Analyzing Entrepreneurship: Ventures, Economic Impact, and Mindset

This report provides a comprehensive overview of entrepreneurship, examining various types of entrepreneurial ventures, including small businesses, scalable startups, large company entrepreneurship, and social entrepreneurship. It delves into the similarities and differences between these types, analyzing their characteristics and objectives. The report further assesses the economic impact of micro and small businesses, highlighting their role in the economy and the factors influencing their success. It also explores the importance of small businesses and startups in fostering social economic growth. The second part of the report focuses on the traits, skills, and mindset of successful entrepreneurs, considering whether these skills can be developed over time. Finally, it investigates how an individual's background and experiences can either hinder or foster their entrepreneurial endeavors, offering a holistic understanding of the field.

Understanding Entrepreneurship Student Name:
Student ID:
1
Understanding Entrepreneurship

Understanding Entrepreneurship Student Name:
Student ID:
2
Executive summary
Every business organization is trying to grow their business and expand to the higher level with
the help of entrepreneurship. People and small business, as well as medium business
organization, are in the hope to get profit from their business. The study would discuss the
entrepreneurship and their types along with the similarities and difference within the types of it.
Within the later portion of the study, this evaluates the economic impact over the micro as well
as small businesses. The succeeding factors are to discuss in the further study on this topic.
Hinder and foster the entrepreneurship due to the background of person are to study in the last
portion of this study.

Understanding Entrepreneurship Student Name:
Student ID:
3
Table of contents
Introduction......................................................................................................................................4
Part 1................................................................................................................................................4
P1: Different types of entrepreneurial ventures and their relation with typology of
entrepreneurship (M1, D1, D2).......................................................................................................4
P2: Similarities and difference between various kinds of entrepreneurship (M1, D1, D2).............6
P3: The economic impact of the micro and small business (M2, D1, D2)......................................7
P4: The importance of small business and the business start-ups over the growth of social
economy (M2, D1, D2)....................................................................................................................8
Part 2................................................................................................................................................9
P5: determination the fact which succeeds the entrepreneur and the characteristic traits as well as
skills they do possess along with whether the skills cab be learned over time (M3, D3, D4)........9
P6: aspects of the entrepreneurial personality reflection on entrepreneurial motivation as well as
mindset (M3, D3, D4)....................................................................................................................10
P7: whether the person's background, as well as the past experiences, hinder and or foster
entrepreneurship (M4, D3, D4).....................................................................................................10
Conclusion.....................................................................................................................................11
Reference list.................................................................................................................................12

Understanding Entrepreneurship Student Name:
Student ID:
4
Introduction
Entrepreneurship in nowadays has become the common trend for the individual public which
was in general done by the micro and small business enterprises. The entrepreneurship does
mean to involve the money as well as the asset for the business purpose in the hope to get profit
from the business. Being the senior member of the federation of small businesses this is the duty
to ask the peer for the consideration in the ways the FSB can promote the entrepreneurship
within the local area.
The aim of the study is to explore the variety of business ventures which are available to the
entrepreneurs. This also has the aim to assess the impact of small businesses on the economy and
assess the entrepreneurial mindset. Further, this is to examine the different environments which
do foster and or hinder the entrepreneurship.
Part 1
P1: Different types of entrepreneurial ventures and their relation with
typology of entrepreneurship (M1, D1, D2)
The entrepreneurship is the capacity and the willingness for developing, organizing and
managing the business venture with certain risks for the hope of getting profit from the business.
The example of the entrepreneurship is to open or start the new business. In terms of the
economics entrepreneurship, it is the combination of land, labor, natural resources as well as
capital which would produce the profit (Karatas‐Ozkan et al. 2014). The entrepreneurial spirit
has characterized with the innovation as well as risk taking. This is the essential area of any
country for the success of the entrepreneur is the ever changing as well as increasingly global
marketplace competition. There are generally four kinds of entrepreneurship and their ventures
which comprise of small business entrepreneurship business, Scalable startup entrepreneurship,
Large company entrepreneurship and Social entrepreneurship.
There are four types of entrepreneurial ventures which are not similar to each other. They are;

Understanding Entrepreneurship Student Name:
Student ID:
5
Small business entrepreneurship venture – today with the overwhelming number of the
entrepreneurs and the startups within the counties are still the small businesses. There are
millions of small businesses and they make the most of the companies and does employee more
than 50 percent of the employees who are not the government employees (Anderson, 2015).
Small businesses do comprise of grocery stores, consultants, hairdressers, travel agents,
storefronts, internet commerce, electricians and plumbers along with various other business type
persons. They are anyone, who uses in business. They do hire employee and or family for their
business. Success is their definition for feeding their family. Most of this kind of business is
barely profitable. They are not for taking over any industry and or to make the huge profit from
their business. They are not able to provide the fund which can attract the venture capital. They
do fund their business with the help of small business loans, family member and or friends.
Scalable startup entrepreneurship – as in the small businesses the scalable startups are the silicon
valley entrepreneurs along with their ventures would do (Fayolle, Kyrö & Liñán, 2015). These
do start the company by knowing since the day one which their vision may change the world.
They do attract the investment from similar crazy financial investors and venture capitalists.
They do hire the brightest and the best for their business. The job of them is to find repeatable as
well as scalable models of business. As they find the same the main focus of them over the scale
which does require much venture capital to enhance the rapid expansion. Scalable startups within
the innovation clusters do make the small percentage of startups and the entrepreneurs however
since the outsize returns, does attract almost every risk capital.
Large company entrepreneurship – the large companies do have the finite life cycles. Most of
them grow by sustaining innovation and offering new products which are variable around the
core products of them. Changes in the tastes of the customer, legislation, new technologies, and
new competitors can create more pressure so that more disruptive innovation would require large
companies for the creation of fully new products to selling within new markets to the new
customers. The existing companies do this by attempting building the disruptive product inside
or by acquiring some innovative companies (Webb, Ireland & Ketchen, 2014). Strongly the large
company’s size and t5heir culture do make disruptive innovation which is very difficult for the
execution.

Understanding Entrepreneurship Student Name:
Student ID:
6
Social entrepreneurship – social entrepreneurs are the innovators who do focus to the creation of
products and the services which solve the social requirements as well as problems. However, like
scalable startups, the goal of this kind of entrepreneurship has the target to make the world better
place, create wealth for the founders and not taking the market share. This kind of
entrepreneurship is generally nonprofit, hybrid and for the profit.
P2: Similarities and difference between various kinds of entrepreneurship
(M1, D1, D2)
The various kinds of entrepreneurship present within the market. They do have certain
similarities within them. They have similarities in their purpose and this state that the purpose is
to earn money no matter tell how far the money can be earned from the business. The
entrepreneurship does business for their customers who heads towards them to buy products and
or get services which they offer to the customers. The entrepreneurship also has the similarity
which does state that their main motive is to serve customers by which the customers get
satisfaction from them (Kuratko, Morris & Schindehutte, 2015). The entrepreneurship of various
kinds have the similar criteria to set the target for the areas where they can make their business.
They do target their prior customers who can receive their service with eager. All these kind of
entrepreneurship have the customer base along with target to get new customers. They all do
have the similarities to growing for the further business. They all try to expand their business no
matter how they have started their businesses. Every kind of entrepreneurship does have their
business strategies with which they may able to run their business and can satisfy their respective
customers. The entrepreneurship of a different kind does have the similarities that every
customer can recognize from their respective services. The customers of every kind's
entrepreneurship do receive the services and or products which the entrepreneurship supplies to
them. The common similarities within different kinds of entrepreneurship are; they does own an
enterprise or venture, they are customer oriented, they are bold and ambitious, able to create their
own ideas and does realize this as their business, they are innovators, their employees are
significant to their roles and the ideas are shared with the employees, they are happy and
enthusiastic businessman and they hire people for making their lives better.

Understanding Entrepreneurship Student Name:
Student ID:
7
However, the various kind of entrepreneurship does differ with each other to the vast extent.
They are based on their business criteria (Aloulou, 2016). They have different size and culture.
There is the difference within the customer’s type and the services they generally do offer to
their respective customers. According to a different kind of entrepreneurship, they do have the
structure within the market. Some of them do their business locally, some do their business
within the target area and some make their business nationally. However, the large and extra
large companies of entrepreneurship do their business through global platforms. The various
kind of entrepreneurship does have the motive to satisfy their customers however they differ
within the sectors and kind of business they do in general. Some entrepreneurship is owned by
the single owner and some are owned by the partnerships. The partnerships are for the large that
does require the investors at the high level since their business criteria are for the huge amount
and they provide their services and products to some wide variety of the customers and this
factor does satisfy the customers (Edler & James, 2015). The customers of them differ from each
other according to the class and society. The small entrepreneurship is visited by the lower class
customer who does not earn enough and the large entrepreneurship is visited by the customers
with the sound financial condition.
P3: The economic impact of the micro and small business (M2, D1, D2)
The micro and small business have various impacts on them due to economic factors. The local
economic developments are not up to the standard by which they can grow their small as well as
micro businesses. They had to supply the products which are having producers price index. They
generally do the retail sales to the local customers only. They are smaller related to the bigger
industries and businesses. Hence the sales amounts are smaller which does yield less profit to
them. Their growths are very slow and had to depend on the local customers only with less profit
and revenue. The employment scopes are negligible within the micro and small businesses. Most
of this kind, of businesses, are run by the owner itself and the employee to them do get very less
salary in case they have any employee within their businesses. Sales are very less and they are
not able to make the huge profit from their businesses (McKeever, Jack & Anderson, 2015).
They generally do business to fetch their own family. The locations of their business are
generally near to the inhabitation area and the customers are known to them. The firms are

Understanding Entrepreneurship Student Name:
Student ID:
8
smaller and the customer does not get the opportunity to buy the product within the wide range
of products. Their business promotions are not huge and the only promotion criteria are by the
publicity of the local customers. They are not able to get supply at the huge amount by the
suppliers due to the low economic condition of the business enterprises. The businesses also get
affected by their economic condition due to which they are not able to enhance their business to
vast level and they cannot make the promotion of their business to larger locations. The
economic status of the enterprises are low and hence the customers level are low and they cannot
supply high-cost products to the customers and the customers also does not buy high amount
products from them. The customers generally buy fewer amounts of products from them in the
case of emergencies and buy the huge amount of products or high-cost products from the larger
business enterprises which are within the competition market (Lang, Fink & Kibler, 2014). They
are not able to establish the franchise for their businesses. Their business cannot expand and the
promotion for the same are not possible and they do not think about these at the first instance.
The business marketing is with fewer criterions. The wide varieties of products are not available
to their business. The stakeholders are limited for their business, however, the potentials to them
are helpful to enhance their business. They do not have enough planning for their business and
this is due to less economic condition to their financial status. Hence all these create impact over
their business due to economic condition.
P4: The importance of small business and the business start-ups over the
growth of social economy (M2, D1, D2)
the small business, as well as the start-up business, have much importance over the social-
economic growth. The individual people can establish their small business as well as the start-
ups with the smaller amount of funding. This ensures the economic growth for the family for
whom the owner has established the business. The economic growths for the family are able due
to such business within the locality. The social statuses of the business owner would enhance
since he would able to earn money and can show in the society. The emplacement to these small
businesses is better felt by the employee who does work within the business. This creates the
better working environment to work within the smaller area to serve. The social economic
growth also gets enhanced with the gradual growth in the business despite slow growth to the

Understanding Entrepreneurship Student Name:
Student ID:
9
business. The local environment gets enhanced with the local business making and the local
inhabitants are able to approach to the business for buying the products (Åstebro et al. 2016).
The customers at the local level feel easy to buy products from the small and start-up businesses.
The businesses which are smaller in size have the scope to make better business within the local
area where the people find it safer to buy the products from. As a whole, the small and start-up
business would deliver effective business for the owner who can afford for his own family as
well as he can provide certain important things at the instance for the local customers.
Part 2
P5: determination the fact which succeeds the entrepreneur and the
characteristic traits as well as skills they do possess along with whether the
skills cab be learned over time (M3, D3, D4)
The skills of making businesses of small as well as the entrepreneur can be achieved with the
attachment to the businesses. The factors by which the entrepreneur does succeed in their
business are making business with new techniques and the technologies they use within the
businesses. The major aspects by which the businesses get success are from the desire to achieve
goals. The customer’s satisfaction does meet the first criteria for the business person who does
make their business effective in nature (Alvarez, Audretsch & Link, 2016). The employability
skills who does work within the businesses are enjoying the work and the skills they develop are
from the practical experience. With the passage of time, the skills can be learned by others who
have the desire to start up with the new entrepreneurs. The people who are unemployed can start
the business from the inspiration of the success of other's business success. The successful
entrepreneur has various traits for the success in the business. These traits are helpful to enhance
the desire to start the new business by the people who dies require certain income source so that
they can fetch their personal family at the instance. However, with the passage of time, they can
grow their business from the experience gained while making the business. The business
strategies would be available after the certain time of making business within the competitive
market where great skill are required so as to get the sure success of the business (Kirzner,
2015). The profit, as well as loss, would enhance the skills from the business making and this

Understanding Entrepreneurship Student Name:
Student ID:
10
skills are learned by the entrepreneur person who possesses the business as their passion and has
the desire to get success from the effective business.
P6: aspects of the entrepreneurial personality reflection on entrepreneurial
motivation as well as mindset (M3, D3, D4)
The entrepreneurial personality has the great impact on the motivation of various small as well as
start-up businesses. The success and the criteria for gaining the success are the influencing
factors which make learn to the small enterprises and small business mans (Prabhu & Jain,
2015). The successful business man shows the path to other people for motivating them to
achieve success from the businesses which are in the start-up phase and the small business phase.
The people who have the desire to have their own business also get the motivation to start the
business due to the influence and motivation from the successful entrepreneurs. The desire to
start up with the new business becomes the mindset and this occurs due to the motivation
acquired from the successful business man and his business. No one can deny it that all you
want, but the vast majority of the entrepreneurs does get into the field at least partially since the
potential for making lots of money. Stories on entrepreneurial geniuses such as Richard Branson
as well as Mark Zuckerberg make it possible to any enthusiastic citizen by a good idea for
becoming the overnight billionaire (Hjorth, Holt & Steyaert, 2015). This is not exactly true,
however, any dedicated entrepreneur who has a good idea and the great timing are able to make a
lot more money than ever they could within a traditional position. There is no wrong with
pursuing money, however, if the allure of wealth is the only aspect of driving, no one can take
the risk by becoming frustrated if someone does not turn a profit in the first few period of time.
P7: whether the person's background, as well as the past experiences, hinder
and or foster entrepreneurship (M4, D3, D4)
The background of any successful entrepreneurial person does foster entrepreneurship. This is
due to the success of any person who started their business from the small firm and has
succeeded to become the successful businessman who has shown the effectiveness of making
businesses and the motivation obtained from those successful men create motivation for others
who have the desire to become the successful businessman (Seanor et al. 2014). A successful

Understanding Entrepreneurship Student Name:
Student ID:
11
businessman becomes the motivation for another person. However, the hinders come forward for
the people who has seen the failure of any businessman due to making business without any
effective business within the market. The desire becomes broken due to loss of enthusiasm and
motivation since the fall creates the hindrance for the person who had the desire to become a
successful businessman. The person who has risen from the low level and proved to be
successful in business makes the other person get dreams to have their own successful business
and this the foster to have from the idol business personality (Tatli et al. 2014). On the other
hand, the unsuccessful businesses create the hinder to the people who desire to have the business
of their own however gets none motivated from the unsuccessful personality.
Conclusion
From the study on the entrepreneurship, this can be concluded that the entrepreneurship is the
staircase through which some people rise to high extent of successful business and the same
makes fall down due to none motivation from fallen background entrepreneurial skills to become
successful in the business.

Understanding Entrepreneurship Student Name:
Student ID:
12
Reference list
Aloulou, W. J. (2016). Understanding entrepreneurship through chaos and complexity
perspectives. In Handbook of research on chaos and complexity theory in the social
sciences (pp. 195-212). IGI Global.
Alvarez, S. A., Audretsch, D., & Link, A. N. (2016). Advancing Our Understanding of Theory in
Entrepreneurship. Strategic Entrepreneurship Journal, 10(1), 3-4.
Anderson, A. R. (2015). Conceptualising entrepreneurship as economic'explanation'and the
consequent loss of'understanding'. International Journal of Business and
Globalisation, 14(2), 145-157.
Åstebro, T., Herz, H., Nanda, R., & Weber, R. A. (2014). Seeking the roots of entrepreneurship:
insights from behavioral economics. The Journal of Economic Perspectives, 28(3), 49-69.
Edler, J., & James, A. D. (2015). Understanding the emergence of new science and technology
policies: Policy entrepreneurship, agenda setting and the development of the European
Framework Programme. Research Policy, 44(6), 1252-1265.
Fayolle, A., Kyrö, P., & Liñán, F. (Eds.). (2015). Developing, Shaping and Growing
Entrepreneurship. Edward Elgar Publishing.
Hjorth, D., Holt, R., & Steyaert, C. (2015). Entrepreneurship and process studies. International
Small Business Journal, 33(6), 599-611.
Karatas‐Ozkan, M., Anderson, A. R., Fayolle, A., Howells, J., & Condor, R. (2014).
Understanding entrepreneurship: challenging dominant perspectives and theorizing
entrepreneurship through new postpositivist epistemologies. Journal of small business
management, 52(4), 589-593.
Kirzner, I. M. (2015). Competition and entrepreneurship. University of Chicago press.
Kuratko, D. F., Morris, M. H., & Schindehutte, M. (2015). Understanding the dynamics of
entrepreneurship through framework approaches. Small Business Economics, 45(1), 1-13.

Understanding Entrepreneurship Student Name:
Student ID:
13
Lang, R., Fink, M., & Kibler, E. (2014). Understanding place-based entrepreneurship in rural
Central Europe: A comparative institutional analysis. International Small Business
Journal, 32(2), 204-227.
McKeever, E., Jack, S., & Anderson, A. (2015). Embedded entrepreneurship in the creative re-
construction of place. Journal of Business Venturing, 30(1), 50-65.
Prabhu, J., & Jain, S. (2015). Innovation and entrepreneurship in India: Understanding
jugaad. Asia Pacific Journal of Management, 32(4), 843-868.
Schaper, M. (Ed.). (2016). Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Seanor, P., Bull, M., Baines, S., & Purcell, M. (2014). Where social enterprise practitioners draw
the line: Towards an understanding of movement from social entrepreneurship as
boundary work. International Journal of Public Sector Management, 27(4), 353-368.
Tatli, A., Vassilopoulou, J., Özbilgin, M., Forson, C., & Slutskaya, N. (2014). A Bourdieuan
relational perspective for entrepreneurship research. Journal of Small Business
Management, 52(4), 615-632.
Webb, J. W., Ireland, R. D., & Ketchen, D. J. (2014). Toward a greater understanding of
entrepreneurship and strategy in the informal economy. Strategic Entrepreneurship
Journal, 8(1), 1-15.