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

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
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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
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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
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