Developing Entrepreneurial Skills: A Comprehensive Report on Ventures

This report explores the multifaceted world of entrepreneurship, delving into various types of ventures including small businesses, large companies, scalable start-ups, and social enterprises. It contrasts the characteristics of each type, highlighting their goals, capital sources, and outcomes. The report emphasizes the critical role of micro and small businesses in economic development, particularly in the UK, showcasing their contribution to job creation and revenue generation. It further examines the importance of small businesses and start-ups in driving economic growth through employment opportunities, innovation, and competition. The report also outlines the essential traits and skills of successful entrepreneurs, such as passion, leadership, and risk-taking, and discusses the influence of entrepreneurial personality on motivation and mindset. Finally, it touches upon how context and experience can either foster or hinder entrepreneurial endeavors, providing a comprehensive overview of the entrepreneurial landscape.

DEVELOPING
ENTREPRENEURIAL
SKILLS

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Different types of entrepreneurial ventures.............................................................................3
2. Similarities and differences between entrepreneurial ventures...............................................4
3. Micro and small businesses impact on the economy...............................................................6
4. Importance of small business and start-ups on the growth of the economy............................8
5. Characteristics traits and skills of successful entrepreneur......................................................9
6. Role of entrepreneurial personality in the entrepreneurial motivation and mindset..............10
7. Ability of context and experience to foster or hinder entrepreneurship................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship and possession of its skills in an individual enables the conversion of dream
into reality. Entrepreneurship helps an individual to convert the idea into reality or actions
through the using of various skills like creativity, passion, innovation and various others.
Entrepreneurial skills also enable the entrepreneur to make the planning for the success and the
achievement of objective of the company. Entrepreneurial ventures may be in any form or size
whether small or big, private or social but their contribution towards the economy and country is
maximum which will leads to the growth and development along with achievement of success.
This report will highlight the concept of entrepreneurship along with the various types of
entrepreneurial ventures, their impacts over the business as well as in the growth of economy.
Apart from entrepreneurship the qualities and traits of a successful entrepreneur in addition of
the influence of his personality over the mindset and motivation is also being discussed in this
report.
MAIN BODY
1. Different types of entrepreneurial ventures
Entrepreneurial is the process of running, developing a business or company. People interest and
vision changed by time so according to their interest they operate their business. According to
people interest and skills or characteristics there different types of entrepreneurship ventures.
Different types of entrepreneurial ventures are as following:
Small Business Entrepreneurship:
This type of entrepreneurship is most common. Most of the people interested in small business
entrepreneurship. In this entrepreneurship people not expecting large scale profit. They choose
this kind of entrepreneurship to feed their family and for small profit. In this entrepreneurship
they have 9-10 employees and mostly they hire family members. In this type of entrepreneurship
mostly investment done by savings or by loans. Revenue generation in this kind of
entrepreneurship is very low (Diandra, and Azmy, 2020). Small business entrepreneurship
examples are such as grocery store, small boutiques, plumbers, tailors, home tutor etc.
Large Company Entrepreneurship:
In this type of entrepreneurship company has large life cycle. They also have professional and
skilful employees. In large company entrepreneurship they have at least 500+ employees. Its

goal is to generate large amount of profit and revenue for the company. Its investment is done
my different stakeholders and investors. Large companies' entrepreneurship are recognized by
with their brands name in the society. This type of entrepreneurship grow with by new
technology and innovation of the product. Example of Large company entrepreneurship are
Amazon, virgin, google microsoft etc.
Scalable Start-up and Innovative Entrepreneurship:
In this kind of entrepreneurship entrepreneurs always comes with innovative ideas, and they
believe that their idea can change the world. They receive funding from different investors, and
they hire sharp mind and specialized employees. They take ideas and work on it and turn it into
business ventures. In this kind of entrepreneurship entrepreneurs are motivated and passionate
for their dreams and ideas. In these entrepreneurs are expecting big profit fir their idea and
innovation. Example of this type of entrepreneurship are Facebook, Uber, Justpark etc.
Social Entrepreneurship:
In this entrepreneurship company focus on products and service which provide benefits to the
society. Thus type of entrepreneurship is non-profit they just want welfare of the society. They
try to solve social problems with their product or services. Its main objective or goal is to make
world better place. They are not work for big profit they are dedicated towards society and
working for social goods (Mrożewski, and Kratzer,2017). Social entrepreneurship examples are
the create foundation, datnall forum post office etc.
Entrepreneurial ventures relate to the typology of entrepreneurship
Typology of entrepreneurship in entrepreneurial venture is generally described the types of
entrepreneurship according to their basis. It also helps different types of entrepreneurship such as
intrapreneurs, small business, large business etc. to divide into particular categories for example
social and technological entrepreneurs. There are different types of typologies such as craftsman
entrepreneur, independent entrepreneurs, opportunist entrepreneur these typologies relate with
entrepreneurial ventures and help them in market growth and in orientation.
2. Similarities and differences between entrepreneurial ventures
Small Company
Entrepreneurship
Scalable Company
Entrepreneurship
Large Company
Entrepreneurship
Social
Entrepreneurship

Definition This type of
businesses are
independently
operated by its
owners. In this
their profit margin
is not high.
This firm owner is
passionate and
motivated, and they
know that their idea
can change the
world. This
entrepreneurship
focus on creating
new market by their
innovative idea.
In Large
entrepreneurship
company is famous
and it is already
well-established in
market and try to
attract new
customer my their
product and
services.
This
entrepreneurship
try to provide
solution of public
problem by their
services and
products. These
companies Are
non-profit.
Goal Their main goal is
to support their
families and make
profit and try
maintain their
service and
product quality so
that they can grow
for long term and
also rise their sale.
Its main goal is to
provide profit to its
investor or founder
and also create
business ventures by
their ideas
(Heidemann Lassen,
McKelvey, and
Ljungberg, 2018).
Its main objective
is to maintain its
position in market
and generate high
revenue. It also
tries to maintain it
product and service
quality to attract
mire customers.
Its goal is to create
better world and its
main objective is
to provide societies
problems solution
by innovative
ideas.
Type of
business
Local grocery
stores, retail
stores, cafe etc.
IT companies which
developing
innovative software
and other companies
which is developing
its market by using
new technologies.
Multi national
company and
different
corporations such
as general electric
etc.
Non government
organization
(NGO) and
companies which
work for welfare of
the society.
Capital
Provider
Bank loans
personal savings,
Friend and family
Different investors,
government loans,
risk capital and
High revenue,
different
stakeholders and
Government tax,
donations and
personal savings

funds and macro
loans etc.
family and personal
funds etc.
tax credits and investors.
Outcomes This can gain
minimum profit
and it also
contributes in
country economy.
They also provide
products and
services in society
which is
important.
This type of
entrepreneurship
have potential to
create large
revenue, new job
openings and it also
effects countries
economy.
They provide
employment on
large scale. It is
famous brands
which contribute
on country
economy in large
scale.
It creates positive
social impact on
society. They also
help to crate better
world. It also helps
peoples to improve
their live and
lifestyle for better
tomorrow.
3. Micro and small businesses impact on the economy
Micro and small business are back bone of industry development. They provide the largest share
in economy. They also help in growth of the country. Micro and small business are increasing
exponentially and it generates high profit and revenue by distributing various services and
products. In UK micro and small business give huge opportunities for job and employment. In
UK 99% large business are started by as a micro and small business. Micro and small business
defined as in which employees are less than 200 (Merchant Savvy, 2020). These business are
crucial for UK economy it contributes in economy and increase its contribution every year.
In UK start of 2019 5.9 million businesses and it increases every year since 2000. Small
and micro business average growth is +3%. Government data show that in UK more than 35,600
medium-sized business in UK at the same time 5.82 million small business and further are 7,700
large businesses they all are making 99.3% total population of the businesses.
In small and micro business 76% are single person entrepreneurs with 0 employees and in 1.15
million micro business in which employees are less than 20.

According to above statistics it shows that small and micro businesses number is higher in
compare to medium and large businesses in UK. These business help industry to develop the
economy with their products and services. In UK in state to increase the growth and profit of
small and micro business then management must consider different factors such as small and
micro business needs to improve product and service quality, and they also need to reduce
product cost and fulfil customer expectations (Mawson, and Brown, 2017). Micro and small
business also need to create base of loyal customer and try to satisfy their needs. Small and
Micro business also divide in sub categorize such as exporter non-exporter, innovator and non-
innovative. These sub categorize help small business to grow effectively and this creates huge
impact on country economy.
Illustration 1: STATISTICS OF UK BUSINESSES
(Source: Merchant Savvy, 2020)

4. Importance of small business and start-ups on the growth of the economy
Small business and start-up plays a very important role in the growth of the economy.
Small entrepreneurs creates and generates employment opportunities in the economy and thereby
helps in reducing the problem of unemployment from the economy. It is usually seen that the
people don't get the chance to get employed either due to lack of financial support or skills or due
to any other reason. But theses small entrepreneurs gives an opportunity to people to use their
talent and calibre and engage themselves in good employment (Ahlstrom, Chang and Cheung,
2019). Eradicating the situation of unemployment from the economy and creating job
opportunities by small business and start-ups directly leads to the growth of the economy.
Small and new entrepreneurs also bring innovation into the economy and thereby giving
the chance to the employees to show their talent and creativity. Bringing creativity and
innovation not only helps in getting more output from the employees along with their
contribution but also helps in developing new ideas and opening new ways which will again
direct towards the growth of economy (Ribeiro-Soriano, 2017). Through the engagement of
small start-ups in the economy people feel free to share their ideas along with utilizing their
talent which will again in one or the other ways leads to the growth and development of the
economy.
It would not be wrong to said that small business are the lifeblood of the economy which leads
the economy and direct it towards the growth. Small start-ups are the base which plays a major
role in the running of the economy.
Apart from creating employment opportunities small business also brings competition in
the economy. Bringing competition not only leads to the creation of motivation among the other
firms but also contribute a lot in the development of the economy. Since due to bringing
competition among the similar firms, every firm will give their 100% contribution in proving
itself best from the other and such maximum efforts and contribution will again helps the
economy in achieving growth.
These small entrepreneurs also helps the middle and lower level income groups to lower
down their dependence on big companies and brands while meeting their household needs. Since
these start-ups bring lot of varieties of products competing to the big brands and according to the
customers need not only helps the customers in satisfying their needs but also generate a lot of

income for the economy (Ogunlana, 2018). This income generation will again directly leads to
the development and growth of the economy.
Thus, it would be right to said that though these enterprises and start-ups are small in size but
their contribution towards the economy is maximum.
5. Characteristics traits and skills of successful entrepreneur
There are various traits and skills a successful entrepreneur must posses, which differentiate him
from the other business managers. Out of those some are:
Passion:
It is one of the important characteristic that should be present in the entrepreneur to
become successful. An entrepreneur should be passionate towards the work. He should be fully
devoted regarding the work and the presence of inner desire and passion regarding the work is
must for the successful entrepreneur (Uy, 2020). This could be easily understood in case of
Philip Green who was also very passionate in becoming the entrepreneur. His passion and
dedication can be easily understood with the fact that he left the school at the age of 15 and
started working which ultimately lead him towards the direction of becoming a successful
entrepreneur.
Follower of ethics:
An entrepreneur should always be required and expected to work within the framework
of business ethics. It should be very essential for a successful entrepreneur that he must be the
follower of ethics as well as insist and motivates other to do the same (Al Mamun, Fazal and
Muniady, 2019). As David and Simon Reuben one of the famous entrepreneurs is said to be
different from other not only because of their dedication and result producing approach, but they
are also a strong follower of ethics.
Creativity:
It is said to be one of the characteristic as well as skill of a successful entrepreneur.
Creativity is the essence of entrepreneurship. It is very essential that an entrepreneur should be
creative while working which means he always has to adopt creative idea which will provide
new direction and way of performing the task that not only leads to the achievement of objective
but the related people also feel attracted and interested while performing the task. David and
Simon Reuben are of the creative entrepreneur who started their work with the selling of carpets

and indulging themselves in metal industry but with the concept of creativity and the idea of
bringing new helps them in becoming the reach-est entrepreneur of the world.
Open minded:
It is also one of the major trait of entrepreneur that he should be open-minded. An
entrepreneur is said to be successful only if he has open-minded approach. An entrepreneur
should always be ready to listen the views and feedbacks of employees as well as accepting the
ideas and creative thinking of the employees. This could also be understood by Philip Green who
was not a follower of rigid approach which means that he knows it is very essential for an
entrepreneur to be flexible (Chahal, 2019). A flexible entrepreneur is always ready bring and
accept changes which is essential for the growth of the company.
Disciplined:
An entrepreneur should always be a disciplined person. An entrepreneur should not only
be a follower of discipline, but he should insist other related and associated people to follow
discipline while working. A successful entrepreneur should perform his work in the best possible
manner but within the framework of discipline which means he never breaks the discipline and
strongly follow and insist others to follow the same. Philip Green was also a strong follower of
discipline and hard work and this is the only reason that he become the Chief executive officer
and chairman of Amber Day company in 1988.
Competitive:
Every entrepreneur is competitive in one or the other way because every entrepreneur
wants to win the market competition along with the achievement of success of his enterprise or
company. Since the competition is increasing day by day and it becomes very tough for the
companies to persist in the competitive market. This kind of situation also arises in front of
David and Simon Reuben who instead of accepting failure uses their entrepreneurial and
competitive skills and that is the only reason for their success. They face and cope the market
competition at a greater extent and for that reason only they are counted as one of the famous and
competitive entrepreneur of the world.
6. Role of entrepreneurial personality in the entrepreneurial motivation and mindset
Entrepreneurial mindset is a way of thinking that help to overcome challenges and also help to
accept responsibility for outcomes. Entrepreneur need to constantly improve their mindset. It

helps to do effective work and it reflects their personality. Effective mindset and motivation also
help Philip Green to become successful billionaire in life. His personality is directly linked and
reflected their mindset. He is an individual entrepreneur who is ready to take risk. Such risk taker
entrepreneur will ready to move out from their comfort zone and explore the new situations and
new things which will provide a new outlook to the business and accordingly such companies
start exploring new opportunities which will finally leads to the growth and success of the
company. Similar procedure was also adopted by Philip Green who adopt the risk and adopt the
required changes and dealt in various kind of business which is again clearly reflected in the
form of their success.
Like the risk taking personality if the entrepreneur is having optimistic approach or
thinking then it will again lead to the creation of motivation and positive mindset. David and
Simon Reuben they both optimistic entrepreneur their motivation inspiration always help them to
change the work and do something innovative. Sometime it is also seen that such approach may
even turn the negative and adverse aspect or results into positive one which will create a new
sense of motivation and goal achievement for the company. By their personality and with
motivation and by their investment they become UK's richest businessman. They need to reflect
the positive mindset and motivation when they are performing business in the firm. Positive
mindset help entrepreneur to work effectively and also help to increase it work efficiency.
Positive mindset and motivation help to create positive environment in company and employees
can do work efficiently and stay motivated. The same thing was done by David and Simon
Reuben who also worked with a positive approach. They always believed that their moves will
bring positive outcomes. They are dedicated to their work. Entrepreneur never do any work
forcefully. Their positive mindset help them to communicate with their dreams, and they also
inspire others to communicate to their dreams and fulfil them. They think differentially from
others they also see world differently, and they outside the box. Their mindset think creatively
and give innovative ideas for the company. Entrepreneurs are passionate about their work. They
have passion to build their business and hey give whole energy on it. They don't give up when
challenges come they face challenges and stick with their passions. Entrepreneurs never say no
to hard work because they are detracted to their dreams and for their work. They are very curious
and ready to learn new thing this personality of entrepreneur help company to grow in new area.
They are very committed to their work.

7. Ability of context and experience to foster or hinder entrepreneurship
The principle and purpose of entrepreneurship help people to explore opportunities.
Entrepreneurs efficiency can be judged by knowledge and skills and their educational
backgrounds. They must have various characteristics growth and success in future such as
Curiosity to learn something new, commitment to do a work on time, optimism attitude,
flexibility in work, can take ownership, they should be good leader, and they have good
leadership quality, and they have skill to create connection and networking. These characteristics
show the ability and experiences of an entrepreneur.
In UK there are different entrepreneurs are present which are doing their effectively, and they
inspire a lot of followers by their background and passion. Examples are as follows,
Philip Green: He is a famous entrepreneur in UK. His Net worth is approx $5 billion. His father
is successful property developer and electrical products retailer, He has a 5-year elder sister they
belong to middle class family (BBC,2020). At the age 9 he sent for boarding school, but he left
his school in age of 15 and worked for shoe importer in London. His father died when he just 12,
after his father heath he is crucial influence. He got his first job in aged of 16 to feed their family.
His father death make him emotionally stronger, and he wants to do something big in his life so
that at the age of 21 he set up his first business of importing jeans. For this business they take
20,000 EUR loan from the bank. In 1979, Green set up designer cloths retailer store. He never
say No to hard work and prove themselves to world and in 1988 he became chairman and Chief
executive of Amber Day company. In 1992, he got huge lost from the company and resined form
the company. After this also he never lost his hope and do their hard work, after lots of failure he
created Arcadia group with his wife Tina Green which is high street chain of cloths and outfits.
In his entrepreneurship journey he uses characteristics such as creativity and innovation because
he gave new and innovative idea for business.
David and Simon Reuben: They both are famous entrepreneurs in UK. They are a self-made
billionaires, and they hold the top spot in the list of the best entrepreneurs in UK. They both are
brothers and born in India in Jewish family they started their live from very poverty. Both went
London in 1950 with their mother, Nancy. Both complete their formal education from
government schools (Sunday Times, 2003). After schooling David joined metal business and
Simon started to sale carpets. Simon's start to buy the oldest carpet from England and sale them