Entrepreneurship: Ventures, Skills, Traits, Motivation and the Economy

This report examines various aspects of entrepreneurship and small business management, covering entrepreneurial ventures and their typologies, similarities and differences between ventures, and the impact of micro and small businesses on the economy. It identifies and assesses key aspects of the entrepreneurial mindset and environment that foster or hinder entrepreneurial performance. The report also discusses the traits, qualities, and skills of successful entrepreneurs, the aspects of entrepreneurial personality that reflect on motivation and mindset, and experiences that can either hinder or foster entrepreneurship. Data and statistics are interpreted to define the impact of micro and small businesses on economic growth, emphasizing the importance of entrepreneurship for innovation, economic development, and the creation of new businesses.

Entrepreneurship
and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Type of entrepreneurial ventures and its relation to typology...............................................1
P2 Similarities and difference between entrepreneurial ventures ..............................................3
P3 Interpretation of data and statistics........................................................................................5
P4 Importance of small business and start-up of business for economy growth........................7
P5 Traits, qualities and skills of a successful entrepreneurs.......................................................8
P6 Aspects of entrepreneurial personality which reflects on motivation and mindset...............9
P7 Experience and background that can hinder or foster entrepreneurship..............................10
CONCLUSION: ............................................................................................................................11
REFERENCE.................................................................................................................................12

INTRODUCTION
Entrepreneurship is essential for every business that considers new innovation, creative
Ideas and new technology to run a business. Every large organization started business from small
Industry by innovating the ideas. The person who has small amount of capital start up business
and expand the business at large scale. In other words, it is a small business desire to create,
Organize and run business by taking risk. The main quality of an entrepreneur is to take risk and
Increase the rate of return. Many entrepreneur faces number of problems and changes that help to
Understand the future profitability by defining resource, mismanagement and finance resources
Which help to raise the business activities (Belz and Binder, 2017).
This report will covered different topics such as entrepreneurial venture and its related
typology, similarities and difference between ventures, relevant data and statistics to define the
impact of micro and small business at economy. Moreover, identification and assessment of key
aspect of entrepreneurial mindset and environment which foster and hinder entrepreneurship
Performance.
P1 Type of entrepreneurial ventures and its relation to typology
Entrepreneurship is the way of running a business by filling with expected plans and
strategy which help to increase the business. A person who want to be own boss, sets goals and
objectives in order to control the business activities. The main aim of entrepreneurship is to
define own goal and make efforts to achieve them that make different from others
(Entrepreneurship 2019).
Difference between Entrepreneur, Intrapreneur and owner manager
Basis Entrepreneur Intrapreneur Manager
Meaning A person who set up and
runs own business by
innovating new idea and
create new thing.
This means an
employee of business
industry who need to
innovate new products
and services
Manager id person who
make planning, organize
and control business
function of a firm.
Fund arrangement It raise funds own capital
or friends.
Funds provided by
company.
Arranges by
personal,internal and
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external sources and
managed by manager.
Company Newly formed Already exist May be new or exist
Dependency Independent Dependant Independent
Example Mark Zuckerberg, Steve
jobs
Lockheed Martin who
created new aircraft
model.
A person who control
overall management and
make business decision
in all companies.
In business market there are number of entrepreneur who start their business by arranging
the small capital. Entrepreneur venture stated as organization which emphasis on new innovation
and opportunities in order to social and economic development. In corporate world there are
numerous ventures which are formed for supplying the goods and services (Burrows ed., 2015).
Following ventures are defined below-
Small business entrepreneurship: This includes small size of entrepreneur which runs a
business activity at market place. Business concern sell number of products for gaining profit at
small level. A person who is able to run own business by arranging own capital is known as
small entrepreneurship. The main purpose of this to sell the products and get return from small
business activities. Small entrepreneurs hire local employees or family. Most of the businessman
arrange capital from family, friends and other sources.
Scalable start-ups: The person who do not like small business, starts own scalable
business. This types of entrepreneurs focused on quality of products and services in order to get
maximum profits. In other words, they have vision to change the world and to contribute in the
development of country. They wanted to grow the business at global level. So that they can
acquire higher return by involving risk operation (Devece, Peris-Ortiz and Rueda-Armengot,
2016).
Social entrepreneur: This types of entrepreneurs mainly focused on social needs and
provides that kind of goods and services to customers. Social entrepreneur establish a system to
manufacture better quality of products and services. It mainly considers social needs and wants
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in order to get profits. This type of entrepreneurs faces number of risk for getting people’ needs
and desire and then produce products and services.
Large company: This type of entrepreneurs are mainly focused on large investment and
higher return by offering attractive products and services. Entrepreneurs innovates new ideas and
thoughts for offering different types of products and services. Its main object is get maximum
returns by taking high risk and investment. Large size of entrepreneurs arranges capital from
external sources such as market by issuing shares and debentures, friends and loan which help to
get maximum returns by investing higher amount (Eniola and Entebang, 2015).
Different kind of entrepreneur typology
Lifestyle: In this type of entrepreneurship people focused on lifestyle and operate
business according to lifestyle and financial status such as small and large business. Lifestyle
entrepreneur analysis the market and get the needs of people as taste changing. The
entrepreneurs have main motive is to generate high profit and beat the competition. They works
hard by getting changes in people taste and fashion.
Female entrepreneur: This means female entrepreneurs who starts own business for
getting returns by investing funds in small number. This type of entrepreneurs generates people
needs and fashions which emphasis to sell the products and services. Its main object is to
increase the profit by providing goods and services (Epifanova and et.al., 2015).
Male entrepreneur: The main object of this entrepreneur is to start a business at large
scale in order to fulfill basic needs by obtaining goals. They manufactures goods and services by
filling the needs of customers.
Serial entrepreneur: Serial entrepreneurs mainly focused on manufacturing innovative
products and services by describing best way to sell goods (Galloway, Kapasi and Sang, 2015).
P2 Similarities and difference between entrepreneurial ventures
The number of ventures are works to operate business for filling the needs and wants of
customers. Difference and similarities between ventures are described below-
Basis Small business entrepreneurship Large size of
Entrepreneurship
Similarities The main aim of this business
entrepreneur ventures is to develop
goods which fulfill needs of
This type of ventures mainly
focused on increasing the
demand of product and
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customers. To obtain the maximum
profit by meeting the needs of
customers.
Entrepreneurs analysis the market
trend and get the needs of
customers for fulfilling the needs
and wants. Entrepreneurs mainly
concentrates on actual needs and
desire of people and provide that
kind of goods and services.
services. It manufactures and
deliver goods which are
profitable for customers.
It focused on to expand the
product line and business
activities at global level. The
entrepreneurs introduce new
products in existing market
and new market place.
Difference In this type entrepreneurship,
person focused on profit
maximization. In this ventures
entrepreneur generate profit in
order to make life better. It mainly
considers expanding business
activities for global reaching.
In this type of ventures,
person mainly focused to earn
huge amount of return which
help to grow business at
global level. The entrepreneur
increases business goodwill
by selling number of products
globally. Entrepreneur make
different business strategies in
order to expanding business.
Basis Scalable entrepreneurship Social entrepreneurship
Similarities The main aim of this
entrepreneurship is to increase the
business by selling the products for
growing the profit. They basically
concentrates on social media and
social needs in order to promote
business for obtaining goals or
objects of the organization (Henry,
Foss and Ahl, 2016).
These type of
entrepreneurship have the
main goals to fulfill the social
needs and wants. It finds the
social needs for customers for
accomplish future goals. It
also uses various website and
social media to expanding
business activities at
international level.
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Difference In scalable entrepreneurship, its
main aim is to obtain the profit for
filling own needs rather than
focusing on other needs.
This type of entrepreneur not
focuses on earning profit and
maximize return. Instead of
this they wanted to provide
satisfaction to customers by
providing better quality of
products at reasonable prices.
Social Small and other
Difference The main aim is to work for
society and provide them
satisfaction
The main object is to run a business for
earning profit in business.
It bases on the actual
number of people who lives
and make feel them better.
It based on maximize production and
increase the business at large area.
Similarities It looks for maintain
sustainable business model
Small business also make plans to be
sustain in competitive market.
It study the market trend and
performs better.
Other entrepreneur also analysis the
market and produce that kind of products.
P3 Interpretation of data and statistics
In business scenario, people wanted to run own business that help to get maximum return
by investing amount. Many entrepreneurial activities considers micro and macro business level.
In macro business level, there are number of business owner who innovate new ideas, create
new business and perform business function (Karimi and et.al., 2016). The business concern
records the performance, monitor and control the business operating activities. It is operated by
more than one person who are responsible for all business transaction and crack the competition.
On other side, the micro or small business activities are operates by single person who
focused to deliver the best quality goods and services. It start business by arranging capital from
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personal sources in order to get profit. It does not take high risk and not desire to get higher
return. Macro business concern mainly focused on maximum return by arranging capital from
external sources. This type of business impacts on economical development and future growth of
business. As micro business require less amount of capital for initiation of business and it
involve in manufacturing activities for satisfying the customers. The major impact of business is
described below-
Raise per capita income: It refers to the national income that earn by different business
activities. The analysis of per capita is helpful to state the overall growth and economic
development. In UK, there are number of small business who runs business activity for welfare
of economic development. It support to raise the economy and income level by performing
number of business activities. Per capita income means income of all people who are living in a
country and contribute in the development of country (Lortie and Castogiovanni, 2015).
Optimum use of available resources: This is the best way to increase the profit margin
by utilizing the resources properly. It is business concern’s responsibility to use the resources
optimally in order to get maximum return. Such as micro and macro business focuses to use the
resources in better way. Resources are defines as raw material, labor, finance, human resources,
skills and knowledge. A business concern make so many efforts to get back high rate of return.
By utilizing the resources can increase the i as well as profitability. The small and large size of
entrepreneur build solid strategy for reducing the wastages and increasing the profits. Moreover,
it prepares budget so that capital can be utilize properly.
The above stated outcomes shows that there are number of small and large size of
entrepreneurs which affects business economy. It can be present through chart and graphs that is
discussed below-
year Value addition of SME ‘s in UK economy
2008 100
2009 85
2010 82
2011 90
2012 100
2013 105
2014 120
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2015 140
2016 135
2017 130
2018 130
From the above mentioned graph it has been determined that small scale business in UK
are increasing continuously by performing business activities. It help to develop new business
opportunities and growth of business. Moreover, it help to increase the living standard.
P4 Importance of small business and start-up of business for economy growth
Social economy is the third area of mixed capital economy which is different from
private and public sector. It depend on cooperative, not for profit and voluntary work in which
paid activities are not included. Moreover, it is the collection of social objectives that help to
provide satisfaction and participate in development and growth of country.
There are different types of business who run business in order to get profits. Small
business have own importance who manufactures and perform different activities at market place
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in order to get maximum return. In small business no need to arrange high capital to start up
business.
Small business are important who runs own business by arranging own capital. Small
business concern think about people needs and wants who manufacture better quality of products
and services and also provide satisfaction. Small business are beneficial for achieving the goals
in short duration which is needed (Rauch and Hulsink, 2015). The business concern raise the
business function and perform well at market place which help to growth of economy. In
additionally, small business help to sustain in competitive market by performing well. Following
points are discussed which states business and economy growth-
Social status: It considers living standard of people by performing business activity at
small level. Such as the small business concerns get the ideas of business, arranges capital and
start up the business. If their business is increasing continuously they decides to run it at large
level to maximize the profits. After deciding business person take high risk for getting higher
return. As small business perform numerous business activity and maximize the profit margin.
By running business at large and small level business owner contribute for economic
development. Its importance is described below-
Employment opportunity at large scale: By running business there are chances to
increase the employment opportunity. In UK, there are number of small and large business who
provides number of goods. To run this business there is need to hire employees. Hence, it help to
create the employment opportunity.
Innovation: Entrepreneur has main motive is that to increase the number of customer
which is possible by bringing new innovation. So in UK, business concerns innovate new ideas
that help to run a business successfully.
Sustainability: Small business are also helpful to sustain in competitive market. As
business concerns perform business activity by innovating new ideas that help to main the
sustainability in competitive market (Sirelkhatim and Gangi, 2015).
P5 Traits, qualities and skills of a successful entrepreneurs
In business world, a person become an entrepreneur after innovating new ideas for
getting profits. At present there are many successful entrepreneurs who are known as great
leaders because they innovated new things which are useful for people. Entrepreneurial mindset
means what a person think and create new ideas to introduce a new business. It may be chased
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by any one, including a teen. So person need to think very carefully and should implement the
ideas. There are two types of entrepreneurial mindset who innovate new ideas and create a good
economy by running business.
Individual level entrepreneurial mindset: It means innovator, entrepreneur and
Intrapreneur who run new business or can existing job.
Organisation level entrepreneurial mindset: Competition innovation and corporate
entrepreneurship who works for improvement for competitive advantages.
Such as Jeff Bezos and Elon Musk has different organisational level mindset and they
get the needs and wants of customer and innovate new ideas. Moreover, they always thinks about
to improve the business for competitive advantages. That’s why they are famous and success in
business place. following characteristics, traits and skills of these entrepreneurs are described
below-
Jeff Bezos
Risk bearing ability: Jeff Bezos is creative person who innovates new ideas for running
business and satisfying the customers. He never loss hopes and always ready to get risk. Jeff
Bezos was able r to acquire the power of internet which helped out to expand the business
activities. He took a high risk to expand the business and got success.
Challenges acceptor: Jeff was successful entrepreneur because always ready to accept
the changes and challenges. This person has transformed the business dealings from VCR era to
digital technology.
Elon Musk
Innovative: This is important skills of entrepreneur which includes innovative thinking
and ideas in order to growing the business activities. Elon Musk is famous for innovative ideas
as he developed new automated driven car which help to reduce the burden of drivers. Moreover,
he invented new car model which help to attract the customers.
Visionary: Elon Musk always make solid business strategy that help to run a business
successfully. This person have characteristic to develop the future business strategy that help in
economy as well as organization growth.
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