Entrepreneurial Ventures: Scope, Traits, Characteristics, and Impact on Economy

This report discusses the scope of entrepreneurial ventures, traits and characteristics associated with entrepreneurship, and the entrepreneurial mindset. It also explores the impact of small and micro ventures on the economy and the differences and similarities between public and corporate intrapreneurship. The report is based on the example of Airdri Group, a UK-based entrepreneurial venture.

Entrepreneurial
Venture in the UK

Table of Contents
INTRODUCTION...........................................................................................................................1
CHAPTER 1....................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Scope of entrepreneurial ventures.....................................................................................1
P2 Traits and characteristics associated with entrepreneurship.............................................2
M1 Similarities and differences between entrepreneurial ventures and the traits and
characteristics of entrepreneurs in those ventures..................................................................4
TASK 2............................................................................................................................................5
P3 Entrepreneurial mind-set...................................................................................................5
P4 Skills and characteristics associated with an entrepreneurial mind-set.............................6
M2 The ways in which the entrepreneurial mind-set can be encouraged and what it can bring
to a new venture......................................................................................................................7
D1 Entrepreneurial ventures the traits, characteristics and mind-set associated with
entrepreneurship.....................................................................................................................8
CHAPTER 2..................................................................................................................................10
TASK 3..........................................................................................................................................10
P5 Relevant data and statistics to relate how micro and small business ventures impact the
economy at different levels..................................................................................................10
M3 Relevant data and statistics to compare the differences between micro-, small-, medium-
and large business and their impact on the economy...........................................................12
D2 Impacts of different businesses on different levels (international, national, regional, local)
of the economy using appropriate data and statistics...........................................................13
TASK 4..........................................................................................................................................14
P6 Discuss the differences and similarities between public and corporate intrapreneurship14
M4 Explore the benefits of intrapreneurship and its contribution to competitive advantage in
organisations.........................................................................................................................14
D3 Evaluate the use of intrapreneurship and the benefits it can bring to organisations......14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship can be explained as the ability of an individual to develop and manage new
Ventures successfully to earn desired level of profits. Entrepreneurship involves risks but
entrepreneurs take calculated risks so that their businesses can run smoothly and their goals and
objectives of attaining profit can be achieved (Basci & Durucan, 2017). In simple words
entrepreneurship can be explained as the ability of a person to take risks, create business, manage
them and convert ideas into reality. Airdri Group was established by experienced entrepreneurial
engineers Peter Phillips and Peter Allen in 1974 and it is headquartered in Oxfordshire, UK. The
following report will describe the scope of entrepreneurial ventures with the help of different
examples with various traits and characteristics of entrepreneurship. This report also velvets
differences and similarities between entrepreneur Ventures and traits and characteristics of
entrepreneurs in those Ventures. It describes an entrepreneurial mind-set and skills and
characteristics that help to develop new Ventures. Moreover, it discusses small and micro
Ventures and their impact on economies. It also describes public and corporate intrapreneurship
and its contribution for providing competitive advantage to the organisation.
CHAPTER 1
TASK 1
P1 Scope of entrepreneurial ventures
The scope of entrepreneurial Ventures many depends on their structure, location and size.
For example, a private family business is a good instance of micro enterprise, but a beauty salon
that has a small degree of corporate structure is considered a small business. Entrepreneurship is
mainly regarded as the activity of creating and developing a business for gaining profits
(Mcintosh, West, & Clarke, 2018). There are different types of entrepreneurship that deal with
transformation of innovative approaches for developing, organising and managing the resources
within organisations in such a manner that organisational goals can be achieved.
There are various entrepreneurship types that are elaborated below. Large corporations are those forms of entrepreneurship that mainly focus on achieving
higher levels of growth, development and sustainability in profits by creating such
services and products that tends to create competition in the market. These forms of
1

entrepreneurship Ventures have a life cycle that focus is on achieving greater level of
competition in the market. The success of large corporations mainly depends on the
product innovation and ideas of the business. Small scale business entrepreneurship mainly deals in a small market area that is local
or regional (Morris and et. al., 2016). The main examples of this form of entrepreneurship
are restaurants, super stores, general retail outlets, internet cafes, etc. that are formed by
few people or members who operate and manage the activities of business. Social entrepreneurship mainly focuses on creating such products and services that can
help to benefit the society and the people who are living in the community. These forms
of entrepreneurs are formed by a few members whose focus is on the welfare of society
and people where they live.
 Scalable or micro entrepreneurship are the Ventures that are developed for a dynamic
business environment and these entrepreneurship models and fishes on developing
quality and creativity for achieving higher level of profits in the business. This form of
entrepreneurship mainly focuses on achieving greater market share and the activities in
these forms of entrepreneurial Ventures are controlled, managed and operated by the
owners of the business with the aim of transforming themselves according to the needs of
the changing market.
P2 Traits and characteristics associated with entrepreneurship
The traits and characteristics that are associated with entrepreneurship are elaborated
below. Robust work ethics: An entrepreneur must have suitable work ethics because
entrepreneurs are the people who operate and manage the activities of the business
(Romero, &Errico, 2017). It is important for them to manage their work ethics of the
organisation. Entrepreneurs within the Airdri Group show sincerity towards their work
because the people at the workplace learn from their leaders. Passion for work: The work ethics and passion must be handled effectively and
efficiently by the entrepreneur because they work ethics and business have strong
relationship for maintaining a good positive entrepreneurship culture. Passion for work is
the most important factor that runs the activities of entrepreneurial ventures because
2

entrepreneurs constantly look forward to identifying opportunities and goals and work
towards it to achieve them. Entrepreneurs must have passion for their work because
without it they will end up losing everything in their business. Creativity: The entrepreneurial Ventures that achieve success and have a high brand
image are because of their creativity (Rotimi Oppong, &Oduro, 2017). Airdri group have
utilised various creative concepts and ideas in order to achieve greater level of success for
the organization. The entrepreneurs within the business develop unique business concepts
and ideas that can help to achieve better results within the organisation and help to
generate higher profits. Motivated self-starters: The self-starters are motivated to do new things that don't let
them down and they try to achieve greater effective results by taking calculated risks. The
entrepreneurs are encouraged to take initiative and lead themselves to achieve the desired
goals and objectives. The entrepreneurs of Airdri group are self-starters who focus on
achieving faster growth of business so that they can compete in the business world. Risk taking an easy going attitude: The entrepreneurs take calculated risks for achieving
better growth rates and envisaging high profits for the business. They do not fear failure
and will focus towards improving themselves by adapting changes for achieving pre
decided goals and objectives. The entrepreneurs of Airdri have an easy going attitude that
makes them comfortable to go with the flow and use opportunities in the way as well as
recover from the changes in the situation or handle the unfavourable conditions.
 Continuous learning is among the major aspects that entrepreneurs pose themselves. It is
necessary that you keep in your real Ventures are constantly learning new things and
adapting to the changes according to the time so they are not left behind (Stephen, &
Hart, 2018). It is important for entrepreneurs to learn new things and use those aspects in
the business so that they can stay competitive in the market. Entrepreneurship firms like
Airdri have adapted to the traits and dynamic conditions by learning new aspects in the
changing environment of the business.
M1 Similarities and differences between entrepreneurial ventures and the traits and
characteristics of entrepreneurs in those ventures
Venture Objective Role Characteristics
3

Large Corporations The primary targets of
this Venture are to
produce high ROI,
benefits and income
(Deakins and Scott,
2020).
These have developed
competitiveness in the
market. For this
reason, these
endeavour centre
around quality and
continuous
improvement.
These have a specific
life cycle and are
exposed to enormous
rivalry on the lookout.
Their prosperity relies
upon the development
in the item.
Saleable or micro
entrepreneurship
Their primary point is
to reach at the highest
point of the market
and secure the biggest
segment of the portion
of the overall
industry.
These kinds of
business venture are
coordinated by the
people who go about
as a pioneer. They
examine both inner
and outer qualities and
shortcomings within
the market to take full
advantage of
opportunities and
handle threats. These
business ventures
have an essential
strategy and business
model to accomplish
the shares of the
market.
These sort of new
businesses are
controlled,
administered, and
oversaw by the
founders and owners
themselves. They
target changing the
current market and
secure a bigger offer
on the lookout.
Small-Medium
Entrepreneurship
To receive the most
extreme rewards out
of the current nearby
and local market these
These businesses help
the labourers in
achieving the
specialized learning
These businesses
normally work in the
nearby and provincial
market and are owned,
4

enterprises are formed
(Schlepphorst and et.
al., 2020).
and experience. These
pioneering units are
answerable for
engaging the labour
force.
managed and
controlled by fewer
individuals. The
creation scale and the
functioning space are
little. The greatest
number of
representatives is 5 to
10.
Social
Entrepreneurship
By fostering the
compelling
administrations and
items, the general
public is being
benefited.
Being a capable
endeavour, the key
job is to give
advantages to
individuals, the
environment, ecology
or climate health, and
society welfare.
These can be non-
productive and can
help in serving the
general public and
natural environment
(Lee and Huang,
2018).
TASK 2
P3 Entrepreneurial mind-set
An enterprising mind-set is a bunch of abilities that empower individuals to recognize and
capitalize on valuable opportunities, survive and gain from misfortunes or failures, and prevail in
various settings. The mind-set of entrepreneurial thinking incorporates different commendable
qualities including the capacity to step up, adjust to change, track down savvy solutions and be
alright with risks and handling it effectively. People who have taken on this attitude consider
difficulties to be valuable opportunities for learning and growth (Moberg, 2021). They view
disappointment as an opportunity to learn and let vision, not seeking perfectionism, which drive
their activities. This perspective assists successful business entrepreneurs with settling on
brilliant choices and advance notwithstanding difficulties. The advantages of this entrepreneurial
5

mentality expand well beyond business venture. The capacity to learn from disappointment,
think imaginatively and recognize amazing opportunities can encourage progress in all pieces of
people's life, regardless of whether they do not plan to go into business. It is as significant, the
enterprising attitude and thinking can make individuals more versatile to the fast changes in the
present competitive market.
P4 Skills and characteristics associated with an entrepreneurial mind-set
In any mentality, it consists of five aspects: self-viability, locus of control, convictions
about our capacities, inspiration, and level of versatility (Maroufkhani, Wagner and Ismail,
2018). At the point when we endeavour toward an objective utilizing entrepreneurial mind-set, it
shapes these five aspects in the given ways. Exclusively believes self-efficacy: Self-viability connects with how we feel, think, rouse
ourselves, and act. Having high self-efficacy implies we trust immovably in our capacity
to explore life and accomplish our objectives. We are bound to accept difficulties are
amazing open doors we can vanquish; instead of potential entanglements we ought to
keep away from. Also, the more authority encounters we have, the more vigorous our
healthy identity adequacy becomes. High focus and control: Individuals with an outside method of control have profoundly
held (and for most oblivious) convictions that destiny, karma, conditions, or strong others
some way or another control the activities/events in their lives. Paradoxically, individuals
with an inner locus of control accept, "Assuming that if something is to be done, it
depends on me." People with self-adequacy will generally have an inward locus of
control. While confronting disappointment, Entrepreneurs with both an inside locus of
control and high self-adequacy centre around what they have some control over in the
circumstance and adjust their strategies to improve sometime later. Learning and Growth Mind-set: In the event where individuals have an outlook, they
accept their capacities are inborn and can't be changed (Marquis and Qiao, 2020).
Conversely, entrepreneurs of Airdri have a development outlook, they think of
continuous learning and knowledge set at a specific level and that continuously grows as
they achieve the desired or predefined ones.
6

 Internal Motivation: Working on something for the wellbeing of its own as opposed to
for outside rewards and motivation is the strongest type of inspiration. Extraneous
rewards really sabotage our inherent inspiration and encourage to improve our efficiency.
Naturally encouraged/motivated people will generally have more elevated levels of
commitment and mental prosperity. They likewise will quite often outflank the people
who are inspired by cash incentives, letter grades, or different prizes.
 Resilience is very high: Whether we decipher conditions emphatically or adversely can
intensely affect our capacity to endure. The people who are stronger are probably going
to have an illustrative style that is hopeful and positive.
M2 The ways in which the entrepreneurial mind-set can be encouraged and what it can bring to a
new venture
To foster an innovative mentality like an entrepreneur, an individual presumably need to
change their ongoing perspectives and thought processes (Amankwah-Amoah and Adomako,
2021). Beginning by distinguishing what parts of their ongoing attitude should be moved along,
then developing an arrangement to roll out those improvements in themselves. In addition
entrepreneurial mind-set can be created by improving the propensities or fostering the
mindfulness to remain into positive mentality. For instance, if individuals have any desire to be
more inventive, then they ought to make time every day for imaginative activities and perusing
creativeness. Or on the other hand to be stronger, they should rethink their mentality to see each
slip-up as an opportunity to learn. One more key aspect of the enterprising outlook is to learn
constantly. Thus, an individual could take business classes to additional upgrade their
enterprising reasoning. By making a dream and following up on it, could lead one step nearer to
thinking like an entrepreneurial person that provides better chances to improve functioning of the
business enterprise.
D1 Entrepreneurial ventures the traits, characteristics and mind-set associated with
entrepreneurship
Venture Traits Characteristics Mind-set
Large Corporations The primary targets of
this Venture are to
These have a specific
life cycle and are
These have developed
competitiveness in the
7

produce high ROI,
benefits and income.
exposed to enormous
rivalry on the lookout.
Their prosperity relies
upon the development
in the item (Deakins
and Scott, 2020).
market. For this
reason, these
endeavour centre
around quality and
continuous
improvement.
Saleable or micro
entrepreneurship
Their primary point is
to reach at the highest
point of the market
and secure the biggest
segment of the portion
of the overall
industry.
These sort of new
businesses are
controlled,
administered, and
oversaw by the
founders and owners
themselves. They
target changing the
current market and
secure a bigger offer
on the lookout.
These kinds of
business venture are
coordinated by the
people who go about
as a pioneer. They
examine both inner
and outer qualities and
shortcomings within
the market to take full
advantage of
opportunities and
handle threats. These
business ventures
have an essential
strategy and business
model to accomplish
the shares of the
market.
Small-Medium
Entrepreneurship
To receive the most
extreme rewards out
of the current nearby
and local market these
enterprises are
formed.
These businesses
normally work in the
nearby and provincial
market and are
owned, managed and
controlled by fewer
individuals. The
These businesses help
the labourers in
achieving the
specialized learning
and experience. These
pioneering units are
answerable for
8

creation scale and the
functioning space are
little. The greatest
number of
representatives is 5 to
10.
engaging the labour
force.
Social
Entrepreneurship
By fostering the
compelling
administrations and
items, the general
public is being
benefited
(Schlepphorst and et.
al., 2020).
These can be non-
productive and can
help in serving the
general public and
natural environment.
Being a capable
endeavour, the key job
is to give advantages
to individuals, the
environment, ecology
or climate health, and
society welfare.
9

CHAPTER 2
TASK 3
P5 Relevant data and statistics to relate how micro and small business ventures impact the
economy at different levels
As per OECD, SMEs contribute approximately 60% of the total employment across the
world economy. It has been discussed in the report that throughout the world there are different
kinds of entrepreneurial ventures that operate in various ways across the developed and
developing Nations (Litau, 2018). The macro-small-medium enterprises (MSMEs) operate
throughout the world and these help to create battle opportunities for growth and development of
the economies throughout the world.
Figure 1: % of employment MSMEs Provide
MSMEs are important for developing Nations because they lead to creation of employment
and wealth for their economy. In this contact, it is also important to mention that the MSMEs are
also capable of attracting overseas investments in the nation that contributes to higher levels of
growth in the economy. At local level or regional level the small scale enterprises support
employment generation and welfare of society as well as it provides sustainable development
solutions like access to clean water, energy, health care and education of people.
10

Figure 2: Mean Turnover of MSMEs in the UK
Throughout the underdeveloped areas the MSMEs promote collaborative growth by
joining hands with the bigger organisations throughout the local community and significantly
contribute to development of underdeveloped areas and address their problems so that conditions
can improve. MSMEs have the capability of building and developing into huge organisations that
can cover wider areas of development like technology growth, sustainable development and
economic growth.
Figure 3: Contribution of MSMEs in Exports of the UK
In reference to the United Kingdom the statistics by OECD explains that more than 28
million people are working in the small business enterprises due to which the growth of micro-
small-medium enterprises has also outnumbered and outdated the total profits of large scale
11

organisations across the UK. Moreover, the contribution of MSME in the UK is not only limited
to economic growth but it has provided better chances of innovation, sustainable development,
creative strategies and business model development due to which approximately 40% of revenue
of the UK comes from MSMEs.
M3 Relevant data and statistics to compare the differences between micro-, small-, medium- and
large business and their impact on the economy
Small, medium and large business enterprises are different in many ways and they have
their own influence on the economy of the nation at different levels like district, state and
national economy (Rocha, Brown and Mawson, 2021). These differences and influences of small
medium and large business enterprises can be understood by given data. Finance: The most important factor of difference among the large, medium and small
scale business enterprises can be the finance it involves. The micro and small enterprises
do not have a very huge funding and their main sources of finance come from lending
from relatives, family and friends. On the other hand, medium enlarge enterprises have a
significant amount of investment that is generally raised by investors, bank loans etc. for
satisfying financial requirements of the business. The finances within the economy help
to generate investment from the external as well as internal sources that leads to
development and growth of the market within the economy. Difference in niche market: The medium and small businesses mainly focus on the
district or state level markets that are easier for them to reach and cover. Large
enterprises cover National and international markets because of their huge supply chains
and indulgence in supply chains throughout the world. Size: The small and micro business enterprises have a marginal area whose total annual
revenue is between 10 million to 1 billion and their total work force must not exceed 100-
500 employees. On the other hand the large enterprises have more than 500 employees
and total annual revenue of more than one billion.
 Legal structure: The legal structure of small, medium and large organisations is
comparatively different from one another. The companies have different liabilities for
debts, loans, number of employees, taxation etc.
12

D2 Impacts of different businesses on different levels (international, national, regional, local) of
the economy using appropriate data and statistics
Small businesses are a very important part within the economy of the UK because these
small enterprises contribute to the regional, national and international economy throughout the
globe. Small scale industries have different impacts on various economies throughout the world
(Kier and McMullen, 2020).
Impacts on Regional/Local economy levels
Small businesses have a very important role in the regional or local economy throughout
the world and contribute exceptionally in the UK economy as well. According to OECD data
approximately 5 million businesses across the UK were in the category of small scale enterprises
in 2014. In the local economy the small medium business enterprises have created millions of
employment every year, welfare of society, innovation, industrial growth, market creation etc.
The small scale industry also helps and supports the big industries in continuing their activities
by supplying raw materials and becoming a critical part in their supply chain. The small business
contributes to creating higher living standards and resolving many issues in the economy.
Small enterprises impacting the National economy
Small businesses are important for the national economy because they contribute to a
very large extent in the overall GDP of a nation. In the UK economy small businesses contribute
at least 47% every year. The public private sector partnership is also helpful in encouraging the
development and growth of the oral economy by enhancing the productivity of private and public
enterprises. The small business enterprise collaborates and coordinates with public sector
industries that help to enhance the overall profitability of the business and improves the growth
rate of the nation.
Impact of small enterprises on international economy
Small businesses are a major part of overall imports and exports within the economy of the
UK. It is important to understand that small businesses are producers of raw materials for bigger
companies throughout the world and these help to encourage imports and exports are the
organisation which shows the strength of the company to develop a positive reputation of the
nation throughout the world and also strengthen the economy.
13

TASK 4
P6 Discuss the differences and similarities between public and corporate intrapreneurship
Intrapreneurship is an event which allows the workers to express their ideas and get
motivate by their superiors to do something innovative and contribute in the profit share of any
kind of organisation. In other words, intrapreneurs can be defines as those employees in the
company who are allowed to act like entrepreneurs who take productive decision for the
organisation. But still entrepreneurs and intrapreneurs are two different things because an
entrepreneur is the one who set up his business by using their own business but in case of
intrapreneurship, the individual who works in developing the new innovative product and make
it easy for the company to survive in the competitive market by their skills and using resources of
the companies for executing the plan. Intrapreneurs are very focused about their targets and
continuously works in achieving them in the institution, they always try to bring some positive
changes in the working style of the business which is capable of making company different and
unique from their competitors. In current business market many business institutions are looking
intrapreneurship as an important tool which improves the performance by resolving the issues
and enhancing the risk taking ability of the firm (Wan, and Liu, 2021).
Public Intrapreneurship is concerned with the public sectors or the government of any
region and nation. The main of this is to enhance the working ability and skills of the employees
who are working in the public sector. On the other hand, corporate intrapreneurship is related to
those individual who emerge as an entrepreneur inside a corporate sector, it focuses on giving
independence to the employees of a private firm in order to bring something innovative ideas.
Similarities between Public and Corporate Intrapreneurship-
Public and corporate both intrapreneurs are found inside the organisation and focus or
making something different and innovative which also contributes in developing their own skills
in the public and corporate sector respectively. Intrapreneurship helps the organisation in both
the sectors to overcome those loses which they might have suffered in the period of COVID
pandemic by making their activities more efficient and effective to reach the set target as soon as
possible. Another similarity which intrapreneurship offers in these two sectors is that they only
14

works for their customer base, such as making such product or services and organising such
programmes which work in giving the better experience to the people.
Differences between Public and Corporate Intrapreneurship-
Public intrapreneurship is related to the functioning and generating ideas which could be helpful
for the government of the country, it is completely concentrate on finding the ways by which the
government can take necessary steps for developing various opportunities to the public which
provide benefit to them and this is generally comes under the control of public authority (Saberi,
2018).
On the other side, corporate intrapreneurship is concerned with the betterment of a
specific business organisation and also focus on the individual development of the employees or
group of employees in the company. The main focus of the corporate intrapreneurs is making
such plans which are able to produce maximum amount of revenue by using the resources and
finance of the company.
M4 Explore the benefits of intrapreneurship and its contribution to competitive advantage in
organisations
Companies are able hire those employees who embrace the skill of intrapreneurship by offering
them such working environment in which they are free to take any decision and can make
innovative plans which is aids in the growth of the business. Intrapreneurship helps in build the
confidence of the employees in an organisation by involving them in interesting and challenging
functions, it also enhance their risk taking skills which is important for organisations.
Intrapreneurs feels motivated when they contribute in the prosperity of the firm and get
acknowledged or appreciated for the work, this help the company in holding their employees for
long period of time. In a company it is not important that the higher management is only
responsible for developing new plans and projects for the management but individual employee
or group can also take part in such activities which helps in finding a good leader for the
organisation (Luu, 2020).
Every business organisation want to keep themselves above from their rivals in this
competitive market by having some advantages or uniqueness in their management activity
which is missing in their rivals performance. For achieving this competitive advantage, focusing
on maximising the sales should not be the only aim for the intrapreneurs but they also have to
15

focus on their potential target market and execute their plans according to the suitability.
Intrapreneurs are able to find out various solutions which are necessary while introducing any
product in the market among the customers.
D3 Evaluate the use of intrapreneurship and the benefits it can bring to organisations
There are various advantages which Airdri can get if they will use intrapreneurship in
their business, as it allows the company to follow innovation in the performance of the workers
on regular basis by continuously providing them different and challenging tasks which make
employees more enthusiast towards their jobs. Several competitors like ForTest, Tetro , Rite
Track are available in the market, they are using different methods of techniques and ideas in
their production. Intrapreneurship could help the Airdri by identifying such talents in their
company who have enough potential in achieving the competitive advantage to counter such
rivals in the market. It also motivates other employees in improving their efficiency or working
habit in the organisation, and also attract the new talent in firm by presenting the good image of
the firm and offering such surroundings to the individual in which they are not bound by any
rules of the company (Itzkovich, Heilbrunn, and Dolev, 2021). Airdri must try to develop and
provide sufficient training to their employees for getting and implementing successful
intrapreneurship in the their organisational structure which helps the company in sustaining and
keep moving forward in any kind of situation.
CONCLUSION
It has been concluded from the above report that entrepreneurship is very important within
an economy because it helps to develop chances for growth and development. It has been
concluded that MSMEs create a huge impact on the economy because it is helpful in managing
the employment activities within an organisation that is important for continuous growth of a
nation. Various forms of entrepreneurship have been discussed that include social
entrepreneurship, small business entrepreneurship etc. Moreover it has discussed various traits
and characteristics that are associated with entrepreneurship along with the entrepreneurial mind
set and how it can be achieved. Furthermore, the report has provided various data and statistics
that show the contribution of small and micro enterprises on the economy at various levels.
16

Finally, this report has described public and corporate intrapreneurship as well as its benefit for
the organisation.
17

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