P1: TYPES OF ENTREPRENEURIAL VENTURES & TOPOLOGY OF ENTREPRENEURSHIP

ENTREPRENEUR
A person who setup a new business and taking a financial risk in the hope of profit is known as an
entrepreneur (Jusoh et al., 2011).
Type of ENTREPRENEURIAL VENTURES
i. Small entrepreneurial venture
 The main aim of an entrepreneur in setting up a small entrepreneur venture  and create jobs for people.
Primarily,   small entrepreneurial venture includes; plumbing Store, hairdressing business, grocery stores
etc (Kirby, 2004). 
ii. Large entrepreneurial venture
Generally, an entrepreneur with huge amount of capital can established this type of venture.
The purpose is to develop creative and products generating huge amount of profits I getting the mask
commands (Urbano and Alvarez, 2014). 
iii. Social Entrepreneurship Venture
An entrepreneur set up this kind of to solve social problem as well as generating profits at the same
time.  For instance, Uber in Pakistan has salt the problems of transportation and at the same time play
minimizing the challenges of unemployment by developing job creation in the Pakistani market. 
Consequently, The CEO of Pakistan has making huge profits but the aim of the business is to eradicate
social problem create job for needy people (Lazear, 2005).
iv. Life style Startups
A business which is setup by a person with an intention to get a particular level of income. Examples of
these types of business includes professional blogging, poet, journalists and consultants.
V. Scalable startup
It is a type of business in which an organization has started by it’s an owner on the basis of an idea.
Generally, this type of venture is started when the owner of the business wanted to bring a change in
the world. Examples of scalable entrepreneurs are; Facebook, Twitter, Instagram and online business.

P2: SIMILARITIES AND DIFFERENCES BETWEEN ENTREPRENEURIAL VENTURE

Small entrepreneurial venture Large entrepreneurial Social Entrepreneurship

venture
A key similarity is that the ventures of Careem and Uber are setup in Pakistani market
to generate profits.  Another similarity is that in Bykea, Careem and Uber want to offer
Key something new to the customers. The most common similarity is that Bykea , careem
similarities and Uber provide job opportunities to the needy people around us society and helps
Pakistan by eradicating  unemployment from the society. An example of small
entrepreneurial venture is personal clinics of medical practitioners. On the other hand,
an example of large entrepreneurial venture is Shifa International hospital.
The purpose of this type The purpose is to generate profit  The sole purpose of this
of venture is to generate by taking over a well established type of venture is to
profit to support family business and creating job solve problem which
Purpose and the business. opportunities for the people. prevents in the society.
Careem and Uber falls under this Bykea falls under this
category of venture because category , the company
both are multinational not only generate
organizations and both the profits but also helps
 organizations operate in the the society by taking
Pakistan market to generate different social
profits. initiatives.
In this type of venture In this type of venture an This type of venture is
an entrepreneur entrepreneur takes money from usually supported by
Funding arranges funding from a financial institution or uses government institutions
his own savings or his/her own savings. for social authorities
borrowing money from
close ones.
Structure of It is a small type of In this type of venture an There is more specific
Ventures venture; entrepreneurs entrepreneur can use mixture of business
use any conventional convert structures to keep pace structure however an
type of business with alterations. Uber and entrepreneur can use
structure that goes with Careem are using conventional any type of structure in
the strategy. functional organizational times of need.
structure in which the
instructions and directions are
coming from the top
management.
There is no restriction in There exist a lot of restrictions as There exist a lot of
quitting this type of there are a lot of administrative restrictions as there are
Exit Restraints
business and this option issues. a lot of administrative
is available to the issues.
business owner to quit
the business anytime.

Venture type of Bykea

Bykea is not only a business developed by Muneeb Maayr to generate profit but it also create
opportunities for the unemployed personnel’s to generate income and feed their families by using their
motorcycles. Bykea is a social entrepreneurship venture which is supported by different financial
institutions. Bykea has raised $7.7 million funding from different financial institutions of Pakistan. Daily
7,500 new motorcycles hit the roads daily in Pakistan. Bykea is creating income opportunities for the
bikers as there are millions of motorcycles in Pakistan.
Bykea creates commerical activity by solving most of the pressing needs of the Pakistani society. Bykea
creates jobs and for that a driver partner HAS a valid license and a Smartphone. Bykea is offering
doorstep services and customers can purchase tickets of flights, trains and buses by calling customer
support or by using the mobile phone application of Bykea.
Bykea is extending public transport service by offering a unique service in which the customers are
moved from their home, office or any other location to local metro bus or train nodes so that people can
easily reached to a transport hub. According to Bykea officials, the company is keen to do partnership
with other business which includes; grocery stores, malls and restaurants through which the customer is
able to get their choices of products and services at their door step.
Local/international such set-ups in the country with the same product/service
Careem is an international organization which is operating in more than 100 cities and 14 countries and
has created approximately one million employment opportunities in these regions. Contrary to Bykea,
the aim of Uber and Careem is to generate profits from the Paksitani market. Careem has invested $150
Uber has invested $ 500 million in Pakistan. Careem is offering different product to their customers in
Paksitan for instance careem offers; Careem Now, Careem Now for business, Careem bus, careem pay
and careem for busineses. Uber is offering similar type of transportation services to their customers.
HOW BYKEA IS DIFFERENT FROM CAREEM AND UBER

Uber and Careem both have bike riding hailing option (Rasheed, Mazhar and Shahid, 2018). Bykea is
different from Uber and Careem in a way that the company offers mobile phone application menu in
Urdu which makes it easier for the illiterate users to use the mobile phone application. Moreover, the
mobile phone application of Bykea allows the users to use in-app texting and voice notes which make it
easier for the user and driver to communicate with each other easily. According to the officials of Bykea
the company does more than 1 million booking each month. More than 2 million android users have
downloaded their mobile phone application and they have approximately 200,000 delivery partners.

On the other hand Careem and Uber have different types of cars and motorcycles and customer can
choose the ride according to their needs. Careem have go, go+ and business rides whereas Uber only
provide one option (Murad et al., 2019). Moreover, Careem and Uber users can add money in their
mobile application wallet and can use this money after completing a ride whereas Bykea does not offer
this online wallet service.
M1: INVESTIGATE A DIVERSE RANGE OF ENTREPRENEURIAL VENTURES

Primarily, there are three types entrepreneurial stages these includes; entrepreneurial, intrapreneurship
and managerial.

i. Entrepreneurial
An entrepreneur is an individual who has initiated a business with limited resources and shows
willingness in taking all the risks and rewards of his or her business venture. These entrepreneurship
ventures have high returns and high level of uncertainty (Mair, Robinson and Hockerts, 2006).

ii. Intrapreneurship
Intrapreneurship are similar to entrepreneurs but they are highly motivated, proactive and action
oriented people. They take the responsibility of the decisions they take. . The most important thing is
that intrapreneur is in comfort zone because he/she believes that failure does not have any personal
cost as it is the same for an entrepreneur because organization will recover the loss arising from failure
(Welter, 2011).
iii. Managerial:

The individual within the organization manages the people and made different plans to achieve the
overall strategic goals of the organization. These are the individuals which were given authority by the
owner of the business to take any change within the organization with prior approval. Moreover, these
paid employees are tactical in nature and manages staff and subordinates (Oosterbeek, van Praag and
Ijsselstein, 2010).

D1 SCOPE, DEVELOPMENT AND GROWTH OF ENTREPRENEURIAL VENTURES.

Pakistan is a developing country and it has a lot of potential for entrepreneurial ventures. The growth of
entrepreneurial venture is equally important for every level of organization. Day by Day in Pakistan, the
scope and development of Small businesses in increasing as recession is decreasing. People are noe
interested in investing in new and small businesses (Ndubisi and Iftikhar, 2012). On the other hand, the
young generation is keen to invest in small start ups. No business can operate smoothly within the
market without the three entrepreneurial ventures. Young generation of Pakistan bring more creative
and innovative ideas and target. In Pakistan, the scope of small and medium enterprises are at its peak
there businesses which are supporting young people by providing them financial aid and resources (Ali,
2013). In March 2019, Uber has acquired Careem in $3.1 billion. However, in the Pakistani market both
the companies are operating with different name and with different management. It is one of the
examples that how small enterprises developed themselves.
P3: SMALL BUSINESSES IMPACT ON THE ECONOMY.

Small and medium enterprises play a vital role in the boosting the economy of a country. As far as the
small and medium enterprises of Pakistan are concerned, these enterprises are considered as the spine
of Pakistan’s economy. According to SMEDA, SME sector of Pakistan has contributed in 30% of the
overall exports. In Pakistan more than 3.2 million workforces are working in different SME sectors. SME
sector of Pakistan is considered as one of the major source of employment for people. SME sector of
Pakistan is lagging behind India and china as they have contributed 40% and 60% in the growth of
economy consequently. According to the statistics of 2019, SME sector of Pakistan has provided 80%
employment to non-agricultural labor and contributes 30% in the GDP. The growth of small and medium
enterprises in the manufacturing sectors is 8% and 10% in services and exports sector (Jasra et al.,
2011).

After 2009, the economy of Pakistan is getting stable and SME have a vital role in brining economy of
Pakistan on track. According to economic survey of Pakistan 2017-2018, 95% of the small and medium
enterprises are private ventures. Online cab organizations are investing heavily in Pakistan i.e. in 2018
Uber has announced that in next three years the company has planned to invest $ 500 million in
Pakistan which improves the foreign reserves of Pakistan (Dar, Ahmed and Raziq, 2017).
In low income nations SME sector contributes more than 60% in their GDP. However, in Pakistan the
contribution of SME's do not posses any significant growth in the economy of Pakistan if compare with
other low income countries (Mahmood, Hussain and Matlay, 2014). In 2019, Supreme Court of Pakistan
has allowed the government of Pakistan to charge 4% sales tax from online cab services organization
which improves national reserves of Pakistan

P4: Small businesses and business start-ups to the growth of the social economy.

Small businesses and business start-ups are playing an important role in making an impact on the social
economy. SME’s around the worlds are blooming and the case in Pakistan is not very much different.
These small businesses and start-ups improve the economy of Pakistan by improving the economy, GDP,
turnover and reduction in unemployment (ZAFAR and MUSTAFA, 2017).

i. Impact on employment

One of the most important benefits of small businesses and start up is that these businesses provide
employment opportunities for mass people. A reduction in employment means that personal income
increases which is directly linked with GDP of a country (Kureshi et al., 2009). Careem has employed
more than 1700 captains in Pakistan and the top management of the company comprises of 150
individuals. On the other hand, Uber has more than 1300 cab captains in Pakistan.

ii. Improves Living standard

Small business and startup provides employment opportunities to people (Dar, Ahmed and Raziq, 2017).
Small start-ups like Bykea provide an opportunity to middle and lower class of a society to improve their
living standard by earning a handsome amount of money. According to the officials of Uber and
Careem , a driver who works for 8 hours can easily earn 35,000 to 100,000 Pakistani rupees. On the
other hand, Bykea administration claimed that a driver can earn between 25,500-50,000 per month.

iii. Catering the demand

Small business and start-ups reduces the burden on the shoulders of selective large businesses by
developing newer types of products and services (Bhutta, Rana and Asad, 2008). Organizations like
Bykea, Uber and Careem fulfils the need of the market and therefore the government does not need to
initiate new transportation projects.

iv. Small business can transform

Small ventures do not always remain small. They can become transform themselves from small business
to a huge corporation. An example of transformation from Small Corporation to large corporation is
Microsoft and Amazon (Bhutta, Rana and Asad, 2008).

M2: DIFFERENCES SMALL, MEDIUM AND LARGE BUSINESSES MAKE TO THE ECONOMY

An organization can either be non-profit, quasi=partnership or an unincorporated business. Depending

upon the size of the business organizations are categorized in different classes which includes l small and
medium enterprise in which less than 250 people are employed by the owner. Small and medium
enterprises are further divided into different categories such as; small enterprises (10 to 45 workers),
medium sized enterprises (50 to 250 employees). Generally, big small and medium enterprises have at
least 250 employees. SME are contributing 55% in the GDP of Pakistan. Currently, there are more than
3.3 million SMEs in enterprises in Pakistan.

D2: CRITICALLY EVALUATE HOW SMALL BUSINESSES HAVE AN IMPACT ON DIFFERENT LEVELS OF THE ECONOMY =

In Pakistan, SME’s are playing a vital role in providing job opportunities to people. Their role and
contribution in the national, regional and local economies are well understood. Although these are the
small scale organizations but still they have a significant impact on the economy of Pakistan as they have
employee’s 3.2 million people. Two major factors were identified regarding the scale of the business.
first thing is that , increasing the micro entrepreneurial model of business and large scale business may
have a negative impact on the economic growth of Pakistan. on the contrary increasing the size of small
and medium sized business may have a positive impact on the economic growth of a country (Seyal et
al., 2004).

LO3: DETERMINE AND ASSESS THE KEY ASPECTS OF AN ENTREPRENEURIAL MINDSET

P5: DETERMINE THE CHARACTERISTIC TRAITS AND SKILLS OF SUCCESSFUL ENTREPRENEURS THAT DIFFERENTIATE THEM
FROM OTHER BUSINESS MANAGERS.
According to Luca, Cazan and Tomulescu, (2012)., there is a huge difference between the skills required
to become an efficient manager and skills required to become an efficient entrepreneur. A manager only
needs to manage things which is a routine job whereas an entrepreneur needs much more than
managerial skills and traits and try to bring something new into light despite of so many risks. Below
given are some of the characteristics and skills of a successful entrepreneur (Luca, Cazan and Tomulescu,
2012).

i. Open Minded
Successful entrepreneurs try to utilize each and every single business opportunity. Entrepreneurs keeps
on generating new business ideas to generate more and more profit.

ii. Self-starter

Entrepreneurs are self-starters they know that if something is required from them they can start it
themselves, they are not solely dependent upon their employees. They are more proactive in their
approach and do not require instruction of any other personnel (Audet and Couteret, 2012).

iii. Educational Background

For an entrepreneur, there is no compulsion of having a specific educational background. He/she can
start the business by just identifying the needs of society. On the other hand, a manager must have a
specific educational background and experience according to the needs of the organization. He/she
must understand finance, human resource, production and marketing etc (Audet and Couteret, 2012).
For example, Bill Gates is a college dropout and he created an organziation like Microsoft.

iv. Approach to work

The entrepreneur can have a casual and informal role in the organization. He/she can take risks. While
the manager needs to deal every issue very formally. The manger cannot afford taking risks

v. Decision making

The decisions taken by an entrepreneur are based on inductive logic, courage, intuition and
determination to the cause of start-up while a manager’s decision are based on deductive logic, and
calculated analysis of provided information and advice (Audet and Couteret, 2012).

P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.

It is important for an entrepreneur to keep themselves motivated towards business activities to make
venture successful (Audet and Couteret, 2012). Below given are some aspects of entrepreneurial
personality;

i. Conscientiousness:

It is the degree to which a person is steady persistence, hard work and motivated towards achieving
something. Therefore, to become a successful entrepreneur one has to be high in the degree of
conscientiousness (Bikse, Rivza and Riemere, 2015). The CEO of Bykea Muneeb Maayr is high in
conscientiousness which makes him powerful in executing new ideas and masters them in his own style.

ii. Openness to Experience:

An entrepreneur has to be open and welcoming towards exploiting new opportunities and experiences
(Kaipa, Milus and Jagadeesh, 2005). For instance, Muneeb Maayr has taken an initiative to eradicate the
challenges of transportation by using technology. This openness to experience factors has made
Muneeb Maayr a successful entrepreneur.

iii. Creating a new venture

A successful entrepreneur creates a new venture to solve a complex problem prevailing in the society
(Schoon and Duckworth, 2012). Muneeb Maayr the owner of Bykea introduces economical
transportation services when Careem and Uber are enjoying the monopoly in Pakistan market. The
creation of new venture requires sufficient amount of resources and risks

iv. Strong networking abilities

In order to ensure consistent growth of business an entrepreneur has strong networking skills (Memon
et al., 2015). According to the officials of Bykea, the CEO Muneeb Maayr has maintained not only good
relationships with employees but also with people outside the organization which help the CEO in
necessary time.

v. Hard work and commitment

As the venture setup by an entrepreneur is the only way of income for him therefore he has to give his
100% to make venture a successful one (Haber and Reichel, 2007). According to the officials of Bykea the
CEO is actively participating in different activities of the organization regardless the task is easy or
difficult.

M3: EXPLORE AND EXAMINE DIFFERENT LINES OF ARGUMENT RELATING TO ENTREPRENEURIAL CHARACTERISTICS.

Entrepreneurs take smart risks and for that they do a lot of research and never takes a decision based
on emotions. Moreover, entrepreneurs anticipates all the potential mistakes and think about all the
possible results. An entrepreneurs taken into consider all the positive results but always keeps an eye on
the negative ones (Krueger, Jr. and Brazeal, 2018). There is a strong link between the characteristics of
entrepreneurs and the background of an individual. It is because the background of an individual
sometimes becomes the factor of hinder. The CEO of Bykea does not have adequate knowledge and
information about IT services. He is a business graduate and hence his knowledge and information about
IT services creates hindrance. However, he has entrepreneurial skills and abilities through which he have
overcome these hindrances and ultimately operated his venture successfully.

D3: ANALYZE THE CHARACTERISTIC TRAITS, SKILLS AND MOTIVATIONAL DRIVERS OF SUCCESSFUL ENTREPRENEURS
The CEO of Bykea is one of the examples of such entrepreneur. The traits, characteristics and skills of
such entrepreneurs are given below;
i. Freedom oriented
The CEO of Bykea , previously worked in a bank as operations manager. He left his job and started a
small business. The quality “freedom oriented” has made him an independent and freedom oriented
person.
ii. Bravo in nature
The CEO of Bykea is an innovative and a creative person and he knows the demand of the industry.
iii. Perseverance
Initially, he was not successful in implementing the idea of Bykea in the market. But after months of
struggle he was succeeded to generate profits from his venture.

P7: EXAMINE, USING RELEVANT EXAMPLES, HOW BACKGROUND AND EXPERIENCE CAN HINDER OR FOSTER
ENTREPRENEURSHIP.

As stated by Kirzner, (2009), an individual background and personal experience can foster
entrepreneurship. Kirzner, (2009) was of the view that education provides sufficient technical skills to
an entrepreneur to start a new venture at their own. People who are more prone to education are able
to start a new business (Kirzner, 2009).

Global entrepreneur example

Age

Walt Disney in his teenage tried to do a job as a newspaper cartoonist, but unfortunately he did not find
any job. When Disney was just 16, he dropped out form the school as he wanted to join the army but he
was rejected because he was underage.

Family

The father of Disney was a strict religious person and working as a building contractor. He had three
brother and two sisters.

Work history

Disney is an influential examples of global entrepreneur. First he created animated character of Oswald
the Lucky rabbit but at that point of time he worked under the contract of universal pictures. However
when Walt walked out of the universal picture he created a new character named as mickey mouse.
Later on Walt Disney becomes the leading brand in the entertainment industry. He joined Red Cross and
was sent to France to drive an ambulance. In 1919 he came back to United States and started working
for a local magazine company where he created different advertisements. Later on he started working in
different commercials and became interested in animation and finally he started his own animation
company.

Economic conditions

The current economic downturn has also effected Walt Disney and the company has stop paying half of
its global workforce.

Technological contemporariness

The company has a history of technological innovations by using early pioneering methods, academy
awards and continuing through all aspects of modern animation production.

According to Kolvereid and Isaksen, (2012)., culture plays a vital role in the formation of values, attitudes
and behaviors of an individual. In every country there exist different cultural values and therefore
culture effects the entrepreneurial capabilities of an individual. Different types of entrepreneurial traits
which comes from experiences includes self-confidence, capabilities, and self-sacrifices to taken
challenges and responsibilities helps entrepreneurship to be successful. Previous job or any related
experience also helps entrepreneurs to apply appropriate techniques to make venture successful
(Kolvereid and Isaksen, 2012).
Age

In his teenage, his father took him at building sites which made a huge impression on Donald trump and
he started taking interest in construction related work. When he was 22 years old he took control of the
company in 1971 and named the organization as the Trump organization.

Education

Trump has also attended Fordham University in which he was enrolled in the real estate studies
department.

Work history

Donald Trump started his career by working in his father company, named as Elizabeth Trump and son.
He started working when he was attending Wharton school of the University of Pennsylvania and join
the business full time.

Economic conditions

Recently, the Trump organization has fired 1500 employee because of economic destruction of US
economy. His five star hotel are empty which consists of 2200 rooms and his golf course is under
extreme pressure to close because of pandemic coronavirus which directly effect US economy.

Political conditions

Decision taken by Donald Trump as an executive can affect his business ventures. The authority allows
them to craft policy to get benefit from his private enterprises.

M4: ANALYSE THE LINK BETWEEN ENTREPRENEURIAL CHARACTERISTICS AND THE INFLUENCE OF PERSONAL BACKGROUND
AND EXPERIENCE TO SPECIFIC SUCCESSFUL ENTREPRENEURS.

There is a strong link between entrepreneurial characteristics and background of an individual (Iftikhar
Hussain, 2012). However, sometime the background of an individual becomes an element of hindrance.
In the case of Bykea and Careem the CEO do not have sufficient knowledge and information about
mobile phone applications. But one thing which is common in both the CEO’s is that both were lucky to
have some entrepreneurial characteristics which makes them successful. The CEO of Bykea belongs from
a middle class family he has taken loan from domestic Pakistani banks at the time fo starting the
business. These all are the hindrance which are caused by the CEO’s of Bykea and Careem because of
their background

D4: CRITICALLY ANALYZE HOW BACKGROUND AND EXPERIENCE INFLUENCES ENTREPRENEURS, BOTH POSITIVELY AND
NEGATIVELY, BY COMPARING AND CONTRASTING EXAMPLES.
In both the cases of Bykea and Careem, the background of CEO has become a hinder in their success.
The educational background of both the CEO’s is different from each other but because Careem is a
multinational organization and already established in UAE. The company needs a person who known
how to manage things and they hire Junaid iqbral to run the operations of the company. Although,
Junaid iqbal did not have any knowledge related to information technology but his job was to manage
things and give direction to the staff members. On the other hand, the owner of Bykea have to do things
from the scratch regardless of not having sufficient information about the IT he has made struggle
guiding the software developers the type of application he wants. Moreover, initially the plan of Bykea
did not work for him then hire other professional staff members to make things running smoothly.

REFERENCES