Entrepreneurship Report: Analysis of Venture Types, Brexit, and Traits

This report delves into the multifaceted world of entrepreneurship, examining various venture types, including small businesses, scalable startups, large company ventures, and social entrepreneurial ventures. It highlights the similarities and dissimilarities between these ventures, focusing on their aims, mindsets, and value creation strategies. The report further analyzes the significant impact of micro and small businesses on the UK economy, including their contribution to turnover, employment, economic growth, and industry development. It also explores how small businesses and startups can contribute to the economy post-Brexit, emphasizing financial assistance and innovation. Additionally, the report discusses the characteristics and traits of successful entrepreneurs, differentiating them from managers, and examines how entrepreneurial personality aspects reflect motivation and mindset. Finally, it considers the influence of background and experience on entrepreneurship, providing a comprehensive overview of the entrepreneurial landscape.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................4
P.1 Different types of entrepreneurial ventures and their typologies..........................................4
P.2 Explain similarities and dissimilarities between different entrepreneurial ventures............5
TASK 2 ...........................................................................................................................................6
P.3 How micro and small businesses impact on the economy....................................................6
P.4 How small business and business start up will contribute to economy after Brexit.............8
TASK 3 .........................................................................................................................................10
P.5 Characteristics and traits of successful entrepreneurs and difference between entrepreneur
and managers.............................................................................................................................10
P.6 How aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset......................................................................................................................................11
TASK 4..........................................................................................................................................12
P.7 Impact of back ground and experience on entrepreneurship..............................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
In this modern and advanced era, scope and area of entrepreneurship has been increasing
day by day. Entrepreneurship is a term which is related to launching, designing and operating a
new business venture to earn maximum profits and attainment of desired goals and objectives.
The entrepreneurs are the person who are responsible for starting their own business and make it
successful. Entrepreneurs are those persons who are accountable to create and modify their own
ventures by using their skills and capabilities. This present repost is based on the
entrepreneurship and its different ventures along with the various characteristics of
entrepreneurial characteristics (Baumol, 2010). This present report has an analysis of
entrepreneurship and small business management. Also, two famous personalities, which are
successful entrepreneurs. Their traits and characteristics also has been discussed.
Entrepreneurship is something which gives a person, an opportunity to utilise its skill and
abilities for achieving its personal objectives and goals. They have a inbuilt power to utilise their
strategies to maximise the profits and brand value.

TASK 1
P.1 Different types of entrepreneurial ventures and their typologies.
Entrepreneurship is a process which is related to creation and operation of a business
venture, which typically begins with a small business or a start up company, which offers a
product, process or services for sale and making profits (Bosma and Levie, 2010). The persons
who starts their own business ventures are called entrepreneurs. There are different types of
entrepreneurial ventures which can be explained as under:
 Small business entrepreneurial ventures : small business ventures are those
commercial enterprise, which are started by small entrepreneurs at a small scale. Their
main motive is to make profits to feed his family and fulfil personal goals and objectives
(Bridge and O'Neill, 2012). In this entrepreneurial ventures, limited resources are planned
accordingly in such a way that it can lead to achieve profits. It can also include taking
risks and rewards of his or her business ventures.
Small business are groceries, hairdressers, consultants, travel agents, electricians etc.
their main motive is not to achieve a profits over 100 billion dollars but to satisfy the demands of
their family. However, they are not able to attract venture capital , but they fund their business
ventures through business or friends or family.
 Scalable start up business entrepreneurship: It is quite different from small business
entrepreneurial ventures. It basically means that entrepreneurs have a mission that their
vision can change the whole world (Bruton, Ahlstrom and Li, 2010). They have a source
of finance from their venture capitalists. In this kind of entrepreneurship, it has been
assessed that most skilled and best candidates are hired. Also, their main motive is to
search for a scalable enterprise framework.
 Large company entrepreneurial ventures: This kind of entrepreneurial ventures
depicts that large companies have finite and fixed life cycles. This ventures grow through
innovation, offering new and different products. The main motive of this type of
entrepreneurial ventures is to build a profit in millions and billions. They can make
changes in their strategies according to changes in preferences of taste of customers ,
new and unique technologies, new competitors etc.
 Social entrepreneurial ventures: Social entrepreneurial ventures are those ventures
which are formed with a basic motive to identify and satisfy the needs and wants of

customers and their stakeholders. The social entrepreneurs have a vision to make a world
a better place to live in.
There are different types of typologies of entrepreneurship:
1. Determined entrepreneurship: This form of entrepreneurship deals with the
determination which every entrepreneur should have (Burns, 2010). This type of
entrepreneurs are those persons who have an determination that no matter what, they will
face each and every challenge to accomplish their goals and objectives.
2. Research entrepreneurship: This type of entrepreneurship means that the entrepreneurs
are based on research and analysis. They like to research on various things and apply
them on their strategies to make more profits.
3. Accomplish entrepreneurship : This is that kind of entrepreneurship which demonstrates
that the entrepreneurs have achieved all the preliminary stages of entrepreneurs and also
now focusing on to increase its economies of scale (Butler, 2012).
P.2 Explain similarities and dissimilarities between different entrepreneurial ventures.
There are different types of entrepreneurial ventures by which entrepreneurs can start
their business. These are differentiated with different types of features, characteristics and other
aspects. While social entrepreneurship is formed to fulfil the demands of society and its people.
On the other hand, large business ventures are established with a aim to attain maximum profits
and brand value (Dacin, Dacin and Matear, 2010). They are operating for their own cause.
Business entrepreneurial ventures are4 created to achieve wealth and profits while, social
entrepreneurial ventures only focus to satisfy demands of stakeholders.
Dissimilarities between social and business ventures are as:
 Aim: Aim is a term for which every venture is created for. In the case of social
entrepreneurial venture, the main purpose is to work for the betterment of the society, it
focuses on to satisfy needs and wants of different people and citizens. In this form of
entrepreneurial ventures, entrepreneurs frame strategies for identification of preferences
of stakeholders and then different types of strategies are formed to meet them. Moreover,
the production of goods and services also depends on liking of customers and latest
trends.

On the other hand, business venturers are those ventures which are constituted for achievement
of business goals and profits. They want to satisfy their stakeholders with high dividends and
profits.
 Mindset: It is considered to be the biggest differentiated feature. It depicts the attitude of
entrepreneurs starting their own business ventures (Drucker, 2014). In the case of social
ventures, their mindset is extended up to care for the societal people and also to produce
goods and services which are for the betterment of society and its group.
On the contrary, business ventures have a mind set that they can achieve profits only by taking
risks and implementation of effective policies.
 Creation of value: In the case of social ventures, it deliver value to their customers by
distributing those goods and services which are for the benefits of social group (George
and Bock, 2011). It can also relate to target communities in a positive manner by
delivering effective values to them.
On the other hand, it has been demonstrated that business ventures creates value by rendering
profits to their share holders.
Similarities between social and business ventures:
As said, both are the types of entrepreneurial ventures, which is related to making profits.
But by adopting different streams. Both the ventures above said have the capabilities and power
to run and operate a business organization (Hall, Daneke and Lenox, 2010). Entrepreneurs from
social and business ventures have adopted various strategies and policies by which they become
successful. Entrepreneurial ventures were initiated with an investment of a small capital to build
a whole empire. Social and business entrepreneurial ventures have basic motive to build, start,
operate their own business enterprise, which offers products and services to complete demands
and requirement of different communities.
TASK 2
P.3 How micro and small businesses impact on the economy.
Micro and small business enterprises are those business ventures which are started at a
very low level of investment and operation. These impact the business enterprise at very
considerable level (Herrington and et. al., 2010). It creates job opportunities in the economy of
UK, which can foster the development rate of UK economy.

The small business enterprise can impact the business enterprise can effect economy of
UK in following ways:
 Turnover: Typically, it is one of the most important basis through which small business
enterprise can bother economy. It is the most highlighted topic which affects the business
economy in accordance with the turnover (Jones, Coviello and Tang, 2011). Small and
medium sized business enterprise had a turnover around 1.7pounds trillion at the start of
2015. it is also effective that it can amount to 46% of the private sector over all turnover.
 Employment: This is the major concern of each and every economy. It is considers that
there are many people who are unemployed due to lack of opportunities. Also, small
business ventures implies over 24.4 million people in UK. It covers around 60% of over
all private sector employment. Along with this, it covers 81 % of over all employment of
UK.
 Economic growth: Small business enterprises bring to local economies by enabling
development and innovation in the economy in which business is engaged. They also acts
Illustration 1: Impact of SMEs on economy

an stimulating factor in growth of economy of UK. It attract new innovations and ideas
to invent new goods and services.
 Industry: Small business organizations are reasoned to be the core part of the most
essential and profitable economic activities. It has its source of revenue from 47% from
business from retail, manufacturing and repair of motor vehicles actions. The small and
medium sized business organization are very important for the over all development and
enhancement of economy of UK.
 Future development: It can be noted that small business enterprises do not always stay
small or micro sized (Karlan and Valdivia, 2011). There is a great scope of development
and maturation of small scale business enterprises in the economy of the country. They
have a capability that their vision can change the world in a positive manner.
 Hike in GDP and value added: The micro and small business enterprises contributes to
a great extent in increase of GDP rate of economy. Also, small business enterprises are
focusing to provide more and more opportunities to varied community so that whole
improvement of economic system can be done.
 High worker productivity: A small business enterprise has a less distributed ownership
and also a less complicated organizational structure. Owner of the SME is highly likely to
involve in the management decisions and formation of strategies (Kirzner, 2015). The
consequence of this could be that top management and owners can easily observe and
assess the productivity of employees which can result in the over all development of their
enterprise as well as society.
P.4 How small business and business start up will contribute to economy after Brexit.
After Brexit, the UK government focuses on to establishment of small and medium sized
business organization and start ups , which can make positive impact of the economy and its
growth (What Brexit means for the UK's small businesses, 2017). By enabling this they can
create a large opportunities of growth and eduction of poverty of country. The contribution of
small and medium sized business enterprise in the development of economy are as:
 Financial assistance: After being separated from European union, the UK government is
rendering financial support to SME and start up business. Through the financial
assistance, these small scale enterprises are able to retain in the competitive world and
also to achieve economies of scale for long term (Kuratko, 2016). Although, their

contribution is also done in the aspect of rise in GDP rate. The monetary resources are
provided by banks for a specified period of time. The investors of equity fund are also
likely to support these institutions in terms of finance, which results in creation of job
opportunities for local people.
 Innovations: These aim to enable innovation in the economy of the country. As,
entrepreneurship is a related term to innovation and enabling new ideas and creativities.
They always try to achieve more by generating new tools and techniques which can foster
the development of UK economy. They adopt new technologies by which they can render
effective products and services which are innovative as well as able to fulfil the
requirements of people (Light, 2011). Also, it can be analysed that there are entrepreneurs
of small scale and start up mainly aim to adopt new and attractive strategy to promote and
maximise their wealth and profits. Also, they look for new opportunities so that they can
increase their value in front of societal people.
 Job Opportunities: Setting of new business and ventures ultimately requires workers
and employees so that operation can be enabled in a quick and smooth manner. So, Small
business creates job possibilities to those persons of a society who are skilled and in need
of it. After Brexit, many people lost their jobs ad employment in different sectors. Now,
the government of UK supplies finance and technical support to enhance new start up
business.
 Other aspects: Small scale and start up business also contributes to the great extent to
the social growth of economy as well. It produces those goods and service which are
beneficial and are according to the interests of individuals and society (Monitor, 2010).
The execution of economy of UK is extremely affected by Brexit. The gross
development price of UK has expanded of 0.6 % in economy which is 0.2 % above then
the expectations. Also, it has been evaluated that small scale business enterprise are the
life line of UK. The said growth is only because of the reason of decline in construction
and manufacturing sector. It is also very important for the social productivity of UK. It
performs for the welfare of all people belonging to a particular society. Thy are
responsible to form those strategies which changes the vision of world in an optimistic
and constructive manner.

TASK 3
P.5 Characteristics and traits of successful entrepreneurs and difference between entrepreneur
and managers.
To be a successful entrepreneur, it is necessary that he or she should have all the
necessary requirement s and traits which make them different from others. Entrepreneurs have a
capabilities and abilities to start and operate a business venture owned by them. They also have a
quality to enter into market area with low capital investment and by proper usage of their skills,
they become successful one day (Nicholls, 2010). In this present world, there are many
successful entrepreneur. Two of them are Steve Jobs and Bill gates. Steve jobs is a founder of
Apple computer company. He is often termed as “ The Grandfather of Digital Revolution”. On
the other hand Bill Gates is one of the famous entrepreneurs of this era. He is the richest man
in the world. The characteristics of successful entrepreneurs are as follows:
 Full of determination: It is the most important and likely feature of entrepreneurs. One
should have full of determination to achieve its goals and objectives (Oosterbeek, Van
Praag and Ijsselstein, 2010). Also, it will enable an entrepreneur to set goals and
objectives. Determination also leads to growth of business increased sales, and hiring of
new employees in their organization. Bill gates is full of determination , which enabled
him to become a richest man in the world.
 Not afraid top take risks: Successful entrepreneurs are not afraid to take and adopt risks
risks. Risk is a factor which results in profit. Risk is not related to financial risks always.
It can also affiliated to other aspects (Santos, 2012). Steve job decided to take risks and
started a foundation which is now, one of the most successful company in world.
 Confidence: It must be noted that the entrepreneurs are highly flooded with confidence.
Their confidence enable them to achieve higher profits and ability to deal in even
stressful conditions or situations. They are of the opinion that big challenges results in big
rewards. Steve jobs and Bill gates are full of confidence that they can do every thing to
accomplish the objectives.
 Highly adaptable: Entrepreneurs are highly capable to adapt with the dynamic
environment. It enables them to cope with all extreme changes, it results in higher
productivity.
There are some dissimilarities between manager and entrepreneur that are as :

Manager Entrepreneur
 Manager is the person who is
accountable for controlling and
administering the human resources of
the company.
 A good manager focus on the
operations that are pertaining within the
environment of a business organization.
 He is considered to be as an employee
of the company (Schaltegger and
Wagner, 2011).
 Salary or managerial remuneration can
be taken into account as reward.
 An entrepreneur is responsible to from
an enterprise by taking financial risks
and other risks to make profits.
 He mainly aim to the concept of start
up business.
 Entrepreneur is regarded as the owner
of business enterprise.
 The main prize or reward is profit.
P.6 How aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.
Entrepreneurs are those persons who have the capabilities to achieve their personal goals
and targets by starting a new venture. It has been further decided that there are many
characteristics and deeds or actions of successful entrepreneurs which are likely to motivate
other upcoming entrepreneurs. In this present era, individuals are having more interest to become
a businessperson rather than work under any one else (Schaper and et. al., 2014). Features of
successful entrepreneur affects the entrepreneurial motivation and also creates an effective
mindset of people.
Also, they have a bundle of characteristics which makes them different from others.
Other upcoming entrepreneurs can take guidance and develop their mind set in the direction of
flourishing entrepreneurship (Shane, 2012).
As discussed above Steve jobs and Bill gates are two of the most booming entrepreneurs
in the world which inspire the young generation the most. On one hand, Bill gates is the richest
man in the world. He is the founder of Microsoft incorporation, which is one of the most

profitable company in entire world. Software of Microsoft has widely used in computers world
wide.
On the other hand, Steve jobs is a co – founder of one of the biggest company , producer
of I- Phone and other tablets that is Apple Incorporation. He is full of determination and
confidence which attracts the young generation the most. Also, his skills and traits acts as a
motivation tools which motivates and guides, up- coming entrepreneurs. Moreover, Steve jobs
also proves that it is not necessary that one should have a proper back ground or sound financial
status. The subject matter is determination and self confidence (Short and et. al., 2010). Also,
they both are discipline by their nature which lead them to become a good and successful
entrepreneurs. According to Bill gates, a person should be self motivated and full of open
mindedness, through which on can become most successful entrepreneurs in the world. The
tactics and actions of successful entrepreneurs impress and creates a positive mindset on youth.
They acts as an ideal for upcoming generation. They also conveys a message that one should not
be afraid to over come challenges and threats. These should be used as an opportunities to be
strong and capable.
Also, Bill gates taught the entrepreneurs that “if any one dies poor, its his or her
mistake”. It means that every one should work hard and have high goals and objectives. In
addition to this, Steve jobs said, failure is the part of success.
The aforesaid characteristics and traits are responsible to create enthusiasm and passion
about entrepreneurship among people. From these skills and traits the upcoming generation are
getting highly influenced and feel motivated.
TASK 4
P.7 Impact of back ground and experience on entrepreneurship.
Background and experience impacts and influence the environment and entrepreneurship
in a great manner. Entrepreneurs are likely to get influenced by back ground , history and
experiences. Experience can be good or bad. Each entrepreneur, in its background have his
family, education and standard of living. These factors affects the success or growth of
entrepreneurs in both positive and negative manner (Storey, 2016). If an entrepreneur have an
entrepreneurial background, then it will be beneficial for them to achieve success. The back
ground affects the level of thinking and their point of view that what they should do to get the

task done in different manner. Many entrepreneurs are not from the financially sound
background, it does not means that they can not be successful. They are flourishing because of
their own skills and practices.
On the other hand experience can be both positive and negative. If an entrepreneur has
got success in their first practice , then it will be good experience for them (Welter, 2011). On
the contrary, if they failed and then succeeded in many attempts, there will be some good and
bad experiences as well (10 Traits All Successful Entrepreneurs Share, 2017). Bad experiences
can motivate an entrepreneur to perform better to be successful.
Also, experienced entrepreneurs can implement their own ideas and techniques through
which they can be successful.
CONCLUSION
From the above report it can be concluded that entrepreneurship is a concept which
enables an individual to launch, design and operate a business venture on its own, there are many
types of entrepreneurial ventures. Also , in this report it has been concluded that there are some
similarities and dissimilarities between the social and business entrepreneurial business
enterprise. Moreover, it can also be comprehended that there are some traits and characteristics
of successful business entrepreneurs which make them different from other managers and
individuals. Impact of Background and experiences are also been analysed in the report.

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