Entrepreneurship Report: Venture Types, Small Business Impact, Skills

This report delves into the multifaceted world of entrepreneurship, commencing with an introduction to the concept and the role of entrepreneurs. Task 1 examines various types of entrepreneurial ventures, including small businesses, scalable startups, large company ventures, and social ventures, highlighting their similarities and differences. Task 2 assesses the significant impact of micro and small businesses on economic development, emphasizing their role in job creation and economic growth. The report further investigates the importance of small businesses and business start-ups in fostering social economic growth, particularly in the context of Brexit. Task 3 focuses on the characteristics, traits, and skills of successful entrepreneurs and business managers, differentiating them from other managers, and how entrepreneur personalities reflect entrepreneurial motivations. Task 4 explores the positive and negative impacts of background experience on entrepreneurship. The report concludes by summarizing the key findings and providing references for further exploration.

Entrepreneurship

Table of Contents
Introduction .....................................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Explain different types of entrepreneurial venture...................................................................3
P2 Similarities and difference between entrepreneurial ventures..................................................4
TASK 2.................................................................................................................................................5
P 3 Impact of micro and small business on economy .....................................................................5
P4 Importance of small businesses and business start-ups will contribute to growth of social
economy after Brexit. .....................................................................................................................6
TASK 3.................................................................................................................................................7
P5 Characteristics , traits and skills of successful entrepreneurs and business managers..............7
P6 Entrepreneur personality reflect the entrepreneurial motivation. .............................................8
TASK 4...............................................................................................................................................10
P7 Background experience is create a positive and negative impact on entrepreneurship. .........10
CONCLUSION...................................................................................................................................11
References...........................................................................................................................................11

Introduction
Entrepreneurship is process to starts a new business firm. Where as entrepreneur is a person
who start up new business in current marketplace with some new creativity. Entrepreneur or
entrepreneurship both are term is interrelated to each other. He is a risk taker in the hope of gen
rating profit. ( Baum, Frese and Baron, 2014.) He is the person who take initiative to introduce
their product in current market place. The term entrepreneurship is beneficial for economic growth
and development. He is an individual person who identify market opportunities. Along with that he
is responsible for the performance of the organisation. In this report discussion about the scope of
entrepreneurship and different types of venture. In this report will learn about role and importance
of small business and impact of small business on the economy. Further, in this report has been
discovered entrepreneur skills, characteristics and traits differ from the other business managers. (
Bridge and O'Neill, 2012)
TASK 1
P1 Explain different types of entrepreneurial venture
Entrepreneurship is process to starts a new business firm. Where as entrepreneur is a
person who start up new business in current marketplace with some new creativity. It is a initially
being a small business. There are 4 types of entrepreneurial venture:

1. Small business ventures : Small-business means the business which are owned and run by
small entrepreneurs. They basically includes grocery stores, hairdressers, consultants, travel
agents internet commerce store fronts etc. in this, local people or family members are hired
by them for working operations. The main motive of small business ventures is to make
profit only. These entrepreneurial venture are controlled by the (
Defourny, and Nyssens, 2010.)
2. Scalable start up ventures : They have a motive behind starting a new venture is that they
have a belief that their vision can change the world. They hire the brightest and the best
employees in their venture. They start the entrepreneurship so as to change the vision of
world regarding scalable start up ventures. ( Baum, Frese and Baron, 2014.)
3. Large company ventures: large company ventures are those which has established with
comparatively higher capital. Large companies have finite life cycles. It has innovations,
offers new products that are additional to their new products . It can be more affected by
changes in customer satisfaction, new technologies, legislations and also its competitors etc.
they can create pressure for more disruptive innovation.
4. Social ventures: These are the form of ventures which have the motive to serve society in
context of their needs and wants. It focuses on creating new products and substances that
meet the requirements of society. It mainly focuses on to make world a better place (
Bruton, Ahlstrom,and Li, 2010. )
Furthermore, they are related to typology of entrepreneurship, it means that the various types
of entrepreneurship ventures are connected with its typologies. Small business ventures are those
which involves small entrepreneur whose main motive is to make profit by starting up small
business. They manage it through their family and known workers. On the other hand large scale
business are related to more capital investment. Their main motive is to maximise the profits of
business. They mainly aim to get higher returns on the products and service 4s that has been offered
by them to public .( Dacin, Dacin and Matear, 2010. )
P2 Similarities and difference between entrepreneurial ventures.
There are various similarities and difference between all above sated entrepreneurial
ventures. There are so many similarities in there new entrepreneurial, such as all have wants to
generate employment for their firm. Area allocation, effective plan establishment, strategies making
, time management, human resource management , directing and controlling all these type of
activities are same in various firms. Allocation of manpower helps to attain high profit and

organisational goal. . Resources allocation is also same in different ventures where as some of basic
resources which are needed for business associates. Also necessary to basic needs and requirements
of existing employees which are beneficial for organisation growth. In new business establishment
every one has to need capital investment for their concerning firm. One thing in capital investment
for small business capital investment is low or for some big enterprise is high, but in both case
capital investment is mandatory for all those ventures. All enterprise want to get their effective
promotional acclivities which are introduce their product in current market. So in all these ventures
firms promotional activities are create similarities between all above sated ventures. (
Defourny, and Nyssens, 2010.)
on the other hand there is some differences in these ventures, on the basis of time all of
these venture are work in different times. There is different time schedule for each and every
venture. There is also difference in working methods which are aid to create a uniqueness.
Entrepreneur has build a new innovative and creativity in their new business . All those ventures
are also established their own working methods and practices to generating high productivity. So in
that case working practices will create a differentiation over the other ones. In that situation they
plan for a unique strategies and business creativity to develop their new products. Thy ensure that
product is totally different from the other market product. Along with that these is differentiation in
policies and regulations which make healthy environment. On the other hand one main thing is
strategy which are totally different from the other ventures. Whereas, strategies are create a
differentiation and it will aid to established a competitive advantages over the other business firms.
Moreover, difference in organisation culture and employee behaviours. There is a major difference
in ventures is fund raising where social companies make fund from government and other private
companies are generating fund from financial institutes and consultants.(
Defourny and Nyssens, 2010.)
TASK 2
P 3 Impact of micro and small business on economy
Micro business is generally define as a small-business which help to economy development.
There are various tools and techniques which are used in small bushiness and they will create a
effective economy development. Small and micro business are plays a vital role for the whole
economy whereas they help to improving economy conditions.( Oosterbeek, Van Praag
and Ijsselstein, 2010. )
 In small business growth is effective factor which are create a render impact on the economic.
With the help of bushiness growth is direct connected to the economic conditions. According to

their small business enterprise entrepreneur has develop their new business and established
business growth. So in that situation business growth is laid impact on economy development .
Growth aid to increasing their market GDP rate which help to develop their economy condition.
( Defourny, and Nyssens, 2010.)
 With the help of market growth increasing their brand image of business concern. Brand image
is help to create a productivity in marketplace which may affect to economy development.
Where as successful business image is laid on economic condition.
 On the other hand creativity and innovation is also help to economy development. In an
organisation improving product effectiveness with some new creativity is aid to develop market
growth. In that situation large number of customers will attract those innovative products.
Innovation and creativity in business concern is help to develop their economy situations. (
Baum, Frese and Baron, 2014.)
 Small business enterprise is hire average skilled people . Which are largely impact on the
economy development. In that situation small-business generate large number of employment
in their workforce. Those employees are help to creating high productivity and profitability.
Which may affect the whole economy of the country. Where as increasing employment is best
thing about their concerning country. With the help of hiring procedure in country every one
has to equal chance to get their job . So small-business are provide equal opportunities to
average skilled people which may help to improving unemployment condition and aid to
develop their economy condition.
P4 Importance of small businesses and business start-ups will contribute to growth of
social economy after Brexit.
After Brexit most of the companies are grow rapidly for example companies are able to
enhance the volume of their sales and profits . Which means most of the enterprise has enhance
their productivity and profitability towards their organisation. It is all because of Brexit where as
EU union has separated and but own union which are laid more beneficial for the companies growth
and economy growths. After Brexit companies are set their own polices and regulations to under
concerning organisation. It will help to create a huge benefits to their business growth. In the initial
stage Brexit have also resulted in affected the overall economic growth of UK in negative ways,
whereas, it was also predicted by the financial economy expert . ( Leutner and et.al., 2014.)
They already concluded all these situation which are facing by the companies.This may includes
slow rate of growth, cost of investments in down which are highly affected to the whole
organisation growth and economy of UK. Moreover, it is the effort and effective contribution of
small business and business start ups. It has been help to the nation easily to reduce all negative

outcomes produced after exit of EU. These micro business starts ups continue carrying out
innovations in products and services and directly resulted in maintain the demand in marketplace.
Which means companies are able to develop their quality and product range with the help of some
market demand and need. In that situation companies are generate all customer informations and
needs which can be affected to the organisation business. Along with that investors are enable to
provide investments new business enterprise because there is huge risk factor where enterprise only
hoping for making profits.
Small business are laid to affected economic development. Which can provide a high
employment. Small business enterprise is hire average skilled people . Which are largely impact on
the economy development. In that situation small-business generate large number of employment in
their workforce. Those employees are help to creating high productivity and profitability. Which
may affect the whole economy of the country. Where as increasing employment is best thing about
their concerning country. With the help of hiring procedure in country every one has to equal
chance to get their job . So small-business are provide equal opportunities to average skilled people
which may help to improving unemployment condition and aid to develop their economy condition.
So in that situation small business have been higher growth and development for the economic
growth. The innovation in new products and quality which would be aid to improving
organisational performance and economic performance. ( Djankov, and et.al., 2010.)
TASK 3
P5 Characteristics , traits and skills of successful entrepreneurs and business
managers.
The successful entrepreneur has various new skills and characteristics which are different
from the other business managers. Entrepreneur is a person who established a new enterprise along
with taking some financial risks . Which means entrepreneur is one who person who set their own
business and take risk from hoping of profits. He is innovative and creative towards their working
practices. Creativity in strategies are create a render impact on the the whole organisation. It may
improving high productivity and create a competitive business environment. It is a informal
approach where entrepreneur is take own strategic decision for their concerning team. There are two
successful entrepreneur who take initiative and develop new business enterprise. Ever successful
person has their own skills and knowledge which are help to create a differentiation and aid to
become a competitiveness. Mark Zuckerberg is one of the youngest entrepreneur who get famous
for their creativity. He is more creative and innovate towards their thinking . He has a various
quality , such as he is self motivated and daring also. He is a risk taker. A successful innovator is

seek information from the current marketplace. Mark Zuckerberg also focus on quality of work
towards their working practices. He is very hard worker . On the other side Steve jobs is also think
innovative and creative . He has a positive attitude towards their work. He is passionate also and he
take risk and ready to embrace failure. One big quality of Steve jobs is, he never satisfy with their
working methods they always develop more and more feature in products . Both are the
entrepreneur is successful in their respective field and determinate towards their works. (
Drucker, 2014. )
There are the basic difference in entrepreneur and business manager:
Entrepreneur Business manager
 In an enterprise entrepreneur has create own
rules and responsibilities.
 Entrepreneur not focus on higher education
qualification.
 He is a risk taker.
 He always think creative and innovative.
 Entrepreneur has own income. But some
time they face loses.
 He is the owner of the whole enterprise.
 They always work for himself.
 It is a informal approach.
 Entrepreneur always focus on running
activities. ( George, and Bock, 2011.)
 Business manager who take responsibilities
to controlling whole organisation.
 Manager's main focus on on going
operational activities.
 It is a formal approach.
 Manager's have their salary which are
payable in every month.
 In an organisation managers keep focus on
enterprise objective and goals.
 Managers have to willingness fulfil their
objectives and all responsibilities.
 Most of the managers are follow the top
management directions. (
Herrington, and et.al., 2010.)
 Managers are preserving in nature.
 Managers keep managed whole organisation
process and activities.
P6 Entrepreneur personality reflect the entrepreneurial motivation.
The above successful entrepreneur have a various skills and ability to perform in effective
workplace. They all have various characteristics such as like self motivation, effective learning
skills, effective communication,competitive spirit and passionate towards their working practices.
These skills, characteristics and traits are gives the entrepreneurial motivation. Which means these
entrepreneur skills are beneficial for whole organisation whereas, in an organisation most of the

employees are get motivated towards these entrepreneur skills. Those skills are provide effective
working environment which are helpful to attain high profit and productivity. In an organisation
entrepreneur characteristics are develop their individual moral and working efficiency. In that
situation people are motivated from entrepreneur working practices. Individual develop their thing
capabilities where they also think out of the basket and do something new for their organisation. (
Leutner and et.al., 2014.)
On the other hand in the organisation get develop vision and social value towards their
customers. In that case in an organisation with the help of entrepreneur visionary power, other
employees are get more motivative towards their organisation vision and also focus on customer
services where they build a healthy relationship. Because customer is a key assets for their
organisations , customers has to develop their productivity and aid increasing profitability of whole
organisation. Entrepreneur has develop their innovations and creativity in their working methods
which are help to create a competitive advantages . And raise maximum profit. In that situation
other organisation employees are get inspire from all these working skills and they also do same
thing in their concerning workplace. It is also build a strong relationship with the inside and outside
the organisation. Whereas, the successful entrepreneur have create a competitive advantage to their
workplace environment. So in that situation nobody can beat their uniqueness and competitiveness.
This will ad to increasing maximum profitability and productivity. On the same side rest of the
employees are doing same thing and they also help to create a competitiveness for the organisation.
One more best thing about entrepreneur is an ability to take the risk as well as face big challenges
so, they make that mindset and motivate themselves. They take the responsibilities to take some
action initially and do something new for concerning organisation. So with the help of this ability
other employees are get motivative and they take initiative and do something new. In an
organisation people are doing some new innovations in their working practices. This is help to
increasing performance efficiency and organisational effectiveness. It will make higher profit and
generate maximum revenue. ( Leutner and et.al., 2014.)
On the other hand entrepreneur is very friendly and cooperative with other employees. In an
organisation, company success is render on organisation staff and management where they all are
raising healthy and friendly relationship with each of them. Moreover a successful entrepreneur try
to develop a high level of understanding other one's behaviour which are useful for the whole
organisation. Healthy relationship with other employees is good thing about the enterprise with the
help of that organisation management is very effective and manageable. Whereas every one has
understand their other one's opinions and values. They all are respect and coordinate with each one