Entrepreneurial Ventures: Scope, Attributes, Characteristics, and Impact of SMEs on Economy

This report explores the scope, attributes, and characteristics of entrepreneurial ventures and the impact of Small and Medium Enterprises (SMEs) on the economy. It investigates the stages of venture development and the traits and skills required for an entrepreneurial mindset. It also defines SMEs and assesses their impact on the UK economy, including job creation, growth acceleration, and innovation. The report concludes with a differentiation between corporate and public intrapreneurship and their importance in both sectors.

Entrepreneurial
Ventures

Table of Contents
INTRODUCTION ...........................................................................................................................................3
TASK 1 .....................................................................................................................................................3
P1. Investigation of the scope entrepreneurial ventures with the help of suitable examples. 3
P2. Scrutiny of the attributes and the characteristics related to the concept of entrepreneurship. 4
P3. Explication of the meaning of “entrepreneurial mindset”. ...............................................5
P4. Elucidation of the characteristics ad the skills linked with the mindset. ...........................7
CONCLUSION ..............................................................................................................................................7
TASK 2......................................................................................................................................................8
P5. The impact of the SMEs over the economy at varied levels. ............................................8
Defining the conceptualization of SMEs. ...........................................................................8
Assessment of the impact of the SMEs on the UK economy..............................................9
Explanation in regards to the conception of intrapreneurship.........................................10
P6. Differentiate between corporate and public intrapreneurship. .....................................10
Illumination of the importance of the intrapreneurship in both the corporate and public
organization. ....................................................................................................................11
CONCLUSION ............................................................................................................................................12
REFERENCES..............................................................................................................................................13

INTRODUCTION
The setting up of an independent venture through significant deliberation by identifying
the suitable opportunity present in the market and making the best use out of it is the inference of
the term Entrepreneurship. The pertaining of the opportunities and the invention of new and
novel practices in the market with an ultimate vision of the attainment of influential growth and
development of the brand along with the generation of epochal profits out of the business is the
primary objective of the conceptualization (Bertello and et. al., 2022). The scope of the subject
matter along with the appropriate attributes and characteristics will further be elucidated in the
study. The account of the entrepreneurial mindset and its relative skills will be explained in an
implicit manner. The enumeration of the impact of the Small Medium Enterprises (SMEs) will
be studied and the assessment of is relative impact over the UK's economy will also be
highlighted. The explanation in respect to the conception of intrapreneurship is another aspect,
that will be considered in the report.
MAIN BODY
TASK 1
P1. Investigation of the scope entrepreneurial ventures with the help of suitable examples.
The ambit of the entrepreneurial ventures generally depends upon the geographical
location, size and the structure of the particular organization. Considering the explanation in
regards to the elaboration of varied examples, for a small family-owned grocery store, it can be
referred to as a micro-enterprise. The establishment of a beauty salon is an example of a small
business. A chain of a certain store would be considered as a medium or a large company
significantly depending upon the complexity of the structure and the size of the store. And
finally, the company dealing with the production and the selling of commodities to the general
public in varied segments of the worlds will be known as a large company. The process of a
venture is often times non-linear, but there is still a possibility of the inclusion of certain series in
the stages of the development. The stages of the venture development process are the start-up
stage, rapid growth, expansion and the maturity (Bosse and et. al., 2022).

Start up stage: The introduction of the products or the services into the market through the
introduction of the thoughtful idea of the entrepreneur. The receiving of the validation from the
customers and the implementation of certain changes in respect to achieving the standards of the
customer satisfaction.
Rapid growth: When the invention of the novel idea is fresh and attractive, then the arrival of
this stage occurs where the brand gets the due recognition from the market and the development
of the brand takes place. The company experiences the level of standardized growth in the
market place.
Expansion: When the demand in the market tries to exceed in the market, the imperative need of
the expansion is thereby required by the company which contributes towards increasing the
capacity of the product, opening of new stores in the marketplace or through hiring of additional
staff for the completion of the assignments on time (Bunduchi and et. al., 2022).
Maturity: The innovation and the scope of creativity should be continuously and simultaneously
increase and this approach should be taken care of to establish a significant position in the
market and the improvement in regards to the product and the services offered to the targeted
audiences should be the ultimate objective of the management in this phase.
P2. Scrutiny of the attributes and the characteristics related to the concept of
entrepreneurship.
The nation's economy is significantly dependent upon the contribution and the
advancement that is brought forwards through the vision and the practices of the entrepreneurs.
There are certain traits and attributes that an entrepreneur should embrace while implementing
the captious steps in the progressive journey of the venture.
Progressive and Innovative: The enterprise must comprehend towards the innovative and the
creative aspects of the business. The nature of the entrepreneur should be progressive in regards
to the novel practices that are introduced by him/her in the market place and these ideas must be
able to satisfy the needs and the requirement of the customers in a diligent manner.
Passion and the scope of Vision: The imagination of the pioneer should be in accordance to the
attainment targets that can be achieved and is able to survive in the market for a sustainable

period of time. The mapping of the plan formulated by the entrepreneur should be articulated
according to the pertaining situation of the market (Buyukbalci and Dulger, 2022).
A Trailblazer: The trait of having the abilities and the nature of becoming a leader for the
conduction of the business in an effective and an authoritative manner is imperative for the
assurance of the growth and the development of the company in the marketplace.
He/she should be a Risk Taker: The encompassing of the characteristic of opting of the
pathways in regards to the jeopardy the road exists, is another attribute which determines the
scope of the growth of the brand in the market. The adoption of this factor enumerates about the
adventurous and the risk-taking personality of the enterprise.
Must be Persistent: The attainment of the success ratio is not a deal of an overnight
acquirement, but requires due diligence and persistent in order to achieve the targets set by the
entrepreneur. The tiresome work which is mandatory for the accession of the venture in the
market place can only be done when the innovator is deliberate enough to render his/her 100%
towards the development of the company (Dai and et. al., 2022).
Should encompass Ethics and Integrity: The cornerstone of any business is synonyms with the
conduction of the trade in an integrate and an ethical manner. The morals idolized by the brand
should never be compromised by the trailblazer. The credibility of the business depends upon
this trait and the conduction of the commercial enterprise should be under the compass of the
legal framework.
P3. Explication of the meaning of “entrepreneurial mindset”.
The understanding of the term 'mindset' is important before comprehending towards the
critical aspect of the 'entrepreneurial mindset'. The conscious awareness for the particular
segment or towards any commodity or service, in regards to the effect it has upon the lifestyle of
an individual is considered to be the inference of a mindset. This mental attitude helps an
individual to ignite the ambitions in one though process and enable them to thrive further and
flourish in the external environment (Dutta, Folta and Rodrigues, 2022). The mindset is in a
significant position to even bind the humans by ignoring certain opportunities and can moreover

hinder the ability to grow and develop by engaging in the unproductive patterns prevailing in the
surroundings.
The entrepreneurial mindset can now be inferred as an acquirement of a cognitive belief system
which consists of comprehensive assumptions, interrelated beliefs and the exclusive knowledge
of the particular process. This helps the trailblazer to take influential decisions and guide the
behavior of the thought process. The specific set of knowledge, information and the drives of an
entrepreneur helps in the growth and the development of the venture. The mentality of an
entrepreneur tends to:
Ownership: Have a firm belief in the ability and the capabilities upon the influence of the
decision taken by the innovator over the outcomes which can be referred to as taking the
exclusive ownership of their respective ventures (Eckerle, Manthey and Terzidis, 2022).
Self-directed: The goals set by the entrepreneurs should be compelling enough to generate
intrinsic motivation in the functionality of the entrepreneur which helps in providing an action-
oriented plan and generating significant engagement in the operations of the company. The
direction of the chosen pathway should be according to the dynamic nature of the future.
Resourceful: The mentality of the opportunist should be optimistic which motivates them to
interpret the situations in a positive manner and try to focus upon finding the relevant
solicitations rather then generating negative buzz around the problem. The attitude of the
entrepreneur thereby should be solution oriented even in the constrained commercial
environment.
Critical analogy: The cognition of the owner should be in regards to the apprehension of
analogical thinking for the determination of the implementation strategies for the functioning of
the business. The creative and the innovative aspect of the business should be critically analyzed
before the introduction of a novel idea or practice in the marketplace (Gogan and Belinsky,
2022).
Creation of value: The trailblazer of the venture should have a philosophical mental attitude,
and the understanding that one creates, by considering the set of values by looking for certain
solutions to solve the pertaining problems for others and must surround themselves with a

deliberate assemblage of community that encompass positive influence upon the mindset of the
entrepreneur and provides critical guidance throughout.
P4. Elucidation of the characteristics and the skills linked with the mindset.
The entrepreneurs aren’t buffeting the sidewalk looking for the work, but instead the
owner tends to keep themselves busy in the nerve-wracking situations to generate the scope of
possibility for themselves, and they’re fearless of what can come about if their big cognitive
content doesn’t take off right away, or at all. They have the ideology to work in the toughest of
situations and focus on rendering themselves with the answers to the descriptive questions that
becomes a hurdle in the process of the achievement of the determined targets and the objectives
(Kuschel and Pinzón, 2022). The specific traits and the attributes of a successful entrepreneur
mindset can be furthermore enumerated-
Resoluteness: The refusals that can be faced in the journey doesn't mean that it’s the end of the
process. A true trailblazer will never stop till the very end and will always be determined
throughout the pathways. The entrepreneurs tend to seeks solutions rather than focusing on the
negative aspects of the problems which help them gong forwards in the journey,
Decisiveness: The responsibility and the moral obligations fall upon the head of the venture and
the ability of taking rational and coherent decisions is imperative for the entrepreneur in order to
eliminate the scope of wasteful actions and thoughts that can hamper the functioning of the
business.
Authenticity: The legitimacy of the thought process should be in accordance to the procedural
decisions that has been opted by the entrepreneur in the attainment of the targets. The ideas of
the adventurist should never be questioned by the subordinates and this can only happen when
the authenticity of the sources in the consideration of the head is reliable (Nespoli and et. al.,
2022).
CONCLUSION
An inference can thus be made that in order the attain the futuristic goals and targets, the
inclusion of certain significant traits and characteristics is important for the entrepreneurs to
encompass. The set of steps that have to be followed in the sequential process of the
entrepreneurship is also explained in the study. The mindset of the opportunist should be

optimistic, resilient, thoughtful and focused which helps him/her to succeed in the business
environment. The verified traits and the characteristics of an influential mindset is also explained
in the report in a thoughtful manner.
TASK 2
P5. The impact of the SMEs over the economy at varied levels.
The impact of Small and Medium Enterprises (SMEs) in the global economy plays a
significant and a crucial role in the construction of a society with a vision of making it a nation
which is free of poverty. The rational motive of the enterprises is that they not only supply ample
job opportunities to the various segments and sections of the society but also guarantee the flow
of money across the respective levels of society. The evaluation of the impact of the SMEs is
therefore imperative to understand the conceptualization in a significant manner (Ogunsade and
et. al., 2022).
Defining the conceptualization of SMEs.
The SMEs can be defined as the commercial businesses that regulates and maintains the
revenues, number of the personnel working and the assets below a definite threshold. Different
countries have varied implication an significant of the SMEs and the functioning of these
businesses are according to the legislation of the particular country. They thereby help in the:
Creation of Jobs in the society: This helps the provision of employment to the skilled as well as
not so skilled individuals of a nation through the creations of ample of jobs in the small and
medium enterprises. Most of the formal jobs that are accessible in the market are predominating
created by SMEs (Plata, Scott and Rincon, 2022).
Helps in the acceleration of the growth and development of a nation: This helps in fueling
the economic cycle of the nation through the promotion of the development approaches by
rendering the required services in respect to satisfying the needs and the requirement of the
society along with generating considerable revenue for the country with an expansion in the tax
base.

Bring forwards the scope of innovations and creative practices: The introduction of
innovative and creative aspects through the utilization of the available opportunities presents in
the market. This helps in the rise in the entrepreneurial characteristics in an individual. SMEs
thereby work as a shock-absorbent against the niche by accommodating the adaption and
innovation as per the dynamic conditions.
Regulates according to the advancement in the technology: The considerations in regards to
the prevailing advancements in the external environment is taken into account by the SMEs in an
appropriate manner through the fuller utilization of the of the progressions. SMEs adjust quickly
to the dynamical business world by shifting on to the implications of e-commerce and the online
transaction of goods and services (Ratten, 2022).
Assessment of the impact of the SMEs on the UK economy.
The case considered for the elucidation of the relative impact of SMEs over the economy
of the country is the situation of the COVID-19. The influence of the pandemic over the
functioning and the operations of the SMEs in the UK has impacted the economy of the country.
The SMEs are considered to be the lifeline of the economy of UK and the disruptions in this
respect increased the worry of the generation of a weak outlook of the country's economy.
Impact over the generation of revenue: The deformity in the economical situations prevailing
in the country brought down the ascertainment of the levels of profits from the functioning and
operations of the SMEs. This particular impact was severe foe the economy of the UK. The
arising of the recession in the market during the year 2021 because of the adverse situation,
resulted in the half-expected accumulation of profits (Salamanca, 2022).
Retaining of the employees: The impact over the management of the internal business
environment of the SMEs of the country was considerate in respect to the situation of the
pandemic prevailing in the economy. The disruption in the organizational structure, loss of the
human resources, disturbance in the integration of the value system of the customs impacted the
SMEs operating in UK economy.
Defaults in the repayment of the loans: The inability of the startup owners in regards to the
repayment of the loans and advances created significant problem in the financial department of

the economy. The expected rate of return by the financial institutions of UK were not met with
the actual accumulations and this significantly impact the economy of the country.
Explanation in regards to the conception of intrapreneurship.
The intrapreneur can be referred to as the employee with the acquirement of the
entrepreneurial skills in regards to the development of innovative, productive and effectuate
ideas for the operations of the business through the assimilation of the variety of intensify
approaches within the functioning of the venture. The ultimate goal of an intrapreneur residing in
a business is to uplift the position of the organization he/she is working through the enhancement
of the sustenance of that business in the market place (Seo and Park, 2022). The considerate
features of the conception are thence:
 Operates under the label of an organization
 Intrapreneur is free to utilize the resources
 Separate department for entrepreneurial provisions
 Motivation to the employees
P6. Differentiate between corporate and public intrapreneurship.
The significant difference between the public and the corporate intrapreneurship is
critical for the understanding of the functioning and the implications in a deliberative
manner.
CORPORATE INTRAPRENEURSHIP PUBLIC SECTOR INTRAPRENEURSHIP
 The objective of this particular form is
to pursue the sense of flexibility and
freedom in the management to make
them feel motivated and comfortable in
order to bring out the best from their
practices.
 The creation of innovative aspects
without regarding the utilisation of new
 The primary objective of this format is
to initiate, undertake and maintain the
public sector organisation's
comprehensibility without the ultimate
vision of the significant focus over the
generation and accumulation of profits.
 The public managers work for the
enhancement of the managerial skills of

resources but to make the most out of
the existing ones.
the corporations to generate maximum
number of benefits of the general
public.
Illumination of the importance of the intrapreneurship in both the corporate and public
organization.
The employee's initiatory measures or step that are adopted by them to attempt something
new and novel through an innovative practice without being asked, anticipated, or maybe
without even given permission by higher management to do so. The motive of the employee is to
generate profits and help in the development of the venture through the innovative and creative
ideas being put forward by them. The relative importance of the conception can be enumerated
furthermore:
Helps in the generation of business growth: The consultation of the mechanisms and
techniques for the conduction of the organizational maters in order to achieve the standards can
be done through the help and utilization of the intrapreneurial activities.
Provides the support to sustain the innovation over time: The ascertainment of the preventive
measures in advance by the examination and prior research of the considerate intrapreneurs of
the business can help in the sustenance of the businesses when the innovative advancement
strikes in the market (Younis, Dimitratos and Elbanna, 2022).
Best way to retain and attract the workforce: The scope of opportunities provides to the
employees of the companies to take significant part in the strategical analysis of the management
plan helps in attracting and retaining the old employees in the company.
Helps in effectively accelerate and manage the changes: The prevailing changes in the
external environment or the influence of the macroeconomic factors can be very well anticipated
by the intrapreneurs of the company which helps in the smooth and effectual management of the
business.

Proves to be an aid in the economic development of the businesses: The involvement of the
intrapreneurs thereby help in the acceleration of the economic development of the business and
helps in the generation of considerable profits out of the trade.
CONCLUSION
An inference can thus be made that the need for the operations and the sustainability of
the SMEs in the commercial market place is imperative and, in a sense, mandatory for the
effective and apprehensive boost in the economy of a nation. It is critical to enumerate the
implications and the relative importance of the SMEs for the successful assessment of the impact
of its regularization upon the economic persuasion of a country. The relative importance of the
conception of intrapreneurship is also significant to understand to analysis the influence of the
subject matter upon the administration and the management of the public as well as the corporate
organizations.

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