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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TASK 3
P5 Characteristic traits and skills of Elizabeth Gooch and Tom Mercer
There are many individuals in the world who starts their business or venture everyday.
An entrepreneur is one, who works with more discipline and also a risk taker. Every entrepreneur
has their own skills, knowledge and capabilities to do work. The example of successful
entrepreneur are Elizabeth Gooch and Tom Mercer. They both entrepreneurs are very successful.
There are some characteristic traits and skills of Elizabeth Gooch and Tom Mercer, which are
described as below:
Innovative: they both entrepreneur are very creative. They always implement new ideas
in their business so that they compete the competitors in the marketplace.
Risk taker: Every knows that an entrepreneur is a risk taker. They have ability to deal
with the risk which is associate in the business. Some of the entrepreneurs are successful and
some can be unsuccessful so it is not necessary that every entrepreneur who is successful take the
risk (Welter and Smallbone, 2011).
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Self motivator: Generally an entrepreneur is self motivated. They both have skills,
abilities and knowledge which can motivate them and provide them some capabilities to beat
them also. Entrepreneurs are very passionate towards their work and done it very effectively and
efficiently.
Communication skills: An successful entrepreneur must have some skills and abilities
so that they can communicate in better way. They must have good communication skills so that
they can deal with their suppliers and customers.
Decision making skills: Every entrepreneur must have the skills of decision making. If
they have ability to take decision then they can take make it quickly and without harming any
employees and customers (Carsrud and Brännback, 2011).
P6 Aspects of the entrepreneurial personality of Elizabeth Gooch and Tom Mercer
Motivation is very essential to be a successful entrepreneur. It is the ability and skill of an
entrepreneur to bring something different and make decisions foe the betterment of the business.
They know that where they need to invest their money and which area is beneficial and gives
high return. It is very necessary for an entrepreneur to be passionate towards their work and it
also helps them to boost up their morale. They also need to take care of their employees, they
take decision that could not harm their employees. If entrepreneur have proper knowledge then it
will help the to growth and development.
There are some aspects of the entrepreneurial personality that reflect the entrepreneurial
motivation and mindset which are given as below:
Openness: It means an entrepreneur must have to be open regarding their goals and
objectives, vision and mission. They have to be more creative and innovative for their work.
They need to be more curious so that they can implement new ideas in the business and do not
follow any one. They create their way according to them only (Dennis Jr, 2011).
Conscientiousness: In this both the entrepreneur Elizabeth Gooch and Tom Mercer show
the high level of motivation. They do hard working and also complete their task in the given time
frame.
Extraversion: Elizabeth Gooch and Tom Mercer both are extraversion. They both make
interaction with other or every one. They are always ready to do any work. They always deal
with vendors and customers very effectively.
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Agreeableness: Both are the entrepreneur are very co – operative and trustworthy
towards their work. They both are very friendly in nature also and aside the selflessness away.
They do not have any problem regarding their work also (Neck and Greene, 2011).
M3 Different lines of argument relating to entrepreneurial characteristics
Entrepreneur having most ideal aptitudes and data which will help them in doing
organizations and moreover used the progression and creative ability in their things which help
in satisfying the targets and goals. There parts in business focus is in like manner to a great
degree basic. They make game plans for their business with the objective that they can do their
operational activities in the suitable way. Business visionary need to separate past records which
will help them in their future masterminding concerning their business. They wipe out
undesirable bumbles from their affiliation. Entrepreneurial aptitudes can be learn out by
individual which will help him or her in their development and advancement. An entrepreneur
possess many kinds of characteristics, such as they cater motivation to people; thus, they will do
their work with maximum enthusiastically. They do their work flexibly and take risk, which help
them to improve their revenues and goodwill at marketplace (Gorgievski, Ascalon and Stephan,
2011).
D3 Characteristic traits, skills and motivational drivers
There is two successful entrepreneur Elizabeth Gooch and Tom Mercer, they both focus
on their own branding to become more successful. They both conduct business Elizabeth is
conduct business which is related to the software company and other one is Tom Mercer who
focus on the foods. They both know that skills and knowledge both are very important for the
business. If they want to achieve the target they have to made goals for this purpose. Their main
aim is to reduce or decrease poverty line in nation. Along with this, they are much passionate
towards their work (Carraher and Paridon, 2015).
An entrepreneur has many skills like they do their work with concentration and invest
fund into business which provides them long term success. They manage individuals more
effectively and efficiently. Along with this, they have an adequate ability to determine strengths
as well as weaknesses. They develop some strategies for company; so that, they can overcome
from their threats.
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TASK 4
P7 Personal background and experience can hinder or foster entrepreneurship
Elizabeth Gooch and Tom Mercer's personal background and experience hinder the
entrepreneurship. Elizabeth Gooch is the founder of EG Solutions which is the company of
software. They introduce new programmes also so that they can earn more revenues. The
background of the entrepreneur is also affect the life of an entrepreneur because knowledge of
the person which is business related, they can also get to know from their families also. If
entrepreneur's personal background is not related with their businesses then they can also suffer
from the many difficulties such as marketing. They do not have any experience about it so that it
can be very difficult also. Eduction of the entrepreneur can also affect their experience. Tom
Mercer id the founder of MOMA foods. He has proper knowledge about the marketplace so that
it will be beneficial for him. They both take risk regarding their product and services. They need
to decide that which product has more risk and which covers the less. If they both entrepreneur
have proper knowledge about the product and services which they offer to the public then there
will be less risk also. If they both know about their investing areas properly then they can can
easily earn the profit or can maximise the profit (Fassin,Van Rossem and Buelens, 2011).
M4 Link between entrepreneurial characteristics and influence of personal background and
experience
Elizabeth Gooch and Tom Mercer both are very much related with each other related to
their characteristics and personal background. They can easily influence the life of an individual.
Every one knows that personal background can easily affect an individual and it is also important
comparison to the experience. Background of an individual provide them motivation to be an
entrepreneur (Sampaio, Thomas and Font, 2012). Background can affect their career either
directly or indirectly. Along with this, it will provide more growth to them in their success.
Characteristics of entrepreneur can provide impact to experience Gooch and Mercer.
Gooch is founder of EG solutions and turnover of their organisation is almost £600,000. Mercer
was a founder of MOMA foods. They both utilize new and inventive techniques into their
business which will aid them to attract many clients towards their goods and items. Along with
this, they modify their current products timely which will improve its effectiveness.
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D4 Personal background and experience influences entrepreneurs
Personal background and experience both can affect an entrepreneur positively and also
negatively. There are some adverse affect of it also such as it is not necessary that personal
background always give motivation to an individual sometimes it can also demotivated them.
They establish organisation so that it can provide them profit but it is not always necessary they
will sometimes not achieve the goal so that they did not achieve profits (Preuss, 2011). Along
with this, it is necessary for them to do their business in creative manner as it will assist them to
attract more clients towards them. Hence, they can compete their rivals at marketplace as well as
enhance their reputation and market share.
Donald trump belongs to a rich family, which will assist him in his career. He possess too
much knowledge regarding business which help him in his development as well as improvement.
As compare to him, Jack Ma belongs to a poor family. Therefore, his family background is
entirely different from Donald. His family do not have any kind of knowledge regarding
business. Hence, Trump's family provide him motivation.
CONCLUSION
As per the above mentioned report it is concluded that Entrepreneur and Small Business
Management can generate the employment in the country. Every entrepreneur has their own
skills and abilities to do their work. They all have their own perceptions regarding their work
also. In this report it is description of various types of entrepreneurial venture also. Social and
lifestyle entrepreneurs have some similarities and differences also. Micro and small businesses
have their positive impact in the economy so that they can achieve growth in the market. They
also generate employment opportunities for the people of the country so that they will help to
reduce the poverty line. Both the entrepreneur Elizabeth Gooch and Tom Mercer have their own
skills and abilities to become a manager. It is also described in this report that entrepreneur's
personal background and experience also can affect the characteristic of them.
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REFERENCES
Books and Journals:
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Neck, H.M. and Greene, P.G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management.49(1). pp.55-70.
Gorgievski, M.J., Ascalon, M.E. and Stephan, U., 2011. Small business owners' success criteria,
a values approach to personal differences. Journal of Small Business Management.
49(2). pp.207-232.
Carraher, S.M. and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
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.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Sampaio, A.R., Thomas, R. and Font, X., 2012. Small business management and environmental
engagement. Journal of Sustainable Tourism. 20(2). pp.179-193.
Carland, J.C., Carland, J.W. and Stewart, W.H., 2015. Seeing what's not there: The enigma of
entrepreneurship. Journal of small business strategy. 7(1). pp.1-20.
Raposo, M. and Do Paço, A., 2011. Entrepreneurship education: Relationship between education
and entrepreneurial activity. Psicothema. 23(3). pp.453-457.
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Shane, S., 2012. Reflections on the 2010 AMR decade award: delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
20.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship Theory and Practice. 35(1). pp.165-184.
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Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Welter, F. and Smallbone, D., 2011. Institutional perspectives on entrepreneurial behavior in
challenging environments. Journal of Small Business Management. 49(1). pp.107-125.
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.
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