ESM

ESM

PART 1............................................................................................................................................4
Introduction......................................................................................................................................4
Impact of Different Types of Ventures on Economy of the Country..........................................4
Similarities and Difference between Entrepreneurial Venture....................................................6
Impact and Importance of Small, Medium and Large Businesses on Development of
Economy......................................................................................................................................8
Critically examine the scope, development and growth of entrepreneurial ventures both in
public and corporate sectors......................................................................................................10
Conclusion.....................................................................................................................................10
PART 2..........................................................................................................................................11
The types of skills that typify entrepreneurs and how these skills differentiate from other
organisation managers...............................................................................................................11
Entrepreneurial characteristics and situational factors in a personal context, including family
upbringing, lifestyle, cultural differences and personal motivation and drivers.......................12
The factors that influence the decision to start a business.........................................................12
The risk and reward of Business start ups............................................................................13
Conclusion.....................................................................................................................................14
REFERENCES..............................................................................................................................15

PART 1
Introduction
This report covers the detail knowledge of entrepreneurs stating its different types and its
impact on global economy. In this report a discussion on similarities and difference between
entrepreneurial ventures are explained.
Impact of Different Types of Ventures on Economy of the Country
Entrepreneurship
Entrepreneurship is an activity of establishing new business with innovate ideas by taking
risk. They take risk for earning profit and increasing growth of company (Harima, Elo and Freiling,
2016).
Entrepreneurial Activity
It is an activity of improving the standard of living by providing various innovative and
creative ideas of producing goods (Herrington and Kew, 2017).
Enterprise
Enterprise is an activity of producing and selling goods and services in exchange of
earning profit.
Types of Entrepreneur
Social Entrepreneur
A Social Entrepreneur is a person who have potential to solve issues and problems related
to society. The role of social entrepreneur is to create positivity in Society by solving community
based problems. There main aim is to start business for the benefit of people not for earning
profit. Social Entrepreneur are also known by name altruistic Entrepreneurship. There are
different types of Social entrepreneurship they are Community project, Non Profit organisation,
Co-operative, Social Enterprise and Social purpose Business (Del Giudice and et. al, 2019). They
share their portion of profit in the welfare of Society through which they enjoy several benefits
such as Increasing Mission Based Branding, an organisation share their story customers feel
connected and become loyal towards company. They also gain attention of Media coverage, as
they love to broadcast news related to social innovation. The Social enterprise get certificates for
providing benefits to people and society, even they also get support from other companies,
customers and investors.

The Impact of Social Entrepreneur on Economy of UK is a follows-
Innovations-
Social Entrepreneur promotes innovation by creating new ideas for developing Economy
of UK. They promote economic growth by improving the quality of life of people it also helps in
developing Economy. They innovate for making society advanced by solving social problems
and increasing the capacity of society.
Increasing Social Investment-
By Social Entrepreneurship, UK earn different trades and Social Investment. With the
help of social investment they can enhance the skills and capacities of an individual for taking
part in social life and employment. Social Investment helps in generating environmental and
social impact by gaining financial return.
Poverty Alleviation-
Social Entrepreneurship main focus is to reduce the poverty which create an impact on
Economy of UK. They establish a venture that provide benefit to people by increasing their
standard of living.
Local Entrepreneur
Local Entrepreneur is a person who establish their business in Local city for improving
local economy of UK. The people doing their business in own cities are craftsmen, product
providers, local farmers and dealers. Local Entrepreneur gets support from local communities
through which their profit and growth increase. There main aim is to generate profit by providing
various facilities (Hewamanne, 2020). The local Entrepreneur give better customer service,
consumers can easily connect with owners if they face any issues or complaints. The impact of
local Entrepreneur on Economy of UK are outline below-
Improves Local Economy-
The Local Economy gets increase when Local entrepreneur establish their business in
their own city. The Local business supports other local companies of cities so that the city get
developed and provide more benefits to people.
Unique Community-
Local Business gives their community an uniqueness which helps in increasing Local
economy. With the help of uniqueness more people get attracted towards products of business by
which Economy of city get enhanced. The Local Business creates a product which is different