ENTREPRENEURSHIP Report: Ventures, Traits, and Economic Effects

This report offers an in-depth analysis of entrepreneurial ventures, exploring various types like small business, social ventures, and their relation to different entrepreneurship typologies. It examines the impact of small and micro businesses on economic growth, highlighting their role in job creation and contribution to the GDP. The report further delves into the characteristics, traits, and skills of successful entrepreneurs, differentiating them from business managers, and reflecting on the influence of entrepreneurial motivation and mindset. The report also discusses how background and experience can either foster or hinder entrepreneurial success, providing a comprehensive overview of the key aspects of entrepreneurship and its multifaceted impact on the economy.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different entrepreneurial ventures and their relation with typology of entrepreneurship ....3
P2 Similarities and differences between entrepreneurial ventures ............................................4
TASK 2............................................................................................................................................5
P3 Impact of small and micro business on economy..................................................................5
P4 Importance of small business start ups in economic growth.................................................6
TASK 3............................................................................................................................................8
P5 Characteristic, traits and skills of an entrepreneur and their differentiation from business
managers.....................................................................................................................................8
P6 Reflection of entrepreneurial motivation and mindset ..........................................................9
P7 Background and experience utilisation in entrepreneurship whether foster of hinder .......10
CONCLUSION .............................................................................................................................11
REFRENCES.................................................................................................................................11
Books and Journals ..................................................................................................................11
Online .......................................................................................................................................12

INTRODUCTION
An entrepreneur is a person who starts its own business with little investment by
assuming all the risk and with creative idea which includes its innovation. Entrepreneurship is an
activity which is done by a person and its end result is enterprise(Drucker, 2014). An
entrepreneur helps I providing strength to economy of a country and contributes in its growth.
Whenever a new business venture starts its needs labour, money etc. All such things leads to help
in removing unfavourable situation of country like unemployment.
Following report is based on different entrepreneurial ventures and about similarities and
differences between such ventures. Also it reflects upon on some basic terms like small business
ventures provides growth in country's economy and what are the impact from such micro start
up's. This analysis describes about that how successful entrepreneurs are different from other
business managers. What are the qualities present in them which are not measure in managers.
TASK 1
P1 Different entrepreneurial ventures and their relation with typology of entrepreneurship
Entrepreneur is a person with different idea for being started a business which helps in
achieving higher profit. The main motive behind every new start up is just profit but some
ventures aim is not just to earn profit but they also satisfy needs and demands of general public.
Entrepreneur also introduce some new opportunities in market and bear some risk for its new
business.
Entrepreneurial ventures are the end results or the workplace which is establish by the
entrepreneur. It is a business or a company which is started by a person. It is also be termed as
the entrepreneurial ventures which needs resourceful. Hence enterprise is the business or a
company or a ending result which is started by an individual with creative idea.
Some entrepreneurs invest small amount in business and their target is just to earn profit
whereas on other hand some have limited resources and they have ambition to achieve
objectives. Different types of ventures are as follow:
Small business venture: These are generally started by small businessman who start
their business by taking loan from their family, friends and their basic aim is just to fulfil their
esteem needs. Some examples of this type of ventures are grocery store, electrician etc. which
are small in nature(Kirzner, 2015). Their aim is to satisfy their regular needs not to be the king of

market. But they are not in such a position to suffer heavy loss which leads to finish their
business rapidly. They start their business with some innovative ideas which is different from
others in competitive market.
Social venture: They main motive is to work for society in their welfare. These
entrepreneur do not start their business with the aim to attaining profit(Herrington, 2010). They
are helpful in providing better lifestyle to society and improves their standard of living with the
help of some innovative and new product offering. They work in solving out all the issues of
society and provides things on cheap rates.
Following are some typology of entrepreneurship which relates with entrepreneurial
ventures:
Copycat entrepreneurship: This typology describes that such entrepreneurs see others and
examine them and tries to copy them exactly. They follow their leaders and pretends them that
they are exact copy of their idol entrepreneurs.
Research entrepreneur: These entrepreneurs are love to learn. They are working on each
and every aspect of business and study about whole scenario and outcomes which helps them in
their business growth and helps in making strategies. These entrepreneur learn all things and
after that implement them on their start up.
Serial entrepreneur: It is a person who knows well how to run a business one after
another. Or the multiple number of business at the same time. It is a person who have various
number of ideas and starts with new businesses. If one plan may got failed than person have
again start its new business with new idea.
Female entrepreneur: Women who innovate the initiate and actively participate in the
business activities is termed as the female entrepreneurs. Such ladies helps in changing the mind
of the people who thought that women will never leads in running the business successfully.
Determined entrepreneur: They see the value in entrepreneurship and do not want to copy
others but start their own idea and implement that in their business(Barringer, 2012). They see
success without copying and they can do anything for business growth and success.
Accomplished entrepreneur: These are those person who passed al stages of
entrepreneurship and running their business successfully with the helps of suitable strategy
implementation. They are on that stage where they focus on scaling of their business sale.

Accomplished entrepreneur has figured out all the deviations of business and also such
things which helps in success. Their time management is made wisely and they have figured out
how to connect with their customers.
P2 Similarities and differences between entrepreneurial ventures
Every entrepreneur has its own preferences and needs which made him to work hard and
they made out their plans according to their work and venture. Basic differences are in their
working style, creation and similarities like their goal is same which is to earn higher profit by
satisfying large range of customers. Every business have basic objective of profit maximisation
but socially running venture have different motive from all ventures which is to satisfy society
customers needs and demands. They work in helping sort out crises and conflicts and promotes
in improving standard of living of public.
Business entities have main objective which is to earn higher revenue and this can only
be done with the help of proper research and development programme. This process helps them
in maintain profitability of business. They have some differences which are as follow:
Goal: According to research it is identified that every organisation have some differences
and variations which relates with their goal. Goal is the target which an firm want to achieve in a
given course of time. Social ventures goal is to satisfy customer needs and help in improving the
standard do f living of each member of society(Bosma and Levie, 2010). They invest in those
innovations which help them in welfare of society not to against them.
On the other hand, small business ventures use society resources and invest in business
with the aim of earning profit and fulfilling of their needs and demands which are related with
their daily routine life. Social venture keep focus on changes which is in favour of society.
Value creation: Social ventures have the basic objectives to increase the economic value
of the country by taking some effective and positive steps which helps them in maintain a
balance between different groups of society. Small business ventures deliver the best value
service to their customers so that they can gain their trust and faith and can attract large number
of consumers for their product. It helps them in achieving higher profit. Thus, both the ventures
have to create such strategies which helps them in achieving their goals and value creation.
A major similarity between in small business and social venture is that both of the
ventures are operated by small entrepreneurs(George and Bock, 2011). Another thing is that they

both give jobs to local people which helps in creating job opportunities so that unemployment
rate get declines.
Copycat and determined entrepreneurial ventures are different from each other hence
copycat entrepreneurship states that a person who copy its idol leader and works according to
him whereas on the other hand determined entrepreneurship reflects that a person should have to
use its own techniques rather then copying others.
Female entrepreneur businesses
similarities
Male entrepreneur businesses similarities
1. They are generally starts such type of
business who gives them effective result
with innovative idea.
1. They are also engage in such type of business
in which they can earn effective result with the
new and innovative methods through which they
can increase their profitability.
2. Their main purpose is of higher earning. 2. They also wants the higher earning. It is a
basic similarity of both of them.
Differences Differences
1. The major difference which is taken into
consideration was that such ventures are
run by the women.
1. These entities are run by the male
entrepreneur.
2. They are not able to start their business
again after failure due to society gossips.
2. They are able to start their business again after
they got failed.
Some of the examples of the famous women entrepreneurs are Oprah Winfrey, Cher Wang etc.
They are helpful in changing the mindset of many people who thought that ladies will not
be able to run business. Along with that they also set a example for many women's who
want to start their business.
TASK 2
P3 Impact of small and micro business on economy
The various business concepts are distinguish between into three sectors which are micro,
small and medium. All three forms helps in the economy for its growth and increase the job
opportunities. Broad explanation of all three ventures are as follow:
Small: They are the small business which is run by an individual on small scale. Grocery
store, hair saloon are the best examples of these type of ventures. Their tax payment helps in
improving the condition of the country. Such ventures are usually run by the sole proprietor
privately or with the help of family.

The basic limitation of this business form is that an individual will not be able to take
huge amount of loan and have to set business at small level.
Micro: The investment in the micro business are not more than 5,00,000. they are also
start their business at small level but they are larger than the small business. Thus their expansion
is just limited to some boundary. They can be run by the an individual as well as in the
partnership due to more investment.
Medium: Their investment is generally higher than the micro and small business. They
can run their business beyond the boundary line. It is also be run in the partnership because their
investment is much higher than the other concepts.
All of the SME's provide benefit in the economy. They helps in the growth in the
economy like by providing jobs, produce more and more quantity which further leads in the
increase in the GDP.
Small business ventures made a vast impact over on the economy of a country. These
ventures help in introducing new opportunities for the large sector of unemployment people.
Their production is generally based on customers with low income. They helps in improving the
local economy by introducing many new products. They are not able to generate higher profit in
comparison to large ventures. Hence, their little contribution plays an important role in
stabilisation of economy(Karlan AND Valdivia, 2011). UK has one of the largest economy in the
world with 99% small business. After Brexit, small business affects not son much because their
business is not so high.
The impact of small business and micro ventures are:
Future growth: This is one of the important factor which helps in increasing the country
economy. After Brexit, UK economy affects so much which reduce their future growth so much.
Hence, government have to use some steps which helps them in improving the future growth of
their country otherwise they will have to face unfavourable situation. Government have to help
these small business ventures in their growth so, that they can maintain proper GDP.
Also government has declared some import and export duties and subsidies which help
them in increasing of export and import.
Job creator: These small and micro ventures are job creator in economy which helps
them ion providing and introducing many job opportunities for youth and large number of
unemployed people(Nicholls, 2010). By providing jobs to many people their lifestyle also get

developed which increase per capita income and thus it leads to improve the economy of
country.
Technology:This factor help most because new technologies attract many people to start
small business ventures. New technology helps them in producing more and more quantity with
good quality. It also helps in improving the economy.
Increase in GDP: Small business help in providing job opportunities and increase the
GDP rate. Large number of employees are working with effectiveness which leads in producing
more and more quantity and thus it leads to increase the GDP rate.
All such factors are helpful in improving UK economy after Brexit but for all these
government have to take the initiative like they have to help people who have willing to be a
entrepreneur. This terms can help them in overcome from such situation. Only small business
ventures can help them in improving economic condition because large ventures are totally
affected with this decision.
P4 Importance of small business start ups in economic growth
At the time of Brexit many ventures suffer loss and large number of people lose their
jobs. So, these small business ventures help them in increasing their economy because they are
going to provide job opportunities to such job seekers who lose their jobs. Any firm which
establish their business in a country provide growth to economy(Delgado, Porter and
Stern ,2010). Hence, main motive behind starting of these start ups and ventures are to work in
welfare of society and increase economy of their country. Importance of these small start ups in
social economy is:
Employment rate: Employment rate increased with the help of more and more industries.
Due to Brexit, it affects on jobs of many people. Large number of people lose their jobs after this
decision. But if government of UK supports these small business ventures then they can perform
well and jobs opportunity can be enhanced. It helps in the standard of living of many people then
it contributes more in welfare of society.
Spending level: When employment rate get increased it leads to increase in the disposable
income of many people. This helps an organisation to generate more revenue and profit. With
this rapid growth demand will increase and thus it leads to increase the number of competitors in
market. Thus with the help of all these things, when demand increases then supply will also
increases and this leads in giving jobs to many people because of high demand.

Innovation and technologies: When an entrepreneur introduce its product in market then
it has some innovative and additional features which differentiate them from others. Also, this
new innovation is related with the welfare of society because of high demand. This high demand
can only be achieve with the help of effective technology(Dacin, Dacin and Tracey, 2011). So,
innovation and technology is also a important factor.
Financial support: After Brexit, an economy of UK got decreased. So, many banks and
financial institution helps government in starting up these new start ups which helps in
improving country growth and economy. This policy helps these small business to operate and
generate high profit. Further more which leads to attract many other to start their business. This
helps in increasing number of products and competitive advantage in market. Thus this financial
support helps these business to grow.
Small business are the business which are set up by the serial entrepreneur. The
investment for such business is high than the start ups. They contribute more in the economy. At
the time of Brexit, small business helps in improving the economy of the country. Like they start
producing high quality goods and the government also helps them in this concern.
Whereas start ups are the new ventures which are started by the entrepreneurs. These are
the newly set up organisation which helps in increasing the job opportunities. At the time of
Brexit government promotes this type of venture because with the help of this country economy
get improved.
Small business are very helpful and important in growth of an economy in near
future. They will going to produce more and more for improving country GDP, by providing job
opportunities to many people. This helps in improving their life style which contributes more in
capita income. Along with this, these enterprise can easily adopt changes and complete the
demand and needs of society(Jone, Coviello and Tang, 2011)). Hence, they are flexible in nature
and can easily understand their customers needs and demands which helps them to produce
customers welfare goods. They can easily adopt the changing behaviour of customers. With the
help of all these things economy can be improved.

TASK 3
P5 Characteristic, traits and skills of an entrepreneur and their differentiation from business
managers
An entrepreneur is a person which starts its own business with a new idea by bearing
whole risk which is related with business. After passing barrier of risk profit can also be enjoyed
by its own. Its duty is to grab all the market opportunities and develop them and achieve its
ultimate target which is profit. An entrepreneur have some different skills, attributes and dreams
which he/she wants to complete or attain. It can bear all the risk and survive in competitive
market with different idea. Also, it get always motivated which helps in attracting many people
and have to be maintained a confidence over on its idea(Neck and Greene, 2011).
These are some features which describes an entrepreneur personality that he/she is
different from business managers. In this modern world, two famous entrepreneurs are Mark
Zuckerberg and Walt Disney. These two entrepreneurs have some new and creative skills which
helped them to reach the highest peak of their life. Zuckerberg launched an application named as
Facebook. It helps in connecting people from world wide. This was the one of the new type of
application which helps in sharing ideas and messages from one person to another without any
difficulty(Djankovet. al., 2010). On the other hand, Walt Disney created one thing which was
treated as one of the unique thing and which was only for kids that was Mickey mouse. He
opened his own animated company and its first creation was lucky rabbit which was owned by
universal picture. Later on he created mickey mouse as the replacement of the creation. But he
did not get satisfied with this and creates an amusement park which no one can else can see like
that. It was one of the biggest creation of its own.
So, these entrepreneurs have some dreams and a passion for perform such task. They
never thought about any body except from their goals and targets. Which helps them to achieve
their ambition and complete their dreams. Some of their traits, skills and characteristics of these
two great personality is as follow:
Motivated: These two personality always motivates their subordinates and himself get
motivated. They never got fear about failure. These are self motivated persons who work until
they did not achieve their target.

Confidence: They always being confident and positive about their idea. They accept their
mistakes and tried to overcome from them. This shows that how they are passionate about their
work.
Risk taking attitude: They bear whole risk on their own and start work on their idea.
Their passion for work never hesitate them about their goals and targets which they want to
achieve. This helps them to get overcome from all the barriers and risk for survival in market.
They always thought that risk and success are parallel to each other and always walk along with
each other. This shows their positive attitude about risk.
Difference between entrepreneur and business managers are as follow:
Bases of difference Entrepreneur Manager
Risk taking An entrepreneur always takes
the whole risk of business and
works on it and at last it may
be achieved success on its
idea.
A manager never takes the risk
because he is an employee of
company and never want to
take the initiative of risk.
Creative An entrepreneur is always
been creative in nature by
introducing new ideas and
methods of doing work.
A manager never use its
creativeness in introducing
new idea but he is creative in
other aspects by solving out
conflicts etc.
P6 Reflection of entrepreneurial motivation and mindset
Entrepreneur is a person with power existence in a society as well as in economy. This is
not a easy work to achieve targets and survive in this competitive market. So, for long run and
better results survival in environment is compulsory with effective productivity because business
environment is complex and unpredictable(Light, 2011). From many research it is found that an
entrepreneur mind is playing a crucial role in survival and growth. It has unique dimensions of
personality which helps him to get rid out from many difficult situations. A positive mindset and
motivation helps in success of business.

A positive mindset shows the passion of working of an entrepreneur. Passion is like
working for long hours on particular task and taking a positive criteria for that. This shows the
nature of passion that an entrepreneur thinks that at any cost project have to be accomplished in a
proper manner. The mindset is to be clear about goal and should focus on target achievement
rather than focusing on money factor.
The above mentioned personalities motivate many people to start their business with new
ideas which helps in increasing the growth of the economy. Their personality and background
helps in motivating the others that how they start their business and what type of limitations they
faced during such period. Their traits, characteristics are not different from others but their
ability of doing and performing the task is different from others. Hence, they have to follow such
five dimensions in which they can run their business:
1.Originality: It means they have innovative idea which is different from others. They are open
minded and have curiosity to get knowledge about each and every factor which affects the
business. Their ideas are different and made a vast impact on the other person. Along with that
their experience foster them to perform the task in effective manner.
2. Consolidation: They have some willing to perform the task in effective manner. They are more
concern about their duty which they perform as well as set their aims in which they want to
achieve such targets which they want to attain.
3. Extroversion: Above discussed personality have positive mindset with the positive emotions.
They face all the situations with a positive attitude which helps them in their growth. Along with
this they want to merge some other companies into them like Facebook wants to purchase
whatsapp for making their service more effective.
4. Agreeableness: They are helpful in making the competition healthy and cooperative so that no
one is going to harm the interest of each other.
5. Neuroticism: They have to stable out their mind like in any situation of difficulty they have to
set their mind positive on the place of negative. So stability in nature is compulsory for making
the business effective and successful.
An entrepreneur should have to be clear about all the things which are related with its
start up. It should have to be maintain patience while performing project and determination is
also needed. It shows that an entrepreneur is able to fight with any crises. No matter how much
mistakes have done, or failing an idea of again and again. Passion helps in achieving the target