ENTREPRENEURSHIP Report: Ventures, Traits, Economic Impact Analysis

This report provides a comprehensive overview of entrepreneurship, encompassing various types of entrepreneurial ventures, their relationship with entrepreneurial typologies, and their similarities and differences. The report further explores the significant impact of micro and small business...Read More

ENTREPRENEURSHIP

Table of Contents
Introduction......................................................................................................................................4
TASK 1.......................................................................................................................................4
P1. Different types of entrepreneurial ventures and its relationship with typology of
entrepreneurship..........................................................................................................................4
P2. Similarities and differences of various entrepreneurial ventures..........................................6
TASK 2.......................................................................................................................................7
P3 Micro and small businesses impact on the economy.............................................................7
P4 Small businesses contribute to the growth of social economy..............................................8
TASK 3.....................................................................................................................................10
P5 Characteristics, traits and skills of successful entrepreneurs in respect of another manager.
...................................................................................................................................................10
P6 aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set.
...................................................................................................................................................11
TASK 4.....................................................................................................................................12
P7 Examine how background and experience can hinder or foster entrepreneurship..............12
CONCLUSION..............................................................................................................................13
REFERENCES .............................................................................................................................14

Introduction
A person who start his own business rather than working as an employee in another
organisation. It the process in which includes designing, launching and running a business to
offers a products and services for selling purpose. Any person who starts or create the business is
called entrepreneurs (Drucker, 2014). The entrepreneur is commonly seen as an innovator, a
source of new ideas, goods, services and business or procedure. It is described the abilities,
capacities and willingness to starts, develop, organize and manage a business venture by taking
any kinds of risks and making profits. It typically focusses on the launching and running of
businesses and they have to face several kinds of problems as in this involves high risk when
launching start-ups, lack of funding, economic crises, lack of market demand and many more
during the business.
In this report it will find the answers of several questions as such as different types of
entrepreneurial venture and their relationship with typologies of entrepreneurship and how they
are similar with each other that will help to understand the different types of entrepreneur styles.
It will also help to know about the impact of micro and small businesses on economy as how it
supports in economic growth and their traits, characteristics and skills that helps to make
organisation effective or successful. For best entrepreneurship as it can be hinder or foster
through backgrounds and experience according to the research. It involves identifying
opportunities and evaluating them in the best way possible and then decide to exploit
opportunities by making new products and services or launch new industry or firms so that
wealth is created by them.
TASK 1
P1. Different types of entrepreneurial ventures and its relationship with typology of
entrepreneurship
Entrepreneur: A person who is setting his business on financial risk with the hope of profit.
These kind of persons are thinker whom thinks out of the box and have ability to bear loss.

Entrepreneurship is defined as an individual who starts his own venture by investing
small amount of funds with purpose of earn money as well as to maximise profit and develop the
business.
There are various types of entrepreneurial ventures in the present era that are as follows:
Small scale business: In this consider the small businesses where one or more
individuals comes with ideas, plans, some resources to start their own venture at small level as
the invest with expectations of generating profits and incomes and run their business. Small
level businesses such as journal stores (Kirzner, 2015). Grocery stores, tour and travels agencies,
internet commerce store fronts, electricians, carpenters, plumbers etc.
Scalable start up entrepreneurship: In this entrepreneur undertakes in their mind that
their vision could change the world, so they start the business with passionate and confidence.
Successful organisations growth depends on the scalable business model that helps in achieving
organisation goals and objectives and also support to decrease the cost and expenses. Their aim
is to attract more investments from financial investors for venture capital. New venture starts
with hope of taking current business to the next or high level for growing business (Barringer,
2012).
Large business: Large scale companies are described the all activities that run in the
business from excess transaction to more general as doing big things to develop the organisation.
It included the large-scale, corporate-controlled business or financial activities. These kinds of
business mostly grow through sustaining innovations, offering new products and services.
Social enterprise: It focus on the social needs as they find the best way to satisfy their
customer by creating products and services to fulfil customer’s demand, needs and wants and
meet their requirements or expectations. In this involves profit making and non-profit making
organisations, sole proprietors, non-governmental organisation or hybrid.
Imitators entrepreneur: These types of entrepreneurs iterate a certain innovation or
features in particular products and services to make it more appealing and have a competitive
edge over the current market. It preferred in underdeveloped countries because of few risk taker,
lack of awareness and people are not well educated.

Innovators entrepreneur: In this people are innovative and creative that transform
productive resources into goods and services that can be sold to generate revenues. It focusses on
three generic activities in which business enterprise engages: strategy, organisation and finance
for the successful enterprises (Schaper, 2014). Strategies mad for proper allocations of resources,
organisation generally transform the technologies and the last but not least finance for sustains
the process of developing technologies and accessing the market on time.
Fabians entrepreneurs: These types of entrepreneurs do not prefer to take any kind of
risks and the do not want any changes within an organisation, they generally follow traditional
methods and they are very rigid and fundamental in their thinking to take risks.
Drone entrepreneurs: These types of people are stubborn to changes as they do not
want top to accept the changes within the firm even if they bear big amounts of loss and if
company is decreasing its profits they prefer to run the business in several ways regarding the
change in demand and the trend in the market.
Furthermore, all entrepreneurial ventures are related to typology of entrepreneurship, so it
means that different types of entrepreneurship ventures are connected with its typologies. Small
scale businesses or ventures involves small entrepreneurs whose main aims is to generate profits
by start up a small business. They manage whole activities on their own behalf, family and
known workers. On the other hand, large-scale businesses are related to invest more capital or
funds to operate all activities and their main motives is to maximise the profits for developing the
business. Their aim is to get higher returns on investments on the products and services that has
been offered by them to the public (Kuratko, 2016).
female entrepreneurs: women entrepreneur can be defined as a women who has ability to initiate,
run and organise the business is knowns as female entrepreneur. More of the sectors has women
as they are owning and controlling an venture. These kind of entrepreneur has supports of the
government on financial tool in minimum approx. 51% interest on capital. This helps in
generation of the employment in nation.
Women who are innovative and capable of taking step for risk are named as female
entrepreneurs.
Quality of female entrepreneur are:
 they have ability to accept challenges
 they are more ambitious

 she preformed with hard work
 motivators
 these entrepreneurs are intelligent
 educated
 they have more patience
Serial entrepreneur: Such types of entrepreneur came up with creative or innovative ideas
to start a new business venture. Like other entrepreneurs they are the one who brings the idea
and then play crucial role in managing its day to day activities and operation. They are only
liable for bringing new ideas to the company and once they are done with that they can simply
transfer their duties and responsibilities to other member of the company.
Social entrepreneur: These type of entrepreneurs are called as an Innovator of the firm
that laid stress on creating such product or services that serve the needs and problems of society
and its members. Their main objective is to improve the economic condition and standard of
living of country. They normally taken into account issues like poverty, illiteracy, health care etc.
Such type of businesses run with an aim of promoting the interest and welfare of society and its
residents.
Female entrepreneur: Such types of businesses are run, controlled and managed solely by
women. They are the one who takes decision for the firm, with an aim of yielding higher profits
and revenues. Unlike men, rights are equally distributed on the basis of their proportionate share.
In addition to that, such types of entrepreneurs promotes feminism in the country and increase
the status of women in the country as well.
Scalable Start-up entrepreneur: They are the one who owns higher creativity and skills.
Such type of entrepreneurs are aware of the fact that they can change the entire world with their
creative and innovative ideas. They laid stress on finding repeatable and scalable business model
and once they are done with finding it, they stress on attracting more venture capitalists.
P2. Similarities and differences of various entrepreneurial ventures.
Introduction: The entrepreneurial venture may be describes as a organisation that puts innovation
and chances or opportunities at its works in regards to produces values of economic and social.
Entrepreneurial venture are a place or core motive of the business which generates values and
norms for society.

Lifestyle ventures or businesses similarities Serial entrepreneurs ventures similarities
They focus on discovering new things, ideas
and innovations for organisation organisation
This is similar to venture that find
innovative ideas for the business
looking for new opportunities to achieve
competitive advantages.
In this also they looks for opportunities to
promote the business
Provide employment opportunities Gives jobs to the unemployment people
Contributes in national economy It contributes in country's GDP
Differences Differences
These entrepreneurs do not seeks investors for
business as they boost their business that has
almost no initial costs
In this, entrepreneurs always seeks to
investor to grow their business and focused
on investments
In this entrepreneurs do not want to exit their
firm
They can exit as well as can adopt
strategies for exist the firm
Female entrepreneur businesses
similarities
Male entrepreneur businesses similarities
Start venture to earn money Same as in this that men start business to
maximise the profit
Try to maximise wealth in the market They also focus on increase the market
image
Always takes advantages of several
opportunities
Promote business among competitors
Differences Differences
tolerance of risks because of lack of ideas
and knowledge
They can survive their business by getting
proper knowledge and they also have
experiences
Marital status can affects on female business In this marital do not affect on male
businesses

Conclusion: From the above information it has been concluded that every venture of
entrepreneurial has some similarity as they all discovers the opportunity and contribute in
nation. They helps in generation of employment but at the same time these are different from
one to other as some ventures are started as single entity and few of them are opened as grouped
business also they are working condition are different and resources what they have used are
different too.
TASK 2
P3 Micro and small businesses impact on the economy
Micro size business are refers to those business who are very small scale. In this
organisation 10 people will work . Other side small companies are privately owned and they
doesn't have much capacity to hire so many persons together. medium sized organisation are
stated with 2.5 billion dollar capital and have capacity to work with approx 50 persons. Private
business they are work as privet venture like they have no power of government. Other side
public company runs by government
The major contribution in economy by micro and small business. These businesses are come
from variety of backgrounds reason behind is pursing employment by their own. These are the
primary point with helps in shaping economic policy in UK. It might possible that large
organisation will have contribution but in compare to small businesses, large firm may not
contribute more than small firms. There are prominent three ways that small-business makes
contribution. Freelancer contractor economy it is refer to independence. Means that it being own
boss or supervisor to empowering their own abilities. Massive companies starting in garages it
means that some of the companies are starting up their venture after have disputes in major large
firm and now they all are bigger industries (Santos, 2012). Economy going to be larger in this
way cause they people start and generate revenue for nation and serves employment. Growth it
provides hikes in every aspect of nation's economy.

Illustration 1: Impact on economy
(Source: - Srivatstava, 2017)
Micro and small business have sustained impact on economy graph of nation. As they all of them
are contributing approx. 30.74% as whole on different side other major or large industries are
marking their presence around 69.26% in overall scale.
SMEs providing high number of employee and increasing numbers of enterprises. Mostly
business is independent but in small business enterprises small and medium ventures are often
part of a group.
These are mainly working in manufacturing sectors and makes intensive business
services. SMEs are important term of gross value added and in employment generation a greater
portion of entire growth are made up by small scale industry can also an attribute to dependant
SMEs (Neck and Greene, 2011).
It can be said that lager enterprise will be a creator of higher proportion value added in the high,
medium and low technical manufacturing sector. But small venture makes higher proportion of
value added in service sector. SMEs are more open to international trade as in comparison to
dependants or independence small and medium industries. In this relation dependant’s
enterprise's behaviour can to shown as lager one and mostly open up their shock by international
trade.
Small business provides that sufficient way by which local people can survive their life. It helps
in giving job opportunity to nation's government in UK and increase are value of currency.
Characteristic and nature of business:
private: These kind of businesses has single possession over it. They do not need to met up the
securities and exchanges commission.

Characteristic:
 they have single entity.
 Pure profit
 no need to share profit.
Sole proprietors: these kind of business known as single traders and they have no legal difference
between owner and the business entity.
Characteristic:
 they have pure ownership.
 More risk
 consideration.
Partnership: this can be defined as the business relation between tow persons.
Characteristic:
 based on agreement
 sharing profits
 membership.
P4 Small businesses contribute to the growth of social economy.
Brexit- in this time Britain is the part of European countries but in Brexit Britain take
their part of form the groups of countries.
Small businesses or enterprises helps in contributing national economies, creating jobs. It take
advantages of business opportunities to increase their incomes and develop their business. By
conducting a research or survey it has concluded that long term economic growth and prosperity
require participation from entrepreneurs. Entrepreneurs have received greater cognitions in
driving of economic growth. It has emerged that start ups drives economic prosperity and it plays
vital role in increasing the competitions of emerging sectors, it is innovative capacity in many
regions and critical economic growth. For the political purpose entrepreneurship support in
reducing the poverty and national income by creating jobs (Karlan and Valdivia, 2011).
Create employment opportunities: Small business or start-ups positively contribute in
attaining the growth or enhancement in providing employment for the job seekers. Establishment
of business will support the outcome in increasing the rate of employment in the nation as
establishing new venture would results in enabling the higher employment.

Economic growth: By bringing growth and innovation in the society through small
businesses and it helps to contribute local economies. They stimulate economic growth by
providing employment opportunities to the unemployment people who need the job and may not
employable by larger corporations. It attracts talents for new products inventions or implement
new solutions for existing ideas. Most of large industries depends on the small enterprises for the
completion of several business functions through outsourcing (Dacin, Dacin and Tracey, 2011).
Future growth: Small businesses do not stay small as it increases by developing the firm
and create positions in the market. It grows into large firms often remain in the community in
which business was established. Many of start-ups which have become large companies as
national and international among the competitors.
Competitiveness: Small business men are creating competitive environment in the
market because they are coming with lots of ideas, knowledge, skills and innovation for products
and services. Substitute of various products helps in generating demand or creating more
customers by attracting them towards company's products and services. competitions increase the
market turnover that some small firms do not survive, and large productive firms expand so it
support in boost to aggregate productivity.
Adaptability to changing environment: Usually small enterprises respond quick to
adapt any kinds of changes in economic climate because they are customer oriented.
Entrepreneurs focus on their customers as satisfy them by providing right products or services
and fulfil their demands as well as their needs and wants to meet their desired outcomes which
help to remain loyal towards company. Small businesses are able to stay afloat during tough
times which can help to develop the economies and increase the profit in future.
TASK 3
P5 Characteristics, traits and skills of successful entrepreneurs in respect of another manager.
There are many entrepreneurs who start their business from small scale and became
successful businessman in international market as some characteristics, traits and skills are
required for leading an organisation. Steve Jobs and Bill gates are famous entrepreneurs whop
are success and created tough competition in the market or in field of technology. Steve Jobs an
American entrepreneur and co founder of Apple. And Bill gates is co founder of Microsoft .
There are some skills and traits of both personality such as:

Self-motivation: Most important traits of entrepreneurs is self-motivation as they motivate
themselves for moving ahead as in taking risks, adopt changes, make strategies etc. they push
themselves and dedicated to their plans or actions and keep moving forward even if they are not
receiving an immediate pay check (Light, 2011).
Risk taker: Entrepreneurs are always ready to take risks for running business.
Understanding calculated risks that are more likely to pay off is an important part of being an
entrepreneur.
Accessibility: Entrepreneurs have power to serve or treat best their customers. They are
accessible to run business and they focus on customer satisfactions to achieve competitive
advantages.
Negotiation skills: A good entrepreneurs have the quality and skills of negotiation
because they start their venture by selling themselves. People do study about the competitors or
successful entrepreneur whom they admire and want to become like him or her so they learn how
to request the true value of their products and services and always looks for win deals.
Passion: Any successful entrepreneurs are passionate because they feel and care deeply
about their business, products, services, vision and mission. It is the fuel for being success if a
person think that he is losing his passion that might be the clue it is time to move on to
something else. It supports to face any kinds of situations or circumstances that may occur while
running the business. Passions will help to show the right path in several difficulties which is the
part of their business and that ignite their spirit and heart (Shane, 2012).
Balancing power: Individual should have abilities to manage or balance the firm as by
balancing its activities, resources, financing, technologies and many more to run business but
manager manage and control only day to day activities with an organisation.
Discipline and organisation: A good entrepreneur live in discipline and keep track his
time and duties to accomplish the goals and objectives which generally manager do not follow as
much as entrepreneur does. They believe in themselves and are confident and dedicated to their
project. Entrepreneur manage their time as by dividing time up wisely, investing energy for
business's benefits and they squeeze the hours by using discipline and organisation.
Sales ability: One the most quality or skills that a person should have is the sales ability
as he must be able to increase the sales volume by providing right goods or services at the right
time to the right customers to provide better experience or satisfactions, follow up to build

business. Analysis the demand and find opportunities that helps in making sales at right time in
the right way.
Imagination: It plays vital role to become a successful entrepreneur because it is more
important aspects that knowledge. Ideas and innovations are the part of imagination because
these build in the mind important things are executions or implementation of that imagination to
make it profession and create the business for the purpose of gaining profits.
Flexibility: Entrepreneurs are flexible or dynamic in nature. They have to be ready to
adopt the changes in process and products for staying top of industry. They also flexible in their
thinking to make effective decisions and solve problem. They always try to be able find unique
and effective solutions to issues (Jones, Coviello and Tang, 2011).
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set.
This personality can be defined as the combination of traits and qualities or values that
creates difference in one person to another. Their motivation level, attitude, and ability which
helps in shaping individuals action and perception. Personality will be a mental and behavioural
process of a person. Entrepreneurship is ongoing process in human which helps them to stand out
from the line. It is a leadership trait in which individual have ability to sees out of the box and
make innovation without being afraid of failure. They are purely a risk taker who are also took
stand for employments. Each and every person have some traits, but entrepreneurs have those set
of values which are rarely found. They mark their present in nation by introducing innovative
business plan which are running smoothly. These entrepreneur’s personality depicts motivational
mind set in country. Famous two entrepreneurs Bill gates and Steve jobs are faced so many
issues with working styles, their developed techniques and with some governmental policies but
their positive attitude and determination for their works are remains as pillars of being successful
business. They do not allow them to be afraid from failure in fact they accept it as a learning tool
and restart their ventures. There are some entrepreneur’s personalities traits which reflects their
motivation and mind sets listed as:
not everyone is born with values of a leader but in general nation have a biggest example
of those student whom are not entrepreneur by born but now they are the great business
entrepreneur named as Bill Gates. General motivational mind sets that entrepreneur possess.
 Passion: Entrepreneurs are not in business line for money while they have a lot of option
to make cash. But they took those paths which puts them where they work in

uncountable hours for nothing or little. This passion is playing roles as motivational tool
because they help in realizing their mission. Mo matter how bad works are going their
passion will keep them motivated throughout the project completion process
(Schaltegger and Wagner, 2011).
 Strong sense of self: Every entrepreneur said that there is numerous way to overcome
problems. Whether it is about securing funding or saving to face competition in market.
Being passionate and resilient will helps them to go so far in war areas. This person has
strong sense as self-confidant and self-motivated are key trait to be successful. They do
not think that their idea could be good, but they know it is good and will have long life.
By their unbeatable confidence their success is pre-found, and it will motivate other.
 Flexibility: These people are more flexible then other in order to adepts change if
happen in environment. Change is crucial part of entrepreneurship sometimes they own
inform others for different procedure are took place and product and service will not be
same as they begin. Entrepreneur will always be ready and willing to modify their plan
when any new information came and when there are changes are having place in
circumstances.
 Vision: These special persons sees opportunity everywhere or in everything. They are
innovators who introduce their new ideas in environment and always to lookout ways of
improvisation in their existing product and services. They persons have ability to sees
future before it took place. Vision is the root for an entrepreneur to be mark their
presence in economy.
 Openness (Originality) - this is a style of entrepreneur personality. These they those
person who likes to learn new things and enjoys newer experience and also scores
higher in openness. It is about imaginative and having higher level of interests.
 Conscientiousness (Consolidation)- it is also a trait, that means being thorough and
methodic, organised. These personality are having higher degree of the carefulness and
prompt.

 Extroversion- This trait involves being; talkative, energetic and assertive as someone
sees outspoken by introvert. Extravert have their energy that drive form other. These are
self driven.
 Agreeableness (Accommodation)- it involves friendly, warm , corporative and
compassionate along with the sited trait involves begin kind, sympathetic. These
entrepreneurs are having these kind of enlisted trait that made them different form
others.
 Neuroticism (Need for Stability)- this is about emotional stability that related to
the degree of bad emotions, persons scores higher in this trait. It includes
begin moody and tense.
OCEAN personality trait can provide help in order to determining who
personalities are but this is not entire personility.
TASK 4
P7 Examine how background and experience can hinder or foster entrepreneurship
The main variable that might be barrier for powerful sufficient and effective
entrepreneurship name is their background and experiences. Educational level, past memories or
experiences will make impact on their skills and abilities these factors can be considered as per
expert's view. Their childhood phase will make them more socialised. The social values and
lifestyles of their family members creates influences on their behaviour in very high level.
Action of an entrepreneur also be affected by their natives only. The environment in which they
are grown up have ability to make major impact on their mine set. If they will have observed

some bad or negative values form their background, then it can be sees through their mind sets.
The major hinders will be on place if they are negative in any phase of their life this will affect
their current business abilities and harm work productivity. Other area where they get their
education. Schooling of a human will be a magic wand for student if they took it in proper
manner they will be blessed with good fortune but if they are not then lack of knowledge or skills
may create hurdles in their venture and make issues for being an entrepreneur (Jones, Coviello
and Tang, 2011). These two element what they are taken form school will stays with them in
whole life. Teachers and mates have created impact on mind sets and helps in shaping them. The
educational environment must be positive if it is not then it could reflect on individual’s
behaviours.
The background and experience play a vital role in order to be an entrepreneur and
serving nation. It is true that a person's background is very important cause they are rolling
essential part in the present career operation of an entrepreneur. Hence it is important to reduce
all those issues that are arises in the childhood cause an entrepreneur it is essential for them to be
more flexible and made themselves adjustable in every situation.
CONCLUSION
By this report it has been concluded that entrepreneurship is ongoing process of framing,
introducing and running a brand-new venture and it is initially a small-scale business it can said
that it is a capacity and willingness to organize and operation of a business along with risk in
regard to make profits. An entrepreneur has ability to take risk by launching new things or
business in economy. This report covers ventures types as survival which are made up just for
survival life lifestyle venture they are developed on demand, growth and aggressive growth will
be based on finance tools along with their typology as they are classification of it in accordance
with type, science and psychology. Entrepreneurial differentiation and similarity will have been
come up to illustrate their roles and vision. The impact of small business has been considered as
they help in generating revenue in nation by giving employment opportunity. It will be
discussing traits and abilities of two successful entrepreneurs whom are influence and motivates
others and description of their background that how they will create hurdle and made impact in
their entrepreneurial career.

REFERENCES
Books and Journals
Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures, (2012).
Dacin, M.T., Dacin, P.A. and Tracey, P., 2011. Social entrepreneurship: A critique and future
directions. Organization science. 22(5). pp.1203-1213.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
George, G. and Bock, A.J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Jones, M.V., Coviello, N. and Tang, Y.K., 2011. International entrepreneurship research (1989–
2009): a domain ontology and thematic analysis. Journal of business venturing. 26(6).
pp.632-659.
Karlan, D. and Valdivia, M., 2011. Teaching entrepreneurship: Impact of business training on
microfinance clients and institutions. Review of Economics and statistics. 93(2). pp.510-
527.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Light, P.C., 2011. The search for social entrepreneurship. Strategic Direction. 27(6).
Neck, H.M. and Greene, P.G., 2011. Entrepreneurship education: known worlds and new
frontiers, Journal of Small Business Management. 49(1). pp.55-70.
Santos, F.M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
111(3). pp.335-351.
Schaltegger, S. and Wagner, M., 2011. Sustainable entrepreneurship and sustainability
innovation: categories and interactions. Business strategy and the environment. 20(4).
pp.222-237.
Schaper, M.T. And et.al., 2014. Entrepreneurship and small business.
Shane, S., 2012. Reflections on the 2010 AMR decade award: Delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
20.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship theory and Practice. 35(1) pp.165-184.

Online
Srivatstava, 2017. [Online]. Available through<https://www.bloomberg.com/news/articles/2017-
05-22/new-tax-reform-to-draw-indian-businesses-into-digital-economy>.

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