ENTREPRENEURSHIP: Ventures, Impact, and Successful Traits

This report provides a detailed examination of entrepreneurship, beginning with an introduction to the concept and its growing relevance. The report delves into various types of entrepreneurial ventures, including lifestyle, survival, managed growth, and aggressive growth ventures, highlighting their characteristics and differences. It also analyzes the impact of micro and small businesses on the economy, emphasizing their contribution to employment, innovation, and overall economic growth. Furthermore, the report explores the importance of small businesses and start-ups in the social economy, discussing their role in assisting larger companies, responding to market changes, and providing services to a broad customer base. The report also identifies and assesses the characteristics, traits, and skills of successful entrepreneurs, differentiating them from traditional business managers and examining how background and experience can influence entrepreneurial success. Through mini-research and relevant examples, the report provides a comprehensive overview of the entrepreneurial landscape.

ENTEREPRENURSHIP

Table of Contents
...................................................................................................................................................1
ENTEREPRENURSHIP................................................................................................................1
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship......................................................................................................3
P.2 The similarities and differences between entrepreneurial ventures:.....................................4
TASK 2............................................................................................................................................5
P.3 Micro and small businesses impact on the economy:...........................................................5
P4Importance of small businesses and business start –ups in the growth of the social
economy......................................................................................................................................6
TASK 3 ..........................................................................................................................................7
P5Characteristics, traits and skills of successful entrepreneurs, which differentiate them from
other business managers..............................................................................................................7
P6.Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set................................................................................................................................9
TASK 7............................................................................................................................................9
Examine , using relevant examples obtained through your mini-research, how background
and experience can hinder or foster entrepreneurship. ...............................................................9
Conclusion.....................................................................................................................................10
REFRENCES.................................................................................................................................12
1Books and Journals ................................................................................................................12
2Online .....................................................................................................................................13

INTRODUCTION
Entrepreneurship is a trend which is these days very much in the market. He is the person who
comes up with a new idea of grooming the business. They take efforts to develop a start up and
they have to be more dedicated towards their business as they operates on small scale therefore
face more competition(Drucker,2014). Whole risk is beard by the entrepreneur himself and in
this selection of business type is very important that the best business selection should be done.
Initially they start business at small scale and than do the expansion by making changes in the
existing business. In the starting the profit earned by the entrepreneurs are invested in the same
business for making growth. They have to be more creative and need to examine their business
on regular basis.
TASK 1
P1Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Entrepreneurship is a continuous process in which an individual take risk of new start ups and
provide the customer with new and innovative services. Te risk involved depend upon the scale
of the business which is totally shared by the entrepreneur himself/herself. There are main three
types of entrepreneur which can be understood in detail below:
1. Lifestyle entrepreneurship: These type of ventures provide management of maintenance
approach to the the business. The income earned earned under lifestyle entrepreneurship do not
fluctuate much and remains stable. These venture are selective in nature for the location but do
not experiences much growth. These venture do not appoint much employees also the expansion
is very slow and therefore less growth is done in these venture. They adopt the tactical business .
The source of finance for these venture are self financing. Main motive of such venture is to earn
nominal profit so that they can maintain their own family(Kirzner,2015). They react quickly to
the market as per the need by making and selling what customer want.
2.Survival entrepreneurship: These business need not to be necessary be registered. Provide
marginal assistance to the family member of the entrepreneur. These business operates with very
afew investments made on the infrastructure and also on the management process is not so
typical. They do not have much financial transactions therefore no banking activities are
involved in these ventures and mainly cash transactions at small level take place in these

ventures. They do not come into the existence for a very long period and exists the market after
one or two year of existence.
3.Managed growth ventures: These ventures experiences stable growth with time by making
changes in the existence products and services. There is continuous entry of new ventures in the
same business line and therefore employment becomes more in these ventures and this result to
the development of different brands. These venture do not exit the market very often but either
merge or sell their venture to other if required. Good wealth is created out of these ventures as
the do strategic management planning in the running of the business.
4. Aggressive growth ventures: These venture are the one which are most technical in nature.
They use the various financial sources to raise their fund for capital investment as they operate
on large scale. Returns of these ventures are more as the degree of risk involve in these venture is
also higher than the other three ventures. They invest more on the premises and other fixed assets
and provide employment to a good number of employees. There growth rate is higher than the
other ventures and after a particular time some venture also convert into public ventures by
expanding the scale of their business(Herrington,2010). These venture do proper planning before
starting up the business and than direct the whole employees towards goal achievement.
P.2 The similarities and differences between entrepreneurial ventures:
On the basis of the scale,nature and the business type entrepreneurial venture share various
similarities and dissimilarity among them. Which can be understood by comparing them with
one another as follows:
It is believed by the people that both entrepreneurs and interpenure are similar to one another but
it is of true. If compared to each other there are various differences in between them.
Entrepreneur is the person who comes up with the new idea. Or he can be said as the father of
the business and later he is supported by the interpenures to do innovations and creativity in the
business idea. Therefore it is wrong to use these words for the same identity. If the entrepreneur
do not exists in the business the interpenure has no work than top come up with. Other are the
social venture whose motive is to earn profit through providing customer with what they want. In
these venture planning is done in advance and it is examined that which product has maximum
demand in the market. This way the social venture earns the maximum profit by the increased
volume of demand in the m,market. On the other hand the start ups comes up with their own
unique idea and try to create their demand in the market. These venture are started with less

investment and mostly are self financed. Risk involve of failure is more in these ventures as the
create their demand on the other hand social venture already provide those products which have
their demand in the market(Barringer,2012). Less employment is created by these venture as
they operate on small scale and also get less assistance from outside. Depending upon the scale
these venture can also be compared on the basis of legal requirements of them. Small enterprise
venture does not require to get itself registered with the Industrial development regulation act but
it is necessary for the big enterprise to get itself registered. Licensing policies are also different
for different ventures which is according to the present government laws for that product type.
Entrepreneurs are never satisfied with the existing scale of the business and always work towards
expansion and wants to develop with the change in time. On the other hand the small business
interpenures are satisfied with their scale of business and has less capacity to expand their scale
and also do not promote much innovations in the present working style. Also the small business
owners feel satisfied if their personal needs are fulfilled by their business whereas the big
business enterprises believe in profit making and always work towards profit maximisation. The
big enterprise take the help of more technology based work in order to be best in their line
whereas the small businessmen's resist to the complex technology and prefer doing work in a
simple manner.
TASK 2
P.3 Micro and small businesses impact on the economy:
Micro and small business has major contribution in the economy. As the number of small scale
business enterprise has increased their contribution in the total economy has also significantly
improved. The total turnover of the economy has increased to a good level due the contribution
of different small scale business present in the economy. It has brought development by
increasing the living standards of the society(Bosma and Levie2010). It has provided customer
with better quality of products at effective price which has also brought equality in the social
environment. As the number of small scale business firms are increasing the demand for labour
has also increased. This helped the economy in removing the problem of unemployment from the
society. This way the total revenue earned by the government has also increased as now more tax
can be collected by the government. With the help of small scale business employees gets the
platform to prove their individual qualities. As in the big organisations people are recruited after

going through a complete complex process and only who are highly skilled get the chance of
getting the recruitment. These small business enterprise also became a helping hand for the big
companies as they can get there less technical work done through outsourcing. This results into
saving of much time of the big industries and therefore they can focus more on the important
activities. As a result the performance of the big companies also increased in the standards and
work division helped them in completing their task in the target time given to them. As the
availability of the cash is relatively less with the small scale enterprise they work with more
labour intensive techniques rather than going for capital intensive. This helps in keeping control
over the pollution. As the number of small scale industries are increasing rapidly this has also
increased competition among them. Due to this each business entity try to give their best results
which lead to the development of new and innovative ideas by them which contribute to the
economy as a whole. As the business environment is dynamic in nature it is tough for the big
organisations to respond to the change quickly due the complex working environment of the
companies(George and Bock 2011). Small enterprise are capable of adopting the change of the
business environment more as they are customer oriented. Due the this reason small business
organisations are more loyal to their customers and do not try to exploit their potential customer
during the economic crises. One reason of this behaviour of the small scale enterprise is this also
that they have less to loose in comparison to he big organisations.
P4Importance of small businesses and business start –ups in the growth of the social economy.
Different start ups and small scale business has their own contribution in the social economy
also. These contributions are as follows:
1.Assistance to big companies: As the big companies constitute of a number of employees and
follow a typical process of production it becomes difficult for them to perform all the task with
same efficiency. Therefore in this case the small scale industries proved as a helping hand for
them. They help the big industries in there routine task by outsourcing their work. This helped in
increasing the total output of the big companies. Time saved by outsourcing is utilised in
effective planning and research by the big business entrepreneur.
2.Respond to change: Small business enterprise respond more fast to the change that take place
in the business environment. It is for them as they do not follow the complex business process
and therefore mould their activities according to the situation. They don't have to go through a

complex process to reach at the ultimate decision and therefore respond to the situation with
direct taking action.
3.Cater service to all: Big companies in order to earn the maximum profit produce goods and
service keeping in mind a particular rich society segment in mind. On the other hand the small
scale industries focuses on mass selling. For this they create goods which has maximum demand
in the market and make it available locally so that maximum number of customers can reach to
it.
4.Decreased unemployment: As the small business enterprise do not have much capital to invest
they can not buy heavy machinery. Due to this they employ more labour in their organisations.
This helps in removing unemployment from the society which has become a major concern of
the whole economy.
TASK 3
P5Characteristics, traits and skills of successful entrepreneurs, which differentiate them from
other business managers.
It is observed that there are different prospective of an individual towards the entrepreneur and
the manger. According to some they are the same but in order to understand why they are
different from each other it is important t to study the following characteristics,traits and skills of
the both:
1.Responsibility: Entrepreneur of any company is the only person who is responsible for all the
activities which take place in his business. He is accountable to all the actions and all the major
decisions are taken by him only(Karlan and Valdivia 2011). On the other hand mangers are the
employees of the company. They are assigned with their particular task which they get it done
from their subordinates. Therefore entrepreneur holds more responsibility than the managers.
2.Nature of work: the working environment of both the manager and the entrepreneur is entirely
different from one another. This is because the entrepreneur is more related to the launching and
planning the enterprise whereas the manger is concern with the operations of the business.
Manger keep check on the day today functioning of the different departments and see that each
department is doing their work accordingly or not.
3.Specialization:Entrepreneur is more specialised in bringing new ideas and making innovations
in the business. They provide the customer with what they demand. They do the planing thing

and bring change in the society with offering the best alternative in the organisation. He doesn't
need to be specialised in his field. But on the other hand it is expected from the manger that he
should be excel in his field. He gets the work done from other therefore has to be more
specialised in the calculative part. He should posses the quality of getting things done from
others.
4.Prone to make mistakes: Any entrepreneur can afford to make mistakes in his course of action.
These mistakes may initially give a little loss to the mangers but later the same mistakes helps
him in taking better decisions as these mistakes give long term l;earning to the entrepreneur. On
the other hand the mangers are not expected to commit mistake in his work as any mistake on his
part may bring loss to the business and may also result in termination of the manger from the
company(Santos 2012). It depends upon the nature and degree of mistake made by him.
5.Educational background: it is important for mangers to be well qualified. As only than they are
given the rank of a manger in a particular organisation. Proper training is required for the
manager as he has to perform various important task while he is on job. On the other hand a
susses full entrepreneur is not judged by his level of education. A non educated person may also
become a big entrepreneur as they require more qualitative qualities and less of theoretical
knowledge.
6.Risk taking: As the entrepreneur is the owner of the business he is the one who revives the
maximum profit for which he has to take risk. Entrepreneur takes the risk from their choice as
they consider it as a way to understand various different aspects of business. On the other hand
mangers get salary for the work they do in the organisation therefore they do not have to do
anything with risk taking element of the business. The manger do not take any risk in their
working decisions and therefore choose the alternative which involves least risk element.
7.Financial freedom: As the entrepreneur is the owner of the business he enjoys total freedom of
finance. He take all the important financial decisions regarding allocation of finance in different
sectors of investments. On the other hand mangers are provided with budgets which they have to
keep in mind while performing the particular task(Nicholls 2010). They do not enjoy much
freedom and are answerable to the entrepreneur in case the budget exceeds.

P6.Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set.
The personality of the entrepreneur is a combination of various motivating characteristics. They
help in inspiring more people to be like them. Few of the aspects of their personality are:
1.Flexibility: entrepreneur are willing to adopt the change. They do not show the resistance
attitude towards the business environment. This gives other motivation to be more positive and
volunteer in the business scenario which is very important for any person to be a part of the
business. It is a quality of an individual of being creative and increase the imagination of an
individual. Open minded person is willing to change his perception according to the change in
the business environment. This help in increasing the knowledge of an individual and also gives
long term benefits.
2.Extraversion: it is a quality of an individual of being more concentrated,focused and discipline
in an individual(Delgado,Porter and Stern,2010). It does not promote quick reactions but
appreciates logical thinking. Person with this quality is able to take more effective decision in
comparison to the person with less extraversion energy.
3. Disciplined- it is the quality of an individual to be more systematic. A discipline person is
more dutiful and focused and prefer doing things on time rather than taking the extensions.
4.Positive attitude- It is very important for person working in the business attitude to be positive
by attitude. As the business environment keeps on changing they have to deal with different
situations which is not necessary to be in the favour of the business. If a person has a negative
attitude than it will not help him to develop develop and soon he will be out of the business
environment.
5.Neuroticism: Through this process the degree of negative attitude like dis
obedient,stress,frustration all are measured. Through this the ability of an individual to overcome
the negative era is measured(Neck and Greene2011). If a person is calm and stable he is capable
of motivating more people by spreading the positive energy in the surroundings.
TASK 7
Examine , using relevant examples obtained through your mini-research, how
background and experience can hinder or foster entrepreneurship.

There are various factors which can hinder the entrepreneurship. These are the different factors
which affects the entrepreneurship in different manner:
1. Culture and social barriers: in order to run the business it is important to recruit different
employees therefore to provide employment is the biggest challenge as it require proper study of
the market. At different places different culture is adopted therefore it becomes difficult for the
enterprise to adopt the different social environment. The problems faced may vary from change
in the language to change in the taste of the people(Djankov,2010). It is not necessary that all the
information regarding the culture is made available to the entrepreneur therefore they face the
problem of incomplete knowledge as they can not take decisions or can not do effective planning
with incomplete information.
2.Economic and financial barriers: making the adequate finance available is the main problem of
the entrepreneur. They face the problem of raising the capital. People do not prefer to invest in
the start ups as the capital market gives assistance to the big firms more easily and do not show
confidence in the start ups. As it is the core requirement of any business this becomes the most
common barriers for the start ups.
3.Regulatory barriers: There are few business types which are so much affected by the fiscal and
monitory policy(Dacin,Dacin and Tracey.2011). Therefore a balance is need to be maintained in
the proceedings of the business. Also the entry and exit of new business in the market is not that
easy for all. Therefore these factors affects the flexibility of the business which ultimately affects
their results.
Few factors which help the enterprise to foster are:
1.Welcomed by the public: As the customers get attracted towards what is new in the market
start ups are benefited by this(Light,2011). People show interest in their new and innovative
concepts by taking their services.
2.Less government intervention: As the start ups come into existence with a very low investment
and also their business type is simple government do not interfere much in them. Therefore they
can do their business with little more of freedom.
Conclusion
From the above report it can be concluded that entrepreneurship has become very famous in
today's economy. There contribution in the total growth of the economy can not be eliminated.

This concept has provided employment in the society and also they have proved to be a helping
hand for the big industries. In order to promote more entrepreneurship in the economy they
should be provided with financial assistance by the capital market and the other financial sources
so that more start ups can be encouraged. An entrepreneur has the quality to bring something
new for the society which is different from the existing other related products of same line. Also
the difference between the manager and an entrepreneur is made clear through the above report

REFRENCES
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2Online
The 5 Types of Entrepreneurs. [Online]. Available through
<https://www.entrepreneur.com/article/244210>. [ASSESSED on 15th April 2017]
Business and entrepreneurship skills and experience. 2013. [Online]. Available Through:
<https://www.innovationpolicyplatform.org/content/business-and-entrepreneurship-
skills-and-experience>.[ASSESSED on 15th April 2017]