Entrepreneurship and Business Development

This assignment delves into the crucial role of entrepreneurship in driving economic progress. It examines the diverse forms of entrepreneurship, highlighting their contributions to society through job creation, income generation, and innovation. The document further analyzes the essential qualities and skills that characterize successful entrepreneurs, emphasizing their customer-centric approach, risk-taking ability, and adaptability.

ENTREPRENEURSHIP

INTRODUCTION
Entrepreneurship is the scheme by which enterpriser beginning their personal advanced
enterprise. They rich person their personal idea, thought, creation etc. and on the basis of these
factors their make their business. These people have huge capabilities and willingness to take
high amount of risk. Other than that they have huge capabilities and skills to manage and own
their business to make high amount of productivity and profitability. In order to conduct the
activities of the business, these people borrow varieties of resources such as land, labour, capital,
raw material, machinery etc. which helps them yo earn huge amount of profit for the business.
The report is going to include the deep information and understanding about how the new
business can be start up, different types of entrepreneurship, differences and similarities between
the different types of entrepreneurship. Other than that in this report consist various traits and
skill of two successful entrepreneurs which differentiate them from other business managers.
TASK 1
P1. Various types of entrepreneurs and their relationship with the typology of entrepreneurship
There are several types of entrepreneurship that are existed in the market place, they
differ on the basis of their size, scope, employees, structure etc. Entrepreneurship is the person is
the person who have the capacity to run their own business. With that they have their idea,
technology, resources etc. The people have different skills, knowledge and ability to run their
business concern. There are various kinds of entrepreneurship, that are as follows:
Small business entrepreneurship- It is he type of entrepreneurship where individual runs his or
her own business. They have potential to change their ideas into manufacturing of goods and
employment in order to cater the necessarily and wants of the customers. The good examples of
small business entrepreneurship are grocery stores, hairdressers, consultants, travel agents,
internet commerce store fronts, carpenters, plumbers, electronic, etc. When it is concerned about
the employees, then these people hire local people or family members (Hart and et.al., 2015).
Scalable start-up entrepreneurship- This entrepreneurship operations are concerned about the
organizing their business according to their mission and vision and then attracting unique quality
features regarding new organisation. This technique is very much unique for the scalable
business or those organisations which want to expand their business. When entrepreneur enter
1

into this business, they need to plan and organise their each and every activities such as their
fund, resource allocation, responsibility delegation etc.
Social entrepreneurship- These are the entrepreneur who high amount of risk and these people
focus on serving the high quality products and services to the society so that their needs and
wants can be unfilled. Other than that they try to solve to problems of society by serving goods
and services. Other than that this organisation are also called as non for profit venture. This is
because their key objective is to serve society, not to earn high profit. This entrepreneurship
activity is related with organizing business according to vision and attracting unique quality
features regarding new ventures. They think for the nation development and solves the problem
of nation such as employment, tourism, production related to export-import of goods etc.
Trading entrepreneur- This kind of entrepreneurship are focused on making large number of
transaction with the customers. These entrepreneurs have key focus on marketing their brand in
the market place. These people are not involved in the producing goods and services. These
people do not procure raw material and process them into finished goods, rather these people
purchase finish goods and sell into the market (Acs, Autio and Szerb, 2014).
Industrial entrepreneur-Industrial entrepreneurship is the entrepreneur who have been focus on
the production of goods and services for the customers, they fist identify the needs and wants of
customers and then produce accordingly so that customer have maximum satisfaction level. The
key objective of this entrepreneur is to cater the needs and expectations of the customers and
then engage in the manufacturing of goods and services to fulfil their aim and objective. The key
orientation of these people is production. They try to produce the innovative and quality goods
and services for the customers. The entrepreneur realizes the opportunity to set up and industrial
unit because of the possibility of making some new product. These people have capabilities to do
effective use of scare resources and technology so that they can produce quality goods and low
cost of production.
Corporate entrepreneur- These entrepreneurs use proper skills and abilities to organise and
manage the corporate responsibilities so that they can able to lead with the innovation, they are
also high risk takers. This entrepreneur has to plan, develop and manage a corporate body.
Agriculture entrepreneur- These people are highly involved in the different activities of the
agriculture such as farming, cultivating etc. other than that these people are very good at
2

marketing the different goods of agriculture such as crops, fertilizers and other input of
agriculture. These people are highly motivated to enhance the agriculture sector in the economy
so that they can produce large amount of outcome with the help of technology and innovation.
Agricultural is very broad sector which includes different types of allied sectors.
As per seen in the above different types of entrepreneur, it has been founded that there
are different type of entrepreneurship exist in the market place which have different aim and
objectives. Following are Entrepreneurial ventures in relation with typology of entrepreneurship.
Topology is concerned with the form and subject of various entrepreneurs (Chatterji, Glaeser
and Kerr, 2014). This entrepreneurship has new ideas and thoughts, thus is beneficial for the
organisation to be linked up the entrepreneur so that they can serve different benefits. It is being
known that it is very significant for the organisation to enhance their efficiency, productivity and
profitability, which can not be achieved when innovation is not there. With the help of proper
typology, entrepreneur can able to create the different tactics and strategies so that they can able
to make effective decision for the business.
Typology
 Serial Entrepreneur: This are the entrepreneur who takes challenges repeatedly. If the
particular enterprises is established, the individual may running with his or her
responsibilities and moves on other ventures.
 Social Entrepreneur: The motive of any social entrepreneur is to satisfied the social
needs and not to cover the market share. However, this business are mostly achieving
break even.
The basis of the Blue Ocean Strategy is called Value Innovation. Competition is made irrelevant
by creating value for both buyers and the company. Buyer value is created by the benefit and
price that the company offers to the consumer; value to the company is created from the price
and its cost structure - therefore only if those two variables are aligned the strategy works. The
innovation of a product/ service must create value for the market and eliminate features that are
not valued by the current market. New and uncontested market space is made accessible by
simultaneously differentiate and reducing costs.
3

The strategy canvas is a tool that helps to build a Blue Ocean Strategy. It highlights the current
situation in the known market space and shows the offering level that buyers receive across
several key competing factors. By illustrating these factors in a simple matrix a graphic
description in form of a value curve is visible.
P2 Similarities and differences between the entrepreneurial venture
Differences
As per the discussion above, it has been identified that there are different type of entrepreneurs
that are existed in the market place, they are distinguished on the purpose, aim and objective of
the business. There are several similarities and difference that are existed between the different
type of entrepreneurship, that are as follows:
The above defined entrepreneurial ventures are different in various ways like risk, objective,
system, structure, etc. These all have different type of risk involved, some have high or some
have very less. When it comes to the small business entrepreneurship, then all the decision are
need to be taken by the top level management, thus it can be said that top level executive have
huge risk. When it comes to the scalable one, then these are the entrepreneur that plan their
business according their vision and aim, if they are not able to implement properly, then they
will not able to achieve their aim and objective. When it comes to the trading organisation, the
these people do not deal with the production part, so they do not have risk over the spoilage of
goods and services, but they are involved in marketing activities, if they are not able market their
products and services, then they will fail in the market place. Other than that when it comes to
the social entrepreneurship, these people have very low risk, this is because, they do not have
key aim is to earn profit but they try to fulfil the social needs and wants (Mian, Karadeniz and
Sarfaraz, 2014).
Key points Scalable Start up
Entrepreneurship
Large companies
Entrepreneurship
Team
They have small team in
unstructured manner.
While in the large companies'
entrepreneurship have huge team
4

in structure manner.
Risk
It involves huge risk and not
sure of getting profit from the
business.
They also have risk but they know
the market reaction before any
decision on monetary terms.
Chance of loss in the business is
less.
Situation They are always pivoting
because every move turns into
a new situation and from this
they try to change there
business model.
In the large companies they have to
do there regular jobs and there
situations are based on the market
and decisions taking by board.
Network
They have to make new
network for there business
operations and also for the
new clients.
While in the large companies'
entrepreneurship they have already
made huge network and there
business will come from there
existing clients.
Funds
They have limited funds. So
any expenses decision has to
take carefully
While in the large companies'
entrepreneurship they have huge
funds and they can give dividends
to there share holders. Also expand
there business with adequate fund
on different businesses.
Similarities
5

The biggest similarities between all the entrepreneurship business is their aim and
objectives. Their key aim is to cater the needs and wants of the customers by serving high
quality of products and services. Other than that except social entrepreneurship, all want to earn
high amount of profitability and productivity. Other than that the similarities they have, they
have innovative ideas, technology, thought, strategies, services etc. which makes them
entrepreneur. With that all the managers have key responsibilities to create and implement
effective strategies in order to gain high success and growth. One another similarity is its
effective strategy and structure through which they can easily survive in the competitive
environment.
Key points Small business
Entrepreneurship
Social Entrepreneurship
Goal
There Goal is to feed there
family and to meet there
daily expenses.
There goal is to make
fulfilment of need of the
society and to keep
environment safe.
Motives
They have motive of not for
making huge profits.
They have also the same
motive not to make any
profit.
Market Share They don't focus to cover
the market share because
they are doing small
business by taking loan from
there close relatives and
friends.
Social entrepreneurship are
also not to try the cover
market share because they
are not able get any profit
so they can't expand the
business. There funding
comes from the trade shows
and charity.
6

Return on
investment
They don't have any large
investment but there return
on the basis of there efforts
towards there business.
Same as social business
they have not made any
investment. But the money
came from the charity and
other sources so the return
on investment is also not
possible because they have
to spent on society.
Lifestyle They are common people
not having a standard
personality
There lifestyle also not in
standard way because they
have to deal with the
society with a lower
standard
TASK 2
P3 Assessment and interpret relevant data and statistics and how a micro small business impact
on the economy.
It has been founded that small business entrepreneur or organisation not generate high
revenue or profit for the organisation or economy as compare to the large organisation, but it has
been analysed that small business organisation also plays very significant role in the economy in
order to take it at the growth level. It has been founded that small business organisation assist in
developing the entire nation and growth of the country by generating revenue, provide
employment opportunity to citizens, adaptability to changing climate etc. entrepreneur have very
innovative idea, thoughts etc. by which they provide quality and innovative goods and services
to the customers and this enhance the living standard of the economy. Other than that
unemployment is also the biggest problem which is faced by the economy (Sankar and
Sutha,2016). After the introduction of small business enterprises, the people who have less
qualification have been employed. Thus, it can be said that person who have less qualification
can also have jobbed in their hands. Other than that it can be said that small business are said
that small business enterprise are customer oriented, they always try to cater the needs and wants
of the customers. With that orientation, customers are also being attracted to those organisations.
7

They try to spend money on the product and services of those organisations, ultimately the
income level of the employees increase and they can able to spend more money in the market.
Sole Proprietorships
Sole proprietorships are the simplest business structure to operate, as well as the least regulated.
As the name indicates, sole proprietorships only have a single owner. There's generally not much
that you need to do to start a sole proprietorship other than obtaining a business license from
your local government.
Partnerships
Partnerships are similar to sole proprietorships, except they have two or more business owners.
Like proprietorships, partnerships aren't taxed as a separate business entity; the income flows
through to each owner's personal tax return. In a general partnership, all the partners are legally
liable for debts and can be sued.
Corporations
Unlike proprietorships and partnerships, corporations are completely distinct from their owners.
Under U.S. law, a corporation is treated like a person; it's taxed separately, it can sue and be
sued, and it can own stock and property.
P4 Importance of small business and start-up to contribute in the social economic growth.
Brexit refers as the exit of the European union by United Kingdom which makes a
negative impact on nation economy. It is also refers as the dissolved between Great Britain and
European Union. The immediate impact on the nation economy such as the currency value
increase only 10% above Euro and it raises the inflation in the nation overall 1.8% but after the
Brexit various changes have been found in this business enterprises.
Each and every business have specific contribution in the social economic growth in the
nations but the small business and start-ups are major role for the social economic growth such
as follows:
 Contribution in employment: The small business and start will increase the
contribution in the nation which will improve the employment ratio of the country and
brings the positive impact on the economy.
8

 Improvement in the society: This enterprise improve the lifestyle of the society with the
various changes made to make the effective development.
 Increase Gross Domestic Products of the UK: It is also a contribution of the small and
start up business after the Brexit in terms of increasing the GDP of the nation will help to
work towards.
TASK 3
P5 Determination of the characteristics, traits and skills of two successful entrepreneurs which
differentiate them from other business manager.
Entrepreneur is the person who have taken all the roles and responsibilities of their
business as well as carry out all the operations and activities. He or she is the person who take
the risk and initiative in order to manage the business activities. All the innovations are taken by
the entrepreneur so it can be said that he or she is the person who have taken the risk of the
business to operate it in the new field. It can be said that there are different types of entrepreneur
who have different roles and responsibilities. He or she has to handle the different kinds of the
activities according to the situation. Entrepreneur has different features and characteristic, that
are as follows:
Positive attitude: Each and every entrepreneur must have the attitude which shows the right kind
of ability towards the business organisations. The external as well internal environment which
will affect the organisation. Other than that he or she need to influence other people so that they
can able to work in effective and efficient manner. In order to influence them, he or she need to
create positive attitude towards the workers (Davidsson, 2015). Other than that entrepreneur
need to manage all the activities and operations of the business, in order t do so, he need to
maintain good and positive behaviour.
Initiate to take risk: The only individual person who have able to take risk which is entrepreneur
have capabilities to take the risk in their business. These people have new and innovative ideas
and taught to produce and market the goods and services. Their key aim to cater the needs and
wants of the customers. In order to do so they need to handle and take the high amount of risk.
At the initial time, they need to take the high amount of risk. This is because they have invested
high level of fund to the new idea, if the idea is not being succeed then it causes huge risk to the
people.
9

Self confidence- As the most of the entrepreneurship have the self confidence which is the most
important traits in the every entrepreneurship have the most of the important to bring the various.
The way organisation are foundation on the basis of enterprise trait in which the businesses will
grow and develop. After the Brexit in the European union it will give be more adverse impact on
the most of the traits and entrepreneurship. As the entrepreneurship have huge impact on the
today organisation due to the self confidence will help to get the better organisations.
Effective competitor: Due to the effective competitor most of the competitor are not ready the
way thinking have been done by the entrepreneurship will give adverse impact on the
entrepreneurship business due to the competitor have the effective business sense which can be
determine in their life
Traits of successful entrepreneur and difference from business manager:
Full of Determination: This can be the important trait of the successful entrepreneur such as
Bill gates and Mark Zuckerberg. They set their objectives and achieve it with the full
determinations. While the business manager are determines in their work but they have to
perform limited roles and responsibilities.
Not Afraid to take Risk: It is also an important trait which have among successful entrepreneur
is not afraid to take risk for their business.
P6 Entrepreneurial personality impact on business implementation.
As per the treatment it has been enlightened that there are various ability and skills in a
booming enterprise visionary finished which he/she can powerful rival matches and make due in
the focused condition. It has been surveyed that with the assistance of different aptitude, attribute
and place a coercive business concern person can competitor opponent and addition powerful
achievement in the marketplace. Notwithstanding this these qualities help business person in
brining the business operation into the focused market and increase wanted achievement. With
help of these attributes and expertise, entrepreneurial can without much of a stretch build up a
powerful and particular methodology and strategies so as business undertaking can undoubtedly
pick up the coveted achievement and gainfulness in the market. As it has examined that business
person assumes an extremely critical part in the partnership in light of the fact that the whole
business exercises and capacity are to a great extent relies on the business visionary. The identity
of entrepreneurial reflects entrepreneurial inspiration and mentality on the grounds that these
10

quality, ability and trademark build up the business visionary identity at working environment.
With the assistance of these aptitudes, quality and capacity, business visionary can without much
of a stretch inspire and support for higher profitability and execution (Sankar and Sutha, 2016).
Proper and compelling quality aptitudes of business person prompts accomplish expansion and
expanding in subjective administrations of firm. It is required for a business visionary to be
daring person and settling on choices with respect to business exercises decidedly.
It is interlinked with coordination of workers and boss for keeping up great association
with different speciality units. It is interrelated with nation's improvement. For instance;
expanding in ventures after Brexit in UK is valuable for financial soundness and whole
development of firm. Alongside it is viewed as that business person's viable identity prompts
association to be more productive. Counting this, assortments of abilities and learning
methodologies are acquired to build firm at abnormal state for expanding business and
aggressive systems. In this way, business person is useful for commitment in nation's
improvement likewise impacts on work segment of association. With help of these assortments
of aptitudes and capacities, organization business person can adapt up to the financial changes
and development.
In such manner, business visionaries end up noticeably more grounded and daring people
to keep up generosity and enhancing capacities at larger amount. So also, their working
efficiencies and learning politeness end up noticeably more extensive with respect to meeting
decided objectives and enhancing qualities (Zhang, Song and Zhong, 2016). Also, fervor
towards adapting new things and upgrading information towards late market pattern of
overseeing business and working for changes et cetera. Counting this, a business person wind up
noticeably developed and certain for keeping up business execution and taking care of issues
happened inside it. So also, his/her outlook end up noticeably more grounded and brimming with
faculties for business operations to keep up execution and aptitudes. It builds business people's
certainty and abilities for working towards enhancing business execution and keeping up its
generosity for longer day and age. In this way, entrepreneurial identity impacts on a person's
inspiration and psyche for keeping up it adequately (Davidsson,2015). Aside from this, getting
achievement in strategy for success empowers business person for adapting new through
perusing articles and getting acclaim at more elevated amount. In this way, person's identity and
aptitudes get enhanced bigger scale impacts inspiration for making progress on bigger scale.
11

The entrepreneur personality will motivate for the entrepreneurship which can encourage people
for own business ventures. The more the entrepreneur influence to the society will help to make
a better nation.
TASK 4
P7 Explanation about the background and experience can hinder or foster entrepreneurship
Enterprise is a way under which proprietor of the business producing new thoughts,
musings and inventiveness to did business capacity and exercises in the market. Keeping in mind
the end goal to get powerful achievement and gainfulness entrepreneurial gives their earnest
attempts in creating compelling arranging and methodology. It had been analysis that the assist
of various skills and characteristics and ability a powerful business person is rival adversary and
enhance compelling accomplishment in the areas of dealing various services. with the
Notwithstanding this these qualities help business person in brining the business operation into
the focused market and increase wanted achievement. Through this enterprise movement, I
enhanced my few aptitudes also gets positive outcome for development and receiving challenges
viably. Be that as it may, getting balanced by good and bad times happen at working
environment also critical thinking abilities are produced. What's more, through enterprise
perceiving after Brexit in UK creates positive results identified with foundation and expanding
effectiveness for subjective administrations.
From the above talk I have learnt different sorts of aptitude and capacity which help me
in building up my insight and identity (Zhang, Song and Zhong, 2016). With help of these
abilities, attributes, I can viably perform in the organization. In the business undertaking,
different sorts of difficulties should be looked by the person which aid increment my possibility
toward my execution. In addition, a few apparatuses and strategies are acquired to extend
independent company endeavour. Creative thoughts and receiving advancements for better
quality administrations are resolved. In such manner, appropriate sense is made for commitment
of little scale industry in UK monetary strength that is identified with different areas of country
including money, work and creation of association (Hmieleski, Carr and Baron, 2015). In this
way, a few data are accumulated for extension and compelling commitment in country's
advancement is considered.
12

Additionally, the single can make and enhance their characteristics on the preface of
scrutinizing books, article and magazines and besides update their capacity on the introduce of
going to various accounts and picture that been posted on the web and the particular things will
help down individual in working up their aptitudes and moreover causes them in making their
business activities viable rouses them as to complete down work. It moreover makes a trust
among individuals and besides augment their confidences with the objective that work can be
coordinated in smooth and effective way and besides supports them in improving their employed
quality (McKeever, Jack and Anderson, 2015). Nearby it, the industrious learning process
moreover downs individual in setting their destinations in convincing way. It also develops the
character of individual and moreover make them capable towards the conduction of business
activities and besides make them able with the goal that they can acknowledge any difficulties
and play out any sort of work. Subsequently, the abilities under the business visionary are
created from adolescence itself and they can increment such aptitudes on the premise of nonstop
rehearsing towards it.
CONCLUSION
It can be concluded from the project report that entrepreneur have great and innovate
ideas and thoughts in order to produce and market goods and services. They are always customer
oriented, they try to cater the needs and wants of the customers. When it is concerned about the
entrepreneurship then it has wide range of meanings. Where one of the most obvious meaning is
when the person operate and own their own business then this activity are called as
entrepreneurship. n the business context, An individual who have willingness and capacity to set
up, arrange and succeed a business organisation with taking large amount of risk in order to gain
profit and maximise return is known as entrepreneur. From the report it can be summarised that
there are different types of entrepreneurship such as social, transactional etc. these organisations
contribute large amount to the society such as employment, income level etc.
13

REFERENCE
Books and Journal
14

Online
Entrepreneurial skills. 2016. [Online]. Available through:
<https://www.slideshare.net/krishnashah5891004/ram-power-point-presentation>.
15