Analysis of Entrepreneurial Ventures and Personality Traits Report

This report delves into the realm of entrepreneurship and small business management, examining various types of entrepreneurial ventures, including small business entrepreneurship, scalable start-up entrepreneurship, and large company entrepreneurship. It differentiates between social and lifestyle entrepreneurship, highlighting their similarities and differences. The report further analyzes the scope, development, and growth of entrepreneurial ventures in the UK. It also focuses on the characteristic traits and skills of successful entrepreneurs like Elizabeth Gooch and Tom Mercer, exploring aspects of their entrepreneurial personalities, motivation, and mindset. The analysis covers traits such as innovation, risk-taking, self-motivation, communication skills, and decision-making abilities, emphasizing the impact of personal background and experience on entrepreneurial endeavors. The report concludes by summarizing the key findings and providing insights into the dynamic world of entrepreneurship.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1 Different types of entrepreneurial ventures and typology.....................................................1
P2 Similarities and differences between Social and Lifestyle Entrepreneurship........................3
M1 Diverse range of entrepreneurial ventures............................................................................4
D1 Scope, development and growth of entrepreneurial ventures...............................................4
TASK 2............................................................................................................................................5
Covered in PPT...........................................................................................................................5
TASK 3..........................................................................................................................................11
P5 Characteristic traits and skills of Elizabeth Gooch and Tom Mercer..................................11
P6 Aspects of the entrepreneurial personality of Elizabeth Gooch and Tom Mercer...............12
M3 Different lines of argument relating to entrepreneurial characteristics..............................13
D3 Characteristic traits, skills and motivational drivers...........................................................13
TASK 4..........................................................................................................................................14
P7 Personal background and experience can hinder or foster entrepreneurship.......................14
M4 Link between entrepreneurial characteristics and influence of personal background and
experience.................................................................................................................................14
D4 Personal background and experience influences entrepreneurs..........................................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneur and small business management both offers learning to an individual or
student who want to start their own business. It provides growth to the economy and also helps to
increase knowledge, skills and abilities. Small business leads to large business. Person who starts
small business can also have the skills of entrepreneur. Every type of business want to survive
and growth in the marketplace for that they also need some entrepreneurial skills. In the business
world there may be different types of entrepreneurial ventures also. The purpose of this report is
to differentiate between Social and lifestyle entrepreneurship. Entrepreneur and small businesses
are totally different from each other (Dennis Jr, 2011). Entrepreneur focus on innovation and
growth of the organisation while small businesses focus on sales and profit of the organisation.
The purpose of this report is also discuss about the personality of Elizabeth Gooch and Tom
Mercer. They also reflect the motivation and mindset of the entrepreneurial.
Task 1
P1 Different types of entrepreneurial ventures and typology
Entrepreneur is a person or an individual who starts and plans the business. Entrepreneur
is the person who takes risk and develop new idea or product with more innovation and
creativity. Entrepreneur ventures means an individual who arrange capital, material, employees
etc. according to their own and product the goods and services for public or customers. Every
activity which is related to their business is controlled by them only (Neck and Greene, 2011).
There are various types of entrepreneurial venture which are describes as follow:
Small business entrepreneurship: In modern days, there are many individuals who start
their business in small range. In UK there is approx 5 million small businesses which grows
continuously. It also helps to increase employment and helps to increase the growth of the
economy. Small businesses include grocery, travel agents, electricians, plumbers etc. most of the
small businesses are very profitable. They also provide jobs to the people who is not employed
by the large businesses because they do not fulfil the requirement of them. There are many
examples in this context, such as Old world inn, Riverside foods, Good greens and so on.
Scalable start up entrepreneurship: This type of entrepreneurship means the people or
individual who start scalable start up, start doing their business or company when they get to
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know about their vision that can help to change the world. These type of entrepreneurship attract
more investors for their business. The people who are working with these type of
entrepreneurship are best and brightest (Gorgievski, Ascalon and Stephan, 2011). They specially
focus on the venture capitals and want fastly expansion also. They are generally more innovative
and more risky compare to all type of entrepreneurship. Several examples are related to this
Facebook, YouTube, Skype and so forth.
Large company entrepreneurship: These type of entrepreneurship needs more
innovation and creativity in their products and also they offer many types of products and
services to their customers and clients. If they want to compete in the marketplace then they have
to develop new products or services and they can also alter their existing products. Also in large
companies there is different type of people and they have their own culture. For example:
Zappos, Southwest Airlines, Twitter, Google etc.
These all types of entrepreneurship are related to the entrepreneurship typology. So it is
necessary to understand typologies in brief because they all cover the details and description of
entrepreneurship venture types (Carraher and Paridon, 2015).
Types of Typologies:
 Serial entrepreneurship: It is most well known model with progression of time. These
sorts of business administrators think of new inventive thoughts and systems with goal
that they can begin their worry in new country. These are inverse of normal examiner
who concocted new considerations and thoughts. They assume an imperative part in
everyday working of firm, in the event of serial magnate they are extraordinary, after
begin operations in business substance offer duty to others and proceed onward to new
pursuits. These sort of individual has a ton of new outline and plans for various
organizations. These businesspersons are not focus on any one specific vocation, indeed,
they appreciate procedure of beginning new pursuit consistently. There are many serial
entrepreneurs are their in country, like Anthony Mongeluzo, Ellen Thompson, James
Currier, Janet Kraus and so on.
 Social entrepreneurship: Just as a tycoon they can change face of substance same as
social promoters reshape condition of society. They go out on a limb and deed rebuild the
general public bringing open doors for the nation. These examiners open up the thoughts
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which are easy to understand, justifiable, moral and not for benefits. Several social
entrepreneurs are Bill Drayton, Blake Mycoskie, Scott Harrison and so forth.
P2 Similarities and differences between Social and Lifestyle Entrepreneurship
Social entrepreneurship is very famous technique because it is generally used by the start
up companies those want to develop in the social and economic world. It can be different
according to the size and objective of the organisation. Some people or individual who starts
business or organisation for the personal lifestyles. They never start business for profit making.
Generally those type of entrepreneur is focus on the reward and enjoy it. For this type of
entrepreneur they need to be passionate toward their work.
There are various difference between Social entrepreneurial and Lifestyle entrepreneurial,
which are described as follow:
Social entrepreneurial Lifestyle entrepreneurial
This types of entrepreneurial want more
investment in their businesses.
There is no need of investment in the Lifestyle
entrepreneurial.
They want to earn more and more profit. They do not seek for the profit, generally they
are more adventurous (Fassin,Van Rossem and
Buelens, 2011).
They will also give some charity to the people. They only give their time to the people.
There are also some similarities between Social entrepreneurial and Lifestyle
entrepreneurial, which are described as follow:
1. They both are taking risk in their businesses.
2. In both type of entrepreneurial they have leadership quality into them. They use
leadership style also according to their need.
3. They both need motivation for their work so that they can get encourage and do their
work more effectively and efficiently.
4. They both have competitors and want to take the competitive advantage in the market
place (Preuss, 2011).
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M1 Diverse range of entrepreneurial ventures
Entrepreneurial enterprises have too many small firms, thus persons can easily
comprehend about association. It will assist to give experience and along with this they can
control risk through utilizing many tools which are connected with micro companies. If
individuals understand business, they can easily do their project effectively as well as efficiently.
Additionally, they can complete their task within provided time span. Small business enterprises
are covered under private segment and macro firms are related with public aspect (Sampaio,
Thomas and Font, 2012).
Serial entrepreneurship: It is most well known model with progression of time. These sorts of
business administrators think of new inventive thoughts and systems with goal that they can
begin their worry in new country. These are inverse of normal examiner who concocted new
considerations and thoughts.
Social entrepreneurship: Just as a tycoon they can change face of substance same as social
promoters reshape condition of society. They go out on a limb and deed rebuild the general
public bringing open doors for the nation. These examiners open up the thoughts which are easy
to understand, justifiable, moral and not for benefits.
D1 Scope, development and growth of entrepreneurial ventures
Micro companies have much wider scope in United Kingdom and additionally it renders
success and advancement to country. It will assists to provide occupation opportunities to
individuals, thus, they can decrease poverty line of nation. As these sorts of firms are much
flexible so that they can accept modifications adequately. It is essential for workers of
organisation to utilize innovative thoughts which will help them to provide development as well
as growth. Alongside this, it is must for manager to use resources in an appropriate manner,
hence they do not face any sort of problem (Carland, Carland and Stewart, 2015).
In United Kingdom, scope, development and growth of entrepreneurial venture too much.
As each and every entrepreneurs are doing their business by their own only. They provide
growth and success to their business by using innovative and creative thoughts. As a result, they
will easily attract numerous clients towards their products and services. They take risk, which
will assist them to improve their incomes.
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TASK 2
Covered in PPT.
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