Entrepreneurship Report: Venture Types, Economic Impact, and Brexit

This report delves into the multifaceted world of entrepreneurship, beginning with an introduction to the core concepts and definitions. It then explores various types of entrepreneurial ventures, including small business, scalable startups, large company entrepreneurship, and social entrepreneurship, highlighting their unique characteristics and relationships to different entrepreneurial typologies. The report further examines the similarities and differences between these venture types. The report then analyzes the impact of micro and small businesses on the economy, including their contributions to employment, economic growth, turnover, and inflation, emphasizing their role in economic diversification. It also assesses the importance of small businesses in fostering social economy growth, particularly in the context of Brexit, and highlights factors such as economic growth and adaptability. Furthermore, it identifies and discusses traits and skills that differentiate successful entrepreneurs from business managers, along with the motivations and mindsets of prominent figures like Bill Gates and Mark Zuckerberg. The report concludes by considering how background and experience can foster entrepreneurial success.

ENTERPRENEURSHIP

Table of Contents
ENTERPRENEURSHIP..................................................................................................................1
Introduction......................................................................................................................................3
TASK1.............................................................................................................................................3
P1) Types of entrepreneurial ventures and their relation with typology of entrepreneur......3
P2) Similarities and difference between entrepreneurial ventures.........................................4
M1 ..........................................................................................................................................6
D1...........................................................................................................................................6
P3) Impact of micro and small business on the economy......................................................6
P4)Importance of small business in the social economy growth after “ Brexit”....................7
M2...........................................................................................................................................8
D2...........................................................................................................................................8
P5) Traits and skills of two successful entrepreneurs which differentiate them with other
business managers..................................................................................................................9
P6)Motivation and mindset of Bill Gates and Mark Zuckerberg.........................................10
M3.........................................................................................................................................11
D3.........................................................................................................................................11
P7) Background and experience foster entrepreneur............................................................11
M4.........................................................................................................................................12
D4.........................................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
Books and Journals...............................................................................................................13
Online...................................................................................................................................14

Introduction
Entrepreneurship is an act where an individual sets up a plan of business, taking a lot of risk and
with innovative ideas hoping for the high profits. It is basically a process in which a person
designs, launches and try to run the business in a different manner.
The person here is a high risk taker and has innovative and creative ideas. The person is
said to be as an entrepreneur. With his different ideas and opinion he starts the business and run
through proper management and strategies to accomplish the goals of the enterprise (Drucker.,
2014. ). He is considered as a business leader with the skills of innovative ideas and risk bearing
mind set.
TASK1
P1) Types of entrepreneurial ventures and their relation with typology of entrepreneur.
Entrepreneurship is the capability of the entrepreneur to do all the management function
like planning organising, staffing, directing and controlling a business and also have the capacity
to bear the high risk factor with new and innovative ideas. The major factor that differentiate
manager and entrepreneurs are the risk and the innovation factor that are an entrepreneur has and
a manager don't.
Types of entrepreneurial ventures-
1. Small business entrepreneurship- Small business such as the consultants, grocery
stores, electricians, plumbers etc. All these are the people who run their own business.
They people working for them are the locals or are the members of the family. These
entrepreneurial ventures are operated as with the objective of the fulfilment of the basic
needs of the family. As the plan of the business is in small scale hence the funding of the
business is carried out with the members of the family, relatives and friends (Kirzner.,
2015.).
2. Scalable Start up Entrepreneurship- These are the kind of venture where the firm is
known to all from the day one and their visions are very unique and it will shake the
whole world. It present the ideas in such a way that the investors get attracted to the
business plan of the entrepreneurs.
3. Large company entrepreneurship- This type of venture have long cycle of life. They
grow through innovative ideas and developing new products and providing various

benefits in the basic product of the enterprise. The company may face tough competition
by the new entrance hence with more innovative ideas or with the help of mergers and
acquisitions the firm can sustain in the competitive market.
4. Social entrepreneurship- these enterprises focuses on the needs of the society. The
products and the services are created in new and innovative way so that the customers
will be able to gain the social benefits (Herrington and et. al., 2010.).
Typologies and its relation with entrepreneurial venture.
1. Research entrepreneur- The entrepreneur here is a type of learner. He always wishes to
learn new things. They do all the possible things to grow the business. The person should
learn and also has to implement the learned ideas and thoughts. Large company
entrepreneurship ventures do all the research part so as to sustain in the market and to
grow the firm.
2. Determined entrepreneur- These are the people who are very determined toward their
work. They aim to attain the objectives and try the best to sustain in the market. Every
successful person has a story of determination. Scalable start ups entrepreneurship are
determined on their task a lot.
3. Accomplished entrepreneurs- Here the entrepreneurs are very stable and has faced all
the challenges and got finally stabled in the market.
P2) Similarities and difference between entrepreneurial ventures.
Types of
entrepreneurship
ventures.
Similarities Differences
Small business and
scalable start ups
Goal- Both the entrepreneurial
ventures focuses on the generation
of the maximum profit out of the
investment done by them
(Barringer., 2012. ). As they are risk
takers they hopes for high returns as
well according to the presence of the
Objectives- Scalable want to
make impact over the prospect
in large scale. Where are small
business support itself to fulfil
the basic needs of the family.
Strategies- Scalable has the
objective to identify all the

risk factor.
Growth- Both the entrepreneurial
ventures wants to grow in a
sustainable manner and to attain the
basic objectives of the enterprise.
One want to lead in the market
another want to fulfil the basic
requirements.
related business models and to
lead the position in the market.
Small business plans to do all
the things which help in the
sustainability in the market.
Accountability- In scalable
the representation of investors
are done by the employees and
the board of the directors.
Where as the small businesses
the investors are mostly the
owner himself (Bosma and
Levie., 2010.).
Large company and
social entrepreneurship
Communication- Large company
and social entrepreneurial choose
mostly similar medium to
communicate or to market its
product in the market. Rapid growth
and aggression factors are very
common among these two.
Opportunity- Both the
entrepreneurial ventures offers
opportunity to the society as they
provide employment opportunities
to those who requires it (Djankov
and et. al., 2010. ).
Goals- Large company
focuses on the attainment of
the goals of the firm with
which the shareholders can
input their interests. In social
entrepreneur they have to
make the toughest decisions
considering the society.
Value creation- Large
company creates its value by
delivering the products and
services with the help of
competitive pricing strategy.
Where as social entrepreneur
creates its value by availing
the quality to the customers.

M1
There are many entrepreneurs who are currently positioned in the market so as to innovate and
develop new ideas and thoughts. Such as Large company entrepreneurs, social entrepreneurs,
scalable entrepreneurs and small business entrepreneurs. All they are the innovators and risk
taker of the current competitive market scenario. They all are into public as well in the corporate
sectors. They influence the market in such a way that the other business are getting threat from
them. They are the most high taker of the risk they do not think much while taking the risks.
They are very determined towards their objectives and goals.
D1
Now a days the market is in the need of the creative thing. And for that the need of entrepreneurs
is generated. Entrepreneurial ventures is in boom in the current market era (Dacin, Dacinand
Tracey., 2011.). The growth opportunity is very high with dedication and focus towards the
objectives and the goals of the enterprise. Fulfilling the needs and the wants of the customers
along with the creativity and innovations of the enterprise. With profit potential and risk bearing
capabilities of the entrepreneurs the market is been groomed. The society has influence of every
aspect of entrepreneurial ventures.
P3) Impact of micro and small business on the economy.
The market of the United kingdom is partially in the favour of the new start ups.
Economic factor of the nation is also in the favour of the ventures that can be started up in the
current time. The reason or the impact that a small business or the micro sector does on the
economy of the nation are as follows-
 Employment- This sector is in the small sections or the working of them are not in the
large scale so the employees are less required, but still the job is get created by this small
businesses and micro industries. Around 25 million people are employ in United
Kingdom which is almost the 81% of the work force of the nation and 60% in the private
sector. This is the contribution that a small business can generate towards the
development of the nation's GDP (Light., 2011.).
 Growth- Small business focuses on a particular service or product it does innovations in
its core products. It is the major aspect that can be done to grow the enterprise. These
sector always do something different to its product so that the market treat the products
and services as a fresh materials. This will help the actively working firms to grow high

and new opportunities can be availed in the market. As the need of the innovators are
required a lot. Small businesses and the micro industry played a very important role in the
upliftment of the nation from the crises occurred by recession. Just with this the
entrepreneurial spirit got boosted up.
 Turnover- In the economical growth of the nation small business enterprises has
contributed a lot. The country's GDP increased in a frequent manner and in high rates.
The contribution of micro sectors in economy was around 47%-48% as in overall of the
private sectors (Short and et. al., 2010.).
 Inflation- The flexibility is comparatively high in the small businesses. This help the
sector to manage the crises that takes places in the nation. This will also help the small
business to give tough competitions to the other players of the market as because these
sectors does not get much affected by the inflation that come across many a times in the
nation.
 Diversification- The entrepreneurial ventures get many opportunity to expand their
business. It plays a very important role in introducing new products and services.
P4)Importance of small business in the social economy growth after “ Brexit”
Micro and small business plays a very important role in the social economy factor of the
nation. This firms which become able to manage in the competitive market for long period of
time then it can contribute to the economic stability. The most and the major reason that defies
the importance of the small business is that they provide many sources of income to the owner
and the nation. It contribute a lot in the nations upliftment. Following are some of the factors that
help in the social economy of the country-
1. Economic growth- small business brought the growth and innovation in the near by
places where the business is been established. By providing employment opportunity to
the people of the nation the economy gets develop. The small business focuses on the
skills and the talents that can help in the invention of the new products and services. It
attract those stuffs who are capable of implementing new ideas in the products that are
already existing in the market (Jones, Coviello and Tang., 2011.).
2. Changing climates- As the business handle operations in small scale it become very easy
to adapt the changes that is happening in the market. The flexibility is very high in small
businesses. The small business is very much focused on the customers needs and wants.

The customers have faith towards the small business sectors. As they feel they are loyal
to the society. This loyalty helps the firm to face the challenges of the competitors and
the market scenario. This also helps the firm to mould itself according to the need of the
market and the changing era. This sectors does not face great losses as the investment
done here are very less and the operations are done in small scale.
3. Competitiveness- Small business helps the nation to avail the benefits by the investors
and the visitors. It help in producing tough competition in the market. There are situations
where the least performing firms are kicked out of the market and those who are
performing very well are promoted and more help are offered to them so as the nation
gets benefits out of them (Shane., 2012.).
4. Employment- As the growth are taking place in the market of these small scale industries
and sme's the opportunity of the employment are also increased. This is helping the
people to earn and it will directly contributing the economy of the nation.
5. Creativity- The people of the industry is very creative as small scale industry attracts the
innovative candidates to perform several tasks.
M2
Small businesses are the sectors which are owned privately by different corporations or partners.
These sectors have to be promoted much so that the nations economy can be increased in
effective manner and the skilled people can get opportunity to contribute in the economy of the
country.
Medium business are the enterprises in which the employees are comparatively very less
something around 250. the size of the business is bigger than of the small scale sectors. The
people here are also very skilled and are specified in the certain areas. They help the nation in the
growing of the economy.
Large business are the firms which perform the activities in large scale and they have very high
risk. If they losses occur they have to face them in adverse manner as the risk factor is very high.
D2
Small business is very powerful aspect at the current scenario of UK (Hall, Daneke and Lenox.,
2010. ). This sector has a very positive impact in the growth of the nation. In different levels the
firm gives its impact.

Local community- Small business helps the community in the growth in the standard of living of
the individual. It also generate many employment opportunity which is directly increasing the
status of the society.
Regional level- small business also impact the standard of the region where it has been
established. The regional also get development opportunity as the investors invest on the certain
ideas of the small businesses.
National and international level- Small business although performs task in small scale still it
helps the nation in the increase of gross domestic products. It help in the increase
competitiveness around the world (Schaltegger and Wagner., 2011. ).
P5) Traits and skills of two successful entrepreneurs which differentiate them with other business
managers
Traits and skills of Mark Zuckerberg and Bill Gates-
Mark Zuckerberg
 Motivated- He has always been a motivated person. He wished to change the world he
always dreamt it since his childhood. He has a leadership style of task oriented as he has
the approach of governing the people. It has a good quality of getting the task done by
other without any kind of objections by the people who works for him. He has such a
motivating personality that the employees themselves get influenced by him perform
effectively to attain the task allotted.
 Determined- as he was a very motivated personality himself, he also was very determined
towards his works and the objectives. He if get motivated to do any task then unless it get
completed he won't divert from the task. His determination towards the work was ion an
extinct level. This is the reason why he is a successful entrepreneur all time.
 Grounded- he is so down to earth that no one will believe being being a great personality.
He don't treat or do partiality with then employees of the firm he treats each and every
person in equal manner whether the person is at high profile or the person is just a lower
class worker (Hockerts and Wüstenhagen., 2010.).
 Willing to make mistakes- His attitude was to make mistakes and then learn from the
mistakes done by him. He believes that without mistake no one can attain what exactly
the person is willing to perform in his life.

 Adaptability- His nature was moulding, what all kind of situation occurs he likes to face
it as a challenge and he incorporate himself in the given situation. This quality can be
seen very less in every one this is the reason why he is different from other business
managers.
Bill Gates
 Voracious reader- Bill Gates was very much interested in the reading of the books, he
believes that one can gather knowledge and information through reading of many books
and all the reading materials. He also stated that reading is the way to explore new ideas
and thoughts. He prefers to read the hard books instead of e- books. His habit of reading
was inculcated since his childhood. His mother got fed up with his habit and she made a
rule that while sitting on dining no one will even touch the books (Tracey, Phillips and
Jarvis., 2011. ).
 Strong believer- He was very strongly believes to all what he does if some one disagrees
upon his opinion he strictly avoid them and he only focus on his own opinion and ideas.
 Result oriented- He strongly believes in the result no matter the task has be perform
number of times but they he want a positive result out of it.
P6)Motivation and mindset of Bill Gates and Mark Zuckerberg
The reason which made these two elite personalities a successful entrepreneur are as
follows-
Mark Zuckerberg- He always believed in what all he is doing he was so dedicated for his tasks
not only in office after working hours also he used to stay back and does the task until it get
completed. When all his friends used to do chill and party at that time he stay back home and
applies his codes of the website.
He was very well prepared for the critics. As we al know who so ever is seem to be
growing definitely critics come across to their path and as being and entrepreneur he was always
ready for that. He never taken the critics negatively, he always took it as a challenge and by his
performance he used to shut the mouth of the critics (Carland, Carland and Stewart., 2015).
His dreams are very big, he believes that as big one dream the more challenges come
across which will help to fight the individual to attain set goals and objectives. He expects that
one day billions of people will be using something that he is owing. His dreams really has come
true just because of the determination and confidence towards his aims.

Bill Gates
Bill Gates was such a person who is self believer. He does not believe on any one as the
feels that being oneself is the only thing that can make one to reach to its goals. He always
believed on what he did.
He has the guts to stand for himself at every situation. He did what he has dreamt and promised.
Many a times the people used to promise a lot of thing but there are very few who stands upon
theirs words and Bill Gates was one of them.
M3
An entrepreneur should have such characteristics which can be fore most differentiate one from
other. The person should have influencing nature so that every one should get influenced by his
acts. He should think different from others then only he can be know as entrepreneur (Bacq and
Janssen., 2011.). The quality that person should have is to think big and wide and only focus on
the goals of oneself. An entrepreneurs should always be self motivated and passionate, he should
be hard working and disciplined. Being an entrepreneur he should always have a nature adapting
the changes and should mould himself according to the situations arises.
D3
To become an entrepreneur there are many forces which will support in this. May be the back
ground of the person or some situation that made the person to become aggressive toward his
life. Traits like being hard working, passionate, goal oriented, flexibility and integrity are the
main forces that lead an individual to attain the goals of himself. The person can become self
reliant with these traits.
P7) Background and experience foster entrepreneur.
Entrepreneurs is the one of the vital part in the current era. He is the one who introduce
new ideas in the market related to products and services. With their contribution the economy of
the nation is upgraded. The entrepreneurs have different backgrounds. It is the factor that can
influence the individual in a motivational manner (Drucker., 2014.).
The one who become entrepreneur must have many experiences that is the part which
lead the person to become and reach where they are now. Experiences can be positive as well as
negative both are the factors that influence the personality of an individual

M4
As we know that the what all are the traits that help an individual to become an
entrepreneur. There are many things that influence an individual to reach at the level f an
entrepreneur. The factors such as the experience of the person and the background of the
individual. The person must be having certain drawbacks sometimes which also make them
become aggressive towards the goals and which help them top attain the aims and the objectives.
To become as successful entrepreneur the person must experience some thing whether good or
bad. At the end most of the time it act as a motivating factors to themself (Dacin, Dacin and
Tracey., 2011.).
D4
There are Shane, S., 2012.many cases where an individual reacts upon certain situations
in different manner some might take the situation in a happy manner and treats and response to it
positively and many are the people who take the situation in negative manner and get affected by
the situation badly. There are mostly two kind of person one who takes every thing positively as
a challenge and on who does not able to calm himself and get stuck in the situation negatively.
CONCLUSION
This report is a core study of the entrepreneurship. Thus study defies in detail about the
traits and the characteristics of an entrepreneur. Here we have also discussed about the great elite
personalities. The great entrepreneur were Bill Gates and Mark Zuckerberg. These were the
people who has really work in very different manner that they have totally changed the mindset
of the whole world. Their experiences and the background were the factors which made the
actually what they are today. Their dedication and determination helped them to attain their
objectives of their life's.