Impact of entrepreneurial ventures on the social economy

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and the typology of entrepreneurship..........1
P2. Similarities and differences between entrepreneurial ventures........................................3
TASK 2............................................................................................................................................5
P3. Micro and small businesses impact on the economy.......................................................5
P4. Importance of small businesses and business start –ups will contribute to the growth of the
social economy after ‘Brexit’.................................................................................................8
TASK 3..........................................................................................................................................10
P5. Determine the characteristics, traits and skills of two successful entrepreneurs, which
differentiate them from other business managers.................................................................10
P6. Reflection entrepreneurial motivation and mindset.......................................................11
TASK 4..........................................................................................................................................12
P7. With practical examples, examine how background and experience can hinder or foster
entrepreneurship...................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship can be defined as number of activities that helps in setting up a whole
new business. On the other hand, entrepreneur is the one who takes financial risks and sets up a
business with keeping an aim of earning profit at maximum level. In present world,
entrepreneurs are playing a crucial role in developing economy of a country. It has been found
that people majorly understand that starting up a new business is a simple process but for the
fact, it is a very complex process and entrepreneur majorly put all his/her capital with an aim of
earning profit (Blackburn, Hart and Wainwright, 2013). Present report will discuss many things
like types of entrepreneurial ventures along with its typology. Apart from this, it will also include
similarities and differences among entrepreneurial ventures. Along with this, using relevant data
assignment is going to be enclosed with business start –ups and their contribution over growth of
the social economy after ‘Brexit’ and hinder or foster entrepreneurship that will help in
understanding the concept in depth.
TASK 1
P1. Different types of entrepreneurial ventures and the typology of entrepreneurship
Entrepreneurship refers to a concept of developing an idea and convert it into business
model in order to earn profit by taking several risk along with strategies and concept to grow it
for further time. Simply put, entrepreneurship is a willingness to start a new business. It plays a
vital role in an economic development and creating employment in a whole world. An
entrepreneur is someone who is considered as an innovator, a risk taker and a leader in itself. He
is an initiator, challenger, business leader, motivator or someone that creates something new,
either an initiative, a business or a company (Bridge and O'Neill, 2012). An entrepreneur might
not be an ideator, definitely one that decides to make an idea a reality. In modern word, there are
many key ventures like Online retail consigner, consultancy, copywriting, blogging and many
more which is attracting entrepreneurs.
Entrepreneurial ventures : It can be defined as a venture that places innovation and
creativity at its heart in order to produce economic or social value. Today, Entrepreneur are
associated with different types of venture:
Large Corporations – It deals with growth and feasibility by utilizing new products and
services at higher extent and module themselves according to growing trends and business
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environment in a market. There is huge competition in large ventures as more new businesses are
entering into market with a point business idea and even challenging one. So, current businesses
need to grow along with current trends and increasing competition in a market.
Small business - When it’s a matter of small business, UK has an immense rate in club
of new or existing start-ups. There are 3630 start-up clubs in UK which reveals that there is huge
scope for new ventures in a near future. A main reason behind developing small ventures is that
they are contributing to development and growth of an economy and also helps in creating new
employment scope (Carsrud and Brännback, 2011).
Scalable business start-ups – This type of entrepreneur venture more focuses on quality
and creativity aspects. For these aspects, they involve qualified and most efficient personnel as
their part of ventures. Main aim of these start-up venture is to increase scale of venture which
needs financial assistance and capital funds for their expansion.
Lifestyle entrepreneurship - This type of venture starts with a purpose of adapting
personal lifestyle and not for a solo purpose of profit making. They mainly focus on providing
people with new trends and style in fashion and related field and do with passion what they have.
Typology of entrepreneurship:-
In this context, some of typologies related to entrepreneurship are Serial, Social, Female,
Male, and many more and few of them are described beneath:
Serial Entrepreneur: This type of entrepreneur majorly comes up with different unique
ideas in a continuous sense with an aim of starting a brand new business. This can be connected
with entrepreneurship of small businesses because at this level bringing in innovation do not
require much investment.
Social entrepreneur : Another type of entrepreneur where an entrepreneur establishes an
enterprise keeping an aim i.e. solving social problems or bringing positive change in life of
society. This can relate with lifestyle entrepreneurial ventures because it also helps in improving
lifestyle of social people (Chittithaworn and et. al., 2011).
Female entrepreneur : Feminist entrepreneur majorly keeps an aim to improve quality of
life along with well-being of women considering feminist values and approaches. This can be
connected with both small and large scale entrepreneurial ventures as there are many women like
Marian Ilitch, Judy Love and more who are doing business at international and national level.
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