The Impact of Entrepreneurship

This assignment delves into the multifaceted impact of entrepreneurship. It examines how entrepreneurial activities contribute to economic growth, job creation, and innovation within local communities. The assignment also analyzes the broader social implications of entrepreneurship, including its potential to address societal challenges and promote sustainable development.

ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION .........................................................................................................................................................2
P1 Examining different types of entrepreneurial ventures and relate it to the typology of entrepreneurship..........2
P2 Exploring the similarities and differences between the entrepreneurial ventures................................................3
P3 Interpreting how small business and micro business have impact on the economy............................................4
P4 Importance of small business will contribute to the growth of social economy after Brexit...............................5
P5 Determining the characteristics, traits and skills of two successful entrepreneurs and differentiate it with the
managers....................................................................................................................................................................6
P6 Reflection of entrepreneurial motivation and mindset.........................................................................................7
P7 Examining how background and experience can hinder or foster the entrepreneurship.....................................8
CONCLUSION.............................................................................................................................................................10
REFERENCES .............................................................................................................................................................11
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INTRODUCTION
Entrepreneurship can be defined as to start a business along with capacity to create and
manage the different types of risks for the purpose of making appropriate profit. It is considered
as an economic activity due to the involvement in the creation as well as operation of an
organisation and also make appropriate use of resources. This report consist of different types of
entrepreneurial ventures along with the explanation in order to relate it with the typology of
entrepreneurship (Bruni, Gherardi and Poggio, 2014). Further, it also covers the assessment
which helps in identifying the impact of micro and small business on the economy. Moreover,
importance of small business and their contribution in the growth of social economy after Brexit
is also discussed. In addition to this, there is also determination of the different characteristics as
well as skills of successful entrepreneur. Lastly, it covers that how the experience helps in foster
the entrepreneurship (Burrows, 2015).
P1 Examining different types of entrepreneurial ventures and relate it to the typology of
entrepreneurship
There are some of the different types of entrepreneurial ventures which can be started by
an entrepreneur in the marketplace. In context of this, certain entrepreneurial ventures are
described below:
Small business Entrepreneurship- In modern era, there are huge number of entrepreneur who
start up their business are small business and which contributes a large portion in the growth of
economy. It consists of different businesses such as grocery stores, electricians, travel agents etc.
this type of entrepreneurship hire local people for managing the activities of business along with
the friends and family (Carland and Carland, 2015). They make appropriate success by providing
their goods and services and earn high level of profit. They does not provide the proper scale in
order to attract the venture capital as they provide funds to their businesses through the small
loans.
Scalable Start up Entrepreneurship- In this type of entrepreneurship where the start up is
carried out by the different number of investors which make their appropriate involvement which
helps in running the business. In context of this, the entrepreneurs start their business with an
effective vision at the initial stage of the business that will proves to be effective for them in
order to manage the different types of activities of the organisation (Carraher and Paridon, 2015).
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They also give recruitment to the best and efficient people who can understand the working of
organisation. In this type of venture there is low cost on entering the business as it shows that if
an individual have less capital so that they can start their business at small level (Drucker, 2014).
Large company Entrepreneurship- There are different types of cycles in the large companies. In
this, the growth of venture is possible if there they are capable enough to offer innovative
products and services which proves to be effective for the long term growth of business. There
are certain different other companies which compete with them so that there is requirement to
understand the perception and taste of customers and satisfy their needs and wants (Frese and
Gielnik, 2014). Large companies have certain benefits over the other types of companies which
includes the economies of scale, different types of opportunities for advancement along with
receiving employment stability. All of this are some of the advantages which are gain by the
businesses and it also helps in creating high level of profit for the business. Furthermore, it also
provides appropriate capabilities which are required to be mentioned in the business and also
essential for running the activities of organisation. Thus, it can be stated that there are different
types of opportunities can be covered by the large companies entrepreneurship (Gedajlovic and
et.al., 2013).
Social Entrepreneurship- This are considered as the innovators which mainly focuses on the
development of the goods and services which are required for the social issues and problems.
Their main purpose is to make the better place for the employees instead of targeting the market
share and to develop the wealth for the owners (Goffee and Scase, 2015). It may be non-profit or
it can be for the purpose of making profit for the business. One of the main benefit of social
entrepreneurship is that it helps in creating different types of job opportunities for the people and
generates income that is beneficial for the management of organisation. There is importance of
the combination of business along with creating a social awareness as there are many people who
are interested for becoming social entrepreneurs. Thus, it can be stated that social entrepreneurs
are mainly helps the society which is required to manage all of the activities for the people (Kerr,
Nanda and Rhodes-Kropf, 2014).
P2 Exploring the similarities and differences between the entrepreneurial ventures
In order to evaluate the difference between the different entrepreneurial venture where it
mainly considering the small business and large companies entrepreneurship. In context of small
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business entrepreneurship as their main aim is to target local people for the products and services
which is important for the (Kirzner, 2015). While large companies entrepreneurship mainly
focuses on the long term benefits which are gained by the organisation that is based on the
quality of products and services which are provided to customers. In this, one of the major
similarity in this entrepreneurship is to earn high level of profit for the business that is important
for all type of businesses. Further, in this there is one of the social entrepreneurship which
mainly target the local people and provide benefits to customers and offers different types of
services. They are mainly concerned with creating products and services for solving the social
issues and conflicts. Further, it can be stated that there are certain aspects which are related to the
activities of business and mainly concerned with the profit of business (Kuratko, 2016).
In addition to this, there are different types of departments in a large companies
entrepreneurship which consists of various types of employees and provides their opinions and
ideas which is important for the activities of business and plays a significant role for the people.
Furthermore, the legal structure of organisation analyse the management of businesses as if the
owners are liable to the debts of business (McKelvie and et.al., 2014). Along with this, there is
increase in the number of people who able to work for the company and manage all of the
criteria in an effective manner.
P3 Interpreting how small business and micro business have impact on the economy
In order to interpret the role of small businesses having an impact on the UK economy. In
context of this, there is one of the main element which is present in the impact on economy is
turnover at the time of measuring the economic contribution (Minniti, 2013). The small business
have earn high level of profit and it is considered to be impressive at the time of managing the
private sector business turnover. It can be stated that the turnover of small businesses affects the
economy of UK. Further, growth is also regarded as the element which have impact on the
economy positively as there is increase in the level of growth as it also includes the innovation
which helps in providing different aspects related to the business growth which helps in
achieving goals and objective of organisation (Schaper, 2016). There is increase in the number of
small businesses in UK that leads to have high growth rate and that is beneficial for the economy
of UK.
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In context of industries, there are huge number of retail sectors in UK and manufacturing
along with the repairing of the vehicles. In this, certain activities are performed by the
management of organisation that is contributing their large portion for increase in the growth of
the economy. It will have positive impact on the economy which proves to be beneficial for the
firm as well as country (Schaper and et.al., 2014).
Thus, it can be stated that small businesses plays an important role in the development of
the economy as well as managing different types of activities of the company. Furthermore,
provides job opportunities to the local people that helps in generating more income as the people
using their skills and knowledge in their work (Terjesen, Hessels and Li, 2016). It can be termed
as the contribution that is given by the people in the various types of activities which are
performed by the management.
P4 Importance of small business will contribute to the growth of social economy after Brexit
There is an important role played by the small businesses in order to manage the society
as they shows their ideas of business in market. They also have appropriate level of potential in
order to expand the level of business that is essential for the growth of the organisation in
marketplace. Further, small businesses are mainly concerned for carry out the activities of
innovation in the business which is helpful for sustaining in marketplace for a long period of
time. Along with this, in terms of performance of UK economy is considered as the specific
assessment of the impact of Brexit in UK (Bruni, Gherardi and Poggio, 2014). The investors are
going to identify the sense of activities which are carried out in the business. There is huge
impact of the GDP on the small businesses in context of overall operations of business and the
customers are also able to purchase goods and services. The small businesses are also more
localised in some of the regions which can be termed as beneficiary for them. There is
development in the social economy after Brexit which is considered to be important where all of
the contribution is made by the small businesses along with the different types of activities of the
organisation. In terms of growth of population that provides an appropriate growth in the small
business enterprises. There is increase in the growth of the demand which helps to manage the
different types activities of the business. There are various issues which are faced in the
economic growth which is not much encouraging and at the same time small businesses faces
some of the challenging activities in future (Burrows, 2015).
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P5 Determining the characteristics, traits and skills of two successful entrepreneurs and
differentiate it with the managers
There are some of the different types of characteristic as well as skills are present in a
entrepreneur which helps them in handling the activities of their business. Further, one of the
successful entrepreneur is the owner of Thomas Cook Group that is fastest growing tour operator
in UK. The key people of Thomas Cook is Peter Fankhauser as he started the travel agency on
their own. This entrepreneur have different types of skills as well as characteristic in order to run
the business in an appropriate manner such as passion and motivation towards work which is
considered as a fundamental traits in an entrepreneurship (Carland and Carland, 2015). Further,
they are risk taker which helps them to handle various situations of the business in an effective
way. They are always ready to take risk and manage the business at initial stage. Moreover, the
entrepreneur of Thomas Cook believe that they enjoy their work which makes them successful as
compared to their competitors. They also have high level of confidence along with appropriate
dedication in the field of their work. It will helps them to handle the work and they are also
competitive in the marketplace which assists them to develop their business.
In context of another successful entrepreneur that is the owner of Virgin Group Ltd which
is founded by the entrepreneurs Sir Richard Branson and Nik Powell and they are known for
their personality along with their hard work. Further, a successful entrepreneur have also
appropriate skills of planning for the activities of business and to manage the resources such as
money, time and personal relationships (Carraher and Paridon, 2015). It requires for any business
to get appropriate level of profit as there is limited capital which required to be used in an
efficient manner. The entrepreneurs are passionate about their work and they also accept
different types of suggestions from other people that helps in enhancement of offerings which
satisfy the needs of customers. Along with this, a successful entrepreneur provide a flexible
environment which assist the people to carry out the various activities in an appropriate manner.
Thus, it can be stated that both of the entrepreneurs have different skills and characteristic which
helps them to be successful in the marketplace. Furthermore, it provides them opportunities in
order to grow their business in other different countries (Choi and Majumdar, 2014).
There are certain differences between the characteristic of entrepreneur and manager
which shows that an entrepreneurs main aim is to satisfy the primary aspects of the initial stage
of the business. While the managers is mainly concerned with the sustainability and their main
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concentration is on that the work to be done in appropriate framework. Further, both of them are
concerned with the growth of business but at the same time the entrepreneur focuses on the long
term benefit while manger is rely upon the growth on the basis of resources which are available
in business. Entrepreneurs are risk takers in which they never say no and also operates their
business in the situations of uncertainty (Drucker, 2014). While managers are not concerned with
the level of risks but they take risks while there is requirement by the organisation. Thus, it can
be stated that some of the characteristic of entrepreneurs which makes them successful in
marketplace.
P6 Reflection of entrepreneurial motivation and mindset
In order to assess the aspect of entrepreneurial motivation and mindset which helps them
to grow in their business. An entrepreneur has the ability to carry out the different types of
innovations which includes that to find out the various types of methods of production as well as
to organise people. He is considered as a dynamic person which changes the perception with
their behaviour. There is requirement to collaborate with the employees for the purpose of carry
out the various opinions which needs to be implemented at workplace (Frese and Gielnik, 2014).
Furthermore, in order to succeed in implementing the ideas which required to be a autonomous
leader in context of organisation. It can be stated that autonomy is considered as an significant
factor of motivation for an entrepreneur. In this, profit is not an important factor for motivating
the entrepreneurs. The major motive is to develop a appropriate phase between the idea and to
realise that idea for implementation. Further, there is requirement to have appropriate capital for
the purpose of building a company and to make payment to the collaborators and employees.
However, to make money is also considered as an important aspect and it is also a motivational
factor between the entrepreneurs (Gedajlovic and et.al., 2013). But at the same time, it is less
important to make profit in comparison with having a realisation of the idea.
In addition to this, realisation of the different ideas is main capability of the entrepreneur
and it is not only considered as the imperative for the entrepreneur. In this, the personality of the
entrepreneurs and the mindset of the entrepreneur are closely related with the motivation factor.
It shows the mindset of an entrepreneur which shows the contribution towards the activities as
well results of the entrepreneurial. The major mindset of entrepreneur is to reach the customers
and create a positive image in market (Goffee and Scase, 2015). Further, they make proper
utilisation of networking which assists them to build the business and mainly they are specific
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about their communication with the wide range of customers. It helps in measuring the rate of
return on the investment which can be get by them through the efforts of networking. Along with
this, the entrepreneur are required to control the quality of the products which helps the business
in order to grow in an effective way. In context of appropriate quality of products which are
offered by company it helps to build a huge customer base in the market. One of the major
mindset of the entrepreneur is to manage the control on the vision which helps them to create a
high level of opportunities in their business (Kerr, Nanda and Rhodes-Kropf, 2014). Thus, it can
be stated that entrepreneurial motivation and mindset is considered to be an important aspect of
the business which assists them in order to growth of the business which proves to be effective
for the organisation.
P7 Examining how background and experience can hinder or foster the entrepreneurship
In order to analyse the encouragement regarding the entrepreneurship that can be due to
the experience as well as the background from which the entrepreneur belongs. In this, the
entrepreneur is encourages due to some of the factors which are considered to be important the
business and properly analyse at the initial stage of the organisation. Further, experience plays an
important role whether it will be their own or their other group members of the company that
will assists them to understand different types of activities as well as concepts in order to run the
business. It creates a positive effects on the entrepreneurship as it offers an appropriate basis for
the business for the changes in capabilities along with an ability to learn to work in changing
environment. Skills plays an important role for carry out the activities of the business and to
sustain and to maintain the growth of business in market (Kirzner, 2015). Furthermore, due to the
experience there are different types of innovations can also take place which positively influence
the entrepreneurship. It required an appropriate management of the various types of activities
which are to be performed by the employees at workplace. There are certain attributes which are
crucial for the business and also for the innovative aspect which helps in creating an effective
environment for the organisation. Thus, there is an important role played by experience in
entrepreneurship which helps the people to use various techniques that is considered to be
beneficial for the organisation.
In addition to this, background of an entrepreneur also plays an important role for
encouraging the entrepreneurship (Kuratko, 2016). It helps the business to carry out the varied
activities in an appropriate manner that is considered to be beneficial for the business. Further,
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culture of workplace is a practice that helps the people which is based on the different values and
beliefs at the time of working. The perception of people which brings certain ideas for managing
the business in an effective manner that helps the business to grow in the market. There are some
of the political factors that affects the business and it will have an impact on the purchasing
power of the customers. On the basis of having an background of an entrepreneur which helps to
tackle the risks of the organisation and minimise it in a particular time frame (McKelvie and
et.al., 2014). It also assists to have a strong orientation that gives motivation to achieve the
targets in specific period of time. Further, it also helps the company to develop a business plan
and implement it in context of different aspects of the business. Thus, it can be sated that
background as well experience of an entrepreneur plays a crucial role in entrepreneurship which
helps in overall growth of the business that is proves to be effective for the organisation.
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CONCLUSION
From the above carried out research it can be inferred that entrepreneurship is considered
as important aspect where the person started their own venture and take various types of risks in
the business. In this report, Brexit which is a Europian Union in UK which is to be carried out
the different opportunities in UK. Further, it can be also concluded that there are different types
of entrepreneurial ventures which are related to the various typology of the entrepreneurship.
Along with this, there is also interpretation regarding the small business and their impact on the
social economy. In this, there are certain characteristic of successful entrepreneurs are also
described and differentiate it with the activities of managers in the business. Besides this, the
reflection of entrepreneurial motivation and mindset is also explained which shows the
perception of the people in terms of working in the different types of situations in the business. It
is considered to be important for the company and also leads to analyse the work in dynamic
environment of the business. Moreover, the role of experience and background for encouraging
the entrepreneurship also inferred that it plays a significant function in the development of the
business in appropriate manner. Thus, all of the activities which are performed by the people for
the growth and development of the business and advised as an important for the management.
It can be stated that entrepreneurs are those who manage all of their work on their own and
proves to be beneficial for the people.
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REFERENCES
Books and journals
Bruni, A., Gherardi, S. and Poggio, B., 2014. Gender and entrepreneurship: An ethnographic
approach. Routledge.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Carland, J.W. and Carland, J.C., 2015. A model of potential entrepreneurship: Profiles and
educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
Carraher, S.M. and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Choi, N. and Majumdar, S., 2014. Social entrepreneurship as an essentially contested concept:
Opening a new avenue for systematic future research.Journal of Business Venturing.
29(3). pp.363-376.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Frese, M. and Gielnik, M.M., 2014. The psychology of entrepreneurship.Annu. Rev. Organ.
Psychol. Organ. Behav.. 1(1). pp.413-438.
Gedajlovic, E and et.al., 2013. Social capital and entrepreneurship: A schema and research
agenda.Entrepreneurship Theory and Practice. 37(3). pp.455-478.
Goffee, R. and Scase, R., 2015. Entrepreneurship in Europe (Routledge Revivals): The Social
Processes. Routledge.
Kerr, W.R., Nanda, R. and Rhodes-Kropf, M., 2014. Entrepreneurship as experimentation. The
Journal of Economic Perspectives. 28(3). pp.25-48.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
McKelvie, A. and et.al., 2014. Corporate entrepreneurship in family businesses: Past
contributions and future opportunities. SAGE handbook of family business, pp.340-363.
Minniti, M., 2013. The Dynamics of Entrepreneurship: Evidence from Global Entrepreneurship
Monitor Data. Oxford University Press.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Schaper, M.T. and et.al., 2014. Entrepreneurship and small business.
Terjesen, S., Hessels, J. and Li, D., 2016. Comparative international entrepreneurship: A review
and research agenda. Journal of Management. 42(1). pp.299-344.
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Online
Brown, j., 2017. How Important Are Small Businesses to Local Economies? [Online] Available
through :<http://smallbusiness.chron.com/important-small-businesses-local-economies-
5251.html> [Accessed on 4th March 2017]
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