Report on Entrepreneurship: Ventures, Impact, and Skills - Unit 9

This report delves into the multifaceted world of entrepreneurship, exploring different types of ventures, their typologies, and the similarities and differences between them. It examines the significant impact of small businesses on the economy, supported by relevant data and statistics, highlighting their contribution to growth. The report also analyzes the traits and skills of successful entrepreneurs, using Mark Zuckerberg and Henry Ford as examples, and discusses how personality can serve as a motivational tool. Furthermore, it considers how background and experience can influence entrepreneurial success. The report concludes by summarizing the key findings and providing a comprehensive overview of the subject matter.

UNIT 9.
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Different types of entrepreneurship ventures and its typology..............................................4
P2 Similarities and differences between entrepreneur ventures.................................................7
TASK 2............................................................................................................................................9
P3 Impact of small business on economy...................................................................................9
P4 Contribution of small business and business start-ups to the growth..................................10
TASK 3..........................................................................................................................................11
P5 Traits and skills of two successful entrepreneurs................................................................11
P6 Personality of entrepreneur act as a motivational tool.........................................................13
TASK 4..........................................................................................................................................14
P7 Background and experience can hinder or foster entrepreneurship.....................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Small business enterprises play a very crucial role in world economy by coming up with
numerous of ideas and creative products or services for acquiring maximum benefits. Basically,
business having minimum employees with limited branches and short-term visions are known as
small size enterprise (Drucker, 2014). Mainly it is run by sole trader or in partnership with two
leaders for generating maximum benefits by satisfying their desired customers. This assignment
is going to segmented into four sections to highlight the significance of small scale association at
marketplace and their influence on UK economy. Initially, it describes various types of
entrepreneur ventures as well as its typology. Along with this, also explains similarities and
differences between various types of venture. Characteristics and impressive attributes of
successful entrepreneur that is; Mark Zuckerberg and Henry ford are also outlined in this project.
At the end throw few lights on their essential traits which act as a motivational tool for
individuals and encourage them to become an entrepreneur.
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Entrepreneurship is an effective procedure of bringing close to overall factors of
production, managing or organizing profit oriented task as well as transferring economic
products and services in order to gain maximum benefits (Kirzner, 2015). Whereas, entrepreneur
is an individual who has a ability of taking risk because of their knowledge, skills or learning.
Along with this they are owner of an enterprise having numerous of objectives that are detailed
as follows: -
 Believes in acquiring maximum benefits.
 Managing or handling their overall enterprise in an appropriate manner.
 Hiring managers to deal with subordinates.
 Arranging capital or funds for enterprise.
 Liable for liability.
Therefore, before establishing a venture an entrepreneur need to consider various factors
as well as implement analysis on below components: -
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 Capital:- Funds are act as a backbone for every business either small or large. Therefore,
it is essential for owner of an organization to accumulate maximum funds for operating
business in an efficient manner. Market research:- Needs to investigate demand or requirement of customers and design
their products as per societal choice or preferences in order to seek maximum attention
from community (Barringer, 2012).
 Recruitment of skilled employees:- Human resource are seems as an indispensable aspect
for entire corporate world because all the business activities are managed or regulated by
them only.
However, there are various types of ventures are available at European marketplace
which are highlighted as follows:- Lifestyle venture:- It is based on lifestyle of an individual by focussing on their life
rewards. Their main objective is to establish business for attaining specific level of
income and no more as well as believes in creating a positive or impressive goodwill at
marketplace to enjoy particular lifestyle. For example; professional’s members are
generally engaged in this venture. Managed growth venture:- As per this venture an entrepreneur believes in attaining
specific growth by serving numerous of customers and satisfied their needs or wants.
Their main objective is to plan strategy for development of their enterprise by offering
qualitative goods or services to their customers. Survival venture:- Organization which are new at marketplace and coming up with
innovative ideas and establishing their business for longer period of time in order to gain
maximum benefits by fulfilling demand of domestic as well as foreign clients (Bosma
and Levie, 2010).
 Aggressive growth:- Focussed on current technologies and tries to introduce innovative
or creative items for future growth.
All these above ventures show that there are numerous of types of business are available
at marketplace with different objectives and purpose. In fact, above explained ventures are
contrasting from each other because if their roles, scope and motive towards society. But they all
have one similarity that is; want to earn maximum return on their investment in various forms
such as; monetary and non-monetary, goodwill, image, wealth and so on.
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Apart from this small business are classified into various sectors which are highlighted
below:- Industrial:- Small business enterprises are contributing around 40% or more than this in
gross industrial departments. Agriculture:- Rural entrepreneur are grabbing golden opportunities in regions of farming
or tertiary sector due to maximization in demand.
 Service :- Small business have a numerous of chances in acquiring benefits from
hospitality sector (Welter, 2011).
Instead of all this small scale business are also having various typology that are defined
below:- Small business entrepreneurship:- Managed or handled by own investors or sole trader
in order to acquire maximum benefits. They are also having minimum employees at
workplace. Scalable start-ups:- Starting a business for attracting various individuals at marketplace
as well as tries to seek the attention of number of investors to run their business in more
efficient manner.
 Social entrepreneurship:- According to this type their major aim is to serve society in
more appropriate manner by offering best or affordable products. Along with this
maintain the quality of goods for uplifting society.
P2 Explore the similarities and differences between entrepreneurial ventures.
There are numerous types of organization or ventures are available at marketplace with
different motive as well as they also adopt distinct methods or techniques of running their
business (Morris, Kuratko and Covin, 2010). Apart from differences several ventures are having
some similarities between them. Thus an appropriate comparison between various types of
entrepreneur ventures are highlighted below:-
Basis Small Business Social enterprises
Definition Organization which are small are
having minimum employees and
invested very small amount of
capital in their business during
Entrepreneurs which are involved in
creating products as per societal choice
or preferences for satisfying their needs
or demands.
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establishment.
Role Their major role is to generate
maximum revenue with the help of
available resources or assets.
Whereas, social enterprise believes in
creating awareness about the goods or
services and security.
Characteristics Minimum resources or assets
without having any control of
governing bodies.
Regulatory bodies are providing full or
proper supports to social organization
for raising the living standard of society
in order to develop the economy of a
nation (Storey and Greene, 2010).
Objectives Their main objective or goal is to
achieve their short-term visions by
acquiring maximum profit due to
increment in their sales.
Whereas, first and foremost motive of
these enterprise is to serve society in an
efficient manner by implementing
various societal programmes or
sessions.
Differences between scalable start -ups and large organization are described as follows:-
Basis Scalable start-up Large company
Definition Business involves in this venture are
planning or making strategies for
attaining its vision.
Having maximum number of
employees for attaining their long-
term vision or mission by earning
maximum profit. Along with this
they are coming up with various
innovative ideas.
Role Identify repeatable or scalable model
(Dacin, Dacin and Matear, 2010).
Major role is to offer best services to
their customers by designing their
products in effective manner.
Characteristics Business having ability to manage or
handle maximisation in demand in
corporate world.
Ongoing process which modified as
per societal demand or taste.
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Objectives Major motive is to maximization in
profit by increasing sales volume by
seeking the attention of various
shareholders.
Their motive is to manufacture
products in a creative with the use of
advanced technology for establishing
their goodwill at marketplace.
Similarities between small, medium and large enterprise are described below:-
Small enterprises Medium enterprises Large enterprises
 Requires minimum
employees such as less
than 100.
 Small amount of
capital is suitable for
this business.
 Minimum usage of
technology due to lack
of knowledge about
modern equipment’s.
 Employees working in
medium size enterprise
are more than 50 but
less than 250.
 Needs average amount
of capital.
 With the aid of
governing bodies and
families they can able
to extend their business
in more than one
sphere (Defourny and
Nyssens, 2010).
 Large number of
employees are
engaging in this
organization like more
than 250.
 Requires maximum
amount of funds to
start up a business.
 Use advanced
technology fir gaining
maximum benefits and
to accomplishing
assigned task in a
minimum duration for
attaining their long-
term objectives.
Hence, above differences and comparison shows an appropriate relation between all these
entrepreneur ventures.
TASK 2
P3Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro
and small businesses impact on the economy.
Private company ventures for the most part commitment to the improvement of monetary
development. As there are different little ventures who works everywhere scale in most of the
nation (Bruton, Ahlstrom and Li, 2010). These sorts of organization may bring awesome
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flourishing and support by giving profitable endeavour to the national economy. Business bring
nearby economies terminations by conveying vital result to advancement and making
development openings where business operations are performed. It is watchable that with having
low capital, absence of help and uncalled-for thought regarding to work an organization they are
working so adequately.
They have ability and proficiencies that are utilized as a part of dealing with its
operations. With restricted assets accessibility they tend to push ability in their side, so they can
give the uniqueness in the organizations by offering advance items and administrations or
utilization of new answer for existing thoughts. Greater undertakings are assumed control private
venture because of extensive scale operations that oversee enormous measure of work and
different assets of the organization (Oosterbeek, Van and Ijsselstein, 2010). As they do have
different effect on the national economy as a result of progress government polices they need to
pay enormous duties on transporting their item starting with one states then onto the next. As
effect on condition improvement may prompt changes into outer variables that are required full
centred around points and targets of independent venture. Social difficulties can be affected as
they should be figured business according to the necessity of the public. That effect specifically
or by implication to its organizations.
(Source:-Accelerating growth, 2017)
From the above charts of different number of organizations, it has been analysed that they
are developing at speedier rate since, 2013 yet before that it was not more changes have been
seen many (George and Bock, 2011). More than 2.45 million individuals are concentrating on
advancement and development of their business endeavours.
(Source:- Economic impact of Brexit, 2017)
As per above graphical representation it has been identified that above visual chart of
miniaturized scale and independent company work to the aggregate work in setting of 2013.
Total percentage level of business is recorded in Africa and southern Asia. Over 75% of the
general population are utilized there that would help the nation to build up their economy. Their
abilities and learning would be more useful for the development of nation.
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P4 Explain how important small businesses and business start –ups will contribute to the growth
of the social economy.
As we realize that small and new company require more help to work its wander in the
economy (Neck and Greene, 2011). They assume a critical part in development of economy by
contributing their profitable endeavours and diligent work to expand income of the nation. For
beginning new pursuits that should be elevate socialization with fruitful execution of plans that
assistance to accomplish goals all in all. There are different significance of little and new
company.
 Employment opportunity: As new business is constantly best known for making of
openings for work since they require crisp brains in the business that give important
thoughts and development to expand gainfulness.
(Source:- Harrison, 2013) Awareness: It is additionally said to be proper approaches to make mindfulness among
society that they can joined with us and give their help to raise their nearby or national
division and furthermore give vital outcomes to our economy.
(Source:- Small businesses drive growth and create jobs, 2016) Development of new items: The rationale of little scale business is to give imaginative
item to the nation that would draw in more clients and increment showcase security of
their business.
 Extension of business: This may be the useful for the organizations as they are all
around settled and producing great benefit they have alternative to grow its units in more
than one.
All the above imperative may help new company to construct framework by making
astounding standpoint that will help clients to draw consideration effectively (Karlan and
Valdivia, 2011). In UK we require an aptitude and people to expanded proportion of remote
direct speculation with the goal that economy development can be accomplished. Aside from
upliftment exact data must be gathered which are required by nation in their basic leadership
system since they are important for estimation of nation maintainability. From accessible data we
have come to realize that little, medium and substantial business association have incredible part
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to play to advance them. Little scale business is possessed by the funder or relative that why they
are overseen without anyone else. The greater part of capitals is held by utilizing individual
worth. While medium business is for the most part secretly held few are worry with open. They
have restricted wellsprings of capital which are difficult to get to. In like manner substantial
endeavours are significantly held by open financial specialists. They have various market with
extensive variety of subsidizing offices.
TASK 3
P5 Determine the characteristics, traits and skills of successful entrepreneurs, which differentiate
them from other business managers.
Traits and skills of entrepreneurs highlight their positive quality as well as impressive
attributes which attract numerous of firm towards it. In fact, to be an effective means
significantly more than maintaining a business' ventures each following day. It incorporates
appropriate dispositions towards a business and commitment to make progress. A fruitful
business visionary have positive feeling of self-assurance and great conviction of their aptitudes
and capacities (Dacin, Dacin and Tracey, 2011). One of the cases of fruitful business people is
Henry Ford. He is best known for proprietor of ford motors organization, and sponsor of
advancement of mechanical production system devices of wide assembling. As the proprietor of
motor organization, they end up plainly wealthiest man and best known individuals in the globe.
Characteristics of Henry Ford :- There are different characteristics of Henry Ford that
empowers him to be at most elevated effective business pioneer in current time. Therefore
various positive qualities of Henry ford is described as follows:- Disciplined:- They generally focusses on settling on their decision in very much arranged
and restrained way. In fact, he always tried to stay away from preventions or diversions
to its objectives and goal. Self-assurance: Whatever choice made by Henry Ford are finished with full confidences
that have them effect from other (Light, 2011). Firmness: They are committed with their undertaking and part of every last
representatives those are working added to repertoire of henry.
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 Broad-minded: They choices are receptive as everybody can ready to accomplish and
pull in toward them. Just to take in their aptitudes and capacity to go for broke at various
circumstances.
Trademark characteristics of Henry Ford : Risk taker: One of the fundamental attributes of Henry Ford is exceptionally committed
with going out on a limb at troublesome circumstances. Longs for learning: They remain sharp, and that requires that they are customary
student. At whatever point they are free they endeavour to pick up thoughts to for new
advancement in business.
 Enthusiastic : It energizes the assurance that are require to be fruitful while you
beginning another business or purchasing any offers for the organization.
Another successful entrepreneur is Mark Zuckerberg owner of Facebook whose main
objective is to promote social sites across international boundaries for gaining maximum benefits
(Short and et. al., 2010). Some of the impressive quality of entrepreneur is mentioned as
follows:- High level of patience:- According to this component he is having a high level of
tolerance power while running their business across the globe. Ability to reduce risk:- He also know how to control business challenges by dealing it
with in an effective manner.
 Creative minds:- Facebook is not an ordinary site which requires high level of innovative
ideas or creativity. Thus, mark Zuckerberg is full of creativeness which highlight in their
business.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set
Personality of businessmen's plays a very vital in an individual life because their
struggling life always inspires others as well as encourage towards success or development. Any
of the business visionaries can't work without inspiration. Small scale identities are considerably
more alluring because of its unique and different way of watching business which may seek the
attention of numerous of business visionaries to apply different thoughts and developments in
their business (Jones, Coviello and Tang, 2011). They do have double thought process; initially
they want to fulfil needs or desires of its clients and secondly believes in arranging new
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