Exploring Entrepreneurship: Ventures, Impact and Characteristics

This report provides a comprehensive overview of entrepreneurship and small business management, exploring the relationship between entrepreneurial ventures and their typology, highlighting similarities and differences between ventures, and assessing the impact of micro and small businesses on the wider economy, including their role in social economy development. It also examines the characteristics of successful entrepreneurs, debating whether they are born or made, and analyzes how an entrepreneur's motivation, mindset, past experiences, and background influence their entrepreneurial journey. The report concludes by emphasizing the importance of supporting small and micro businesses to foster economic growth and improve social conditions, highlighting their contribution to job creation, increased purchasing power, and overall stability in both local and international economies. Desklib offers a platform for students to access similar solved assignments and study resources.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
P1 Entrepreneurial ventures and its relationship with various typology................................1
P2 Similarities and differences between ventures of entrepreneurship..................................2
P3 Impact of micro and small business on the wider range of economy...............................3
P4 Affect of small business in the development of social economy......................................4
PART 2............................................................................................................................................5
P5 Characteristics of successful entrepreneurs and determine whether they are made or born..5
P6 Motivation and mindset of entrepreneur reflects from entrepreneurial personality..........6
P7 Past experience and background can affect the concept of entrepreneurship...................7
CONCLUSION................................................................................................................................8
REFERENCES ...............................................................................................................................9
.......................................................................................................................................................10

INTRODUCTION
The concept of entrepreneurship is one of the major factor with the help of which many
business ideas get implemented. This can be defined as the way by which any new and creative
plan is executed in order to establish any new business (Turró, Urbano and Peris-Ortiz, 2014). In
this respect, entrepreneur is the major person who is liable for running a business with the help of
most effective strategies. It is necessary for any economy to get indulged in start- up companies
so that the various benefit out of it can be avail by the people in the most effective manner. Most
of the companies come into existence in the form of small and start- up companies. But with the
passage of time and adopting tremendous techniques and strategies, companies can expand its
business operations in the large market (Sciascia and et.al, 2012). This will help them to attain a
level of sustainability in the market. In short, this report will enable to understand the entire
concept of entrepreneurship and its various typology as well. There are several factors that plays
a major role in building up of successful entrepreneur
PART 1
P1 Entrepreneurial ventures and its relationship with various typology.
The concept of entrepreneurship can be defined as the way by which entrepreneurs take
risk and with the help of strong strategies, they can attain their business goal and objective.
Entrepreneurial ventures can be classified on the basis of following given types:
Start ups- This is a type of venture which has limited resources and established on a
smaller platform. Its main aim is to full fill the need of people. They seek for customer attention
and try to sustain in the competitive market (Mullins, 2013). These companies are important as
they contribute maximum to the GDP and proving best employment opportunities.
Social- In this venture, company try to work for the benefit of the society. They try to
resolve various public issues. It is important to support these types of entrepreneurial venture so
that life of common people can be be motivated. It is necessary to give full concentration
towards social entrepreneurial venture so that the issues of public can be resolved with best
possible solutions.
Corporate- Large companies basically invest in start ups having innovative business idea
and plan. This is commonly known as corporate venture. They are well established in the market
and hence can attain more market shares and profit by investing in start up companies.
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Public sector- In this type of venture, companies focused towards providing public services.
It can be clearly estimated that company chooses type of entrepreneurship as per the
entrepreneurial venture. Given below are the major typology of entrepreneurship.
Small business- This type of business is very large in number and thus contribute
maximum to the economic development (Liñán, Rodríguez-Cohard and Rueda-Cantuche, 2011).
This may includes agents, electrician, plumber and many more.
Scalable start ups- This type of entrepreneurship basically holds the idea where
company is fully aware about its objective and their confidence make them stable in the market.
They know the ways by which they can survive in the market with most effective manner.
Large company- These are the most strong business unit in the market. They have set
objective and full resources with the help of which they can attain their goal in the most effective
manner.
Social entrepreneurship- They work for the society. Several public issues solved by
companies who are working under social entrepreneurship (Fassin, Van Rossem and Buelens,
2011). Normally government gives full support to business plans which comes under the head of
social entrepreneurship.
On the basis of various entrepreneurial venture and typology of entrepreneurship, it can
be concluded that there is a direct relationship between various business venture and its
typology.
P2 Similarities and differences between ventures of entrepreneurship.
There are certain similarities and differences that can be found in various ventures. Given
below are the similarities:
1- Every entrepreneurial venture comes under the head of entrepreneurship. They are
working with some set of techniques. They all have their own target and objective.
2- Every entrepreneurial venture follow some method or technique in order to attain their
mission. These methods vary as per their objective. According to the aim of company, preferred
technique selected (Dennis, 2011). The effectiveness of any business unit depends upon the type
of methods they are following. It is necessary to have best possible techniques so that company
can attain their goal with full efficiency.
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3- All business unit must follow some legal obligations in order to perform all its
business operations. They are abide by rules, regulations and norms so that there would not be
any disputes among commencement of business.
Given below are the basic differences among various entrepreneurial ventures:
1. They are different in their objective. It is very well evaluated that different companies
vary from each other on the basis of their goal and objective. They follow different methods and
procedures in order to carry out all their business operations. As they vary in their objective that
means they must be serving different needs and demand of the customer (Carsrud and
Brännback, 2011). Their objective must serve the needs of the customer. Their aim is to provide
best product and services in the market.
2. All business venture have different features. Such as start up companies have limited
resources and they are operating in a specific region. Large companies on the other hand has all
the resources. They are well established in the market. Public companies get full support from
government and hence can operate in the most effective manner in order to provide public
services.
3. Role of different entrepreneurial venture may vary as per the objective. For this
purpose, business unit determine their goal and set a method to achieve their set target (Carraher
and Paridon, 2015). Roles and responsibilities must be fulfilled in order to achieve the mission of
company.
On the basis of above, it can be concluded that entrepreneurial venture vary from each
other in term of objective, features, purpose and scope in the market. On the other hand, there are
also some similarities that can be noticed.
P3 Impact of micro and small business on the wider range of economy.
It has already been discussed that establishment of business unit in the market will affect
the economy. This is because more the number of companies, more will be money generation.
That is why, it is necessary to understand the concept of entrepreneurship. Given below are the
major points that will reflect the impact of small and micro business on different economy.
Local economy- It is a known fact that small companies start their operations from local
economy. They select a particular local area with some limited resources. They try to full fill the
need and demand of people who are living in a specific locality. Impact of these business on
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local economy can be very well evaluated on the ground where local people can afford good
quality product and services as per their requirements.
Regional economy- When small and micro companies have successfully established
their business in local area, then next they move towards regional economy (Bruton, Ahlstrom
and Li, 2010). In this type of economy, small business can provide employment opportunities to
several people and also the needs and demand of several people can be full filled.
National economy- This is the broad concept of economy and consist of local and
regional economy. The impact of micro business on local and regional economy will finally
decide the overall national economy. There will be stability in the national economy due to the
introduction of various micro and small businesses.
International economy- The affect of local, regional and national economy will affect
the growth of international economy. One of the major impact of small business on the
international economy is that the number of employment opportunity will increase (Schaper and
et.al, 2014). The purchasing power of people will attain a tremendous growth and thus there will
be stability in international economy.
On the basis of above, it can be concluded that micro and small business are important in
order to provide stability in the economy. Various employment opportunists will be created and
it will contribute in the GDP of a country.
P4 Affect of small business in the development of social economy.
As it has already been discussed that small and micro business plays a major role in the
development of entire economy. This is because establishment of several business will lead to
generate money in the economy. And thus, automatically this will improve the effectiveness of
any economic conditions (Phillips and Pittman, 2014). Given below are the major impact of
small and micro business in the development of social economy:
Social issues can be easily resolved- As when companies are established in order to
resolve various social issues, that means the living condition of people will also improved.
Tremendous job opportunists- If there will be so many micro and small business in the
market then this will lead to generate so many employment opportunities. Thus, people can get
maximum number of job opportunities.
Purchasing power increases- If small companies will came into existence, that means
there will be so many options available to a customer in the market. And thus, there will be
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tremendous money creation in the economy. This will lead to increase purchasing power of the
customer.
Social economy will be flourished- It has been evaluated that small business will lead to
create sustainability in the economy. In context of social economy, companies are working in
order to provide benefit to the common people and solve their issues.
From the above mentioned point, it can be concluded that establishment of small, micro
and start up companies are very important in order to improve the economic condition. Specially
the face of social economy is getting better day by day with help of these businesses (Alsos,
Carter and Ljunggren, 2011). With the development of social economy, it can be seen that the
entire growth of economy gets affected.
That is why, it is necessary to support small and micro business in order to achieve growth of
social economy.
PART 2
P5 Characteristics of successful entrepreneurs and determine whether they are made or born.
It has been observed that the traits found in normal entrepreneurs will be entirely
different from successful entrepreneur. Given below are the major traits that are found in
successful entrepreneurs such as:
Excellent communication skills- It has been evaluated that one of the basic trait that is
found in all most every successful entrepreneur is their tremendous command over language.
This will lead them to develop an excellent communication skills. Example of this can be Mark
Zuckerberg.
Leadership quality- It is important for successful entrepreneurs to have leadership skills.
A leader is one who can make people believe in their ideas (Alsos, Carter and Ljunggren, 2011).
They can be able to lead and direct people in most effective manner.
Motivate others- A successful entrepreneur is one who are highly positive in nature.
They are courageous and that is why they can motivate people in the most effective manner.
They act like a role model and thus just like Mark Zuckerberg, people will feel motivated
because successful entrepreneurs are able to do so. It is necessary to motivate employees in order
to attain success in the market.
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Risk taker- This is so far the best quality that is found in a successful entrepreneurs.
They are best risk taker and that is why they are able to make their brand name in the market.
More the capacity to take risk, more will be output. This is certainly very important for
entrepreneur to have risk taking ability in order to shine in the market and hence can become a
successful entrepreneur.
Dynamic personality- It is necessary for the successful entrepreneur to be dynamic in
personality. This is because entrepreneurs are liable for running entire business. They have adopt
dynamic approaches in their behaviour. That is why, they are able to create so much of buzz and
people wants to follow their style of entrepreneurship.
Role model- This is again a very important trait that is found in a successful
entrepreneur. It is necessary for them to be a role model for their other employees so that
workers can imitate their leader and thus, perform in the most effective manner. In this way, the
overall efficiency of work can be increased.
A part from this, it has always been a great point of discussion that whether successful
entrepreneur are born or made (Alsos, Carter and Ljunggren, 2011). In this respect, it can be
concluded that there are some entrepreneurs who has traits of being a successful entrepreneur
from the time of their birth. On the other part, there are some people who do not born as an
entrepreneur but gradually they develop their interest in entrepreneurship and with the help of
various studies, they learn the core concept of entrepreneurs.
P6 Motivation and mindset of entrepreneur reflects from entrepreneurial personality.
It is the personality of an individual which can make them a business tycoon in all over
the world. Personality can be made by various factors or in other word, it can be concluded that
personality of an individual can be shape from a number of element.
Given below are the major factor which can affect the personality trait of an individual in
respect of entrepreneurship.
Family upbringing- It has always been noticed that the major part of an individual's
personality can be shaped by their family upbringing (Alsos, Carter and Ljunggren, 2011). That
is why, people can get most of their personality trait as a affect from their upbringing. Common
way of behaviour, positive approach, decision taking capability, handling problems are all learnt
from family upbringing and background. These personality trait plays a vital role deciding the
effectiveness of an entrepreneur.
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Lifestyle- This is also a part of living standard of a people. Lifestyle can be affected by
an individual's religion. This can be defined as the way by which a person conduct their thought
and mindset. This can be reflected by their way of presenting any task or work. That is why, it is
important to be more certain and specific about lifestyle of an individual.
Cultural differences- Culture can be defined as the way by which two different
community or religion follow some different set of value and beliefs. On the basis of this,
cultural differences arises. It can be seen in an individual's personality because on the basis of
these differences they have made their major personality traits.
Personal motivation- This is so far the best example with the help of which an
individual can get major part of their personality traits (Alsos, Carter and Ljunggren, 2011).
Personal motivation is very important in order to develop self confidence and positivity in any
condition.
On the basis of above factors, it can be concluded that there are several factors which
plays a major role in determining and shaping personality of an individual. This is further
responsible for deciding mindset and motivation an entrepreneur.
P7 Past experience and background can affect the concept of entrepreneurship.
It has always been noticed that an individual's past experience and background plays a
major role in determining entrepreneurship. This is because if there were so many motivations in
terms of rewards and appraisal presented in the past time of an individual, that means there will
be so many positive steps and decisions take by that person in the current scenario. Similarly if
the past experience were not so good that means somehow, they feel demotivated in their present
actions.
Given below are the basis of determining current present entrepreneurial approach. In other
words these factors affect the entrepreneurship.
Economic circumstances- This is so far the most important factor that plays a major role
in determining present entrepreneurial approach of an individual. All business established in
order to get sustainability in the market (Alsos Carter and Ljunggren, 2011). This can only be
possible if business operations are performed in growing economy. This will present all possible
resources that is essential in order to run a business. That is why, economic condition can affect
the entrepreneurial style. It is necessary for any business unit to first choose growing economy
and in this way, they can be able to achieve their target in the market.
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National income- This is again very important factor which directly affects
entrepreneurship. This is because a company needs fund in order to conduct all its business
operations. If national income of a country is sufficient then only a company can get benefit out
of it. On the other hand, if national income is not so good that means it will definitely hinder the
entrepreneurship.
Types of education- Eduction plays a major role in developing best creative ideas for
business venture. This is because education may have a good impact in proving tremendous
learning skills in an individual (Alsos, Carter and Ljunggren, 2011). In context of
entrepreneurship it is necessary to learn several skills, techniques and concepts which are made
in order to learn the concept of entrepreneurship.
CONCLUSION
On the basis of above report, it can be concluded that entrepreneurship is the key concept
responsible for establishing business unit in the market. It has been noticed that person's
background and past experience plays a major role in determining the growth of
entrepreneurship. There are many factors which can affect entrepreneurial personality like family
upbringing, lifestyle, cultural differences and personal motivation. It is a known fact that there
are several traits with the help of which an individual can become successful entrepreneur. These
characteristics may includes dynamic personality, positive nature, risk taker and many more.
Moreover, it has always been a great discussion that whether entrepreneurs are made or born . In
this regard, there re some people who has born trait of being an entrepreneur. On the other hand,
there are some people who learnt several entrepreneurship approaches in order to become a
successful entrepreneur in all over the world.
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REFERENCES
Books and Journals
Alsos, G. A., Carter, S. and Ljunggren, E. eds., 2011.The handbook of research on
entrepreneurship in agriculture and rural development. Edward Elgar Publishing.
Phillips, R. and Pittman, R., 2014. An introduction to community development. Routledge.
Schaper, M.T., and et.al, 2014. Entrepreneurship and small business.Storey, D.J., 2016.
Understanding the small business sector. Routledge.
Bruton, G. D., Ahlstrom, D. and Li, H. L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Carraher, S. M. and Paridon, T. J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Carsrud, A. and Brännback, M., 2011. Entrepreneurial motivations: what do we still need to
know?. Journal of Small Business Management. 49(1). pp.9-26.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business ethics.
98(3). pp.425-453.
Liñán, F., Rodríguez-Cohard, J.C. and Rueda-Cantuche, J.M., 2011. Factors affecting
entrepreneurial intention levels: a role for education. International entrepreneurship
and management Journal. 7(2). pp.195-218.
Mullins, J., 2013. The New Business Road Test: What entrepreneurs and executives should do
before launching a lean start-up. Pearson UK.
Sciascia, S., ad et.al, 2012. The role of family ownership in international entrepreneurship:
Exploring nonlinear effects. Small Business Economics. 38(1). pp.15-31.
Turró, A., Urbano, D. and Peris-Ortiz, M., 2014. Culture and innovation: The moderating effect
of cultural values on corporate entrepreneurship. Technological Forecasting and Social
Change. 88. pp.360-369.
Online
The Influence of Personality Traits and Demographic Factors on Social Entrepreneurship Start
Up Intentions. 2010. [Online]. Available Through:
<link.springer.com/article/10.1007/s10551-009-0358-8>. [Accessed On 1st July 2017].
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