Entrepreneurship Report: Ventures, Skills, and Background Analysis

This report provides a comprehensive analysis of entrepreneurial ventures, encompassing different types such as social, small-scale, medium-sized, and large-scale enterprises, along with a discussion on the typology of entrepreneurship. It evaluates the similarities and differences between various entrepreneurial ventures, providing relevant data and statistics to justify the impact of micro and small businesses on the economy. The report explores the characteristics, skills, and traits of successful entrepreneurs, contrasting the profiles of William Chase and Walt Disney. Furthermore, it assesses how entrepreneurial personalities motivate others in society and examines how background and experience can serve as motivators for entrepreneurship. The report aims to provide a holistic understanding of the entrepreneurial landscape, its impact, and the factors contributing to success.

ENTREPRENERSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
Examine different types of entrepreneurial venture and their relation with the typology of
entrepreneurship.....................................................................................................................1
Evaluate similarities and dissimilarities between different kind of entrepreneurial ventures....3
Present a relevant data and statistics to justify the impact of micro and small business on the
economy.................................................................................................................................7
Explain the impact of small business and start up in growth of the economy..........................8
Illustrate the characteristic, skills and traits of successful entrepreneur which separate them from
other business persons. ...............................................................................................................9
Assess how aspect of entrepreneurial personality motivate other individual of the society.10
How background and experience can motivate for entrepreneurship..................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneur are those individuals who perform their role while taking risk, in addition
with this they effectively evaluates market factors and generates new business ideas with the
main motive to gain high amount of profitability. Entrepreneurs and start-ups acts as an key
essential role with the help of which they lead towards increasing economic stability. Thus, it
important for government to provide proper support to entrepreneurs as to make their business
launch in successful way (Bhachu, 2017). Entrepreneurs contributes their role by increasing
nation GDP, employment rate and per capita income of individuals. In this present report,
formative discussions has been made on concept of entrepreneurial ventures along with their
impact on small scale business and start-ups. Along with this, skills and knowledge of two
entrepreneurial individuals has been included in this report. Lastly, impact of background and
family upon a person mind are covered in this report.
TASK 1
different types of entrepreneurial venture.
Entrepreneur :
Entrepreneur is an individual who evaluates overall market feasibility along with actual
demand of customers (Entrepreneurs, 2018 ). This further encourage them to formulates a best
effective business ideas in a unique and innovate way with an aim to gain long term profitability.
Entrepreneurship :
It refers to an individual willingness towards designing, launching and organizing new
business idea as to make effective profit base while satisfying customers. In order to allocates
feasible funds entrepreneur attracts numerous investors from their enchanting business idea.
Entrepreneurial venture :
It reflects towards an organization which is initiated by an entrepreneur that includes,
their attractive and creative innovation and ideas as to gain more market stability and
willingness to satisfy consumers with best.
Different types of entrepreneurial venture are as follows :
Social entrepreneur:
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Social entrepreneur includes those individuals who always focused towards developing
more innovative services and products as to satisfy customers in a best effective way. They
mainly perform their roles and responsibilities towards development of society along with
earning profit as for their improvement. These entrepreneur operate their operations with an
formative aim to create best effective place for individuals where there is no such discrimination
related to income basis.
Small scale entrepreneur:
These are those individuals who initiate their business in a small level in context with
money, resources and staff. Their main source of fund allocation of small scale entrepreneur is
from their family, financial organizations and friends. There are some of the basis examples of
small scale business entrepreneur is, general stores, hairdresser, grocery store and more. These
types of entrepreneurial ventures operates to fulfill their own needs.
Medium sized ventures:
Medium sized venture mainly have moderate set of growth in the initial level of business.
But in the time of running business operations these types of business ventures see high growth
rate with the help of more opportunities.
Large scale entrepreneur:
Large scale entrepreneur mainly establish their business on large scale as they hold
capabilities towards bringing best effective innovation in a marketplace by evaluating needs and
demands of consumers and marketplace. In this companies regularly keeps on modifying and
introducing new and advanced products and services as to satisfy their customers in best
effective way.
Typology of entrepreneurship :
Female entrepreneur :
In this form of typology female entrepreneur mainly posses beliefs, values and thoughts
in a feminist way. Which is further used by them to attain business objectives of organization in
best effective way. In addition with this as to provide improved working environmental culture
for females various forms of programs has been set along with organizing all necessary elements
that are linked with production, work towards development and risk taking.
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Public entrepreneur
Public entrepreneur are mainly found in public sector organisations such as government
linked organisations along with state owned enterprises. They do not mainly own a company and
perform functions for public welfare
Cooperate entrepreneur
Corporate entrepreneur is a person who develop new business idea, products and services
in order to create vale and further generate new revenue via entrepreneurial growth and actions.
Serial entrepreneur :
They are those individuals who offer new and advanced idea on continuous basis and
works towards that idea in order to bring that idea into actual reality. Serial entrepreneur only
launch and initiative new business idea when their past venture attains success in formative
manner.
Social entrepreneur :
Social entrepreneurs are those individuals possess formative innovative and creative
thinking approach that lead them towards implementing best effective change in society. They
operates their business as to earn profit and further invests them in development of society by
solving issues and problems relating to inequality, poverty and unemployment (Lipset, 2018).
This can be effectively solved by organization by offering goods and services at cheap price
along with providing job employment opportunities to needy individuals.
Lifestyle entrepreneur :
They are those entrepreneur who operates their business as their hobby and passion.
These types of entrepreneurial ventures are established by successful business individuals as to
fulfill their dreams rather than to gain profit.
Different kind of entrepreneurial ventures.
Differentiate between lifestyle entrepreneur and serial entrepreneur
Basis Lifestyle entrepreneur Serial entrepreneur
Similarities  Basic form of similarity in
this is, there is a requirement
of large amount of funds in
order to start a business
 If it is being compared in
between lifestyle entrepreneur
they need more amount of
fund on exact way. As they
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venture. formatively look towards
switching business idea from
one to other as to embarks it
towards more successfulness.
Differences  In this form of
entrepreneurship venture in
which entrepreneur bring
new business ideas as to
change venture lifestyle
rather than to earn money.
 They operate their business
with a motive to earn more
profitability base as to
improve lifestyle.
 In this individual works with
an aim to bring more
innovative idea as to initiate a
business into transnationalism
reality.
 Most important aim in this is
to earn more profit as to utilize
that amount while
instrumentation of other idea.
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Differentiate between Small ventures and Micro entrepreneur venture
Basis Small ventures Micro entrepreneur venture
Similarities  Small form of business
ventures are basically based
on formative capabilities and
talents of a person.
 Small business organisations
mainly operates their
business in high competitive
market (Nambisan, 2017).
 As to gain more profitability
base in this form of business
sector, operations are
performed in high
competitive market.
Differences  Growth rate seen to be small
as in this owner mainly
conduct business operations
in order to fulfil own
requirements.
 Growth rate tends to be low
as they operates their work
with a formative aim to
satisfy their own basic needs.

Impact of micro and small business on the economy
Micro and small business effectively made their impact on economy of a country. Small
enterprises acts as an key essential segment which lead towards creating numerous form of job
opportunities (Boosting UK productivity with SME growth .2018). This further initiate
organisation growth in best effective manner. Mentioned below there different form of
organisations along with their impact on UK economy are described below:-
Micro business: These are those form of business organisations in which there are less
10 number of employees along with not more than 2 million Euros turnover.
Small business: In this form of organisation there are estimated number of 10-50
employees along with 2 million Euros turnover.
Medium business: Within this form of organisation 50-250 number of employees are
employed along with this annual turnover range in between 10 Million Euros to 50 Million
Euros.
Organisations within the small business have annual turnover that range around 1.9
million Euros. SME'S generates 16.1 million employment within which private sector offer
employment opportunities up to 60%
(Source: Role of Start-ups and Small Businesses on Economy, 2018)
Thus, it can be evaluated that small business enterprises acts as an key essential element

Characteristic, skills and traits of successful entrepreneur
William chase and Walt Disney contrasting skills and characteristics became successful
entrepreneurs.
William chase founded Tyrrells and potato chips In addition with this, he is currently
serving as CEO of chase distillerya company engage in the services related to offering vodka.
Mentioned below there are there are different traits,. Characteristic and skills which abstracted
them from other business individual:
Accept failure : William faced failures with the decision of investing in Woolworth, this
lead them towards investing in own business venture. Managers mainly don't accept failures and
always blame other for their mistake.
Continuous learning : learning acts as an key essential element in every individual
prospective. Williams an extrovert have believe which is to create Tyrrells crisps as numerous
types of bad situations has been faced by him. He believes in the approach of continuous
learning which lead him towards high success. Same approach is required to be consider by
manager to gain high term advancements.
Walt Elias Disney one of the greatest producer and an animator, entrepreneur, voice
creator. He founded Walt Disney and offer magnificent contribution in 20th century entrainment
industry.
Risk Taker- Disney performed roles by taking risk that lead them towards gaining high
position. With high investment of fund Disney take risk related to create Disneyland. Mainly
manly manager fear to take risk as they do not want to take risk.
Vision- Walt Disney have vision in distinguished way that made him remarkable
businessman by having vision to become one of the largest producers in entrainment industry.
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As company manager lack in vision as their main focus is towards developing current position of
organisation.
Entrepreneurial personality motivate other individual of the society.
In order to motivate other individual within the society, an entrepreneur have various
characteristics to fulfil their dreams (Burns and Dewhurst, 2016). There are various
characteristics which an entrepreneur include in his personality, OCEAN acronym help to
identify the personality traits of an entrepreneur.
Openness to experience (O): This category involves those people who is always ready
to experience and learn new things. Walt and William are the individuals who is always ready to
modify themselves according to the need of the environment. With the help of this skill people
will be able to bring new change in the society according to the requirement of society.
Conscientiousness (C):
Individuals of this trait is aim oriented, self-disciplined and organisers. Both William and Walt
perform their role in hard working manner with high dedication and passion. This lead towards
encouraging other towards more focused and developmental approach.
Extraversion (E): In this there is positive source of energy along with excitement.
William and Walt holds best effective characteristic which lead them towards lightening mood of
other individual as to make them perform in best effective manner.
Agreeableness (A): Individual of this trait hold modesty, honesty and trust on other
individuals. Both Walt and William scored high number in this, as they effectively believe on
employees efficiency.
Neuroticism (N): These types of individuals are anxious, depressed and impulsive.
William and Walt both have low score in this trait as they posses stable and calm nature even in
adverse situations.
How background and experience can motivate for entrepreneurship.
In entrepreneurship experience and background acts as an key essential factor that will
impact on capabilities (Kirzner, 2015). It is totally depend on an individual whether they feel
motivated from life experiences. Mentioned below detailed analysis of two entrepreneur is given:
William chase who was born in Herefordshire, UK founded Tyrrells crisp brand. Chase
was mainly from a farmer family. By seeing difficulties William effectively learnt from bad
experiences and get self motivated to keep on learning new in life.
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Walt Disney from Chicago born in 1901. Disney father was carpenter, contractor and
farmer. Walt is motivated towards drawing and sketching but his father did not allow to pursue
that. Thus, by facing many challenges Disney learned to acquire new skills and move towards
more growth prospects.
Family background:
Walt Disney is one the successful entrepreneur, face numerous form of failures in life
aspects. With formative support of family he continous to perform operations without lossing
hope. Along with this, in regard with William chase it has been seen that it is not that strong.
That make him focus towards goals in best effective manner.
Education: This is major factor that holds great importance in individual life. With the
help of high education level individuals can able to decide right and wrong aspect in their as well
as in society prospect.
William Chase Background
William chase was born in UK and a impressionism and teacher. He also developed
chase school. Chase was influenced by Frank Duveneck, James Abbott McNeill and Duego
Valazquer. He has artistic talent and was a National Academyof design student.
CONCLUSION
As per the above mentioned report it has been concluded that, entrepreneurship in
concerned with taking risk and initiate a business operations as to gain growth in formative
manner. In this, regard there are different types of roles and responsibilities which are required to
be consider as to gain more satisfactory outcomes. In addition with this, report covers aspects of
past life and background of entrepreneur that will help other individuals to adapt their styles as to
perform activities in best effective manner.
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REFERENCES
Bhachu, P., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship, pp.348-367.
Cooper, A. C., 2017. Networks, alliances, and entrepreneurship. Strategic entrepreneurship:
creating a new mindset. pp.201-222.
Etzkowitz, H. and Zhou, C., 2017. The triple helix: University–industry–government innovation
and entrepreneurship. Routledge.
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