Understanding Entrepreneurship Concepts

This solved assignment delves into the multifaceted world of entrepreneurship. It begins by defining key concepts like international entrepreneurship and academic entrepreneurship. The document then examines the evolving landscape of entrepreneurship education and the role of sustainability in entrepreneurial ventures. Finally, it touches upon different types of entrepreneurship, such as social entrepreneurship and agricultural entrepreneurship, highlighting their significance in contemporary society.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and typologies...................................................1
P2 Differences and similarities between entrepreneurial ventures.............................................3
P3 Effect of micro and small business on economy system.......................................................5
TASK 2............................................................................................................................................6
P4 Significance of enterprise start up's and small business........................................................6
P5 Skills, traits and characteristic of entrepreneurs....................................................................8
P6 Entrepreneurial personality impact their mind-set and motivation......................................10
TASK 3..........................................................................................................................................10
P7 Background and experience can foster and prevent entrepreneurship.................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship define that process of organising, planning and implementing the
business venture. An individual or group who run this enterprise are known as entrepreneur and
they evaluate the opportunities of success and failure before beginning of new business. They
also provide modification in their structure or system that are already present. This is the main
responsibility for assigned minimum resources as per the unlimited availability of business and
assist in doing whole business operations and functions (Fayolle, 2013). The main purpose of
this report is to interpret different entrepreneurial typologies and ventures by identifying
characteristics. Along with this, it will also evaluate the national, local, regional and international
effect on UK business.
TASK 1
P1 Different types of entrepreneurial ventures and typologies
An entrepreneur is a person who start business for gaining profit and also take risk for run
the company. They motivate their employees for reaching the set organisational target and try to
achieve the goal. The entrepreneur venture assist the management for attempting unlimited
desires for fulfil required goals and objectives.
Small Business Entrepreneurship- There are various small business entrepreneur who
start business for surviving their living in better way that includes saloon, grocery, travel agents,
electricians and some other. Such type of organisation are not attract sponsors and investors so
that they want to take loan from banks, family or friends etc. for purchasing their business
resources and equipments.
Scalable Start-up Entrepreneurship- These businessmen are visionary people who
develop effective ideas for increasing their company at top position in the market. Such
entrepreneurs look towards those investors who sponsor their whole business idea as a private
enterprise venture (Hlady‐Rispal and Jouison‐Laffitte, 2014). The main motive of those people is
to earn maximum profit or income and develop structure that are measurable and repeatable in
each manner. Entrepreneur provide employment to those candidates who are hard-working and
properly maintain their task at the time of start-up's in appropriately.
Large company Entrepreneurship- Such organisation are build and develop the cost of
income. With the help of creative and innovative tools, the alteration and modification in
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products and services is to preserve in the large market place. Some changes are give stress to the
business functions by which the use of various methods of different services are easily executed
in the sector.
Social Entrepreneurship- Those type of entrepreneurs main motive is to establish peace
and harmony in society whee they can implement different events and strategies (Kiss, Danis and
Cavusgil, 2012). The main aim of those entrepreneur is to provide benefits to country people and
reduces their problems by creating a better place for living.
There are various ventures which are interlinked with all typologies of business that are
explained as follows:
Serial Entrepreneur- These type of entrepreneur are develop new ideas and thoughts
which carry out changes in the market place. Such person will play an essential role in industry
and assist in managing all business operations and activities. They are helpful in communicating
and transferring new practices and activities in the business.
Survival venture- Such ventures are inter connected with small business entrepreneur and
the main aim is to earn the living for surviving in large market place. These companies are not
getting licensed, have not proper location and does not interlinked with banks. The main motive
of these ventures are earning income for satisfy their wants and requirements.
Lifestyle ventures- These are those entrepreneurs who modify the strategies, programs,
objectives and models of operating business as per the latest trend of market (Kuratko, 2016).
Business concerns consist premise employees, correct place and lack of explanation and business
growth and development. In such business includes large number of workers in the organisation.
Female Entrepreneur- The main motive of these entrepreneur is to alter and develop the
location for business women in society and also changing the conventional method for
developing new ideas or thoughts. The main motive is to give equal place to women entrepreneur
in the society.
Social entrepreneurs- Such entrepreneurs basically start their business for offering
services to the society people and try to solve their major issues or problems. They are doing for
give benefits to the country people (Meyer, 2011). The aim of social entrepreneur is to serve
services not earn income in the community. Also they work for providing rights to people and
reduces the exploitation within the society.
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P2 Differences and similarities between entrepreneurial ventures
Ventures Differences Similarities
Small and social
entrepreneurial
1. Small business ventures
start their work for earning
money for their living and on
the other hand, social
entrepreneurs mainly focus on
providing services and
removing all major issues and
problems from the community.
2. Social ventures are wants to
resolve all issues and barriers
within the country and small
business main objective is to
enhance their personal
benefits.
3. Main purpose of social
entrepreneur is to offer
services to country people
whereas small business main
motive is to gain maximum
profit for their requirement.
1. Both these ventures are used
creative and innovative plans
for achieving desired goals and
objectives.
2. Social and small
entrepreneur main target is to
sale different type of products
and services in proper manner.
Large and scalable
entrepreneurs
1. Scalable entrepreneur
comprise small resources and
spending and on the other
hand, large organisation
includes limitless loss and
profit amount.
2. Scalable entrepreneur desire
to support venture for creating
1. Both ventures main aim is to
earn major advantages by
performing different activities.
2. Scalable and large
organisation vision is to
change concept and structure
of the sector.
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ideas whereas large
organisation follow sponsors
for expanding their business.
Lifestyle venture and serial
entrepreneurial ventures
1. Lifestyle venture do not
integrate with small business
enterprises whereas serial
ventures identify opportunities
for business development.
2. Serial ventures want various
ideas relates to products and
services for smooth run the
business and on the other
hand, lifestyle gives assets and
services that related to provide
comfort on regular basis.
1. The main motive of both of
these ventures are do business
in different market place.
2. They both believe in usage
of effective and good ideas for
business.
Female and male
entrepreneurial
1. Male entrepreneur are easily
take decisions on the other
hand, female entrepreneur face
various problems as per the
situation.
2. Female entrepreneur have
take good decisions of
financial risk whereas male
entrepreneur easily deliver it.
3. Male entrepreneur are
shows as task oriented
manager and female
entrepreneur main focus on
building strong relationship
with their employees.
1. Both male and female
entrepreneur have equal level
of skills and knowledge.
2. Both of them are doing
work hard for attaining goals.
3. They both are face their
business losses and success in
same manner.
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P3 Effect of micro and small business on economy system
Small Business- Small business enterprise includes partnership, sole partnership and
corporations which have limited number of employees, resources and benefits. In these firm,
there are approx. 50 to 3000 employees who work for gaining profit for the company.
Micro Business- This business will consist of organisation that are form in micro level
and they are able for recruit maximum one to nine employees within an enterprise (Neck and
Greene, 2011). These organisation will consist fair amount of advantages and at-least three main
businessman who manage the whole work.
Medium sized Business- These business organisation consist less than 300 workers who
work within an organisation and they have earn maximum profit between 30-700 euros for
maintaining the income and revenue.
Characteristics and nature of Private, Sole and Partnership Private- Private company are those which is privately owned by some people which is
associated by them and firm will shares are not publicly offer in the market. These
ventures have almost 50 shareholders who invest more amount in the business. They
mainly required two directors who maintain and manage all functions of organisation and
these operations are basically formed for gaining benefit of relatives and friends. Sole proprietor- Single business are owned by those person who are mainly responsible
for all business operations and its major functions of benefits, legislative structure and
loss of the company. They want less decision making construction and report activity for
the business. The company owner is responsible for decision making procedures that will
arising at the work place. There are different risks in these organisational structure but its
main advantages of sole business is to managed and organised work by a single person.
 Corporation- Such type of business firm are owned by the stakeholder that must be
follow the lawful construction (Rasmussen, 2011). Every stakeholder have personal right
to take accurate decision which provide benefit to the firm. They are large in size which
has to pay large amount taxes. The cost of stakeholder can be measure in hundred,
thousand and million of people. They want entire legal process to follow for creation
framed as corporation. It also incudes less liabilities of person who earn the share of the
organisation.
There are various areas where economic impacts are discussed as under:
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Local impact- United kingdom is positively effect by small business in their entire
economy. There are approximately 92% small business enterprise within the country. Local
enterprise and its business are impact on national economy through contributing large portion of
tax paid. This is clearly states that employment generating for youth then provide jobs to people
which assist in reducing the unemployment in local areas and whole nations (Schaltegger and
Wagner, 2011). In every year, 64% jobs are developing with the assistance of marketplace and
business tendency that can change in entire marketing styles and various promotional factors.
They mainly capable for influence people mind by encouraging and making new creativity
which is presented by them.
Regional Impact- Small and macro business are directly impact on regional marketing of
United kingdom in different manner. Business industry and challengers are basically involved in
various merchandising strategies as per the involvement and superior of small business enterprise
in the regions. This will assist in eliminating the unemployment at beginning level and help in
creating new and advanced methods or techniques for specific opinions. It also directly impact
on business conditions of nations and economy system.
National and International Impact- The small and start-up's business are play an
essential role in domestic and international commerce and also increasing standardised living of
country people. United kingdom market will also provide facilities to more than 25 million job
opportunities wholly and indirect jobs are approximately 1.6 million and many more. In the
entire nation, there are approx. 50% youths who works in the private sector of nation that can
help in enhancing the collective work amount of country. In all over the world, England is one of
the most elite nation (Ziegler, 2011). With the assistance of tax policies, UK can increase lot of
support from whole business administration at the time of crisis.
TASK 2
P4 Significance of enterprise start up's and small business
Brexit- It can be stated as the concise form of “British Exit” that was formed on 23 June
2016 according to the judgement of the UK government. This is the popular back-down of
country from European Union. As per this, nation will be tough relates to the single market and
national governance of EU can be longer for obligatory on the marketing methods of the United
kingdom. Then small business and start-ups of business are gives values and support country for
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taking occupation opportunities and this will decreasing tax revenue (Alsos, Carter and
Ljunggren, 2011). It have also given a big danger to the political groups and also on legal
structure.
Difference between small business and Business start-up's:
Importance Business start-up's Small Business
Belief in Economical Parts It is innovative part of each
management of organisation.
The main aim of this business
is to increasing more
opportunities of jobs to the
people and country will
knowing the major elements of
local market place. This is
very important part of each
firm so that it can help in
growing social economy.
Start-up's of business is assist
in developing approximately
81% of the enterprise.
The business will help in terms
of profit of every organisation.
This can play an essential role
increasing economic growth
rate. It can provide more than
60% job opportunities to UK
country people.
Reduction in conveniences of
growth and society in
employment opportunities
This is new kind of business so
that it will assist in adopting
employing United kingdom. It
also assist in enhancing
various jobs opportunities that
are necessary for managing
and controlling the
unemployment rate of the
country.
It is necessary for United
kingdom is to carry out
creative and innovative things
within an organisation. These
are new and latest
development term in which
they assist in enhancing
product development
procedure. It also help in
increasing living standard of
people in local areas and help
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in rising quality of work.
Increasing in authorities
income through tax
Business working are
innovative and creative which
main aim is to hire new
candidates in the firm. They
gives good measure to enhance
the business and earning
maximum revenue that are
necessary for development.
Society standard are changes
in proper manner and it will
reducing the chances of
unemployment of jobs.
It is most important part of
small business enterprise
which should earn maximum
income and selling amount for
higher the tax rate which are
formed by nation.
Social and Economical
Evolvement
The company are renders
different opportunities of
employment and innovating
services according to the
product concept which provide
to the consumers. It also assist
in increasing standard of living
of people in the society that
can help in equalising gross
domestic product of United
kingdom.
It is the major source of United
kingdom that contribute more
in growth and success of
country economy. Small
business organisation develop
more than 98% private sector
companies and about 60% are
private sector jobs. These
organisation are evolve as per
the belief that are capable for
wrap about 20 billion in
economical and social in the
end of 2020.
P5 Skills, traits and characteristic of entrepreneurs
Entrepreneur are those person who differ from other businessmen which are based on
their attribute and traits that can form them distinguish from another. For example there are two
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entrepreneur such as William Kiss and Brent Davidson. There are various traits and
characteristics of both of entrepreneur that are as follows:
Risk taker- Brent Davidson and William Kiss are risk taker and they begin their venture
which lead them towards success and growth (Audretsch, Falck and Heblich, 2011). The main
objective is to grasp businesses for taking risk opportunities and avoid failure things.
Hard working- Brent Davidson are doing very work hard for achieving required goals
and objectives for the company. They have decisive personality which help in growing
continuous for attaining growth and development. This is necessary attributes of an entrepreneur
which have to make their decisions and reach the set aims and targets in proper manner.
Motivation- An entrepreneur should be able for encourage their employees in positive
manner and they are capable for finding different ways. The main aim of motivation is to give
proper guidance to the employees for gaining maximum profit.
Brent Davidson and William kiss both are very successful entrepreneurs who make
effective strategies and plans for whole organisational activities that includes productivity,
profitability and development.
Skills and attributes of both Entrepreneurs: Communication skills- It is essential ability that will assist in dealing with different
factors of marketing and managing cost effective suppliers. Also handle all marketing
methods and various promotional activities in proper manner. It will help in motivating
employees for reaching the desired targets and goals. Decisive personality- The business entrepreneur determine the major goals and objectives
of the business that can help them for taking accurate decisions as per the company
situations. Determination- Both entrepreneurs have determinant personality that are required for an
individual at the time of growth and success while obstruction and hurdles are faces
within an organisation (Awogbenle and Iwuamadi, 2010). Brent Davidson and William
Kiss are completing all struggling points for identifying the direction of success for
achieving set goals and targets in effective manner.
 Opportunity holder- Effective and good entrepreneur should be aware about the future
and upcoming opportunities which provide best result to the business.
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William kiss and Brent Davidson are successful leaders of entrepreneur in UK which
have distinguish traits for make them more different from other person and they are able to take
appropriate decisions for the welfare of the company.
P6 Entrepreneurial personality impact their mind-set and motivation
Stimulation and mindset are basic terms which assist in gaining success in the business
and develop business in effective way. Brent Davidson and William kiss both have positive mind
set which are totally related to business that have to lead towards success and support in making
work in qualitative manner. An individual can decide the behaviour, culture, habits and lifestyles
of people in daily basis (Bruton, Ahlstrom and Li, 2010). These entrepreneurs are face different
type of problems and issues which occurs in their daily lives that have to gain more experienced
for reducing stress and demoralise them.
It is important as Brexit are inspired various other person for start-up's new business and
provide job opportunities to the unemployed people. Both entrepreneur have risk to loose the
money and fail to success the business in any situations. If an individual who is entrepreneur say
positive then it can help in lead towards for motivating but also they work for performing good
activities. Such traits are interdependent for gaining success and both are necessary for effects
the decision making process in different manner. There are some methods which majorly support
several other entrepreneur that are discussed as under: Full of sacrifices- In this way, Brent Davidson and William kiss personality have been
formed. Both of the entrepreneur are face different sacrifices that includes time, money
etc. They have to encourage their values and morale which lead them for achieving
desired goals and objectives (Desai, 2013).
 Hard working- This is one of the attribute where both the entrepreneur help in
maximising sales and gaining set target profits. It is also inspired them from other
employees and meet the desired target goals.
TASK 3
P7 Background and experience can foster and prevent entrepreneurship
Entrepreneurship is important factors which depend upon skills and capabilities of
entrepreneur and they are understand by their backgrounds, experiences and education details of
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an individual. There are different factors which directly impact on abilities and capabilities of a
person that are as follows: Family Background- It is another essential aspects which affect the way of thinking of
an entrepreneur in different manner. Brent Davidson and William kiss are not connected
with business people family. These interconnection are majorly influenced the business
operations and its functions. Nationality- Such form of factor are assist in deciding the culture of United kingdom
country (Djankov and et. al., 2010). 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 the owner of everyminute.com
and belong to Africa. Both the entrepreneur nationality are totally different from each
other so that will affect on various business factors. Education- Entrepreneur education form their ideas and thoughts and make effective
decisions (What is Entrepreneurship?. 2017). Education are completing different from
sector and these are introduce new business in innovative manner in the market place. Social network- This is one of the essential factor which directly affect the
communication in society. Such type of networking are used by Brent Davidson and
William kiss life. It is necessary part of new business which have to build status in the
market. It needs to develop and evolved in business organisation. This may incudes
friends, family members who will form the decision making style of entrepreneur.
 Economical Circumstances- This is very important for understanding and identifying
that are play a broad role in effective activities and functions (Drucker, 2014). If an
organisation have good goodwill in society so various people will taken several types of
decisions at the time of working in different situations. This will assist in attaining high
income and revenue for an entrepreneur.
CONCLUSION
According to the above mentioned report it can be concluded that An individual or group
who run this enterprise are known as entrepreneur and they evaluate the opportunities of success
and failure before beginning of new business. The entrepreneur venture assist the management
for attempting unlimited desires for fulfil required goals and objectives. As per this, nation will
be tough relates to the single market and national governance of EU can be longer for obligatory
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on the marketing methods of the United kingdom. Entrepreneur are those person who differ from
other businessmen which are based on their attribute and traits that can form them distinguish
from another. William kiss and Brent Davidson are successful leaders of entrepreneur in UK.
Brent Davidson and William kiss both have positive mind set which are totally related to
business that have to lead towards success and support in making work in qualitative manner.
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REFERENCES
Books and journals
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
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Hlady‐Rispal, M. and Jouison‐Laffitte, E., 2014. Qualitative research methods and
epistemological frameworks: A review of publication trends in entrepreneurship.
Journal of Small Business Management. 52(4). pp.594-614.
Kiss, A. N., Danis, W. M. and Cavusgil, S. T., 2012. International entrepreneurship research in
emerging economies: A critical review and research agenda. Journal of Business
Venturing. 27(2). pp.266-290.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Meyer, G. D., 2011. The reinvention of academic entrepreneurship. Journal of Small Business
Management. 49(1). pp.1-8.
Neck, H. M and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Rasmussen, E., 2011. Understanding academic entrepreneurship: Exploring the emergence of
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Schaltegger, S and Wagner, M., 2011. Sustainable entrepreneurship and sustainability
innovation: categories and interactions. Business strategy and the environment. 20(4).
pp.222-237.
Ziegler, R., 2011. An introduction to social entrepreneurship. Edward Elgar Publishing.
Alsos, G. A., Carter, S. and Ljunggren, E. eds., 2011. The handbook of research on
entrepreneurship in agriculture and rural development. Edward Elgar Publishing.
Audretsch, D. B., Falck, O. and Heblich, S. eds., 2011. Handbook of research on innovation and
entrepreneurship. Edward Elgar Publishing.
Awogbenle, A. C. and Iwuamadi, K. C., 2010. Youth unemployment: Entrepreneurship
development programme as an intervention mechanism. African Journal of Business
Management. 4(6). p.831.
Bruton, G. D., Ahlstrom, D. and Li, H. L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Desai, V., 2013. The Dynamics of Entrepreneurship Development Management: Planning for
Future Sustainable Growth. Himalayan Books.
Djankov, S., and et. al., 2010. The effect of corporate taxes on investment and entrepreneurship.
American Economic Journal: Macroeconomics. 2(3). pp.31-64.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Online
What is Entrepreneurship?. 2017. [Online]. Available through:
<http://www.businessnewsdaily.com/2642-entrepreneurship.html>.
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