Entrepreneurship and Economic Development

This assignment requires students to delve into the existing literature on entrepreneurship and its impact on economic development. It asks you to critically analyze various theoretical perspectives, empirical evidence, and policy implications surrounding this complex relationship. Drawing upon scholarly articles provided, you'll synthesize your findings into a comprehensive review that sheds light on the key factors influencing entrepreneurial activity and its contribution to economic growth.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK-1............................................................................................................................................1
P1 Types of entrepreneurial ventures and their relation with Typologies..................................1
P2 Similarities and differences between entrepreneurial ventures.............................................2
TASK-2............................................................................................................................................4
P3 Assess and interpret relevant data and statistics and how the micro and small business
impacted .....................................................................................................................................4
P4 Small business and business starts up contribution in growth of the social economy...........6
TASK 3............................................................................................................................................7
P5) Characteristics and skills of entrepreneurs...........................................................................7
P6) Reflection of entrepreneurial personality on motivation and mind set..............................10
TASK-4..........................................................................................................................................11
P7 Background and experience can hinder or foster entrepreneurship.....................................11
CONCLUSION..............................................................................................................................12
REFERENCE.................................................................................................................................14

INTRODUCTION
For establishment of small business entities, country's government prepares policy plan
influences its economic growth. It is effective for improving education, employment and
economic sector of the nation at higher level(Siqueira, Webb and Bruton, 2016). The present
report is based on understanding significance of entrepreneurship for UK and impact of Brexit on
its monetary performance. In this regard, different entrepreneurial ventures and their relation
with typologies are to be discussed. Moreover, impact of Brexit and increasing small businesses
on country's social-economy performance will be introduced in this assignment(Drucker, 2014).
Besides this, it also covers understanding characteristics of en ideal entrepreneur which are
related with motivation and mind set. However, significance of entrepreneurship is to be
understood for socio-economic development of UK in this assignment
TASK-1
P1 Types of entrepreneurial ventures and their relation with Typologies
The entrepreneur is a person who derives the business risk associated with and they have various
ideas and thoughts and by using those ideas and thoughts they set up their business and perform
it accordingly and they essentially come in a market to take down risk and generating more
returns(Hart and et.al., 2015). There are different types of entrepreneurial ventures and all such
are working at different levels such as social, scalable and small level. The various new ventures
are established and all have different purposes and objectives and they are working accordingly
to raised down their mission and vision. The various entrepreneurial ventures can be described as
follows:
 Small business ventures:These are working at small level and they essentially set up
their business activities in such a manner which directly helps down country in raising its
growth and profitability and also improve its economic position. The person who started
such business are unique thinkers and on the basis of that mind set they start such
business and perform their operations.
 Scalable entrepreneurship:This venture is essentially set up to create and to expand
down any company on the basis of their innovation and techniques in their business
operations. It is very risky for the business entity to create down the new product and to
develop it in order to attract down customers towards that product.
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 Large company entrepreneurship:These are such ventures which work at higher level
and they essentially made an investment regarding their business activities and operations
which essentially helpful for them in raising their objectives(Acs, Autio and Szerb,
2014). They made a contribution time to time so that it helps down business in generating
more productivity and profitability. For example:The company purchase new machinery
so that it save their time money and efforts and also improving their quality and
productivity and expand their business.
 Social entrepreneurship:They are essentially set up for conducting social activity and
also made contribution under the social growth and development and raising funds by
way of conducting various programs and used such funds in field related to education,
employment and they generally set up for the social cause. The various Social
entrepreneurship are NGO, charitable trust whose main aim is not to earn profit but to
provide services to individuals.
Entrepreneurship Typologies
The different types of entrepreneurial businesses are set up and certain typologies are described
in that course. Moreover, the entrepreneur should have knowledge regarding their business
activities and operations which that they have to performed and on that basis only they made
down a positive impact on the economy and raising down goals and objectives(Chatterji,
Glaeser and Kerr, 2014). In regard to this different types of ideas are generated by different
entrepreneurs to meet down the targets and also helps down the business in increasing their
productivity.
P2 Similarities and differences between entrepreneurial ventures
Entrepreneur is a person who comes with innovative ideas, thoughts and using those ideas to
conduct its business operations successful(Mian, Karadeniz and Sarfaraz, 2014). Such ventures
directly aiming towards in increasing the social and economic growth of the economy and they
also made an impact on business operations. They also influence the countries position and
create a competition for the other nations. These all enterprise are established to achieve down
social and economic growth of the country. There are certain differences between the enterprises
in terms of their working and there contribution in form of social and economic and it can be
understood on the basis of following chart:-
Basis Small level Scalable Large company Social
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ventures entrepreneurshi
p
ventures entrepreneurshi
p
Objective They work at
small level and
they are
innovative
thinkers and they
essentially
contribute in
terms of nation
growth and
development and
generating
various
employment
opportunities.
They bring down
something new
and innovative
technique which
help down
business I
performing their
operations and
they also
balancing the
entire business in
an appropriate
manner.
They investing in
business activity
and operation in
form of machines,
technology and
bring various
innovative and
advance methods
which helps down
company in
improving its
productivity and
performances.
They set up for
the social cause
and such ventures
essentially
contributes in
terms social
growth and
development of
the nation and
working for the
welfare of the
people.
Scope They essentially
made contribution
under economic
growth and
development of
the country.
They create down
the balance under
the business
activities and also
helps them so
they can improve
their efficiency
and work in a
productive
manner.
The new
technologies,
techniques and
innovations helps
down in
improving their
objectivity and
profitability on
the larger scale.
The funds which
is generated is
used for social
welfare.
Level of risks Moderate level of
risk is considered.
High level of risk
is considered.
It considered very
risky.
Lower level of
risk is considered.
Funds required Moderate fund
required.
It requires high
level of funds for
It required the
highest level of
Lower level of
fund is required
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innovations. fund for new
creations and
technology
advancement.
for social welfare.
After, preparing chart it been considered that all the entrepreneurial ventures are not very much
similar as compared to other in terms of objectives and scope and all of them contribute directly
or indirectly towards economic, social growth and development of nation(Eckhardt and Shane,
2013). They generally set up for creating innovations under business activities and operations
and also improving the qualities and services in each course.
TASK-2
P3 Assess and interpret relevant data and statistics and how the micro and small business
impacted
It already been considered that the small and micro business activities made highly impact on the
UK and their monetary performances. It gives an impact in such a manner that the education
sector, economic sector, social sector and other sectors get improved because of such monetary
performances. It can easily be cleared with the help of statistical data:
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(Source Increasing small enterprise impact on UK's economy,2016)
It been clearly identified that in UK the small level enterprises get increased from,2013.It also
seen that such small business essentially contributed the economic growth and development of
the UK and also impacted UK Positively(Sankar and Sutha,2016). Moreover, it also been
recognised that due to BREXIT, it helps down the government in implementing various policies
and also motivating individuals towards setting up of new ventures. It also helps down country in
terms of financial and social growth and also improving the economic sector as well. Due to
BREXIT, the various company been established and it also helps down company in improving
their business operations at higher level. More than that, It also provides down various quality of
services and improving it I each course while conducting business operations in regard to
technological advancement. Thus, the positive changes which takes place under the ventures
improving the position of UK in terms of economic position and also increased their operations
in effective manner.
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Moreover, the increasing in ventures are also impacted UK in terms of technological and
advancement and this can cleared on the basis of following chart:
Illustration 2:Investment in technology under UK.
The picture says that the advance and innovative technologies used by the ventures in their
operations and make them effective and it also impacted on the growth and development of the
nation in positive manner(Davidsson, 2015). Apart from that, it been clearly identified that there
is an efficient balance is takes place in terms of imports and exports of products from one
country to the other. The new technology helps down the company in improving their functions
and business operations.
P4 Small business and business starts up contribution in growth of the social economy
It been seen that as UK got separated due to BREXIT the business sector, economic sector and
employment sector impacted in positive as well as negative manner. The government form
various policies and plans and also encourage people to adopt such rules and policies for
conducting effective operations. It also made down an impact under the social, economical and
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technological factors of the business entity at high rates(Sankar and Sutha, 2016). It also made
down a positive impact on the country's growth and development and also improving the
efficiency of nation at higher level.
Illustration-3:Impact of BREXIT on UK economy
It already been recognised that the economy of the country get increased due to FDI. Moreover,
the various positive factors and its related changes are determined down the business and certain
improvements takes place under the business activity. In that context, the economy of the UK is
growing in every year(Davidsson,2015). Moreover, the various business and its related activities
can be growing at higher level in the future period.
TASK 3
P5) Characteristics and skills of entrepreneurs
Entrepreneur is risk taker who initiates for creating something innovative as taking
challenges and work for it. However, he/she has special characteristics and skills in comparison
to other individuals like; challenging, strong determinant, confidence for handling situations
occurred in businesses and so on (Cherny and et.al., 2016). Including this, it impacts on an
entrepreneur's personality and professionalism to meet determined targets and working for
improving their skills at higher level. In accordance to this, strong character and attractive
personality of an individual is identified which influences behaviour and creating environment of
innovations and improved business performances. Entrepreneurs of UK who worked for different
innovations and set up new examples as such as; Alan Sugar, Laurence Graff, James Dyson,
Richard Branson and J.K. Rowling etc. In this regard, J. K. Rowling is the fist author who
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achieved net worth of 1 billion for Harry Porter series of books. However, Richard Branson is
CEO of virgin group who initiated in mobile and telecommunication achieved net worth of 4.6
billion. They have special characteristics and skills which encouraged them for continue learning
and creating innovations in their business operations. Some essential characteristics which
demonstrate their entrepreneurial personality can be identified as follows:
Risk taker: Entrepreneurs have special character of taking risks and accepting challenges for
which they determined towards goals and getting success (Dooley and Kenny, 2014).
However, taking risk is one of the essential characteristic which encourages themselves for
being strong and confident as well working for meeting set targets. In this regard, their
courage for handling situations and meeting goals influences personality and strong mind
set. Likewise, taking risk and initiate towards something new motivates for staying with
their decisions and focus on their goals.
Focused/determined: It is an essential characteristic of entrepreneur as being focused and
determined towards businesses innovations and meeting targets. In this regard, they have
clear visions and strategies for meeting goals and operating business (Fayolle and Liñán,
2014). However, it is unique characteristic of Richard Branson for being focused for what he
wants and working for achieving it with goal setting. This special characteristic lead him to
get succeed in his business and achieving the determined targets. Including this, it is
effective for increasing working and learning attitude of an individual same as for accepting
failure and working for determined target clearly.
Strong working ethics: It is must have essential for an entrepreneur for maintaining and
sustaining his/her qualities and working level. Accordingly, it is a key tool to get success in
accomplishing targets influences courage and creating something new for the business.
Including this, working for business and its effectiveness influences special quality and
personality for business and getting success efficiently (Hmieleski, Carr and Baron, 2015).
Therefore, strong working ethics is effective for an entrepreneur to encourage towards
meeting determined goals and increasing quality features.
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Illustration-4 :Skills of entrepreneur
Confident and problem solver: Entrepreneur must have confidence and problem solving skills
for facing situations occurred in business as well steeping towards getting success. In
accordance to this, it is analysed that J.K. Rowling and Richard Branson are piratical
examples who handled all issues occurred in their business (Mudalige, Ismail and Malek,
2016). However, they faced all issues with confidence and patience to come out of it and
maintaining business reputation. Apart from this, for taking initiate regarding new venture
and stepping forward for business expansion, they remain confident. It is special
characteristic which influence on entrepreneur's personality and mind set for dealing with
business issues and increasing confidence for the further creations as well.
Core values: An entrepreneur must have core values as; trust worthy and being honest towards
whatever he is doing and going to do. It influences his/her confidence for achieving goals
and working with dedication (Zhang, Song and Zhong, 2016). However, it is must have
quality for an entrepreneur to build up confidence and improving values for meeting goals
and improving quality features efficiently. Therefore, being honest and working with
dedication motivate an entrepreneur towards meeting determined goals and developing
personality.
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Competition: It is analysed that Richard Branson is competitive by nature as in terms of
orientation and creating unique than others. It includes characteristics of taking initiatives,
goal driven and competitive for which different ideas are generated for facing competition
and creating business performance more efficient (Entrepreneurial skills, 2016). Including
this, it motivates oneself for learning new tact of businesses and emphasis on personality far
better. However, it remains effective for creating something more different and efficient
regarding business and working efficiencies.
Flexibility: It is problem solving characteristic of an entrepreneur to be flexible towards handling
issues occurred within business entity. In this regard, flexibility and making decisions
according to current business performance is essential to manage its operations as well
goodwill. It is analysed that several ups and downs are identified in business during their
operations and meeting goals (Cherny and et.al., 2016). Therefore, flexibility and coming
out of the situations remain effective for getting success and maintaining actual performance
for the entity. However, being flexible is an essential characteristic of entrepreneur for
managing business operations and handling occurred situations for the entity's effectiveness.
Richard Branson and J.K. Rowling's these special characteristics and skills make them unique
than others. It is also effective for building up and maintaining confidence towards maintaining
business' image. However, it influences encouragement and mind set for new creations in
business operations as well working for further implementations. In addition to this, these skills
and characteristics are beneficial for developing personality and generating new ideas regarding
further business operations. It influences business performance and an individual's behaviour by
which success can achieve in terms of new tact for businesses and personality of an individual
(Fayolle and Liñán, 2014). Therefore, entrepreneurial characteristics and skills impact on
business and an individual's behaviour positively for meeting determined targets and being
stronger towards handling new issues occurred during business operations.
P6) Reflection of entrepreneurial personality on motivation and mind set
Having entrepreneurial characteristics and skills impact on motivation and mind set of an
individual towards goal setting and meeting them. However, getting success in initiating for
business and working for its maintenance motivate them for being stronger and more
confident towards better performance and improving skills at higher level. Including this, it
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is effective for building up and maintaining confidence towards tackle hurdles and setting
new targets for entity's effectiveness also impacts on entrepreneurs' personality (Mudalige,
Ismail and Malek, 2016). Along with this, entrepreneurs become more confident and
challenger for working on entity's development. Similarly, they develop working abilities
and learning styles as getting update with recent market and further taking risks for adopting
new technologies for the organisation. However, entrepreneurial personality impacts on
motivation and mind of the risk takers positively for the further years as well.
In this regard, entrepreneurs become stronger and risk takers to maintain goodwill and
improving abilities at higher level. Similarly, their working efficiencies and learning tact
become wider as for meeting determined goals and improving qualities (Zhang, Song and
Zhong, 2016). In addition to this, excitement towards learning new things and enhancing
knowledge towards recent market trend of managing business and working for
improvements and so on. Including this, an entrepreneur become matured and confident for
maintaining business performance and handling issues occurred within it. Similarly, his/her
mind set become stronger and full of senses for business operations to maintain performance
and skills. It increases entrepreneurs' confidence and skills for working towards improving
business performance and maintaining its goodwill for longer time period. Thus,
entrepreneurial personality impacts on an individual's motivation and mind for maintaining
it effectively. Apart from this, getting success in business plan encourages entrepreneur for
learning new through reading articles and getting fame at higher level. Therefore,
individual's personality and skills get improved on larger scale influences motivation for
achieving success on larger scale.
TASK-4
P7 Background and experience can hinder or foster entrepreneurship
Entrepreneur is a person whose having its own skills and characteristics to perform down the
business operations in suitable environment. The entrepreneur should have the ability to take
down risk and generating more returns from that risk(Naudé,2013). The background and
experience of entrepreneur also made an impact on their skills, behaviours and abilities in regard
to work perform. The entrepreneur can develop their skills on the basis of the learning process
which can essentially be done with the help of continuous practising as well as attending lectures
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or classes(Kerr, Nanda and Rhodes-Kropf, 2014). Therefore, working style, behaviour and
personality of individual get impacted in positive manner. In regard to this, the different classes
are been conducted under the organisation so by attending such classes individual can enhance
their skills and also helps them in performing their jobs. It is essentially for the organisation to
noted the background of an individual on that basis the training is conducted which helps down
individuals in developing their personality and traits and also improve their business
performances. This can only been possible if individual can learn and develop their ability
through attending different lectures and classes which helps them in learning their jobs and also
enhance their skills so that any misshapen will not arise or any business risk will not involve
while performing down business operations.
Moreover, the individual can develop and enhance their qualities on the basis of reading
books ,article and magazines and also enhance their skill on the basis of attending various videos
and picture that been posted online and the certain things will help down individual in
developing their skills and also helps them in making their business operations successful
motivates them in regard to complete down work. It also creates a trust among individuals and
also increase their confidences so that work can be conducted in smooth and effective manner
and also helps them in improving their working abilities(McKeever, Jack and Anderson, 2015).
Along with it, the continuous learning process also helps down individual in setting their targets
in effective manner. It also develops the personality of individual and also make them
professional towards the conductment of business operations and also make them capable so that
they can accept any challenges and perform any kind of work. Therefore, the skills under the
entrepreneur are developed from childhood itself and they can increase such skills on the basis of
continuous practising towards it.
CONCLUSION
From the above report it can conclude that the entrepreneur is a person who comes in the market
in willing to take down the risk and also generating returns. For conducting small business they
bring some money from the pocket and remaining amount they take from banks by way of loans.
In UK, the increasing in small business also made down an impact on the nation economic
growth and development and the various kind of typologies in related to that aspect has been
discussed in terms of social, small scale and scalable. It also explained that when the BREXIT
has been done in UK the various sector has been impacted in positive manner and also generate
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various opportunities in terms of employment, education and also improve the social conditions
of the people. Moreover, the various entrepreneurial skills are been identified which motivates
the individuals and also improving their learning process and develop their skills and make them
responsible towards work perform. The various programs have been conducted by organisation
in order to develop the skills of individual and the certain program which been conducted by
organisation is different and it will be according to individual capacity and behaviour which
helps them to learn their job.
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Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
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Online
Entrepreneurial skills. 2016. [Online]. Available through:
<https://www.slideshare.net/krishnashah5891004/ram-power-point-presentation>.
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