The Impact of Entrepreneurship on Society

This assignment delves into the multifaceted impact of entrepreneurship on society. It examines how entrepreneurial activities contribute to social progress through innovation, job creation, economic development, and addressing societal challenges. The analysis draws upon various academic sources and real-world examples to illustrate the profound influence entrepreneurs have on shaping a more prosperous and inclusive future.

ENTRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P 1 Different types of entrepreneurial ventures.........................................................................3
P 2 Similarities and dissimilarity between entrepreneurial ventures.........................................5
TASK 2............................................................................................................................................6
P 3 Impact of the micro and small business on the economy.....................................................6
P 4 Importance of small business and start ups in social economy............................................8
TASK 3............................................................................................................................................9
P 5 Characteristics, traits and skills of two successful entrepreneur...........................................9
P6 Aspects of entrepreneurial personality and reflection of entrepreneurial motivation and
mindset .....................................................................................................................................10
TASK 4..........................................................................................................................................11
P 7 Background and experience can hinder or foster the entrepreneurship..............................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
The entrepreneurship is a process of executing the operation as well as the activities of a
business. Entrepreneurship has its many kind which plays a crucial role in the economy as well
as in the society. In today competitive market condition to run a successful entrepreneurship is a
tough task for any person,while with some tactics and strategy it gets easy for the entrepreneur as
well (Barringer,2012). As there are profit and non profit entrepreneurship which has different
purposes like social wellness or betterment and profit maximisation and revenue generating. In
the following report various parts of entrepreneurial venture which affect the business in positive
as well as in negative way will be discussed. The entrepreneur should have some feature to run
one business successfully in the long run. The following report elaborate that how an
entrepreneur can make his maximum effort to upgrade the business. The entrepreneurship can be
hindered by the lack of quality in the entrepreneur like low self confidence, short tempered.
TASK 1
P 1 Different types of entrepreneurial ventures
Entrepreneurial venture is a business task in which the business owner explores
the new ideas and plans to get new opportunities in the the competitive market to achieve profit
and revenue. As the entrepreneurial ventures are self owned business so there are many kind of
risk and uncertainty in the entrepreneurial venture (Bruton,Ahlstrom and Obloj,2008). The size
of the entrepreneurial venture is dependent upon the funds and investment in the business. There
are different types of entrepreneurial venture like social venture, scalable venture, small
entrepreneurial venture, determined entrepreneurial venture, accomplish entrepreneurial venture
and research entrepreneurial venture. These can be explained as below.
1. Serial entrepreneurial venture
In the serial entrepreneurial venture more than one business of the entrepreneur. When on
business gets successful, another business is operated one by one by the entrepreneur. The serial
entrepreneurial venture has many activities at one time in the hand of the entrepreneur.
2. Female entrepreneurial venture
This is the venture in which whole business is operated by female members. The most important
benefit of then female entrepreneurial venture is that the purpose of the business is more social
wellness than profit maximisation.

3. Social entrepreneurial venture
Social entrepreneurial venture is the entrepreneurial venture in which the main purpose of
the business is to make society a better place so that the people of the society can live the better
life in the future in the long term by the effort of the social entrepreneurial venture. For example
UNICEF is a social entrepreneur venture at international level (Burns,2008). This organisation
deals with the issues of the society so that all the issues can be resolved and society can be better
place for all. Social entrepreneurial venture can have many different purposes like protection of
the environment, minimum consumption of the natural resources and the well being of the poor
people of then society. The social entrepreneurial venture is totally dedicated to the society. It
has no purpose of the profit making or revenue generation like any other entrepreneurial
ventures.
4. Small business entrepreneurial venture
Small business entrepreneurial venture is the business which is started on the small
amount of money or fund by the entrepreneur. As these are the small business, they operate their
business in the local market. The small business entrepreneurial venture gets funds mostly by the
close relatives and family as it is a tiny start. For example the grocery, travel agents,and
electricians are small business entrepreneurs. The main purpose of the small business venture is
survival of family.
5. Scalable start-up business venture
Scalable start up business venture is one level higher than the small business venture. The
main purpose of the scalable start-up business venture is to make a identity in the market. In this
business venture the funds arrangements are little more than the small business venture as they
already present in the market (Cohen and Winn,2007). The entrepreneur of the scalable start up
is educated and has the desire to create an impact on the market.
6. Determined entrepreneurial venture
Determined entrepreneur venture is an unique business venture as in this the
entrepreneur does not follow the strategy or pattern of the business like other competitor rather
he plays as pace maker in the industry. The entrepreneur use his own different idea from other in
the4 business.
7. Accomplish entrepreneurial venture

Accomplish\ entrepreneurial venture is a game changer in the market. For example mark
Zuckerberg is an accomplish entrepreneur who has his own brand image for the business in the
market world wide.
Thus the purpose of the entrepreneurial venture are different from one entrepreneur to
other entrepreneur. There are some entrepreneur who starts the business with the purpose of self
esteem or own passion for that particular business (Dacin,Dacin and Matear,2010). On the other
hand, some entrepreneur starts the business with the purpose of creating new ways in the specific
business industry to create a strong image in the market.
P 2 Similarities and dissimilarity between entrepreneurial ventures
Similarity between the small scale entrepreneurial venture and large entrepreneurial
venture can be explained in many ways. Both small and large entrepreneurial venture have the
main purpose of profit maximisation and revenue generating in the business. Both small
entrepreneurial venture and large entrepreneurial venture operates their business for the
maximum possible sales of the products and services of them. Another ventures which are
similar in the term of purpose of the business are accomplish entrepreneurial venture and
determined entrepreneurial venture.
Another similarity between the small entrepreneurial venture and social entrepreneurial
venture is that they both are started at tiny level mostly (Drucker,2014). Difference between
lifestyle venture and serial entrepreneurial venture is the serial venture has many business in one
hand while the lifestyle venture has single business in one hand. The management of the
activities in lifestyle venture is better than the serial entrepreneurial venture.
Large entrepreneurial venture and social entrepreneurial venture both have their positive
impact on the society. Large and entrepreneurial venture and scalable entrepreneurial venture is
similar in the term of customer satisfaction as they both dependent on the customer satisfaction
so that there can be maximum sales of the product.
Social entrepreneurial venture is different from the other entrepreneurial ventures like
large scale entrepreneurial venture because the social entrepreneurial venture has the objective to
make efforts for the betterment of the people as well as for the society. On the other hand the
large entrepreneurial, venture has the main objective of profit maximisation and maximum
revenue generating by the sales of the product in the market. Customer satisfaction is the main
task for the large entrepreneurial venture, but for the social entrepreneurial venture the main task

is well-being of the people of society. The large and small entrepreneurial venture is different in
the industry as small entrepreneurial venture deals in the only single industry while the large
entrepreneurial venture operates in more than industry because it has the a lotn of arrangements
of the fund in the business.
Difference between the small entrepreneurial venture and large entrepreneurial venture is
that the small business has the limited sources of the fund to operate the business , on the other
hand, the large business has many resources of finance to operate as well as to expand the
business in other areas of the market. Small business is operated by one entrepreneur but the
large entrepreneurial venture can be operates by many people as it has a number of business .The
location of the small entrepreneurial venture is at the local market only, while the large
entrepreneurial venture is located in many places of different countries (Gartner,2007). The
determined entrepreneurial venture is different from the other entrepreneurial venture in then
strategy or pattern in the business. Thus all above mentioned entrepreneurial ventures like small
entrepreneurial venture, social entrepreneurial venture, determined entrepreneurial venture,
research entrepreneurial venture and accomplish entrepreneurial venture are similar as well as
different in many ways. All the entrepreneurial ventures share unique differences also which
helps the customers as well the society .
TASK 2
P 3 Impact of the micro and small business on the economy
Small business is the process of activities done in which the employees strength is less
than 500 while the micro business has the strength of employee less than 100.Micro ans small
business are at very low level of the business but they contribute in the economy in may different
ways like employment, growth of the people, per capita income rise, creation, increase in GDP
and increase in adaptability (Garud,Hardy and Maguire,2007). Micro and small business are in a
lot of numbers in the local market. Small business can be started with very small amount of the
fund. There are following impact on the economy by micro and small business.
1. Employment creation
In micro and small business the owners of the business are single person who wants to
start something new by his own so that he can get the the enough outcome or revenue from the
business to survive . The small and micro business provides the job to the entrepreneur as he has

the medium of income by his own small business in the local market. The person who has no
work or employment can be self employed by starting his own business at small and micro level.
2. Growth Domestic Product
Micro and small business are in various numbers in the market .They capture a
considerable part of the market. There are many entrepreneurs who operates their small and
micro level business in the local market which are included in the growth domestic product of the
economy of the country in which the business is operated (Herrington and et.al.,2010). They
helps to develop small domestic productions like cloth colouring, small shops of grocery which
can provide them sources of income which is calculated in the growth domestic product of the
economy.
3. Development of the economy
All various small and micro business helps the economy of local as well as national level
to grow in the long term in the future. In the small business modification of the product for the
improvement so that the customer buys their product in maximum amount (Huang,2008). It
would lead to the revenue generation in the business which will lead to contribute in the
economy. As there are many number of the seller like small and micro business, so there are
positive situation for the customers because they have more choices to get the best quality
product.
4. Better image of the industry
As there are many numbers of small and micro businesses in the market, there is cut
throat competition among all small and micro business to provide quality product at reasonable
price. It make the best level of the quality of the product in the industry to the customer .This
make the better image of then industry in the economy.
5.Future growth
All of small and micro business do not stay on the same level of progress. There are
many small business which grow very fast and become the large level business in the future. This
growth of the small business contribute in the development of the economy as well. Accuse
when the small business progresses to the large level business, it generates more revenue and
more profit.
Thus the small and micro business have their own place in the market as well as economy
in may ways to benefit the economy.

P 4 Importance of small business and start ups in social economy
After the Brexit the united kingdom has got many benefit regarding trade and business
like small business and start ups (Ireland,Covin and Kuratko,2009). As it can not operate the
business in the other European union countries which lead to motivate more business firm in the
country itself. Small business is larger than the start up.
Small business and business start ups plays a vital role in the social economy. Some of
the small business and start up have social purpose along with the profit motives like
strengthening the local community, social help and development,upgrading the lifestyle of the
people,explore new ways for society and environment responsibilities etc. Following are the
importance of the small business and business start up in social economy.
1. Up gradation in the society
The small businesses helps the society in proving different kind f product and services
with better quality which makes the people consume better quality product at reasonable price.
The people of the society can get the benefit of the competition in the local market.
2. New ways for society
As there are single owner of the small business and start ups, the innovative entrepreneur
ties to use the new methods or the new products and services in the local market.
3. Reduction in poverty
Small business and start up helps the social economy by reducing the poverty,
distributing the wealth in the society,providing infrastructure.
4. Revenue to the government
The small business and start up increase the revenue of the government by providing
taxes implied by government authorities,gaining foreign exchange which leads to more income
of the people of the country.
5. Economic and social development
Small business and start up contribute in the social development by reduction in the poor
lifestyle as well economic development by revenue and profit generation in the business
(Nicholls,2008).Thus there are many contribution of the small, business and start ups which
helps the society in improving and being better in the future.

TASK 3
P 5 Characteristics, traits and skills of two successful entrepreneur
Today the best examples of two successful entrepreneurs are Mark Zuckerberg and Bill
Gates. Mark Zuckerberg is one one of the top entrepreneur of the world who is the founder of
famous social sites and a computer programmer (Schaperand et.al.,2014). He started the business
on very small level. Mark Zuckerberg is creative in his entrepreneurship so that there can be
unique feature in his product in the market. Being a opportunity seeker, he always ready to
explore new area of business in the long term so that the business can be expanded in the future.
He is focused about every task and activity of then business. Discipline is a must quality of a
successful entrepreneur and this quality mark Zuckerberg has in his traits.
Another example of the successful entrepreneur is bill gates who is owner of world top
software company Microsoft. Being a successful entrepreneur he has the willingness and
capacity to persevere. To manage such huge business, he has the quality of excellent
interpersonal skills. Even after achieving success in the business , he seeks for advice and help
from an expert in the business. Being a successful entrepreneur bill gates is a passionate
business person for his business organisation. He is concerned for every single activity and task
of the business he runs.
Difference between business manager and entrepreneur
The entrepreneur owns the business and organisation while the business manager
handles the business of the organisation. The entrepreneur focuses on business start up while the
business manager focuses on operations of the business. The entrepreneur has the primary
motive of achievement in the business in the term of revenue (Sharma and Chrisman,2007).
Approach of the entrepreneur is in informal way while the business manager uses the formal
approach. The reward of the entrepreneur is profit generating from the business while the
business manager sees the reward in term of salary from the organisation. Risk factor is present
on the part of the entrepreneur
while there is no risk on the part of business manager.

P6 Aspects of entrepreneurial personality and reflection of entrepreneurial motivation and
mindset
The personality of the entrepreneur affects the business drastically. So the mindset of the
entrepreneur must be positive to run a successful business in the future in long term. The
entrepreneur with consistency would definitely achieve the objectives and goals of the business
in near future. As there are a lot of risk involved in the entrepreneurship, the entrepreneur should
take chance for opportunities to gain profit from the opportunities.
The entrepreneur must have five dimensions of OCEAN theory which includes all ideal
personality featurette like openness, conscientiousness, extraversion, agreeableness, and
neuroticism for successful entrepreneur (ShortMoss and Lumpkin,2009). According to the this
entrepreneur theory the entrepreneur should be open in the business as the openness allows him
to explore many new ways in the business. The another personality which an entrepreneur should
have is conscientiousness in which the entrepreneur is hard-working,motivating and persistent to
achieve the business goal. Another feature of the theory is extraversion in which the
entrepreneur should participate in the social gatherings and enjoy the company of other people
with full enthusiasm. The entrepreneur with the agreeableness is more successful in the business
as they are always ready for help, co operation with others.
Neuroticism is the last but an important feature of the personality theory in which the
entrepreneur must be low in this feature because he has to be ore confident and calm to handle
the operations of the business. Thus all these personality features of the successful entrepreneur
vital a vital role in the business. Apart from the OCEAN personality theory the entrepreneur
should be aware of any changes in the market as ell as within the business so that he can deal
with the issue in the future with effectiveness.
Thus the personality of a successful entrepreneur can be developed in many ways like
training, experience of failure and forecasting of the situation of the market uncertainties. The
entrepreneur should be responsible regarding the activities and operations in the business so that
there will be no difficulty in the completion of the process of the business (Souitaris,Zerbinati
and Laham,2007). The personality of the entrepreneur can benefit the business, on the other hand
it can harm the business too because different entrepreneur owe hiss own specific and different
personality from others. These above personality helps the entrepreneur in achieving the goal;s of
the business and surviving in the long term in the competitive market.

TASK 4
P 7 Background and experience can hinder or foster the entrepreneurship
` Entrepreneurship has its own room in the business market. As the entrepreneurship is like
venture which can be started at small as well as large level depending upon the fund and size of
the entrepreneurship. It has positive side as well the negative sides. In the advantage side of the
entrepreneurship is that the entrepreneur has full control over every activity and operation of then
business (Stevenson and Jarillo,2007). This advantage gives him the sense of freedom in the
business and motivates to make further effort to improve the process and operations in the
business. In the entrepreneurship the entrepreneur has the choice about working time in the
business.
As an entrepreneur the income of the entrepreneur is decided by himself only,no one is
the superior to him to decide his income in the business. In the entrepreneurship many
entrepreneur do their work with full excitement to achieve the desired goals on the business. On
the other hand the entrepreneurship has some disadvantage also (Leviticus,2017). The first
disadvantage of the entrepreneurship is that the entrepreneur has to see and monitor every
operation of the business. This make it difficult for the entrepreneur to handle all work in single
hand. As there is cut throat competition in the market, the entrepreneur has to differentiate his
business from the others to gain profit.
There is another disadvantage of the entrepreneurship which is that there is only one
person responsible for the success and the failure of the business who is entrepreneur himself.
There is no salary for the entrepreneur on the regular basis because the business is operated by
him only. If there is loss sometime in the busies, there is no salary or income for the
entrepreneur. Work schedule is also a disadvantage of the entrepreneurship as there is no fix
working hour in the entrepreneurship. Sometimes the entrepreneur has ton work around the cloak
for the business while sometimes there is no work then the entrepreneur does not work for
sometimes.
There are many factors which affects the entrepreneurship positively and negatively. If the
entrepreneur is well educated, he can make effective strategy for the success of the business
(Olufisayo,2010). If the family and social network of the entrepreneur are business oriented, then
it can foster the business in very positive way. Experience in the business also teaches the
entrepreneur new tactics about business.

CONCLUSION
From the above report it can be concluded that the entrepreneurship has various aspects
in term of types or different entrepreneurial ventures. All entrepreneurial venture are similar to
each other in some aspects while they are different as well. The micro ans small business have
important impact on the economy in term of revenue and employment. The start ups and small
businesses affect positively to the society for betterment of it. A successful entrepreneur requires
various important traits, skills and characteristics to run the business with increasing progress in
the market. The personality of the entrepreneur plays a crucial role in the success and failure of
the business. From the above report it can be depicted that many factors of entrepreneur can
affect the business like background, education of the entrepreneur,social network in which the
entrepreneur lives and nature of the entrepreneur.

REFERENCES
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