Higher National Diploma: Entrepreneurial Ventures and Mindset Report

This report delves into the realm of entrepreneurial ventures, exploring various types, including large company ventures, scalable startups, social enterprises, and small businesses. It examines the similarities and differences between these ventures, providing a comprehensive overview. The report further investigates the impact of micro and small businesses on the UK economy, presenting relevant data and statistics to illustrate their significance. It highlights the importance of startups and small businesses in driving economic growth. The report then analyzes the characteristics, skills, and traits of successful entrepreneurs, as well as the aspects of an entrepreneurial personality that reflect motivation and mindset. It also discusses how an entrepreneur's background and experiences influence their decision-making and the overall impact on their ventures. The report concludes by summarizing the key findings and emphasizing the crucial role of entrepreneurs and small businesses in the economy.

Entrepreneurial ventures and
exploration of entrepreneurial
mindset

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures.......................................................................3
P2 Similarities sand differences in different entrepreneurial ventures...................................4
M1 Range of entrepreneurial ventures and ventures in public and corporate sector.............6
D1 Scope, development and growth of Entrepreneurial ventures..........................................6
TASK 2............................................................................................................................................7
P3 Relevant data and statistics related to micro and small businesses and their effect on
economy.................................................................................................................................7
P4 Importance of start-ups and small businesses for growth of an economy........................8
M2 Difference brought in economy through small, medium and large enterprises...............9
D2 Impact of small businesses on economy...........................................................................9
TASK 3............................................................................................................................................9
P5 Characteristics, skills and traits of successful entrepreneur..............................................9
P6 Aspects of entrepreneurial personality reflecting motivation and mindset.....................10
M3 Different line of argument relating to entrepreneurial characteristics...........................11
D3 Characteristics, skills, traits and drivers for successful entrepreneurs...........................12
TASK 4..........................................................................................................................................12
P7 Effect of background and experience on entrepreneurship.............................................12
M4 Link between entrepreneurial characteristics and influence of personal background...13
D4 Influence of background and experience positively and negatively...............................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
Books and Journals...............................................................................................................15

INTRODUCTION
All those people who come up with a new idea or innovation so that they can develop a
business along with taking all the risk involved in order to earn profits out of the business are
called entrepreneurs. The vision or the innovation is the initiating point for any entrepreneurship.
It continues as this idea is converted into a business plan and that business plan is executed well
in order to earn profits through bearing all the risk attached to it (Jones and Sakong, 2020). In the
following report discussions are made on various different types of entrepreneurial ventures as
well as typologies of these ventures. The report also describes the impact of small and micro
businesses on the economy of United Kingdom. In the second part of report there is discussion
on two different entrepreneurs who have effectively set up their own businesses and come up
with ideas to earn profit on their own. Various characteristics, traits and skills of an entrepreneur
in order to run a successful business or also discussed in this report. The end of this report did
discussions are made on how background and experiences of an entrepreneur influence their
decision taking in a business.
TASK 1
P1 Different types of entrepreneurial ventures
There are a number of businesses which come in with the new ideas and innovations which
are called entrepreneurial ideas. Entrepreneurs take high risk in order to earn profits through their
businesses. There is various type of ventures through which entrepreneurs begin their businesses
which are mentioned below:
Large company entrepreneurial venture: these are all those companies which already
have various products present in the market. They come in with new ideas to increase their
product line. All their products are already linked with their older products in their market. They
already have a set customer base for their products or entrepreneurship in the market. Microsoft,
Samsung, Apple and so on can be some of large entrepreneurial ventures.
Scalable entrepreneurial venture: Scalable ventures are all those business ideas which
bring in new innovations. They are launched with an idea to change the world. They have high
aims in order to bring changes in the society. Due to these big visions they require skilled and
experienced employs for their businesses. They highly aim at achieving maximum convenience
for their customers and earn profit through it. There are a number of online shopping websites

launched these days which are included in scalable entrepreneurial ventures. Alibaba express,
eBay, Amazon are some of such examples.
Social entrepreneurial venture: These are the companies which come up with products
and services in order to deal with different issues in society. They aim at making the world a
better place to live and also bringing peace in the society (Lipset, 2018). They are usually
profitable or also include non-profitable organisations. These can be depicted through a number
of trusts as well as donation organisations. Seventh generation, micro finance and micro credit,
WHO are some of the examples for social entrepreneurial ventures.
Small company entrepreneurial venture: there are a number of small company
entrepreneurial ventures who start their business with a small fund. They usually ask their
families and friends for capital in order to start the business and do not require huge fund from
investors. The loans taken by them are usually paid off from the profits which they earn. They
include 10 or even less employees working or usually the family itself helps to establish the
company. Various carpenters, electricians, plumbers or consultants can be example of small
company entrepreneurial ventures.
P2 Similarities sand differences in different entrepreneurial ventures
Factors
Small business
entrepreneurial
ventures
Large business
entrepreneurial
ventures
Scalable start up
entrepreneurship
Social
entrepreneurial
business
Structure Organisational
structure for
these businesses
is not formed
properly. They
are run by a
single person
including family
and friends.
The structure of
these
organisations
are well-defined
and complex.
Such companies
can be Private
Limited as well
as public limited
companies.
They can be sole
proprietor ship,
partnership, or
even corporations.
The structure of
these businesses
are developed
carefully in order
to achieve profits
for business.
The structure
formed for such
organisation are
usually based on
trusts. They can
be Profitable,
non-profitable
or hybrid
organisation of
both of above.
Employee They usually The number of These There is no

employ the
family members
itself in the
business.
employees in
this organisation
can be more
than hundred.
They employ
both skilled as
well as and
skilled workers
for different job
roles.
organisations are
of different sizes.
Due to this the
employee
capability and
capacity totally
depends on the
size of
organisation.
However they
require highly
trained and skilled
employees in
order to carry on
their business
successfully
fixed number of
employees
working in such
companies. It is
dependent on
the type of
business and the
motive and
objective of
business. Some
of the employs
also work for
free as a good
cause for the
society.
Goals and
objectives
The goals and
objectives of
small business
entrepreneurial
ventures are
usually to gain
some profits to
earn a living.
They also aim at
paying back the
loans they took
at the beginning
of their
businesses.
They aim at
expanding their
business
internationally.
Due to this day
bringing new
innovations in
their already
existing
products in the
market.
These startups
aim at bringing
various products
and services in the
market for
convenience of
customers. They
have high goals
for profits in order
to make sure that
they can
effectively pay
back all their
investors (Mitra,
2019).
They aim at
developing the
society. They
basically works
to improve the
living
conditions in an
economy. They
achieve this
through
providing
quality products
and services in
the market for
people who

cannot afford it.
M1 Range of entrepreneurial ventures and ventures in public and corporate sector
It is often seen that there are a number of individuals who cannot take order from other and
they want to carry on a business with full freedom and flexibility so that they do not need to take
permissions for others to carry on their business due to which they start a corporate
entrepreneurship. However, there are a number of individuals who are looking to attain powers
and achievement in quick way therefore they go for entrepreneurship through public sector.
When taking into consideration the entrepreneurs in corporate sector usually focus on a number
of innovation as well as orientation so that they can bring in new products and development in
the market for their own betterment in order to earn profits from those innovations. On the other
hand all the entrepreneurs who are starting their business in public sector are based on some
values or believes and they need to bring some changes in the country or nation due to which
they go for public sector so that they can impact a lot of people at once.
D1 Scope, development and growth of Entrepreneurial ventures
It is often seen that there are a number of different types of entrepreneurial ventures. These
include small business entrepreneurial venture, large business entrepreneurial venture, scalable
start up entrepreneurship as well as social entrepreneur business. All these different types of
entrepreneurial ventures have different vision, mission as well as objective. Scope and vision of
all these are different. However, all of them work in order to meet the requirements of customer
and generate profits for themselves in order to stay in market for a longer period of time.
Entrepreneur ventures need a lot of funds to start their business and develop the idea which they
have thought of in beginning. They also need to derive a proper organisational structure so that
the communication between all the departments as well as all the employees in an organisation
can be set up effectively. This will lead to increase in productivity of employs, productivity of
organisation as well as it will increase the quality of products and services which are provided by
the organisation. With the help of this organisation can effectively meet all the demands of
customers and sustain in the market place for long term.

TASK 2
P3 Relevant data and statistics related to micro and small businesses and their effect on economy
It is often considered that only large business organisation helps the economy of a country
to grow. The role of small and micro size businesses and neglected in the development of an
economy. But it is untrue as there are a number of small and micro businesses which play a
major role in development of an economy (Julien, 2018). Along with helping in development of
economy they also help to grow infrastructure in the small regions of an economy where large
organisations cannot reach. Large amount of profits can be drawn from such small and micro
businesses.
Taking into account the economy of United Kingdom following are some of the data related
to small and micro businesses:
 There are around 45 million small and micro businesses which are established in United
Kingdom.
 It is seen that 99% of total business which is carried on in United Kingdom is done
through the help of small businesses.
 The large chunk of gross domestic product for United Kingdom is earned through the
help of small businesses.
 96% of employment in economy of United Kingdom is provided by micro businesses.

The above-mentioned graph clearly states that micro and small businesses provide higher
returns as well as profits when compare to those of large and medium organisations present in
United Kingdom (Kraus and et. al., 2019). It can be seen that micro businesses as well as small
businesses provide 37% of turnover as well as 48% of employability in the economy of United
Kingdom.

In the above graph micro and small businesses are categorised into non-innovator,
innovator, non-exporter and exporter. All of these micro and small businesses generate profits
for business as well as for the economy of United Kingdom. It can be seen that along with
providing revenue to the country they also provide innovation for people in the society. Other
than this they also bring in foreign exchange profits as most of these are exporters.
There were 5.82 small businesses which consist of 99.3% of total business. And 99.9% of
business population was from SMEs. SMEs also had provided 3/5 of total employment in private
sector in United Kingdom.
From the above depiction it can be concluded that in 2019 there were 5,900,000 UK
private sector businesses. Amongst these 1.4 million had employs and 4.5 million does not have
any employees. 3,5 million were sole proprietor ship, 2 million were acting as trading companies
and 4,50,000 were partnership business.Nearly 1/5 of all the SMEs were in construction
business. The wholesale and retail traders accounted for 14% of all the SMEs. The private sector
businesses population has also increased up to 3.5% in previous years (UK Small Business
Statistics,2018).
P4 Importance of start-ups and small businesses for growth of an economy
Start-up businesses have highly influenced a number of economies as they help in growth
of economy. There are a number of new ideas and innovations of various products and services

which start-up businesses bring in the economy. The major motive of these products and services
is to provide maximum satisfaction to customers through meeting all their demands and needs.
They recognise such needs of customers which are hidden or not recognised by any other
company earlier. Due to this it is often seen that a number of start-ups grow very soon and
capture large shares of market. There is a lot of profit earned by these start-ups in just a small
amount of time after they start their business as bringing in new innovations in the market. They
also help in development of an economy as they provide taxes to the economy which helps in
growth of country.
There are a number of employees required for all these start-ups to set up their businesses.
They help in increasing the employment in an economy (Kyrö, 2018). As these start-ups require
both skilled and unskilled workers it is easy for them to find all these kind of employers in the
economy. They help a number of people who are unemployed through providing them a job for
their living. Due to being a start-up they cannot provide higher salaries to all the employees but
however they provide them salaries in order to make sure that they can earn their living. Along
with this they also provide them a social standard in the society and help them to grow their
skills. These helps an individual as well as economy as a whole.
A number of start-ups start with a course for society. They basically involve corporate
social responsibility in their daily business. The focus on environment as well as society as a
whole and also increase the standard of living of people in an economy. Through This they also
help a lot of rural areas which government of an economy has been avoiding for a longer period
of time. Along with this they also develop infrastructure in the backward areas of an economy.
Therefore, it can be seen that start-ups help in overall development of an economy. They
develop the standard of living of people, infrastructure of an economy, they provide employment
as well as profit to the governments. Along with this they also help a number of people to get
skilled and develop personal as well as professional skills in order to develop in their career.
United Kingdom is greatly benefited by start-ups as there are a number of start-ups in the
company which have brought in a lot of profits for company along with doing various efforts for
the society.
M2 Difference brought in economy through small, medium and large enterprises
It is often seen that the large businesses take all the credit for development in an economy.
But from the above related data it can be clearly seen that large business mostly work for their

own profits. Whereas small and micro businesses in an economy have largely affected the gross
domestic product of an economy. Other than affecting the profits for economy these also help in
providing employment to a number of people in a country. Large businesses mostly focus on
expanding their business in different countries and only bring foreign exchange as profits where
is all the small and micro businesses work in local and regional level providing benefits to these
small regions. Along with providing employment to people they also work for infrastructure of
such region which ultimately leads to development of the country.
D2 Impact of small businesses on economy
The above-mentioned data clearly states that small and micro businesses present in United
Kingdom have a great effect on economy of United Kingdom. They make sure that they provide
quality of products and goods in the market fulfilling all the requirements and needs of
customers from them. Some of these businesses focus on hiring skilled employees who can
effectively make a quality product. However, some of these also go for semiskilled or unskilled
employees because there are different kind of requirements for these entrepreneurs. It is seen that
the small and micro businesses also help to provide government with taxes so that development
of economic and be possible. Along with this they generate a lot of employment in the economy.
At last it can also be seen that some of these small businesses export apart of their production
through which they bring income in country and help in development of economy as well.
TASK 3
P5 Characteristics, skills and traits of successful entrepreneur
A number of traits, skills and characteristics are essential for every entrepreneur. They need
to develop these skills so that they can manage a business effectively and can sustain in the
business for a longer period of time (Hills and Morris, 2018). They need to develop a proper plan
with the help of which they can motivate all the employees who are working under them and also
provide benefits to employees and economy. Below mentioned are some of the characteristics of
a successful entrepreneur:
 They need to come up with new idea and generate and innovation for their business.
 They should be risk taker it is important because every new business involves a lot of risk
with it.

 They need to have a clear vision as well as goal for their business so that they can set up a
plan according to that.
 It is important that entrepreneurs are always self-motivated. If they are motivated only
then they can motivate the employs who are working for them. Only then they can fulfil
all their goals and objectives.
Along with managing the business entrepreneur need to manage the finances as well as
human resources of business they need to be all-rounder and have good management skills.
There are also some personal skills which are required by every entrepreneur which includes the
communication skill, Leadership skills as well as planning and decision-making skills. There are
a number of duties and responsibilities which are to be carried on by an entrepreneur.
They need to manage all the employees who are working for them along with this they
also require to make sure that they act as good leader. It is their duty to set up objectives, goals as
well as vision for the organisation. Along with this they also need to communicate all these
objectives to the employees who are working for them (Kuratko and Morris, 2018). Therefore, it
is necessary for an entrepreneur to have good communication skills so that the information which
they want to convey to everyone can reach effectively. They also need to deal with all the
suppliers, customers and other stakeholders related to the business. They also need investor for
their business to which they need to communicate the idea for innovation they are bringing in
through their entrepreneurship business. Therefore, these are some of the personal skills which
must be incorporated in an entrepreneur to run their business successfully.
P6 Aspects of entrepreneurial personality reflecting motivation and mindset
It has been said that it is necessary for an individual person to have a great personality for
launching a new business. In addition to this, there is a risk involved in every activity and
function of business and it is necessary for an individual person to have an ability to bear risk in
an effective manner that help in performing difficult task in easy manner. It is necessary for an
individual person to have such personality that brings innovative ideas as well as beliefs with
respect to manufacturing of innovative product as well as services for satisfying the demand of
user at Marketplace. It helps in increasing sales as well as profitability level in future period of
time. Apart from this the entrepreneur focuses on on-going innovative ideas for attaining goal as
well as objective in stipulated period of time (Burns and Dewhurst, 2016). It is necessary for an
individual person to take risk in order to overcome from them for implementing the idea in an