Entrepreneurship Report: Venture Analysis, Economic Impact, and Skills

This report delves into the multifaceted world of entrepreneurship, examining various venture types including small business, large company, scalable start-up, and social entrepreneurship. It highlights the similarities and differences between these ventures, emphasizing the importance of risk-taking and innovation. The report further explores the impact of micro and small businesses on economic development and the growth of the social economy, underlining their role in job creation and financial contributions. It also identifies key characteristics, skills, and traits of successful entrepreneurs, such as confidence and the ability to take risks, drawing examples from renowned entrepreneurs like Mark Zuckerberg and Bill Gates. The report concludes with an analysis of how background and experience can influence entrepreneurial endeavors, providing a comprehensive overview of the entrepreneurial landscape and the factors that contribute to success.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Different type of entrepreneurial venture..............................................................................3
P2 Similarities and differences between entrepreneurial ventures.............................................4
M1...............................................................................................................................................4
D1................................................................................................................................................5
TASK 2............................................................................................................................................5
P3 Impact of the micro and small business on economy............................................................5
P4 Importance of small business on the growth of social economy...........................................5
M2...............................................................................................................................................6
D2................................................................................................................................................7
TASK 3............................................................................................................................................7
P5 Characteristics, skills and traits of successful entrepreneur...................................................7
P6 Assess how aspects of the entrepreneurial personality.........................................................8
M3 ..............................................................................................................................................9
D3................................................................................................................................................9
TASK 4............................................................................................................................................9
P7 Background and experience can hinder or foster entrepreneurship.......................................9
M4.............................................................................................................................................10
D4..............................................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is starting company with the innovative idea to start the new business.
It is a wide concept of nature to established the new business. The entrepreneur start the business
in new way and also take the hight risk as well as high capital in a starting of the business. The
main important meaning of the entrepreneurship is to undertake (Barringer, 2012). It means to
start the new business with the help of new idea. In the entrepreneurship the entrepreneur who is
take the risk of a business as well as enterprise. It is based on innovation like new product,
method, new market for the product as well as new forms of business. In the below mention the
report is based on small business as well as economic growth has to be discussed. Further it also
explaining the different types of entrepreneur and typology. Along with this the skills,
characteristics of famous entrepreneur.
P1 Different type of entrepreneurial venture
Entrepreneurship is based on innovation as well as fresh start of the business and also
based oh risk taking and decision making. In the entrepreneurial venture the risk is very high
and also give the comparative advantage in better manner. In the entrepreneurship is also related
to the product or service and also development in market. Entrepreneur is also initiating new idea
and searching for new information. There are four types of entrepreneurial venture:
Small business entrepreneurship: Small business are basically based on sole
proprietorships that having less employees and less capital to introduce the business (Bosma and
Levie, 2010). It can be started by the lowest cost. Small business are better as well as good for
the local economy. In the micro business include the small type of store as well as shop to
achieve the normal profit of the business to enhance the image of the organization. In the small
scale entrepreneur which made the the investment regarding in the plant and machinery that
include up to rs 1.00 crore.
Large company entrepreneurship: In the large company entrepreneurship is looking for
new as well as innovative idea to establishment of the business in a effective manner. And the
large company having large turnover to set the business and also provide the new product and
also flow the change of the taste to the customers. Large company set the new technologies to the
business in the market to increase the profit as well goodwill of the company (Karlan and
Valdivia, 2011). Large scale entrepreneur is also involved the investment in the plant and
machinery which also iinclude the investment price is more than rs 5.00 crore.

Scalable start-up entrepreneurship: These are the entrepreneur which start the business
with an innovative ideas to attract the investors to invest their funds in them. And also take high
risk to achieve hight profit. In the typology entrepreneur is based on trading entrepreneur the
material as well as finished goods as well as product in a scalable start up entrepreneurship.
These types of entrepreneurs are need support from the government in order to statr their
business. They start the business with a small amount and satisfy the basic needs of customers.
Social entrepreneurship: The main purpose of social entrepreneurship is fulfil the social
need and want of the customers (Santos, 2012). These entrepreneurship is not based on the profit
but also based on the satisfaction of the customers and also fulfil the need and wants of the
customers. In the social entrepreneurship the women entrepreneur is the important typology
which is control by the women who is having a minimum rate of interest to help in giving
capital.
P2 Similarities and differences between entrepreneurial ventures
Small and large business entrepreneurship the basic similarity is risk as well as profit
both businesses take risk to get profit in effective manner and the provide the goods to the
customers(Leitch, Hill and Neergaard, 2010). And in the small business entrepreneurship is a
limited base of nature and capital also limited but in the large business entrepreneurship having
the wide nature to achieve the profit for the company and also set the largest capital to evaluated
the business. But the main purpose of the large business entrepreneurship is take the high risk to
achieve the more profit to introduce the business in effective manner.
Social entrepreneurship and Scalable start-up entrepreneurship both have the innovative
idea to evaluated the business but in the social entrepreneurship is basically based on the social
activities to provide as well as fulfil the wants of the customers and is also based on the society
and also believe on the satisfaction of the customers. And the scalable start-up
entrepreneurship is based on the new business with the new ideas and also having a more risk to
start the business(Onettiand and et. al., 2012). The nature of the scalable start-up is relate in the
meteoric potential.
The following are the typology of entrepreneur
Copycat entrepreneur – In this there are some entrepreneur who tries to copy other ideas.
They are the master leader in carbon copy.

Research entrepreneur – In this the entrepreneur are trying to search something new
always. They start searching something new for starting new business in competitive market.
The similarities between these entrepreneur are they are searching new things for starting
their new business but on other side, copycat entrepreneur are coying the ideas of previous
entrepreneur and research, they are searching something new.
M1
In both public sector and corporate sector that can enhance appropriate skill which can
help in achieve the goal and objectives in a effective manner and they take risk regarding the
financial to get more revenue to attain the target. They can include the high risk and high profit
to increase the value of the organization(Santos, 2012). These different kind of entrepreneur are
work in both public and cooperate sector in order to achieve their objectives.
D1
According to (Kirzner,2015) in the small business the entrepreneur can be evaluate the
new ideas to develop the business as well as economic growth and take risk to achieve the
maximum profit. The basis aim of these entrepreneur are to fulfil the needs of customers. But the
aim of large company entrepreneurship is to earn high amount of profits. In the growth of the
economy the government has to support small entrepreneurship because they are providing the
job opportunities. However, they are also making contribution in the development of economy.
TASK 2
P3 Impact of the micro and small business on economy
The small and micro business is create the great impact on the economic development
and also increase the GDP rate will also impact on the small business regarding the buying of the
product for the customers. In the small business the investments are related to the individual
business to boost up the economic growth. Small business are more challenging to the owners.
Some time the small business find out the big idea to evaluated the business in the good manner
and also enhance the economic process which include the hiring the right people for the small
business(Welter, 2011). A small business introduce the business growth and important in state as
well as economy. Economic development is basically depend on the policy as well strategies of
the business and also define the living standard of the people. The micro business are also giving
the opportunity to create the innovative ideas for the successful business. The government has to

support these organisation in terms of providing new technologies, financial support for starting
new business new competitive market. Through this they will provide the job opportunities to
local people and it will also improve the economic condition.
P4 Importance of small business on the growth of social economy
The small business has vital role in the success of economy. The government of UK is
also supporting them to expand their business in different sectors (Barringer, 2012). These
business are contribute in the development of economic growth but also local meet the
requirements such as financial consultancy, plumber etc. In economy, small medium enterprise is
providing the support to local people in which they can make contribution for the development
of economy. These organisation are trying to support large companies also by providing them a
raw material and many more. The following are some importance of small business which has
made the growth in the social economy.
Job creation – After Brexit UK has lots so many job opportunities. So with the help of
small business organisation they are providing the job opportunities to local people and through
this they can improve their life styles. They are still making large contribution in job creation.
These organisation has provided jobs to approximately 24 million people in UK.
Economic growth – As government is supporting these organisation for the economic
growth. Small business enterprises are the larger counterparts of the economy. They are
providing new and innovation products and services to customers and keeps the market fresh,
which may go stagnant (Bosma and Levie, 2010). At the time of these organisation are played
important role and has the entrepreneurial spirit to make the economy so strong.
More revues and foreign exchange gains – With the start of new business at small level
the government supports them to generate more revenue. With the helps of these they are
creating a more job opportunities for local people. When the exchange rate are increased it shows
that there is increase in the foreign market.
Financial supporters – They support the small organisation by providing them a funds
in small amounts. They are borrowing the funds from their relatives, banks, friends to start new
business and make the contribution in the economic growth.
M2
In small business enterprise the employees are approximately 50 employees there aim is
not to earn high profits but they have satisfy the needs of people. In medium level, 50 to 250

employees are working and their aim is to satisfy the needs as well as to earn high amount of
profits (Bosma and Levie, 2010). It is also important for them to maintain their strong position in
market. In large organisation more than 250 employees are working and their main is to earn
profits.
D2
According to Drucker, (2014) it is depicted that small business organisation are impact
on the different levels of economy. It helps at all the levels of economy whether regional,
national or international to provide job opportunities to people. Through this it will also improve
life style of people. Through these organisation it will improve the productivity of organisation
and improve quality of services.
TASK 3
P5 Characteristics, skills and traits of successful entrepreneur
Entrepreneur is that person who have capability to take risk and provide different kinds of
services. They are the those person who take risk in terms of financial so that they can earn more

profits. In modern era, Mark Zuckerberg and Bill Gates are famous entrepreneur who has famous
two applications. Mark Zuckerberg has launched Facebook application in which so many people
are connected with each other and can share the videos, images. On other side, Bill Gates had
introduced the application of window which has given the new name to information and
technology. The following are some characteristics and skills to become an successful
entrepreneur.
Confidence – Entrepreneur is having a confidence to take high amount risk and provide
new technologies to people (Durst and Runar Edvardsson, 2012). To become an successful
entrepreneur it is necessary to have confident and through this it encourage to us to achieve the
goals of life. If there are not having confidence then they can not lead in market for a long period
of time.
Focus and determination – The entrepreneurs are having traits of determination, that
they know what they have to do. They planes their targets that what they have to achieve and
concentrate on them. To become an successful entrepreneur it is very important to set the clear
goals like; increase the sales, recruit new employees through this they can execute successfully.
Self motivated – Entrepreneur are self motivated person they do not need and support
from others. Through the motivation they are making more efforts so that they can attain the
goals and targets in appropriate manner.
Risk taker – Entrepreneur are taking risk at every stage. Mainly they are taking risk in
terms of finance to earn high amount of profits. Through this they can target their goals.
P6 Assess how aspects of the entrepreneurial personality
In global competitive market entrepreneur is having this much capability to assure the
risk which are associated with their business. Along with the are taking risk to maximise profits
with the help of satisfying the needs of customers (Ebert and et. al., 2014). The successful
entrepreneur is having unique skills and ideas through which they are motivated self. The skills
of both successful entrepreneur Mark Zuckerberg and Bill Gates inspired the youths to achieve
their goals in time period. For example, Mark Zuckerberg had launched the application where so
many user can interact with each other. On other side, Bill Gates had introduced Microsoft
software. Mark Zuckerberg, is self motivated and risk taking person who has take the risk to
become an successful entrepreneur. Bill Gates is having confidence to handle all the risk which
are associated with the business.

The entrepreneur has to set their mind to do work and have to be self motivated and open
minded person in order to gain the competitive advantage. Entrepreneur is having self confidence
to face all the problems whether related with their business or families (Fayolle, 2013). They
have to analyse their strength and opportunities so that they can overcome with there
weaknesses. Entrepreneur has to make effective communication with employees as well as with
customers so that it will easy for them to convey any message. It will also improve the
productivity and proficiency of organisation. The successful entrepreneur are set their minds that
what they have to achieve and does not take risk when they target the goals. They have passion
to achieve something in their life.
M3
The successful entrepreneurs are Mark Zuckerberg and Bill Gates. Mark Zuckerberg who
had launched the famous application Facebook. It is also a social media site through which the
organisation can attract large number of customers. On other side, Bill gates which is a owner of
Microsoft company and richest person (George and Bock, 2011). Both successful entrepreneur
are self motivate and risk taker person. They both know how to handle the risk which are
associated with business. Every entrepreneur are having their own unique skills which help them
to achieve their goals in time period.
D3
Mark Zuckerberg is having capability to handle the risk and create new ideas time to time
so that they can motivate other person to become successful entrepreneur. He is having a
capability to do the good work in appropriate manner and he is a man full of motivation. Bill
gates is a self motivated and open minded person which makes him successful. Bill gates have
ability to promote their business and can express their ideas so that they can maintain their strong
position in market.
TASK 4
P7 Background and experience can hinder or foster entrepreneurship
The background and experience of successful entrepreneur is having big impact the
entrepreneurship. Some of the successful entrepreneur are having worst background or some are
having good background. It does not mean that if any person has launched new application or

technology they will became successful (Herrington and et. al., 2010). All the entrepreneurs are
starting their business at small level. In the business activities, background is having a adverse
effect. Through this it can determine the level of thinking of person that which they can think to
overcome with the problems. If these entrepreneurs are facing some obstacles or any financial
crises then it will impact their on business also. But through these problem they are self motivate
get the good experience to resolve the risk which are link with business. Further, they think
positive about to do any work because their mind are set to achieve their targets in time period.
They help the poor people also so that they can improve their life. Entrepreneurs influenced their
mind which is set by starting the business on the education (Herrington and et. al., 2010). If their
background is good then they are also getting the good education and support from their families
to establish something new.
Experience is another factor which influenced the entrepreneur while taking correct
decisions to start new business and analyse positive as well as negative impact on the mind set of
entrepreneurs. They have to considers different things while doing any work so that it is easy for
them to achieve the targets. Through this they can also analyse the positive or negative impact.
The worth experience gives them power to take more strong decisions. On other side good
experience gives them an opportunity to find out the new things to introduce new things. A
successful entrepreneur is having good leadership skills, learning ability and many more skills
which help them to achieve best experience from their work (Jones and Rowley, 2011). Good
experience helps in improving the motivational levels at different stages of life. Through this it
will improve the productivity and profitability of the organisation. Further it will improve
knowledge and skills so that they can take correct decisions.
M4
Bill Gates: Bill Gates is one of the most successful entrepreneur in this century. He is a
innovative visionary who sparked a computer revelation. When he was just 25 years old he built
a tow man operation into a multibillion dollar and made himself one of the richest man in the
world. Bill Gates knows that the success does not happen over night, it always include the lots of
hard work and passion. Bill Gates worked long days and nights for for understanding the target
audience and developing the product for the customers. He always looks forward for his target.
Mark Zuckerberg: Mark Zuckerberg prove that the there is no needed of years of
experience for become a successful entrepreneur. He is one of the most famous and most

successful entrepreneur. He is the founder of Facebook . At the age of just 24 he became the
worlds youngest billionaire and now his website has now reached over 900 million active us ere.
The most interesting think is that he achieve his all success through a project which he started in
his college.
The background of both successful entrepreneur was not very good but they both have
made lots of efforts to achieve their targets. Both get the family support in terms of finance. They
both are having capacity to generate high amount of profits and attract the customers.
D4
According to Karlan and Valdivia, (2011) the entrepreneur are facing some problems in
their life. If they have faced the issue regarding the financial then they have to think positive and
handle the situation in positive way. On other side it they have are thinking negative then they
will not able to attend their objectives. So it is very important to handle all the situation through
positive thinking.
CONCLUSION
After summing up report it has been concluded that there are many type of entrepreneur
ventures which helps them to run their business for the growth of country. For the economic
development it is important that the government has to support the small business organisation
through which they can provide job opportunities to local people. Further, successful
entrepreneurs are taking risk in terms of finance to maximise profits and satisfy the needs of
customers.

REFERENCES
Books and Journals
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Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
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Journal of Knowledge Management. 16(6). pp.879-903.
Ebert, R.J and et. al., 2014. Business essentials. Pearson Education Canada.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
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.
Herrington, M., and et. al., 2010. Tracking entrepreneurship in South Africa: a GEM
perspective. Graduate School of Business, University of Cape Town.
Jones, R. and Rowley, J., 2011. Entrepreneurial marketing in small businesses: A conceptual
exploration. International Small Business Journal.29(1). pp.25-36.
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-
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Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
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for a “comprehensive theory”: tilting at windmills?. Entrepreneurship Theory and
Practice. 34(2). pp.249-260.
Martin, B. C., McNally, J. J. and Kay, M. J., 2013. Examining the formation of human capital in
entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of
Business Venturing.28(2). pp.211-224.
Onetti, A and et. al., 2012. Internationalization, innovation and entrepreneurship: business
models for new technology-based firms. Journal of Management & Governance.16(3).
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Santos, F.M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
111(3). pp.335-351.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
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Online
10 Traits All Successful Entrepreneurs Share. 2017. [Online]. Available through:
<https://www.entrepreneur.com/article/243792>. [Accessed on 14th April 2017].