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