Entrepreneurial Ventures and Their Impact on the UK Economy

Business Entrepreneurship and Small Business Management
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Table of Contents
Introduction......................................................................................................................................3
Part 1................................................................................................................................................4
P1. Provide an introduction to the report by examining different types of entrepreneurial ventures
and explaining how they relate to the typology of entrepreneurship...............................................4
P2. Building on the different types of entrepreneurial ventures explored in P1, you are now
required to explore the similarities and differences between each..................................................5
P3 Present, interpret and assess relevant data and statistic to illustrate the impact micro and small
business have on the economy. You should consider local, regional, national and international
economic impacts............................................................................................................................8
P4: Building on the information you provided for P3, you must explain the importance that
small businesses and business start-ups on the growth of the social economy...............................9
Part 2..............................................................................................................................................11
P5: Determine what makes a successful entrepreneur. You could consider examples of
successful entrepreneurs and determine the characteristic traits and skills they possess..............11
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset...........................................................................................................................................12
P7 Examine, using relevant examples, how a person’s background and past experiences can
hinder or foster entrepreneurship. Factors to consider may include level and type of education,
national culture, economic circumstances and character traits. The risks and rewards of starting a
business should also be considered................................................................................................13
Conclusion.....................................................................................................................................16
Reference List:...............................................................................................................................17
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Introduction
With the growth of technology, more number of small and medium sized enterprises is
increasing, which is helping in the growth and development of the UK economy. These
entrepreneurial ventures are helping in providing employment opportunities to the local people.
This assignment will outline different types of entrepreneurial ventures. This assignment will
also compare different types of enterprises that are operating in the United Kingdom. This
assignment will focus in providing statistical data regarding the contribution of entrepreneurial
ventures in the United Kingdom. Small business enterprise business also helps in the growth and
development of the social economy. In order to become a successful entrepreneur, the individual
is required to have certain skills and characteristics that can help in operating the business
effectively. This assignment will analyse the factors that can foster and hinder entrepreneurship
and it also provide rewards and risk of starting the business.
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Part 1
P1. Provide an introduction to the report by examining different types of entrepreneurial
ventures and explaining how they relate to the typology of entrepreneurship.
Based on the venture environment they are majorly divided into five categories:
 Small Business Entrepreneurship
These entrepreneurial businesses are mainly having small size and low scope of profits. There
function or rather operations involves business activities that help them to incur earnings to
sustain in daily living. Most of the business involves local stores, grocery shops, hairdressers,
travel agents, carpenters, plumbers, electricians and others. There are independent owners for
every small business stores (Amato et al., 2017). Employees working within these firms are
mostly family members and local public. The objective of these firms is not to make huge profits
or to take over an industry rather is to earn adequate profits that can help them to feed their
family.
 Scalable Startup Entrepreneurship
These firms have roles and objectives to make success in building respect and huge profits in the
entrepreneur market. Before starting their business, they first target to build the organizational
vision and mission that can differentiate their business from the rest of the firms in the
competitive market. The recruit only the best and brightest talents from every corner of the globe
by conducting exams and competitions. The business operations of these firms are technological
operations and their organisational startups location involves areas such as Silicon Valley,
Shanghai, New York, Bangalore, Israel and others (Picken et al., 2017). These business firms
recruit only the higher officials, directors, managers and executive officers having great
experience and excel in their respective roles. Some of the examples of these businesses are
Apple, Facebook, Delloite, Amazon and others.
 Lifestyle Entrepreneurship
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