ESBM Report: Entrepreneurship Skills, Ventures, and Economy Impact

This report offers a comprehensive overview of entrepreneurship, examining the skills and characteristics essential for business success. It delves into various entrepreneurial ventures, categorizing them by their typologies, such as survival, lifestyle, managed growth, and aggressive ventures, and exploring their similarities and differences. The report also analyzes the importance of small businesses in economic growth, presenting relevant data and statistics. Furthermore, it identifies the key traits, skills, and characteristics that distinguish successful entrepreneurs, including their personality, motivation, and mindset. The study uses Tesco industries as a case study to understand entrepreneurial activities. The report concludes by summarizing the background and experience that fosters entrepreneurship, providing a well-rounded understanding of the subject.

ESBM

Executive Summary
This report will present a comprehensive review about the entrepreneurship skills and
characteristics that derive the mind of the entrepreneur to carry out the successfully business.
Also, it has been discussed that different types ventures and their typologies that suggests the
scope and operational activities performed in the business. It has also provided a clear
understanding about Famous and successful entrepreneurs who has innovated and provided a
different perception to the people. This report has presented an impact of the small business on
the economy of the county. This document has also ensured the entrepreneurial traits, skills and
characteristics that derive the mind of the successful enterpriser.

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
LO1..................................................................................................................................................1
P1 Different types of entrepreneurial ventures and their typologies...........................................1
P2 Exploring the similarities and differences between entrepreneurial ventures........................3
LO2..................................................................................................................................................5
P3 Access the relevant data statistics ..........................................................................................5
P4 Explain the importance of small business start-ups to the growth of social economy...........8
LO3..................................................................................................................................................9
P5 Determine the characteristics, traits and skills of successful entrepreneurs that differentiate
them from the other business managers.......................................................................................9
P6 Personality reflects of entrepreneurs along with their motivation and mind-set..................12
LO4................................................................................................................................................13
P7 Background and experience which fosters entrepreneurship...............................................13
Peter Jones.....................................................................................................................................14
CONCLUSION .............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is the process of launching and running a new business in a market with
an innovative idea. The activities of setting up the business and taking the financial risks in the
hope of earning profits. The study will be based on the entrepreneurial activities of Tesco
industries. The report will help in understanding differences and similarities between various
ventures. It will also provide the contribution of micro and small businesses on the main
economy of the country. Also, there are various different types of ventures which cannot run the
business for earning profits. So main objectives of the enterprises also vary according to the size
and purpose of the business.
Moreover, this study will also help in determining the personality traits, skills and
characteristics which derives the behaviour of the successful entrepreneurs. Also, it will create a
complete understanding about the motivation and mind-set of the successful entrepreneurs which
allows them to derive for successful venture and a long term sustainability.
MAIN BODY
LO1
P1 Different types of entrepreneurial ventures and their typologies
Entrepreneur is a person who sets up a business, taking on financial risks in order to
achieve higher profits. Although, entrepreneurship can be termed as a activity which involves in
carrying out the operational task within the entrepreneurial venture which is aimed at growth,
sustainability and profitability (Williamson and et.al., 2018). However, enterprise is the
comprehensive unit which carry out the process of the business via various resources such as
human resources, tools, machinery and equipment etc.
Typologies of the business helps in understanding the nature of the relationship between
a type and its object. There are generally four types if Typologies of entrepreneurial ventures
such as Male/ female typology, social, and scalable. Furthermore, Entrepreneurial ventures are
categorised into many different kinds such as:
Survival firm topology
These Enterprises are basic substances which allows the enterprises to run the business
activities with the hope of earning profits. These enterprises are not formally registered and such
business typically have no premises to carry out the business operations and related activities.
Survival business mainly exists in order to provide the basic personal financial needs which
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generally cannot resists and have no capacity to reinvest into the venture (Akpoviroro, and
Amos, 2018). This business is often necessity driven in which entrepreneur is generally
motivated or forced in order to operate in a highly competitive and price based market.
Typology- Scalable typologies generally comes under this category as Survival ventures have
scalable scope of the business. NHS is one of the best example which aimed at social welfare of
the people rather than earning the profits. The key objective of this type of entrepreneurial
ventures is to achieve specific objectives by managing the several business activities properly.
For example, Bulb is one of the survival entrepreneurial venture belongs to UK. So this
company is mainly fulfilling the basic personal financial needs and adopting various new
methods to sustain the company for the longer run. These types of entrepreneurial venture lies
within Scalable typology as these ventures have huge scope in the future.
Lifestyle
These types of entrepreneurial ventures generally produce stable income stream for
owners and also based on a management approach which consists of workable business model.
Also Entrepreneurs of the Lifestyle ventures generally reinvest in the business according to the
competitive requirement in the business. This organization has a premises on a single location in
order to operate the business but it do not seek the immediate expansion or growth (Ball, 2019).
Also, these types of ventures contain fixed number of employees and it is also difficult for the
venture to achieve the economies in operations.
Typology- This entrepreneurial venture mainly comes under the category of the Social typology
which allows the business to achieve higher growth in the future with the individual capabilities.
For example: Bulb is one of the survival entrepreneurial venture belongs to UK. So this
company is mainly fulfilling the basic personal financial needs and adopting various new
methods to sustain the company for the longer run. These types of entrepreneurial venture lies
within Scalable typology as these ventures have huge scope in the future.
Managed Growth Venture
These business generally seeks the stable growth over the time and also follows the
workable business model. Managed growth ventures periodically enters into the market by
launching new products in order to bring growth and sustainability within the firm. This
continues reinvestment into the business guides the organization towards the sustainable
development and growth (Ugorji and Ani, 2018). This allows the entrepreneurs to continuously
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expand the facilities, location, staff and regional brand image. For instance the retail or the
hospitality organization which continuously aims to expand and achieve growth falls under this
category. These entrepreneurial ventures manage every aspect of their business activities so that
their profitability goals can be achieved.
Typology- These types of ventures lie under the category of Scalable typology in which Growth
of the venture is more focused. The best example of the managed growth venture is IDG venture
which possess the great capabilities to enter into the existing competition.
For example, Ecotricity companies is one of the managed growth venture which is
rapidly growing towards the international market.
Aggressive
These are the technology based ventures that possess the strong innovation capabilities.
Such businesses are mainly funded by the equity capital and also achieves the exponential
growth which derives many opportunities for the organization as well as employees and
employers in order to accomplish individual goals. This entrepreneurial venture is seeking to
expand the business globally within the national or international market (Seoryanto Soegoto,
2018). Most of the global service providers or the international hospitality or retain chains are the
examples of this venture which aims at establishing their roots at global scale.
Typology- This entrepreneurial venture mainly comes under the category of the Scalable business
typology.
For example, McDonald is the managed growth venture as this company has expanded
and grow over the time.
P2 Exploring the similarities and differences between entrepreneurial ventures
Different entrepreneurial ventures are characterised by different growth rate, management
capabilities and the ease to successful implementation. The below table provide the comparison
of different entrepreneurial ventures on the basis of particular specifications so that effectiveness
of each of the type can be justified.
Basis of
Differences
Survival Lifestyle Managed growth Aggressive
Annual growth
rate
Growth rate of
the such
organization
Such enterprise
venture generally
seeks less than 5
These types of
business possess
10 to 15 percent
These
entrepreneurial
ventures adopts
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according to the
day to day
operations as the
growth is nominal
here.
percent of growth
on weekly or
monthly basis.
of growth
annually within 1
or 2 years.
the growth rate of
greater than 20
percent within 2
to 5 years of time
Managerial focus Such businesses
deal with the
large variety of
products. These
venture follows
Reactive
management
style.
Lifestyle business
focus on
management
approach on the
basis of
maintenance of
working model
(Seoryanto
Soegoto, 2018).
Tactical
management style
is generally
followed by the
ventures.
Management
growth ventures
mainly adopts
increment
strategic growth
within the firm.
Thus it allows the
managers to
follow Strategic
management style
within the
enterprise.
Aggressive
growth venture
focus on the
scalable
management
within the firm.
This ensures the
managers to adopt
strategic as well
as proactive
management
style.
Entrepreneur
Orientation
Very low
management
orientation being
concentrated in
such businesses.
Low
entrepreneurial
orientation is
being focussed
here.
Moderate
entrepreneurial
orientation is
generally carried
out within such
businesses.
High orientation
within the
business is
generally
experienced.
Technology
investment
No Investment is
made for the
technological
improvements in
these ventures.
Limited
Investment is
used for
technology based
operations within
Here,
technological
improvements are
generally
moderate and thus
High investment
is generally made
in order to adopt
new technology
within the
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the company. these kind of
investments helps
in achieving the
high growth.
enterprise.
Funding source In the survival
ventures,
entrepreneurs
generally self-
finance their
company.
These companies
borrow the fund
from the family,
friends and bank
as well as they
can also use their
own savings for
the development
of the business.
Managed venture
growth generally
invites the people
for public funding
in the form of
shares.
Bank, private
investors and
public marketers
are involved in
funding the
aggressive
business.
Organization
structure
The companies
which comes
under this types
of ventures
generally have no
proper or fixed
structure within
the business.
Lifestyle
ventures adopts
the simple
organizational
structure which
ensures the
flexibility of
operations.
Here, staff
members of the
organization
follows the
functional and
centralised
structure.
Aggressive
ventures follows
mix
organizational
structure which
consists of
functional,
product-based
wealth creation.
Similarities between different entrepreneurial ventures
Survival and Lifestyle businesses are generally use the funding from the common source
as they may use the own savings and they may borrow the fund from family or friends in order to
carry out the business activities (Vuković, Prvulović and Urošević, 2018). All the entrepreneurial
ventures generally aimed at creating new ideas and innovation in order to sustain the business for
the longer time. However, Managed growth business and aggressive entrepreneurial ventures
mainly perform the constant innovation in order to derive the success of the business. Similarly,
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the strategy of the managed growth might be expected to reinforce the identity associated with
the steady and on-going growth. All the enterprises are generally aimed at accomplishing the
main objectives and higher profitability except the social corporations which are aimed at
welfare of the society.
LO2
P3 Access the relevant data statistics
Micro Businesses are small corporations which are privately owned and managed by the
individuals as well as partners in order to carry out the business functions which are aimed at
earning profits. Small businesses are the independently owned and operated company which is
limited in size and revenue depending on the operations of industry and employees. According to
the SBA’s Small Business Reporting, small companies has fewer than 500 employees in the
business. However, it is even difficult for the large organization to increase the number of
employees then 500. Micro and small businesses are defined as a corporation, Limited Liability
company or a proprietorship with the limited number of employees. However, Small businesses
represent the 99.9 per cent of all US businesses. Statistics provided below will help in
determining the impact of the small and micro business on the economy. There are 30.2 million
small businesses in US accounting 99.9% of all businesses except roughly 30,000 businesses
which are labelled as large organizations. Service industries such as professional, scientific and
Technical etc. excluding the public organizations accounts for 8.58 million of the 30.2 million of
small business or 28.4% of all small business (UK Small Business Statistics, 2018).
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There are 1.9 million of new jobs which are offered by the small businesses in 2015.
From total 2.7 million jobs in total, there were almost 70% of the jobs provided by the SME’s.
According to European commission’s SME performance Review, estimated total 49.8% of the
SME’s are Gross Value added. SME sector is a core element to foster the employment economic
growth and poverty alleviation. SME’s in developing the represent approximately 45% of the
employment and approximately 33% of the GDP. More than 80% of the small businesses sales in
LDC’s are directed to final consumers.
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I
llustration 1: Impact of GDP on overall economy

In 2015, small business employed the 58.9 million employees are privately employed. Moreover,
firms with 1 to 4 employees accounting for 73% of the new businesses are failed to mmall
business contributes to local economies by bringing growth and innovation to the community in
which the business is established (UK Small Business Statistics, 2018). Also, the Small medium
businesses contributed towards the Gross domestic product for the community. Many small
businesses also possess the ability to respond and adopt quickly with the changing climate
(Yunus and et.al., 2018).
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Illustration 2: Impact of small business on economy
Illustration 3: Employment in UK economy

This is one of the reason that the small businesses are customer-oriented. After the Brexit,
the UN was facing many economic challenges as many large Companies were migrated to
another places. So in those situations SME’s helped the country in making the region
economically stable. As large number of people were remained unemployed and therefore this
has decreased the actual economy of percentage of the region.
P4 Explain the importance of small business start-ups to the growth of social economy
Social economy can be defined as the diversity formed by organizations and enterprises.
Small businesses are the backbone of the UK economy and also contributes a great deal in terms
of job creation. By allowing the SMEs to develop the fully potential, Small business inject a
possible 20 billion into the economy by 2020. Social economy is formed by the rich diversity of
enterprises, such as cooperatives, mutual association, paritarian institution etc. A small company
plays the important part towards the contribution of the social economy (Ball, 2019).
Also, they an absolute role in job creation, introducing new markets into UK and also
contributing towards the social economy of the world. Innovation, Employment and adaptability
are the main contributions that small and start-up companies have made to the UK economy.
Also, Small organizations play an important role as all the three innovation are successfully
executed such as Product, process and wider innovation.
The small start ups helps to improve the social economy by encouraging the innovation
and job creation in the society. Since the small business groups have smaller scope they used to
provide more opportunities to the local communities instead of global talent as the local social
groups tends to have more knowledge and command of the operational region. The small and
medium enterprises also actively participate in the social improvement campaign so that they can
improve the region and their brand can be promoted well.
Moreover, small start-up business makes UK more competitive and attractive to visitors
and investors. Also it helps in adding diversity and variety to the cities while playing an
important role in serving the communities in which they are originally based. A small enterprise
also helps in increasing the overall turnover in the market. On the other hand, least productive
firms do not survive while more productive companies expand and thus resulting in boost to
aggregate productivity.
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