Understanding Entrepreneurship

Table of Contents
Introduction................................................................................................................................4

Part 01........................................................................................................................................5

Exploring and Illustrating the Range of Venture Types that are Entrepreneurial..................5

Different Types of Entrepreneurial Ventures and Their Relation to the Typology of

Entrepreneurship................................................................................................................5

Exploring the Similarities and Differences between Each Type of Entrepreneurial

Ventures.............................................................................................................................8

Investigating a Diverse Range of Entrepreneurial Ventures to Demonstrate

Understanding of Entrepreneurship in Public and Private Sector....................................10

Part 03......................................................................................................................................11

Determination and Assessment of the Key Aspects of an Entrepreneurial Mind-set..........11

Insight into the Characteristics and Traits of Three Successful British Entrepreneurs....11

Assessing how Entrepreneurs’ Personality Reflect Entrepreneurial Motivation and

Mind-Set...........................................................................................................................15

Exploring Different Lines of Argument Relating to Entrepreneurial Characteristics.....16

Part 04......................................................................................................................................17

Different Environments that Foster or Hinder Entrepreneurship.........................................17

Examining how One’s Background and Past Experience Can Hinder or Foster

Entrepreneurship with Relevant Example........................................................................17

Analyzing the Links between Entrepreneurial Characteristics and the Influence of

Personal Background and Character Traits......................................................................19

Conclusion................................................................................................................................20

References................................................................................................................................21
Introduction

This report is made to illustrate the details of entrepreneurship to motivate and support the

potential entrepreneurs. It includes elaborate discussion on entrepreneurship, which

elucidates its importance and also provides useful insight on how someone can prepare a

proper mind-set and hone skills to be a better entrepreneur. Furthermore, this report contains

a discussion about the importance of different sized businesses as well as their contribution to

the growth of the economy. The most interesting part of this report is where successful

entrepreneurs were described, which will work for the best interest of the potential

entrepreneurs.
Part 01

Exploring and Illustrating the Range of Venture Types that are

Entrepreneurial

Different Types of Entrepreneurial Ventures and Their Relation to the Typology of

Entrepreneurship

Entrepreneurs are those people who take on a challenge to utilize opportunities by mobilizing

resources, which may or may not lead to the establishment of a business venture (Bessant and

Tidd, 2012). There is a subtle difference between entrepreneurs and intrapreneurs.

Entrepreneurs work on implementing ideas in their organization, whereas intrapreneurs do

the same thing as an employee of an organization. Entrepreneurs are the lifeblood of an

economy since they utilize unused resources to lead the economy to the path of new

prospects and growth.

The types of entrepreneurs are as follows, which can be seen from the illustration below.

Figure 1: Typology of Entrepreneurship (Bessant and Tidd, 2012)

According to (Harrington, 2016), various types of entrepreneurships are discussed here.

Administrative entrepreneurship refers to entrepreneurs who are more focused on

administrative techniques and functions while innovating something. Opportunistic

entrepreneurs look for newer opportunities to utilize in order to bring about an auspicious

change into the existing venture or even give birth to a new one. Incubative entrepreneurs

keep on generating and nurturing new ideas within the existing organization. Imitative

entrepreneurs follow current market products and services to imitate and introduce newer

types to solve problems. Acquisitive entrepreneurs are those who learn from their

competencies going forward and implements the methods they deem appropriate from

previous learnings.

These linkages with all the types of entrepreneurship will be discussed below, considering

various entrepreneurial ventures.

There are four types of entrepreneurial ventures, which are described as follows by showing

linkages to the typology of entrepreneurship.

Small Business Entrepreneurship: Most of the UK’s private sector ventures are of this

kind. These ventures are of a great source of non-government employment, and more than

50% of people are employed in these ventures (Hisrich, Peters and Shepherd, 2015). The

main focus of this type of venture is to provide stable earning to households so that the owner

and family get benefitted. These ventures can be resultant from a different type of

entrepreneurial strategies but mostly from imitative and administrative entrepreneurship.

Scalable Start-Up Entrepreneurship: These entrepreneurial ventures are mostly like silicon

valley’s ventures. These ventures attract angel investors and want to establish as big

corporation someday. This type of venture is established by opportunist and incubative

entrepreneurs who are always ready to utilize new possibilities.

 Figure 2: Types of Entrepreneurial Ventures (Bessant and Tidd, 2012)

Large Company Entrepreneurship: This type of venture takes place based on a line of

products or services that an entrepreneur thinks can be served to an extended customer base

for a long period (Harrington, 2016). This type of venture facilitates much employment at a

time and aids the economic system, trade system, and a lot of other areas too—this type of

entrepreneurship results from acquisitive entrepreneurial strategies.

Social Entrepreneurship: This type of venture occurs from one’s wish to provide services

for the betterment of society. The main focus of this venture is to solve social problems by

capitalizing on newer opportunities. Nowadays, new entrepreneurs are instead encouraged by

this motto to solve social problems, which is giving birth to a considerable number of social

entrepreneurship (Hisrich, Peters and Shepherd, 2015). This type of venture may or may not

be a for-profit purpose. This venture can be linked to the opportunist entrepreneur type.
Exploring the Similarities and Differences between Each Type of Entrepreneurial

Ventures

Stretching the discussion from the previous section, we can categorize all the above

mentioned entrepreneurial ventures into two types, which will be the corporate venture and

social venture. Though public and private ventures fall under the corporate venture category,

they will be discussed separately for a better understanding of the similarities and differences

among them. Taking the study by Lumsdaine and Binks (2013) into concern, the similarities

and differences between each type of entrepreneurial venture are discussed below.

Categories Social Venture Public Venture Private Venture

Goal To capitalize on the To utilize resources To utilize

opportunity in order in order to improve opportunities and

to solve the social the lifestyle of resources in order to

problems. stakeholders. make profits.

Value This venture Increases social Their effort only

provides service to value by providing increases corporate

add value to society. quality services and value.

products.

Stakeholders The mass people of Investors, suppliers, Same as the public

society, competitors, distributors, venture.

and patrons. managing bodies,

regulatory

authorities, and

consumers.

Distribution of Profit These ventures may The profit is The profit goes to

be profit or not for distributed among owners and

 profit. Usually, the investors, owners, stakeholders.

profit is distributed employees, and

for the betterment of societal

society. development.

Source of Fund From charity funds, From the loans and From the loan and

govt. Funds and equity sources. equity sources.

beneficiary funds.
Investigating a Diverse Range of Entrepreneurial Ventures to Demonstrate

Understanding of Entrepreneurship in Public and Private Sector

By discussing various types of entrepreneurial ventures, we have already gained an

understanding of how different entrepreneurial ventures function. Now we need to tag those

entrepreneurial ventures with the public and private sector to get a deeper understanding

regarding this.

The entrepreneurial ventures such as small entrepreneurship, scalable start-up, and social

entrepreneurship can be deployed easily in the private sector, and these work best in the

private sector since fewer restrictions are imposed here, which facilitates the rising

entrepreneurs (Hisrich, Peters and Shepherd, 2015). Nevertheless, ventures like large

entrepreneurial ones are better facilitated if deployed in the public sector because this venture

needs enormous funds and other privileges that can be easily catered by the public service

bodies. The impact of the private sector’s entrepreneurial ventures is usually dominant in the

economy since the quantity is much larger compared to the public sector. However, the large

ventures in the public sector maintains the economic balance for a country in trade and other

aspects.
Part 03

Determination and Assessment of the Key Aspects of an Entrepreneurial

Mind-set

Insight into the Characteristics and Traits of Three Successful British Entrepreneurs

Successful entrepreneurs have some common characteristics that make them a good manager,

as well as a good leader. Sometimes, particular areas of ventures may need distinctive traits

within the entrepreneurs to make him/her succeed in that sector (themes and Creativity,

2020). In this section of the report, we will look into the personal features of three successful

entrepreneurs of the UK to provide the potential entrepreneurs with the knowledge of what

kind of characteristics they need to attain to be successful in this field.

Andrew Diprose (CEO of Rootwave)

Andrew Diprose introduced an innovation to the agricultural system to eradicate weeds using

electronic means without harming the plants (Cotton, 2020). This system does not emit any

carbon into the environment, and it has eliminated the problem of using chemicals in the

process. If we dissect into the characteristics of Diprose, we can find out the following

characteristics in him.
 Figure 3: Andrew Diprose (CEO of Rootwave) (InsightsSuccess, 2020)

Visionary: Andrew could sense that a new line of solution would be needed to solve the

chemical driven problems in the agricultural system. That is why he was a forerunner in this

particular sector.

Creativity: Andrew is always a creative person who loves to bring new ideas into action.

This feature helped him get success in establishing Rootwave.

Determination: Andrew has always been determined about his venture’s success from the

beginning, which led him ultimately to that path.

Jenny Costa (Rubies in the Rubble)

Jenny, quitting on his lucrative finance career, became an entrepreneur by introducing the

world to an extraordinary solution to food shortage. She is the CEO of Rubies in the Rubble,

which saves food wastes from going to the bin and later turn them into varieties of food

products such as ketchup, yogurt, etc. (Cotton, 2020). By researching her entrepreneurial life,

we can point out the following traits she showed as a successful entrepreneur.
 Figure 4: Jenny Costa (CEO of Rubies in the Rubbles) (InsightsSuccess, 2020)

Risk-Taker: Quitting on a secured and lucrative job career, Jenny took the risk of becoming

an entrepreneur, which ignited his thirst to be a successful one in this sector.

Problem Solver: Jenny always loved to solve problems from his early professional life,

which made her solve the social problem by her venture.

Competitiveness: The competitive urge of Jenny made her challenge the big players in the

food industry and become a leader in this sector.

Ade Hassan MBE (CEO of Nubian Skin)

Ade Hassan MBE is the founder and CEO of Nubian skin, which is a lingerie and hosiery

company catering to all skin toned people (Blanchflower and Shadforth, 2016). She

challenged the status quo and broke all the shackled and bigotry and became a leading

entrepreneur in the fashion industry. She is a royal accolade winning entrepreneur whose

motto is to change the perspective and make this world a better place for future gens. The

traits that made Hassan a successful entrepreneur are as follows.

 Figure 5: Ade Hassan MBE (CEO of Nubian Skin) (Receiving Accolade from Prince Williams) (InsightsSuccess, 2020)

Challenger: Hassan challenged the status quo in every sphere of her life, and she brings

about a change in the fashion sector by her entrepreneurial venture.

Courageous: Hassan broke through all the bigotries and prejudices, which reflected her

immense courageous personality that make her a successful entrepreneur today.

Confident: Hassan has always been confident at all her endeavors she has taken her all life.

These trait has led her to the path of a victorious entrepreneur today.
Assessing how Entrepreneurs’ Personality Reflect Entrepreneurial Motivation and

Mind-Set

From various research and study, it is evident that personality has a significant impact on the

motivation and mind-set of entrepreneurs. As seen from the previous discussion, all the three

entrepreneurs were instigated to do something by their feeling of urge to bring about a

change. Furthermore, that feeling was resultant from their personality features.

For instance, Hassan has always had the personality of a bold person who was indomitable by

the criticism and prejudices. By her personality, she mustered the mind-set of leading from

the front in the fashion world by challenging the status quo (Cotton, 2020). Moreover, her

confidence supported her with enough motivation to succeed in this particular venture.

To illustrate with a further example, Jenny, driven by her adventurous personality, gave up

her finance career. She was always seeking to provide something better to this society and

solve problems in it. This combination of her adventurous and compassionate personality led

her found Rubies in the Rubble (Cotton, 2020). Her venture gets accolade to everyone in the

world and is being followed in poverty-stricken countries. Her motivation came from her

personality features, of course. Her mind-set also reflected her courageous personality, who

gave up a lucrative career for an uncertain venture.

Therefore, it can be firmly concluded that entrepreneurs’ personality reflect their motivation

and mind-set.
Exploring Different Lines of Argument Relating to Entrepreneurial Characteristics

The two mainstream lines of argument relating to entrepreneurial characteristics are that if

entrepreneurial characteristics are resultant from personal experience from past and

background or these can be learned by particular methods anytime.

Concerning studies and researches done on this topic, it can be argued that both the

backgrounds and personal experience can influence the entrepreneurial characteristics of an

entrepreneur. As seen above, the entrepreneurial characteristics in all those three successful

entrepreneurs came from personal features that they might have had obtained from personal

experience in job sectors or from their backgrounds, which shaped their entrepreneurial

mind-set and worked as motivation for them (InsightsSuccess, 2020).

However, this is also evident from many studies that entrepreneurial characteristics can be

obtained by practicing and learning from professional sectors without having any prior

knowledge of them. Working as a project manager or in leadership roles also help one gain

this kind of traits to be a successful entrepreneur in his/her life.

Part 04

Different Environments that Foster or Hinder Entrepreneurship

Examining how One’s Background and Past Experience Can Hinder or Foster

Entrepreneurship with Relevant Example

From the earlier discussion, it has become crystal clear by now that the entrepreneurs are of

great importance for society since they bring about change and start something beneficial for

society. Entrepreneurs are the people who provide constant support to the economy, which is

evident from the growth of the UK economy in recent years.

The background and experience are two of the vital components to make up a good

entrepreneur. Many researchers wanted to find out the actual impact of these two components

on successful entrepreneurs, but all of the researches collectively could not lead to any

agreement. One group of researchers says that the kids who have come from a business

family show the inherited skills passed on to them from their successful entrepreneur parents.

Based on that, they say that kids having prior experience and environments useful to flourish

their skill become frontrunners in the business sector (Renko, 2014).

An example can be used to support this group’s study, which is the success story of Matt

White, who is the founder and CEO of JoltCMS. Matt Spoke in many conferences and

seminars on how his prior knowledge and his business-oriented family helped him become a

successful entrepreneur. He shares the story of his father’s struggling business encounters as

a small printing businessman to provide examples of how he learned about challenges and

way out from those seeing his father.

On the other hand, the other group of researchers found no relation to background and

experience to make up a successful entrepreneur. Based on their study, they conclude that a

successful entrepreneur can bloom from anywhere regardless of any prior experience to lead

business and without any knowledge injected by family or surroundings (Kerr, Kerr and Xu,

2018). This group of researchers says that anyone can gain the skill of successful

entrepreneurs by investing time into it. Moreover, they also concluded that if one has a

creative idea to solve any problem, he/she can also muster the gut to do anything to give this

idea a permanent shape and make it real.

To support this group of researchers, the example of the founder of the Virgin Group can be

illustrated. Richard Branson started from scratch in his early life and became a successful

entrepreneur. He came from a middle-class family that could not provide any business

knowledge to him. Branson took on many endeavors from his early life and learned from

those failing ones. However, that is how he learned and became a successful entrepreneur

eventually.
Analyzing the Links between Entrepreneurial Characteristics and the Influence of

Personal Background and Character Traits

As seen in the previous section, it is tough to make this conclusion that the entrepreneurial

characteristics are influenced by personal background and character traits. Still, we can layout

some point of discussion that can enlighten one’s query regarding this.

If one gets to have some prior knowledge about the business scenes from his family and

surroundings, this will surely work as a booster for him/her in the race to be a successful

entrepreneur. He/she will get to obtain features to encounter challenges properly in his/her

personal life in little things. This may ignite their thirst to start their enterprises to be

recognized as a successful entrepreneur someday. Not having this kind of privilege will make

one go a bit slow in the race, but that will surely not eliminate him/her. Instead, he/she can

achieve those characteristics on his/her own by practicing them. However, it cannot be denied

that poor background has led many uprising potentials to decay in many occasions (Lee and

Tsang, 2020).
Conclusion

Discussing the aspects related to entrepreneurship in this report has been the core focus of

this report. By discussing and analyzing these aspects of entrepreneurship, it has been made

clear to the potential entrepreneurs that they must start shaping their ideas and finding out

ways of implement since the stakeholders and govt are providing much aids. Moreover, the

discussion on successful entrepreneurs is aimed at providing them with the knowledge of

what features and traits they should develop in order to succeed as a business leader. In short,

the overall report fulfills the requirements that I, a senior member of FSB, have been asked to

do to motivate and support potential entrepreneurs.

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