Exploring the Concept of Entrepreneurship

This assignment delves into the comprehensive field of entrepreneurship. It necessitates a critical review and analysis of various definitions, theoretical frameworks, and real-world applications of entrepreneurship. The focus is on understanding the process, challenges, and rewards associated with entrepreneurial endeavors across different contexts, including emerging economies, social entrepreneurship, and sustainable development.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and the way they are related to typologies.......1
P2 Similarities and differences between entrepreneurial ventures.............................................3
TASK 2............................................................................................................................................6
P3. Mini-research, to illustrate how micro and small businesses impact on the economy.........6
P4 Significance of enterprise start up's and small business........................................................8
TASK 3..........................................................................................................................................10
P5 Skills, traits and characteristic of entrepreneurs..................................................................10
P6 Entrepreneurial personality impact their mind-set and motivation......................................11
TASK 4..........................................................................................................................................11
P7 Background and experience can foster and prevent entrepreneurship.................................11
CONCLUSION..............................................................................................................................12
REFERENCES .............................................................................................................................13

INTRODUCTION
Entrepreneurship is a process of establishing new business organisation in the target
market through new ideas and creative products. This process includes innovative thoughts of an
individual that helps to build a successful firm to achieve competitive advantages from the
market. It is not about creating a new business venture but also to manage all business activities
and execute them in an effective and appropriate manner. In this process, it is the main
responsibility of individuals to utilize all business resources effectually and earn higher revenue
easily (Fayolle, 2013). In this process, an Entrepreneur is required capital or fund, land, labour,
machinery, plant and appropriate resources to earn higher profit and revenue through their
products and services. This project report is all about Opportunities towards Small business post
Brexit for UK because newly established business organisation facing various effects of popular
term for the perspective withdrawal of the UK from the European Union. Main purpose of this
report is to identify different types of entrepreneurial ventures and the way they relate to the
typology of entrepreneurship and it also includes various effect on UK business.
TASK 1
P1. Different types of entrepreneurial ventures and the way they are related to typologies
Entrepreneur is an individual person who established various ventures to get higher profit
after providing effective products and services to customers. They take higher risk to establish a
new organisation in the competitive market. For this, they create an effective objective and future
goals that are needed to be fulfilled or achieved by their own or employee's effective
contribution. Different types of business ventures assist for attempting desired objectives and
fulfilling them appropriately. There are different types of entrepreneurial ventures like-
Small Scale Entrepreneurship – These types of businesses are established at a small
scale to fulfil customer's living needs easily. Through this type of business, entrepreneurs easily
survive their living needs and improve living style appropriately. Main objective of these
businesses is to gain higher profit for building a large scale organisation easily. Such type of
entrepreneur collects the capital through bank loan and family fund, etc. (Hlady-Rispal, 2014).
Scalable Start-up Entrepreneurship – These entrepreneurs are very creative and they
develop effective ideas for their business organisation. They collect capital and fund through
various sponsors and banks to establish a private venture easily. Main objective of these
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individuals is to expand their business and earn effective income through products and services.
This type of organisation helps to increase employment services for various candidates who
provide their services to achieve organisation's goals effectively.
Large scale Entrepreneurship – These business organisations are established at a large
scale and they take a proper time to provide their products and services in market. Their owner
starts a business organisation through effective and appropriate idea as well as a specific fund for
implementing business activities. These business organisations take a leading position in market
and compete with large scale business organisations. Main objective of large scale business is to
earn higher profit the cover all over cost of organisation easily (Kiss, Danis and Cavusgil, 2012).
Societal Entrepreneurship – Main motive of these type of organisations is to provide
their products and services for society’s welfare and improve standard of living of society
members. These types of business organisations are helpful for people and they provide effective
growth of economy. They easily create their own image and market place through products and
appropriate services.
There are various typologies of entrepreneurship that are explained as below -
Serial Entrepreneur – These types of entrepreneurs create an effective idea and
thoughts to make various changes in the target market. Such type of individuals are easily build a
market place of their business organisation in competitive market easily and the provides more
innovative products and services then existing one. Through these ventures, markets get new
practices and activities as well as effective ideas (Kuratko, 2016).
Survival Venture – These types of individuals and business organisations are connected
with small scale ventures whose main motive is to survive in the target market through their
products and services. For them, it is very hard to make their own image in market so, for this,
they use various tools such as effective cost, easy location, products and different services as
well. Main objective of these ventures is earning income for satisfying their wants and needs.
Lifestyle Venture – These organisations are more updated with society and cultural
changes in an economy. Their main objective is to provide effective products according to latest
trends, fashion, customers and market demand. These organisations are working on a large scale
to provide their products and services on international level and they provide employment
services to a large number of workers.
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Female Entrepreneur – This is all about female run enterprises and growing all over the
world easily through their efforts and working skills. Now a days, women face a lot of challenges
that provide their time, human, physical and social constraints that limit their ability to grow
their businesses. Female entrepreneurs make effective contribution in economy’s growth and
make their own image in country (Meyer,2011).
Male Entrepreneurs – Men tends more effective and motivated by financial success in
business organisation. They always state a business venture with a view to becoming financial
independent and earn effective growth easily. Male entrepreneurs are willing to get higher
business advantages and work for a longer hour or devote their more efforts for business venture.
They are less emotional and more practical in their working approaches because their objective
towards the organisation is to attain effective income easily.
P2 Similarities and differences between entrepreneurial ventures
All the business entrepreneurial ventures are very different to each other but they all
concludes lots of similarity such as -
Entrepreneurial
Ventures
Differences Similarity
Large and Scalable
entrepreneurs
 These both business
organisations are very
different to each other
because large scale
enterprises are established
to achieve specific
objective and profit but
scalable enterprises are
established to provide
effective idea in business
to getting effective and
desired growth easily.
 Main objective of
scalable organisation's are
 These both organisation are
establishes with new and
more creative idea to survive
in competitive market for
long term period.
 Both business ventures are
getting higher advantage
after performing in market
(Neck and Greene, 2011).
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to earn maximum profit
but large scale
organisation are
established to earn a
effective market value in
competitive market.
Lifestyle venture and
serial entrepreneurial
ventures
 Serial entrepreneurial
ventures are established
to make various change
effectively in market but
lifestyle ventures are
make changes in
economy according to
fashion and trend that
follows by customers.
 Serial entrepreneur are
operate various activities
in managing form but
lifestyle activities are
tends according to market
demand and customers
need.
 Serial venture are related
to make various changes
in their products and
services according to
creative ideas but in
lifestyle entrepreneur
make various changes
according to latest trend
 These both venture are
established to make various
changes in society and
country as well as to getting
effective growth easily.
 Main objective of them to
provide higher satisfaction
of customers through
various changes
(Rasmussen, 2011).
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and cultural of people.
Small and Survival
entrepreneurial
 Small business
organisation are
established to surviving in
market for their personal
living need but Survival
firm are surviving in
market to make their
image effectively.
 Small companies wants to
earn more income hen
growth but surviving
organisation wants more
growth from market in
their products and
services.
 Small business
organisation do not get
funds and capitals from
sponsor but surviving
organisation easily collect
funds from sponsor and
external links easily.
 Both organisations are make
various efforts to stay in
market for long time.
 Main objective of both these
organisation is to sale
different type of products
that needs to be more cost
effective in market
(Schaltegger and Wagner,
2011).
Female and male
entrepreneurial
 Main objective and
priority of male
entrepreneurs are money
but female business
owner are more
concentrated toward
organisation's goodwill
 Both entrepreneurs are
dedicated toward their work
and they are doing work
hard to attain future
objective and goal (Ziegler,
2011).
 Male and female
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and their products value
in market.
 Men business owner
wants organisation
growth to maximise profit
and cover all cost of their
product and services but
female business owner
wants to create their
product image and getting
higher satisfaction of
customer through their
products and services.
entrepreneur have equal
level of skills and
knowledge as well as
capacity of working.
TASK 2
P3. Mini-research, to illustrate how micro and small businesses impact on the economy
There are specific research which is based different type of business such as -
Small Business – These are privately owned organisation that includes corporations'
partnership, solo proprietors etc. This type of business organisation have a small workforce and
they their annual revenue is not as much as business corporation earn. Small business
organisation have limited size revenue and resources. Number of employees in small business
organisation have to be fewer than 500 employees exact. Sometimes theses business organisation
are established to provide own service product in market and earn appropriate revenue from
market (Alsos, Carter and Ljunggren, 2011).
Micro Business – These type of business organisation are established to from micro level
and their number of employee and capital rate are fixed ads per government rules. This
organisations are able to recruit less then 10 employees at a time for their business purpose. They
generally do not have any tie up with business finance, banking services and commercial
services etc. (Audretsch, Falck and Heblich, 2011).
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Medium sized Business – These business organisation consist less then 300 employees
and their annual revenue should have to be between 30-700 euros for maintaining the income
and profit statement. These organisation have limited employees but they can effectively use
sufficient resources in organisation.
Characteristics and nature of Private, Sole and Partnership
Private - This organisations are privately owned by a individual person which is
associated by firm and they will not share various offers publicly. These business organisation
can easily collect their investment through 50 shareholders. The share of these business are less
flexible and its values are more difficult to determine. All these type of organisation have
different rules, share holders, members and taxation rule. They required two directors or manager
to manage their business and operational activity to gaining more profit effectively (Awogbenle
and Iwuamadi, 2010).
Sole proprietor – These business are owned by those person who responsible for all
business operation and various function such as benefits, legislation, organisation structure and
various losses that organisation faces. These type of business owner want less decision making
and they report their activity for various business approaches. In this company owner is
responsible for decision making procedure and various risk in their own company. There are diff
risks and responsibility in these company structure but its main advantages of sole business is to
managed and organised work by a single person.
Corporation – It is required need for those stakeholders to take specific decision for
organisation and provide them higher benefit easily. These business organisation can easily
concern hundred, thousand and million of people. They want proper legal process to follow
creation framed of corporation and follow it right and law as well. It also incudes less liabilities
of person who earn more share for organisation (Bruton, 2010).
There are various areas where economic impacts are discussed as under:
Local impact – Local and small business enterprises are positively affect on economy of
a country. They provide effective employment sources to people and paid a effective amount to
government of country. Through this process economy easily earn various positive changes in
their growth and different changes of standard of living of people. After this process organisation
also getting various competitive advantages from target through implement new ideas in their
company.
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Regional Impact – Small and macro business organisations are directly affect on
regional marketing process of UK. They use various innovative ideas and new techniques in their
business to get higher productivity and maximum profit from market easily. This business
organisation are directly impact on growth of economy and improve condition of business easily.
National and International Impact – Small and macro business organisation helps to
improve domestic and commercial values as well as standard of living of country people. In UK
market they provides their effective products and services as well as employment opportunities
in the country. At international level they provides trade and effective business relation. In this
process government of UK also helping to those organisation for administer their market
structure at a particular time (Desai, 2013).
P4 Significance of enterprise start up's and small business
Brexit- The term Brexit came from “ Britain Exit”.The UK have planned to leave
European Union on Friday 29 March , 2019 which was carried out through the voting process in
all over UK . It means the UK will not be a part of single market of European Union which
means they are not meant to follow the obligatory of marketing rules of Union which has helped
small businessman and small industries as the start up will no longer to follow the guidelines of
European union which means low in taxes and increase in revenue for small businessman.
Difference between small business and Business start-up's:
Importance Business start-up's Small Business
Belies in Economic Part The main focus of business is
to increase job opportunities
for the people .They are
focussed to development in
skills of employees to increase
productivity ,also works in
direction of innovations and
implementing new ideas . This
helps in growth of social
economy . In current scenario
These business activities of
small firms will help in
increasing profit of of small
organisation. With coming of
many new small firms in
recent times it is observer that
they are able to produce 60%
of job opportunaties across UK
and playing very important
role in increasing economic
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Start-ups of business has
increase in whooping growth
of 81% of firms
growth.
.Reduction in conveniences of
growth and society in
employment opportunities
This kind of new business
approach helps in increasing
employment opportunities
across United Kingdom . They
also helps in assisting and
enhancing the necessary for
managing and controlling rate
of unemployment of the
country.
It is very important to perform
creativity and innovation
within the organisation. They
are new and development term
through which they helps in
enhancing development of
product procedure . It has also
helped in increasing living
standard of people and
enhances their quality.
Increasing in authorities
income through tax
This is considered as as
innovative and creative
environment which aims to
hire new quality candidates.
They have the potential to
enhance business and earn
maximum revenue which are
important for business
development . Change in
society standards will help in
carving out employment from
society.
Marked as a important factor
of small business enterprise
which is targeted to earn
maximum income and sales
amount for high tax rates
formed by nation with increase
of more and more small
business the government's
earning through tax has
increased up to 16% in last 5
years.
.Social and Economical
Evolvement
The company eye different
opportunities of innovation
services and employment
It is regarded as an important
source which are contribute in
effective growth and success
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according to concepts
provided to customers . They
also focus on increasing
standard of living of people in
the society which helps in
increasing gross domestic
production of United
Kingdom.
of economy of country. Small
business organisation is
generating about 98% in
private sector and 60% in
public sector .They have
planned to increase the
earning up to 20 billion at the
end of 2020.
TASK 3
P5 Skills, traits and characteristic of entrepreneurs
Entrepreneur are those person who create different market image of their venture through
their own skill and characteristic that distinguished them from another. For this process they
make their own strategy and planning to implement all their business activities effectively for
example two different entrepreneur William Kiss and Brent Davidson provides their skill and
ideas to develop their own organisation effectively. There are various characteristics of both of
entrepreneur are -
Risk taker – A entrepreneur should have to be risk taker who attain their business
objectives in effective manner. William Kiss and Brent Davidson are successful entrepreneurs
who take various challenges and risk to established a business organisation (Djankov, 2010).
Motivation – A entrepreneur should have to be encouraging by nature who motivate
their workforce towards their future objectives and goals. William Kiss and Brent Davidson are
motivate their employees to attain organisation's objectives effectively.
Hard working – Entrepreneur should have to be hard working to attain their business
objective appropriately. This is necessary of entrepreneur to make effective decision according to
their organisation's need and future objectives as well.
Skills and attributes of both Entrepreneurs:
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Effective communication skill – It is essential for entrepreneur to improve their
communication skill to make effective relation with their other employees. It will help them to
motivating employees in appropriate manner and to attain their desire target easily.
Opportunity holder – Effective entrepreneur should have to be opportunity seeker who
easily implement their ideas through various opportunity that they get from market. For them it is
very important to attain all future and upcoming business opportunities in appropriate manner.
Decisive personality – It is very important for entrepreneur to make effective decision
for their business need. For business entrepreneur, it is important to determine the major goals
and objective of business and take effective decision to fulfil them easily.
P6 Entrepreneurial personality impact their mind-set and motivation
For a business entrepreneur it is very important to make positive attitude toward their
business approaches and make effective decision toward their employees. All business
entrepreneur facing various problem when they established a business organisation in target
market. Brent Davidson and William kiss have positive mind set toward their working
approaches as well as their business organisation.
After Brexit new start-ups and new business organisation provide effective opportunities
to people through employment services in their firm. Through this process they get new and
effective ideas in their company. There are different methods that majorly support several other
entrepreneur that are discussed as under:
Full of sacrifices - Brent Davidson and William kiss have been various business skills
and sacrificing behaviour of them help to implement business activities effectively. They needs
to encourage business values and moral which lead them for achieving desired goals and
objectives easily. In this process their positive working attitude also helps to create effective
byus9inee approach for target market as well.
Hard working - For a entrepreneur it is very important that they have skill of hard
working to attain various business approaches easily. Through this process they can easily create
various objective for their organisation and make effective strategy to fulfil them effectively.
For a newly established organisation, it is very important to survive in competitive market and
get higher business growth easily.
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TASK 4
P7 Background and experience can foster and prevent entrepreneurship
Entrepreneurship is a important factor that depends on skills, capacity, and ability of
individuals. For them it is very important to understand their background, experience,
qualification and nationality etc.. Their are various factors that directly impact on capability of a
individual such as -
Family Background – it is a essential aspect of a individual that affect on their thinking
and behaviour toward their business organisation and employees. Brent Davidson and William
kiss are not belong to business family but their effective approaches and creative mind helps to
established a business organisation in effective manner.
Nationality – This process is depends on different culture and social issues of country.
An entrepreneur such as William kiss who are belongs to London's Black-health. He was
establish the virgin group where they manage more than 400 firm. On the other hand, Brent
Davidson is owner of everyminute.com and belong to Africa.
Education – For a entrepreneur their education and qualification is helping them to
providing effective idea and thoughts to implement their business activities in appropriate
manner. Through this they implement innovative ideas for their business organisation as well
(Drucker, 2014).
Social network – This process also depends on effective communication of employees
that they learn from society and their culture. This networking process is very helpful for Brent
Davidson and William kiss life. This process includes friends and family members and their
relation or term with them.
CONCLUSION
From the above report it has been summarised that and individual person established
business organisation through their effective ideas and creative thoughts that help to make a
appropriate image of company. A entrepreneur venture is helps to create various business
activities to attain organisation's goal and their future objectives. Entrepreneur are those person
who create a specific market image of organisation through their efforts and effectiveness. Brent
Davidson and William kiss are different entrepreneur who provide creative ideas and effect6ive
thoughts to established effective business in market. This project includes difference between
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various business organisation and a analyses about entrepreneur background, qualification,
family background and their working approaches as well.
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