Entrepreneurship and its Impact on the Economy

Business
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CONTENTS
INTRODUCTION...........................................................................................................................2
MAIN BODY...................................................................................................................................2
P1 Investigate the scope of entrepreneurial ventures, using a variety of examples.....................2
P2- Examine the traits and characteristics associated with entrepreneurship..............................3
P3 Explain what is meant by an ‘entrepreneurial mindset’. .......................................................4
P4 Examine skills and characteristics associated with an entrepreneurial mindset.....................5
P5 Interpret relevant data and statistics to relate how micro and small business ventures impact
the economy at different levels....................................................................................................6
P6 Discuss the differences and similarities between public and corporate entrepreneurship......6
M1 Evaluate the similarities and differences entrepreneurial ventures and the traits and
characteristics of entrepreneurships in those ventures.................................................................7
M2 Determine the ways in which the entrepreneurial mindset can be encouraged and what it
can bring to a new venture...........................................................................................................8
D1 Critically examined entrepreneurial ventures the traits, characteristics and mindset
associated with entrepreneurship, using a range of examples.....................................................8
M3 Using relevant data and statistics compare the differences between micro-, small-,
medium, and large business and their impact of the economy....................................................9
D2 Appraise impacts of different businesses on different levels (international, national,
regional, local) of the economy using appropriate data and statistics.........................................9
M4 Explore the benefits of entrepreneurship and its contribution to competitive advantage in
organisations................................................................................................................................9
D3 Evaluate the use of entrepreneurship and the benefits it can bring to organisations...........10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................10
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INTRODUCTION
The entrepreneur mentality is characterised as a person's mindset that promotes creativity,
problem-solving abilities, and a proclivity for invention. The definition and scope of
entrepreneurship, as well as entrepreneurial activities and enterprise, are examined in this study.
In order to service clients, it is critical for the entrepreneur to look outside the box. (Audretsch,
D.B. and Moog, P., 2022). Entrepreneurship refers to the pursuit of profit through business
initiatives. It is the most beneficial for both the firm and the individual to build the enterprise in a
new approach. An entrepreneur is able to assess their abilities in order to maximise the prospects
available. This study will cover a wide range of topics, including different sorts of ventures and
the characteristics of successful enterprises endeavours were discussed as well as the differences
and similarities between the various entrepreneurial initiatives, the impact of the ventures on the
local, regional, national, and international markets, and the impact of micro and small scale
businesses on the economics of big scale businesses.
MAIN BODY
P1 Investigate the scope of entrepreneurial ventures, using a variety of examples.
Entrepreneurial ventures can be refers as an company that is creates new innovation and
opportunism in command to generate economic and social value. Different types of
entrepreneurial ventures are as follows:-
Small business- This is a types of business which is generally run by an sole
entrepreneur to enhance the ongoing lifestyles. Basically, after starting a small business the main
aim of an individual is to support their family by earning profit. Small business are fail to run
their business smoothly, due to the small working area and they have less innovative factors.
Small business are usually starts with by an entrepreneur by taking loan from family and friends.
The employees present in this type of ventures are local people and family members. Small
business owners are primarily focused on the start-up phase, which involves a single product or
service and a single market. The owners of such sorts of entrepreneurship do not focus on
expansion but rather on profit. Small scale entrepreneurship businesses are simple to own and
operate.
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Large company- An organisations which have exhaustible life cycles demonstration
large company entrepreneurship. They are more innovative as compare to small business
enterprises. The employees in this kind of business enterprises are skilled and educated that is
why they are more sustainable and long running companies in their market field. The products
offers by this types of companies have high values and different variant around their core
product. A small business enterprises can enhance their growth by hard work and can convert
themselves into large company. Big company can also acquire small enterprises. The large
company can be seen as an adaptation of environment enlargement. These are classified as large
scale businesses that include corporations with a lot of money and a lot of different functional
areas to work on. These kind of businesses are difficult to start since they require a lot of
paperwork and rules. Operational operations are increasing, necessitating the hiring of more
workers. (Ratten, V. and Usmanij, P., 2021)
Social enterprises- It is a type of entrepreneurship in which an entrepreneur identify a
social issues and pursue their activities to generate social values. This kind of entrepreneur
produce services, solutions or products to resolve the harmful issues which are badly impacting
the society and through this step they can bring a social change in a positive way. Environment
conservation, animal rights protection, pollution control, water conservation are some kind of
social issues present in today's world. For attaining social benefits it motivates an individual to
conduct this social services. Working in a social enterprises mean precedence the modification of
social issues while ensuring financial sustainability. Conscious consumerism and corporate social
responsibilities are some kind of ethical practices done by these kind of organisations. The main
motive of this companies are to make the world better place to live for everyone. (Bruton, G.,
Sutter, C. and Lenz, A.K., 2021)
Scalable ventures- A scalable start-up is one which targets to turn out to be a really
excessive growth, worthwhile business enterprise however is handiest simply beginning. This
start-up version calls for outside capital and threat to be able to create call for and business
enterprise expansions. To do this, the founders have to have a resounding marketing strategy to
be able to obtain large, impacting investments, or any other way, (however it relies upon at the
form of start-up) is investment the start-up with their clients, of path in the event that they have
created a very good purchaser development, which means that they're receiving bills from their
clients. With that being said, the primary dream of scalable start-ups is to compete with and
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