Entrepreneurship and its Role in Society

This assignment examines the crucial role of entrepreneurship in modern society. It explores the contributions of entrepreneurs to economic development through job creation and innovation, while also considering the ethical implications and challenges faced by entrepreneurs. The analysis draws upon various academic sources and research findings to provide a comprehensive understanding of entrepreneurship's impact on different aspects of our world.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their relation with typology........................1
P2 Similarities and differences between entrepreneurial ventures.............................................2
TASK 2............................................................................................................................................3
P3 Relevant data to understand impact of small business on economy......................................3
P4 Contribution of small businesses and start ups on social growth..........................................4
TASK 3............................................................................................................................................5
P5 Traits and skills of successful entrepreneurs.........................................................................5
P6 Aspects of Entrepreneurial Personality..................................................................................7
TASK 4............................................................................................................................................8
P7 Ways in which background and experience hinder and foster entrepreneurship...................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is a process of running a business enterprise and owner of this firm is
defined as entrepreneur. Different idea of entrepreneur is used in manufacturing different goods
and services as well as in delivery of items and facilities. These thought processes are most
useful in getting competitive advantages at marketplace in industry.Q5 Partners are company that
provides solutions of business problems and was born in the tear 2009. This enterprise is a
respond to business challenges and these solutions are provided to make enterprises future ready
(Drucker, 2014).
TASK 1
P1 Different types of entrepreneurial ventures and their relation with typology
Main concern of any entrepreneur is that he kept a sufficient number of employees in his
enterprise to conduct business operations in most efficient manner so that all targets could get
achieved in set time frame. This action is helpful in achieving better competitive benefits. Below
are some ventures that are associated with self-employment.
Small Business Enterprise: These are little firms that are started by single people to take
profits from their undertakings. For examples, carpenters, grocery shops, consultants, plumbers
etc. These people done their business operations to fulfil requirements of their family members.
A small business enterprise has interconnection with other existed typology firms.
Business people are those who put efforts in operation conductions to gain higher market share
in industry. Main motto of providing unique products and services to attain highest satisfaction
of customers regarding items and facilities. Profit and loss generated by these small firms are
borne by entrepreneur because these ventures are autonomous in nature. Therefore, enterprise's
owner is liable for taking risks and conducting operations (Kirzner, 2015).
Scalable start – up entrepreneurship: These are venture that are grown up as time
passes. When a person conducts these kind of organisations then owner has many option to
generate funds requirements. Major goal of these enterprises are to improve society. Each and
every enterprises are required sufficient funds in order to fulfil all business requirements but
these firms are associated with high risk and that is why every person is not able in running this
kind of associations.
1

Aggressive development ventures are type of scalable start-up entrepreneurship.
Entrepreneurs are person who put his unique idea and effort to increase efficiencies and qualities
of product and services. Improved goods and facilities are reason of fascinating more number of
customers (Dees, 2017).
Large Company Entrepreneurship: In other words, it is stated as corporate
entrepreneurship. Business owners take care about all activities so that it could be done in
proficient way. Main common attribute is delivery of unique products and services to clients for
ensuring hire market share in industry. Main source of getting information and knowledge about
taste and preferences of consumers is research program and entrepreneur conducts investigation
of market in order to gain more and emphasised information about clients.
Social Entrepreneurship: Major objective of this kind of association is providing quality
products and services to people. It is required from entrepreneurs that they identify all issues and
problems in marketplace and provide solutions to them. People want medical facilities in their
corporations because employees do not wan to spend extra money on doctor's fees and charges.
P2 Similarities and differences between entrepreneurial ventures
Entrepreneurial firms are having some similarities and distinctions and these equalities
and differences are described below:
Objectives: attribute that differentiates small scale firms from other ventures is their aim.
Major targets of all business owners is to be stable in market along with creation of positive
image in client's eyes. Entrepreneurs who runs business operations to cater their family
necessities along with capturing higher market share for longer durations of time. Large
corporations are organisations that provides inventive goods as solution of unique problems to
gain greatest satisfaction in correct time period for leaving rivals behind (Schaper and et. al.,
2014).
Value creation: Modifications are necessary to make business operations up to date for
enhancing market value of firms as well as to enhance goodwill of association in the eyes of
clients. When social entrepreneur want to develop values and respect in marketplace then they
consider all aspects whether positive or negative.
Mindset: An entrepreneur suppose to have a clear mindset which is helpful on conducting
all business operations in very sufficient manner and this kind of characteristics aids up-
gradation in activities and improved actions are able in catching attention of many people in
2

marketplace. Each person has his own mindset which makes his different from others. Mindset is
helpful in operating business activities in most unique manner (Brenkert, 2017).
Channels of Marketing: To make an enterprise popular, marketing channels are required
as efficient promotion tool. These techniques should be best because these tools are liable for
catching attention of infinite people.
Employment Generation: All sort of organisations are able in generating employment
opportunities which is helpful in reducing poverty line from country and increasing living
standards of population. There are some technique which is helpful in diminishing drawbacks
and flaws of working patterns.
There are some equalities and distinctions that elaborated as below:
Divers sorts of ventures Equalities Distinctions
Small & Social Entrepreneurs  Small in size.
 Started to cater
personal needs and
wants.
 Works in several
situations
simultaneously.
 Unique ideas in day to
day working patterns.
Large & Scalable
Entrepreneurs
 Wide area of coverage.
 Numerous number of
clients.
 Main motto of running
business enterprise for
longer period of time.
 Use of various
promotional tool to
make enterprise
popular in industry.
TASK 2
P3 Relevant data to understand impact of small business on economy
Small scale enterprises are having a remarkable contribution in country's growth and
success. According to a report which is published in UK, more then 5 million business houses
are their operations at small scale in United Kingdom (Parker, 2018). Little and medium kind of
3

venture are having 85% share in nations growth factor. This activity is enhancement of country
as well company's profitability (Santos, 2012).
Main motto of these kind of enterprises are earning profits as well as benefits but these
entrepreneurial enterprises are having many other areas of serve like generation of employment
opportunities to those who are living that place. As resultant, population improvises their
standards of living.
Out of total population 67% are occupied in small and moderate scale of ventures. Above
analysis shows that small scale enterprises are more profitable for venture and country as well.
In present era, these corporate houses are increasing very fast. Share in success of
economy of UK is a contribution of small scale firms and their share us 6%. Aggregate turnover
of little sized associations are around 2.2 trillion euros which is equal to private sized
organisations.
Above studied information is representing that growth and development of economy of
nation relies upon small size corporations which are run by entrepreneurs. These are major
reasons of success of country. These kind of little size business ventures are contributing large
amount in nation's profit and income. Apart from this, there are various laws and legislations that
are made by government are helpful in enhancing status of company in marketplace. These
organisations are able in developing employment opportunities for young and dynamic
individuals who are efficient in working difficult task. By taking help of this action, country is
able in diminishing rate of employment and increasing living standards (Martin, McNally and
Kay, 2013).
4
Illustration 1: Growth of Self Employment, 2018

According to this data graph, it is clear that growth of self employed people are not more
but it is regular that is showing a huge number in growth. As per this data, growth of self
employed people are started increasing from the year 2000 and from this era growth rate started
hiking on a very fast rate. Initially the number was 2000 but now this number has been increased
and reached to level 4500.
P4 Contribution of small businesses and start ups on social growth
Success of society relies upon of enhancement of a person apart from development in
financial status of country that are making by small scale ventures. People are suppose to
consider all affiliation that are associated with enterprises. Major benefit of little and medium
sized corporations are advancement in employment opportunities because these improved
options in earning are beneficial in reducing unemployment as well as poverty line. So as a
result, population can increase their level of living. It is a requirement from firm that it should
manufacture an extraordinary quality goods and services for serving large number of people.
This kind of activity aids attention of lots of people in market and consequently position of firm
gets improved which brings efficiency in conduction of business operations (Shane, 2012).
Fascination of clients are a factor of motivation in employees and as a result workers will help in
gaining more market share in industry (Bae and et. al., 2014). This inspiration improves
production quality of enterprise. There are some benefits which are related with contribution and
described as follows:
Employment: Too many earning chances are grown up by these small scale ventures for
young and dynamic candidates who can operate business activities in most profitable manner
because these personnels are having talent, virtue and specialization related to task and by taking
assistance of knowledge of individuals, operations of enterprise could get completed in best
efficient way. Because of this action, poverty gets reduced and standards of living gets improved.
It is mentioned in a research that approximately 89% people are occupied in small and moderate
level of enterprises. Enhanced rate of employment is able in improvising health of country's
economy and financial stability.
Living Standards of People: As it is discussed that little size firms are able in increasing
earning chances of population and improved incomes are only reason of developed living
standards.
5

Exports: Small scale firms are able in providing their products and services across the
globe nut export is made on the basis of proper and adequate promotion of business enterprise so
that wider range of clients could show their interest in items and facilities of company. Main
reason of exporting goods and services is increasing chances of higher profitability and benefits
along with catering need of potential customers who are having sufficient buying power.
Community Development: each and every sort of business operations are able in catering
necessities of individuals by conducting business operations that are manufacturing of products
that address actual need of client. These developments are carries by installing some facilities
like hospitals, colleges, schools, universities etc. so that people could learn how a task should be
done in order to gain lots of attention of consumers towards enterprise.
TASK 3
P5 Traits and skills of successful entrepreneurs
It is required from entrepreneurs that they works in different manner so that they could
attain competitive advantages in marketplace by doing all operations in unique manner. This
activity is helpful in generating some developments and advancements of skills and
specializations (Baum, Frese and Baron, 2014). There are some kind of personality attributes
which should possess by entrepreneurs in order to gain some additional benefits which stands
owners apart from their rivals. These traits are defined as beneath:
Passionate – When a person is passionate about his task and responsibilities then he
would be able in attaining all targets in set time frame which is hitting all needs and desires of
clients in the most suitable time when consumers should get highest satisfaction from company's
products and services. A satisfied customer brings more number of consumers and as a result
enterprise builds stronger client base in market (Fisher, 2012).
Optimistic – To become an entrepreneur, a person should be hopeful so that he can bear
his failure in most efficient manner and could get some positive aspect of failure. A cheerful
leader can motivate his workforce to conduct most to most difficult in best pattern so that
association could maintain their current consumers and could get stronger client basis.
Confidence – A confident person is one who can achieve his all objectives in proficient
way. Other than this fact, over confident persons creates some issues and problems in working
6

qualities and looses trust of customers. Over confidence is a flaw in person's personality but
confidence is a virtue that can change unfavourable situation in favourable one.
Thinker – An entrepreneur must be a positive thinker so that he can take all negative
situations in positive manner for accomplishing all tasks and operations in most beneficial way.
Unique thinking of business owner is necessary for manufacturing different kind of products and
services which are able in pointing out actual necessities of clients in most satisfactory level.
It is essential for individuals that they possess some personality traits in their character
because these characteristics are fundamental for meeting all market demands in most profitable
manner and this action makes consumers satisfied from items and facilities of enterprise (Ács,
Autio and Szerb, 2014). This kind of behaviour of entrepreneur is capable in gaining longer
survival of firm in marketplace.
There are some particular traits that entrepreneur has to build in himself and these are
listed further:
Communication – All information and knowledge must be spread accurately so that each
employee could do their task in most efficient and profitable manner. For providing accurate
info, it is must for every venture that communication patter should be established without any
barrier. Instalment of flawless communication system is a responsibility of manager and
entrepreneur because in context of small scale firms, business owner is a person who is liable for
all actions and responsibilities.
Decision Making – It is a responsibility of entrepreneurs that they make efficient
decisions related to manufacture unique product and services in order to cater need of customers
by using some tools and techniques that are helpful in attaining all chances that are present in
marketplace for making consumer satisfy (Venkataraman and et. al., 2012). Entrepreneurs must
cure their financial resources because these source should be used in those activities which can
make production function more valuable and reputed in industry. Efficiency of business owner is
recorded in making optimum utilization of resources.
Leadership – It is a capability of bringing all followers and worker together for
conducting business operations in order to achieve common goal of association. It is a liability of
entrepreneurs that they should motivate their employees so that all workers could conduct their
allotted task in limited period of time and it is an entrepreneurial person who must be able in
providing adequate motivation patterns like proper payment scale, compensation pattern, awards
7

& rewards etc. These are some tools which is able in inspiring workforce for hitting all targets in
limited period of time.
Time Management – Evaluation of efficiencies of task conductivity is done by checking
whether all targets are achieved in allotted time slot or not. So, it is clear that time management
is necessary for attaining all objectives in correct time so that all produced products could get
highest satisfaction from clients. This action is helpful in gaining competitive advantages
because all items are manufactured before rivals and can be supplied in market in earlier time.
P6 Aspects of Entrepreneurial Personality
Personality of a person is defined as a manner in which individual behaves. This kind of
abilities are helpful in determining which kind of task a person can do with maximum
effectiveness. There are some models which are associated with entrepreneurial liabilities are
stated as follows:
Extraversion – Those person whom have enthusiasm and energy to complete their task in
most suitable time slot are comprised in this heading. These type of candidates are those who
can share their feelings and thoughts with other persons very easily and effectively (Miller and
et. al., 2012). Extraversion people are self motivated and optimistic because they find some
positive extract from a failure of negative situation.
Agreeableness – Entrepreneur should be agreeable to motivate his workforce for
accepting future challenges so that overall performance of enterprise could get enhanced in
market because self-inspired persons are those who can achieve all targets in limited period of
time even difficult targets.
Conscientiousness – This is an ability that entrepreneurial person has in order to build an
environment where employees could work without stress and do share their views with their co-
workers. This virtue is helpful in attaining all objectives in limited period of time (Bosma and et.
al., 2012).
Emotional Stability – Entrepreneurial person should be stable by emotions and he/she
does not afraid of taking risk or failures because these infelicities are a part of business
organisations. On the other hand, entrepreneur should be able in motivating his staff members in
critical situations.
8

Openness to Experience – Enterprises should be ready to attend all changes that are
occurring in external environment. These modifications inspire organisations to adopt new and
developed technologies that are helpful in enhancing quality of production function.
TASK 4
P7 Ways in which background and experience hinder and foster entrepreneurship
Experience and background of a person affect his attributes in direct or indirect manner.
Internal and external abilities of person play wide role in improvement of individual's personality
which further helps in growing a person as entrepreneur. There are too many points which leaves
impact on personal life of a businessman. For example, school, college, society, friends, family
etc. because these groups taught a personnel to how to respect other and this action aids owner in
respecting all clients by fulfilling their necessities in right time. Respects of consumers should be
a prioritise task of entrepreneur in order to achieve all standards of profits and benefits (Fayolle,
2013).
Background is helpful in gathering and recording information which is fruitful in
conduction of operations. For instance, Richard Branson is a person who is associated with a
small community but founded an enterprise named Virgin Atlantic. He is not so qualified to run
a business entity but he is ability to face critical and opposite situations in most beautiful manner
and because of this capability Richard is eligible in running business operations in most
successful way.
Experience aids calibre of collecting and gathering know-how of relevant situation which
makes a decision efficient and brings higher profitability in enterprise (Decker and et. al., 2014).
CONCLUSION
Above assignment is summarised as a person who thinks and behaves in different but
positive manner that he could be an entrepreneur because he can conduct his business activities
in unique way for gaining competitive advantages. Corporate entity run by entrepreneur is
defined as enterprise and this whole process is called as entrepreneurship. This report combined
some points like personality traits of a person, difference in small-scale and large enterprise
along with contribution of small-scale industries in country's growth and success.
9

REFERENCES
Books & Journals
Ács, Z. J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy. 43(3). pp.476-494.
Bae, T. J. and et. al., 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship theory and
practice. 38(2). pp.217-254.
Baum, J. R., Frese, M. and Baron, R. A., 2014. Born to be an entrepreneur? Revisiting the
personality approach to entrepreneurship. In The psychology of entrepreneurship. (pp.
73-98). Psychology Press.
Bosma, N. and et. al., 2012. Entrepreneurship and role models. Journal of Economic Psychology.
33(2). pp.410-424.
Brenkert, G. G., 2017. Entrepreneurship, ethics, and the good society. In Entrepreneurship. (pp.
85-128). Routledge.
Decker, R. and et. al., 2014. The role of entrepreneurship in US job creation and economic
dynamism. Journal of Economic Perspectives. 28(3). pp.3-24.
Dees, J. G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability. (pp. 34-42). Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Fisher, G., 2012. Effectuation, causation, and bricolage: A behavioral comparison of emerging
theories in entrepreneurship research. Entrepreneurship theory and practice. 36(5).
pp.1019-1051.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Martin, B. C., McNally, J. J. and Kay, M. J., 2013. Examining the formation of human capital in
entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of
Business Venturing. 28(2). pp.211-224.
Miller, T. L. and et. al., 2012. Venturing for others with heart and head: How compassion
encourages social entrepreneurship. Academy of management review. 37(4). pp.616-
640.
Parker, S. C., 2018. The economics of entrepreneurship. Cambridge University Press.
Santos, F. M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
111(3). pp.335-351.
Schaper, M. T. and et. al., 2014. Entrepreneurship and small business.
Shane, S., 2012. Reflections on the 2010 AMR decade award: Delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
20.
Venkataraman, S. and et. al., 2012. Reflections on the 2010 AMR decade award: Whither the
promise? Moving forward with entrepreneurship as a science of the artificial. Academy
of Management Review. 37(1). pp.21-33.
10