Entrepreneurship: Venture Types, Economic Impact & Traits Report

This report provides a comprehensive analysis of entrepreneurship and small business management, covering various aspects such as different types of entrepreneurial ventures (small business, large scale, scalable start-up, social, innovation, and hustler entrepreneurship), their similarities and differences, and the impact of micro and small businesses on the economy. It highlights the significance of these businesses in enhancing the social economy, emphasizing their role in providing quality products, effective services, and customer engagement. Furthermore, the report delves into the traits, characteristics, and skills of successful entrepreneurs, comparing them to normal business managers, and examines how an entrepreneur's personality and background influence their motivation and mindset. The report uses A to Z consultancy as an example to illustrate the practical application of these concepts, concluding that entrepreneurship is a crucial driver of economic development and employment opportunities.

Entrepreneurship and
small business
management

Contents
PART 1............................................................................................................................................3
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
LO1..................................................................................................................................................3
P1 Different types of entrepreneurial ventures at the marketplace and their explanation...........3
P2 Similarities and differences between different types of entrepreneurial ventures..................4
LO2..................................................................................................................................................6
P3 Impact caused by micro and small businesses on a particular economy................................6
P4 Significance and importance of small businesses and business start-ups towards the
enhancement of social economy..................................................................................................6
CONCLUSION................................................................................................................................7
PART 2............................................................................................................................................8
INTRODUCTION...........................................................................................................................8
MAIN BODY..................................................................................................................................8
LO3..................................................................................................................................................8
P5 Different traits characteristics and skills of professional entrepreneurs which provides edge
to them as compared to normal business managers.....................................................................8
P6 the different ways in which personality of an entrepreneur effect motivation in entrepreneur
and mindset in order to survive at the marketplace.....................................................................9
LO4................................................................................................................................................10
P7 Different causes behind how background and experience that can impact on various
functions in entrepreneurship....................................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

PART 1
INTRODUCTION
Entrepreneurship is considered as major economic activity which is essential for
development of whole country. The entrepreneurship is a way of starting own business to
generate specific amount of revenue from the marketplace (Baker, 2021). Many people perform
entrepreneurship related operations and functions to earn profit and develop source of income. In
this report different types of entrepreneurial ventures are explained along with similarities and
differences between them in a precise manner. This report includes the influence which is caused
by different business start-ups at the marketplace and on economy. In this report example of A to
Z consultancy is taken into consideration for in depth understanding of entrepreneurship. The A
to Z consultancy is situated in London city which provides consultancy services at the
marketplace to small businesses.
MAIN BODY
LO1
P1 Different types of entrepreneurial ventures at the marketplace and their explanation
In market there are different entrepreneurial venture present which are mentioned below:
 Small business entrepreneurship- This type of entrepreneurship is referred to starting
of a business with small set of operations. Small business requires low amount of capital
and low amount of labour force in order to perform different activities and tasks.
Majority of businesses at the marketplace are first started as small business in order to
minimise risk associated with market. It is very much easy for management or a person to
manage different aspects of small business to better perform different operations.
 Large scale entrepreneurship- The large scale entrepreneurship requires high capital
and investment which is essential in performing large transactions in a business. Risk
associated in large scale entrepreneurship is high at the marketplace so many businesses
hire professional managers and employees to compete (Collins, and et. al, 2017). The
profit which is earned in large scale entrepreneurship is also high in proportion to the
capital.

 Scalable start-up entrepreneurship- This type of entrepreneurship is mainly concerned
in attracting funds from venture capitalists. The businesses which are involved in scalable
start-up have professional spirit of expanding business in global market. The scalable
start-ups provide effective and innovative solutions for the current problems in the market
to earn huge profits.
 Social entrepreneurship- These businesses in entrepreneurship function at the
marketplace to perform social welfare. In other words in social entrepreneurship operates
in business environment for not earning profit. Some entrepreneurs are interested in
enhancement of society by opening non profit organisations which are dedicated in
eliminating social problems.
 Innovation entrepreneurship- In the era of stiff competition between different
companies it is essential to perform innovative practices. The innovation
entrepreneurship introduces new products and services with latest features in order to
attract large number of customers. The innovation entrepreneurship is in major demand
after the introduction of information and technology.
 Hustler entrepreneurship- The hustler entrepreneurship includes different businessmen
who work very hard to achieve different organisational goals. There is a vast dedication
present in mind of hustler entrepreneurs which is helpful in expansion of business.
Motivation level in this entrepreneurship is also high in different employees and
entrepreneur in order to perform different operations of a business in a precise manner.
P2 Similarities and differences between different types of entrepreneurial ventures
In the field of entrepreneurship there are several differences and similarities between
different entrepreneurial ventures (Dana, 2017). The differences in entrepreneurial ventures that
are explained below in a precise manner:
 Objectives- The aims and objectives of every entrepreneurial venture are different at the
marketplace. Efforts which are made by different entrepreneurs are also different in order
to achieve different organisational goals and objectives. The time associated with
achievement of different goals and objectives in entrepreneurial ventures is also different
according to nature of business.
 Number of employees- In different types of entrepreneurial ventures there is a change in
number of employees. In small scale business the number of employees which is required

for performing different activities and transactions is very low. On the other hand
maximum number of employees present in an entrepreneurial venture exists in large scale
business.
 Entrepreneurial mindset- The attitude or behaviour of an entrepreneur is dependent
upon the size and nature of business. It is considered as major phenomenon which
decides the psychological aspect of a person according to level of business transactions.
The level of work which is requirement of every business is majorly determined by
attitude according to nature of business.
In business environment related to entrepreneurship there are several similarities which are
mentioned below:
 Profit making- The major aim of most of the business which are part of entrepreneurial
except social entrepreneurship is to earn a good amount of profit from the marketplace.
All the entrepreneurs who are involved in performing business related activities and
functions are present at the marketplace to earn profit and revenue.
 Owner- In every business which is related to entrepreneurship there is a separate owner
who takes responsibility of all major operations related to the business. It is one of the
major similarities in entrepreneurship related ventures (Doktor, 2018). The number of
owners is decided by nature and size of a business to develop different products and
services for the customers.
 Customer services- The common aim of every entrepreneurial venture is to develop and
maintain good relationship with customers. In the era of stiff competition most of the
business organisations consider customer relationship management as a crucial function.
A to Z consultancy has also hired professional and skilled employees in order to maintain
effective relationship with different customers for increasing business efficiency.

LO2
P3 Impact caused by micro and small businesses on a particular economy
The small and micro Businesses are crucial for economy as they provide majority of products
and services at the marketplace. The impact which is caused by micro and small businesses on a
particular economy is mentioned below:
 Employment opportunities- It is one of the major advantages of small and micro
businesses that they provide employment to different people of society. The employment
opportunities which are provided by these businesses are helpful in development of
society. It also increases standard of living in the society as well as provides skill
development to different people.
 Increases gross domestic product- The gross domestic product of a country is
considered as total value of goods and services produced by a country. Small businesses
and start-ups are helpful in increasing GDP of respective country which leads to
development of whole country.
 Social welfare- The small businesses and start-ups also performs social development and
are helpful in overall development of society (Dressler, 2020). The government also
supports small businesses in an economy in order to increase social welfare. Most of the
businesses at the marketplace follow corporate social responsibility in order to provide
basic amenities to weaker sections of society.
P4 Significance and importance of small businesses and business start-ups towards the
enhancement of social economy
The small businesses and start-ups are crucial for the social economy as they perform many
transactions which are effective in enhancement of whole society. The importance of small
businesses and start-ups are mentioned below:
 Provides quality products- It is one of the important functions of small businesses to
provide best quality products and services at the marketplace. Management which is
present at A to Z consultancy works hard to increase and achieve optimum quality in
services to increase business efficiency.
 Effective services- The major organisations which are counted in small businesses and
start-ups provide effective services to customers. A to Z consultancy also takes regular

feedbacks from different customers to modify services according to preference of
customers.
 Involvement of different customers- The small businesses and start-ups engage and
attract large number of customers (Jena, 2020). A to Z consultancy services has hired
professional management in order to earn precise revenue from the marketplace. It is
important for a business to perform different strategies in order to attract large number of
customers from the marketplace. In the era of stiff competition it is important for a
business to develop professional strategy to deal with different consequences. The
businesses are making huge efforts to survive at the marketplace in order to earn profit.
CONCLUSION
From the above stated report it can be concluded that entrepreneurship is major backbone
of economy. The entrepreneurship related activities are mainly helpful in providing employment
opportunities to a large number of people. In the era of stiff competition rules and regulations
related to entrepreneurship are decided by government. In many developed and developing
countries government brings different schemes in order to promote entrepreneurship.

PART 2
INTRODUCTION
Entrepreneurial mindset is considered as attitude of an entrepreneur towards a particular
business. There are different characteristics and traits of an entrepreneur which are helpful in
conducting effective and essential business at the marketplace (Kuratko, 2018). In this report
different skills and traits of an entrepreneur are discussed in a precise manner. This report also
contains of effect which is caused by background and experience of an entrepreneur on a
particular business. This report also contains impact which is caused by personality of an
entrepreneur on business and employee management.
MAIN BODY
LO3
P5 Different traits characteristics and skills of professional entrepreneurs which provides edge to
them as compared to normal business managers
Characteristics and skills are important part of professional entrepreneurs which proves them
effective leaders and managers in many different organisational situations. In today’s
competitive world it is essential for a person to have different skills in order to manage large
number of employees. The various characteristics of professional entrepreneurs who are working
for A to Z consultancy are mentioned below:
 Leadership- In today’s competitive world it is essential for an entrepreneur to include
qualities of a good leader for survival at the marketplace. A leader must give quality
instructions to employees and deal with organisational situation in a precise manner.
There are two major styles of leadership which are essential for managing large number
of workforce which is present in the organisation. The democratic leadership style states
that a leader must formulate or take organisational decisions with the help of team
member. On the other hand autocratic leadership style is concerned with decisions taken
by a leader without consent of team members. It is recommended for A to Z consultancy
to adopt democratic leadership style to promote team work and harmony between team
members.

 Patience- It is important for an entrepreneur to keep patience while performing
operations and functions for the welfare of the company. Patience is helpful in
developing competency ability in a leader and is also helpful in decision making of an
organisation. The patience is considered as one of the major factors which is helpful in
building different organisational relationships.
 Trustworthy- A successful entrepreneur should perform functions and activities of an
organisation with honesty. There should be ethics and integrity in roles and responsibility
of an entrepreneur to define and maintain transparency in major functions of the
organisation (Lechner, 2017). In the era of stiff competition between different companies
A to z consultancy takes regular assessment of employees for making them ethical.
 Enthusiasm- In a successful entrepreneur there should be enthusiasm present in order to
perform business tasks in a precise manner. Feeling of enthusiasm is very much essential
for an entrepreneur in order to perform different business transactions. The presence of
enthusiasm in a successful entrepreneur also develops motivation and team spirit in
different employees. Enthusiasm is also helpful in development and growth of a business
at the marketplace and is also supportive to achieve different organisational goals.
 Motivation- It is essential for an entrepreneur to have motivational skills in order to
motivate different employees who are present at the workplace. The successful
entrepreneur must be self motivated and should also involve motivational skill to develop
motivation in employees when they feel low. The manager of A to Z consultancy is
professionally trained in order to deal with several consequences that arise due to market
related change.
P6 the different ways in which personality of an entrepreneur effect motivation in entrepreneur
and mindset in order to survive at the marketplace
Personality is a major element which should be present in the entrepreneur to achieve
different business objectives. Personality of an entrepreneur must be dynamic in nature to
achieve different goals according to market change. In the organisation entrepreneurial
personality affects the mindset and tendency of the subordinate employees in a precise manner.
Various employees who are involved in performing different functions are influenced by
personality of an entrepreneur (Loarne-Lemaire, 2017). It is essential for a leader and a

successful entrepreneur to prepare himself for handling different organisational tasks in an
efficient manner.
A successful entrepreneur is supposed to develop different strategies with the help of
subordinate employees for getting ready to face different opportunities. In order to perform
culture management in the organisation it is important for an entrepreneur to develop leadership
related functions. Dynamic personality of an entrepreneur is also helpful in minimising risk
associated with the business due to changes in market. A leader with dynamic personality also
motivates different subordinate employees for handling organisational targets. The
responsibilities of an entrepreneur are essential to perform delegation in functions and operations
(Welter, 2019). In the era of stiff competition it is important for an organisation to provide
training to entrepreneur and all other employees in order to develop team spirit. Effective
personality of an entrepreneur is also helpful in supporting operations and production
management in a business. There are several organisations at the marketplace which are
continuously engaged to develop crucial qualities in entrepreneur and other employees to achieve
goals in a short span of time.
LO4
P7 Different causes behind how background and experience that can impact on various functions
in entrepreneurship
The background and experience are considered as two major factors which are essential in
achievement of business growth. Different functions and tasks which are performed by an
entrepreneur are result of background and experience (Yan, 2017). The other factors which are
affected by background and experience of an entrepreneur of A to Z consultancy are explained
below:
 Ability to make decisions- It is essential for an entrepreneur to formulate different
decisions according to situation of market. If an entrepreneur is having good background
and quality experience then decisions which are made by entrepreneur are effective and
useful for the business. Major decisions which are taken by the entrepreneur are result of
background and experience of a person.

 Personality- The personality of an entrepreneur is a result of background and experience
which is there in a person. A positive background and experience develops a crucial
personality which is essential in managing necessary functions of the organisation. A to Z
consultancy also hires trained and skilled employees to achieve different goals and
objectives at the marketplace (Zhu, 2019). In the era of stiff competition it is essential for
a business to achieve different organisational goals for increasing business revenue and
efficiency.
 Efficiency- In development of efficiency in different tasks related to organisational
functioning it is essential for a person to have good background and experience. The
efficiency in the activities and tasks is important to be performed by the entrepreneur in a
precise manner. Efficiency also helps employees to develop ethics and harmony between
different employees in order to achieve different organisational targets.
 Leadership qualities- It is essential for a person to involve professional leadership
qualities in order to survive at the marketplace. It is recommended for employees of a
business to follow essential leadership related aspects to gain competitive advantage at
the marketplace. There is professional training provided to employees for learning
leadership skills in an organisation. The qualities related to leadership are formulated
with the help of different strategies in order to calculate performance of different
employees.
 Managerial skills- It is essential quality of an entrepreneur which is developed with the
help of background and experience in a precise manner. Good managerial skills will
develop and manage all the operations and functions of an organisation in an effective
way. It is essential for an entrepreneur to develop effective and efficient managerial skills
in order to lead the team and employees. It is also essential for an entrepreneur to have
effective managerial skills in order to perform general all the managerial tasks in an
optimum way.