economic growth by:
 Simulating innovation: Through established strong relation between innovation and firm
growth, contribution of SME to innovation is important to economy. By comparing
growth rate and innovation the company can make surer about the role of such
innovations in the growth of their business in market. Innovation in sales can increase the
profit if it is applied to the right area. As per research 10% increase in sales there in 0.7%
increase in employment growth rate that means if sales increases then an organization
have to increase their employment too.
 Job creation: Evidence shows that small firms make a disproportionate large contribution
to job creation, by allowing the percentage of workforce they employ. Smaller firms have
more employment opportunity because they have more jobs as compare to the bigger one.

A significant proportion of new job in UK is created by small firm. Out of the total of
2.16 million jobs created on average each year between 1998 and 2010. Existing small
business contribute the 34% nearly 870,000 jobs. At the start of 213 estimates that 4.9
million private sector business created. Basically they are start-ups and it requires less
investment but large employment so they provide more jobs to people. From the
university the each person wants job. Some how the small business produces more
opportunities to the youth for the job. In UK the maximum people are self depended so
there almost each and every job creation level is high.
 Encouraging Competition: Through a proper co ordinated relationship between firm and
innovation, contribution of SME is important. SME makes competition which raise
productivity and ultimately stimulates economic growth. Concept of creative destruction
is widely recognised principle first driven by economist Schumpeter. Whereas as
competition grow in market least productive firm exit from market and most productive
firm grow result in aggregate productivity. Basically Cloud Reach is a well established
company, it can make its wealthy image in market by having more innovation, thus it can
improvise their services and by the contribution of SME it can make more profit and that
will give the result as high competition in market.
TASK 3
3.1 Characteristics, traits and skills of successful entrepreneurs, which differentiate then form
other business managers.
Every successful entrepreneur has different blueprint. Being from different places,
education and approach there are some aspects which are required for being successful. I too had
different traits and skills which helped me out for being a successful entrepreneur. For me it
started with identifying the opportunities. There are various things which may give you the idea
to be an entrepreneur it can be a chair or a dustbin.
Then comes the vision and influence power. This are required for as to understand the
long-term benefits of the organization and there is need of stakeholder and many others to start
the business. This are the main requirement to invest and start the business. For being a
successful entrepreneur like me there is significant role of influence.

Although, we made the long-term planning but there is need to identify the uncertainty
like the Brexit rule which was the sudden decrement in the Pound value. Such uncertainty and
the comfort should be identifying earlier so if such circumstances arise then we can easily
overcome it. It can also have related to the market price and market share values (Bae and et.al.,
2014). After getting the plan and the stakeholder then assembling, motivation and decision
making process starts.
Team members are required to show their full dedication and efforts to the organization.
Building Networks is highly necessary as it helps to develop and overcome the issue they might
have faced earlier. It also helps to expand the business. Collaboration, management and team
orientation this are qualities required to get perfect work environment and improved
performance. After all such finance and financial management related decision with the
stakeholder should be made related to all the investment. At last comes the sales and the
preference to the established structure. Different traits are required some of them which I possess
are mentioned below:
Full of determination
Able to take risk
High confidence level
Constantly and continuously learning
Understanding failure and passionate about the business
Highly adoptable and management should be strong
High values to the network and ability to sell and promote the business and product.
3.2 Aspect of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set.
The entrepreneur must have the ability and drive to carry out the new innovative ideas,
create a new source of different available material, make new production, making new market
and new company principle. In order to carry all the task, the entrepreneur must be dynamic in
his work and must have adaptive behaviour (Carland and Carland, 2015). For carrying out such
activities and implementing the idea of entrepreneur, collaboration and employee are required by
the organization.
Hence there will be need to collaborate all the factors required by the organization.
Autonomy is thus becoming the important aspects for being the entrepreneur. For being

successful profit should not be the motivation; motivation should be the creative idea and
different ways to implement it. However, money plays its role for the establishment and building
of the organization. It is also required to pay the collaborators and the staff member. Hence, one
of the important factor for the entrepreneur is money while profit making is less important than
idea realization. Inheriting the idea and creating the phase of implementing the ideas, autonomy
is prerequisite and plays importance.
But as we are approaching to the profit making this should not be fore fitted. However, there
is need of profit making as this was original aspect of generating the idea. There is no difference
between the entrepreneur and a common man in terms of personality. Their motivation towards
achieving the goal is positive and strong. This is the mind-set of the entrepreneur. While the
mind-set of the entrepreneurial should be focused towards the idea. Ideas are so cheap that
anyone can have them in their lifetime at any point. But the capability to realize and implement
the ideas comes in the entrepreneurial mind-set. This type of men is known as the man of words.
They do not fear the task and focus on the target and complete it. There are five traits of mind set
per me which makes our mind set.
 This are Extraversion or Urgency seeking the leadership role.
 Agreeableness in being self-centred
 Conscientiousness
 Emotional Stability
 Openness to experience
All this aspect is required by the entrepreneur to be successful. Personality traits of the
entrepreneur describes the mind set up to some point of view.
TASK 4
4.1 Hinder or foster for being Entrepreneurship.
There are many situations where my work was hindered by different peoples and various
factors but my focus to achieve the goals was my target. Some of the common factors are being
discussed here

 Finance: Finance is the main factor to establish and pay the employee. This is greatly
needed when the project is at the early stages. There should be individuals or venture
capital fund where you can seek help (Fini, Lacetera and Shane, 2014).
 Education: This is required to identify and predict the activates done by entrepreneur.
This also help to build the competence among other competitor by studying the market.
 Fundamentals: Macro economy fundamentals and other requirement like the labour,
market and regulation.
 Social legitimacy: there should not be the fear of the failure and respect should be given
to other business entrepreneur.
For illustration as you all know due to Brexit many businesses were affected. Same
happened with me I too was affected as it was my start-up but due to contacts with other
business firms and another stakeholder I could escape from that situation. The loans I had
taken ones were repaid within few months. Also, my company started making profit that we
can invest in some other concept.
Being and entrepreneur in the family members of the family motivate from their Parents. So here
innovative entrepreneur have been taken for discussion and and its background and qualities
require for successful entrepreneur. So innovative entrepreneur is one who have ability to think
new, better and more economical ideas of business organisation and management. So the best
entrepreneur in UK who is innovative entrepreneur is David and Simon Reuben both are self
made billionaire and self driven industry in metals and carpets and their company name is
Reuben Brothers. They are the business leader and contributor to the economic development of
the country.
Some of the issues in Innovative entrepreneur are as follows:
 As a male child of the Family: If parent is an entrepreneur then he assumes that his son
will also be businessman who will carry his business. David and Simon Reuben born in
British India and their parents were businessman and operated in India and Baghdad.
Their father was also a businessman and motivated with him and became an entrepreneur. Both
brother arrived London and in 1950's and started schooling education. David joines scrap metal
business and Simon started in carpet business. They were educated in business and buyed oldest
carpet company in Britain. They have both positive attitude and female and male tendency ratio