The Power of Entrepreneurship: Unlocking Innovation and Growth

The assignment content highlights the importance of background, experience, and entrepreneurial skills in fostering entrepreneurship. It emphasizes that entrepreneurs should be willing to take risks, try new ideas, and not be discouraged by failures. The article also mentions Jack Ma as a visionary entrepreneur who has motivated others to start their own businesses. Additionally, it discusses how government policies and support from large corporations can motivate and enable small-scale businesses to grow and thrive.

ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Analyse various types of ventures which an entrepreneur can form and their relationship
with entrepreneurship typology..............................................................................................1
P2. Explore the similarities and differences between entrepreneurial ventures.....................3
TASK 2............................................................................................................................................4
P3. Assess and interpret relevant data and statistics...............................................................4
P4. Describe the importance of small scale industry and start up's as well as role played by
them in the growth of social economy...................................................................................5
TASK 3............................................................................................................................................6
P5. Ascertain the key skills and features which are required to become successful managers
and differentiate them from other managers of organisation.................................................6
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set...........................................................................................................................8
TASK 4............................................................................................................................................9
P7. Examine, using relevant examples obtained through your mini-research, how background
and experience can hinder or foster entrepreneurship............................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship plays a significant part in growing and developing a nation. There is
large number of SME's which can contribute in the employment and revenue generation of the
country. These business units are operating in different sectors such as agriculture, hospitality,
repairing, retail, accounting, IT and innovation which can provide large number of jobs directly
or indirectly (Gronum, Verreynne and Kastelle, 2012). An entrepreneurs start their business with
a start-up and transform in to a large business organization. The present report is based on the
entrepreneurship and its importance in development of United Kingdom economy. Small and
medium business units can help in to increase the export activities which can reduces its trade
deficit which is a good sign of sound economy. This research report is provide detailed analyses
of external factors and risk associated with the business (Altman, Sabato and Wilson, 2010).
TASK 1
P1. Analyse various types of ventures which an entrepreneur can form and their relationship with
entrepreneurship typology
Entrepreneurship is refers to a process and creating, launching and development a new
business with using innovative ideas. These small business is develop, organization and manages
in order to earn profits in the near future. The person who start their business is called
entrepreneur. These individual are using their skills and capabilities in order to exploit market
opportunities through making products and services (Cowling, Liu and Ledger, 2012). There are
various institutions such as government authorities and corporate houses can also help in to
designing and developing a new business which can generate profit after a period of time. There
are four types of entrepreneurship ventures as mentioned below:
Local This is one of the form of business which is controlled and owned by
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entrepreneurship a local entrepreneur. These business owner are operate a small
business which is restricted in a small area and its size and scope also
quite limited as compare to other organisation (Islam, Khan,
Obaidullah and Alam, 2011). These units can be grocery stores,
hairdressers, marketing consultants and accountant. Such
corporations are generally run by family members. These types of
entities are support local economy of the country in order to fulfil the
demand arises in the market.
Global
entrepreneurship
Large venture are another entrepreneurship form which required huge
capital investment by the investors. These types of business units are
required more innovation, market research, so that they can provide
new offerings which can fulfil the demand of potential customers.
There are various external and global factors which can influenced its
business operations and performance. The main of sucg business
units is to capture market share and expand their firm's at
international level (Forsman and Temel, 2011).
Social
entrepreneurship
This is another type of venture which is related with the social
welfare wellbeing of the community. These entrepreneurs are making
products, services and process which can help to solve social problem
in a society. Most of the charitable trust and organisation are
generally funded by the government authorities and large corporate
houses (Bellucci, Borisov and Zazzaro, 2010). The main motive of
such entities is to working for the society and its wellbeing.
Scalable start-up
entrepreneurship:
Main motive for running such type of business is to bring innovation
which can change the world. These organisation are generally related
with the innovation, information technology, business research and
knowledge based small businesses (Carsrud and Brännback, 2011).
These institutions are funded by venture capitalist and corporate
entities due to its growth potential in the near future. The main aim of
these organisations is to attract large number of customer through
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providing innovative products and services.
As per the above mentioned entrepreneurship ventures are directly related with the
typology entrepreneurship. It can be noted that success rate of small scale industry is very less
due to various factors (Chittithaworn and et. al., 2011). These factors can be less experience, lack
of knowledge, fund unavailability and limited size and scope. Therefore, they required to make
their business decisions carefully and use its market strategies which can help to attain their long
term goals and objectives.
P2. Explore the similarities and differences between entrepreneurial ventures
There are various entrepreneurship ventures which having different size and scope. Their
objectives and goals also different in these small business units. Business organisations are help
in growth and development in the region which can enhanced the nation economy (Dacin, Dacin
and Matear, 2010). These ventures are local venture, large businesses, social ventures etc. all
these corporation having various similarities and differences as given below:
Goals: Local venture are operating their business activities in a limited region in order to
provide goods and services and earn profit on it. On the other hand, social and charitable trust are
working for the community and provide their services to them. Their main aim is to wellbeing of
its society and promote peace among them. Further, large corporation objectives are different
from the local business. They wants to expand their business at the international level and try to
increase its market share and revenue (Defourny and Nyssens, 2010).
Scope and size: This is another differences between entrepreneurship ventures. Local,
Scalable and social start-ups size is quite is limited as compare to global ventures. Because they
operating their operations in to restricted area or in a city. Whereas, large businesses are required
large capital and they operating their business activities in to all parts of the world.
Value creation: Business entrepreneurial ventures deliver the value to their customers
through competitive pricing or better product services, on the other hand social ventures aim to
serve society by creation effective positive impact on target communities along with creation of
economic value (Dennis, 2011).
Similarities between business venture and social ventures are:
Both are the types of entrepreneurial ventures which are operated by small entrepreneurs.
They have the skills and capabilities to design and operate a business firm. They are started with
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a short amount of capital invested in initial stage. Entrepreneurs have adopted risk to gain profit
as a reward. The aim of social and business venture is to start its own business with a primary
motive to achieve the goals and objectives of the firm. Entrepreneurs are considered as the owner
of the firm (Drucker, 2014).
TASK 2
P3. Assess and interpret relevant data and statistics
Entrepreneurship is defined as a start ups for selling of goods and services to the
consumer market and earn profits. There are various types of ventures includes such as small and
medium business units, large corporation. These business units are essential in development and
growth of the economy of United Kingdom. They provide large number of employment which
can increase the income of the consumer and generate demand. It can also help to the
governmental (Durst and Runar Edvardsson, 2012.). Because it can help to generate revenue for
the county in terms of taxes. These revenue can used by the social and public welfare and other
aspects such as education, health and infrastructure and so on. Apart from that, new start-ups
focused on the innovation and technology which can transform an economy in to a knowledge
based economy which can reducing the dependencies over other sectors.
Employment generation: Entrepreneurship having a large contribution in to creation of
new jobs in the country. There are small business units in the nation which are working in
different sectors such as accounting, hospitality, transportation, information technology etc.
(Ebert and et. al., 2014). These sectors are provide large number of jobs directly or indirectly.
Therefore, government also support these small and medium-sized business and provide all
facilities which can enhance the job in the economy. Investment in to research and development,
education and information technology also creating new job in the market in the near future.
Effective utilisation of nation resources: There are large number of natural resources in
United Kingdom which can be support to the economy. Entrepreneurship is help in to the use of
these resources effectively (Fayolle, 2013). Innovation and technology help to provide new ways
and tools which can be used to use in these resources and to fulfil the demand of the public
efficiently.
Income generation: Small and medium-sized business organisation are help in to
generating revenue through participation in economic activities in the lower income. Due to
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increase in to the employment rate in can help to increase the purchasing power of the people
which can leads to removing the poverty from the country (George and Bock, 2011).
Entrepreneurship also help to the government in order to generating revenues from various
sources like tax and other tools.
Support structured organisation: These business organisations are support to each
other and making a structure which can help to supply goods and services to the end consumers.
Support economic activities: These kind of business organisations supports to the
economic development. According tom the data of higher authorities in the year of the 2016
small business enterprises are having share of £1.8 trillion which is 47% of the private sector.
These small and medium business organisations are owned and managed by the private players
rather than public (Herrington and et. al., 2010). It can also help in to the export and import
activities of the country. It can help to generate the foreign currency in to the economy which can
support the UK financial system.
P4. Describe the importance of small scale industry and start up's as well as role played by them
in the growth of social economy
It is important for government of United Kingdom is develop competencies which can
help to make them more competitive in the global market. Exiting of UK from European Union
having a great impact on the economy and its business activities. So that, government is required
that to focus on promoting the entrepreneurship in the country and provide all facilities to
develop these small and medium-sized business. These local and small organisations are help to
generate new job and create new opportunities in the market (Jones and Rowley, 2011).
Therefore, it is significant for the UK to make new policies and legislation which can create a
start-up environment in to the country. The significant of small business and start-up will mainly
contribute in the following aspects:
Income: Entrepreneurship is help to generate income for an individual and create
demand in the market. Increase in income leads to increase in the purchasing power of an
individual and their standard of living. Small and medium-sized business are help to local
economy and support to the export of the country (Kirzner, 2015).
Employment: After leaving from EU, there highly impact on the employment situation
in the country. Because, as part of EU, the public of UK was working over various member
countries. But after BREXIT they can lose their jobs and employment which can create a serious
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problem for them. In order to generate new job start-ups are the best way where government of
UK and other large corporate houses can promote them (Leitch, Hill and Neergaard, 2010).
Innovation: There are various new start-ups mostly related with the innovation,
Information technology, business research etc. These small business units are focused on the
innovation and create new ideas which can help to make profit to them. Innovations also help to
provide new opportunities in order to make creative new product and services in terms of quality,
technology and design to satisfy the needs of the customers (Martin, McNally and Kay, 2013).
Potential for expansion: Small and medium-sized units are provide a wide range of
goods and services to its customers. Their main motive is to increase market share through
provide high quality of product and services. These start-ups having potential to grow in the near
future. Therefore, all large business and venture investors invest their money in to them, so that
they can generate profit in the upcoming years. .
Poverty reduction: Entrepreneurship can provide job and income for the community.
Due to Brexit, it can effects on the economic situation of the country which can leads to increase
the poverty. Therefore, government try to make a sound environment in to the country which can
also attract new foreign investment and reducing the poverty from the economy (Onetti, and et.
al., 2012).
Reduce dependability of particular region: Small businesses organisation assist to
society for reducing dependability of particular regions. Through start-ups it can help to develop
a sound economy which can reducing imports and save nation income. It can reducing the
dependants of another country for a particular product or services.
TASK 3
P5. Ascertain the key skills and features which are required to become successful managers and
differentiate them from other managers of organisation
Entrepreneur is a person who design a venture and utilisation of available opportunities in
the market. There are various decision which taken by the owner of small business selling
products and services and earn profits (Welter, 2011). There are various skills and capabilities
required to control and conduct a business activities in a competitive environment. Two
successful entrepreneurs are there across world who are the good example of entrepreneurship.
One is Steve Jobs, who was the founder of Apple Inc. This is one of the large company in
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manufacturing mobile phones. It is important for an entrepreneur is to develop various
characteristic and traits which can help to make him/her successful entrepreneur (Gronum,
Verreynne and Kastelle, 2012). These characteristic and traits as given below:
Innovative: It is significant for a start-up runner to have innovative skills in their
performance and personality. Most of the start-ups are related with the knowledge based business
which required innovation and creativity. These skills are help to design and produce attractive
products and services to their customer and satisfy their changing needs (Altman, Sabato and
Wilson, 2010).
Disciplined: This is another characteristic which is related with the discipline in their
profession and businesses. There are various challenges which must be facing by the
entrepreneur on day to day activities. Therefore, they required tom pan their all operational
activities in advance and try to maintain the discipline in their business.
Confidence: Confidence is one the important ingredient in an entrepreneur in order to
making various decision. There are various decision which required confidence to make these
decisions more effective (Cowling, Liu and Ledger, 2012). A good entrepreneur is essential to
use his knowledge and exploit market opportunities.
Self-motivated: As a good entrepreneur required to motivate and also motivate their
subordinate in order to attain long term goals and objectives. They also required to share their
visions with their employees which can enhance its motivation.
Risk Taking: Entrepreneur are risk taker ready to dive deep in to their future. Because,
future is uncertain which required for a business owner is to take a calculated risk in order to use
potential market opportunities (Islam, Khan, Obaidullah and Alam, 2011).
Money Management: As an entrepreneur it is importation for them to
use their financial resource in an appropriate way. For this, they can use
various tools and techniques such as budget, cost control etc. It can help to use
their money effectively and increase firm's profitability and revenue which is
the core objectives for each and every business organisation.
BASIS ENTREPRENEUR MANAGER
Motive The main motive of an entrepreneur is to start a On the other hand, main
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business and understand the skills through
personal experience.
motive of a manager is to
render its services to an
organisation which is already
set up.
Status He is the owner and manager of the business
organisation (Forsman and Temel,
2011).
A manager is manages and
controls his operational
activities.
Risk Bearing As an entrepreneur he assumes that all risk and
uncertainties are bearing by him.
A manager is a service
provider not bear such risk in
the enterprises.
Rewards The profits in such business organisation are
uncertain in terms of profits.
On the other hand, a manager
gets reward and salary for their
services to the business unit
(Defourny and Nyssens, 2010).
Qualification An entrepreneur required certain skills and
capabilities to run his enterprise rather than
qualification (Bellucci, Borisov and Zazzaro,
2010).
A manager is required certain
minimum education and
qualification to manage the
business organisation
efficiencies.
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set
It is essential for an entrepreneur is to take calculated risk and decision and earn profit.
There are various characteristic and personality traits which can help to them in order to operate
their business activities. It can motivate upcoming entrepreneur and make them ideal so that they
can learn their skills and tactics to be success in the business (Carsrud and Brännback, 2011). As
per the above discussion, Steve Jobs and Jack Maa who are one of the most attractive and
successful entrepreneur. These entrepreneurs are inspired new generation and promote start-ups.
Steve Jobs was start their business in to innovation and technology which can provide attractive
design smart phones to their customer and satisfy their needs. He was a man full of innovation,
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creative with an attractive personality. He has the capabilities which can inspired various people
towards start-ups especially in the field of IT and innovation. He has passionate about his work
and profession which can increase the chances of success. According to him, as a start-up runner,
it required that to build interest in their business and try use new ideas even they are not good. It
can increase the thinking power which is essential in to a business. Another attractive personality
is Jack Maa who is the owner of Alibaba that is a growing company in the world (Chittithaworn
and et. al., 2011). It provides online platform in their clients which dealing in different segment
such as business to business, business to customer, and customer to customer. He is a visionary
person ability to spot new opportunities. As an entrepreneur, it is important that, he have a vision
which can motivate him to attain their vision. It can also help to motivate other people and
inspire them to start their business with a clear vision (Dacin and Matear, 2010). It makes a
person more motivated and productive. Also, entrepreneurs get motivated by the skill of Steve
Jobs to never give up on work opportunities. Failures are the part of the success. They have
created a passion and enthusiasm about entrepreneurship among people. In today's world, people
are getting influenced by the skills and achievements of Steve Jobs and Bill Jack Maa.
TASK 4
P7. Examine, using relevant examples obtained through your mini-research, how background
and experience can hinder or foster entrepreneurship
Experience and background have large effects on entrepreneurship. Generally, most of
the start of start-up runner influenced with their history and educational background. Most of the
small business are inspired and owned by family members and qualified peoples. In contrast to
this, experience is one of the factors which also influenced young people towards the business. If
these experience are positive which can motivate people to start their business and a negative
experience can adverse impact on behaviour. It such situations the role of government and
corporate houses are significant. Because they having resources, skills and expertise which can
motive them. Government can provide financial and expertise support to start up business which
can increase the growth potential of these business. They also required to make policies and
legislation which can promote small and medium size business in the country (Dennis, 2011).
Further, large corporate houses also played a significant role in order to motivate them and
provide support their business. For example, Solar city which is one of the leading company in
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solar product. They was provide funds and technical expertise to Tesla motors to growth and
development. As result, today Tesla is one of the most innovative and growing company in the
world another example of start is Uber which was founded by StumbleUpon. It is transportation
business which operate their business in various countries. Therefore, large organisations are also
support various small ventures which can help to provide profit in the near future (Durst and
Runar Edvardsson, 2012).
CONCLUSION
As per the above mentioned report it has been concluded of researches on the
entrepreneurship and its impact on the economy of United Kingdom. It is significant for the
owner of business to gain experience and knowledge in the different fields such as finance,
marketing, accounting and research. There are various characteristic and competencies which
essential for an entrepreneur in order to operate their business. Most of the entrepreneur are start
form a small business and implement their skills and capabilities transfer in to large business
organisation. Random changes in the business can help to increase productivity and efficiency.
Small scale industry plays an important role in the growth and development of a country's
economy.
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REFERENCES
Books and Journals
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