Entrepreneurship Report: Examining Ventures, Skills, and Economy

This report provides a comprehensive overview of entrepreneurship, exploring different types of entrepreneurial ventures including small, large, social, serial, scalable start-up, and lifestyle ventures. It examines the similarities and differences between these ventures, highlighting the role of typologies in linking them. The report further analyzes the positive impact of micro and small businesses on the UK economy, emphasizing their contribution to job growth, economic development, and tax revenue. It also delves into how small businesses and start-ups contribute to the growth of the social economy through enhanced employment opportunities, poverty reduction, and improvements in society. Furthermore, the report identifies the key characteristics, traits, and skills of successful entrepreneurs, including their role in motivation and mindset, while also considering how background and experience can either hinder or foster entrepreneurial endeavors.

ENTREPRENERUSHIP

Table of Contents
INTRODUCTION......................................................................................................................3
TASK 1......................................................................................................................................3
P1 Examine different types of entrepreneurial ventures.......................................................3
P2 Similarities and difference between different ventures....................................................4
TASK 2......................................................................................................................................6
P3 Micro and small business impact on economy.................................................................6
P4 How small businesses and business start –ups will contribute to the growth of the social
economy.................................................................................................................................7
TASK 3......................................................................................................................................8
P5 Characteristics, traits and skills of successful entrepreneurship......................................8
P6 entrepreneurial personality reflect entrepreneurial motivation and mind-set..................9
TASK 4....................................................................................................................................11
P7 Background and experience hinder of foster entrepreneurship......................................11
CONCLUSION........................................................................................................................12
REFERENCES.........................................................................................................................12

INTRODUCTION
In this report we will describe and learn about the entrepreneurship and small
business. It is that type of business which is started by creative person. Entrepreneurship is
the process through which individual can examine and find opportunities and create values.
This report describes different types of entrepreneur ventures. Along with this, report also
explains the differences and similarities between various entrepreneurial ventures. Moreover,
it also describes the positive and negative impact of small business on economy. In Addition
to this, the report also describes different skills and characteristics of successful business
person. Furthermore, it will describe the role of these skills in the motivation. At the end
report will examine how background and experience can hinder or foster entrepreneurship.
TASK 1
P1 Examine different types of entrepreneurial ventures
Entrepreneurship is process through which individual can examine and find
opportunities as well as create values. It is a process of developing new products and
services. There are different types of entrepreneurial ventures which are related with
typologies of entrepreneurship. Different entrepreneurial ventures are as following
 Small ventures: Small business person are those who run his/her own business, they
select and hire local employees for accomplish their target and goal. Small business
venture operate their business at very low level and they start the business with low
amount. These small enterprise do not need to hire of too many workers. The main
aim of small business person is to feed the family and make a profit(Bhachu,2017).
To start the business, small entrepreneurial takes money from their families and
friends. They work very hard and use innovative and creative ideas to accomplish the
goal. UK government provides fund to start the small enterprise. Examples of small
business are grocery stores, consultants, plumber, electrician, carpenter, store front
etc.
 Large Venture: For starting large enterprise, business person need huge amount. They
start the business with the help of loan from bank. Large venture mainly focuses on
their competitors in the market. They hire number of employees to accomplish the
target and goal. With the help of creative ideas and innovation they complete their
goal. Skilled workers help these business person to accomplish the target in effectual
manner. They mainly focus on the new technologies and provide the products and
services according to customer's need and desire.

 Social ventures: The main aim of social venture is to provide the products and
services that solve social needs and issues. Their goal is to make the world better they
do not work for profit and benefits. Moreover, they work in the direction of protecting
the rights of public. The main aim of these ventures is to solve the social problems
and provide safe and healthy environment.
 Serial entrepreneurship: They start the company with creative ideas and then play an
important role in the day to day functioning of the new company. This type of venture
start the company with new ideas and after that they give responsibility to someone
else and move on to a new idea and new venture(Choi and Majumdar, 2014).
 Scalable start-up ventures: This venture always focuses on the new opportunities and
to bring them they always focus on the continuous learning. To make competitive
advantages they always want to increase the market share. For the future development
they have new ideas and creativity. With the help of their own ideas and creativity
they bring new opportunities in their workplace.
 Lifestyle entrepreneurship: This ventures focus on the future development to handle
the risk capacity. They focus more on the life rewards and provided products and
services to people for enjoy.
Entrepreneurial venture link with typologies:
The main aim of typologies is that to describe the relationship of entrepreneurial
ventures with other factor succession of business enterprise. Relationship of different
ventures helps firms to increase the efficiencies. Therefore, typologies are effective and
linking all entrepreneurial ventures with each other(Dorado and Ventresca, 2013).
P2 Similarities and difference between different ventures
There are some differences and similarities between different ventures.
Similarities between small and large entrepreneur
1. Small and large both entrepreneurs mainly focus on the customer's satisfaction. This
is because customer's satisfaction plays a huge role in the success of corporation.
2. Both entrepreneur provide the products and services according to customer's need and
desire(Jarm and Miranda, 2014).
Difference between small and large entrepreneur

1. Small venture receive money from their families and friends on the other hand large
venture receive money from bank loan. Large venture can increase the amount of
money by selling the shares of stock to the public.
2. Small venturers do not need to hire the numbers of employees whereas large ventures
need to hire too many employees for accomplish their goals and target.
3. Large venture focuses on the quality of products and services with the help of new
technologies whereas small entrepreneur are not able to selling a single product in the
specific market.
4. Small business odes not need high skilled and qualified workers on the other hand
large venture needs high qualified and skilled employees to accomplish their targets.
Difference between life style and serial entrepreneur
The main difference between life style and serial entrepreneur is that life style venture
focuses on the employee's motivation. As motivated workers are enhance the performance of
organisation and provide their extra efforts to accomplish the goal of corporation. On the
other hand large venture does not focus on the employee's motivation, they only focused on
their business policies and strategies. With the help of different strategies and business
structure serial entrepreneur are able to complete the task(Newey and Li, 2014).
Similarities between life style and serial entrepreneur
1. Both life style and serial entrepreneur focuses on their human resource management
to hire skilled and high qualified employees. Workers are backbone of any
organisation because they are person who helps corporation to accomplish the tasks.
2. Innovative feature: To develop the future opportunities both life style and serial
entrepreneur focuses on the innovative features. With the help of creative ideas both
entrepreneur are able to achieve their goal in an effectual manner.
To obtain the personal and organizational goal, some business person selects healthy
practice whereas some business owner obtains their goal with the help of negative activities
which have wrong impact on the society environment. Business person should identify and
analyse some factors such as political, economic and social before starting the business.
 Social business entrepreneur :These business person provides their services and
products to develop the society. They do not work for profit earnings.

 Entrepreneur in between: This business person focuses on both the profit earning and
social aspects.
 Natural and the communal effect: The main of these business person are to make
reputation in the market. With good brand image these entrepreneurs are able to
attarct more customers towards their organisation.
TASK 2
P3 Micro and small business impact on economy
Micro and small businesses are the backbone of UK economy. Small business person
comes from different backgrounds with creative and innovative ideas(Desai,2013). Small
business impact on job growth and economic development. From the examination by
researches it is found that 50 million people are employed by small business in united
kingdom. Along with this according to infographic 90 percentage small business people in
the UK donate the fund to charitable causes. With the help of this money government is able
to provide the security and safe environment.
The several effects of small ventures on the economy are as following
Economic power: Within the United kingdom, there is huge number of small organisation
who operates on small scale. SME are responsible for 15.2 million jobs in UK. according to a
report published by the royal society for the encouragement OF ARTS, manufactures and
commerce there are 5 million of these organisations in the UK, up from 3.5 million in
2000(Urbano and Guerrero,2013).
To earn high benefits, large and small business person follow different market
strategies and business structure with the help of different policies these entrepreneurial are
able to pay extra taxes to government and the amount from small entrepreneurship are used
for public security such as in police sector etc. certain impact of small business on UK
economy are as following
Contribution through employment: Small organisation offers several jobs opportunities to the
people. This employment rates have positive significant impact on economy in term of GDP.
Small firms also provide helps to large enterprise by contribute a great deal to large
companies through providing row material and vital resources. In the large enterprise, there
are no limits of employment. SME provides jobs so people can get employment within the
country. With the help of small business people are able to increase their living standard. This
is positive impact of SME on the economy of UK(Drucker, 2014).

Small and micro business impact on economy of country in several levels such as local,
national, regional and international.
At local and regional level: in this context, SME continuously create innovation in business
operations for social welfare and society 's development. People within the country can take
advantages of available products and services. Along with this by export of products and
goods nation are able to increase their effectiveness.
It is concluded that financial position of UK is quite effective as compare to other countries s
due to high involvement of SME and different changes in UK. It is because through the high
contribution of SME country's economy gets affected in positive manner.
P4 Impact of small businesses and business start –ups on social economy
According to SBA, small businesses have generated 64% of new jobs, and paid 44%
of total United Kingdom private payroll. SME plays a huge role in local economic
development across the nation(Gherardi and Poggio, 2014).
Enhanced employment opportunities: Wit the help of small business, people can get jobs and
they have opportunities to prove themselves. SME helps to remove the poverty from the
country. With the help of high skilled employees small business people are able to increase
the productivity of their business and are able to provide more revenue to the government in
terms of taxes(Hatten,2015). As outcomes, the performance of the firm increasing in the
market and it helps to increase the growth of social economy. By bringing the growth and
innovation to the community, small business contributes to social economies(Kerr, 2013).
Improvement in the society: As small business person offers job opportunities to the people
and enhance their living standard. Person can improve their living standard through the
money and facilities which is given by the company. Small business provide fund for charity
therefore many poor children now able to get the free education. As total growth of country
and nation is depends on the education.
In the united kingdom market, small enterprise causing positively to make high
growth and profits as well. Through the SME UK government is able to remove poverty,
wealth distribution and employment. It creates positive impact on the economy of country.
Along with this Small business entrepreneurship helps to create foreign exchange so that
corporations are able to gain more currency at workplace(Ireland and Ketchen, 2014).

TASK 3
P5 Characteristics, traits and skills of successful entrepreneurship
To accomplish the goal of business businessperson needs some characteristics and
skills. With then help of different skills a concern person can easily achieve the success.
Entrepreneur has different skills and ideas which helps entrepreneurial to run the all functions
and operations in systematic manner. To get success business person must have following
traits and skills(Jennings and Brush, 2013).
For example Zuckerberg who is co-founder of Facebook he has so many skills which made
him different from normal people. He is creative, innovative and highly confident(Durand,
and Paolella,2013).
 Passion and motivation: There are many traits but passion and motivation is one of the
most important trait which help business person to achieve the success. Entrepreneur
can put extra efforts to make business success. To get success, business person need
to keep passion at all situations. Along with this motivation is another trait which has
to be present in entrepreneurial. Through the motivation business person can bring
new opportunities and future development at workplace. To accomplish the goal,
business person should motivate his or her employees with the help of trainings and
development(Kelley, 2013). Motivated employees are more attractive and active. Disciplined: To maintain the rules and regulations in the business environment,
entrepreneurs should be disciplined. When owner of any organisation is disciplined
then all other employees also follow the rules and regulations within the company. As
disciplined workers enhance the performance of organisation and increase the
productivity of business(Kirzner, 2015).
Skills of successful business person are as following
 Creativity: This is most important skill which has to be present in business person. If
Entrepreneur is creative and innovative then he/she can bring success easily. With the
help of this skill they can launch new products and can attract more customers.
Creative person can bring new opportunities to increase the productivity and growth
of business(Kuratko, 2016).
 Confident: To represent the business and to build a good reputation, enterpriser has to
be confident. With the help of high confident level business person can apply
knowledge and experience at complex situation and can also represent his or her

business in front of competitors and other workers. This skill helps business person to
build a good image in the market.
 Determination: Entrepreneur can transfer his small business into large business with
the help of this skill. When business person is able to determine the new opportunities
in the market. With the help of this skill, whenever enterpriser find any opportunities
and chance in the market then he determines all the important information about the
new opportunities and tries to bring in the workplace(Miao and Fiet, 2014).
Different characteristics of entrepreneur are as following
 Planning for everything: To complete all the operations and functions of organisation,
owner should be able to make effective plan for everything. With the help of planning
owner of organisation can run all the operations smoothly.
 Risk taking: Successful business person always takes risk as new opportunities.
Entrepreneur always took risk to accomplish the goal of business. With the help of
these characteristics business people can expand their business.
P6 entrepreneurial personality reflect entrepreneurial motivation and mind-set
Entrepreneur has many skills and characteristics such as confidence, effective
communication etc. That contributes to their success. Along with there are some different
situations which make business person to become a successful entrepreneur(Mickiewicz and
Stephan, 2013). All the productivity and business growth is depended on the personality of
business person. Successful entrepreneur has bunched of personal skills such as controlling,
planning, risk taking, innovation etc(Monitor,2013). to remove the obstacles from workplace,
business person need to offer motivation to their employees. With the help of different skills
such as confident and passion, concern person can motivate his or her employees. Through
the passion and trainings skill owner can motivate employees(Naudé,2013). Through the
trainings and development workers can learn new skills and techniques.
These some different situations and traits are as following
 Neuroticism: Successful business person has quality to remove the negative traits
such as depression, enmity etc.(Hessels and Li, 2016). when enterpriser is able to
remove all these traits they can easily bring success in their organisation.
Entrepreneur who is not able to remove all the negative traits are less confident. To
motivate the employees, business person have to be calm and confident. To remove
the stress entrepreneur should carry positive attitude and self confident. With the help

of this skill, owner can build a healthy and secure environment at workplace. Through
the self confident they can operate all the functions smoothly(Payne and Wright,
2013). Therefore, these personalities of entrepreneur make them different from
normal people.
 Extraversion: To motivate the workers, business person have to be attractive and
energetic. With the help of this skill, entrepreneur can satisfy the employees and
customers. When business person use effective communication skill he can easily
satisfy the customers and can also build a good relationship with employees. Through
the good relationship owner can enhance the performance of employees and this
process will increase the productivity of business(Schaper, 2016).
 Openness: Small enterpriser should involve the ideas and point of view of employees
in the decision making. To increase the business growth, business person should give
the power to employees to share their ideas and knowledge. Through this process,
workers feel valuable and motivated at workplace. Entrepreneur should be creative,
imaginative and curious(Shepherd,2015).
 Take action: A successful enterpriser is able to deal with complex situation because
he is risk taker As successful business person are risk taker so they ca take decision in
complex situations for betterment of corporation and to remove the stress form the
work environment.
 Desire to do innovative things: an entrepreneur are work harder and have passions
about the task. With the help of this skill they listen the issues which are occurred in
the workplace and also offer the solutions to remove those issues and problems form
workplace(Weber and Gibson, 2015).
 Independent: a business person does not need any guidance and direction because
they are full of qualities(York and Bhagavatula,2014).
 Availability of resources: to manage the operations and function of organisation
business person assures that the resources are available in the corporation. Resources
can b e raw material funds availability and many more.
 Make policies: tom increase the profitability and productivity, business person always
change the business structure and offer different policies and strategies.

TASK 4
P7 Background and experience hinder of foster entrepreneurship
In order to become a successful entrepreneur, an individual faced so many problems
and issues. Different phases either hinder the abilities of business person or help to foster
them. There are many factors such as lack of money, lack of education which hinder the skills
and talent of business person(Giné and Mansuri,2014). On the other hand some factors such
as motivation, family's support helps an entrepreneur to raise their skills and ideas.
Entrepreneur's experience plays a hue role in the success of business. Entrepreneur can solve
the complex situation and can perform at high level if they have past experience and personal
skills. Following are points which describes how an experience and background of an
entrepreneur affect its development and growth. In this context, we are taking the example of
bill gates who is most famous entrepreneur in the world. He is co-founder of Microsoft
corporation. He becomes most successful business person with the help of his family support.
In starting bill gate were faced so many issues and problems but with the creative ideas he get
the success(Dana,2014). Another example of successful business person is Zuckerberg who is
co-founder of Facebook. He got the success in very young age. His father was famous
enterpriser who faced so many problems with communicating the suppliers at global level.
Therefore, Zuckerberg got an idea to generate an application in which people can
communicate with each other at global level. In starting he suffered from many negative traits
such as depression, low confidence. But with the help of creative ideas and due to family's
support he is able to implement his idea. This process was not easy for Zuckerberg to launch
this application. If his parents did not give support then he can not be able to remove negative
traits.
 Experience: experience of business person helps him to make decision in the future
and also help him to solve conflicts in the business environment. Through the
experience a person can work at complex situation. To bring new opportunities.
Business person has knowledge and experience from which they can accomplish the
tasks and target.
 Family backgrounds: this includes size and status of family. A well educated family
always support the entrepreneur and motivate him/her. As motivation is best tool to
get the success. But sometime, families are not able to give their support due to lack
of money and education. When family does not give support to entrepreneur then they

are not able to get the success in effectual manner they faced so many problems and
negative traits such as depression etc.
CONCLUSION
From the above report it has been concluded that entrepreneurship is started with
creative and innovative ideas. From the above report is has been analysed that there are
different types of entrepreneurial such as small, large, social, serial etc. there are some
differences and similarities between entrepreneurial ventures. Along with this report also
explained the impact of small business on the economy of UK. Apart from this, from the
report is has been examined that small business offers various job opportunities to the people.
Moreover, report also described the various skills and characteristics of successful business
person.
REFERENCES
Books and Journals
Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge.
Choi, N. and Majumdar, S., 2014. Social entrepreneurship as an essentially contested concept:
Opening a new avenue for systematic future research. Journal of Business
Venturing. 29(3). pp.363-376.
Decker, R., Haltiwanger, J., Jarmin, R. and Miranda, J., 2014. The role of entrepreneurship in
US job creation and economic dynamism. The Journal of Economic Perspectives. 28(3).
pp.3-24.
Desai, V., 2013. The Dynamics of Entrepreneurship Development Management: Planning for
Future Sustainable Growth. Himalayan Books.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Gherardi, S. and Poggio, B., 2014. Gender and entrepreneurship: An ethnographic approach.
Routledge.
Hatten, T.S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.