Unit 4 Entrepreneurship Level 5 GSM London College


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An entrepreneur takes risk for bigger opportunities and is a makes the decision that in how much services and goods will be provided and in what way. It operates small business or large business which depends on its capital. An entrepreneur can be described as a responsible person who starts or begins a project with huge amount of capital. It has a zeal and passion to take its company to the paramount level. Its high level of energy becomes the challenging power for other similar companies in the market. There are many types of entrepreneur like sceptical, copycat, researcher and accomplished. Sceptical Entrepreneurs don't waste time and get inspired by others and immediately initiates their ideas. Copycat entrepreneur always copy the which kind of work other entrepreneur are doing tries to do a relevant type work like them. Research Entrepreneurs renovates the ideas and have their own values and vision.

P1: Different types of entrepreneurial ventures and their relations to the typology of entrepreneurship

Small Business Entrepreneurship: In so many countries 95% business consist small and medium enterprises. All companies make 99.7% and those who are non governmental employee are 50%. In the U.S. 5.7 million small businesses are there. Small businesses are generally worked for considered as market, styler, advisor, travel agents, internet commerce storefronts, woodsman, plumbers, electricians, etc (Herrington, and et. al., 2010)

So its easy to do our own business. In this we can hire our friends, family members. It is very most profitable. Motive is that over all to give the family and make a huge profit, later we make our industry in million profits not to take an industry to over $100 million business.

  • Scalable Startup Entrepreneurship: Nothing scales better than an online business. Now a days generally people are more convenient buy everything by online implementation. However, choosing the right scalable model will have a huge impact on your success. Anyone can start an online business and sell digital products through a website and an email list. Both the website and email list can have an user which is built up with various 'streams' of traffic. These streams of traffic can be form various sources such as Google, Facebook, twitter, YouTube etc. They hire the best and the brightest.
  • Large Company Entrepreneurship: Large companies have more innovative ideas to fulfill customer choices and demands over them. According to customer we have to make, create new technology, etc. To sold a new products in different types of markets should be required a large companies.
  • Social Entrepreneurship: Now a days our all the problem solved on social media its very easy to us. The beginning of any goals or new achievement firstly to make the world a better place, for the wealth of the company founders should not take any market share. They may be nonprofit organization, for-earnings, or hybrid.

Entrepreneurship: It is also called business. In this a business man have different types of ideas, to make or a create easy kinds of ideas to solve customer problem or to make a business well in condition. for an example- Amazon, olx etc. Entrepreneur is such a type of person who make others life easier to live and make so many people rich in their companies (Jones, and Rowley, (2011).

  • Lifestyle entrepreneur: If the entrepreneur is in a lifestyle way is very helpful for the company to create a innovative ideas to put our interests and passions. Knows the ideas of others freedom lifestyle their opportunities, whatever the things are done all are satisfied or not and especially company for the company you should become a good lifestyle entrepreneur.

Research Entrepreneur: The two types of information are exploratory & specific, when the company is conducted a primary research. Open ended research is called exploratory. Its help in specific problem, refer to ellaborate normally, unorganised interviews in which long answers are solicited from a small group of answering (Kirzner, 2015).


Entrepreneurial  ventures are of three kinds :


An entrepreneur has its own vision and initiates its business with the limited resources and spends time in taking high level of risks by providing appropriate service and high quality of product.


They are action-oriented, very much active  and possess bigger organization. They can recover their loss as they are profit based firms and works under comfort zone. They can initiate at the domestic level and can easily for-see the competitors.


The person which manages the team within the organization for the work to be done is called managerial work force. They get their payment of their work.

P2 similarities and differences between entrepreneurial ventures

Small Business Venture

Scalable Start up Venture

Social Venture

Small Business Venture has low potential in each and every aspect. It doesn't have the capability of reaching to the millions of customers (Awogbenle and Iwuamadi, 2010). Their focus is based on today's investment. A low amount of fund is required in the operational and financial trading departments. They are funded by their close ones. Small business venture have few employees and are owned in partnerships or by corporations.

Similarly in start up venture the focus is based to serve and reach many people. Sometimes problem arises when the business is affected by some of the unreliable products and is such situation arises then it can be said that start up venture is going on. Startups like as small business venture addresses to the limit size of market.  These are similarly funded  by their families only and not any other unknown person or relative. Startup are mainly faster and are started by individuals.

The similarity of social , small and scalable venture is mainly to create a profitable value of their own companies as well as for their shareholders. They are described in various forms like not-for-profit organizations, community groups, NGO.etc.

They focuses mainly on technology , energy and entertainment areas. Green projects and keeping the environment pollution free i.e. Clean energy are focused by the projects of the small scale ventures.

They also focus on the main purpose by land filing  the wastage.

Social venture is environment friendly and has a large social impact on the living of people. They don't quit their responsibilities and when ideas becomes execute they resume back

The key quality of small scale are the customers as all the cash flow is generated through them. More value is created which goes much far.

They have the potential to expand their channels  nationally , regionally with a high margin and possessing the brand (Alsos, Carter and Ljunggren, 2011).

All look for a sustainable business and for them customers are their key assets and take branding and media on their hand.


Small Business Venture

Scalable Start up Venture

Social Venture

Small business is usually self occupied and have limited boundaries. Small business get their funds from their own families and known ones (Barringer, 2012).  .

 Scalable Business are inspired and have their own aspirations which results into a bigger impact on the market

Social venture can be described in many forms including proprietors, community organizations,, NGO.

Small business are permanent as they dont have any long term vision (Bruton, Ahlstrom and Li, 2010)..

They are short-lived. And have the capability of becoming a big venture.

It is not for profit generation.




P3 data and statistics to illustrate how micro and small business impact on the economy

The business giving the employment to around 250 people or less than it comes under the category of medium and small scale industries. There are various small and medium sized industries in UK which has acquired almost 99% of the market. And In 2016 5.4 million SMEs were calculated (Carsrud and Brännback, 2011).. A large amount of micro business were established in 2016. Any enterprise which consists of very low level of employees, it can between 0-9 in calculation  then it is called Micro business. Data shows that 5.3 million of micro business took over of almost 96% of all business. SMEs have generated a large amount of employment between 2002 and 2008. The data says that homeworkers have also increased from 1998 to 2014. According to statistics there were 1.3 million of homeworkers in 1998 and now it has grown up to 4.2 million in 2014. Private sector employment accounts to 60%  and looking at the private sector turnover in SMEs was Euro 1.8 Trillion which is almost 47%. More than 250 people are employed in medium sized industries while micro and small level employment has limited people of around 9. This limits the opportunity for the the job socially. But considering the facts no. of micro and medium size business are increasing which are increasing more job opportunities among the people and increasing the value of products and market level. Comparing the medium enterprise and small business from an economical level in UK medium size industries doesn't leave much impact on the market sector. Competition between the industries of UK is increasing day by day. And 99% market is captured by medium and small business. SMEs are eager in UK to expand more beyond the boundaries as globalization has taken place after 1990. SMEs have outsourced their products to countries which are having lower cost like in developing countries by specializing their manufacturing products at low cost in UK.

P4 The importance of small Businesses and business start ups to the growth of the social economy in UK.

The revolution in UK start up companies brought a revolution in the market. In the previous year 660,000 companies got established and this data risen up to 608000 in 2015.Some loans were also given to start up companies and a shortage of labor occurred. In UK small businesses and start ups have created a large amount of jobs. Economy's engine is driven by SMEs. It also depends upon the size of business. Small scale industry appoint less people but then too due to the establishment of many SMEs many job opportunities are knocking the doors. In this business everybody wants to be its own boss.  There is a successful existence of SMEs in the retail market of UK and its credit goes to the particular targeted customer. They pursue some attributes though they do not have the skills of marketing their products. These skills are observation of their targeted marketplace, understanding the policies of their competitors, providing a quality wise product to the customers, providing employment to the talented and knowledgeable employers, creating a positive image of business in the market to attract customers, creating good image so that suppliers provide goods at right time (Chittithaworn and, 2011).. These attributes all together make them stand in the market and help the SMEs to grow more strong and competitive. Some large companies offer their products at low price and adopt economies of scale and use more modern technologies like digital marketing or reaching the customers through online websites, creating websites more bright and keeping it all time updated. In this case small industries focus on the strategies of capturing just a section of market which is not surrounded by number of retailers. These strategies help them to go beyond the positioned strategies and through this they directly meet the customer needs. With the nurtured marketing skills in retail market they are able to compete with the other level of brands. Looking at its success factor the retailers of SME use the technique of high quality of product and good customer service for the establishment of strategic positioning in the market. In UK only those SMEs are successful which pay attention to their product segmentation or market place. Now SMEs are planning to broaden up their wings across the boundaries as well through export , import. Small and start ups represents a good proportion of UK's economy as seen by this content and because of the social factors like market power, scope of operations, the size of company, small and start ups are playing a vital role in UK's economy (Dacin, Dacin and Matear, 2010)..

P5:  Characteristic traits and skills of entrepreneurs

Differentiate between entrepreneurs and business manager:

Both our different kind of role a entrepreneur or business manager. They play a different types of role in the company to do their work are different, their responsibility their profile too also in the company. Its not necessary all the time company in profit condition ups and down are coming so the company want a good well entrepreneur to work a courage person who handle all the situations. A manager is next position of owner to play a role in the company he also guide a employee and handle all the work in company. Entrepreneur may need to hire good people, to manage their company in always in good condition to gain much profit all the time. Business manager who gets the things done through his subordinates, with the aim of complete business objectives efficiently & effectively. Mangers have the right to take information of his subordinates work how they are doing in the company well doing or not he can tell them a right things for the company. Managers are also 3 types like top level managers, middle leval managers, low level managers.

  1. Entrepreneur is a person in the company who always take the risk of financial support order to get profit. An individually who take the responsibility, controlling, managing their sub cordinates is known as manager. They both are different and opposite in their role in the company. Manager got a salary of his performance while the entrepreneur is reward to the profit. Entrepreneur should have creative ideas and innovate a new technology to the company to guide a manager. Entrepreneur is a risk taker, while the manager is opposite to take risk.
  2. Passionate: a successful businessperson must be passionate about their piece of work which were they doing and carry out it effectively. In this method, both Bill Gates and Mark are very loyal in their nature for the business and passionate of entire venture.
  3. Risk Takers: a successful entrepreneur can be conclude that the risk takers. In this stage, they both are not afraid for their future planning and making effort for further objectives and goals. All this circumstance, helped in to become a successful entrepreneur and succeed in their venture.


The entrepreneurial factors of Mark Zuckerberg and Bill Gates obstruct them from becoming a successful entrepreneur. Yet they faced the obstacles and are very lucky that they succeeded in their life because they believe in their innovative ideas and the theory of attaining success. They were daring and brave and were strong thinker. Both never took any situation lightly and faced the tough situation boldly and smartly. No one new in their these emerging business magnets will one become a business tycoon.  So there is a linkage in the background and entrepreneurial characteristics of both the business magnets.

P6 entrepreneurial motivation and mindset.

Aspects of Elizabeth Gooch and Tom Mercer reflects their entrepreneurial motivation and mindset.

Firstly Bill Gates was  magnetic personality and has its own long term vision and passion in life through which he  started his own business . He has his own leadership qualities in life:

  • Believing in his own ideas : bill Gates used to deliver seminars in early 1980s with Steve Ballmer and used to explain about the graphic interface for the future establishment of OS.  He used to carry a revolutionary idea with him but nobody believed him at that time. But Bill Gates believed  in his ideas and finally launched Windows 1.0 in 1985.
  • Be a Smart Worker : Results comes out when someone work out. But Gates believed in working smartly. Nobody paid attention to his work on his office in the college as he used to work when the final moment comes Alsos, Carter and Ljunggren, (2011),.
  • Be dare to take challenges : Bill Gates is audacious and dauntless. Origin of Microsoft is a perfect example of his audacious and brave personality. Basic interpreter to their micro computer was MITS. BILL Gates and Paul Allen both developed its programming and firstly sold out. IBM is the competitor to the Microsoft.
  • Always be result oriented: After the origin of Microsoft many people were professionals were employed. He was crazy for his work and always believed in producing quality software which payed attentiveness to the company and the customers worldwide Barringer, (2012),.

Mark Zuckerberg  is a name whose name teaches the youth the real meaning of success.

  • Equanimity :

In a stressful condition Mark Zuckerberg always remain cool and calm. This calm approach helped him to built a healthy relationship between him and his employees no matter whatever the situation arises.

  • Critical thinking:

Mark Zuckerberg brought his computer in 6th grade through which he noticed the functioning of programs and he tried to figure it out in a deeper manner. He thinks that only critical thinking can bring success in life instead of accepting the primary ideas and applying them in the life to achieve success. He detected that at a moment in life he was going more deeper in his thoughts , vi son, and ideas  which were continuously making his ideas more disruptive and valuable.

  • Problem Solving: He has always targeted on solving problems rather than carrying forward into life. Philosophically he used to ask himself as if he is using his time efficiently or not or is he doing the most critical task of his life. These questions   solved out his problems (Carland, Carland and Stewart, 2015)..
  • Effective communication : Mark took the charge of communicating with the staff on himself. And those today who are working in Facebook freely walk, talk to each and every person , questions with everybody and personally know each other .

P7 Background and experience can hinder or foster entrepreneurship.

A successful entrepreneur faced a different types of problems, difficulties and issues to work for accomplishing their dreams and goals. The success of entrepreneur is always determined the by through failures they gone through, while they determined by their heights. Bill Gates and Mark faced so many problems in their past life regarding family, background, and so else  (Drucker, 2014).... Today whatever they achieved in their entire because of their mind and personalities to face all difficulties and issues effectively and efficiently. With the help of their risk taking and passionate characteristics, they accomplish their desired goals and became the leaders in the information and technology sectors. The factors including their skills, education, family support, traits and knowledge (Shepherd, 2015). There family is more supportable and encouraging to them that's why the entrepreneur became anxious and furious about their work and ideas.


Actually the factors like the background of Mark Zuckerberg and Bill gates hinders them from achieving success. They were from different backgrounds and were from middle class family.

But there goals were adhesive and and were bound to their passion. They never lose rays of hope and both personalities came out to be remarkable business personalities due to their strong thinking and audacious power of thinking. At their young age Bill used to conduct seminars on Graphic User interface and he and he Paul both sold Microsoft and at high rate after achieving appraisal from the people. Nothing could stop them from achieving success due to strong will . 


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