Entrepreneurship and Economic Development

This assignment delves into the complex relationship between entrepreneurship and economic development. It requires students to examine various theoretical perspectives, empirical evidence, and policy interventions that shape this connection. The analysis should encompass factors influencing entrepreneurial activity, its impact on economic growth, job creation, innovation, and overall societal well-being.

ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and its relation with typologies.........................3
P2 Similarities and differences between different entrepreneurial ventures...............................4
TASK 2............................................................................................................................................5
P3 Impact of small business organizations’ contribution in social economy of country............5
P4 Contribution of small business start up in economic growth of nation.................................6
TASK 3............................................................................................................................................8
P5 Characteristics, traits and skills of entrepreneurs..................................................................8
P6 Entrepreneurial personality impact on entrepreneurial motivation.....................................10
TASK 4..........................................................................................................................................11
P7 Reflection on entrepreneur characteristics...........................................................................11
CONCLUSION .............................................................................................................................12
REFERENCE.................................................................................................................................14
INTRODUCTION...........................................................................................................................1

INTRODUCTION
Entrepreneurship is an activity to start up a new business by using innovative ideas and
techniques. Under this concept, entrepreneur takes risk and uses different strategies for
establishing entity and its expansion. The present report is based on understanding different
aspects on entrepreneurial ventures and small size organization’s role in economic growth of
UK. In this regard, similarities and differences of various entrepreneurship types are to be
determined. Moreover, small business enterprises’ contribution in social economy of country is
recognized. Along with this, characteristics of entrepreneur for running organization effectively
are to be understood. Apart from this, learners able to acquire knowledge regarding
entrepreneurial motivation in entity’s expansion through this study.
TASK 1
P1 Different types of entrepreneurial ventures and its relation with typologies
Entrepreneurship ventures are those risk-taking activities which set target to expand its
business and increasing its efficiency. There are different kinds of entrepreneurial ventures can
describe as follows: -
 Small business entrepreneurship: - It includes entrepreneurship at small level. In this
regard, entrepreneur starts up entity and prepares strategies for its enlargement and
enhancing business’ activities (Drucker, 2014). However, small business
entrepreneurship is related to taking risk for business operations at small level.
 Scalable entrepreneurship: - Under this entrepreneurship, scalable tasks or creating
balance for effectiveness of organization is presented. Per measurement of business
performance, risks are taken for creating balance regarding qualitative services and
expansion of firm. Thus, scalable entrepreneurship is useful for systematic management
and preparing strategies for entity’s growth (Kirzner, 2015). In accordance to this, proper
management of business operations are recognized through this process.
 Large company entrepreneurship: - It is related to utilizing innovative ideas and
techniques for better quality of goods and services. Therefore, under this activity, a large-
scale size company takes risk for expansion and adopts technological changes for
enlargement of entity and enhancing services of firm. However, large company
entrepreneurship is innovative process for accepting changes to increase qualitative

services of entity. In this regard, there is high level of risk occurs for investing fund and
making valuable position in market (Carland, Carland and Stewart, 2015).
 Social entrepreneurship: - This entrepreneurship tool aims to gain social welfare at high
level. In accordance to this, social entrepreneurs prepare strategy and implements plan for
establishing nonprofit organization. In this process, needed people take advantage of
entrepreneurs’ innovations. In UK, there are several social entrepreneurship organization
such as; national health services (NHS) that provides hospital services to care takers at
large scale. In addition to this, social entrepreneurship is interrelated with welfare and
contribute in social development of country effectively.
 Entrepreneurship ventures’ relationship with its typology:- Various entrepreneurship
kinds are interlinked with each other which are useful for enlargement of entity and
enhancing service qualities of firm at large scale. It is determined that all ventures are
related to generating and operating innovative ideas as well organization’s effectiveness
can be obtained through this process (Bruni, Gherardi. and Poggio, 2014). In accordance
to this, entrepreneurs prepare strategy and different planning procedures for taking risk
and implementing business organization effectively. Thus, typologies of several
entrepreneurship activities are interlinked with expansion and enhancing service qualities
of entity at high level that is useful for increasing efficiency of entity.
P2 Similarities and differences between different entrepreneurial ventures
Similarities:- All entrepreneurial ventures aim to take risk and expand business
organization including providing better qualitative services. In this regard, entrepreneurs under
small and large sized entities, social take risk for applying innovative ideas for entity’s
effectiveness. However, composition of all entrepreneurship types is related to increasing m
organization and enhancing service qualities of firm. In accordance to this, these entrepreneurial
ventures’ contribution remains effective for country’s development and increasing its efficiency
(Urbano and Aparicio, 2016). Thus, enlargement and enhancing entity’s efficiencies considered
as adequate for creating organization’s and nation structure. It is determined that entrepreneurial
ventures are useful for generating innovative ideas and enhancing varieties of organizational
functions’ efficiency at large scale. It is useful for enlargement and developing environment of
entity efficiently.

Differences between entrepreneurial ventures:- There are several kinds of
entrepreneurial ventures which are differ from each other in various forms can describe as below
in tabular form:-
Bases Small scale
entrepreneurship
Scalable
entrepreneurship
Large company
entrepreneurship
Social
entrepreneurship
Level of risk Low level of risk Medium level of
risks
Largest level of
risks
Low level of risk
Orientations Expansion of
business and
increasing
service qualities
of firm.
Enhancing
services provided
by company.
Adopting
innovative
techniques and
producing better
qualities of goods
and services.
Social welfare.
Time
periodicity
Short term period Long term period Long term period Short term period
Emphasis Preparing
strategy for
optimum
allocation of
resources.
Creating balance
between
production and
distribution of
goods and
services.
Increasing profit
earning capacity
at maximum
level.
Contribute in
country’s social
and economic
development.
TASK 2
P3 Impact of small business organizations’ contribution in social economy of country
Small business organizations play crucial role in development of country and overall
structural framework is obtained through generating innovation and increasing efficiency of firm
at high level. It is useful for country’s growth in different sectors such as finance, employment,
and tourism, social and so on. Therefore, composition of small size organizations is beneficial
for nation’s effectiveness. Moreover, social economy and development is obtained through this
tool. In addition to this, it is interlinked with employment and several other factors that affect
structure of country (Sambharya and Musteen, 2014).

Hence, entire implementation of nation is determined through this contribution also able to gain
economic stability. It influences balance of export and import for transacting goods within
countries. Therefore, small scale organizations get enlarged. Including this, service qualities of
entity get enhanced through this process to increase efficiency of products and organization.
Along with this, social and cultural development of country is gained through contribution of
small scale entities. However, country and overall implementation of entity is achieved to
increase overall sectors of nation.
Thus, it is determined that contribution of small business organization plays crucial role in
nation’s effectiveness. It is interlinked with different sectors for example finance, employment,
efficiency of goods and services etc. In accordance to this, it is gained through this process that
effective contribution of small entities and their expansion is useful for enhancing qualitative
services at large scale (Choi and Majumdar, 2014).
In this regard, government also supports small scale entities for enlargement and enhancing its
quality services. It is recognized that government intervention remains helpful for expansion by
implementing policy plans. However, development of entities and effective organizational
structure is created through this process that is useful for different kinds of effectiveness at high
level. Hence, it is analyzed that small business organizations and their contribution is effective
for expansion as well remains useful for country’s effectiveness at large scale. It is beneficial for
various operations and social development of nation at high level. Therefore, small size
organization is essential for country’s social economy that impacted on its effectiveness to gain
large scale of expansion and enhancing service qualities for long term, sustainability.
Small scale organizations' contribution in country's economic and social growth can be
expressed through following statistical data as below:-

It is recognized that by establishing SME, monetary position of UK has developed that
affects social and employment sectors of the nation. Including this, various positive influences
are gained through this commencement of different entities affect nation's effectiveness.

However, it is forecast that in future time, UK will be able to sustain its economic position and
improving monetary performance can be understood as below:-
It is forecast that economic position of UK will be improved efficiently through
establishing new entities and innovations in different sectors. Thus, government fund will be
effective that affects revenue and investments for public welfare.
P4 Contribution of small business start up in economic growth of nation
There are different kinds of small business organizations in various sectors are presented
in UK such as retail, tourism, and hotel and so on. These organizations aim to expand business
and increasing productivity level therefore profitability of entity can be gained. In this regard, for
UK after Brexit, it is determined that small size entities are crucial for economic growth of
country. In addition to this, overall development and proper structure is obtained through this
process (Chowdhury and Desai, 2016).

It is interconnected with different sectors including employment, tourism, export and import of
goods etc. It is useful for fund and resources allocation adequately therefore entire growth of
nation can be determined at high level. However, small business entities role model is essential
for development of nation that impacts on its efficiency. In accordance to this, composition of all
small sized organization in different fields is useful for development of country in various
sectors. It is beneficial for economic including several types of growth efficiently. For economic
stability of UK after Brexit, small business units can play crucial role to get enlargement and
enhancing service qualities of business operations. It is considered that effective contribution of
small size organization is great for financial development and overall growth of firm at large
scale (Audretsch, Heger and Veith, 2015).
Thus, establishing new small business unit considered are of different innovative ideas
for expansion and contribution in economic growth of country. It can reduce issue of
unemployment and inefficient allocation of funds as well resources for production of goods.
Thus, small business entities role is essential for country’s effectiveness and enhancing service
qualities of firm and nation at large scale.
In accordance to this, varieties of innovative ideas and techniques are generated for
enlargement and better qualitative services of entity to contribute in nation’s financial
development (Naudé, 2013). Apart from this, composition of all small business units is liable for
enhancing good quality products and contribution to gain nation’s effectiveness at high level. It
is useful for creating developing organizational structure and increasing employment ratio for
country’s development in entire sectors. However, it is determined that contribution of small
business units is essential for economic and overall growth of nation at large scale for expansion.
It is useful for implementing government policies and proper allocation of resources. In addition
to this, through this contribution and resource allocation, small business can establish good
relationship with other businesses that impacts on [productivity level of entity and its long-term
sustainability.
Hence, establishing new small business will be great achievement and increasing factor
for UK to gain economic stability. In accordance to this, various innovations are come to know
for expansion and proper growth of nation at large scale (Cantoni, 2015). It influences entire
implementation of country for helping other nations of the world effectively. It is useful for

enhancing service qualities and overall development of country. Thus, it is determined that
contribution of small business unit is crucial for development of nation as well its effectiveness
can be obtained through effective contribution of small business unit at large scale.
However, after Brexit, various enterprises are established in UK that affects social
economy of the country also remains helpful to increasing it. Including this, overall development
of other sectors of the nation is also gained through starting up of new organizations. Therefore,
employment, education, tourism, increasing living standard of people also improved. Moreover,
according to analysis of country's economic position in comparison to last years' performance, it
has improved effectively. Thus, by increasing in number of small scale entities as well
innovations in operations, social status of country get enhanced. Along with this, starting up of
new entities enhances government fund as well different other facilities that impacts on social
and monetary growth of nation. Hence, it is recognized that UK has improved its effectiveness
by encouraging people for employment and increasing in small scale enterprises.
TASK 3
P5 Characteristics, traits and skills of entrepreneurs
Entrepreneurs are those individuals who take risk for set up a new business through
generating innovations. Therefore, entrepreneurs take high level of risks regarding establishing
venture and investing fund for accepting changes and getting adjusted per new technologies. It is
considered that establishing a new business entity is risky because of focusing on overall
business operations and activities to expand business and increasing efficiency at high level
(Panizza and Presbitero, 2013).
It is obtained that an entrepreneur must have several kinds of qualities and features to
take any risk and expanding its business organization such as risk taker, challenge accepter, a
good leader as well manager and so on. Some of the significant traits and skills of an ideal
entrepreneur can be described as below; -
 Risk taker:- It is considered as one of the most significant of an entrepreneur that he
must have. In accordance to this, it is required for entrepreneur to be risk taker. He must
have quality to take risk for set up a new venture and implementing innovative generated
ideas. Including this, it is necessary for an entrepreneur to have sense of business
operations and dealing with problems occur at workplace. He must not hesitate with

problems occur in business activities rather to find out solutions for solving out issues
(El-Gohary, Edwards and Huang, 2013). In this regard, it is determined that
entrepreneurs are those risk takers who create venture for establishing innovative ideas
and adopting changes occur in entity to gain its effectiveness Thus, risk taker is one of
the essential quality feature of entrepreneur to increase working efficiency as well
creating sense for taking advantage of opportunities emerge at workplace efficiently.
 Challenge acceptor:- An entrepreneur must have dare to accept changes and preparing
strategy for get adjusted according to dynamics. In this process, it is recognized that there
are various kinds of changes occur at workplace such as technological changes,
inefficient fund and resource allocation, market structure etc. Therefore, entrepreneur
must have ability to accept challenges and focusing on solutions to come out of the issues
(Moog and et.al., 2015). It is useful for running business organization smoothly and
properly with strategic plans. However, challenge acceptor is one of the essential tool and
quality of an entrepreneur for expansion of entity and providing better quality services of
goods and services. In accordance to this, entrepreneur has this quality feature to adopt
changes and getting adjusted towards problems by preparing strategies and implementing
them for effectiveness of entity at large scale.
 Problem solving abilities:- It is related to solve out issues occur at workplace. It
includes different determinants for reducing problems and enhancing qualitative services
of entity at high level. In this process, an entrepreneur is considered as solving problems
and adopting dynamics is one of the main skills for systematic management and running
organization efficiently (Stuetzer, Obschonka and Schmitt-Rodermund, 2013). However,
problem solving skill remains helpful to become an ideal entrepreneur that is useful for
expansion of entity and increasing service qualities of an entity. It is required to solve out
any issue through recognizing situation and making decision for reducing it. In addition
to this, an ideal entrepreneur is identified through this process to his management for
solving out the problem regarding business operations. It is considered as accurate
judgment for using tact related to solve out the issues. Including this, his behavior and
attitude towards problem and solution presented his accurately.

 Communication and leadership skills:- Taking initiate for any activity is considered as
one the main skill of an entrepreneur. It is needed for him to have effective
communication and leadership skills for taking initiate regarding risk or any other
business operations. Moreover, an entrepreneur must have ability to share his views,
ideas and opinions to collaborative clearly. It influences on business activities and his
relations with other companies to create long term efficiency and providing better quality
of services (Ayala and Manzano, 2014). Including this, it is interlinked with management
process and various factors to expand business operations and enhancing service qualities
of entity. Therefore, an entrepreneur must have good communication and leadership
skills to run business organization effectively.
 Business oriented:- For setting up a new venture and adopting innovative techniques, an
entrepreneur must be business oriented. He must have knowledge about business
activities including transaction of goods and performance. In accordance to this, business
tact to handle all kinds of situations and business practices are necessary to aware with.
Thus, business oriented entrepreneur can manage all things related to business entity and
its operations for expansion and increasing service qualities of entity. Including business,
he must be aware of competitive strategies that include market structure, recent trends
and customer demand. A smart entrepreneur is business oriented that can take adequate
decision related to organization’s effectiveness and its product value in market (Trainor,
2016). Moreover, it is considered that an intelligent entrepreneur is business and
competitive oriented to implement operations regarding effective performance and
customer oriented strategy to be implemented. However, his learning attitude towards
business activities leads to enhance efficiency of entity at high level.
Successful entrepreneurs' example:-
Thomas Cook:- Innovation in travel and tourism sector is done by Thomas Cook who
took risk and faced many struggles for starting up new entity. In relation to this, he initiates for
implementation in providing travelling and accommodation services to million customers
worldwide. Including this, there are many ups and downs occur in entity for business operations
by which entrepreneur get motivated and be stronger to face them. Along with this, it is observed
that Thomas Cook is quite confident and passionate about his work and business profession that

reaches him to get succeed. Hence, by having these skills, the great entrepreneur in tourism
sector of country achieves a lot and also expand his business at high level.
Elizabeth Goach:- The founder of IT software in UK, Elizabeth achieved too much
success in business life. She has some unique skills that reaches her to succession in business.
However, she is self confident, passion and has strong work ethics to carrying on entity
efficiently. She faces so many hurdles and issues related to money and other business operations
that increase her strength to face them with more positively. Including this, her skills are
considered as key tool to get succeed and making good place in IT field of the country. At
present, she comes in great number of lists for entrepreneurship in software also honourable for
contributing in country's effectiveness at high level.
P6 Entrepreneurial personality impact on entrepreneurial motivation
Above mentioned entrepreneur’s characteristics and skills are remains helpful to
encourage for gaining better and extra effectiveness of firm. In accordance to this, it is
determined that an entrepreneurial personality affects motivation to enhance business strategies
and various implementations. Therefore, several kinds of developments are obtained as well
different skills are implemented for expansion of entity and gaining better quality of organization
at high level. In addition to this, an ideal entrepreneurial personality and skills impacts on its
motivational tools for encouraging to gain extra qualitative services of business organization. By
learning through passing out many situations, different ideas are generated for improving
business performance. Including this, personal and professional development of entrepreneur is
obtained through this process develop working efficiency of individual as well company’s
effective goodwill in market (Carland, Carland and Stewart, 2015). In this regard, it is
recognized that development of entity emerges high level of motivation towards implementing
innovative changes for better work performance. It is useful for learning extra and extra same as
increases different skills by influencing personality efficiently.
As it is determined that entrepreneurship is interlinked with employment therefore
different employees of the firm also get motivated for better performance and good coordination
in team efficiency. However, all business activities and operations get impacted through this
process to enlarge entity and increasing service quality of firm. In accordance to this, it can be
obtained that effective personality of an entrepreneur leads to motivate him for gaining better and

extra for implementing business operations. In addition to this, number of innovations and dare
to accept challenges are increased time by time. Therefore, it encouragers for gaining extra and
creating new changes. It generates different kinds of ideas through learning various tools and
techniques regarding implementation and business strategy of entity. In this regard, qualities and
efficiencies of organization can be impacted through increasing excitementment for investing
highly to gain positive and effective outcome.
Therefore, entrepreneurs get motivated by learning and improving tracts for running
business efficiently. It is interlinked with development and service provided by entity. However,
entrepreneur personality impacts on its motivational factors as well affects different strategies to
enlarge business entity and enhancing services of organization at large scale. Thus, a great
motivation is obtained through implementing entrepreneur personality by improving different
skills such as; communication, problem solving, risk taking and dealing with challenges.
Including this, varieties of ideas are obtained for better performance and increasing efficiency at
highly motivated tools (Audretsch, Heger and Veith, 2015).
It leads to increase in initiations for adopting changes and preparing plans for getting
adjusted and get improved. Thus, an ideal entrepreneur plays crucial role in entrepreneurial
motivation that impacts on business and competitive strategies for better performance and long
term sustainability of entity by using different ideas to become business oriented and establishing
good relationship with other business enterprises. Hence, motivation and encouraged tools are
obtained for effective business performance and enhancing service qualities of organization at
high level to increase skills and learning different tools for better performances.
Special qualities in entrepreneurs reaches them to get succeed in business operations. It is
considered that varieties of difficulties occur at workplace that make them stronger as well
further, they accept challenges with passion. Including this, entrepreneurs' ability self motivated
them for having patience and positive views towards better working performance. However,
different skills get improved that lead them form carrying on and creating more innovations.
Moreover, strong mindset towards set target and do not giving up abilities make them more
liable and reliable for enhancing efficiencies of organization. Thus, unique qualities of an
individual encourages entrepreneur for taking risks and staying on set mind set to achieve more
in business operations as well facing competition with positive outlook.

TASK 4
P7 Reflection on entrepreneur characteristics
Through these entrepreneurship activities, I learned a lot and improved my different skills
to run business organization more effectively. In accordance to this, potential to take risks and
accepting challenge is enhanced. Moreover, communication skills including listening abilities get
developed. I learned to share views and opinions effectively with listening towards issues and
demand occurs at workplace. Therefore, problem solving skills got improved at high level. By
handling different kinds of situations in various situations, I increased my working efficiencies
and varieties of changes are implemented for running organization more effectively. Including
this, I learned to handle stress and manage business operations with pressure that impacts on my
personal and professional life.
However, different skills get improved related to organizing business activities and dealing with
uncertain changes is also increased. In addition to this, I read articles and get various ideas for
achieving better performance if organization. Therefore, I learned various skills that an ideal
entrepreneur must have to carrying out business with facing difficulties. However, I become
business oriented to use adequate logics for expansion of entity and increasing service qualities
of goods and services provided by entity. In this regard, various positive changes are emerged for
implementation and increasing motivation for effective business operations.
Thus, I have improved my several kinds of skills that an ideal entrepreneur must have to
set up a new business and carrying on effectively. In this regard, by getting experience, several
skills get improved such as; sharing views and ideas including listening as well recognizing
issues occur at workplace with patient. Including this, I learned trick s to do smart work and
making myself business oriented for generating innovative ideas and techniques for enhancing
different services and achieving good structure of entity. In addition to this, I learned to create
expansion of firm through implementing and evaluating action plans systematically. Moreover, I
learned to enhance leadership qualities through initiating and directing to gain team efficiency at
high level. However, improving problem solving skills, I learned to handle problems and
creating peaceful environment of entity. Moreover, techniques are learned to create positive and

peaceful atmosphere of entity by encouraging employees for better performance and effective
contribution in team building.
As an example; Thomas Cook is known for best entrepreneur for innovations in tourism
sector. However, his overall characteristics and details can be describe in brief as:-
 Thomas Cook was born on 23rd November, 1808 in Melbourne, UK. He was 1st child of
his parents had inborn entrepreneurial qualities and ambitiousness.
 At the age of 10 years, Cook worked for local gardener as an assistant. Then, at the age of
14, he worked with John Pegg as cabinet maker for 5 years. Overall, he was quite
ambitious was work and also had strong work ethics for contributing in team as well
supporting coordinators. However, in 1826, he became a Baptist and distributed
pamphlets. Further, after getting experiences with it and creating mind set during train
journey, he decided to set up a new innovative business in tourism sector. Further, he
went towards his plans face many difficulties and get succeed.
 Positive attitude:- Thomas Cook was confident, risk taker and had strong personality that
encouraged him for starting up new entity and going towards innovations. He never gave
up for his business operations and also never get hesitate to see difficulties in business
entity. However, he faced all hurdles with passion that made him succeed in business life.
 Past experiences and tendency:- As per past experiences, Thomas Cook had strong
working ethics that led him to reach success and staying on fixed decision as well mind
set. His this tendency make him succeed also encouraged for facing difficulties and
carrying on entity with passion.
CONCLUSION
The report is concluded that entrepreneurship is one of the greatest business activity that
is useful for nation’s effectiveness. Different entrepreneurial ventures including their similarities
and differences are determined. In addition to this, impact of establishing new entity on nation’s
economic growth is considered. Moreover, various characteristics and skills of an ideal
entrepreneur is recognized. Role model of small business unit in country’s development is
analysed through this study.

Along with this, significance of entrepreneurship and its contribution in country’s economic
growth is obtained. Including this, reflection over entrepreneur’s skills and performance is
considered that impact on organization’s effectiveness is recognized. However, small business
unit contribution in nation’s development and implementing efficiencies are obtained. Therefore,
the report is presented entrepreneurial personality impact on its motivation that affects business
performance and various tools to implement business operations and contributing at high level.
Hence, proper understanding related to entrepreneurship terms is determined through this report.

REFERENCE
Books and Journals
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of the business. A longitudinal analysis. Journal of Economic Psychology, 42, pp.126-
135.
Bruni, A., Gherardi, S. and Poggio, B., 2014. Gender and entrepreneurship: An ethnographic
approach. Routledge.
Cantoni, D., 2015. The economic effects of the Protestant Reformation: testing the Weber
hypothesis in the German lands. Journal of the European Economic Association, 13(4),
pp.561-598.
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Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.

Moog, P. and et.al., 2015. The impact of skills, working time allocation and peer effects on the
entrepreneurial intentions of scientists. The Journal of Technology Transfer, 40(3),
pp.493-511.
Naudé, W., 2013. Entrepreneurship and economic development: Theory, evidence and
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Panizza, U. and Presbitero, A.F., 2013. Public debt and economic growth in advanced
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type of entrepreneur and the type of venture.
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INTRODUCTION
1