Entrepreneurship: Ventures, Traits, Skills, and Economic Impact

This report provides a comprehensive analysis of entrepreneurship and small business management, focusing on different types of entrepreneurial ventures, their similarities and differences, and their impact on the economy. It delves into the characteristics and skills of successful entrepreneurs, differentiating them from business managers. The report interprets relevant data and statistics to assess the impact of micro and small businesses on the economy, highlighting their importance to the growth of the social economy. It further explores the role of small businesses and startups in creating job opportunities, fostering innovation, and contributing to national income and economic development. The document emphasizes the need for SMEs to adopt new technologies and innovations to remain competitive and drive economic efficiency, referencing examples such as Tesco and various startup ventures.

Entrepreneurship and small
business management

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................5
P1 Different types of entrepreneurial ventures and explaination related to typology of
entrepreneurship..........................................................................................................................5
P2 The similarities and difference between entrepreneurial ventures.........................................7
P3 Interpret and assess relevant data and statistics: micro and small businesses impact on the
economy.......................................................................................................................................8
P4 The importance of small businesses and business start-ups to the growth of the social
economy.....................................................................................................................................10
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiates
them from other business managers..........................................................................................10
P6 Assessing how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set...............................................................................................................................12
P7 covered in PPT.....................................................................................................................13
REFERENCES..............................................................................................................................16

Executive summary
Entrepreneurs are those people who establish a venture around innovation in order to
change the structure of the business world. There are different types of entrepreneurship ventures
as mentioned above who are capable of taking risks and possess specific professional skills such
as communication, problem solving and leadership skills. The report will be based on
entrepreneurship and its contribution towards global economy growth and development.

INTRODUCTION
Entrepreneurship is way by which an entrepreneur discovers new ideas of making profit and
takes all the responsibility of all the business risk both internal and external. The entrepreneur
ventures must have new ideas and skills for new plans and innovations and able to take more risk
(Sebikari ,2019). Tesco is a multinational company and third largest retailing firm in the world.
This report is all about the types of entrepreneurial ventures, typology of Entrepreneurship and
the similarities and differences. Apart from this the impact, growth, scope and importance of
micro and small businesses on the economy. Understanding of both sectors and evaluating the
differences in small, medium and large businesses and lastly the impact on different levels of the
economy are explained.
P1 Different types of entrepreneurial ventures and explaination related to typology of
entrepreneurship
The types of entrepreneurial ventures are:
Small business entrepreneurship: These types of businesses are run by a small number of
employees including the family members, friends and partners. The controlling power is totally
in the hand of the owner (Julien, 2018). It has low profits and low revenue. Oak cash and Carry
limited which has only few employees with revenue of $5.13 million. It’s still in progress and
needs more employees for earring and growing in the market.
Scalable start-up entrepreneurship: These types of business need more external capital for
investments to earn high profits (Neumeyer and Santos, 2018). It is just a start-up business and
needs time to set up. These entrepreneurs have good ideas and innovation skills for developing
different products according to the needs of the customer. Like BizzBy is the top connected
home services company with 11 to 15 employees. This company is providing home services
worldwide so that each and every customer can get the benefits and help from its services.
Large business entrepreneurship: Large number of enterprises has wide range of employees
and products worldwide. It has large number of investment and customers and their main focus
on earning long term profits with low rate of interest and high customer satisfaction (Morris, and
et.al.,2018). Due to its diversity of products its demand is high and ever changing. For example

Tesco is Retail Company which is speeded worldwide so that every customer gets the benefits
from the company. It’s dealing in large number of products, customers, shareholders, debentures,
and financial institution so its scope is wide. Tesco is planning for a new innovative products and
services for new markets as per the competition in the market. There are number of competitors
available in the market for Tesco and all are trying their best to gain their shares.
Social entrepreneurship: This type of enterprises is profit as well as non profit enterprises
which helps society to get fund for their development and providing ways or methods of funding
investments. The company in UK named National healthcare service is providing healthcare and
pharmacies facilities worldwide so that people can get help easily by just contacting them. This
company is helping and guiding people for their issues related to health. This type of enterprises
is paying more attention to customer needs rather than profits as their primary motive is
customer satisfaction.

P2 The similarities and difference between entrepreneurial ventures.
Similarities
 Small business entrepreneurship, large scale businesses and start-up business
entrepreneurship are usually purpose driven and goal oriented which is beneficial for
their success. Passion is one of the most similar thing found in entrepreneurship ventures
whether they are small, large, start-up and medium scale companies (Kraus, Breier and
Dasí-Rodríguez, 2020). The owners of the company genuinely love what they are doing
for the betterment, and they focus on putting their maximum effort and contribution
towards achieving their desired targets.
 All of them have similar characteristics which is useful for them to achieve goals it
includes positively towards task or project, self-confidence among employees working in
the firm and team work which is important for collaboration. With the help of confidence,
all the ventures are able to go a long way and this support them to found out their own
weaknesses and become Better for the future competition.
 This types of ventures are more quick learners and innovative in nature as they know new
technology and innovation is Important to run business smoothly (Audretsch and Moog,
2022). So, the managers in the company are constant learning through new opportunities
and focus on growth and development. In addition to this, one of the key similarities
between small, large and start-ups business owners is taking risks and challenges
positively. By understanding the challenges and risk they can easily make differentiation
between their services and services or products offered by competitors.
 In terms of organizational setup, small business and start-up companies have only few
staff members who are working to achieve goals set by owners. Here, one particular
person has different roles and responsibilities and needs to report it to top-level
management. For example, the business at small scale and start-up owner can be the
salesperson, manager, finance checker and relationship manger.
Differences
 Small business entrepreneurship tends to work with a goal setting process and make
proper planning to attract customers (Zahra, 2021). While on the other hand big
entrepreneurship focus on innovative ideas to beat competition in the market. Just

because of this reason, small businesses and medium scale companies tend to deal with
risks and challenges. On the other side, start-ups business faces more challenges if
planning is not done properly.
 It has been noted that small business has limited growth and development with continued
profitability while on the other side large scale enterprise target rapid growth and high
profit margins. As a result, large scale companies impact economies and small business
remain confined.
 Small business lacks the innovative factor; thus they sometimes fail to attract capital for
running their business smoothly. They take up loans from relatives and family members
to run business in the market for example- small boutiques, grocery small stores. While
on the other hand, large company have technology and innovation with professionals who
know how to sustain innovation in the competitive market (Kraus, Breier and Dasí-
Rodríguez, 2020). Whereas, start-up entrepreneurship starts with a unique and new idea
that can bring a change in the business world. They hire staff members as they seek quick
growth and high return while providing services to customers.
P3 Interpret and assess relevant data and statistics: micro and small businesses impact on the
economy.
In today's business world, where marketers are using effective strategies to beat heavy
competition. Start-ups, large businesses, small sized firms and entrepreneurs are some of the
most important influencers of economic development and growth because in any economy they
represent more than 90% of all staff members and create almost good share in providing
opportunities such as job opportunities to people.
Job opportunities- small businesses create job opportunities for people who want to
make career and drive the economic growth of country. As a result, they make the market more
competitive which is beneficial for them to achieve good position in the market (Audretsch and
Moog, 2022). For example- a local farmer is unable to offer products because he doesn't have to
spend more money on transportation. Similarly, start-up business many be able to use new
technology and innovative ideas. For example- if the people have jobs they are able to fulfil their
basic necessities hence small business are more efficient in the economic growth as they enhance
income generation opportunity for low income people.

flexibility- small businesses and start-up businesses have flexibility as anyone can start
their own new business. Due to this they are more capable and diverse in culture and function
and also increase their own potential as against large scale companies.
Economic Growth and innovation- businesses and entrepreneurial ventures brings
growth and new development to community (Zahra, 2021). Micro and small businesses are
essential for the economy because they create meaningful contribution with greater job
satisfaction. Micro companies foster local businesses as they support communities. They
enhance strengthening the health of community and their lifestyles.
Source: (Audretsch and Moog, 2022)
By evaluating the above mentioned diagram it has been noted that small sized firm has
more viability than medium and large sized firms. According to the chart shown, small business
bring prosperity to the people of the country. Not only do they bring opportunity to the citizen,
but also play a fundamental role in driving the economy of the country. Based upon the figure,
small sized firms have almost contributed about 99.3% in terms of businesses and 48% of
employment.

P4 The importance of small businesses and business start-ups to the growth of the social
economy
Start-ups and small businesses in the world has vital role in the construction of a society.
The impact of small business and start-ups in the global economy is important for the business
economy and social economy. The major reason behind this is that they not only provide ample
of opportunities such as employment opportunities to the different people but also ensure the
money flow across the various society level (Audretsch and Moog, 2022). As per the recent
survey taken, around 600 million jobs would be required over the next upcoming year that is 15
years. Most of the jobs in the world is created by the small business and start-ups. Despite this, it
has been noted that around 50% of the businesses lack access to capital investment or financial
support. Small business and start-ups create development and national income for the betterment
of society.
Small business and start-ups have the capability to fuel economic development and
growth as they create new job opportunities which is beneficial for community. Nowadays, due
to heavy competition in the industries, marketers needs to adopt new innovation and technology
such as CSR to attract more customers. Hence, SMEs also increase the competition by adopting
new ideas and innovation to beat the competitors. This continuous adoption and struggle for
supremacy brings the best out of them and provide more opportunities. By adopting new ideas,
SMEs provides increment in the income level and also increases the productivity as well as
social wide efficiency. New start-ups increase economy wide efficiency and bring forth
innovations which is beneficial for people. Nowadays, people who are getting jobs in start-ups
are getting good package and amount to make efforts as they are hiring skilled and talented and
deserving candidates. Small business is hiring employees at local, regional and national level so
that they can gather employees who are talented and skilled. In global and international level of
business, many Start-ups export its goods or services and set up new branches in various
countries. With the help of this, they can easily earn foreign currency that contributes to
economy growth.
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiates
them from other business managers.
To be successful entrepreneurs, certain characteristics are particularly important when it
comes to starting and leading a venture, especially in the competitive world. Entrepreneurship is

not as easy as people think it requires qualities, skills and good knowledge. They have ability to
generate new ideas, good management skills and motivated towards their vision.
Adaptability- nowadays, due to rapid change in the business strategies and innovation,
entrepreneurs should be adaptable in nature (Liguori and Winkler, 2020). To be successful,
entrepreneurs need to evaluate situations and adapt it so that their business can keep moving
forward without any issue and can make necessary changes if required.
Team work and team building- as we all know it is important to work in team to
achieve success and progress. A great entrepreneur is aware about their weaknesses and strengths
(Ratten and Usmanij, 2021). To achieve success, they build their team having knowledge and
skills that complement their abilities, exchange information related to business ideas and make
necessary decisions. In today's world, it is essential to build team and work with them so that
they can drive a venture towards success and progress. For example- Mr. a want to start a
business, he surrounds themselves with teammates having lots of knowledge, good qualification,
skills and contribute to a common goal.
Risk tolerance- Despite team work, they often associate with risk it means they need to
take major steps to minimize the challenges and beat competition. It has been said that launching
a venture in the competitive world requires an entrepreneur to take challenges (Liguori and
Winkler, 2020). An effective and talented entrepreneur actively manage the relationship between
reward and risk. They find out solutions to minimize it with the support of their team members
which helps them to focus on long term goals.

P6 Assessing how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set
The entrepreneurial mind-set is unique in that it is important to be highly encouraged and
motivated to achieve goals and objectives. One must be creative and communicative, yet open to
accept challenges and risk. Few entrepreneurs are always ready to deal with difficulties as they
know becoming venture is not easy task, yet they are open to failure (Wadhwani and et.al.,
2020). Often times the failure and progress of the venture comes down to the features of the
entrepreneur themselves. for example- If the entrepreneur has positive personality then they can
help bolster economic development which is beneficial for their own goals and also for
employees who working for them. Mr. jack as an IT manager is highly motivated towards work
without getting bored and maintains discipline to compete project on time. A positive attitude is
important for successful entrepreneurs. Hence, it is said that the owner of the company needs to
set the tone for the rest of the people working and influence the organizational culture. A positive
mind-set can lead staff performance and motivate them to take part in every activity.
To be successful leader and entrepreneur, one must cultivate a positive attitude so that
people working in the company learn something new every day (Ratten and Usmanij, 2021). By
adopting this mind-set, entrepreneur create healthy atmosphere which is helpful to reframe
response among people.
Analyse the characteristic traits skills and motivational drivers of successful entrepreneurs
successful entrepreneur needs to be very creative and motivate their staff members so that
they can create curiosity to learn something new. It is important to follow policies and rules in
order to maintain business ethics (Wadhwani and et.al., 2020). Nowadays, entrepreneur are very
creative people as compared to others as they don't want to waste their time on things which is
not fruitful and slow down their creativity skills for any kind of reasons. It is all about self-
confidence and freedom that motivates and encourage them to work effectively to achieve
something good in life.

P7 covered in PPT

If the experience is good then entrepreneur can continue their business activities with longer
period of time and become encourage towards goals (Olanrewaju and et.al., 2020). On the
negative side, if the experience is not good then one might face issues and be afraid to continue
with the work.
For example- Mr. Robert is a shop keeper who set up a new business of ice cream parlour
named as fruity ice cream parlour. He is motivated towards goals and conducted future planning
which includes hiring workers and managing financial. If he is having positive attitude and
support from family he can easily achieve something good in life.
As argues by Doern, Williams and Vorley, (2019), there are different business that cannot
survive for longer period due to inefficient team members and support which demotivate them,
and they cannot achieve growth. Hence, it is said that the past experience is critical as if people
experience failure then it can affect the entrepreneurship negatively.

REFERENCES
Books and Journals
Audretsch, D. B. and Moog, P., 2022. Democracy and entrepreneurship. Entrepreneurship
Theory and Practice. 46(2). pp.368-392.
Kraus, S., Breier, M. and Dasí-Rodríguez, S., 2020. The art of crafting a systematic literature
review in entrepreneurship research. International Entrepreneurship and Management
Journal. 16(3). pp.1023-1042.
Liguori, E. and Winkler, C., 2020. From offline to online: Challenges and opportunities for
entrepreneurship education following the COVID-19 pandemic. Entrepreneurship
Education and Pedagogy. 3(4). pp.346-351.
Ratten, V. and Usmanij, P., 2021. Entrepreneurship education: Time for a change in research
direction?. The International Journal of Management Education. 19(1). p.100367.
Wadhwani, R. D. and et.al., 2020. Context, time, and change: Historical approaches to
entrepreneurship research. Strategic Entrepreneurship Journal. 14(1). pp.3-19.
Zahra, S. A., 2021. International entrepreneurship in the post Covid world. Journal of World
Business. 56(1). p.101143.
Sebikari, K.V., 2019. Entrepreneurial performance and small business enterprises in
Uganda. International Journal of Social Sciences Management and Entrepreneurship
(IJSSME). 3(1).
Julien, P.A., 2018. Sustainable business models, venture typologies, and entrepreneurial
ecosystems: A social network perspective. Journal of cleaner production. 172. pp.4565-4579.
Morris, M.H. and et.al.,2018. Distinguishing types of entrepreneurial ventures: An identity‐based
perspective. Journal of Small Business Management. 56(3). pp.453-474.