How entrepreneurial ventures affect business economy

ENTREPRENEURSHIP INTRODUCTION 1 TASK 11 P1 Different types of entrepreneurial ventures and their typology1 P2 Similarities and differences between entrepreneurial ventures:2 TASK 25 P3 Interpret relevant data and statistics which impact on business economy 5 P4 Importance of small business and how it contributes to make growth of social economy after Brexit: 5 TASK 36 P5 Characteristics, traits and skills of successful entrepreneurs: 6 P6 How entrepreneurial personality reflect on motivation and mindset of entrepreneurs:

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their typology........................................1
P2 Similarities and differences between entrepreneurial ventures:........................................2
TASK 2............................................................................................................................................5
P3 Interpret relevant data and statistics which impact on business economy........................5
P4 Importance of small business and how it contributes to make growth of social economy
after Brexit:.............................................................................................................................5
TASK 3............................................................................................................................................6
P5 Characteristics, traits and skills of successful entrepreneurs:...........................................6
P6 How entrepreneurial personality reflect on motivation and mindset of entrepreneurs:....8
TASK 4............................................................................................................................................9
P7 Practical example of entrepreneurs and their background and experience which hinder and
foster entrepreneurship:..........................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCE.................................................................................................................................12

INTRODUCTION
Entrepreneurship defines as the way which carrying by an individual to plan and create
new venture with unique features. In this way, high profitability will be earn through consider
successful program and activities. On the basis of aims and objectives, they create activities and
tasks which need to be completed to ascertain more growth of new business. In this context,
present study based on case of Joe Woods who is successful entrepreneur from last 2 years. He is
owner of IT company which set up to attain more growth and stability in business (Hoppe,
2016). For gaining insight information of the present report, it covers different types of
entrepreneurial ventures and their typology. Furthermore, it includes relevant data and statistics
which impact on business economy. Moreover, report explains characteristics, traits and skills of
successful entrepreneurs. At last, it assists to determine practical example of entrepreneurs and
their background to hinder and foster entrepreneurship.
TASK 1
P1 Different types of entrepreneurial ventures and their typology
Entrepreneurship considers important role in business success and development. On the
basis of new features and effectiveness, every successful entrepreneur able to accomplish their
goals and objectives. In the present case study, Joe Woods consider their successful work to
make high growth and profitability. Following are different entrepreneurs ventures engaged in
different kinds of operations:
 Small business entrepreneurship: In order to determines small business entrepreneurship,
it can be stated that unique and innovative entrepreneurial venture ascertain their
functions which influence individual towards the enterprise. It is very important for
person who create plan to start this kind of venture. For example, in this way different
types of businesses exist such as grocery stores, plumbers, travels agency, etc. In UK
market, small business venture carrying functions and operations to provide opportunities
with fund to increase successful results (North and Kumta, 2018). It assists to encourage
entrepreneurs with stated goals and objectives. Typology of this business is that person
maintain stability and ability to feed their family members. Hence, they are trying to earn
more profits to develop successful results.
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 Scalable start-up venture: Furthermore, this kind of entrepreneurship venture consider
innovations and attract maximum number of investors those focuses on maintain
favourable idea. It assists to provide opportunities to entrepreneurs to increase their brand
image for future development. Business idea is unique so that successful results easily
attain to focus on new areas of development. Typology of this venture is to attain
innovations and creativity with products and services to attract maximum number of
people. Scalable entrepreneur have main aim to change the world. In this entrepreneur
have set strategy to bring stability in business like investor who help to step up business
in organizations.
 Social entrepreneurship: In addition to this, social entrepreneurship assists to provide
social services in community for welfare and caring of people. Such kind of venture have
no aim to attain profit but benefiting to society. Typology of this business is that society
will be serve effectively and efficiently to attain maximum benefits. In other hand social
entrepreneur have main aim to provide social services to Society people which benefits
also goes to society people.
 Large entrepreneurship- large entrepreneur main purpose to grow the business finite. Th
larger business entrepreneur have to offers numinous products and services to customers
and their main aim to retain customers long time (Jenkins and McKelvie, 2016). Large
entrepreneur have provided variety of services and they also face new competitors in
market.
 Lifestyle entrepreneurs: This kind of entrepreneur have ability to maintained business
according to the prospectors' life style and the employees' lifestyle. This kind of
entrepreneur present products according to the consumer demands and their lifestyle. Th
main motive to start business to provide products according to consumers lifestyle.
P2 Similarities and differences between entrepreneurial ventures:
Entrepreneurial ventures are always looking for the new changes and objectives that
makes the new environments and new changes in order to make the new working approach and
task oriented works (Zahra, Newey and Li 2014). Overall, things are not very much effective and
challenging according to needs and wants. All small and large business organisation will make
more presentable and creative most enlarging performance level. Every entrepreneur must
always be attentive and risk taker to enhance the business values and growth of channel. This is
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the first similarity between all entrepreneur that helps to make them stronger and stable. Overall,
it helps to bring new opportunity and growth in order to take the better objective and growth.
Better objective growth and challenging behaviour that helps to make the productive task
oriented work. Business entrepreneur must evolve under a more restrictive fiduciary and legal
mandate to maximise only their effective target goals. Overall. This is the another effective
overall, it brings new better opportunity and growth in order to take the new opportunity and
growth. Overall, it brings new better objective and growth channel (Terjesen, Hessels, 2016).
Besides, it also helps to take the most challenging and better growth channel that helps to make
the approachable task oriented growth. There are many similarities between all types of
entrepreneur such as small and large business scale organisations are more challenging and
approachable according to needs and wants of customers.
Another similarities between all entrepreneur are is that to control the effective growth
and challenging business behaviour and task oriented growth. Overall, it brings new opportunity
and growth that helps to make the good impression in front their customers and other
stakeholders.
Basis Large Venture Serial
entrepreneur
venture
Small
Entrepreneur
venture
Social
Enterprises
Capital Large capital
ventures required
high range of
capital for new
investment.
Serial business
entrepreneur is
famous for its
new ideas and
growth. It
requires new
further
investments in
general new
growth channel
(Chetty, Partanen
and Servais,
It required small
capital investment
for its business
activity through
which company
can easily grow
better services
and growth.
Social enterprises
ventures are
generally taken
better services.
This required less
amount of funds
to be invested.
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2014).
Objectives Aim is to earn
customer
satisfaction and
profit revenue.
Serial enterprises
focused on the
new services or
growth.
Small
entrepreneur
focused on
earning money.
Social ventures
aims is to provide
social services for
social welfare.
Workers It requires large
number of
workers.
It required
workers
employees to hold
the work.
Small enterprises
doest not requires
workers because
of small range of
business scale.
Social
entrepreneur
ventures required
some group
members to
collect resources.
Risk Large business
man is the high
risk taker as
compare to other
ventures. It also
required to make
the proper
implementation
process.
Serial
entrepreneur is
the another risk
taker for making
new experiments.
Small
entrepreneur
having less risk
because small
entrepreneur does
not invest much
as compare to
others.
Social
entrepreneur
venture is the
another way of
making good
things and better
objective and
growth. Overall,
it brings new best
approachable risk
taker.
On the basis of above similarities and differences of different entrepreneurs it has been
proved that, it is the long term growth and long lasting affectivity that helps to keep the business
growth challenging among all others. Overall, each and every entrepreneur individual are works
on its own values and growth. It makes good process or learnings in order to meet the
organisational objectives (Frese and Gielnik, 2014). Overall, from the basis of above section it
has been proved that it gives better approachable task making performance in order to meet the
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goals and task making performance. Overall, it also helps to take the new challenges and
innovation to brings new product and services.
TASK 2
P3 Interpret relevant data and statistics which impact on business economy
Business enterprises get affected from different challenges and issues. That grows the big
impactful making charges and growth. Overall, small and big issues that helps to create the new
changes and effective growth making chances. Overall, economic conditions affect the business
activities and challenges factors that might create new challenging behaviour. Many small
businesses are the backbone of UK that gives better stability of economic in order to earn goods
and services. Micros and small scale enterprises are very the most distinct for the growth of
economy (Brown, 2016). Small scale enterprises gives many opportunities in UK. After, the
impact of Brexit it gives better impact on small scale industries. In UK with effect of
Employment in the country all over the world and take better objective and goals. Overall, it
brings new better growth level.
In UK 70% people are engaged with the small enterprises. Engaged with the small
businesses will take the better opportunity to company in order to hold the best approachable
economic growth. Besides, it also helps to make the proper arrangement to enhance the better
opportunity and growth. Small scale and medium scale enterprises are focal point in shaping
enterprise policy in the European Union. These impact has been given new growth and channel
distribution. It is the long term process to take care the proper arrangement of bioeconomic
growth.
SMEs are increasingly contributing to the job market, they have share of more than 50%
in employment and contribute vitally to the creation of new jobs. Undoubtedly, UK has arisen
29% since 2009, helping to significantly boost exports levels over the last 12 months. They
contributed to GDP than earlier estimates indicated expanding 1.5% in the first quarter up from
the previous estimates of 1.4 % growth. On the other hand, Small businesses were record 5.7
million private sector businesses at the start of 2017. Small business accounted for 99.3% of all
private sector at the starting of 2017 and 99.9% were of small or medium size businesses.
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P4 Importance of small business and how it contributes to make growth of social economy after
Brexit:
Importance of small business- Many business are started with one person idea and small
business are also stared with many people concern. Small business benefits is this includes only
few people and mostly small business are includes family and friends in enterprise. Setup
business have importance to earn profits and have less loss because in small business have no
huge investment. It includes only small amount and run them. Small business are performed idea
of growth of business like small business entrepreneur have to set plan to making business
earning strategy (Bullough, and et.al., 2015). Importance of small business this will contribute
with many businesses. Like when Britain out from the European union they have to changes
their all always which impacts going to small business like they have to start new business
according to Britain new rules and they also contribute with many business like joy wood which
is IT company which provide their services to customers like debit card and credit card.
Apart from that small business make growth of the social economy after Brexit. When
the UK changes their law the UK small business entrepreneur have to set their own rules which
effects on economy. In the UK many entrepreneurs have to start small business and mostly
people are operate small business. The small business have main impacts going to the economy
after the Brexit. The government gives permission to people make this own rules to start
business. Like Joy wood also start their business after the Brexit they provide various kind of
inline and offline service of IT related. They provide debit card and credit card service to people.
The main aim firm to provide IT relates service which is help to make growth of economy, UK
have 80% small business are successful runs and they also having knowledge how to start
business like entrepreneur of organizations. After the Brexit many small business have faced
problem because of change laws and government reactions (Kyndt and Baert, 2015). They have
to adopt numinous advantages in business. In addition, the joy wood have to faced many
problems when firm has to charges their laws like import and export are ban because of the
changing laws and which most effects going to large enterprise and they having loss in
business, but increase on small business they are shifted to new laws rules run business
according which have benefits also small entrepreneur have start bunnies with new idea and new
market (Brown, 2016). Consumer have demands of good which is according to new laws where
taxation rates are low and people have to problems to pay tax. All those things ah impact going
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to economy their social responsibilities have increased and economy growth have as well as
increased towards organizations.
Importance of small businesses in growth market
Small businesses are most benefited for the economic growth of UK. Importance of small
business to local communities is emotionally rooted in buying and selling with friends and
neighbours. It helps to employing local people by bringing job opportunities for the community.
Small business helps to stimulate economic growth by employment to people who not be
employable by larger corporations. Besides, it also adapting to changing climates to posses
respond and adapt quickly to changing economic climates. Small business always create market
into expand manner.
TASK 3
P5 Characteristics, traits and skills of successful entrepreneurs:
Characteristic of successful entrepreneur- a successful entrepreneur have many quality to
handle business and increased revenue of business. They have ability to leading business
operations. Characteristic of successful entrepreneur define personality of entrepreneur-
 Passion- motivation- successful entrepreneur have passion to control all things in
business like employees working and their problem related to work handle clients
compliances and their feedbacks. Entrepreneur have ability to motivate their employees
to make hard work in business.
 Not afraid to take risk- successful entrepreneur take risk in business. They mainly
knowns as risk taker in business. They have ability to take action in organisation which is
inclines some time risk and some time they give profits. And small business have no
tension to take risk (Zaridis and Mousiolis, 2014).
 Self belief- in the business successful entrepreneur have confidence to self believes
themselves. The entrepreneur always believe to do hard work in business which help to
make growth in business
 Products and market- knowledge- Successful entrepreneur have knowledge of marketeers
and competitors products. They have knowledge about the organizational products.
Because the good entrepreneur always know the customers needs and their demands.
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 Effective planing- Successful entrepreneur have done very action according to planing
like make marketing of products, selling products, supplying products each tasks incudes
to according to the planing.
 Strong money management- entrepreneur have ability to manage all cost and money of
organizations like they have quality to manage all kinds of funding which is given by the
investor and partners.
Skills of successful entrepreneur- Skills are defined entrepreneur style which help to operate
business and also help to define their ability to manage all kinds of works-
 Business skills- Successful entrepreneur have skills to make growth of business, they
have idea to operate business and manage all working of enterprise. Mainly the
entrepreneur have work in firm to maintained activities like selling, planing, developing,
marketing etc.
 Technical skills- technical skills are defined entrepreneur have ability to maintained
business related tools like website operate and marketing advertisement etc. they also
have knowledge about the technical process (Kuratko,2016).
 Communication skills- successful entrepreneur have skills to communicate with their
employees, clients partners. The entrepreneur help to solved employees problems to
personally communicate them. They also communicate with customers to listen their
complains against to organisation.
 Decision making skills- In these skills is most important skills which every organizations'
entrepreneur have to implement in business like entrepreneur have only which take
decision which is beneficial for organisation and also beneficial of all staff members
(Welter and et.al., 2017).
 Problems solving skills- Entrepreneur have skills yo solved business related problems
like having loss in business and solved employees difficulties etc.
 Human relation skills- Entrepreneur have skills to maintained their relationship with all
organizations people like staff members and employees and other department employees.
P6 How entrepreneurial personality reflect on motivation and mindset of entrepreneurs:
Entrepreneurial mindset comprised the positive idea which not comes to the normal
person it only comes with positive people ideas (Ratten, 2014). The entrepreneur are who motive
their employees to hard work and motivate them. Successful entrepreneur have mindset to
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increasing their organizational growth and they involve to motivate the employees to manage the
actual working personality of business and also define the all over performance of the
organisation. The several ways to entrepreneur have mindset-
 Not missing opportunities- Entrepreneurship personality reflect to the ability which they
nit missing opportunities like they have ability maintained all kinds of business process.
Entrepreneur always adopts business opportunities they have quality to take opportunities
in any field like marketing, selling department or supplying goods etc. the main purpose
of entrepreneur to make profit in business. Small business entrepreneurship are always
waited to achieving opportunities have they come with consumers reactions and
organizations products marketing. Small business entrepreneur have ability to maintained
each competitors organizations products like joy wood are always attend their attractive
clients which are having their firm services like provide It related services.
 Positive thoughts- Entrepreneur mind set is to having positive thoughts in business like
each actions are handle according to organizations working performance like they have to
present quality services (Krishnan and Scullion, 2017). Entrepreneur have ability to
always think positive and gives advise to their employees to think positive thoughts in
business. Entrepreneur are motivated their employees to manage all kinds of quality
services according to organisation people. The main thing to start business to have
positive thought s which is help to increased growth of business if the entrepreneur have
negative thought related to business they are nit having profit and their business going to
the negative impacts which is good for company.
 Positive action oriented- Entrepreneur in business always take positive action like they
have responsibilities to controlling, managing, developing and do marketing of business.
Entrepreneur hare action oriented and their main work is take action in firm. The main
thing is entrepreneurship always make beneficial decision of company and also generate
profits in the organizations. Entrepreneurship are in organization having played main
roles and they are only who decides to take final decision because they are only have
rights to make decisions and take decision and the entrepreneurship are motivated their
employees to each decision are take under the manager and positively according to
benefits of company.
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 Taking responsibilities- Entrepreneur are who take all responsibilities of organization like
maintained growth of organizations, controlling, developing, marketing of
organizationals products. Entrepreneur mind set is employees are being multitasking
person which handle many responsibilities (Fayolle and Liñán, 2014). For that business
are having growth and firm are having more profits which benefits also going to
employees. This the ability are includes entrepreneur also they also done multitasking
work like in one time they are handle different department responsibilities towards
organisation and various departments.
TASK 4
P7 Practical example of entrepreneurs and their background and experience which hinder and
foster entrepreneurship:
Practical example of Elizabeth, this practical experience comprised how background
experience and foster entrepreneurship- according to examples Elizabeth belongs to very poor
family. She has not afforded basic needs of life. But their aim to start small business which they
operate. But problem is she have no money to start business but she has quality to manage all kid
of works and she has also ability to make decision to proper thinking. Elizabeth life are suffering
form various kinds of struggle and problems. She is only one in family who are working and earn
form family (Rauch and Hulsink, 2015). Elizabeth working in organizationals where they are
managed all work according to organization and her work impress to very one, she has skills to
time management and each work are proper timely manner, after few days she has decided to
start business which they operate alone. All those informations are identified by the historical
information. That time she was only lady entrepreneur which have all quality to operate business.
Apart from that these experience can defined that old people are also addicted to operate
business easily and they have idea which manage all employees' retention in organizations and
developing various planing in business which makes profits. In addition, many entrepreneurs are
having knowledge from experience people they are take training how to manage business
activities and controlling process. In organization entrepreneur are who takes major
responsibilities of all department operations and they are order to having details each of
deportment they also focus on organizational working power and their main functions like
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marketing department, sales department, production department etc. they all have knowledge to
operate each organizations products (Goffee and Scase, 2015).
In their hand is not easy to start new business and run them. Most of the business are loss
which are operated business without any business experience. To build enterprise the
entrepreneur have knowledge about the business and also knowledge about the all kinds of major
operations which business have to include. Entrepreneur have ability to focus on all kinds of
process which effects going to organizational products like firm productivity and organizationals
marketing strategy and their impacts going to company popularity etc (Neubauer and
Lank ,2016). All kinds of process are defines that for start new business they have knowledge
about to making business.
CONCLUSION
From the basis of above section, it has been concluded that entrepreneurship is the most
challenging and best productive growth in order to meet the needs of employee and employer.
Besides, it also helps to take the best corrective action plan according to needs of the customers
and employees. It is the single person who holds the business activity with their capabilities and
growth. Overall, it also helps to bring new opportunity and method that helps to take the
corrective action plan. Besides, present study has based on the case study of Joe woods. It also
helps to make new opportunity and growth. It explained different types of entrepreneurial
ventures and their helpful typology and methodologies to perform the task. Besides, it also
explained the similarities and differences between entrepreneurial ventures. Overall, it has been
presents the statistical data that has provides new learning and knowledge.
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