Analysis of Unit 9 Entrepreneurship: Report on Ventures

This report, focusing on Unit 9 of an Entrepreneurship course, delves into the multifaceted world of entrepreneurial ventures. It begins by examining different types of entrepreneurial ventures, including small businesses, scalable start-ups, large company entrepreneurship, and social enterprises, and explores their typologies. The report then compares and contrasts these ventures, highlighting their similarities and differences in terms of investment, market focus, and operational strategies. Furthermore, it analyzes the impact of both the public and corporate industries on entrepreneurship and describes the scope, development, and growth of entrepreneurial ventures. A key aspect of the report is the discussion of the impact of small and micro businesses on the economy, including their role in job creation and economic growth, particularly in the context of Brexit. It also identifies and analyzes the characteristics, traits, and skills of successful entrepreneurs, as well as the influence of background and experience on entrepreneurial motivation and mind-set. The report concludes with a discussion on how background and experience can hinder or foster entrepreneurship.

UNIT 9
Entrepreneurship
1

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
P1. Examine different types of entrepreneurial ventures and its relation to the typology of
entrepreneurship ....................................................................................................................3
P2. Similarities and differences between entrepreneurial ventures........................................4
M1. Understanding of both the public and corporate industry..............................................6
D1. Description on scope, development and growth of entrepreneurial venture ..................6
P3. Impact of small and micro businesses on the economy...................................................6
P4. Importance of small businesses and start-ups will contribute to the growth of social
economy after Brexit..............................................................................................................7
M2. Differences that small, medium and large businesses make to the economy ................8
D2. Impact of small businesses on different levels of the economy in a local, regional, nation
and international.....................................................................................................................8
P5. Determine the characteristics, traits and skills of two successful entrepreneurs, which
differentiate them from other business managers...................................................................8
P6.Description on entrepreneurial personality reflect entrepreneurial motivation and mind-set
..............................................................................................................................................10
M3. Argument relating to entrepreneurial characteristics ...................................................10
D3. Characteristic, traits, skills and motivational drivers of successful entrepreneurs .......10
P7. Define background and experience can hinder or foster entrepreneurship ...................11
M4. Entrepreneurial characteristics and influence of personal background and experience to
successful entrepreneurs.......................................................................................................11
D4. Description on background and experience influences entrepreneurs, both positively and
negatively.............................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13
2

INTRODUCTION
Entrepreneurship is defined as activity which carries out to start new business or
businesses with the willingness and capacity to earn more profit. They take financial risk in the
hope of growing at faster rate (Smallbone, Welter and Ateljevic, 2014). Entrepreneur is a person
who runs the business with innovative ideas as individual or in partnership with more than two
members. Businessperson acts as manager and looks at all the activities of organisation. Also,
oversees launch and growth of enterprise. There, is an involvement of entrepreneur in every
functions of the business operations.
In this report, mini research is conducted on different types of entrepreneurial ventures
and related typology of it will be discussed. Also, similarities and difference between
businessperson will be studied over here. According to relevant date here it will be shown that
how entrepreneurship impact the economy (Snow, 2016). Also, here it will be discussing
importance of small businesses and start-ups how they contribute to growth in the society.
Characteristics, traits and skills of two successful entrepreneurs will be studied in it. In this
report, the following activities will cover as Background of entrepreneurship and its impact on
business will be discussed.
MAIN BODY
P1. Examine different types of entrepreneurial ventures and its relation to the typology of
entrepreneurship
There are many types of entrepreneurial ventures on the basis of which they classified and
benefits to customers of it (Schaper, 2016). The investment in business depends upon their size
of business. The different types of entrepreneurial venture are as following:
 Small business entrepreneurship: They are mainly started on small scale with less
investment and their definition of success is to earn profit for family member. Therefore,
it aims at fulfilling needs of their family members and are not able to gain high earnings.
Entrepreneur hire local employees or from family because they are not able to pay much
to employees (Fayolle and et.al., 2015). Small business like travel agent, grocery store,
plumbers, electricians and carpenters are some examples.
3

 4Scalable start-up entrepreneurship: This entrepreneur work differently from small
business. They increase its revenues without high incremental costs. They bring huge
investments from the investors who trusts their products and are ready to give capital.
They believe in providing goods and services of the best quality to their customers.
Therefore, hire employees who are skilled and brightest at their work. The entrepreneur is
ready to pay high salary to the employee's as well. This type to businessperson attracts
various capital risks in the business. Scalable start-ups make innovative and unique
products (Kitching, Hart and Wilson, 2015). Their typology is that they create loyalty
among customers and are ready to pay any price for the quality.
 Large company entrepreneurship: This organisation has a finite product life cycle and
earn more profits in the business. They invest huge capital in their business and have high
level of risk in it. Therefore, it has grown through sustaining innovation and by bringing
new product in the market. The organisation has to face large competition in industry and
needs to bring better products than their competitors. Typology of large scale
entrepreneurship is that they cover large area in the market, which helps them to generate
more revenues. Also, these organisations are mainly customer oriented and focuses on
quality of goods and services (The Four Types of Entrepreneurship. 2011).
 Social company entrepreneurship: They work for the society and development of
social group. Therefore, innovation and new product are required by the society. This
business also provides employment opportunity to those who needs the job. They aim at
earning profits and providing growth in economy of the country. Social entrepreneurship
is a start-up to collect funds for development of the society. Also, they are non-profit
making organisations working for welfare of people and country. They aim at providing
better services to the society and promotes their businesses at every level.
P2. Similarities and differences between entrepreneurial ventures
As per the research it has been seen that there are many similarities and differences in
entrepreneurship sector (Saleem, 2017). This all depends upon size and structure of the
organisation and helps to achieve their goal. It also works as to bring profitability in the
businesses and improve efficiency of firms. Similarities and differences in the business are as
following:
4

Small scale entrepreneur Large scale entrepreneur Scalable entrepreneur
Small scale entrepreneur
mainly focuses on niche
markets and targets small
group of customers.
Whereas large sale
entrepreneur focuses on big
markets and targets large
group of customers.
Scalable entrepreneur mainly
attracts customer of both small
and large scale markets
depends up on their product.
In this industry investment is
very low and they can feed
their family. Do not earn
profit.
There is huge investment
required for its goods and
services. They earn high profit
in the industry.
Their investment usually
depends upon product and it is
more than small scale industry.
Entrepreneur of small scale
industry are mostly proprietary
or partnership and all the
activities are managed by
entrepreneur only.
While they are big company
form and for managing activity
manager is hired.
Scalable entrepreneur can be
small or large all depends upon
the structure of their
organisation.
Small entrepreneur hires local
employees or from their family
only.
They hire employees who are
more skilled and can work at
their fullest for them.
They hire employee's
according to the size of their
businesses and the one who
can work more efficiently for
organisation.
Their main motive is to earn
profit.
Similarly, they also aim at
earning profit for themselves.
Scalable also aim at earning
profit and grow more
They mainly focus on
customers.
They are also customer
oriented organisation.
More focus is on their
customers.
Small scale entrepreneur
brings creation and new
product in the marketplace.
Similarly, large scale
entrepreneur also brings
innovation and new product in
the market.
They also bring invention in
their product and attracts more
customers.
5

M1. Understanding of both the public and corporate industry
Both the public and private sector are very important to be understood, so that
entrepreneurship can be done in effective manner. Public sector is mainly in control of
government and requires large investment. Therefore, large scale entrepreneurs should do their
business in this sector. They can get huge investments from government and can run their
enterprise on large scale (Saleem, 2017). On the other hand, private companies are those where
there is no involvement of government and is run by sole proprietor. This sector is more suitable
for small scale entrepreneurship because they can start their businesses with less investment.
D1. Description on scope, development and growth of entrepreneurial venture
The entrepreneurship has more growth in large scale sector because their market is wider
and provides more opportunity to entrepreneurs. They can attract many customers by bringing
new product and unique goods in the market. Also, can take their product to next level and build
customer’s trust (Fayolle and Gailly, 2015). They can help to increase the economic condition of
country and in development of industry. Also, by this way they can expand their business
worldwide and can become international company. This will help them to explore international
market and attract customers at International level.
P3. Impact of small and micro businesses on the economy
There are many small industries developing nowadays and this helps the country's
economy to grow faster. Small businesses are companies that employs fewer than 500 employees
in manufacturing and 100 in wholesale trade. Therefore, it helps in growth of individual as well
as the government of that country (Brush and Greene, 2015). They are also established to support
emerging entrepreneur by providing backing at each step and developing employees in every
field. Also, helps in the growth of local individual and job creation in that country. Due to small
scale industry’s there was employment growth during current recovery. It was recorded in 2017
5.7 million private sectors were established. Therefore, small businesses accounted 99.3%
growth in private sectors starting in 2017. Total employment showed growth up to 16.1 million
in SMEs and 60% of it was in private sector. UK showed high development in small scale
entrepreneur which lead to growth in the economic as well. Also, there was growth in the
employment of UK by 41000 since 2016 and number of non-employing businesses up to
6

155,000. This sector provided employment to large population in the country and many start-ups
has also been introduced through small entrepreneurs. The GDP of UK has been grown up to 3%
higher than previous year. There was a slow growth in GDP in 2017 as compared to 2016 due to
low investment rate in this sector. Therefore, due to rise in inflation in country the majority
invested in medium and large scale sector. Economic growth started in 2018 on a weal note but
growth is expected to recover slightly during second quarter.
P4. Importance of small businesses and start-ups will contribute to the growth of social economy
after Brexit
Small scale and business start-ups helps the society to grow at a faster rate as it provides
employment to population. Therefore, this ultimately results in growth of economy of the
country (Acs and et.al., 2016). This helps in fulfilling needs of society and individuals that
affects the start-up industry. Due to increase in small businesses and start-ups people will get
more opportunity to grow. Some factors that impacts growth of social economy of small and
start-up businesses are as follows:
 Employment opportunity: Small scale industries and start-ups has showed growth in e
society and in economy of the country. This provides more growth opportunity to
employees of that country and growth in the society is also shown. By providing
employment, organisation get effective and efficient workers and individuals gets chance
to show their talent to the company. Therefore, by this way employees also get work and
firms help the society as well. Also, employment opportunity is increasing by
development of small and business start-ups. This industry should be encouraged more so
that opportunity increases and economy will also grow at a higher level.
 Standard of living: This helps in rising the lifestyle of local people and bring
improvement in their standard of living. They get opportunity to showcase their talent
and skills which are developed. Also, employee's live luxury life and are able to afford
things which are necessary for them. This leads to a rise in standard of society and
economy of the country. The factor that affects employee's lifestyle is income if there is
growth in it they can live better life and bring development in GDP of the country (Acs
and et.al., 2016). Therefore, economy can grow more and convey political stability in the
nation. This help society and give religious freedom to individual. Standard of living can
closely relate to quality of life. Also, by this way an individual gets more connected to
7

society. They get more knowledge about people around them. Local employees can be
assets for small businesses as they cultivate a sense of community which can better the
brand of local entrepreneur.
 Loyal customers: They encourage growth of small entrepreneurs and start-ups and
brings stability in society and economy of the country. In this, Loyal customers helps
products to grow faster and create awareness about new product in the society. Therefore,
by this way organisation can be safe from competition and bring more innovation in
products according to requirements of society.
M2. Differences that small, medium and large businesses make to the economy
Every entrepreneur contributes in development of economy of country but small scale
industry plays a major role in economic growth of nation. They provide the source for new jobs.
Therefore, small scale is located in top 5%-10% of all the growing firm and are increasing day
by day. Small entrepreneurs have won niches market up to 10% annual growth in this knowledge
based services in recent years. Small and medium businesses have contributed more in growth of
the country's economy. Also, those industries have to bring improvement in their quality of their
goods and services. Large scale industry has also contributed in the growth of economy in
countries.
D2. Impact of small businesses on different levels of the economy in a local, regional, nation and
international
Small entrepreneurship has huge impact on different levels of economy. At local level
they give employees to achieve financial independence, encourage innovation and creates
employment opportunities. Therefore, there is growth in economy of local market and raise the
standards of regional market. Due to small scale businesses there is immense growth in economy
of national and international market. This industry is providing more opportunities at global level
and gives individuals more chances to grow. They bring innovation and creates more new goods
for customers. Also, by this economy of that country grows.
P5. Determine the characteristics, traits and skills of two successful entrepreneurs, which
differentiate them from other business managers
Joe Woods is a very successful entrepreneur of IT business and he graduated from local
university 9 years ago and is now a flourishing business man. Joe woods has innovated and
8

created new product for their customers. Steve Jobs is also one of the successful entrepreneur
and he established Apple computers. Also, made Apple companies a brand and he is the co-
founder, chief executive and chairman of the organisation. Characteristic, traits and skill of those
entrepreneurs are as following:
Characteristics of entrepreneurs
1. Joe woods and Steve Jobs both were absolutely clear about their purpose of the business.
Their aim is not only to earn money but also to influence the world by their innovation
and unique products.
2. Those entrepreneurs believe in themselves to change world by their abilities, overcome
their fear and by having high self-esteem to fight competitors.
3. In this, entrepreneurs focus on the things which are important at that time. They have
ability to control their thoughts and take action according to situation that come in front
of them at time.
4. An open mind helps them to become more successful and better than other
entrepreneurs. Therefore, they are always ready to learn new things and try to improve
their goods and services.
Traits of entrepreneurs
1. A successful entrepreneur is always passionate about their work and they internally
realize their mission for the great job. Therefore, gives motivation to work more and get
success.
2. Those entrepreneurs are more flexible to adapt changes and challenges because it’s
important for the business. They are ready to make adjustment for their ideas to
implement.
3. Entrepreneurs have the ability to see future before it happens. Therefore, they have strong
vision and are very successful.
Skills of entrepreneurs
1. Those entrepreneurs are successful because of following discipline in their business.
Therefore, are able to take one step towards their objective and are more focused to
their goals.
9

2. They are more innovative about the goods and services. As a result, they find solution
which are alternative of their item.
P6. Description on entrepreneurial personality reflect entrepreneurial motivation and mind-set
Entrepreneurs for being successful has to feel motivated and should have a focused mind-
set that can lead to an organisation towards success. It is very important for them to be more
motivated so that they can bring success in the business. Joe Woods have very powerful mind-set
and was focused own way of working. Therefore, they get motivation when customers like the
product and demand of it increase in market. I have learned from this report that for being a
successful entrepreneur it’s important to be motivated and have strong mind-set. Steve Jobs get
motived when he was rejected by many individuals in the staring stages of his life. I have learned
that every rejection is a step towards new starting. By this way one can bring improvement in
their work. This will lead one step towards success and mind-set will become more strong.
Without motivation it’s not easy to get what you want and open mind is required to see all
possible outcome of the business. As a result, strong characteristics, traits and skills helps to
build quality and improves the performance of an entrepreneur. An entrepreneur should be
passionate and dedicated about the thing they undertake so that desired result can be
archived, about they work so that can get more success.
M3. Argument relating to entrepreneurial characteristics
It not necessary that very successful entrepreneur have the same characteristics, they can
have different aim, mission, vision and goals for their business. An individual can have
contrasting view point on every aspect of business activity and can have unique way of work.
Every entrepreneur has different goals and objectives for their organisation. They can also have
various methods and ways to handle their problems as well. Also, may have different abilities
and skills that helps them to bring innovation and new ideas for their products. They can also
have different talents and traits that helps them to bring success in their business.
D3. Characteristic, traits, skills and motivational drivers of successful entrepreneurs
For a successful entrepreneur it’s very important to have discipline and focus mind and
should be clear about their goals and objectives. Therefore, they must have idea about the
mission and vision of enterprise so that proper things can be done. They aim at influencing the
world by their goods and services. (Audretsch, Kuratko and Link, 2015). The Best example of
10

successful entrepreneurs are Joe Woods and Steve Jobs they demonstrated the world that
businessman always do not work for earning profit only. Sometimes they work for society and
for their customers as well.
P7. Define background and experience can hinder or foster entrepreneurship
The Background and experience of an entrepreneur affects life of their work as well. Joe
Woods was from middle class family and did not had much source to study. He studied in local
university and graduated 9 years ago and now he is one of most successful entrepreneur in the
world. But, before entering into businesses Joe woods was rejected by many people. He fought
back to everyone and showed success in the field of business (Keith, and et.al., 2016). Steve Jobs
on the other hand also had to face many problems before entering the business. Steve jobs from
the starting was interested in electronic and in technical field. He proved everyone wrong and
work hard. Now he is one of the best example of a successful entrepreneur.
M4. Entrepreneurial characteristics and influence of personal background and experience to
successful entrepreneurs
An entrepreneur forms basic of their business from whatever they have learned in their life
and build characteristics. They adopt things that they have seen in their childhood and by looking
at their parents. So they should provide good environments at home and grow according to it.
Therefore, impact the business and culture of their business. Their experience can be good for
the development of their products and services.
D4. Description on background and experience influences entrepreneurs, both positively and
negatively
They influence entrepreneur both in positive and negative way Joe Woods fightback to
everyone and showed success in the field of business. Steve Jobs on the other hand also had to
face many problems before entering the business. He was adopted by a working class family they
were not much strong financially (Kuratko, Morris and Schindehutte, 2015). Steve jobs from
starting was interested in electronic and in technical field. He proves everyone wrong and work
hard. Now is one of the best example of successful entrepreneur. Steve Jobs got motived when
he was rejected by many individuals in the starting stages of his life. I have learned that every
rejection is step towards new starting. By this way one can bring improvement in their work.
11

CONCLUSION
From this report it has been concluded that entrepreneur is a person who runs the
business with innovative ideas as individual or in partnership with more than two members. This
all depend upon the size and structure of the organisation and helped to achieve the goal. Under
this, Small entrepreneurship has huge impact on different level of economy and help the country
to grow at faster rate. They bring innovation and create more new goods for customers. Also, by
this economy of that country grows. Therefore, it very importance for them to be more motivated
so that they can achieve success in the business. It has been concealed that hard work is required
to bring successful.
12

REFERENCES
Book & Journal
Acs, Z. and et.al., 2016. Public policy to promote entrepreneurship: a call to arms. Small
Business Economics. 47(1). pp.35-51.
Brush, C.G. and Greene, P.G., 2015. Women's entrepreneurship. Wiley Encyclopedia of
Management. pp.1-5.
Cramer, S.M., 2017. USASBE: United States Association for Small Business and
Entrepreneurship 2017. Ticker: The Academic Business Librarianship Review. 2(1). pp.26-
30.
Fayolle, A. and et.al., 2015. Entrepreneurship in Family Firms, Business Families, and Family
Business Groups. Journal of Small Business Management. 53. p.1290.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of Small Business
Management. 53(1). pp.75-93.
Henry, C., Foss, L. and Ahl, H., 2016. Gender and entrepreneurship research: A review of
methodological approaches. International Small Business Journal. 34(3). pp.217-241.
Keith, N. and et.al., 2016. Informal learning and entrepreneurial success: a longitudinal study of
deliberate practice among small business owners. Applied Psychology. 65(3). pp.515-540.
Kitching, J., Hart, M. and Wilson, N., 2015. Burden or benefit? Regulation as a dynamic
influence on small business performance. International Small Business Journal. 33(2).
pp.130-147.
Kuratko, D.F., Morris, M.H. and Schindehutte, M., 2015. Understanding the dynamics of
entrepreneurship through framework approaches. Small Business Economics. 45(1). pp.1-
13.
Roth, S., 2014. The eye-patch of the beholder: introduction to entrepreneurship and piracy.
International Journal of Entrepreneurship and Small Business. 22(4). pp.399-407.
Saleem, M.A., 2017. The impact of socio-economic factors on small business success.
Geografia-Malaysian Journal of Society and Space. 8(1).
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Smallbone, D., Welter, F. and Ateljevic, J., 2014. Entrepreneurship in emerging market
economies: Contemporary issues and perspectives. International Small Business Journal.
32(2). pp.113-116.
Snow, R., 2016. The Entrepreneurship Center at the Mississippi Development Authority: An
Assessment of the State’s Small Business Engine (Doctoral dissertation, University of
Mississippi).
Vargas, M.I.R., 2015. Determinant factors for small business to achieve innovation, high
performance and competitiveness: organizational learning and leadership style. Procedia-
Social and Behavioral Sciences. 169. pp.43-52.
Williams, N. and Vorley, T., 2015. Institutional asymmetry: how formal and informal institutions
affect entrepreneurship in Bulgaria. International Small Business Journal. 33(8). pp.840-
861.
Online
The Four Types of Entrepreneurship. 2011. [Online] Available through:
<http://casnocha.com/2011/02/the-four-types-of-entrepreneurship.html.
13

14