Entrepreneurship Report: Ventures, Small Business Impact, and Traits

This report delves into the multifaceted world of entrepreneurship, examining various types of entrepreneurial ventures including small business entrepreneurship, scalable start-ups, large organizational entrepreneurship, social entrepreneurship, and female entrepreneurship. It analyzes the similarities and differences between these ventures, highlighting their objectives and operational strategies. The report further investigates the impact of small businesses on a country's economy, discussing their role in employment, revenue generation, and societal contributions, particularly in the context of post-Brexit Britain. It also explores the characteristics, traits, and skills essential for entrepreneurial success, along with the influence of background and past experiences on fostering or hindering entrepreneurial endeavors. The analysis covers wealth distribution, turnover, and infrastructure development within the context of small and medium-sized enterprises (SMEs), emphasizing their significance in driving economic growth.

ENTREPRENERUSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and relation with typology of entrepreneurship
.....................................................................................................................................................1
P2. Similarities and differences between entrepreneurial ventures............................................2
TASK 2............................................................................................................................................3
P3 Impact of small businesses on economy of the country........................................................3
P4 Contribution of small business enterprises to social economy after Brexit...........................5
TASK 3............................................................................................................................................6
P5 Characteristics, traits and skills of successful entrepreneurs.................................................6
P6 Aspects of the entrepreneurial personality.............................................................................8
TASK 4............................................................................................................................................9
P7 Role of background and past experiences in fostering or hindering entrepreneurship..........9
CONCLUSION ...........................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneur is said to be the person who starts a new business with innovative ideas.
He/she mainly aims to make huge profit by taking risk in marketplace. This can also be
understood as changing of ideas into business, managing it and continuous development can be
stated as entrepreneurship. Entrepreneurs provide employment to the needy people in local
market. No business can be done without any risk and these are the people which can put a
positive impact on economic growth of a country. In this assessment, different ventures are
included with discussing the typology of entrepreneurship. Also in this report, various types of
entrepreneurship and their similarities and differences are assessed. At last, in this report, the
way small business enterprises of a country helps in development of economy is highlighted
(Baum, Frese and Baron, 2014).
TASK 1
P1. Different types of entrepreneurial ventures and relation with typology of entrepreneurship
Entrepreneurship: A person who is taking risks, implementing plans, organising and
running new business in the marketplace can be stated as an entrepreneur. The functions that
he/she is doing to make maximum profit in his/her business are known as entrepreneurship.
These are the persons who help in enhancement of economic growth of country. They make
plans as well as execute and manage them so that profit can be earned. There are different sorts
of activities that an entrepreneur does like manufacturing goods, providing services to consumers
by aiming just one thing and that is profit maximising. By the above discussed things, these
entrepreneurs attract people towards their business and make them buy products according to
their requirements.
Several types of entrepreneurial ventures that are in marketplace have been mentioned as
below:
Small business entrepreneurship: In today's world, on daily basis, people are forming
new businesses in a large number. These entrepreneurs are running small businesses but in a
huge number. In the United Kingdom, around millions of people having their own business and
are given with employment to almost half of the continent. Businesses like small grocery stores,
consultants, saloons, etc. come in this sector (Bhachu, 2017). Main aim of these small
organisation is to provide financial stability so that they can stay safe and get secured. These
1

small scale businesses give employment to others but do not offer much salary depending on
their profit and hardly put impact on economic growth of country.
Scaleable Start-Up Entrepreneurship: In this, entrepreneur’s main motive is to make
profit at its maximum and also, keep an eye on developing economic growth of a state or of a
country. Mainly, these firms start from small scale only but then depending on their profit, they
usually expand business at a large scale. Hereby, stakeholders and investors who have same sort
of mind are said to be a kind of support who help these entrepreneurs which enhances business.
To expand business, these scalable industries can use new updated technology and ideas that
increase the sale of goods-services and higher amount of investors.
Large organisational Entrepreneurship: This type of entrepreneurship put a huge
impact on the economic growth of country. Their main aim is to give hard competition to others
by bringing new techniques in their business that enhances their business. This helps them in
making profit in a proficient manner. Organisations like McDonald's and Burger King are
conducting business in the same sector and that is fast food but have different ways of operating
their firm. They give competition to each other which enhances businesses of their own and
helps in economic growth of country (Burrows, 2015).
Social Entrepreneurship: These entrepreneurial organisations enhance awareness in
social and economic market. Entrepreneurs under this mainly aim to develop people of the
country and don't work to make profit. These make programmes that help in the improvement of
human life socially.
Female Entrepreneurship: In this type of entrepreneurship, female entrepreneurs mainly
concentrate on the wellbeing of females. This type of entrepreneurship can be both profit making
or for social awareness. Depending upon the objective of that individual, these organisation’s
main aim is to give empowerment and equal rights to women of country.
P2. Similarities and differences between entrepreneurial ventures
Entrepreneurial ventures have many differences as well as some similarities like main
moto and etcetera depending upon their objectives. These ventures can be differentiated on the
basis of their aim and objectives. Some have aim to become the leading brand in marketplace
while, others focus on welfare of people in social market (Butler, 2012). Similarities between
companies that have same objectives like making profit may have similar innovative ideas that
2

aids to enhance profitability and productivity. Some differences and similarities of these ventures
are discussed as below:
Basis Ventures related to lifestyles Serial Ventures
Similarities Business tactics or plans can
be similar of both; lifestyle
ventures and serial ventures.
This type of venture mostly
aims to make plans which are
similar but for a long period of
time.
They work according to their
plan for a common goal and
keep on managing and
controlling it so that desired
targets can be achieved by
which profit can be
maximised.
They also form different sorts
of plans which enhance their
profit and aims stay for in the
market for longer period of
time.
Differences It mainly aims to provide
services to customers who like
to live their life according to
updates that are coming.
These entrepreneurs keep their
focus on enhancing their
business by evaluating graphs
of revenue time to time.
This sort of entrepreneurship
can have both partners and
also sole proprietor which
keep on enhancing profit by
reducing expenditures and
other things.
Entrepreneurs in this sector
manage the work from top
level to lower. It can be
anything like operational
activities so that profit can be
made for a long term (Dacin,
Dacin and Tracey, 2011).
TASK 2
P3 Impact of small businesses on economy of the country
A small business industry can only be stated when it has employees not more than 20 and
make revenue of 2 million euros. Government of United Kingdom has made categories of
3

businesses depending on their turnovers and number of staff members. As Europe people mostly
believes in doing business rather that doing a job, it put a huge and positive impact on growth of
the country. These small scale business gives employment to almost half of the continent people.
Some features of small scale businesses are stated below:
Employees: As Govt. has set number of employees for this type of industries should not
be more than 20. So, entrepreneurs gives employment to only 20 people which help him/her in
running the business successfully (George and Bock, 2011).
Small business area: Small business industries do not make huge profit and mainly aim
to provide facilities to family. This is the reason that these organisations do not expand its
business in other areas. Increase of business in different regions can cost them huge which may
also lead to loss. A huge loss cannot be afforded by this type of corporation.
Economical factor: It has been concluded by analysing that small business industries
can raise economical growth of the country. In United Kingdom small scale corporations are
rapidly coming on daily basis. This is continuously increasing percentage of economy. In the
year of 2017 these small scale business raised 9% economical growth of UK. So, it essential for
Europe to give proper benefit to employee of small scale industries because they know it that
how important it is for the country.
Revenue: As it has already been discussed above that this kind of business does not make
high profit in compared to other kind of businesses. A small scale industry is only going to be
considered when it has not more than 20 employees and also should not have turnover more than
20 million euros. These entrepreneurs mainly aims to securing life of their families and provide
them food and shelter and do not have a scope of enhancement of its business in other areas
(Grimaldi and et. al., 2011).
Locations: Mainly these small scale business runs from small outlets, shops or may be a
small ware house. This type of business is said to be limited. And these ones can easily be
operated from small outlets. Under this entrepreneurs do have limited funds so they cannot
afford showrooms. They stay highly motivated to enhance their business from various ways in a
small retail store.
Society: Small business industries to give employment to most of the people who are in
need. This process raises living standards of them and also helps them in providing facilities to
their family. Their are many consultancies that are helping people who are below poverty line in
4

UK. They are conducting interviews with entrepreneurs who are handling of small scale
business. All of the above things enhancing living standards of people of Europe.
Enhancement of abilities and capabilities: People who are continuously running their
small-business in marketplace, they keep on analysing interest of customers. That what they are
willing to have. These entrepreneurs keep on changing their products and services according to
consumers needs. This enhances both the productivity and profitability of its business (Hitt and
et. al., 2011).
P4 Contribution of small business enterprises to social economy after Brexit
In the year of 2016, Britishers came out from European trade market this activity which
was done named as Brexit. Almost half of the union trade voted out Britain from union of
European commerce. This action made a huge impact on economical growth of United
Kingdom. They made new policies which was actually took time to form. These rules and
regulations were slowly adapted by both public and private sector. Small enterprises majorly put
positive impact on economical growth but have some drawbacks as well that every country have
to face from time to time. Government of UK analysed changes that has been made after Brexit
took place, these changes were actually showed positive results. Entrepreneurs become more
motivated and started taking steps which were highly beneficial for both entrepreneurs and
Britain. Some major changes that took place are mentioned beneath:
Wealth Distribution: It is essential for United kingdom for enhancement of economical
growth that every single corporation whether it is small or big contribute fully. Survey that was
done in the year of 2015 by Govt., it has been found that almost half of the share is being
distributed between rich people of the nation. So, it is necessary for development the country that
even small business enterprises also contribute in a proper manner.
Turnovers: This can be understand by all the activities for making revenue which is
related to business in a year that has been done. In a survey it has been found that small and
medium sized enterprises of United Kingdom last years turnover was approximately 1.7 trillion
euros. By this Govt. located that SME is highly contributing towards development of UK.
Infrastructure: After Brexit took place most of the investors highly took part in
developing infrastructures of the organisations of the nation. Investors which had similar aims
just like entrepreneurs, heavily started investing (Landes, Mokyr and Baumol, 2012). This
helped entrepreneurs to make appropriate infrastructures. By this highly skilled labour started
5

getting attracted towards them. This process enhanced both profitability and productivity of
firms.
From the above discussed points, it has been concluded that small business are highly
contributing towards development of the United Kingdom. These actions become highly
influencing for other's as well who had ideas of start-up's or who were willing to do business. In
the initial level Govt. found that only rich people were contributing but then time changed and
people who had small business started contributing towards nation's growth of economy.
TASK 3
P5 Characteristics, traits and skills of successful entrepreneurs
For becoming a successful entrepreneur it is required to have capabilities and skills
different from others. Certain skills and knowledge is essential, to attain their goal in effective
manner. Ben Corrign and Jonny Plein who are the founder of “Pouch” which is online shopping
site where customers can get their products at a very cheap rates. Company was launched in
September 2016 and make a mark among 20 most influential start-ups. Another example which
we can take is “Influencer” founded by Ben Jeffries in the year May 2015. Its a kind of
6
Illustration 1: The Economic impact of "Brixit'
Source: Economic impact of Brexit, 2016

marketing agencies which give legal advices to other organisation. Entrepreneurs and Managers
are different from each other, and skills which make them so are given below:
Characteristics Entrepreneurs Managers
Risk Taking Risk taking is the key factor
which is there in entrepreneur.
They feel satisfied in doing
new things which have not
been done yet. They apply
their creative and innovative
ideas for their business growth.
Managers are not risk takers.
Thus, they follow those path
where the risk level is low.
Planning Planning is essential for
expanding any business.
Entrepreneur plans their
strategy in such a way that it
can be executed in an effective
manner. They also ensure that
it is implemented in right form
(Sarasvathy and
Venkataraman, 2011).
They also do planning for
organisation but their main
motive is to plan under certain
structure so that company's
norms and rules are not
violated.
Creativity They include various tool and
techniques which assist them
in creative thinking. They also
keep clients requirements in
their mind while introducing
any new design.
They done have any choice as
they have to use those tools
which are approved by the
team and company. Hence,
they have less scope of
creativity.
Passion This a key element in
entrepreneur. They are very
passionate about discovering
new things in their work. To
bring prosperity in their
In this, enterprise assigned
them duties and they are very
specific about their task.
Therefore, managers work
according to the job given to
7

organisation they dedicate
themselves fully.
them.
Some of the major attributes which are possessed by an entrepreneur are as follows:
 Entrepreneur have a strong sense of self regarding their work. They have to cope up with
numerous problems regarding funds, services etc. they don't think about their ideas much
as they know they are perfect (Schaltegger and Wagner, 2011).
 They are very flexible in nature because they know if their business faces any problem,
than they have the capability of handling that. They are ready to modify their plans if it
is not giving them appropriate outcomes.
 As compared with managers we can say that entrepreneur are more confident and their
vision is clear regarding their job.
 Entrepreneur are continuous learners, they are very passionate about learn new things
which is necessary for their enterprise. They adopt different paths to gain success while
managers follows the same path which is directed by their company.
P6 Aspects of the entrepreneurial personality
Personality trait can be reviewed as one of the important tool in any enterprise, which
helps them to understand what all is required in any organisation so as to increase motivation
level among individuals. There should be a proper set of tools and techniques which will aid
them in enhancing their skills and knowledge. Some of the major elements which is crucial for
elevating an individual are as follows:
Neuroticism: This kind of element is used to influence or manipulate entrepreneurs,
which effects the motivation level (Shane, 2012). People are more stable when there is low level
of neuroticism as compared to the one who have high neuroticism. Working in an unstructured
environment it is necessary to have low neuroticism so that maximum profit can be gained and
they should be ready for uncertain changes in their business.
Extraversion: Entrepreneur should be active in nature and able to communicate with
everybody which is highly beneficial for their growth in organisation. It is very important for
entrepreneur to have a healthy nature or conversation between customers, buyers, sellers etc.
because they are the one who will buy their products. Thus, individual should be extraversion in
nature to attain goals and objectives (Szirmai, Naudé and Goedhuys, 2011).
8

Openness to Experience: Entrepreneur should discover unexplored fields in business so
that they can come up with new innovative ideas which have not been discovered yet.
Experience will help them in expanding their business in different sectors which will increase the
scope of their business.
Agreeableness: This approach tells us that in every organisation required to have a
common view point to which everyone can agree. Entrepreneur should be flexible in nature,
trustable, caring etc. those who are running small business opt all these kinds of elements
because less workers are involved in it.
Conscientiousness: Those who do hard work comes under this category, they are very
motivated and highly skilled in nature. This encourage entrepreneur to get motivated so that they
can achieve goals which will be very helpful for them in future.
Rule Breaker: They are person with smart brains and creating different ideas in their
mind. They don't follow rules in fact they have their owns rules and regulations.
Risk Propensity: Entrepreneurs have the ability to cope up with all situations regarding
their business which enhances both the productivity and profitability of its organisation
(Wiklund and et. al., 2011).
TASK 4
P7 Role of background and past experiences in fostering or hindering entrepreneurship
It is important for every person to keep on learning accordingly what they have faced in
the past. Also, it is not necessary to have a strong background for a start-up. Entrepreneurs can
be stated as one of the main part of social and economical factor of a country which helps in
developing both of them. It has also been found that after when Brexit action took place, United
Kingdom's government supported every single entrepreneur in a way that they become highly
confident and started taking actions which increased operations in business and this helped them
earning profit at a maximum level (Martin, McNally and Kay, 2013). These things also attracted
investors to invest in small business enterprises which ultimately putted positive impact on
economical growth of UK. But successful entrepreneurs are very less in numbers among all of
the businessmen. Their are so many situational aspects, which may reduce the profit of
organisation or hamper the operations like daily rising competition in same sector, gender
inequality, social status and etcetera.
9

The entrepreneur named as Oprah Winfrey can be taken as an example. Her background
was not that much strong but she came up as a leader in marketplace. A poor child who begged
for food and shelter in front of other people, this made her to serve to people in so many ways
which were facing same sort of issues. She was not clear with her mission that what she wanted
to do and even her family did not supported her at all because of poor conditions. Another name
of business is to take risk. If entrepreneurs do not take risk possibilities are their that they don't
attain set targets. And sometimes, conditions also do not stay same which lead them to a huge
loss. This may take business to a forfeit stage (Neck and Greene, 2011).
Their is an another example of a footwear company which was owned by Julia. At the
start-up organisation faced many problems but somehow managed to run its business
successfully. After sometime Julia lost this business which took her back in past, where she used
to do job for other entrepreneurs. She also went behind the bars in the case of bankruptcy. Last
example under this is going to be taken of Mark Zuckerberg the billionaire which was an average
student. He belonged to a moderate family but had a mindset of an entrepreneur that helped her
becoming one of a leading brand in all over the world. This idea of social media site was came in
his mind when he was reading his book in Harvard. Facebook social app is highly used by most
of the people in all over the world by which they stay connected with others. These are some
examples of how quality educational activities hinder and foster entrepreneurship (Santos, 2012).
CONCLUSION
From the above report, it has been concluded that for enhancement of economical growth
of a country entrepreneurship plays a main role. People have so many purposes to form a new
firm. It may be for making profit by taking risks or may be for social welfare. Every entrepreneur
has some similarities, differences to run their business whether it is small business, scalable
business industry or a large organisation. These business sectors that has been discussed above,
Govt. of UK made some rules and regulations for them. These entrepreneurs can highly put
impact on economical and social factors of United Kingdom. In the last, it has been found that
these new entrepreneurs can also heavily influence others so that they can participate in
development of their own and also of the country. The above things that we have discussed can
motivate entrepreneurs so that they can attain their dreams in an efficient manner.
10

REFERENCES
Books and Journals
Baum, J. R., Frese, M. and Baron, R. A. eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Butler, J. S., 2012. Entrepreneurship and self-help among black Americans: A reconsideration of
race and economics. SUNY Press.
Dacin, M. T., Dacin, P. A. and Tracey, P., 2011. Social entrepreneurship: A critique and future
directions. Organization science. 22(5). pp.1203-1213.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Grimaldi, R. and et. al., 2011. 30 years after Bayh–Dole: Reassessing academic
entrepreneurship. Research Policy. 40(8). pp.1045-1057.
Hitt, M. A. and et. al., 2011. Strategic entrepreneurship: creating value for individuals,
organizations, and society. The Academy of Management Perspectives. 25(2). pp.57-75.
Landes, D. S., Mokyr, J. and Baumol, W. J. eds., 2012. The invention of enterprise:
Entrepreneurship from ancient Mesopotamia to modern times. Princeton University
Press.
Martin, B. C., McNally, J. J. and Kay, M. J., 2013. Examining the formation of human capital in
entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of
Business Venturing. 28(2). pp.211-224.
Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Santos, F. M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
111(3). pp.335-351.
Sarasvathy, S. D. and Venkataraman, S., 2011. Entrepreneurship as method: Open questions for
an entrepreneurial future. Entrepreneurship theory and practice. 35(1). pp.113-135.
Schaltegger, S. and Wagner, M., 2011. Sustainable entrepreneurship and sustainability
innovation: categories and interactions. Business strategy and the environment. 20(4).
pp.222-237.
Shane, S., 2012. Reflections on the 2010 AMR decade award: Delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
20.
Szirmai, A., Naudé, W. and Goedhuys, M. eds., 2011. Entrepreneurship, innovation, and
economic development. Oxford University Press.
Wiklund, J. and et. al., 2011. The future of entrepreneurship research. Entrepreneurship Theory
and Practice. 35(1). pp.1-9.
Online
Social Enterprise. 2018. [Online]. Available through. <https://socialenterprise.us/about/social-
enterprise/gclid=EAIaIQobChMI0eXS4bHm2AIV0BSPCh1TDQb1EAAYAiAAEgIDk
PD_BwE>.
11

Economic impact of Brexit. 2016. [Online]. Available through.
<https://woodfordfunds.com/economic-impact-brexit-report/>.
12