TOP338 Unit 9 Entrepreneurship: Exploring Ventures and Impact Analysis

This report provides a comprehensive analysis of entrepreneurship, covering various venture types such as small business entrepreneurship, scalable startups, large company entrepreneurship, and social entrepreneurship. It examines the similarities and differences between these ventures. The report assesses the impact of micro and small businesses on the economy, highlighting their significance in job creation and economic growth, particularly in the context of the social economy after Brexit. Furthermore, it determines the key characteristics, traits, and skills of successful entrepreneurs, differentiating them from typical business managers, and reflects on entrepreneurial motivation and mindset. Finally, the report examines the environmental factors that foster or hinder entrepreneurship, including the role of background and experience.

TOP338 - UNIT 9 ENTREPRENEURSHIP

Table of Contents
Introduction 3
Task 1 3
LO1: Exploring and illustrating the range of venture types that might be considered
entrepreneurial. 3
P1. Examining different types of entrepreneurial ventures and explaining how they relate to
the typology of entrepreneurship. 3
P2. Exploring the similarities and differences between entrepreneurial ventures. 4
Task 2 6
LO 2: Assessing the impact of small businesses on the economy. 6
P3. Assessing and interpreting the impact of micro and small businesses on the economy. 6
P4. Explaining the importance of small businesses and business start –ups contribution to
the growth of the social economy after ‘Brexit’. 6
Task 3 8
LO3: Determining and assessing the key aspects of an entrepreneurial mindset 8
P5. Determining the characteristics, traits and skills of two successful entrepreneurs, which
differentiate them from other business managers. 8
P6. Reflecting on entrepreneurial motivation and mindset by assessing entrepreneurial
personality. 9
Task 4 10
LO4: Examining the different environments that foster or hinder entrepreneurship. 11
P7. Examining the role of background and experience as a barrier or encouraged to
entrepreneurship. 11
Conclusion 12
References 14

Introduction
In today's world, everyone wants to prove their merits and the current market conditions existing
in the present have enabled such individuals to take up the charge to do something innovative
and new. Entrepreneurship is a branch of business studies where an individual showing the
capacity to develop and willingness to organise as well as manage business Ventures while
taking into account the risks so as to make a profit are termed as entrepreneurs. Their business
ventures in combination with the physical and natural resources such as land, labour and capital
in order to generate revenue. The ability to take a risk in order to bring about some changes and
Revolutionary ideas into the market is the characteristic spirit of an entrepreneur. The ever
competitive global market allows them to realise their full potential. Entrepreneurship is just like
Grand link as there is no guarantee that an idea can sustain a grow in a market.
Task 1
LO1: Exploring and illustrating the range of venture types that might be considered
entrepreneurial.
P1. Examining different types of entrepreneurial ventures and explaining how they relate
to the typology of entrepreneurship.
Everyone wants to be an entrepreneur and yet they do not understand the various differences that
are present in entrepreneurship. In simple words, all kind of entrepreneurship are not same and
hence it is necessary to identify the various types of entrepreneurship that exist in the Global
market. An entrepreneurial venture is one where the inception of a business organisation
develops from limited resources and no extravagant planning. The four main type of
entrepreneurship that exists is small business entrepreneurship, scalable startup entrepreneurship,
large company entrepreneurship and Social entrepreneurship (Sheperd, 2015, p.490). All
business ideas and existing organisations present in the market are due to a moment of ingenuity
and innovativeness and hence the type of the entrepreneurship dictates the future of the
organisation.
With the Boom in personal finance and stabilising economy, there has been an overwhelming
amount of entrepreneurs and startups that have been observed all over the globe. These business
ventures are small but collectively they are the largest employers and industry present in the
current world. Small businesses can be mainly generalised as hardware stores, Consultants,

carpenters, plumber, travel agents, international storefronts to name a few. These small startups
have the main objective of feeding their family and generating a small amount of revenue as
profit. According to Bae (2014, p.220), they do not have the overwhelming desire to take over
and industry or to build a multi-million dollar business venture. These organisations don't have
the capacity to attract big name investors that can be used to fund the business expansion. The
sole mode of a business transaction or capital can be why are friends and families or business
loans.
Scalable startup enterprise visualises the Silicon Valley as their playing field. As compared to
small scale business entrepreneurship these organisations are quite different as the have an idea
that there innovativeness and vision can change the world. They are supported by venture
capitalists and they are involved in recruiting in the best talents who have the capacity to think
outside the box. Scalable startups survive on a repetitive and scalable business model which
allows them to procure capital in order to fuel the expansion of the organisation. The number of
successful scalable startups makes a very small percentage but since they are able to provide
humongous returns they are able to attract nearly all the capital risk (Carland and Carland, 2015,
p.11).
The company having a finite life cycle can be termed as a large company entrepreneurship. This
company during the initial phases grow through innovation and are responsible for providing the
customers with the products that are the variant of a core product or they can launch a new
product by undertaking research to interpret the changes in customer taste and availability of new
technologies. The legislation structures, new market entrants are responsible for bringing in
changes and innovation that forces them to disrupt their normal activities and innovate according
to the new customers. In words of Carraher and Paridon (2015, p.59), this is a difficult process as
the size of the company along with his organisational culture make new innovation and ideas
difficult to implement and this stage these companies survive by either acquiring new and
innovative company or selling themselves to company who is willing to buy them.
Not all the entrepreneurs are busy in their effort to profit from the consumer behaviour. Social
entrepreneurs bring innovativeness while creating products or services that can be used to solve
social problems or needs. However, Unlike the scalable startups, they are not interested in profit
or money making as their main objective is to make the world a better place. This kind of

organisations can be nonprofit, for-profit or a hybrid of both (Ács et al. 2014, p.478).
P2. Exploring the similarities and differences between entrepreneurial ventures.
As the knowledge of different types of entrepreneurial ventures is obtained, it is necessary to
undertake an overall analysis of the different types in order to identify the similarities and
differences between the entrepreneurial ventures. By analysing the above-mentioned fax
pertaining to the different types of entrepreneurship, the compare and contrast of the different
types become easy. Each of the large industry dominating business organisations had a humble
beginning. A business organisation could start as a basic small scale entrepreneurship in the
terms of store forefronts or other such small scale industries (Carland et al. 2015,p.65). Once
these entrepreneurs get the taste of success, they try to innovate their business processes and
bring in Revolutionary ideas along with large capital investment in order to launch a new product
into the market. Some of these products may be designed in order to satisfy the consumer rustic
need of the human society why the other services or products may be able to Cater to the needs
of the society. Once these organisations have been able to generate a lot of goodwill and
acquired investors who are willing to put the money on them and their products lead to large
industry entrepreneurship. According to (Green and Smith, 2013, p.1), this is a step by step
development of entrepreneurship wherein an entrepreneur can begin at any of them mention
types and can attain the tag of large industries by only bringing innovativeness in the operation
and production process of the organisation.

Task 2
LO 2: Assessing the impact of small businesses on the economy.
P3. Assessing and interpreting the impact of micro and small businesses on the economy.
Small or micro Industries have been found to be the critical Factor which is involved in shaping
the European union's enterprise policy. These organisations have been identified as the key to
ensure economic growth, innovativeness and job creation. These organisations have also been
valuable for social integration in the European Union. It is quite the lead to turn small and
medium size industry as important cogwheel of the economy as it represents nearly about 99% of
all the entrepreneur activities that are involved in the huge amount of job creation (Glaeser et al.
2015, p.500).
Small and medium size organisations or enterprises function in a group unlike most of the Other
Enterprises. This kind of dependence and interdependence is found in manufacturing based
organisations or those companies who are responsible for providing less knowledge-intensive
services. This dependence in order to sustain the organisation should not be counted the Pitfall of
a small and micro-sized organisation. This organisation service possible for creating employment
opportunities and also a responsible for gross value added services. In words of Bruton et al.
(2015, p.11), a large proportion of growth and development can be attributed to the creation of
dependent small and medium sized organisations.
Why the large organisations are responsible for creating higher values of value added products as
they are involved in high and medium or low sector of manufacturing. The small and micro-sized
organisations are responsible for providing a high proportion of value added in the service sector
(Martin et al. 2013, p.212). The small and medium sized organisations allow an economy to be
more open to international trade and this helps the country to gain much more economic stability.
Data have been generated by the government websites that link the innovative approaches in
order to gain information on the performance of an enterprise in terms of economy.
P4. Explaining the importance of small businesses and business start –ups contribution to
the growth of the social economy after ‘Brexit’.
The main agenda and focus of discussion since Brexit is the impact of such a decision on small
businesses and business startups that are presently flourishing in the United Kingdom. Before

Brexit, the European Union market was the single largest Market that was responsible for being
indexed in exporting activities with the small business organisations and startups in the United
Kingdom. Most of them were part of supply change which directly and indirectly was
responsible for exporting the end products in the European Union governed regions (Jones, 2014,
p.238). As the United Kingdom left the European Union, the small and medium sized business
organisations need to adapt to the changes that are observed after the incident by streamlining the
oversea trading activities as well as implementing future decisions. One of the potential benefits
of Brexit is that the suppliers and vendors in the UK market will be able to utilise the Global
trading opportunities that can be of significant importance to the small and micro-sized
organisations.
The break from the European Union has allowed the UK industries to come to terms with the
Global market but it also possesses certain disadvantages that cannot be neglected. The current
economy present in the United Kingdom is sustained due to the fact that a sizable amount of
workforce are working in foreign and multinational companies which would effectively come to
an end due to Brexit. As stated by Daskalaki et al. (2015, p.420), this would lead to an increase
in unemployment and the overall economic condition of the country will fall to shambles. The
Exit move of the UK government understand the various obstacles that the economy may suffer

due to the move. Hence it can be predicted that the government will bring about the divergence
in legislations as well as regulations that are concerned with small business entities and this
would enable the business organisations to have a much prolific impact on the current economy
of the United Kingdom.
The growing economic disparity in the country can be a key to future struggles and by resolving
these issues, the government stands to be benefited by the development of entrepreneurship and
startups. These small business organisations are responsible for employing a bulk of the
employees in the UK market and they are also a sizeable force when it comes to export activities.
Both these economic related activities can be considered as plus points of small and micro-sized
industries which have the potential to develop into a large industry (Johl et al. 2013, p.116). This
kind of transition will bolster the confidence of the residents towards their own economic
stability and will enable the country to prosper from any economics setback that originated from
Brexit.

Task 3
LO3: Determining and assessing the key aspects of an entrepreneurial mindset
P5. Determining the characteristics, traits and skills of two successful entrepreneurs, which
differentiate them from other business managers.
Entrepreneurship of luck and there are no fixed characteristics that can determine its success.
This means that each individual have their own ways to solve problems and thus have their own
unique experience which demarcates them from the rest. Hence, it is the reason why it is
important to understand the tea factory that successful entrepreneurs possess that makes them
stand out of crowd. The first key quality that entrepreneurs such as Steve Jobs and Mark
Zuckerberg differentiate from the rest of the business managers is their determination.
Entrepreneurs are a determined lot of individuals who set very clear goals and executed
successfully by showing their determination (Gartner, 2014, p.17). These individual know how
to grow the business and increase the revenue and sales by employing new talent. The
determination of the entrepreneur leads the employees to work in a more organised way and
drive the company towards success. Both the jobs and Mark Zuckerberg where is equally
determine to make their foothold in the growing IT industry and have been able to guide their
peers to do the same. These individuals are not afraid to take raised by assessing the various
factors. As observed by Chell et al. (2016, p.623), when clear indications are not present these
individuals take rest on basis of the get instant. Steve Jobs show that he was not afraid when he
stood up again IBM while Mark Zuckerberg displayed his grit why not standing down to
copycats and rivals. Entrepreneurs are driven by high level of self-confidence that allows them to
work calmly in he went social condition. They understand the fact that challenges reap benefits
and this kind of mentality allows them to spot opportunities when none are available (Abreu and
Grinevich, 2013, p.410). A very remarkable weight of an article is that declared to learn new
things which allow them to stay short as the industry continuously valve and they need to adapt
to what's going on by constantly learning and planning two steps ahead. In words of Fayolle
(2013, p.699). most people get rejected by failure and give up all the hopes but only an
entrepreneur understands that feeling is part of the learning process and by using this failure and
the experience that is gained during the process will be helpful in the future. Steve Jobs had

failed in his first second to create his own company because he was thrown out of the company
he built. But that did not stop him and he went on to had several new development Technologies
of that allow to create something beautiful and eventually returned to his company, Apple as its
head. Learning enhances the adaptability of these individuals which makes them much more
resilient and they need to take actions by accessing the factors and thinking with the gut
(Cowling et al. 2017, p.180). The ability to respond to create to a situation allows competitive
advantage which is very necessary for the current market. Mark Zuckerberg understood the
threat of competition and that's probably a form of messaging and was quickly involved in a
negotiation in which they bought WhatsApp. Both these individuals understand that money
needs to be spent more responsibility which is quite evident from the fashion statement as they
both wear the commoner outfit. They understand that if you got the money it's never wise to
flaunt it. The most humanistic traits of successful entrepreneurs they are experts in making
relationships and having a large collection of contact help in expanding organisation by building
a relationship based on values and also providing an opportunity that is mutually beneficial. But
the most common characteristics among all the successful entrepreneurs is the ability to bring
creativity and innovation in such a way that they allure customers. They are responsible for
setting market standards which allow them to enjoy the tag of market leader (Light and Dana,
2013, p.603).
P6. Reflecting on entrepreneurial motivation and mindset by assessing entrepreneurial
personality.
It is a widely accepted be that small business organisations and startup in the initial and
intermediate phase focus more on sustenance rather than growth. Entrepreneur behaviour is a
complex interaction of personal experiences in response to a situation and access is dynamic due
to the ever changing business situation. Thus, it is not uncommon for the entrepreneur to make
that decision on perception. They observe a situation and consult with oneself in order to
approach the justifiable resolution of the problem. They have an innate ability to dodge a
situation by using their wits without compromising their composer and cool. Entrepreneurial
minds need real challenges and business situations are the perfect synonym for the same and they
are also reflective of the business performance of the firm. Running another process is about the
energy and drive inside an individual which is supported by self-confidence (Grohs et al. 2015,

p.165). They have their ability to initiate a process and undertake the full responsibility for the
same while maintaining a certain amount of control on the process. Mine of an entrepreneur is
full of ambiguity and then are capable of multitasking and can juggle a lot of business activity at
the same time. They have very low fear of failing due to the fact that they take undertake risks of
moderate level. The get involved very intimately with the project.
The OCEAN framework is also a great way to identify the entrepreneurial mindset. According to
this an entrepreneur must be open to accept any new experience and are broad minded and
intelligent. These individuals are dependable and hardworking and hence, conscientiousness.
while many individuals are introverts, a successful entrepreneur is one who is sociable. assertive
and gregarious.. these individuals also have a certain agreeableness to them which is exhibited by
their courteous and cooperative behaviour. Entrepreneurs are bit of crazy when it comes to their
perception but need to be emotionally stable and would not undertake any insecure actions as
they move forward in order to achieve a fixed entrepreneurial growth.

Task 4
LO4: Examining the different environments that foster or hinder entrepreneurship.
P7. Examining the role of background and experience as a barrier or encouraged to
entrepreneurship.
The two things that affect the entrepreneurship in the United Kingdom or anywhere else in the
world for that matter are obstacles and their resolutions. However, sometimes past experiences
and background knowledge make the optical even more complicated and unresolvable.
Background experience pertaining to A sector of the industry where the enterprise functions can
be helpful in solving the technicality issues pertaining to manufacture of products. This
knowledge is also responsible for hindering the process of bringing about innovation or changes
as education highlights the various pitfalls of resolving the issue (Arshed et al. 2014, p.650). By
weighing the pros and cons related to the incident or situation, an entrepreneur can use his
mental faculties and technical expertise to make a judgement and undertake a decision. Once an
issue has been identified, it is crucial for entrepreneurs to look back on the past experiences and
take notes of how the issue was resolved the first time. When the issue cannot be identified,
entrepreneurs need to innovatively look around for answer and employee out of the box problem-
solving techniques in order to deal with the issue. In words of Courpasson et al. (2016, p.132),
this gives them experience and allows them to handle such cases in the future. Another
environmental factor that affects the entrepreneurship judgements and decisions is the ability to
work and function in a diverse demography. Entrepreneurs with the aim of Survival mainly look
forward to young minds who do not have very high level of work experience pertaining to the
industry. This can be both beneficial and harmful for an enterprise as even though the workforce
is cheap and much more malleable it cannot be presumed to be adept at solving problems that are
born to rise during the functioning of the company.
Normally a company has stakeholders and shareholders who in some way or another have
technical expertise in one of the functions of the organisation and hence it is necessary to keep
these individuals happy well they are responsible for bringing in the capital investment that is
necessary for development, growth and sustenance (Goldsby et al. 2014, p.200). The public

shareholders demand that they acquire quality goods and services in return of the monetary
transaction that they are involved in. The employees demand better working conditions in order
to function in a better way to handle customer needs and responses. The background knowledge
of managing such a diverse group of people is very important as they directly are responsible for
the future of the company. In some cases it has been observed that the sense of morality that
inculcate within an individual during the learning process can hinder the growth of the company
and at this juncture it is very necessary for entrepreneurs to engage with the people the employee
in order to work around the strategy that can effectively help the company to avoid the issue.
Apart from these barriers, there are the administrative and regulatory barriers that originate due
to policies and legislations in order to enforce a business conducive environment to develop
entrepreneurship and enterprises. According to Karatas-Ozkan et al. (2015, p.591), policies of
employment regulation and search other legislations in a bit management flexibility which lead
the small sized firms as they are cash-strapped and cannot generate any fund to conduct research
and development activities. They also have an inability to implement the new technologies in the
workspace.
It is quite reasonable enough to state that entrepreneurship is a difficult task. This requires
immense knowledge pertaining to the current legislations, environment factors, market
conditions and regulatory Institutions present in the market. In the case of setting up a new
business in a foreign country, an entrepreneur needs to be able to communicate in the local
language even though they cannot completely support the integration process in the macro and
micro Enterprises. In such cases, it is necessary to obtain relevant information from recognised
institutions (Quataro and Vivarelli, 2015, p.288). The barriers arise when these available
institutions are unable to disseminate information pertaining to the organisation to the consumer
and interested parties. This lack of information can act as a barrier to the people showing interest
are unable to have information on the role of the company, the services they provide and the
mission of the organisation for which the enterprise had been created.
Conclusion
The current assignment was helpful for highlighting the various issues that are commonly found
in entrepreneurship. It was quite useful as it provided enough information pertaining to types of
entrepreneurial Ventures that are present which involved examination of the entrepreneurial

Ventures and finding out the similarities and dissimilarities among them. The impact of small
businesses and startups is very clearly seen on the economic condition of a country and hence the
assessment was helpful in order to explain the importance of such startups in the growth of the
UK economy after Brexit. The assignment also determined that the aspects and characteristics of
an entrepreneur’s mind and helped showcase the reflective account of entrepreneurial personality
on motivation.

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