Entrepreneurship Report: Ventures, Impact, and Personal Attributes

This report delves into the multifaceted world of entrepreneurship, examining different types of entrepreneurial ventures, including small business, large business, scalable business, and social entrepreneurs, and their respective typologies. It analyzes the similarities and differences between these ventures, highlighting their roles in the economy and society. The report further explores the impact of micro and small businesses on economic growth, emphasizing their contribution to job creation, income generation, and overall national development. Additionally, it discusses the importance of small businesses and business start-ups in fostering a thriving social economy. Finally, the report investigates the characteristics, traits, and skills of successful entrepreneurs, as well as the influence of background and experience on entrepreneurial mindsets and motivations.

ENTREPRENERUSHIP

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and the way they relate to the typology of
entrepreneurship.....................................................................................................................1
P2. Similarities and difference between different entrepreneurial ventures...........................3
TASK 2 ...........................................................................................................................................4
P3. Way in which micro and small businesses impact on economy......................................4
P4. Importance of small businesses and business start-ups in the growth of social economy5
TASK 3............................................................................................................................................6
P5. Characteristics traits and skills of two successful entrepreneurs.....................................6
P6. Way in which entrepreneurial personality reflect the mind-set and motivation of
entrepreneurs..........................................................................................................................8
TASK 4............................................................................................................................................9
P7. Way the background and experience can hinder or foster entrepreneurship...................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is more important for the economic growth. It helps in growth of the
country. Basically it is process of setting new business which generate with new and innovative
ideas. Entrepreneurs are the one who execute their business operation to achieve financial gain.
They take more risk in order to attain higher profitability in effective way. Entrepreneurship is a
best process and study of how to develop a business with creative ideas and also define the
process of starting a new business. It assist in launching a new and innovative business by taking
high risk. The individual who set and create new business as known as entrepreneur (5
Characteristics That Define Successful Entrepreneurs, 2017). The government also supports to
entrepreneurs to undertake the business and deliver new and innovative products to its customers
and increase their satisfaction level in an effective manner. The start-ups business is an important
part of success of the country. Present report is based on various types of entrepreneurial
ventures and typologies which affect the economy of country. Various similarities and
differences among entrepreneurs are mentioned in this assignment. Along with that, person's
background and experience affect the entrepreneur personality and economy growth is also
mentioned in this report.
TASK 1
P1. Different types of entrepreneurial ventures and the way they relate to the typology of
entrepreneurship
Entrepreneurs are an important part of the business who undertake business operations
and activities in order to achieve financial gain in an effective manner. They take higher risk and
convert it into more profitability. There are four types of entrepreneurial ventures which are like: Small business entrepreneurs: These types of entrepreneurs have less funds to operate
their business so that they invest less amount. The size of business is limited and this is
the reason they fail to attain investors in their process (Amorós, Bosma and Levie, 2013).
It includes barbers, grocery stores, travel agencies and plumber, etc. They operate their
business at lower level in order to attain enough profits in an effective manner. Various
banks and governments agencies promote these types of businesses but they highly
contribute in economic growth as they provide job opportunities to the local people and
increase their living standard.
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 Large business entrepreneurs: These types of entrepreneurs operate their business at
higher level and invest a funds to invite and attract more investors. They also start their
business at graphical and international level (Audretsch, Falck and Heblich, 2011). The
main function of large level business is to capture larger market share and generate more
profitability by providing quality of products to its customers and satisfy their needs in
effective manner. Scalable business entrepreneurs: These type of entrepreneurs related with start ups
because they promote by the corporate house in order to make profit in future. These
business based on the skills and knowledge. They also create new and innovative ideas In
their business and convert into reality which assist in achieving large number of profits. Social entrepreneurs: It is different from another entrepreneurs because the main
function of this business is to provide quality products to the society and satisfy their
needs in effective manner (3 Reasons Small Businesses Must Play a Large Role in
Climate Change Resilience, 2014). The main aim of this business to promote welfare and
community well-being in order to achieve higher satisfaction level by society. They can
be non profit and profit based business.
Some types of entrepreneurial typologies:Research entrepreneur: According to the name they
undertake different type of research in order to gather relevant and important information after
that they run their business effectively according to their research.Serial entrepreneur: These
type of entrepreneur start their business with new and innovation ideas. They run multiple
business at the same time. They treat their entrepreneurship as a professional and take best
decision according to process of the business activity. These type of entrepreneurs is not
interested in making their career and enjoy their business process.
 Female entrepreneurs: these types of business owned by the women. They have right to
take decision on their own basis in the organization because they part of the business.
They make and define innovative activities in order to attain success. They having
minimum interest rate such as 51% financial rate and also provide ethical rights to
develop the business in appropriate manner.
P2. Similarities and difference between different entrepreneurial ventures
There are some similarities and difference in between various types of entrepreneurs
which are as follows:
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Type of enterprise Similarities Differences
Small v/s large
business
enterprise
Small and large business enterprise
operate their business in order to
satisfy customers’ needs and
wants. Both firms focus on
achieving higher profits (Brush and
Cooper, 2012).
Small business undertakes their
business activities at lower level so
that they invest less amount of funds
but large business enterprises
undertake their business at
international level and invest huge
funds in order to invite ventures. In
small businesses, the role of manager
is very simple. In large business
enterprise, the role of manager is
highly complex as they require many
skills to run their process in an
effective manner.
Social v/s scalable
enterprise
The main and important aim of
both social and scalable enterprise
is to offer new and innovative
products to its customers and also
do effective research to identify the
customers needs and wants in
appropriate manner.
Social enterprise focuses on solving
society problems and sometimes, it do
not make profit (Bruton, Ahlstrom and
Li, 2010). On the other hand, main aim
of scalable enterprise is making high
profitability in less period of time.
These types of enterprises focus on
capturing larger market share and
attain higher success in the
marketplace. Main aim of social
business is to provide effective
services and make the best place in
world by solving problems of people.
In this aspect, there are various number of similarities and differences in various type of
entrepreneurs but the main and important similarity is all of business enterprise make innovative
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products and offer its customers in order to satisfy their needs in appropriative manner. On other
hand there are many difference is that some business operate their business at small scale and
some of define their business at large level (Bruton, Ketchen and Ireland, 2013). Some business
are non profit because the main aim of these enterprise is to solve the society problems and other
enterprise focus on generating lager amount of profitability.
TASK 2
P3. Way in which micro and small businesses impact on economy
Small businesses is important for every country as they help in development of country
which affect the economy’s growth. These types of businesses undertake their business activities
in an innovative way and make effective products provided to the customers in order to satisfy
their needs and wants. Main aim of this business is to fulfil customers’ needs and get higher
satisfaction by them (Carraher and Paridon, 20151). Small businesses provide more job
opportunities to their local people which assist in eliminating unemployment in the country.
Providing employment is effective for the local people as it assists in improving the living
standard and increases their income level. All micro businesses start their operations with new
and innovative ideas in order to attract more investors. They set their process at small scale and
cover all rural areas which help in developing the growth of economy. Increased income level of
people put direct impact on the GDP rate of country because income level increases the
purchasing power of customers. It also increases the trade of nation and gives chance to show
their talent in front of world. This type of business is beneficial for the local people as they
provide training to employees in order to enhance their skills so that they can easily take place in
the competitive environment of business.
Small businesses having the best capabilities to offer and deliver innovative products at
international level which increases foreign exchange and directly put their impact on the
development of economy in a positive way. It is an important responsibility of the government
authorities to give support to these types of businesses so that they increase their turnover and the
overall welfare of company. This is the reason; small businesses contribute in the economic
growth by providing more opportunities to people which assist in minimizing the unemployment
rate of country
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P4. Importance of small businesses and business start-ups in the growth of social economy
Micro and small businesses play an important role in the economic growth of country as
it provides more job opportunities to the local people in order to improve their living standard.
These enterprise execute in the UK (Desai, 2013). These type of business enterprise increase the
overall wealth of country which automatically impact on growth of nation. Small businesses give
support to large enterprise to operate their business at global level. These firms define and do
effective research to identify the customers’ needs and wants and provide them accordingly in
order to achieve higher satisfaction by them. Basically, micro businesses focus of their
customers’ needs and provide innovative products to attract a large number of service users. The
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source 1: Lisa Dougherty -Choux., 2014

operating size of these types of businesses is quite limited and they easily reach at local areas.
Thus, they produce their products at affordable price in order to satisfy the public demands.
Small and micro business covers all the local areas and deliver quality products to local
people in order to improve their lifestyle. Main advantage of small businesses is that they offer
large number of job opportunities to the local people in order to minimising unemployment
within country (Dos Santos, Holsapple and Ye, 2011). With the help of employment, people
increase their income level and also fulfil basic needs on daily . These assist in eliminating the
poverty and increase economic growth of country. Last but not the least; small business are
backbone of the country they providing job opportunities to large number of local people and
increase their life style. Which leads in developing the economic growth in effective manner.
TASK 3
P5. Characteristics traits and skills of two successful entrepreneurs
Characteristics and traits are specific quality of an individuals which is different from
others. These quality of person assist in completing all the task in organization with more
efficiency. There are some characteristics of two successful entrepreneurs i.e. Bills Gates and
Mark Zuckerberg which are as follows: Hard working and dedication: It is an important characteristic of successful entrepreneur
as without hard working, no one is able to achieve success (Drucker, 2014). Bills Gates
and Mark Zuckerberg do hard work in their business in order to attain success. Both are
talented and hard-working entrepreneurs. Risk taking: In entrepreneurship undertake risk is more important to get best results.
Business owner take more risk in order to achieve high profits. Mark Zuckerberg take
more risk in their business operation activities which assist in their success. When an
individuals did not take risk than they can not achieve success. Motivation and passion: It is an important characteristic to complete all the tasks in an
effective manner. Motivation and passion are interrelated because motivate helps in
taking more risk and passion assist in completing all the task in effective manner with
confidence. Both entrepreneurs having this qualities which define their success at
marketplace.Self-confidence: An entrepreneur must confidant about the product and
service which were deliver to its customers (Jennings and Brush, 2013). Self confidence
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increase the better quality of the business activities and also achieve higher success by
delivering best quality of products to its customers. Communication skills: It is more important characteristic of successful entrepreneurs so
that they easily communicate with stakeholders and customers and provide effective
information about their vision and objectives. If business owner fails in communicating
with their customers and other people than they lose their self confidence and face more
obstacles in their business process. Strategy: It is an effective trait which assists in completing all the tasks being performed
by the entrepreneurs in their operational activities. Using the best strategy in their
business is more effective to achieve success in the marketplace (Jones, Coviello and
Tang, 2011). Bills Gates and Mark Zuckerberg use the best and appropriate strategy in
order to achieve their business goals and objectives.
 Finance: It is important for the business without fund nobody run their business
operation. Lack of fund can affect the quality of the business activity so that proper
finance is more import for the firm to operate their activities in appropriate manner and
get more profitability in effective manner.
All these characteristic and traits are effective for both; Bills Gates and Mark Zuckerberg
in order to achieve higher success and take place in aggressive market
There are some separate characteristic traits and skills of Mark Zuckerberg:
 Mark Zuckerberg highly believe on work
 He take big dream and implement in their life to achieve success.
 He always prepare to face more challenges.
 Mark Zuckerberg never lose their confidence and take high risk.
 He always take right decision and set their clear goals and objectives.
These characteristic of Mark Zuckerberg assist in achieving higher success and make successful
entrepreneur in the world.
Characteristic traits and skills of Bills gates:
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 Bills gates always ready to take risk and do innovative process in their business.
 He have high level of confidence and stay sharp by mind.
 He understand the failure and take a part of game
 They have good understating of money management in the business.
 They also having best ability to sell and promote their products and get higher
profitability.
These are main and important skills and traits of Bills gates that make a successful entrepreneur
and define their success level at marketplace.
P6. Way in which entrepreneurial personality reflect the mind-set and motivation of
entrepreneurs
Positive mind-set and motivation are important for the successful entrepreneurs which
assist in taking the best decision. Motivation helps in accepting challenges in the business
process so that they can easily attain higher success. Both; Bills Gates and Mark Zuckerberg are
having a positive mind set and motivation and so, they are able to capture high market share in
comparison to their competitors (Kiss, Danis and Cavusgil, 2012). Positive mind set is more
important for the person as it encourages to take risk and face challenges in order to achieve
positive results. When entrepreneur does not having positive mind set so that they cant able to
take risk and also do not learn from their past fear. Motivation is also play an important role in
personality of the entrepreneurs. It helps in motivating person to take and accept more challenges
in their life and business process in order to take the best decision in (Lohrke, Holloway and
Woolley, 2010). Motivation and positive mind-set; both are interlinked as they help in
motivating the person to take more challenges in order to attain higher success in their business
process.
Both factors are essential part of the entrepreneurs personality because it is effective
process of making best personality of the parson which assist in taking best decision in their
business activities in order to getting positive results. In this factors the family of the person is
also more important because they motivate to the entrepreneurs and give best knowledge about
that what is good for them and what is wrong. So that they easily understand about the whole
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process of the company and take ethical decision. Culture and qualities of the family member
and education is also important in making overall personality (Schaper, 2016). With the help of
education entrepreneur enhance their skills and make more talent person. Positive person and
entrepreneurs is more important for the business growth and also assist in making overall
personality. All these factors are make best entrepreneur and build strong personality which is
capable to face and take any challenges and motivate to do all the work in order to achieve
success.
TASK 4
P7. Way the background and experience can hinder or foster entrepreneurship
Personal background plays a vital role in entrepreneur’s success and their lifestyle. If past
experience is positive then it motivates and encourages the person with getting effective success.
Experience can be achieved by the past activities being performed in business and it also
influences the individuals to create innovative process in order to achieve positive results.
Past experience not only gives success some time it define negative but in negative case it
is more important to the entrepreneurs to find the fact behind the failure (Stewart and Cotton,
2013). It assists in making an effective process and need to learn from mistake in order to
improve their tasks in an appropriate manner. An entrepreneur is also motivated by the family
members and friends as they give advice in order to take the best decision in their business
process. Past experience helps in motivating the person to improve their mistakes as well as
skills so that they achieve higher success in their life and business also.
Past experience and background play an important role in the success of business as it
contributes in both; positive and negative way. There are some effective factors which assist in
making overall personality of the individuals are as follows:Family: In this factor, the family
condition is also affect the person personality. Because it helps in learning about the all ethical
activities which is related to the society. It is also assist decision making process which is take by
the entrepreneur in ethical manner in their business process (Yusof and Jain, 2010).
 Personal traits: This type of qualities assist for the individuals to make capable in their
business activities. Every person have special quality which is different from others and
some qualities learned by the others people and world. These qualities helps in decision
making and also affect the personality of the entrepreneurs. In their skilled entrepreneurs
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