Entrepreneurship Report: Venture Types, Economy, and Success

This report provides a comprehensive overview of entrepreneurship, covering various aspects from the fundamental concepts to real-world applications. The report begins by defining entrepreneurship and exploring different types of entrepreneurial ventures, including survival, lifestyle, managed growth, and aggressive growth ventures, as well as different types of entrepreneurship like small business, scalable start-up, large company, and social entrepreneurship. It then delves into the similarities and differences between these ventures. The report further examines the impact of micro and small businesses on the economy, emphasizing their role in job creation, innovation, and improving living standards. It also highlights the importance of small businesses and business start-ups, providing examples. Furthermore, the report discusses the characteristics, traits, and skills of successful entrepreneurs, linking these qualities to entrepreneurial motivation and mindset. Finally, it explores how background and experience can either hinder or foster entrepreneurship. The report concludes by emphasizing the crucial role of entrepreneurship in economic development and societal progress.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Types of entrepreneurial ventures and typology of entrepreneurship..................................1
P2.Similarities and differences between entrepreneurial ventures.............................................3
TASK 2............................................................................................................................................5
P3. Micro and small businesses impact on the economy............................................................5
P4.Important small businesses and business start –ups .............................................................6
TASK 3............................................................................................................................................7
P5. Characteristics, traits and skills of two successful entrepreneurs.........................................7
P6. Entrepreneurial personality as discussed in P5, reflect entrepreneurial motivation and
mindset. ......................................................................................................................................8
TASK 4............................................................................................................................................9
P7. Examine how background and experience can hinder or foster entrepreneurship...............9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is a process of starting up of a company which is based on an idea. This
is a risk taker who has their own skills, abilities and their experience. Most of successful
entrepreneurs are self- motivated and face uncertainty of risk for future conditions. They
commence their own business as they do not like to work for others, therefore they prefer to be
their own boss and are responsible for decision they take. Entrepreneurship is a creativity activity
which acquire new methods rather than routine work. It requires assumptions of risk and harvest
awards. This also bring resources together that provide self- employment to an individual.
This assignment covers different types of entrepreneurship venture and their typology,
exploring similarities and difference between entrepreneurial ventures. It also includes impact on
small and micro business on an economy, importance of small business and business start-up,
characteristic and traits of two successful entrepreneurs and their mind set. Moreover, this bring
highlights on motivation, examine how background and experience can hinder or foster
entrepreneurship.
TASK 1
P1. Types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneur is an individual who commence or runs a business with limited resources
and are responsible for all risks and are rewarded of their business venture. They generate new
ideas to cover up their products and services rather than existing business model. The
entrepreneur is willing to take risk on their financial security, arranging for necessary capital and
skilled employees. They create a business plan, hire labour, acquires resource and finance, also
provides management of business.
Entrepreneurship is to control or undertake a business enterprise. It involves the
activities of setting up a business and taking financial risks in hope of increasing profitability of a
business firm. It is all about risk, failure, expression and learning from it. This helps in
determining an individual abilities to find and evaluate opportunities for a new venture to think
high and solve their problems under various situations.
Entrepreneurial venture are a persons who provides advisory services to early and mid
stage of company. It plays a varies role depending upon stages of a business firm. It is a
combination of two words that is entrepreneur defines as to control and undertake things

whereas, venture means a business organisation which assist in to grab opportunities by taking
innovative and creative ideas to improve overall performance of a business firm. The
entrepreneurial venture involves starting up of a business, generating new ideas, making
marketing strategies for developing a growth in a business enterprise.
Types of entrepreneurial venture
 Survival venture: This type of entrepreneurial venture helps to identify most superior
trouble. This is used for a purpose of a business to create livelihood income for a business
entity. This is utilised for an individual primal source of financial advantage.
 Lifestyle venture: This type of entrepreneurship refers to daily operations in a
competitive world. These are considered to standard of living according to trend and
culture which is adopted by encompassing environment. Lifestyle venture is concerned
for selecting general firms which may be less than five year old, rising performance and
so on.
 Managed growth venture: This type of entrepreneurial venture uses selection criteria
for ongoing growth of a business company by using effective location, entry of new
business firm, developing regional brand as well as its locality.
 Aggressive growth venture: This type of entrepreneurial venture is used to select a
business firm according to a high revenue, stability of developing goals depending on
equity investors that helps in increasing business capital of a company.
Types of entrepreneurship
 Small business entrepreneurship: This type of entrepreneurship includes consultancy,
travel agents, plumbers, etc. They have own business but on small scale for which they
hire their family members or local employees. As they can't provide scale to attract
venture capital or business loan.
 Scalable start- up entrepreneurship: This type of entrepreneurship start their company
by knowing that from first day their vision could change the world. They attract
investment from financial investors that is venture capitalist. It involves manageable
growth venture that can assist in maintaining better working conditions.
 Large company entrepreneurship: This type of entrepreneurship have life cycles which
can be affected by change in taste, offering products by variants, entry of new business

company and so on. This creates pressure as well as trouble innovation which involves
high income to requisite at a time of establishment of a business company.
 Social entrepreneurship: This type of entrepreneurship focuses on creating goods and
services which are generally to solve the issues related to a company firm. They do not
take market share to create wealth and therefore, it may be non- profit, for profit or can
be hybrid.
P2.Similarities and differences between entrepreneurial ventures
The similarities and difference between entrepreneurial venture and
entrepreneurship are described in detailed as follows:
Social entrepreneurship Lifestyle venture
Difference  This type entrepreneur
always has an exit
strategy.
 Social entrepreneur
always seeks profits. If
they fail, they will not
able to cope with it.
 In this type of
entrepreneur does not
has any exit plan as
they run their business
with warmth.
 Although, in this type
of entrepreneur they do
not run after profit as
they run their business
not for profit but rather
for lifestyle purpose.
Similarities  In social entrepreneur
it is not for profit
maximization only but
for other benefits.
 In this type of
entrepreneurship, it is
related to social
welfare.
 In a same way lifestyle
venture is also not for
profit orientation.
 In this type of venture,
it is also similar to
living standard of
people.

Managed growth venture Aggressive growth venture
Difference  In this type of venture,
it is usually for
corporation at a level
of time.
 In this type of venture
they ready for extra
hour for money
benefits.
 Whereas, in this type of
venture, they do not
want to make
cooperation.
 However, in this type
of venture, they
maintain a well work of
life balance.
Similarities  In managed growth An
successful
entrepreneur have
several qualities which
help them in becoming
effective and distinct.
 It is generally for
maximizing their
profit.
 In case of aggressive
growth venture, it is
also related to ongoing
business stability.
 In this, it also works on
increasing their
profitability.
Small business
entrepreneurship
Scalable start- up
entrepreneurship
Difference  Small business
entrepreneur are
limited in locations.
 In this type of
entrepreneurship, it
includes small amount
of investment at lower
region.
 In this type of
entrepreneur it is not
limited with their
location because they
conduct their business
in their own way.
 In this type of
entrepreneurship, it can
be flexible according to
a particular region or an

area.
Similarities  In this type of
entrepreneurship, they
both work for same
products.
 This type of
entrepreneur is used to
provide employment to
others.
 In case of this, it is also
work for similar
product.
 Similarly, this type of
entrepreneur is also
related to generate job
opportunities.
Small scale business refers to those organisations which are operating their business on
small scale an offer its services to the society in various form like improving their living
standard, generating employment for the people of the community and others. These organisation
also affect the economy by making new innovation in economic sector and managing the
lifestyle of population by providing them job opportunities. For example, In UK Brexit highly
affect the economy in terms of currency fluctuation, employment and others. During that time
small and micro business UK helped and contributed in improving the economical condition of
the country by providing employment of creating job opportunities.
TASK 2
P3. Micro and small businesses impact on the economy.
As a small and micro business proprietor is a challenge. It plays a crucial role in
developing growth and bring sustainability in to a country. In UK, there are different types of
people who belong to different background, each have their own intellect for pursuing their self
business. As per the statistical data, estimated amount of 5.6 million small business initiated in
the starting of 2018. In addition with this total rate of employment within SMEs estimated up to
16.3 million which is mainly 60% of of private sector employment (UK Small Business
Statistics, 2018).

Through above data of United Kingdom it can be analysis that there are huge ratio of
peoples who are unemployed and for this SME is playing major role in resolving respective
issues. Through graph it can be analyse that Small medium enterprises proving more job
opportunities in comparison to large or big companies. Through this SME's able to provide
various benefits to United Kingdom peoples such as society able to improve their leaving
standard, economy also get increased and many more.
The global economy has been affected since second world war. The research found that
impact on socio- economic, infrastructure and management challenges. Small and micro business
plays an important role for developing job opportunities and their output which also enlightens
path of living standard of an individual and many more. The major factor bring aspect on small
and micro business on an economy are described under below:
 Rise in living standard of an individual: Small and micro business assist in improving
living standard of an individual by increasing employment which will bring a positive
impact on an economy. By increasing job opportunities people will increase their living
standard as well as wealth, comfort and bring available to a certain socio- economic and
demographic area. This involves equal protection of legal law and order also, religion and
other languages.
Illustration 1: UK SME data, Stats & Charts
(Source: UK SME data, Stats & Charts. 2019)

 Creativity: This factor assist in designing new imaginative ideas which can improve their
current position in market. By using creativity in a business firm while increase in job
opportunities as well as using up of latest technologies. This includes two systematic
approach by thinking and then producing ideas while working. This require passion and a
commitment as creativity needs lots of efforts in different circumstances. Innovation
requires creativity, which is a foundation to bring out this process.
From the above mentioned aspect of small and micro business, it is concluded that, by
giving an opportunities to a country will improve and enhance living standard of an individuals,
growth in economy and increase employment opportunities. This will bring a positive impact
which will result in increase overall production and GDP of a nation. Many of a business
enterprise decides to access stock market of a capital to issue their shares at an initial public
offering.
P4.Important small businesses and business start –ups
Small business are vital to success of the economy. Not only it provide success stories of
future but also helpful in meeting up local needs. They also serve as requirement of large
business in order to maintain their routine work. Being and entrepreneur it simply means
developing the right skills, attitudes and initiatives to make innovation and contribution towards
an economy. The small business and start ups help in developing personal relationship as they
are well placed to build interpersonal relationship with customers, employees and suppliers.
Person to person interaction is important in build social relationship in a positive manner that is
beneficial for an economy to develop. Moreover small business help in setting up large business
in many ways in operating and establish procedures that are normally hard to change. Eventually,
the position themselves in commencing new ideas that are generated towards welfare of an
economy. Thus, small firms are able to make high overheads and profits of outputs to spread
cost. With this constant small firms and start ups are able to maintain an unique position in an
economy
Moreover, small business and starts up are growing towards welfare of the economy.
Herein, they are growing with the support of government as government are providing
subsidiaries and other benefits. As this is helpful for both organisation and government in
making contribution towards economy. Moreover, large company are doing corporate social

responsibilities towards welfare of the society as well as economy. Additionally, they are helping
social enterprise in growing and attaining sustainability in competitive market place.
Small business and start ups holds immense growth for social economy as they are the
major reason for modern capitalism. Small business owners are the main job creates and spirited
entrepreneurs those who effectively contributes in economy along with national prosperity.
These industries offer job to those individuals who find hard to get employed in larger
corporations. Along with this, there are some other major importance of small and medium
enterprises, which are mentioned below:-
 Employment opportunities: By bringing evolution in small and micro business
enterprises. It will bring out positive outcome of a country by increasing job opportunities
of an individual, helps in reducing poverty and unemployment ratio. By increasing
employment it will assist in enhancement of skills and knowledge related to their
business firm.
 Increase in GDP: This helps in measuring growth rate of a country. Gross domestic
product involves economic output of a nation. By improving other related factors such as
increasing employment opportunities, rise living standard of an individual, innovation or
creativity among employees and many others. This will help in enhancing small and
micro business production that will bring currency stabilization in a country.
TASK 3
P5. Characteristics, traits and skills of two successful entrepreneurs
An successful entrepreneur have several qualities which help them in becoming effective
and distinct. Their is are of some special skills, traits and characteristics in person which is
necessary for running an organisation then he/she will be known as entrepreneur. Apart from this
they are motivated and inspired because of that they are able to take risk and bring some
innovative as well creative products and services in market. They are the risk taker because to
something new come along with risk in the market. Through innovative ideas, views and thought
entrepreneur can lead venture in better manner. There are several entrepreneur in the market who
start from the micro level and now become an successful businessmen as well occupy better
position in the competitive market. Through some educated person there are some myths given
related to the entrepreneur is that they are born not made. This states that and individual have

qualities of an entrepreneur from birth they are not made. Whereas, by someone it is said that
and individual can become successful businessperson by gaining some knowledge and skills.
Below given are some well known and famous person who started their own business and now
they become successful entrepreneur.
Richard Branson : He is an English businessman and investor as well founder of Virgin
Group, which is comprises more than 400 enterprise currently. Richard Branson introduce their
first business at the age of 16 which is magazine and it was named as student. Then after it in
1970 he set up an another business which is of mail-order record. In mid of 1970 to 1980 he
work on several things one of them is that he set up Virgin Atlantic and expand it to Virgin
Records music label. As per the, Forbes 2014 list of billionaires, Richard Branson is the seventh
richest person of UK with the estimated net worth of US$ 4.9 billion.
Bill Gates : he is founder of the Microsoft company which is world largest PC software
organisation. Newt worth of Bill Gates is approximately $79 billion as well he is also the person
who started their business from small scale but now known as richest person and most successful
entrepreneur.
There is requirement of some unique skills and qualities for running an enterprise. Some
of them is given below :-
 Flexible and Dynamic – business environment is not constant there are several forces
because of that it becomes dynamic and flexible in nature. Thus, entrepreneur should
have such skills that they can work in uncertain environment and made modification in
easy manner as per the requirement.
 Risk taker – An entrepreneur is the risk taker because for brining something new and
innovative in market there is requirement of taking risk. The product and services or
venture introduced in market-area is not having surety of success. Thus, risk taking skills
is required in entrepreneur.
 Hard Worker – For becoming an successful entrepreneur Hard working skill is required
in an individual. So they can face several challenges in easy manner and don't get afraid
from any risk and uncertainty. without hard work success is not achieved so for
becoming an entrepreneur such skills is required.

P6. Entrepreneurial personality as discussed in P5, reflect entrepreneurial motivation and
mindset.
Entrepreneur has a quality to motivate others as they are able to know which particular
path they should adopt while achieving the desired goals. There are various features helps in
making more entrepreneurs as people will able to become a successful entrepreneur. These are
described as follows:
 Learning skills: For learning it is not necessary to get any degree from university or
college. It can be learn through a real world. Richard Branson leave his study at very
early age that is nearly sixteen year old age. And rest he learns from his surrounding
environment, he also learned from his past experience which help them in generating
profitability business firm in United Kingdom. They can adopt techniques and
modification by observing current procedures. People should learn from their mistakes
that are never been stopped by failing. No one can get success in first attempt.
 Guidance with right people: Richard always surrounded with highly motivated and
skilful person which help them in performing their task which he is nor able to do by
their own. Every person need different style who have techniques and knowledge from
them. They require business person who have different skills and abilities to grow their
own businesses.
 Confident: An individual become a successful entrepreneur only when they are enough
confident about their dream. Bill Gates believe in his ideas of providing different internet
services through his own company that is google. Every person meets such a person in
their life who teaches new things by sharing their views and opinions that will help them
in growing their business.
To monitor the entrepreneurial motivations and mindset the management of this company
can use OCEAN model which is as following:
Openness- It indicates to the capability of a person to adopt the new opportunities and
knowledge. Richard Branson and Bill Gates always concentrate on brining some kind of
innovation which help in making improvement in their business.
Conscientiousness- It refers to the goal oriented quality of individual. People make plan
before performing a task so that they can completed their task in set period of time. Richard