Entrepreneurship Report: Ventures, Traits, and Sector Analysis

This report provides a comprehensive analysis of entrepreneurial ventures, examining various types and their typologies, including serial entrepreneurs, intraprenuers, and owner-managers. It explores the similarities and differences between ventures, considering factors like marketing, management structure, staffing needs, and capital requirements. The report also demonstrates an understanding of entrepreneurship in both the public and corporate sectors, highlighting their distinct objectives. Furthermore, it assesses the scope, development, and growth of entrepreneurial ventures, emphasizing the importance of understanding these factors for business success. The report delves into the characteristic traits and skills of successful entrepreneurs, differentiating them from business managers, and analyzes how entrepreneurial personality reflects motivation and mindset. It also explores the influence of background and experience on entrepreneurial ventures.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
TASK 1............................................................................................................................................1
1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.......................................................................................................1
2 The similarities and differences between entrepreneurial ventures..........................................2
3 Demonstrate an understanding of entrepreneurship in both the public and corporate sector...4
4 Examine the scope, development and growth of entrepreneurial ventures..............................4
TASK 3............................................................................................................................................5
1 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers............................................................................................5
2 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.........................................................................................................................................6
3 Explore and examine to entrepreneurial characteristics that entrepreneurs are born or made. 6
4 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship..........................................................................................................................7
5 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience.........................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneur is the person or an individual that implement an idea or concept to establish
a business or business activities. Entrepreneurship is the process to carry out the business actions
and activities that lead to the setting of a business and generate a decent amount of revenue
(Singer, Amorós and Arreola, 2015). For the report, Nom foods is been chosen. It is a UK based
packaged food enterprise.
The report will cover the types of entrepreneurial ventures with their typologies. Also the
similarities and differences between this ventures and the understanding of entrepreneurship in
corporate and public sector is been analysed. The scope, development and growth of this
ventures is also evaluated. Other than this, characteristics, traits and skills with the
entrepreneurial personality showcasing the mind set of an individual to have the motivational
drivers and the factors that can foster or hinder the entrepreneurial growth and development of
the firm with proper example of backgrounds and experiences.
MAIN BODY
TASK 1
1 Examine different types of entrepreneurial ventures and explain how they relate to the typology
of entrepreneurship
Entrepreneurship is the activity that helps the organization to have the best of the
operations that will lead to the setting of a business operations and enterprise.
Entrepreneurial activities consists of the actions which will lead an individual to have a
good amount of profit and establish a business operations and activities in an effective and
significant manner (Kirzner, 2015).
An enterprise is an organization or a firm that is been set by an entrepreneur to carry out
the business activities and action plans that will help to generate a good amount of revenue and
meeting of their business goals.
There are various sort of entrepreneurial ventures that will help the firm to meet their operational
requirements and operations in much effective way. Some of them are as follows:
 Serial Entrepreneurs: In such form of entrepreneurship, the individual starts and set up
the proper entrepreneurial venture or a business organization and then moves to any other
idea or concept. For Example, Sir Richard Branson initiated as the music label seller and
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then moved to telecommunication industry, followed by media house and now operating
in space travelling ventures.
 Intraprenuers: They are more likely to be the managers or directors within a business
organization. They handle the issues and other problems that occurs within a venture and
will also perform the risk assessment.
 Owner manager: This is the type of entrepreneurial venture in which the persons set up
and manages his venture by his own. In this, the person will have to carry out the
different business activities and operations by their own (Bruton and et.al., 2015).
The typology of entrepreneurial venture is as follows:
 Micro organization: This are the most basic form of entrepreneurial ventures which is
been set by an individual and thus will help in the effective management of the business
operations that are been carried out in the effective manner.
 Small organization: they are quite bigger than the micro firms but are not of the scale of
medium enterprises. They may be operating on the local as well as on intercity level,
improving their revenue generation and placing of business activities.
 Medium organization: It is bigger than the small enterprise and have the higher scope of
expansion and growth. This operates with a criteria to meet their operations and activities
to generate a high amount of revenue.
 Social Enterprises: They mainly consist of NGO and other social service firms that
work for the goodwill and betterment of society. Their profit is been used for the reason
to develop good quality products and services for people.
2 The similarities and differences between entrepreneurial ventures
The different entrepreneurial ventures have a wide range of similarities and differences
that will impacts its operations and action plans that will help in identifying the better growth and
development of the organisation in an effective and significant manner. The major similarity
between various entrepreneurial ventures are as follows:
Factors Entrepreneurial ventures
Marketing All the entrepreneurial ventures, including
micro and small, regardless to their size and
scalability are required to have a good
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marketing in order to promote their services
and goods which they offer to their customers.
Management structure All the ventures need an effective management
structure that will help the firm to carry out the
business operations and activities in an
effective manner (Meyer, Neck and Meeks,
2017).
Need of staff Despite the variations in size and scale of
operations, all the entrepreneurial ventures
need a staff to carry out their activities and
operations in an effective manner.
Requirements of capital All the entrepreneurial ventures need a decent
and adequate amount of investment or capital
that is required to run their business in an
effective and significant manner.
Some of the major differences that bare required to be taken in the consideration are:
Factors Micro
organisation
Small
organisation
Medium
organisation
Social
Organisation
Scale The micro
organisation
have the lowest
scale of
operations
(Aldrich, 2017).
Their scale is
higher than that
of micro
organisations but
smaller than the
medium
organisation.
It has the highest
scale than the
other firms or
entrepreneurial
ventures.
Their scalability
is dependent on
the number of
people they cater
or serve.
Profit utilization Their profit is
been used to
execute their
business
operations.
Their revenue is
used to run their
business as well
as invested for
the expansion
The profit
margin they gain
is utilized tio
improve their
business
They use the
profit gained
from their goods
and services to
improve their
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purposes. operations and
majorly utilized
for their
enterprise
expansion.
quality and serve
maximum
number of
people.
Employees This have the
owner or 1-2staff
members.
This
entrepreneurial
venture have
about 20-25
people in their
work force.
Their work
strength is about
250 employees.
Their work force
is dependent on
the number of
volunteers
working with
them.
3 Demonstrate an understanding of entrepreneurship in both the public and corporate sector
Entrepreneurship measures are been operational in both public and corporate sector. The
collaboration of an entrepreneurial venture with the government to provide a good or service to
the people associated with the operations is the entrepreneurial venture operating in the public
sector (Burns, 2016). Their main aim is to provide high quality service and goods to their
customers. Contradicting to it, the ventures operating in the private sector although provides
services and products to their customers, their main aim is to have a good amount of revenue
generation and expansion of their venture.
4 Examine the scope, development and growth of entrepreneurial ventures
For setting and running up of an entrepreneurial venture, the extensive knowledge of its
scope, knowledge and growth factors is necessary. This will help the firm to meet the business
operations and action plans in a significant manner (Cooper and Folta, 2017). The variation of
the scope of different entrepreneurial venture is dependent on their action plan. The micro
organization has the minimal chances of growth and development. While the small organization
have the better growth ratio than that of micro firms. On the other side, the medium and social
organizations growth scope and development range is widely dependent on the employees that
work with them.
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TASK 3
1 Determine the characteristic traits and skills of successful entrepreneurs that differentiate them
from other business managers
An entrepreneur must possess certain traits and qualities that will help the organization to
manage their business operations and action plan in much effective manner. This attributes help
him to meet its entrepreneurial goals and setting up of the target operations to set and manage
their ventures. Some of the attributes that are ben taken in consideration by an individual are:
 Leadership and decision making skills: An entrepreneur like Mr. Simon will look after
the effective leadership and management of his venture by having a significant leadership
and looking after all the decision making in the firm with an involvement (Storey, 2016).
This will not only help him to carry out the operations but also to enhance the work and
product quality.
 Never give up attitude: An entrepreneur must have the never quitting mind set as it
helps him to sustain in the market and thus supports the carrying out of the business
operations. Mr. Simon tried many flavors of popcorn and fries leading to failure. But he
never gave up and thus became a successful entrepreneur in his sector.
 Ability to take risk: Mr. Simon was aware about the risk associated in the fries and
popcorn business. Thus, he prepared a very extensive strategy and implemented it by
taking a calculated risk. It turned out to be a major breakthrough and thus supported him
to manage the business operations and activities in a better way.
 Ability to judge the market trends and customers taste: This is the most vital quality
that is required to be possessed by an entrepreneur. The effective knowledge and
experience about predicting the customer’s requirements and needs and developing a
product accordingly will help the enterprise to have an effective growth and
development.
This will help the entrepreneur to set a better enterprise and action plans that will help the
firm to handle the business plan in a much effective and significant. They are quite different
from the business managers as entrepreneur not only set and manages an enterprise but also look
after the decision making and implementation process too (Kazanjian, Drazin and Glynn, 2017).
On the other hand, managers just see through the decision making and its implementation in
order to carry out the functionality of organization.
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2 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset
The aspects of entrepreneurial personality that are been discussed above will help the
organization to manage the business operations and activities as well as the thinking and
perception of an individual as entrepreneur. This will help in the identification of all or some of
the traits and attributes that are been taken in consideration by the Nom foods to meet their
operational requirements. This attributes and operations will support the development and mad
carrying out of the business operations and actions plans that are been taken in consideration by
the business firm.
The effective following of leadership, risk taking attributes and market planning will help
the Nom foods to carry out the business entities and action plans in much effective and
significant manner. The possessing of this attributes and using it accordingly to situations will
help the organization to meet the business operations and placing of action plans in an enterprise
(Hitt and Duane Ireland, 2017). Possession of this qualities and implementation of this action
plan will lead to an effective growth and development of the organization in a significant
manner.
The most important attribute is to have a good knowledge about the customers or buyers
requirements and effective placing of action plan that will help the organization to meet its
functional needs and the functionality that will lead to the effective and significant growth of the
Mr. Simon’s firm. Besides this, the leadership qualities and measures that are been adopted by
the firm or an individual entrepreneur will help the firm to carry its business operations and
activities in a significant manner.
3 Explore and examine to entrepreneurial characteristics that entrepreneurs are born or made
On the basis of the case study that is been presented, this can be said that the Mr. Simon’s
traits and attributed helped his organization, Nom foods. This will help the organization to
handle the business activities and action plans in an effective and general manner. This
showcases the factor that the entrepreneurs are been made on the basis of their environment and
thus supports a good range of business operations and action plans. An individual can learn to be
an entrepreneur on the basis of learning and adopting the traits of other entrepreneurs operating
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within his environment. Besides this, the analysis of the characteristic traits, skills and
motivational drivers of successful entrepreneurs will motivate a person to be one of them.
The traits and attributes like leadership, risk management and forecasting the market or customer
trend will lead to the effective placing of the business activities and action plans that are been
implemented by the organisation. For example, these traits and entrepreneurial attributes have
helped Mr Simon to carry out the operations of Nom Foods and leading it to have a sustainable
market position. One statement can be presented that, although a person is exposed to
entrepreneurial qualities, it is his perception, understanding and mind set or motivation that will
encourage him to be an entrepreneur and establish a successful enterprise (Armstrong, 2018).
4 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship
The backgrounds and experience of an individual will impact the operations and thus will
lead to the development and establishment of a business enterprise in an effective way. An
individual entrepreneur like Mr. Simon will have to see through the proper management of his
traits and qualities that will help in effective management of business operations and action plans
that will be implemented within Nom Foods. On the basis of the case study and the assessment
of his entrepreneurial traits and qualities this can be said that the effective planning of the
business operation and qualities will lead to the proper management of the business operations
that are been taken in organization.
Based on the assessment this can be said that a good knowledge of market trend and having an
effective business background will lead to the fostering or development of entrepreneurship
within selected firm (Dees, 2017). Absence of proper knowledge, skill set and operational
background related to entrepreneurial venture can hinder its growth and thus will lead to its
failure. Other than this, the implementation of this knowledge and business background skills
will help an entrepreneur to manage the negative or risky situations while running his business.
5 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience
On the basis of the assessment and identification of the entrepreneurial traits and qualities
that are required to be possessed by an entrepreneur to be successful like Mr. Simon, this can be
said that the entrepreneurial characteristics and the personal background and business experience
of a person are closely linked to each other.
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The traits and qualities like leadership, risk management and predicting the market and
customer’s requirements will help in developing an action plan or entrepreneurial strategy to be
successful and effectively establish one’s enterprise or venture in market (Scarborough, 2016).
The possession of this traits along with a supportive environment will have a positive impact on
the organisation in form of better growth and development of enterprise. On the other hand,
absence or lacking of these traits and characteristics may have negative impact, causing
individual entrepreneur to be unable to manage the risky conditions, leading to the failure of a
firm.
CONCLUSION
On the basis of the research and analysis that is been carried out on the entrepreneurship,
this can be concluded that there are various types of entrepreneurial ventures and typologies on
basis of scalability and other factors. Other than this, it can be said that these ventures are
relatively similar to each other in nature with some extent of differences. The entrepreneurial
ventures operating in public and corporate sector are been analysed with the extent of scope,
growth and development of an entrepreneurial ventures.
Apart from this, on the basis of the case study of a packaged food firm, this can be said
that entrepreneurs possess certain traits and skills which makes them successful and is reflected
in their personality motivating them and setting their mind set. Also, the factors that are been
identified that can foster or hinder the entrepreneurial growth with its link to personal
background and experience.
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REFERENCES
Books and journals
Aldrich, H., 2017. Learning together: National differences in entrepreneurship research. The
Blackwell handbook of entrepreneurship. pp.5-25.
Bruton, G. and et.al., 2015. New financial alternatives in seeding entrepreneurship:
Microfinance, crowdfunding, and peer‐to‐peer innovations. Entrepreneurship Theory and
Practice. 39(1). pp.9-26.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship. pp.348-367.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship. pp.45-63.
Kazanjian, R.K., Drazin, R. and Glynn, M.A., 2017. Implementing strategies for corporate
entrepreneurship: A knowledge‐based perspective. Strategic entrepreneurship: Creating
a new mindset. pp.173-199.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship‐strategic management
interface. Strategic entrepreneurship: Creating a new mindset. pp.17-44.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Singer, S., Amorós, J.E. and Arreola, D.M., 2015. Global entrepreneurship monitor: 2011 global
report. London Business School.
Storey, D.J., 2016. Entrepreneurship and new firm. Routledge.
Online
Armstrong, B., 2018. The Qualities That Define a Successful Entrepreneur. [Online]. Available
through: < https://www.groco.com/readingroom/lead_successful_entrepreneur.aspx>
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