Unit 9 Report: Entrepreneurial Ventures, Characteristics, and Impact

This report provides a comprehensive overview of entrepreneurial ventures, examining different types such as micro, small, medium, and large enterprises, along with entrepreneurial typologies like social and scalable ventures. It analyzes the similarities and differences between public, private, and social enterprises, and assesses the impact of micro and small businesses on the UK economy, highlighting their significant contribution to employment and economic growth. The report also explores the importance of business start-ups and small businesses in the growth of the social economy, discussing the characteristics, traits, and skills of successful entrepreneurs, including case studies of Bill Gates and James Dyson. The reflection of motivation and mindset of entrepreneurs by the personality of entrepreneur is also discussed. The report concludes with a discussion of factors that can either hinder or foster entrepreneurship, linking background and experience with entrepreneurial characteristics.

Unit 9

Table of Contents
INTRODUCTION...........................................................................................................................2
Activity 1.........................................................................................................................................2
P1. Different types of entrepreneurial ventures..........................................................................2
P2. Similarities and differences between entrepreneur ventures................................................3
Understanding entrepreneurship for corporate and public sector..............................................4
P3. Interpret and assess data of impact of micro and small business that impact of economy...4
P4. Importance of business start up and small business in growth of social economy...............5
Difference of small medium and large business........................................................................6
Activity 2.........................................................................................................................................6
P5. Characteristics traits and skill of successful entrepreneur....................................................6
P6. Reflection of motivation and mindset of entrepreneurs by the personality of entrepreneur.
.....................................................................................................................................................8
P7. Hindrance or fostering of entrepreneurship..........................................................................9
Link among background and experience with characteristics..................................................10
Conclusion ....................................................................................................................................10
REFERENCES..............................................................................................................................11
Books and Journals...................................................................................................................11
Online .......................................................................................................................................11
The importance of small businesses in the UK economy.2017(ONLINE ) Available
through :<https://smallbusiness.co.uk › Starting a Business › Advice>........................................11

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INTRODUCTION
Entrepreneurship is a process to develop organize and manage a business venture along
with any of its risks in order to make profit. Through this process entrepreneur start new business
and create new ideas (Venkataraman, 2019). Entrepreneurship is a booming and is very
productive for the economy as well. This report will be cover different types of ventures and
typology of entrepreneur. It will also include similarities and difference between types of
entrepreneurial ventures. Data about effect of small business on the economy of UK. This report
also will be include skills, characteristics and traits of entrepreneur and their personality reflect
the motivation and mindset of entrepreneur.
Activity 1
P1. Different types of entrepreneurial ventures.
Entrepreneur is individual who start to new business venture through create effective
ideas. They bear all profit and losses. Entrepreneur visualizes an idea and by checking it viability
converts it into a successful business.
Intrapreneur ship is a system, and they also follow entrepreneurship in business. Both are
different because entrepreneur is a owner of organization and intrapreneur is a employee of
organization.
Different types of ventures :-
Micro enterprise :- in this venture, entrepreneur has to employ minimum 10 employees
in organization and turnover less than €2 million. This venture includes quick stop that is a local
comer store.
Small enterprise :- it includes 10 to 15 employees and its turnover is above €2 million
and less than €10 million. Example gokyuzu Turkish restaurant.
Medium enterprise :- this venture includes 50-250 employees and turnover of above €10
million but less than €50 million.
Large enterprise :- this venture provide employ to 5000 employees and turnover must
have an more than €1.5 billion and balance sheet more than €2 billion.
Entrepreneurial typology :-
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Social entrepreneurial:- in this typology, entrepreneur has focus on provide product and
services to solve problem of society. They have not aim is making profit so entrepreneur create
and innovate new ideas for increase and develop to standard of living of society.
Scalable entrepreneurial :- this typology of entrepreneur has major focus on society as
well as economy of country (Zahra and George, 2017). They operate their business for develop
and improve society, and they provide products and services to people that helps in booming
economy of country as well.
Above both typologies of ventures helps to entrepreneurs to carry business effectively
and smoothly because they get ideas about plan and creativity in an organization.
P2. Similarities and differences between entrepreneur ventures.
There are many types of ventures present and all are different from each other. Following are
differences between all ventures.
Basis Public enterprise Private enterprise Social enterprise
Meaning This types of venture
include group of
entrepreneurs that traded
to business and focus on
public welfare.
They operate business
and do work for earn
profits.
Social enterprises follow
and make many
strategies.
Sizes It includes minimum 7
members.
Minimum 2 and
maximum 200 members.
Its size is very small.
Control It controls by government
like central, state and
local.
This enterprise control by
individual and private
company
It controls by charitable
institutes.
Stability of
job
Stability is available in
this sector.
Stability not available in
this sector.
Stability Not available in
this sector.
Purpose It main purpose is provide
services to public.
It main purpose is earned
profit.
Its main purpose is
provide helps to poor
people.
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Objective It also provides helps to
public but also earn little
profit.
Its only one objective
that earn profit.
To provide helps to
society for developing
and growing.
Example Army, police, health sector Finance, technology,
transport and education.
Non profit organization.
Similarities :-
All above ventures also have similarities because everything has differences and similarities that
means every thing has two aspects.
Risk and reward :- all three types of ventures has similarities that they have to take risk
for getting reward because without risk business can not earn profit (Hitt and Duane Ireland,
2017). High risk always give high reward.
Accomplishment :- all are working for complete their objective and earn profit because
this thing helps to grow and develop business. They have specific objective and without
objective business can not operate properly.
Aim :- all above ventures has main aim is provided satisfaction to customers and people
because through satisfaction they attract to people and achieve their goals and meet to objective
of businesses.
Innovations :- all ventures has similarities that they innovate new products and services
to complete their aim and grow of business. They also achieve goal and objective of
organization.
Understanding entrepreneurship for corporate and public sector.
Entrepreneur is essential in both sector because in public sector their objective is helps to
public and society. In corporate sector, entrepreneur has main aim is earned profit, so they create
and innovate ideas to develop and improve business. They make plan as well and implement on
business for complete their aim.
P3. Interpret and assess data of impact of micro and small business that impact of economy.
Small and micro business are contribute majorly in economy of UK because through this
economy increasing day by day. Individuals and organization set small and micro business and
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this thing increasing numbers of organizations. In UK 99.8 % business dominate by small and
micro business. In UK 5.6 million small and micro business evaluated in 2018 and it increases
also day by day. SME's also increasing employment around 16.3 million so 60 % employment
provide by small business in UK.
Annual turnover of SME's is 2.0 trillion and 52 % of all private sectors turnover so
economy increasing through this sector. Small enterprises give major contribution in economy
compare than large and medium enterprise (Cooper and Folta, 2017). Through this economy
boom and entrepreneurs do not focus to start up of new large business.
Interpretation :-
From above data it interpreted that small and micro business contribute more compare
than medium and large enterprises. It also provides employment and economy growth in UK.
Day by day small business increasing and standard of living of people also develop and improve.
P4. Importance of business start up and small business in growth of social economy.
Small business is play vital role in growth of social economy because it increases day by
day and these enterprises also make strong social relation with people. Social relation includes
ethics, norms, emerging trends and this thing influence behaviour of consumers. SME's is very
important to growth of economy.
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Illustration 1: small and micro business
[source : The importance of small businesses in the UK
economy, 2017]

Increase in employment :- small and micro business increasing employment in UK
because they contribute majorly in economy and 99.8 % small business est in UK. So people get
opportunities to get job. Through SME's competition also increase in UK so all small business
provide offer for job to attract people.
Standard of living :- through small and micro business people get job opportunities and
earn money so this thing helpful in improve and develop standard of living because small
business provide products and services at lower cost and people always wants to get quality
product at lower cost (Aldrich, 2017). So they can afford cost of products and develop their
standard of living.
Export :- small business give major contribution in trade with other countries because
they provide job to people and large numbers of people produce more products, so they start to
export to products and services in other country and this process helps to improve and develop
flow of foreign currency in economy of UK.
Innovations :- SME's contribute in economy of UK through improve innovation because
they deal with other countries and also get ideas about market, technologies and latest
innovations. So these things useful in increase productivity and sales of products and services
because technologies always produce large quantity of products with low cost.
Difference of small medium and large business.
Small business Medium Large
This business includes 10 to 50
employees,
This business includes 50 to
250 employees.
It includes above 5000
employees in business.
Activity 2
P5. Characteristics traits and skill of successful entrepreneur.
Bill gates :- he is an entrepreneur of Microsoft corporations, and he was born in 1955 at
Washington.
Skills of Bill Gates:-
 Bill gates has skills of creativity because he always believes in personal creativity. He
also encourages to their team for develop creativity and this skill helps to him for success
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in business. He creates ideas about differentiate their business with other and focus on
uniqueness. So Microsoft organization success through this skill of him.
Traits of Bill Gates:-
 Bill gates has main trait is focus, so he focuses on one thing that he knows best, and he
has the best knowledge about software. This trait make him strong because he does work
hard to dominate his industry.
Characteristics of Bill Gates:-
 He has characteristics of education because he dropped out school, but he does not leave
to learn (Cooper, 2017). He thought that learning is a lifelong process and learn through
leadership style. He always learned from anything and situation and found Microsoft.
These skills characteristics and traits make him to different with other business manager because
he always focuses on one thing and complete goal but managers focus on many things at the
point of time. Managers also do not get knowledge after education but bill gates always learn
new thing with every situation.
James Dyson :- he is an entrepreneur of Dyson Ltd.
Skills of James Dyson:-
 James Dyson has skill that he is open-minded. His thinking is that every situation of life
and career provide opportunity for success in business. This thinking helps to improve
and develop business.
Traits of James Dyson:-
 He has trait of risk calculator so through this trait he always calculates risk and prepare
for face to risk because he always takes risky decision, and he thought that high risk give
opportunity to earn high reward. He also believes in that if risk can not take by anyone on
time, so he cannot get success in life.
Characteristics of James Dyson:-
 James has characteristics of visionary that means he makes plan for future through
evaluation of current situation. His vision is very forecast because he takes right decision
about future.
All above skill, characteristics and traits of James Dyson is different from other business
manager because he takes perfect decision and make plan about future but managers of business
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can not make perfect plan about future because James Dyson has innovative thinking (Huda,
2019). He always ready to take risk and also calculate but normal manager can not take risk.
P6. Reflection of motivation and mindset of entrepreneurs by the personality of entrepreneur.
OCEAN model reflect personality theory of entrepreneur. This model considered overall
personality of entrepreneurs. OCEAN stands for O- openness, C- consciousness, E- extraversion,
A- agreeableness, n- neuroticism.
Openness :-
 This personality refers to that people who like to learn new things and enjoy new
experience usually score high in openness. Bill gates are high openness personality
compare than James Dyson because bill gates though that learning is a long life process,
and he always and continue learned many things from every situation and work.
 James Dyson also has this personality but less than bill gates because we fail in two
business in beginning of career, so he gathers ideas through their business and motivate
as well. These incidents become very useful for James Dyson, and he creates and get
many ideas about business.
Conscientiousness :-
 Bill gates has low aggressive personality, and he takes decision very effectively and in
systematic manner (Meyer, Neck and Meeks, 2017). He makes decision after evaluate
and analyse everything calmly. He does not think emotionally and this thing very useful
in make successful entrepreneur.
 James also has low aggressive personality that means he makes decision with full
consciously. He believes in that every decision take more time so everyone who make
decision, so they have to give time for decision-making process.
Extraversion :-
 This personality is highly reflected in bill gates, and he communicates with other and his
team members with full energy. He encourages to their team members for create
innovative ideas so through this personality people and members of organization attract.
 James Dyson has talkative nature that means he like to talk with other and understand to
needs, wants and choice of people. So this personality helps to attract customers and
people, and he got success.
Agreeableness:-
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 Bill gates has high agreeableness personality that he is friendly and this personality helps
to him in develop and improve business because he always treats to people very kindly
and this personality helps in getting success.
 James has moderate personality because he failed in two business, and he focuses on
learn many things, but he never focuses to cooperation. He always treats with people very
kindly, but he never thinks about coordination.
Neuroticism :-
 Bill gates never take tension and do not thinking about negative emotional things (Welter,
2017). This personality is present in bill gates at high level and always focus on learning
and create innovative ideas to develop and improve business.
 James Dyson has moderate level of this personality because his father of died I very
earlier age, so he has to take all responsibility. So this incident provides to him emotional
stability.
P7. Hindrance or fostering of entrepreneurship.
Bill Gates :-
Bill gates is an entrepreneur and built the largest software business Microsoft. He belongs
to middle class family. His father was prominent lawyer and his mother was board of director.
Bill gates evaluate and observe, that his family wanted to him to pursue a law career. After
education completed he thought about that leaning is a lifelong process, and he always learns
from everything. His family background is very good and educated, so he foster trough family
condition. His father and mother was educated and did job on reputed post. So he foster due to
family condition. Financial condition was also very better of him, and he never stops in their life.
He learns many things and found software. If his family condition is not well, so he hinders and
can not build business.
James Dyson :-
His grandfather has been headmaster and father has also involved in same profession. His
father died of cancer and this incident influence to him, so he invented beg less vacuum. He
continues failed in two business and got success from failure. He thinks that failure is a good and
major achievement for him. He foster through his family condition because family background is
well and educated. Financial condition also very well but if his family background and financial
condition was not good so this thing hinder to him.
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Link among background and experience with characteristics.
Bill gates has characteristics of creativity, focus and education. These things related with
his family background and experience because due to family background and experience he
creates innovative ideas. His family financial condition helps to innovate and found software.
James Dyson is innovator and open-minded because he evaluates his father and
grandfather so this helps in develop ideas about business (Stuetzer, 2018). So family background
helps in create this skill and trait in him.
Conclusion
From above study it has been summarized that entrepreneurship is very essential for
economy of country. It concluded that many types of ventures present and all are different from
each other. Typology of entrepreneurship includes scalable and social. Small and micro business
provide helps to economy of UK and provide employment to people so through this standard of
living increase as well. Skills and traits of entrepreneur helps to become success in their
business. Family background and experience foster and hinder to them. OCEAN model
concluded in this report. That reflect personality of entrepreneurs.
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