Entrepreneurship and Economic Impact

This assignment examines the multifaceted influence of entrepreneurial activities on various aspects of an economy. It delves into how entrepreneurship fosters job creation, contributes to research and development, generates wealth for both nations and individuals, and provides opportunities to navigate economic challenges. The text utilizes examples such as the growth of Small and Medium Enterprises (SMEs) in the United Kingdom to illustrate these points.

INTRODUCTION
Entrepreneurship is very wide concept that determines high aptitude with changes,
characteristics and many more things. This creates creativity in the organization for
development and high profits (Failla, Melillo and Reichstein, 2017). Entrepreneur is the
person who organize, manage and control all things through enterprise can get revenue and
positive results. It will make profitability through assess elements and forces of market.
As results, the company can make strategy to enhance operations and functions in
different areas. In respect to this, present report covers different types of entrepreneurial
venture and relate with typology of entrepreneurship. Furthermore, it also includes similarities
and difference between entrepreneurial ventures. Moreover, it involves importance of small
business to contribute growth of economy. In addition to this, it assess entrepreneurial
personality which reflect to motivation of business environment. Apart from this, it determine
example that how background and experience can hinder and foster to entrepreneurship.
TASK 1
P1 Types of entrepreneurial ventures and relate with typology of entrepreneurship
There are different author gives effective definition for defining entrepreneurial
concept. One author says that entrepreneurship is emphasize on innovation which create new
product, method and market in which the company can perform functions and operations
(Ahlstrom and Ding, 2014). It creates positive results, for generate more demand through
combine various factors through wealth can be create. Wealth is creating with positive results
through values can be exceed regarding business products and services. Innovative manner
attract customer regarding organization activity and actions. Following are different
entrepreneurial ventures take place within the business environment in term of typology of
entrepreneurship:
Entrepreneurship vs. small business
This term is used by various entrepreneur in which their organization signify
difference among entrepreneurial venture and small business. It can be determine in following
ways:

Amount of wealth creation: In order to generate simple meaning, entrepreneurship develop
modern outcomes of small business. This is because, successful entrepreneur create values
through operating different activities. It assist to save more money at workplace through
demonstrate positive results (Cullen, Johnson and Parboteeah, 2014).
Speed of wealth creation: With the help of entrepreneurship, the organization can
create high wealth through performing activities and actions that support to entrepreneurship
of the firm. Within few years, the company can make and generate high revenue from
entrepreneurship results and activities. It will assist to make positive working environment to
operate various functions (Shinnar, Hsu and Powell, 2014).
Risk: In entrepreneurship, risk is very high so that opportunity is very low to enhance
outcomes and operations. In this aspect, idea are given at workplace which determine for
maintain profitability and effective working environment. With the help of pursuing ideas,
entrepreneur can evaluates their performances for protect business environment.
Innovation: Entrepreneurship always perceive innovation in products, method and
strategy through business can achieve their targets and goals. In this aspect, company need to
focus on strategy which make sustainability of creativity at workplace of the enterprise. It
creates wealth and competitive advantages through creating new products and services in
different areas of the world (Wyrwich, Stuetzer and Sternberg, 2016).
The Entrepreneur Venture Types: These are as follows:
Small business entrepreneurship : These businesses are operated at small scale and they
work with objective to earn profits. Example of small scale business are plumbers,
electricians, general stores. They focuses on earning profit to fulfill their own needs.
Scalable entrepreneurship : These businesses are also small ones abut their business idea is
innovative. They give this idea to world. These entrepreneurs comes up with new idea with
use of new technology.
Large company entrepreneurship: main motive of these organizations is doing business
with innovation. Their goals is not limited with earning profit. They do business to lead in
competitive market.
Social entrepreneurship : This kind of businesses are done to fulfill social needs of people.
They make products and services which can help individual to solve the problem of
community people.

P2 Similarities and difference between entrepreneur venture
In order to perform different functions, various types of entrepreneur participate to
achieve goals and objectives. In this aspect, following are such entrepreneur venture are exist
in market:
Skeptical entrepreneur
Copycat entrepreneur
Research entrepreneur
Determined entrepreneur
Accomplish entrepreneur
All these type of entrepreneur perform functions to enhance profits and growth of the
company. They all are analysis market to determine objectives so that company can easily
ascertain their results through different activities and actions. In this way, skeptical
entrepreneur success can be made that aids in to take decisions and match all outcomes with
business goals (Cullen, Johnson and Parboteeah, 2014).
Further, copycat entrepreneur are tries to copy other entrepreneur strategy through
they can perform various functions and operations. It will make success through copying
other entrepreneur style through continuous watching them and perform as well. This is quite
different from skeptical style which assist to determine profitability and positive results.
Research entrepreneur are those who love learn through they can assist to targets and
positive results. In this aspect, the firm is matching their activity and performances with
different people. Hence, they can take advantages to determine positive results and
performances at workplace. With the help of conducting research program, the business can
implement their services and outcomes which make success of company. Hence, they can
easily get new results with information (Gherardi and Giampietro, 2014).
Determined entrepreneur make their operations through copying and start business
through growing. In this aspect, goals and objectives can be ascertain to make positive and
effective results. For this type of entrepreneur, it is very difficult to operate functions and
operations so that growing business is very hard at workplace. They are focusing on various
people who are perform functions according to people interest so that objectives and goals can
be taken to develop activities and actions (Rivera-Santos, Holt Littlewood and Kolk, 2015).

Accomplish entrepreneur perform their functions through build business in some
stages. Thus, they can easily reach towards success and positive outcomes. In this aspect, they
can easily solve issues that are taken place to achieve objectives and positive results. They are
not make any strategy but frame outcomes from freedom and experiences. Success is very
different for all types of people. Thus, it make profits and effective results which can be
perform as company choice and strategy (Ahlstrom and Ding, 2014).
Similarities
With the help of all entrepreneur, every business can easily achieve their success and
effective results. Thus, all helps to achieve positive results and outcomes through ascertain
activities and actions. Hence, all plays very important functions through organization can
easily develops positive results and outcomes. All create new things from different activities
such as innovations and operations (Ahlstrom and Ding, 2014). It make creativity and attain
effective results. Furthermore, it also develops environment which make and deliver creativity
at workplace.
Differences
There are various different in all types of entrepreneurship style. This is because, all
functions and operations are create according to entrepreneur interest and feasibility. Thus, it
will make positive and effective working environment that ascertain to achieve common
results. Therefore, copycat entrepreneur never use new strategy, they are always determine
things which done by others. As results, profitability never take place at workplace according
to business (Lima, Lopes and Silva, 2015). It is beneficial to every individual to make strategy
according to business feasibility.
The Key similarities and Differences in Entrepreneur Types are:
 Speed of wealth creation : There is huge difference between speed of wealth creation
in different entrepreneurs . Some businesses make profits at faster rate where as some
take time in generating wealth.
 Risk : Type of risk in some entrepreneurship like small scale have low risk where as
large scale business posses high level of risk .

 Innovation: Innovation differs form one business to another such as large companies
focuses on innovation more to get position in market. On the other hand small scalable
firms do not give importance to innovation much.
 Mind set : Thinking of different entrepreneurs differs from one another. Some
entrepreneurs tries to make innovative things always. Whereas some make product on
same old methods.
 Goal : Some entrepreneurs works with short term goals where as some works with
long terms goals.
 Profit: Profit of each entrepreneurship depends on the type of it. Some businesses gets
profits at the initial stage and some takes log time ion generating profit.
TASK 2
P3 How macro and small business can impact on the economy
It is very important to assess business environment in effective manner. Thus,
entrepreneur can achieve their common goals and objectives at workplace. In this aspect, in
following terms macro and small business can impact on economy:
In micro business there is no sharing of profit. Thus, only one men assist to develop
business in effective manner. It also increase self-confidence which make high revenue and
profitability on the ground of entrepreneur. It also determines to ascertain goals and objectives
in successful manner through customer are satisfy easily (Kuratko, Morris and Schindehutte,
2015). In this context, following factors are includes that generate impact on the
performances:
Rising capital: With the help of rising capital, the entrepreneurship can ascertain high
revenue and profits at workplace that determines to enhance operations and functions. In this
aspect, every business need to concentrate on activities which assist to cover operations and
outcomes. There are various entrepreneurial activities which includes outcomes for example
depend on raw material (Cullen, Johnson and Parboteeah, 2014).
Determination of objectives and goals: In order to achieve goals and objectives there
are various resources which make high revenue and profitability. It will assist to make
ascertain targets that are clearly and realistic at workplace of the enterprise.

Recruitment and selection procedure with qualified people: When the company recruit
and select qualified member, it creates positive impact on the business operations. This is
because, it will make sustainability of member through providing them effective benefits and
payment (Bosma and Sternberg, 2014). Further, good working environment also encourages
to the employee through they are able to give full support and positive working environment.
All these elements are very helpful to economy in the following manner:
Provide employment to various people: With the help of entrepreneurship program,
the company has opportunity to deliver effective performances and achieve employment
opportunity at workplace of country. Thus, it is beneficial to create high revenue and effective
working environment that assist to develop market. In addition to this, when various people
are getting employment their living of standard is increases that make high profit and revenue
within the business environment (Guroff and Carstensen, 2014). It is beneficial for
development of the nation and operations.
Contributing participation for research and development system: With the help of
contribution in economy development, entrepreneurship is determining contributing monetary
fund and many other things. In this aspect, employee gets various benefits through
organization development also take place. Hence, economy development is easily achieving at
workplace of the ground (Kuratko, Morris and Schindehutte, 2015).
Create wealth for nation and every individual as well: It is very important to create
wealth and sustainability of employee. This is because, it not only concentrates on company
wealth but also maintain individual who are giving their participation and effective
contribution to attain goals and objectives (Siegel and Wright, 2015).
Provide opportunity to face challenges in economy: Economy has opportunity to face
challenges with the help of entrepreneur. Thus, effective working environment maintain at
workplace of the business environment (Hulgård and Andersen, 2016). In addition to this, it is
working for enhance working environment and profits at workplace of business in which
performances need to be maintain.
According to data small and medium enterprises which are working in the United
Kingdom are generating annual revenue of ₤ 10 million. These business are also contributing
in the growth of economy of the country. Economy of the nation is developing and increasing.
Rate of growth of small and medium ventures is 43 percent for the fiscal year 2015-2016. this
concludes that SME 's of the country are growing rapidly.