Entrepreneurship Project

This project explores different types of entrepreneurial ventures, their impact on the economy, and the characteristics of successful entrepreneurs. It analyzes the role of small businesses in driving economic growth, particularly in the context of Brexit. The project also examines how personal background and experience can influence entrepreneurial success.

ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Explanation of different types of entrepreneurial ventures...................................................1
P2. Similarities and differences between entrepreneurial ventures............................................2
M1. Investigation of public and corporate sector of entrepreneurial ventures............................3
D1. Examination of scope, development and growth of entrepreneurial ventures.....................4
TASK 2............................................................................................................................................4
P3. Micro and Small Businesses Impact on the Economy..........................................................4
P4. Contribution of small businesses in the growth of economy after Brexit.............................5
M2. Differences that small, medium and large business make to economy...............................6
D2 Impact of small business on different levels of economy.....................................................7
TASK 3............................................................................................................................................7
P5. Characteristics, traits and skills of 2 successful entrepreneurs.............................................7
P6. Assessment of how entrepreneurial personality reflects entrepreneurial motivation...........8
M3. Examining arguments of entrepreneurial characteristics.....................................................9
D3. Analysis of characteristic traits, skills and motivational drivers..........................................9
TASK 4............................................................................................................................................9
P7. Background and experience can hinder or foster entrepreneurship......................................9
M4. Link between entrepreneurial characteristic and influence of personal background........10
D4. Background and experience influence entrepreneur..........................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is the desire and potential of an individual that wants to develop,
organise and manage a business venture keeping in mind all present risks that may occur while
working towards earning of profits. It is the study as well as process of starting a new business
operation. It deals with design, starting up and operating an organisation and all this is done by
entrepreneurs (Scarborough, 2016). This assignment will explore and elaborate various types of
entrepreneurial ventures, their differences and similarities as well as understand its public and
corporate sector. It will scrutinize their scope, development and growth as well. Assessment of
impact of small businesses on the economy in local, regional, national and international level
will be done. It will also determine key aspects of entrepreneurial mind-sets by analysing traits,
skills and motivational drivers of successful entrepreneurs as well as examines various
environments that may hinder entrepreneurship.
TASK 1
P1. Explanation of different types of entrepreneurial ventures
An entrepreneur can choose from different types of entrepreneurial ventures, when they
wish to start a business. Each one is different, depending on its size, operations and has unique
contributions towards economy and society. They are as follows: Global /large entrepreneurship: These consists of big companies that have limited life
cycles and aim at earning high revenues and profits. It runs on a large scale and consists
of high amount of employees which increases job opportunities. They keep creating new
products with the help of sustainable innovation and technology (DeSantola and Gulati,
2017). Companies have to stay updated with various changes in taste of customers, new
competitors, legal rules and regulations in order to grow and be successful in the business
world. There are individual departments which makes it easier for entrepreneurs to assess
and manage tasks across various areas in the organisation. Examples are Nestle, General
Motors, AT & T. Local entrepreneurship: These are small companies that operates in a particular locality
and nearby areas. They are individually owned businesses and have short term goals that
consists of earning decent amount of profits. They have a few employees in the
organisation and use of resources is less. Investments of capital are generally done with
help of family and friends. Entrepreneurial activities are limited to running daily business
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activities and new concepts are implemented after long periods of time (Morris and et.al.,
2018). Examples are grocery stores, cafes and restaurants. Medium entrepreneurship: These businesses aims at earning medium profits and
revenues. They operate business activities through planning and developing. They
employ bright people with best skill and competence. This helps in their survival at
market places and they believe that maintaining healthy relations with investors and
customers is key to success.
 Social entrepreneurship: These are entrepreneurs that innovate products and services for
the welfare of society. They aim to help solve social problems and make the world a
better place (Chell and et.al., 2016). They consist of non-profit, for profit or hybrid
organisations. They do not want market shares or profits for their wealth.
P2. Similarities and differences between entrepreneurial ventures
Differences:
Basis Global /large
entrepreneurship
Local
entrepreneurship
Medium
entrepreneurship
Social
entrepreneurship
Financial
goals
Financial goals
are high. They
aim at generating
high revenue and
profits.
This is low. They do
not aim at achieving
high profits and
generates enough
revenue to support
their livelihood.
Their financial goals
are medium. They
do not want very
high profits neither
low.
They work to earn
for helping the
society. Their
financial goal is to
generate profits so
that they can help
the needy and poor.
Size It is operated at
very large scales
and business is
done nationally
and
internationally.
It runs on a small
scale, specifically in
a city or region.
It is a medium
enterprise that
operates in a city
and grows to run
business in the
country.
It is initially small
and grows with time
(Chell and et.al.,
2016). They expand
their services when
they generate
enough income to do
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so.
Risks There is very high
risk present as it is
a big company.
Risk is very low as
business is done
locally and there is
low production.
There is low to
moderate risk
present.
There is no to very
little risk present.
Employe
es
These companies
have many
employees and
provides a lot of
employment
opportunities
(Colombo and
et.al., 2014). They
are required at
every department.
These businesses
have a low number
of employees and
provides less
opportunities for
employment.
Medium companies
have moderate
amount of
employees and do
not create high job
opportunities as they
have limited
resources.
They have little to
medium amount of
employees. Their
staff works for
helping the society
and there is not
much operational
activities present.
Similarities:
Large and medium entrepreneurial ventures are similar in some ways as they both
operates in a big area. Both companies want to expand and grow consistently. Their aim is to
generate revenues and earn profits. They provide employment opportunities to many people and
have a high number of employees. Their business faces high risks as well. While local and social
entrepreneurial ventures operate at a small level. They have less number of employees as well as
little risk present and both work to serve people and fulfil their needs.
M1. Investigation of public and corporate sector of entrepreneurial ventures
Entrepreneurial ventures consist of large, small, medium and social organisations. They
all are present in both private and public sector. Generally, large and medium companies are in
the public sector due to their presence in various areas and social organisations as well
(Jaskiewicz, Combs and Rau, 2015). Small companies are private as a single entrepreneur
operates it to support their livelihood. It depends on the entrepreneur on choosing to stay in
private or public sector.
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D1. Examination of scope, development and growth of entrepreneurial ventures
These entrepreneurial ventures have a wide scope for growth and development. Large
companies have an advantage as their presence is already there across the world. Medium
companies can consistently grow with regular investments and developments (Höglund,
Holmgren Caicedo and Mårtensson, 2018). If small organisation's entrepreneurs earn good
profits, they too have a chance of growing their ventures. Social organisations develop and grow
as they spread awareness of their causes and campaigns. Their scope for growth is high as well.
TASK 2
P3. Micro and Small Businesses Impact on the Economy
Nowadays, being a small business holder is quite challenging as owners of these small
businesses comes from different background with their own reasons of indulging themselves in
self-employment. Businesses might be small but their impact is big enough for an economy to
make crucial changes in it. In UK small businesses contributes more than 75% of new jobs in the
economy and without it, it is nearly impossible for an economy to grow. UK has majority
amount of companies as small businesses. Impacts on the economy of small and micro
businesses could be determined by three primary ways, i.e. opportunity given to people for
financial independence, create employment opportunities and encouraged innovation. Small
businesses have given complete justice to drive UK onto the new heights of success (The Impact
of Small Business Enterprises on the Economy of UK, 2011). This process is very crucial as it is
very difficult in countries where variety of products and services are offered globally.
Above statics clearly illustrates that small businesses have effectively expanded themselves into
variety of other fields that leaded the overall growth of an economy. It is also clearly shown that
SME's are contributing to every sector of the economy with their presence. Moreover, to it 17%
are also contributed by professional service sector. 14% are held by entertainment and media
services. Further, 5% are completely held by restaurant and food services. Micro and small
business has expanded in personal service sector up to 17%.
It could be identified from mini research of UK that SME companies are performing well
and giving their best to contribute towards growth of economy. This quality lies in the skills,
traits and capabilities of business owners to compete others and lead their own business (Small
Businesses Can Make a Big Impact on the Economy, 2017). Small business firms are more
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labour intensive rather than capital oriented. Jobs that are created by businesses give UK’s
economy an advantage over other countries, especially in the field of retail and manufacturing
sector. Many new jobs are being created in the economy with expansion of SME sector. They
have provided employment to many educated and uneducated people which has expanded this
sector to a great extinct.
It is easily identified that SME's will continue to expand prospective growth by helping
economy to reach at heights. Hence, it is concluded that skills and positive mind set are the two
key areas which are helping them to earn profits while contributing to overall expansion of
whole economy. Chart is also shown below to illustrate parameters and conditions for defining
micro, small and medium sized enterprises.
P4. Contribution of small businesses in the growth of economy after Brexit
Brexit came from term that means `British Exit`, dissociation between Great Britain and
European Union. Voting took place on June 23rd, 2016 which ended with a 51.9% in favour of
it. From which England and Wales voted to leave but Scotland and Northern Ireland preferred to
stay. This voting resulted in immediate impacts on the economy as currency was collapsed by
being only 10% above Euro (Rawhouser, Cummings and Newbert, 2017). Experts predicted that
the country would be affected adversely in short term as foreign trade is going to decline.
Economy is scattered widely and has severely affected major parts of the world.
Separation of UK from Britain brought drastic impact on economy of the country. SME's were
more concerned about the obstacle of their business that would be created by Brexit. Major
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Illustration 2: Parameters of defining small business enterprises
Source: (Small Businesses Can Make a Big Impact on the Economy, 2017)
Illustration 1: Parameters of defining small business enterprises
Source: (Small Businesses Can Make a Big Impact on the Economy, 2017)

sources of exchange between companies was affected crucially (Meyer, Neck and Meeks, 2017).
From this small business were also affected badly from economy.
Small business and start-ups have a great impact on growth and development of social
economy. Though small business does not generate much money, but are very large in numbers
and contribute huge amount in growth of world economy. They bring innovation to local
economy by providing employment opportunities to many educated and uneducated people.
These business usually attracts people who have new ideas for innovation and development of
business with existing thought. It is usually easy for small enterprises to adapt changes without
much wastage in their resources. They easily adapt the changing environment as they are
customer- oriented and focuses on fulfilling their needs and wants. At the time of recession or
economic crisis, start-up and small enterprises have less to lose as they generate low revenues.
Many large corporations depend upon small companies for their raw material or semi-
finished goods. These start-ups contribute a lot by providing essential resources which are
required by large enterprises. They increase competition into market by bringing new and
cheaper goods which attracts customers and serve in the economy in which they are located.
These businesses are more flexible and can be started anywhere and by anyone (Reuber and
et.al., 2018). These businesses help UK in creating many new employment opportunities. Major
issue is faced when taking loans from banks, which is difficult as bank deny to give loans to
people who are working at risk. By creating a value in society, they can gain a great position in
market.
M2. Differences that small, medium and large business make to economy
Each business has different consequence on the economy. Size of business, impacts an
economy. SME or small and medium sized enterprises increases competition in society and
provides ample employment opportunities to people (Cooper and Folta, 2017). Large business is
usually machine oriented so their production process is also very quick and contribution is also
huge in economy. Large businesses are doing more production as compared with SME. They
employ local, national and international people in their work.
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D2 Impact of small business on different levels of economy
Small business has a great impact and they are focusing on growth by providing right
quality and quantity of products. They generally account for 70% employment in whole
economy. They provide employment opportunity to both literate and illiterate people.
TASK 3
P5. Characteristics, traits and skills of 2 successful entrepreneurs
There are many successful entrepreneurs that have built a reputation for themselves.
Among them is JK Rowling. She is an English author of the famous Harry Potter series. She is
worth an estimated £600 million and is the 197th richest person in UK. Given below are her main
entrepreneurial characteristics and skills that differ from others. Focused: Once JK Rowling started writing the book, she stayed focused and put her
mind in completing it. She was committed to produce a series of novels regardless of the
obstacles that came in her way. Not afraid of failure: JK Rowling has faced many failures in life, which has made her
fearless of failure. She takes risks and executes plans that arises in her mind. She believes
that no one can succeed without failing and everyone should embrace it (Welter and
et.al., 2017). But business managers fear taking risks because they feel that it will cause
harm to the company. Passionate: She loves doing her work because she is passionate about it. She believes
that working on tasks that go along with passion will fulfil life's goals and aspirations. Faith: She had faith in whatever she was doing and persisted until her book got
published. It is an inner peace of mind that guides and makes her believe in herself
(Schwens and et.al., 2018). On the other hand, business managers do not have much faith
as they are more worried about their accountability towards seniors. Excellent Writer and story teller: She has published many books that have been
successful all over the world. This is because of her unique way of creating and writing a
story.
 Persistent: No amount of hurdles stopped JK Rowling from completing and publishing
her book. She considers that perseverance helps in overcoming odds and ensures success.
A hard life never stopped her from continuing to live and work.
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Bill Gates is the founder of Microsoft corporation and has a net worth of $95 billion. He
is the second richest person, globally. His entrepreneurial characteristics and skills are as
follows: Innovative: Bill gates is very innovating, because technology was just evolving when he
founded Microsoft (Acs, Szerb and Lloyd, 2017). It made him think of an idea and
concept of the program which has made him successful. Learn from mistakes: Bill gates believes that a person has to make mistakes in order to
learn from them. He doesn't complain about them, but rather finds solution to correct
situations. Committed: He is committed to the work he does and makes sure that it is done
passionately and with full efforts. Embraces critics: Critics provide feedbacks that can help to improve the work that is
done. Bill Gates listens to those comments and uses it to change the way products are
created. Business managers fear criticism as it demotivates them to work and learn.
 Hard working: Bill Gates' hard work and determination is what made him the person he
is today. He says that in order to be successful, the first thing a person has to be is hard
working.
P6. Assessment of how entrepreneurial personality reflects entrepreneurial motivation
An entrepreneur has to always stay focused while working. They are committed towards
achieving their goals despite of the obstacles and failures that they face. They believe in taking
risks and do not give up even after failing (Kickul and Lyons, 2016). Their faith helps to guide
and make them believe in themselves. The unique way in which they work makes them
successful. JK Rowling's troublesome and hard life never stopped her from achieving her
dreams. Her problems started when she was very young. Her mother got diagnosed with different
illnesses and later, she got a divorce and did not have any means of survival. Even though she
was depressed, she kept on writing as it became her passion and persevered till it got published.
Innovative thinking and hard work helps entrepreneurs become successful. They try to
create new inventions, fail and keep learning from mistakes instead of giving up. They are
committed towards working even after getting criticism is a sign of motivation. Bill Gates is 2nd
richest man in the world because he listened and assessed customer’s reviews rather than
complaining about it. His vision has inspired him to create a software that is used by millions
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today. He knew that his company had the potential to grow and prosper. Most importantly, he
cares for society and the people. He created a goal which aims at getting rid of malaria and
factors that cause it (Leadership qualities of Bill Gates, 2014). His strategic plans and ability to
envision has helped him gain donations from others as well.
M3. Examining arguments of entrepreneurial characteristics
Successful entrepreneurs are dedicated and hard working. Their traits and characteristics
help them in accomplishing goals. Perseverance keeps them determined to continue performing
their tasks despite the hindrances that occur. Criticism does not upset them, but rather motivates
them to create better products and services for their clients. They are risk takers and are not
afraid to fail as they get to learn from their mistakes (Scarborough, 2016). An entrepreneur is
humble, empathetic and have a vision that can be shared with everyone. Their dedication towards
never quitting even in tough situations, helps in continuously motivating them.
D3. Analysis of characteristic traits, skills and motivational drivers
Bill Gates and JK Rowling remain focused and passionate about the work they do. This
is what makes them successful entrepreneurs. The fearlessness of failure and motivation to take
risks are the traits that makes them achieve their goals. It is important for them to have faith in
themselves in order to use their skills to innovate and create products for customers (Welter and
et.al., 2017). Overall, commitment, hard work and determination is a base for motivational
drivers to ensure success.
TASK 4
P7. Background and experience can hinder or foster entrepreneurship
There are various factors which have positive and negative impact on life of an
entrepreneur (Cooper, 2017). Some factors which hinders or foster entrepreneurs are:
 Psychological factors- Certain entrepreneurs have characteristic of achievement and like
to take risk. They take failure as a positive factor and learn from it. Ingredient for
achievement are motivated by families, culture and society.
 Insufficient resources- Most of the entrepreneurs come from low family background,
they do not have enough resources to start their business and bring innovation in their
enterprise. They have to adjust with existing resources. Most difficult task is to sell
something which is not even existing.
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 Lack of education- Usually entrepreneurs are highly educated from top universities or
drop outs. They have special skills and abilities which are appreciated by people. There
are colleges who motivate their students to start with start-ups and small business (Parker,
2018). People who have less knowledge and experience usually fails in running an
entrepreneur business.
 Less customer response- There are many businesses which are set up at places which
do not have good customer response. If any business is set up in a backward area, then
business is going to fail as they will not have customers who want to use their services.
An entrepreneur should set their business at places where they can attract large number of
customers and who can afford their services and products.
 Lack of transportation facility- If transportation and infrastructure is poor of any place
then business cannot be established successfully. It is difficult to sell products at a place
where people are least interested. Transporting goods from one place to another increases
their cost. Entrepreneurs try to build business at places which are easily approachable to
customers. Easy availability of resources makes work easy.
 Non secure business- there are many non-secure businesses which do a lot of investment
in their infrastructure but forget to get intellectual rights about their product or service.
Other people copy their ideas and innovation to increase competition in market.
 Family background- these factors consist of nature, size and type of family an
entrepreneur come from (Dees, 2017.). A person from business family will focus to join
their home business. A person from job background will usually focus on joining secure
jobs at high position. Only few families motivate their children to start up new business.
 Attitude and cultural factors- There are societies which encourage young and fresh
minds and take steps to root them up and grow. Some society dislike risking life to start
new business and believe to continue with old one.
M4. Link between entrepreneurial characteristic and influence of personal background
There lies a link between entrepreneur’s characteristic which are passion for
achievement, motivation, hardworking flexibility to adapt changes, effective planning, right
investment and dedication. All these are connected with personal factors which are schooling,
society, culture and family background (Lipset, 2018). Support from personal factors will
motivate and help to move forward.
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D4. Background and experience influence entrepreneur
Background of a person as to poor or rich, high class or lower class, business oriented or
job have a great influence in positive and negative manner. An experienced will learn from his
mistakes and avoid repeating those mistakes in their business as it will affect their profits.
CONCLUSION
This assignment on entrepreneurship concludes that there are different types of
entrepreneurial ventures which include global /large, local, medium, social companies and each
one is different as compared on their size, business operations, financial goals. They uniquely
contribute to the economy and society. An entrepreneur can start their venture by choosing a type
of organisation that they want as they all have the scope to grow and develop. Small businesses
have a huge impact on both entrepreneurs and economy. Brexit has helped small organisations in
growing, but caused large ones to decrease. The analysis of characteristics, traits and skills of
entrepreneurs has helped determine that entrepreneurs are hardworking and creates a vision that
they share with everyone. Their dedication and determination to work has motivated them to
become successful entrepreneurs that they presently are and unsupportive family or incomplete
education can cause hindrances for an entrepreneur.
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REFERENCES
Books and Journals
Acs, Z.J., Szerb, L. and Lloyd, A., 2017. The global entrepreneurship and development index. In
Global Entrepreneurship and Development Index 2017 (pp. 29-53). Springer, Cham.
Chell, E., and et.al., 2016. Social entrepreneurship and business ethics: Does social equal
ethical?. Journal of business ethics. 133(4). pp.619-625.
Colombo, M.G., and et.al., 2014. Sales and employment changes in entrepreneurial ventures with
family ownership: Empirical evidence from high‐tech industries. Journal of Small
Business Management. 52(2). pp.226-245.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship. pp.348-367.
Cooper, A.C., 2017. Networks, alliances, and entrepreneurship. Strategic Entrepreneurship:
creating a new mindset. pp.201-222.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledge.
DeSantola, A. and Gulati, R., 2017. Scaling: Organizing and growth in entrepreneurial ventures.
Academy of Management Annals. 11(2). pp.640-668.
Höglund, L., Holmgren Caicedo, M. and Mårtensson, M., 2018. A balance of strategic
management and entrepreneurship practices—The renewal journey of the Swedish Public
Employment Service. Financial Accountability & Management.
Jaskiewicz, P., Combs, J.G. and Rau, S.B., 2015. Entrepreneurial legacy: Toward a theory of
how some family firms nurture transgenerational entrepreneurship. Journal of Business
Venturing. 30(1). pp.29-49.
Kickul, J. and Lyons, T.S., 2016. Understanding social entrepreneurship: The relentless pursuit
of mission in an ever changing world. Routledge.
Lipset, S.M., 2018. Values, education, and entrepreneurship. In Promise Of Development (pp.
39-75). Routledge.
Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship‐strategic management
interface. Strategic entrepreneurship: Creating a new mindset. pp.17-44.
Morris, M.H., and et.al., 2018. Distinguishing Types of Entrepreneurial Ventures: An Identity‐
Based Perspective. Journal of Small Business Management. 56(3). pp.453-474.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
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Rawhouser, H., Cummings, M. and Newbert, S.L., 2017. Social impact measurement: Current
approaches and future directions for social entrepreneurship research. Entrepreneurship
Theory and Practice. p.1042258717727718.
Reuber, A.R. And et.al., 2018. International entrepreneurship: The pursuit of entrepreneurial
opportunities across national borders.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Schwens, C., and et.al., 2018. International Entrepreneurship: A Meta–Analysis on the
Internationalization and Performance Relationship. Entrepreneurship Theory and
Practice. 42(5). pp.734-768.
Welter, F., and et.al., 2017. Everyday entrepreneurship—a call for entrepreneurship research to
embrace entrepreneurial diversity.
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Leadership qualities of Bill Gates. 2014. [Online]. Available through:
<http://www.centerforworklife.com/leadership-qualities-bill-gates/>
Small Businesses Can Make a Big Impact on the Economy. 2017. [online]. Available Through:
<https://www.huffingtonpost.com/david-m-kirby/small-businesses-can-
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The Impact of Small Business Enterprises on the Economy of UK. 2011. [online]. Available
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