Entrepreneurship Report: Ventures, Economy, Skills, and Personality

This report provides a comprehensive overview of entrepreneurship, examining various venture types such as non-employee businesses, main street ventures, suppliers, and high-growth enterprises. It delves into the similarities and differences between entrepreneurial ventures, highlighting aspects like innovation, time management, risk-taking, motivation, communication, and goal setting. The report also analyzes the impact of micro and small businesses on the economy, emphasizing their contribution to job creation, economic growth, and the development of entrepreneurial skills. Furthermore, it explores the importance of business startups, the characteristics of successful entrepreneurs, and the influence of background, experience, and personality traits on entrepreneurial motivation and mindset. The report concludes by discussing the societal changes and the role of technology and innovation in the current business environment.

ENTREPRENEURSHIP

Table of Contents
ENTREPRENEURSHIP..................................................................................................................1
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Different types of entrepreneurship venture and their relation with typology of
entrepreneurship. ........................................................................................................................3
P2. Similarities an difference between entrepreneurial ventures................................................4
TASK 2...........................................................................................................................................6
P3 . Impact of micro and small business in economy.................................................................6
P4 Importance of small business and business start ups and contribution in the growth of
economy...........................................................................................................................................7
TASK3.............................................................................................................................................8
P5. characters, traits and skills of successful entrepreneurs.......................................................8
P6. Aspects of entrepreneurial personality in motivation and mind sets.......................................10
TASK 4..........................................................................................................................................11
P7. Back ground and experience can hinder and foster entrepreneurship.....................................11
CONCLUSION :-..........................................................................................................................12
REFRENCES.................................................................................................................................13
Books and Journals ..................................................................................................................13
Online........................................................................................................................................14

INTRODUCTION
An entrepreneurial ventures consists of different types of attitudes including
operation,action, perform ace, working, running, reaction, response and more. the basic aim of
entrepreneurial venture is profits outcomes and development through business is engaged in
strategic implementation and practices(Drucker, 2014) . Basically it contains different types of
etiquettes and traits in by which a business run and progress through strategic innovative ideas
and resources to achieve success and for the achieve of goals. Entrepreneurial venture is a small
business that is started and possesses independently. Its not related with new markets and
innovation practices and thus not authoritative or superior in its field of business. The
requirement of entrepreneurial venture for an individual is arrangement of capital, raw materials,
manufacturing and skilled labour require to obtain goods and provide services. The entrepreneur
ventures are responsible for controlling marketing, sales and distribution. By technology and
innovation in today's environment like join ventures limited the procurements and door to door
marketing aspects. It involves franchise or dealership. Entrepreneur ventures are of new
innovative upbringings.
TASK 1.
P1. Different types of entrepreneurship venture and their relation with typology of
entrepreneurship.
There are different types of entrepreneurial ventures like non employee business, main
street, suppliers and high growth. Non employees business are the sole proprietorships. Main
street consists of local businesses consists of consumers and other local businesses. Suppliers are
the B2B dealers in the business sector (Djankovet. al., 2010). High growth involves fast growing
new innovative businesses.
Many small businesses are not consists of employees they don't have employees.
Approximately 20to 23 million are consists of proprietorships consists of consultants and it
specialists. A recent study found that proprietorship earn a larger profit. These business are
growing rapidly due to technology advancement and technology provide flexibly geological
situation for growing rapidly and by this the no small business enterprises open their own
business and establishing new firms and outsourcing. They are not involved in creation of jobs
but owners are provided by income from them. Main street entrepreneurs includes dry cleaners,

restaurants, car repair operations, local retailers. A small portion of work force is given to about
3 to 4 million of workers. they involve in this type of business process due to their poor family
conditions and to survive in the social atmosphere and also the basic needs of their family. These
businesses are very sophisticated to middle class people of America, due to their frequent
opening and closing strategy. The recent report concluded that about 1 to 2 million small
business comprised of government supply chains known as suppliers. They are focus and
associated with growth and connected with exports and have greater complication than main
street firms. About 200,000 to 300,000 are in connection with outsourcing and upper growth
ventures. They are related with job opportunities and only 3 to 4 percent off business considers
as upper growth ventures. Their share for employment generation is about 20 percent. By
considering all the business ventures as equal is misleading identification and the policy is not up
to the mark because there are different types of policies in different ventures and it can be treated
as same so by treating them same or equally is a misleading declaration. By setting new
implementation and innovative ecology within university is helpful for the growth and
development of entrepreneur. By revitalization the lower class to main street will be helpful. By
innovative methods , access to capital, creation of technological ecosystem and skill
development totally depends on help in small business enterprises. Suppliers are sole important
and not dignified as well they provide large scale of jobs in manufacturing service sectors. The
large company growth and success is totally depend on a powerful bunch of suppliers. By above
founding and study small business enterprises plays a key role in development and achieving
success as well. By their innovative and technological ecosystem they diversify the challenges
and attain success.
P2. Similarities an difference between entrepreneurial ventures.
The basic theme of the study to conclude the differences and similarities between
entrepreneurial ventures. According to lifestyle entrepreneur venture and social entrepreneur
ventures (Light, 2011) .The lifestyle entrepreneur venture and the social entrepreneur ventures
have share some similarities with each other. The major similarities between theses entrepreneur
ventures are as follows:
INNOVATION :- Innovation is the process of adopting new implementations and
methods and ideas to obtain products and services and by implementing new technological
advancement methods is helpful in achieving goals and success.

TIME MANAGEMENT : This is the same strategy adopted in both the ventures, by
adopting different methods of managing time frames are very important for the organization
process and culture it improves the efficiency as well.
RISK TAKING :- Risk is important to both the ventures because it is the uncertain
condition. without taking taking risk an organization cannot run . Without thinking about future
outputs , success and growth of the organization , risk can be taken by the organization. It is
same for all the entrepreneur ventures.
MOTIVATION :- Motivation is done through managers, leaders to their their
employees, customers and organizational people for their outstanding performance by
appreciation and wanted to give best results and outputs in future.
COMMUNICATION:- Communication process is very important in entrepreneurial
ventures. It is the coordination , linking, interaction of customers and employees to mangers and
higher level employees. By this process issues and queries could be handled. It plays a vital role
in the organization and important for growth of the organization and employees in a greater
extent.
GOALS :- goals are the future expectations and findings that each and every business
can make to achieve its targets and attain success. technology and innovation in today's
environment like join ventures limited the procurements and door to door marketing
MINDSETS :- Mind sets are thoughts and feelings of the organizational members and
outsiders about the organization . They have their different types of perception towards
organization and its culture. For the motivation of employees changing in their mind set is very
important.
There re certain point of difference in entrepreneurial ventures are as follows :-
by taking women and men entrepreneurial ventures. Women are more socially liable than men.
The focus of women is less as compared to men because women are emotionally connected with
their relations more than men (Short, 2010 ). The women entrepreneurial venture having less risk
bearing capabilities but on the other hand men entrepreneurial venture has a habit of taking risk
and they are willing to take risk for their future upbringings and growth and development of the
organization.

TASK 2
P3 . Impact of micro and small business in economy
Small business plays important role in the success of the economy. They are
economically very important growth and development of the organizational culture and
ecological surroundings. They not only provide success but also fulfil the the requirements
locally to take care of their basic needs . It provides job opportunities to overcome
unemployment ( barber, consultant, emergency plumber ). Entrepreneurial competency is the
outstanding way to develop skills, behaviours, start-ups for the development of organization and
making of innovative contribution. It is very helpful in developing personal relations like
building good relations with customers, employees, team members and understanding their
difficulties and requirements on a greater extent . It generates flexibility in the business
environment like flexible working conditions, in this a person is very much flexible to work for
over time including night as well. Small business are very much flexible in their working
atmosphere . By flexibility business can be run in a better way and targets can be achieved
easily.
The inventiveness and advancement characters of small business is like they adopted
some conventional sources of methods and concepts to adopt by some sources of well being and
greater productivity and better outputs and their ideas are highly flourished in the organization
work place and distributed to other organization also, other organization or work place copied
the new and innovative methods and concepts of their existing organization for achievement of
goals objective and competition. Due to small lower head costs, the organization do small scale
operations and they operate their operations in a lower premises. technology and innovation in
today's environment like join ventures limited the procurements and door to door marketing.
Lower heads cost result in lower involvement of employees in the organization less anticipation
of workers in the organization accordingly by less no of workers , production is less and
ultimately it hinders the growth of the organization . Large overhead organization produced
higher no of organization and as a result of large production because large no of employees are
working in the organization. It also provides catering of services in order to produce good and
effective services. Catering in the organization is the the very good method of dealing with
services in relation with organization ,this method is very useful method since past years and it
results in productivity and greater outcomes in the organization . From the above discussion it is

concluded that small scale and large scale industries have highly impacted the organisational
culture and working atmosphere and also very important for the growth of organization and
attaining missions and objectives.
P4 Importance of small business and business start ups and contribution in the growth of
economy.
According to world scenario the growth of entrepreneurial ventures leads to economic
changes in the organization and at the same time it contributes to the growth of the economy to a
wider aspect and larger extent (Tracey, Phillips and Jarvis, 2011) . It creates many business
opportunities for youth to set up their carrier in the field of business like those who want to start
up a venture or open a small business. By this it creates business opportunities for young
generation by its diversifying opportunities in the field of carrier development in business sectors
. It also provide employment opportunities for those who required jobs and it also give
challenges to satisfy needs and demands n the organization and working atmosphere. It can add
value to the national income by generating different types of resources. By increasing
technologies and implement new methods employment can be generated. The national income
is associated with entrepreneur and at the same time entrepreneur connect to national income .
The sources of wealth has been generated by entrepreneurial ventures . It is difficult for other
markets to glorifies the wealth challenges because entrepreneur adopt innovative technologies
including goods and services. The effect of increasing employment and higher earnings
contribute to better national income in the form of higher tax revenue and higher government
spending. these resources can be used by the government in human capital and tough sectors
where struggling is required.
Societal change is another important aspect in business ventures . After globalization there are
many changes introduced in world like marketing changes, environmental changes ,
technological changes and organizational changes . Marketing change is dealing with products
and services , supply and demand . Demand and supply are totally interlinked with each other,
stage demand of the product and services increases supply automatically increases and this can
be linked with business venture like demand of business increases the business automatically
increases its process.
Money management is another important sources in business venture and business is run through
capital and income sources . By adopting different methods of capital management programmes

and methods money can be save as well manage properly according to the needs and demands
of organization process as well(Hockerts and Wüstenhagen, 2010). By innovative ideas and
thoughts capital management programmes are conducted. This method of managing gives
benefits to the organization, outsiders, in business, to employees and lower eleven member's of
the organization to upper level so that the overall organizational culture and workplace can be
benefited by this to a greater extent. Network is another important criteria to vast business
development and by good networking channels helpful for the organization to a grater extent .
Networking channels includes transportation facilities, connectivity , communication channels
and advertisement through media, posters, pamphlets . By above methods small business venture
can be helpful for the growth and development of the organization and it can be helpful for the
success of the organization as well.
TASK3
P5. characters, traits and skills of successful entrepreneurs
The visualization of successful entrepreneurs which disintegrated from business
managers are as follows.
According to bill gates and Charles Babbage following traits are as follows :-
CALIBRE :-
The sole important important aspect of an entrepreneur is its dignity that how much
dignified and determination towards work, which is very crucial create or run a business and how
to obtain targets or goals. Its like something that cannot bored from your work by doing the same
things again and again, you cannot take rest while working because your work is yet not
completed, whatever you built you have to revise those ideas again and again to improve and
updates, whatever you find best and enjoy, want to continue for the whole life. For successful
life, it is important to validate passion and motivation, it measure your achievement in
entrepreneurial venture.
RISK FACTOR :-
Entrepreneurs ready to take risks for their future diversions and in uncertain conditions .
It is not possible that all the risk taker entrepreneurs are successful because success totally
depends on how to take decisions in relation with risk factor and how to evaluate plans for taking

risk by keep in mind, whether it benefits in future to provide income sources .risk basically is
the uncertain condition .
SELF CONFIDENCE, HARD WORK AND DISIPLINE:-
Entrepreneurs believe in self enhancement and they are very comm passionate towards
their work and they do what they want . They are passionate, determined and dedicated towards
their work. Most importantly they are self disciplined doing their work with complete sincerity
and dedication or concentration.
FLEXIBILITY AND ADATABILIY :-
Entrepreneurs are very inflexible towards their customers and clients, they believe in,
whatever they do and decide is right but this is not good for business and leads to failure.
Successful business is totally about obeying and adopting rules and regulations. There are
diverse marketing needs ,changes are the reimbursing phenomenon. To satisfy customers
demands and needs Successful entrepreneurs adopting all suggestions and recommendations .
CAPITAL MANAGEMENT :-
To gain success and profit in any entrepreneurial venture time is needed , by the time
income sources are limited and there is a requirement for using them adequately. To deal with
future financial obligations or crises there is a requirement for planning the capital management
sources . For this it is important for an entrepreneur to realize the temporary money management
requirements. Capital or money management is very important for the organization and the
outsiders to meet the needs and requirement of the future outcomes.
NETWORKING CONDITIONS :-
Networking capabilities are very important in successful business entrepreneurship. It is a
chain of foundation between employees, managers, team members, leaders and mentors ,
basically its is a link between lower level employees to higher level of employees in a greater
extent. By adopting certain networking channels like communication channels, media and
advertisements, the development can be increased rapidly which in turn provides benefits in the
future and targets can be achieved more rapidly.

P6. Aspects of entrepreneurial personality in motivation and mind sets.
Entrepreneurial mind set means a certain rate of mind which relates human behaviour
towards entrepreneurial processes and results . One can individualize its entrepreneurial mindsets
with to make opportunities , innovation and creation of value . The characteristics includes
ability to accept change and uncertain situation. There are following traits in motivation and
mind sets are as follows :-
OPEN TO PRACTICAL KNOWLEDGE :-
Openness to change is very enticing feature of entrepreneurial personality and it indicates
to accepting innovative ideas and thoughts and follow them according to changing environment
conditions of the organization work places. As change is the only thing which is constant in life
and universe so by innovative and advance methods of technology it is important to adopt those
change occurring in the work culture of the organization and priorities the needs and demand. By
openness of change the entrepreneur is ready to accept all the challenges in the organization and
become self oriented and innovative in its open thinking of motivation and this how attaining
success in the business.
CONCISENESS :-
Consciousness is the behavioural attitude of the entrepreneurial personality and how
much consciousness is inside in its character towards the work, responsibility, culture, ambition
and targets of the organization. This factor tells about the seriousness of the entrepreneur towards
the organization working culture and towards his job and responsibility.
NEUROTISISM :-
It is the measure of negative thoughts feelings including depression ,anger, ego, stress,
mind upset , mood swings etc. the manager deal these types of situation in the organization by
motivating the employees , by empathy, by appreciating them for their work and by provide
some rewards .
EXTRAVERSION :-
it is the behaviour deals with the following attitudes like:
Extrovert – extrovert person are very friendly in nature, they laugh all the time and very polite
and jolly personalities
introvert – introvert person are the person who are very reserved in their nature and they make
decisions self independently according to their own decisions.

amivert – they are the mixture of introvert and extrovert and these people consists of dual
personalities and they are very diplomatic in nature. These persons are very intelligent and they
can reflect their ideas with duality including critical thinking and versatility.
To achieve success in business and come up to the expectations these personalities can be used
by the entrepreneurs and improve the working ecological conditions of the business and for the
the betterment of future. By adopting these methods entrepreneurs could achieve success in the
business and diversify its opportunities as well.
TASK 4
P7. Back ground and experience can hinder and foster entrepreneurship.
Entrepreneurial background and experience plays a crucial role in relation with growth
and development by failure and success . Growth is the step by stages of the development like
planning stage , implementation stage , working stage and last development stage . Development
on the other had is the overall performance and working criteria of an individual in aspects of life
according to birth, work, activities, culture, technology etc.
back ground and experience of an entrepreneur effects by following traits :-
AGE :- The age factor plays a very important role in entrepreneurship . The minimum age form
an entrepreneur to start-up the business is more than 30 years and in some parts of the country it
is above 40 years. Age factor determines the personality traits of an entrepreneur whether he or
she is mature enough to handle the business or not.
GENDER :- it includes the male or female entrepreneur. Mostly female entrepreneurs are more
sensitive then men because they have deeper understanding of feeling and thoughts and they are
more sensible then man. A women entrepreneur understands the feelings of women more better
then a men entrepreneur. If we talk about risk like uncertain situations a men can take a risk
more confidently than women .
HISTORY:- it includes the family background of the enterpriser, whether he or she is from
higher income status or lower income status and also the experience play very important role like
how many years of experience he or she possessed and his professional background and eduction
etc. these are the traits which affects the development and success of entrepreneurs .
Role model plays very crucial role in entrepreneurial success models plays very important role
in entrepreneur development. Role model are the professional , desirable, credible choice foe

entrepreneurship . Disability is another impotent cause to hinder and foster entrepreneurship
because many disabled persons want to set up their business but they cannot do so because they
facilities like physical accommodation, flexible working environment and they have to face
many challenges while searching many jobs and employment opportunities .They don't get any
opportunities to set up their own business and make their carrier in entrepreneurship . These are
above methods in the development of business sectors which can hinder or foster the growth and
opportunities of the entrepreneurs.
CONCLUSION :-
By above study it has been concluded that by creating different strategies , factors ,
motivational traits , By above methods small business venture can be helpful for the growth and
development of the organization and it can be helpful for the success of the organization as well.
By above founding and study small business enterprises plays a key role in development and
achieving success as well. By their innovative and technological ecosystem they diversify the
challenges and attain success. innovative ideas and methods are important in development
success of business venture .

REFRENCES
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perspective. Graduate School of Business, University of Cape Town.
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