Entrepreneurial Ventures and SMEs: Characteristics, Scope, and Contribution to Economy

This report covers the concept of entrepreneur and its scope and characteristics of entrepreneurial venture. It explores the similarities and differences between entrepreneurial ventures, the concept of entrepreneurial mindset and its contribution to entrepreneurial venture, and ways in which entrepreneurial mindset can be encouraged. Additionally, it defines SMEs with examples and assesses their impact on the UK economy.

Entrepreneurial
ventures

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK1.............................................................................................................................................3
Explanation on what it takes to be an entrepreneur and scope of entrepreneurial venture ........3
Inspect characteristics and traits of entrepreneurship by using examples of famous
entrepreneurs ..............................................................................................................................4
Evaluation of similarities and difference between entrepreneurial ventures..............................5
Exploration of concept of entrepreneurial mindset and its contribution to entrepreneurial
venture.........................................................................................................................................6
Determine the number of ways in which entrepreneurial mindset can be encouraged by using
academic sources ........................................................................................................................8
Define SMEs with examples.......................................................................................................8
Access the impact of SMEs on UK's economy ..........................................................................9
Explain intrapreneurship with examples...................................................................................10
Importance of the intrapreneurship in both public and corporate organisation .......................11
Recommendations ....................................................................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES:.............................................................................................................................15
Books and Journals...................................................................................................................15

INTRODUCTION
Entrepreneurial venture refers to the organisations that offers innovative process, product
and services in order to attain profitability of the business. Entrepreneurial ventures contribute
towards the growth of the economy because they considered as success wheel of the economy
(Kier, and McMullen, 2020). They create new employment opportunities, brings innovation and
creativity which directly results in economic growth. The British Library is the largest library in
the world based on UK. It was established in 1973 and deals in receiving copies of books which
produced in Ireland, UK. This report will cover the concept of entrepreneur and its scope and
characteristics of entrepreneurial venture.
MAIN BODY
TASK1
Explanation on what it takes to be an entrepreneur and scope of entrepreneurial venture
Entrepreneur refers to the person who start business at their own based on innovative
ideas. There are the following points which shows requirements to be an entrepreneur-
Communication- Entrepreneurs should be charismatic communicator in order to
communicate the ideas clearly and able to sell unique points in their projects.
Teamwork capacity- Entrepreneurs should able to recruit and collaborate with other
members of the organisation in order to increase the productivity level.
Risk taking ability- Entrepreneurs should have the ability to take risk because every
business future situation is uncertain and involve risk factor.
Strategic approach- Entrepreneurs should have ability to formulate the strategic path for
business activities and take decision at strategic level.
Observational and analytical skills- For achieving the opportunities it I necessary for
entrepreneurs to have good analytical and observational skills in order to grab the new market
trends and innovative ideas generation for achieving the objective also competitive advantage.
The scope of entrepreneurial venture is very wide it includes the small and big size
business which contributes towards the growth of entrepreneurial venture (Basole, Park, and
Chao, 2018). The scope of entrepreneurial venture is tremendous because it directly contributes
towards the growth of the economy through creating employment opportunities and innovative
ideas. There are the following details shows the scope of entrepreneurial venture:

Service sector- The fast expansion of service sector attracts the attention of
entrepreneurs towards them. It includes different kinds of services and opportunities related to
hotels, food services, home, tourist, electric services and many other. For example, Amazon, it
provides different services to its customers and performing as biggest player in the market.
Industrial sector- This sector has wider scope than any other sectors it refers to the
producing of goods and selling them to the end user. It allows in decreasing the unemployment
level and allows both small and large business to grow. For example- Reliance Jio , it is the third
mobile largest operator in the world.
Rural economy- Entrepreneurs can explore the opportunities based on services or shops.
Rural economy has high opportunity for entrepreneurs to start business.
Inspect characteristics and traits of entrepreneurship by using examples of famous entrepreneurs
Entrepreneurship refers to the ability of an individual to run a business in order to
maximise the profits. There are the following traits and characteristics of an entrepreneurs-
Risk tolerance- Risk is the major factor which is associated with entrepreneurship.
Launching new business need entrepreneurs to take risk and plan strategies to avoid the risk
factor.
Innovation- Entrepreneurs should have ability to build strategic thinking and innovative
ideas for achieving innovative opportunities and success in the market. Innovation is the key
element which goes hand in hand with entrepreneurship. For example- The CEO Steve Jobs of
apple company focus on producing innovation in their products which helps them in attaining
good market share and able to attain the success as compare to their competitors by developing
innovative and different feature of products.
Long- term focus- Entrepreneurs should focus on building on long term business rather
than short run because the success process includes various stages which requires time to
complete. For example- the owner of Unilever focus on long term success of business which
helps them to perform at higher level in today's world and they are able to attain their objectives
effectively.
Team building- Entrepreneurs must be aware about their strength and weakness in order
to build effective coordination with others. They must have interpersonal skills for maintaining
proper team work by using chain of communication and coordination with the employees. For

example- Sainsbury's owner’s foes on maintaining the relation with their employees and they
provide motivational and health and safety securities which helps in proper team work and it
contributes towards enhancing the productivity level.
Adaptability- Business environment is dynamic it is necessary for entrepreneurs to
change them at every turn occurs in the environment. They should make changes in their
strategies and plans as per the market trends and customers need and preferences which helps in
achieving growth. For example- ASDA owner focuses on following the latest and new trends in
the market and design their products according to them which helps them in attracting the
audiences and maximise their goals effectively.
Evaluation of similarities and difference between entrepreneurial ventures
Every entrepreneurial ventures are different and similar from each other in their
functioning, size, nature and capital (Politis, Gabrielsson, Galan, and Abebe, 2019). The aim to
maximise the profit is same for all ventures. There are the following similarities and difference
between ventures-
Similarities-
Motive- The most common similarities between ventures is motive because every
business is set in order to maximise the profit.
Innovation- The enterprises revolve around the innovation and the scope of innovative
ideas and creativity among them is similar with each other. For example- eBay was one of the
brand which sell its product at online market place through putting ads on social media
platforms. Now every business can put ad on their social media platforms and attract people
towards the brand after eBay innovative strategies.
Risk- Every business involves risk factor because for ventures the business environment
is dynamic and uncertain and they cannot predict the risk associate with them.
Value creation- For every ventures their main motive is to design the product and
service in a way which can create value to the customers and as well for the business.
Difference-
On the basis Large scale
entrepreneurship
Small scale
entrepreneurship
Social entrepreneurship
Capital The capital Small scale They require the capital at

requirements in large
scale entrepreneurship
is high because they
trade at large scale and
need big investments.
entrepreneurship requires
not high capital for
investments at high
scales.
low level because they do
not invest at high scale.
Motive Their motive is earn
maximum profits and
achieving the high
growth in market.
Their main motive is to
fulfilling the basic needs
and achieving the profits.
Their main motive is to
serve social services to
the people and fulfil their
needs.
Issues They face issues
related to new and
innovative technology
and raw material
shortage.
They face the problem
related to increase in
competition,
globalisation and entry
of biggest players.
There issue is lack of
support of other firms and
grounded business.
Increasing in entry of big
players in the market.
Sources of
funds
The sources of funds
are financial
institutional, banks,
investors and venture
capitalist.
The sources of funds are
banks, family and
friends.
The sources of funds are
funds support from other
people and banks.
Exploration of concept of entrepreneurial mindset and its contribution to entrepreneurial venture
Entrepreneurial mindset is a set of strategic tactics and skills which refers an individual to
make decision and opportunities with ability to take risk in order to achieve the maximum
profits. Entrepreneurial mindset is the key tool which helps an individual to focus on an activity
which is critical to attain (O’Connor, Stam, Sussan, and Audretsch, 2018). Any new venture
requires proper planning and strategic mindset of an entrepreneur in order to formulate the task
performance process for doing the work effectively and efficiently. There are the following
points which shows contribution of entrepreneurial mindsets towards the entrepreneurial venture-

Positive attitude- A positive mindset of an entrepreneur reflects the progress and
forward motion of the business. It helps a manager to support and motivate the employees in
order to maintain good interpersonal relation with them.
Creative mindset- Creative mindset reflects the innovative and creativity skills of an
entrepreneur which brings innovation and creativity in product and services.
Risk avoidance- Entrepreneurial mindset helps in avoiding the risk factor by formulating
strategic planning against any uncertain situation. They analysis the external environment and
plans as per the market trends which automatically reduces the chances of risk.
Organisational integrity- Entrepreneurs maintains the honesty, fairness and respect
within the boundaries of the organisation (Nsereko, 2020). It leads in creating good image in the
mind of employees and customers which directly enhance the success of the organisation. Also
they control over the functioning of the organisation.
Team building- Entrepreneurs helps in maintaining good coordination and
communication hierarchy with the members of the organisation which leads effective working
and increase productivity of the business. It is necessary to maintain the relation with employees
because is leads employees to contribute their best towards attaining the goal.
Investment- Investment is the key factor which decide the revenue amount of the
organisation. Entrepreneurs mindset helps in preparing proper investment budget for an
organisation which includes all the activities which requires investment.
Revenue generate- An excellent mindset of an entrepreneur helps in exploring the areas,
strategies and plans through which the revenue can be generated. Entrepreneurs main motive is
to focus on formulating the tactics and innovative plans through which revenue can be built
easily.
Entrepreneurial mindset is the ability of an individual to contributes its best in effective
working of the entrepreneurial venture (McGee, and Peterson, 2019). Entrepreneurial mindset is
the key indicator of a success and growth which defines the key tactics, formulate strategies and
plans in order to effective working of the organisation and maximising profit.

Determine the number of ways in which entrepreneurial mindset can be encouraged by using
academic sources
Entrepreneurial mindset is the success indicator for an organisation. It helps business
firms in achieving the growth and profit maximisation. Entrepreneurial mind-set helps in
formulating the innovative and creative strategies for business so that the new venture can
perform well through developing innovative and creative goods and services (Chen, Chen, Yu,
and Huang, 2020). This helps in achieving the competitors advantage and able to differentiate
products and services from other brand services. The risk taking ability of an entrepreneur leads
scanning of the external environment before entering into the market new product and services.
Also entrepreneurial mindset contributes towards building the team because they are responsible
for maintaining the interpersonal relation with team members and helps in providing the
motivational incentive so that the employees can give their best efforts towards attaining the goal
of the organisation. Entrepreneurial mindset includes the skills like leadership, motivation,
decision making and many others which are necessary for every smooth functioning of every
new venture.
Mindset of entrepreneurs includes various factors which helps in determining the
functions of the organisation and helps in making plans related to the activities. The success of
the business depends on the decision made by the entrepreneurs regarding the budget plan,
marketing strategies, allocation of funds and their relation with employees and customers (Li,
and Ahlstrom, 2020). Entrepreneurs are the one on which all the decisions related to the
functioning of the organisation depends for that they always need to have an entrepreneurial
mindset in order to carry out the operations smoothly. For example- Bill Gates is the top most
entrepreneur in the world, his innovative mind set helps him developing the innovative products
and attain the success. So, it is necessary for business to apply entrepreneurial mind-set skills in
new venture which helps in achieving the success and growth of the business.

TASK 2

Speaker notes-
The SMEs can be trading companies, export-import companies, service, retail and small
manufacturing units (Biswas, and Verma, 2021). They involve the participation of less number
of people in the organisation because they trade at low level (Gonzalez, and Winkler, 2018).
SMEs face many problems like lack of easy finance availability, improper channels of sales, low

research and development expenditure and less database availability. The success of the SMEs
depends on command and authority of entrepreneurs, financial support, effective marketing
channels, easy market accessibility and innovation technology (Schmidt, Braun, and Sydow,
2019). The features of SMEs are low size of business, lower revenue, small number of
employees or teams, partnership or sloe owners and limited location. The competition level
among small and medium enterprise is basically high and usually deals in homogeneous types of
product and services in the market. SMEs helps in boosting the economy and considered as
cushion against uncertain risky situations like recession through adapting changes. They increase
the competition level between peers and develop win to win situation for consumers and
providers. They provide opportunities to entrepreneurs in order to bring new and innovative
skills. There is relationship between SMEs and economy because if there is change in
performance of any one element leads direct impact on other factor.
Examples of SMEs-
 Construction companies
 Manufacturing units
 Wholesale and retail trade- Book stores
 Warehousing and transportation- Courier delivery services
 Financing and insurance- Banking sectors
 Agricultural, and fishing
 Information and technology companies


Speaker notes-
SMEs helps customers not to shift on the competitors’ products and services of another location
that helps in generating more revenue in their own country and increase the independency level
of people. This leads UK to develop their own products and services without involvement of
other firms. This also brings the innovative ideas, creativity skills and new technology in the
people of UK which will automatically enhance their knowledge or skills. The level of
entrepreneurship will increase through involving the participation of entrepreneurs in order to
start new venture with new and innovative tactics. Through SMEs the export and import of the
country will increase and companies can call the foreign direct investments to perform at high
scale through collaboration with big firms. It leads sub-industry to work with large companies so
that the working level can increase from low to high level (Kafka, Singaram, and Kraaijenbrink,
2020). SMEs contribution towards the fortune of the UK economy is 27% as per the recent data.
Their success and revenues of the companies helps in contributing to the GDP of the country.
This enables UK to collaborate with other countries firms so that they can export their goods and
services in order to generate revenue and growth of the economy. In recent years, SMEs are
considered as higher growth rates and create employment of less capital expenditure. For the
primary industries SMEs are vital for providing services and traders, also produce finished

services and goods. The creation of more SMEs helps in boosting the economy and development
of economy leads creation of many SMEs.
Speaker notes-
It leads working of the organisation in an effective manner by following the stages of the
roadmap of entrepreneurship (Litzky, Winkel, Hance, and Howell, 2020). Intrapreneurship is the
main factor which decide proper functioning of the organisation and helps in achieving the
success efficiently. Intrapreneurs are action oriented, self- motivated who take initiative to bring
innovation in the working of the organisation. It helps in developing the new product in the
market without any guarantee about the success and failure of the product. Intrapreneurs acts as a
leader of the organisation in order to motivate the employees of the business so that they can put
their efforts towards the efficient working of the organisation. The goal of the intrapreneurship is
to increase sustainability of the organisation and provide competitive advantage. Intrapreneurs is
the growth elements for the organisation which includes all the factors which helps in
contributing towards the success of the organisation. (Sedziniauskiene, and Sekliuckiene, 2020)
Intraprenurship evaluate the risk associate with the environment and helps in formulating the
strategies to avoid the risk chances. It accelerates the success of the organisations by providing
the innovative skills, motivation, high revenue and more participation of employees in the
organisation. For examples- company like ASDA, the role of intrapreneurship helps in

functioning of the organisation. Success of the organisation defines the ideas, strategies and
functioning of internal environment of the organisation depends on the entrepreneurial mindsets
of the business.
Speaker notes-
There are the following points defines the importance of intrapreneurship in both public and
corporate organisations-
Growth- Intrapreneurship aim is to develop the entrepreneurial infrastructure and
mindset requires to support growth. It helps in starting the new venture and support the
functioning of the organisation. It focuses on supporting the people to start the new venture and
create an entrepreneurial mindset. It creates a base for the corporate and public organisations in
order to carry out the operations in strategic and efficient manner.
Innovation- Innovation alone cannot perform alone it needs support in order to execute
properly. Intrapreneursship and innovation are related with each other because their functioning
depends on each other. Intrapreneurs are responsible to generate innovative ideas and strategies
for achieving the competitive advantage and success. Intrapreneurship provides a supportive an
innovative environment to the organisations.

Leadership- Leadership is considered as a predicator for success of the organisation.
Intrapreneurial leaders behave and think differently and have ability to work in dynamic
environment. The corporate and public organisations need to maintain the relation with
employees and team members for effective working of the organisation. Employees are the key
factor on which the success of the organisation depends for that they need to motivate and
support them.
Engagement- Intrapreneurs are responsible to create a platform to involve employees in
the work. They are highly motivated and leads others to engage in the working of the
organisation in order to enhance the growth of employees and it will automatically create a
positive impact on growth of the organisation. Intrapreneurship generate high revenue,
innovation, enhance productivity and more participation of employees which indicates the
success of the corporate organisations.
Change- Change is the risk factor which resist organisation to grow at high scale.
Intrapreneurs are considered as agents who can work in dynamic environment. The business
environment or corporate and public organisations is dynamic, it necessary for the organisations
to formulate the plans in order to adapt the changes easily (Murnieks, Klotz, and Shepherd,
2020). They can formulate and change the strategies as per the market trends and situations of
the organisation. Intrapreneurship enables corporate and public firms to manage changes
effectively.

Speaker notes-
• For expanding the business, it necessary to gather the data about the customers need and
preferences and market trends of that particular region in order capture good market
share.
• Should develop the relation with other people so that new ideas and proper guidance can
gain easily which helps in executing the ideas properly.
• Entrepreneurs should focus on right marketing strategies for attracting the targeted
audiences towards the organisation and capturing good market share.
• Should look for effective partnership with other brands.
• Should hire people who have positive mindset and high complementary skills

CONCLUSION
In the above report, it has identified that entrepreneurial venture refers to the introduction
of new innovative goods and services in order to make the profit for organisations. The scope of
entrepreneurs is wide and the entrepreneurial mind-set helps in creating innovative strategies and
skills for attaining the goal of the organisation efficiently and effectively. There are differences
and similarities between the entrepreneurial ventures. SMEs helps in contributing towards the
development of the economy through creating employment opportunity, income status and
overall helps in enhancing the GDP of the UK. It is also identified the role of intraprenurship in
the organisations and also evaluate that is similar to entrepreneurship. It helps in developing the
growth of the company by providing innovative ideas and strategies which helps in maintaining
internal environment of the organisation and enhance the growth of the organisation. In the end
of the report recommendations for entrepreneurs provided in order to have an excellent outcomes
of the organisation.

REFERENCES:
Books and Journals
Biswas, A. and Verma, R.K., 2021. Engine of entrepreneurial intentions: revisiting personality
traits with entrepreneurial education. Benchmarking: An International Journal.
Chen, Z., Chen, Z., Yu, Y. and Huang, S., 2020. How shared leadership in entrepreneurial teams
influences new venture performance: a moderated mediation model. Journal of
Leadership & Organizational Studies, 27(4), pp.406-418.
Gonzalez, K. and Winkler, C., 2018. The entrepreneurial breaking point: undergoing moments of
crisis. Management Decision.
Kaffka, G.A., Singaram, R. and Kraaijenbrink, J., 2020. New venture creation and the
development of entrepreneurial cognition. In Academy of Management
Proceedings (Vol. 2020, No. 1, p. 20704). Briarcliff Manor, NY 10510: Academy of
Management.
Kaushik, R., et.al 2020. How does perceived desirability and perceived feasibility effects the
entrepreneurial intention. In Electronic Systems and Intelligent Computing (pp. 607-
616). Springer, Singapore.
Kier, A.S. and McMullen, J.S., 2020. Entrepreneurial imaginativeness and new venture ideation
in newly forming teams. Journal of Business Venturing, 35(6), p.106048.
Li, Y. and Ahlstrom, D., 2020. Risk-taking in entrepreneurial decision-making: A dynamic
model of venture decision. Asia Pacific Journal of Management, 37(3), pp.899-933.
Litzky, B., Winkel, D., Hance, J. and Howell, R., 2020. Entrepreneurial intentions: personal and
cultural variations. Journal of Small Business and Enterprise Development, 27(7),
pp.1029-1047.
O’Connor, A., Stam, E., Sussan, F. and Audretsch, D.B., 2018. Entrepreneurial
ecosystems. Place‐Based Transformations and Transitions. NY: Springer.
Politis, D., Gabrielsson, J., Galan, N. and Abebe, S.A., 2019. Entrepreneurial learning in venture
acceleration programs. The Learning Organization.
Schmidt, T., Braun, T. and Sydow, J., 2019. Copying routines for new venture creation: how
replication can support entrepreneurial innovation. In Routine Dynamics in Action:
Replication and Transformation. Emerald Publishing Limited.
Sedziniauskiene, R. and Sekliuckiene, J., 2020. Entrepreneurial orientation and new venture
performance: the moderating role of network types. European Journal of International
Management, 14(5), pp.842-865.
Murnieks, C.Y., Klotz, A.C. and Shepherd, D.A., 2020. Entrepreneurial motivation: A review of
the literature and an agenda for future research. Journal of Organizational
Behavior, 41(2), pp.115-143.
Simón-Moya, V., Orero-Blat, M. and Ribeiro-Soriano, D., 2022. Technology-Based
Entrepreneurship: Venture Inception, Entrepreneurial Aspirations, and Background.
In Strategic Entrepreneurship (pp. 231-253). Springer, Cham.