Unit 9 Report: Entrepreneurial Ventures, Impact, and Mindset

This report examines various aspects of entrepreneurship, focusing on the types of entrepreneurial ventures, including small businesses, large businesses, social enterprises, and scalable start-ups. It delves into the similarities and differences between social, serial, male, and female entrepreneurs. The report further assesses the impact of small and micro businesses on the UK economy, highlighting their role in job creation and contribution to the GDP. It also explains the importance of small businesses and start-ups in fostering the growth of the social economy, emphasizing their role in satisfying customer demands, increasing income levels, and improving living standards. The report concludes by discussing the scope of entrepreneurship in various sectors and analyzing situational factors influencing entrepreneurs, contrasting their traits with those of managers. The analysis includes case studies of Peter Jones and Bill Gates, highlighting their entrepreneurial approaches and the importance of mindset, family background, and social relationships in achieving success.

UNIT NINE

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examination of types of entrepreneurial ventures and their relation with typology of
entrepreneurship...........................................................................................................................3
P2 Similarities and differences between entrepreneurial ventures..............................................5
TASK 2............................................................................................................................................5
P3 Impact of small and micro businesses on economy................................................................5
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy. ...........................................................................................................................6
TITLE..............................................................................................................................................8
SUMMARY.....................................................................................................................................8
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
In the aspect of becoming a successful entrepreneur, mindset of individual contributes
effectively. This is so because if mindset is clear and positive in order to develop new idea of
business then that entrepreneur gets higher success (Mohamad et.al, 2015). The articles covers
about traits and characteristics of entrepreneurs that varies from managers. As well as role of
family background and experience is also demonstrated in order to becoming an entrepreneur.
Under the article two entrepreneurs are chosen that are local and international. The local
entrepreneur is Peter Jones and global entrepreneur is Bill Gates.
MAIN BODY
TASK 1
P1 Examination of types of entrepreneurial ventures and their relation with typology of
entrepreneurship.
Entrepreneurial ventures- These can be defined as a kind of ventures that are introduced in the
market on the basis of new and innovative ideas. The key objective of these kinds of businesses
is to attract more and maximum customers so that higher profit can be generated. In this aspect,
the individual who involves in process of developing new and unique ideas for starting a
business is known as entrepreneur. In broad sense, this may be defined as a systematic procedure
of designing, launching and managing a new business in the competitive environment. There are
vital range of ventures in that entrepreneurs play a significant role. Such as the intern of
McKinsey & company, gathered key information regards to different types of entrepreneurial
ventures that are as follows:
 Small businesses- These businesses can be defined as those that are operated in a
particular area with small amount of capital. Under these kinds of businesses, the number
of employees should be between 2 to 50. The owner of business is considered responsible
for types of activities and operations. These businesses play an important role in the
development of economy of United Kingdom. This is so because they provide wide range
of job opportunities to people that leads to increase in per person income level.
 Large businesses- The large businesses can be defined as those entities that are operated
at a large scale and in these businesses number of employees should be more then 250.

Their main objective is to earn higher amount of profits by providing vital range of
products and services to customers. For example Tesco plc is considered as large
business. This company play an important role in the aspect of development of economy
of United Kingdom. It is so because they have different branched at various locations in
which large number of customers make transactions with them.
 Social enterprises- The social enterprises are those that are operated by some group of
people with an objective of enhancing standard of people by offering services at lower
cost. For example the Oxfam is a social enterprise that involves in providing services in
order to remove poverty of people whose financial condition is poor.
 Scalable start ups- These are kinds of businesses that are introduced by individual or
group of individuals with new and unique idea. These start-ups play a crucial role in the
context of GDP of a nation because of having large number of customers.
Typology of entrepreneurial venture:
 Serial entrepreneur- This is a type of entrepreneur who introduce a new business with
new innovative idea. The scalable start ups are linked with this typology because these
start ups are started with a unique idea and concept that attracts more customers.
 Social entrepreneur- These entrepreneurs exist in the market in order to developing social
aspects of environment by opening a business. Such as social enterprise is aligned with
this typology because they provide services in order to enhance financial position of poor
people.
 Male entrepreneur- The businesses in that major of the activities are operated by male
staff members are considered as a part of this typology. Like the large business entities
are linked with this typology because in these most of the operations are executed by
male staff.
 Female entrepreneur- The businesses in that major of the activities are operated by
female staff members are considered as a part of this typology. Like the small business
entities are linked with this typology because in these most of the operations are executed
by female staff.
P2 Similarities and differences between entrepreneurial ventures
Comparison between social and serial entrepreneurs:

Social entrepreneurs Serial entrepreneurs
The entities that are launched as per this
typology are associated to personal interest of
entrepreneurs.
The entities that are started under this typology
that have new and unique ideas.
The key purpose of these businesses is to
provide services in order to social welfare of
public.
The main objective of these businesses is to
grab maximum number of market shares so
that level of sustainability can be increase.
Similarities: The common similarities in both of the ventures is that both of them focus on their
overall organisational goals and objectives. Along with both of the entities make their strategies
as accordance of market situations.
Comparison between male and female entrepreneurs:
Female entrepreneurs Male entrepreneurs
These entrepreneurs run their businesses at a
small level so that risk can be neglected.
While these entrepreneurs believes on taking
higher volume risk because of operating at
large level.
The supporting groups under these
entrepreneurs includes friends, family
members etc.
In these entrepreneurs, their supporting groups
are spouse, close friends and occupational
group etc.
Similarities- The most common similarity between these two ventures is that both of them want
to achieve higher amount of revenues. As well as both of them analyse different aspects of
market in order to collect key information regards to competitors.
TASK 2
P3 Impact of small and micro businesses on economy.
In the business environment, there are mainly three forms of organisations that are micro,
small and medium which are described in such manner:

 Micro organisation- These can be defined as kinds of businesses in which number of
employees are below 10. As well as annual turn over is below £2 million. The activities
and operations are conducted at a small level.
 Small organisation- These organisations are quite larger as compare to micro
organisations. Under it, the number of employees are more then 10 but less then 50.
Along with their annual turn over is of less then £10 million. The small organisations
operate their activities in different segments of a particular nation but not across the
nation.
 Medium organisation- These are type of organisations in that number of employees are
more then 50 but less then 250. They generate annual revenue of below £50 million.
Role of micro, small and medium organisations in aspect of United Kingdom's economy:
The micro, small and medium organisations play a significant role in the context of
economy of United Kingdom. It is so because in the UK, 99% businesses are covered under
these organisations. In the perspective of employment, about 60% jobs are provided by these
organisations. These 60% jobs are offered by all these three entities such as 48% employment is
provided by small businesses, 12% of jobs are offered by medium organisations. Additionally,
99.3% business activities arise due to these entities in all around of United Kingdom. Thus, on
the basis of above discussion it can be find out that these above mentioned businesses are too
beneficial in the context of economy of United Kingdom.
P4 Explain the importance of small businesses and business start-ups to the growth of the social
economy.
The small businesses and start ups play a crucial role in context of growth of social
economy of a nation. This is so because of following reasons such as:
 Satisfy the demand of customers- The small businesses and start ups helps in growth of
an economy by providing wide range of products that leads to satisfaction of demand of
customers. As well as if customers will get needed products on time then this may help
them in order to improving living standards.
 Increase per person income level- Another benefit of small businesses and start ups is that
by these organisations provide jobs to needed persons. As a result income level of each

individual increases and it leads to effective development of the economy of United
Kingdom.
 Enhance living standard of public- In addition, the small businesses help for improving
living standard of general public by providing wide range of products as per their
requirement. Such as in the aspect of United Kingdom, living standard is being improved
by getting needed products on time.
So these are some key role of small businesses and business start ups in the aspect of growth of
economy of entire United Kingdom. In the absence of having small business entities a nation can
not be developed. This is so because these small ventures are the pilers for enhancing financial
condition of a country by offering wide range of jobs as well as contributing to gross domestic
product. In the United Kingdom, majority of companies are covered under micro, small and
medium entities.

TITLE
‘The Mindset of the Entrepreneur’.
SUMMARY
The article abstracts about mindset of entrepreneurs. For this purpose the skills, traits of
entrepreneurs are summarized under the article. Basically, in the article role of mindset in
context of developing new ideas for business is abstracted. Along with in developing the mindset
of entrepreneurs, family background and social relationship also play a significant role.
Scope of entrepreneurship:
The scope of entrepreneurship is wider in different kinds of nations. Specially, in
developing countries the entrepreneurship has a vital range of scopes. In the aspect of United
Kingdom the entrepreneurs can achieve higher success if they convert their idea into business in
an effective manner. Some scope of entrepreneurship are demonstrated below in such manner:
 Scope of more profits- In developing countries, there is more scope of earning profits.
This is so because opening an entrepreneur business brings wide range of job
opportunities and through it every needed person can get job. As a result profitability
may increase. Such as the Peter Jones whose entrepreneur idea is to invest in different
aspect of financial activities to gain higher profits can be success in Asian countries.
Along with another entrepreneur, Bill Gates has scope of leading its company at top by
opening branches in the areas wherein unemployment rate is higher.
 Scope in service sector- The service sector has gained importance for different
entrepreneurs due to its expansion (Dimov, 2017). Under the service sector different
aspects are covered such as hotels, tourism and many more. The entrepreneurs have
opportunities to make expand in these service areas which may lead to higher success.
Such as the above entrepreneur Peter Jones and Bill Gates have scopes to start new
ventures in service sector so that their profitability and goodwill may increase.
 Scope in industrial sector- Apart from the above mentioned sectors, entrepreneurs have
another scope in the industrial sectors. This is so because under it, they have large
opportunities and resources in order to achiever higher amount of success. For example

the above mentioned entrepreneurs can start new ventures in industrial sector with an
objective of gaining higher amount of profit by utilising key resources.
So these are the key scope of entrepreneurship in the competitive external environment. It
depends on efficiency of entrepreneurs that how well they grab the opportunities and gain higher
amount of profits.
Situational factors and difference between managers & entrepreneurs:
 Openness- It is one of the key aspect of personality of entrepreneurs that is regards to
openness in nature. In detailed manner, if an entrepreneur is able to express own ideas
and views to different stakeholders then this may lead to motivation to others. Such as the
above described entrepreneurs have this dimension in their personality that helped them a
lot in order to achieve higher success.
 Conscientiousness- This is also an another factor that may lead to motivation of rest of
employees in an entity. It is so because if entrepreneurs are aware about what are their
roles and duties towards their job then it will be beneficial for them in order to motivate
others. Like the above mentioned local and global entrepreneurs have this quality that
helped them a lot in order to motivate their staff members.
 Extraversion- It is linked with approach of participating in different kinds of events that
occurs in the businesses (Sisson, 2017). In the aspect of entrepreneurs, this is essential for
them to involve actively in all events. The above mentioned, entrepreneurs has this
dimension in their personality that helps in motivating rest of staff members.
 Agreeableness- This is important for entrepreneurs to be cooperative in nature, which
implies that if their concept is innovative, they will agree with all their employees
(Khanna, 2016). When entrepreneurs are going to focus on giving people their thoughts
and opinions to express, then it can be useful to get more substitutes. To have more ideas
from every worker, above-mentioned entrepreneurs have this aspect in their personality.
 Neuroticism- Both the businessman and his claims and decisions should be consistent.
This is crucial because if entrepreneurs don't focus on their claims, it can lead to other
employees ' lack of confidence in them. Such as the above mentioned entrepreneurs are
consistent in their judgements which allowed them to pose to employees an ideal
character.

Difference between managers and entrepreneurs:
Manager Entrepreneur
On the other hand, a director is a worker,
employed for a pay-check. So he has no threats
to bear.
A businessman is a visionary who turns an
idea into a company. He's the business
owner, so he's holding all the economic and
other risks.
A manager must concentrate on the business's
day-to-day smooth operation (Pelly, 2016).
An entrepreneur's focus is to start the
company and grow the business afterwards.
The managers get motivated by increment in pay
scale.
On the other hands, the main incentive for an
entrepreneur is success.
The managers are required to be formal in
completing their roles and responsibilities.
The entrepreneur can be formal or informal
in process of completing roles.
Entrepreneurial traits and characteristics:
By their essence, the entrepreneurs have some individuality and because of that they are
successful in life. They have different skill sets and characteristics compared to executives.
Herein, below characteristics and traits of above mentioned entrepreneurs is elaborated that is as
follows:
 Passion- This is one of entrepreneurs' important characteristics that distinguishes them
from business executives. The entrepreneurs are known for their passion for their work
and make every effort to make their venture a success (Outsios and Kittler, 2018). They
do not care about profitability. Such as the above mentioned two entrepreneurs are
passionate towards their roles and responsibilities.
 Creativity- This is the key skill for any type of business entrepreneur's succession. It's
because they are able to create business ideas because of innovation. However, the
entrepreneurs are able to solve any kind of problem that happens during the development
of business venture due to imagination. The Bill Gates and Peter Jones are able to bring
creativity in their existing entrepreneur plans and policies that leads to success.

 Confidence- Ultimately, confidence is the secret to success in any field. Therefore, a
confident man has a positive attitude that lead to new business plans being developed.
The above mentioned two entrepreneurs are confident in nature and this is the key reason
of their success.
Analysis about background and experience that can foster entrepreneurship:
An individual's background and experience plays a key role to become a successful
businessman. This is so because of following reasons:
 Education- The role of education in entrepreneurship is very important. It is because they
can solve any kind of problems if their academic foundation is solid. On the other hand, if
entrepreneurs ' education is poor, they could not be innovative in nature. Therefore, it can
be said that in entrepreneurship, education is very important. Like the Bill Gates had
degree in computer programming. This helped him a lot in generating more innovative
ideas in order to start new business.
 Family - In the context of becoming a successful entrepreneur, family background is also
important because if family members are literature then this can hinder entrepreneurship
(Feldmann, Kaylor and Pun, 2015). Like the family background of Bill Gates and Peter
Jones helped them and motivated them to turn business ideas into a project. Therefore,
the members of the family were educated. Therefore, it could be said that the function of
families to become an entrepreneur is significant
 Social networks- Family, families etc. are included in social media network. If an
individual has many family members, this can be assumed to be friendly in nature. The
individual must be social in nature, just as in the aspect of becoming an entrepreneur.
That's because in the absent of it, a person can not interact and can not be comfortable
with their employees.
CONCLUSION
On the basis of above mentioned article this can be concluded that skills and
characteristics of individuals are too crucial in order to become a successful entrepreneur. The
article concludes about scope in entrepreneurship as well as factors like openness, extraversion

for motivating others. In addition, difference between managers and entrepreneurs is also done in
article. Further part of article concludes about characteristics and traits of entrepreneurs along
with role of family background in becoming successful entrepreneur.

REFERENCES
Books and journals:
Mohamad, N., Lim, H .E., Yusof, N. and Soon, J. J., 2015. Estimating the effect of entrepreneur
education on graduates’ intention to be entrepreneurs. Education+ Training. 57(8/9).
pp.874-890.
Dimov, D., 2017. The reflective entrepreneur. Routledge.
Sisson, N., 2017. The Suitcase Entrepreneur: Create freedom in business and adventure in life.
Simon and Schuster.
Outsios, G. and Kittler, M., 2018. The mindset of UK environmental entrepreneurs: A habitus
perspective. International Small Business Journal. 36(3). pp.285-306.
Feldmann, L., Kaylor, B. and Pun, R., 2015. The embedded librarian as an entrepreneur in a
startup university. Reference Services Review.
Pelly, R .D. M., 2016. A bureaucrat’s journey from technocrat to entrepreneur through the
creation of adhocracies. Entrepreneurship & Regional Development. 28(7-8). pp.487-
513.
Khanna, S., 2016. A Journey from Surgeon to Surgeon Entrepreneur. Clarion: International
Multidisciplinary Journal. 5(1).