Entrepreneurship Project

This project explores various aspects of entrepreneurship, including different types of ventures, their impact on the economy, the characteristics of successful entrepreneurs, and the influence of experience and background on entrepreneurial success.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Examining different entrepreneurial ventures and their relation with the typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and Differences between Entrepreneurial Ventures...........................................2
TASK 2............................................................................................................................................4
P4 Importance of contribution by SME towards the society and Economy...............................7
P5 Determining the characteristics, traits and skills of two successful entrepreneurs................8
P6 Entrepreneurial personality striking their state of mind and motivation.............................10
TASK 3..........................................................................................................................................10
P7 Experience and background can surrogate and obstruct entrepreneurship..........................10
CONCLUSION ............................................................................................................................11
REFERENCES................................................................................................................................1

INTRODUCTION
Concept of entrepreneurship is complex yet simple in nature and this is mainly being
done with the purpose of earning financial security and thus this is the reason process of business
is being started. Main focus of entrepreneur is upon bringing innovation and manufacturing new
kind of products and services for the customers for gaining competitive advantage (Baum, Frese
and Baron, 2014). Giving out new kind of experience is the major motive and thus by this they
are able to attain growth and success. There are number of things which will be discussed within
this report like having tools and techniques which can be used for exploring various kind of
entrepreneurs within economical sector. There are various kind of factors which in turn can
mainly affect the entrepreneurship in negative manner.
TASK 1
P1. Examining different entrepreneurial ventures and their relation with the typology of
entrepreneurship
An entrepreneur is the one who mainly supplies the risk capital and thus mainly monitors
and thus control the business activities. Entrepreneur can be found in many forms like sole

proprietor, a partner or the one who majorly owns the majority of shares within incorporated
venture. In marketplace, there are mainly four types of entrepreneur ventures which are
established when business is being started: Small business Entrepreneurship: There are numerous entrepreneurs within current
situation who are trying to enter within market of United kingdom by setting up of new
kind of businesses. In market of UK, there are mainly about the 5.7 million small
business which in turn has almost area of 11.7% of the business. This has led to
minimising the unemployment rate which has almost covered the 50% of non
governmental workers (Bhachu, 2017). There are various examples of this kind of
business like grocery stores, agencies, wood store and the electricity products and these
are being done with motive of getting financially secured and fulfil the basic needs. For
this case, typology which can be linked is the fulfilling the basic needs and financially
secured. Scalable Start up Entrepreneurship: In this kind of style, entrepreneur mainly starts the
business with the aim of bringing change within the social and economical factors by
attaining vision. It is highly needed to have various kind of resources in order to make
the business and vision successful and thus for that investors are being seek out by
entrepreneur who shares the same kind of mindset. Besides this, it Is highly necessary
to have high level and experienced employees to work upon the vision. This kind of
planning and taking effectual steps can lead to attain growth and success. Typology
which is being related is the implementation of aggressive growth ventures. There are
numerous kind of factors which are highly involved within the process of
entrepreneurship and they highly focus upon the completing the objectives by taking
out the skills and abilities by developing in better mode. Large Scale Entrepreneurship: In this sort of enterprise style, business is significantly
being directed on substantial scale as they are being shaped with enormous measure of
store. There are different strategies and instruments which are being used to pick up
development and achievement and those systems can resemble advancement in new
sort of items, utilizing most recent advances and perceiving the example of rivalry. The
principle focal point of business person is on deciding and examining the genuine needs
and wants of clients inside commercial centre and in this way fulfilling them in most

extreme way (Burrows, 2015). The typology which is identified with extensive scale
enterprise is on concentrating on manageability which will help them to develop and
get achievement which they have wanted and that would b be able to done by catching
expansive number of clients and piece of the overall industry and fulfilling clients in
better way.
 Social Entrepreneurship: This sort of business enterprise primarily centres around
assembling certain items and administrations which can be utilized to satisfy the
requirements and locate the best possible answer for the social needs and issues. In this,
business visionaries have principle thought process and that is improving economy a
place with the goal that flourishing can be seen. These are predominantly non-benefit or
mixture in nature (Butler, 2012). The sort of typology which can be identified with this
sort of enterprise style is conduct in regards to development and achievement so it can
empower individuals who are living in an economy so as to create themselves and
along these lines live with better way of life.
P2 Similarities and Differences between Entrepreneurial Ventures
There are many of the factors along with grounds for where similarity and differences
which can be judged which are being described below:
Lifestyle Ventures or the business
Similarities
1. There are various kind of unique and
innovative idea which is being utilised
and thus for that main focus is on
accomplishment.
2. There are high skilled and experienced
workers who are full of abilities for
completing the in better manner.
3. Growth and success are the factors
which are being attained in number of
customers.
Serial Entrepreneurs ventures
Similarities
1. Business is being started by an
innovative idea which can mainly
focus upon the attaining the type of
similarity which both entrepreneur
possess.
2. There are certain kind of objectives
which needs to be attained by the help
of high skills and sound minded
employees.
3. One more similarity which is the
common aim of company which has to
be attained by capturing the large part

of the marketplace.
Differences
1. Business is all about developing the
lifestyle along with development in
social and economical factors.
2. Operations of business are being
conducted with motive of long running
and keeping attorney in own hands.
Differences
1. Innovative ideas are mainly applied by
the company and thus this can help out
in attaining growth and success. After
this, attorney is being shifted in another
hands.
2. There are various kind of roles and
responsibilities which are fulfilled by
using resources and after the growth,
entrepreneur mainly shifts to another
innovative start up.
Female Entrepreneur Business
Similarities
1. Major motive of this kind of factor is
gaining growth and success by
generating the revenues.
2. Analysation is being done on market
and customers by making services and
goods as per needs and wants.
3. Main focus of the entrepreneur is on
having customers for company within
marketplace for having competitive
advantage.
Male Entrepreneur Business
Similarities
1. Male entrepreneur has their mindset
upon the goals which can be attained in
positive manner along with revenue
generated.
2. There are various kind of needs and
desires which can help in developing
products and services and thus
manufacturing can be done .
3. Male and female has the common aim
which is capturing the market share and
profit as well.
Differences
 Female entrepreneurs has the low
abilities and confidence as compared to
Differences
 They have high skills and abilities as
compared to female entrepreneurs

the starting in business.
 They are much more result oriented
along with skills by which decisions
can be much more effectual and long
lasting.
within the business.
 There is low score of male entrepreneur
when it comes to take better and
effectual decisions.
 Communication can be much more
better within male entrepreneurship
style.
TASK 2
P3 Impact of micro and small businesses on the economy
There are various kind of small business within marketplace and thus they play crucial
role in developing the economy. This is the major concern of the UK Govt. as these business will
have high number of shares in market (Dacin, Dacin and Tracey, 2011). Numerous kind of
factors for the respective country which in turn can mainly affect in positive and negative
manner. Various kind of factors are like GDP rate, Import and Export rate, Unemployment rate
and many more.
There are various kind of economical factors like UK which in turn can put number of
factors like in 2017, there are about 7.2 million business which are operating in successful
manner on small scale level. About 97% of the business which are small in nature which in turn
can contribute for develop and growth factor. In United Kingdom, 33% is the unemployment rate
which in turn can create 19% of the turnover (George and Bock, 2011). In current situation, 7
million small business are mainly present which is juts the double of the records which is 3.5
million in approx manner.
There is not much exact data in index which is formulated and thus they are mainly
classified with some kind of basic conditions which are applied and this will resolve the issues
and basic needs which are described below: Micro Business: Conduction of operations and business is being done with the motive of
getting security in monetary term. There are mainly about 10-15 staff members who are
employed within this business and the revenue is about $2 million dollars. Main focus is
upon having strong position within marketplace so that revenue can be generated for

attaining growth and success. This kind of business mainly works in form of Sole
proprietorship where there is low level of funds are involved (Grimaldi and et. al., 2011).
Certain kind of area by which arrangement of fund is being done. There are various kind
of examples which can be taken is shops, coffee-shop, carpenters, workshop and many
more. High capital is not required within the business. Small Business: This business is little in nature however it is considerably more high
when contrasted with miniaturized scale level business. This can be expressed as one of
the real distinction between amongst miniaturized scale and little scale business. It
fundamentally comprise of less then 50 workers and turnover is approx 10 million
dollars. The primary focal point of this sort of business enterprise style is catching huge
number of clients in greatest level. In this, organization can be seen among business as it
positively includes great measure of assets and that is at some point unrealistic for single
individual to mastermind it. This sort of business is by and large private in nature as the
range of Govt. does not influence the procedure of business. This kind of business can be
either in organization or sole proprietorship.
 Medium Business: This kind of business is huge in nature when compared to small and
micro level of business as this will mainly need the huge kind of amount of funds and
thus launch business. This type of business which has around 250 staff members and the
turnover is about 50 million dollars (Hitt and et. al., 2011). Revenue is being generated
and that is the motive of business which in turn can mainly contribute in social and
economical factors. There is the legal contract among two or more then two person of
company for certain objective.

Illustration 1: Various Impact of Areas
(Source: Rate of Employment, 2018)
There are various areas within the economy which in turn will mainly impact SME'S: Employment: There is mainly about the 90% which in turn has been mainly captured by
the small scale business which in turn helps out in giving out the employment which is
about 50 to non Govt. workers. Ample of opportunities are being given who are looking
for the job and get employed and this in turn will mainly reduce the unemployment rate
which in turn can mainly be contributed for social development (Landes, Mokyr, and
Baumol, 2012). Foreign Direct Investment: An investment which is being done by company for starting
up of business or merging out with another business by purchasing shares and assets.
This can give out the crucial contribution regarding the economy by generating the
revenue.
 Backward Areas: There are various kind of opportunities which are mainly given out
by small business enterprise of the low class people and backward areas so that they
can chance of uplifting themselves and have better lifestyle. There is small need of

giving out training which can make them learn how to accomplish the job allocated to
them (Martin, McNally and Kay, 2013). This in turn can mainly motivate for filling out
confidence within themselves by which earning done can be secured which in turn can
give out educational and financial support to the family and thus enhancing the
economical conditions.
P4 Importance of contribution by SME towards the society and Economy
Brexit is not just a term, its a concept which is very famous as it is related with the
withdrawing of United Kingdom from the European Trade union. There were about 51.7% of the
partaking UK electorate who voted against UK for clearing out and that happened on 23rd June
2016. Govt. of the Britain conjured the Article 50 of the settlement on the European union on
29th march 2017, which in turn influenced the UK for withdrawing from union. There are
majorly 7 kind of factors which are mainly considered as threats for the Entire trade of Europe
and those are mainly described below:
 An extensive segment of the financing will be vanished.
 Chances of creating aptitudes gap.
 Synergistic nature does not acknowledge on limits
 Scientists prevalently rely upon Cross-EU coordination.
 Condition is being guaranteed by EU law.
 Reasonableness will be at higher risk.
 Moving of Base camp
This can be stated as major difference among the small business along with start ups which are
mainly described below:
Basis Start ups Small Business
Expectation and Rate of
growth
Major criteria which is being
followed is the fast and
measuring area which can help
the start ups. Fast scaling
which is being done by the
technology (Neck and Greene,
2011).
When compared to the start
ups, small level of business
have certain kind of
limitations. Hence, there is the
low rate of growing and
gaining the success.

Finance Major focus is upon the
funding in external ways along
with having smooth and fast
growth. This in turn will
mainly allow the investors to
invest in the company until the
company will generate their
own revenue. High risk is
involved within start ups.
There are various kind of small
scale business which are
started without raising any
kind of funds which in turn can
mainly arrange it mainly from
relatives from either family,
friends, bank loan and many
more (Santos, 2012).
Generating the revenue is the
major tasks of the company
which is being done on lower
rate and thus less risks are
involved.
Nature of the Idea There are various kind of
services and goods which are
being provided with mixing up
of innovation which are being
modified in better way.
Major focus is upon the small
scale business who provides
the traditional products along
with services like for example
like grocery stores, travelling
agents and many more.
There is distinctive course in which private company and new businesses yet their goal is same
and that is acquiring overall revenue inside the economy. This can be expressed as profoundly
basic for alternate parts of world as when the start up is being built up, it is being finished with a
rationale and that is making oneself inspired and get monetarily secured alongside family
(Sarasvathy and Venkataraman, 2011). This thusly rouses the business person to contribute in the
general public alongside empowering work, training and expectations for everyday comforts.
These sort of business firm mostly gives work and inspiration to the regressive classes so they
can acquire and elevate their expectations for everyday comforts. This thus will convey more
income to the Govt. alongside remote trades.

P5 Determining the characteristics, traits and skills of two successful entrepreneurs
There are two entrepreneurs named which are Richard Branson and Carlos Slim who
started on very small scale and now in present scenario they are under the list of richest men.
This all has happened because they were able to forecast the opportunities and thus they have
mainly acquired the outcomes in front of everyone (Schaltegger and Wagner, 2011). There are
mainly various kind of characteristics, skills and traits which are being described below : Hard Workers: Both of the entrepreneurs are mainly considered as
the hard workers as their work says it all. Every kind of entrepreneur
needs to adopt these kind of factor and thus by this way business can
be successful. Risk Takers: High risks were mainly involved when both of the
entrepreneurs started this kind of business and they mainly gave
their all time and funds for making the business much more
successful. There are high risk which were mainly involved and thus
they involve various tools and techniques and then profit were being
earned by the business operations. Money Management: There were limited resources for both of the
entrepreneurs who has become much more successful and thus they
have mainly managed them to utilise it in effectual manner in order
to have results in better manner. This can lead the company to have
growth and success. Successful Planner: This kind of factor is highly essential for an
entrepreneur as making effective and successful plans can enhance
the productivity and profit ratios along with having growth in
effectual mode. Demands are being forecasted and thus due to that
plans are being made as per that which in can lead to have better
kind of results.
Skills and Traits of both Entrepreneurs Determination: When both of the business were being started by
their respective owner, their initial stages were full of challenges but
they faced them by making better strategies and plans and they

were determined about their aim which in turn lead them to current
successful position (Shane, 2012). Communication Skills: These kind of skills are effective factors
which are highly essential and thus they tackled all kind of
challenges. This gave motivation to face worst kind of situations
which helped in accomplishing objectives.
 Chance Grabber: There are various kind of issues along with
adverse situations which they faced and thus got motivated and
optimistic in nature which helped in wide manner.
P6 Entrepreneurial personality striking their state of mind and motivation
HR management can mainly utilise the OCEAN approach while
recruiting the employees and mainly while placing them. This in turn will
mainly enable them for allocating the tasks according to the abilities and
skills which in turn mainly provide the assistance in binging improvisation
for the personal and professional development (Szirmai, Naudé and Goedhuys,
2011). There are mainly five kind of dimensions which are mainly utilised for
the personality enhancement and those dimensions are openness,
Conscientiousness, Extroversion, Agreeableness and Neuroticism which are
known as OCEAN which are being described below: Openness: This can be stated as one of the effective and essential
factor as there is the presence of curiosity for exploring new kind of
elements which can help in gaining better level of working
environment along with having clear kind of objectives. Conscientiousness: This is one of the effectual factor which has to be
adopted by an entrepreneur in order to make the mind much more
alert and thus factors can be evaluated. Besides this, active and alert
mind creates the high chances for grabbing the opportunity and thus
create the effectual environment.

 Extroversion: This mainly allows the to predict the future and thus
make plans so that effective outcomes can be gained. This kind of
includes assertive and talkative. Agreeableness: Within this approach, friendly environment is being
created within the workplace in order to have the effective and high
level of performance which can be seen.
 Neuroticism: This in turn can be stated as passionate dependency
which in turn can allow the business or a person to keep up the solid
kind of relationship among the representatives. This in turn can
bring up factors like irritation and strained.
TASK 3
P7 Experience and background can surrogate and obstruct
entrepreneurship
For a human being, it is very necessary to deal and learn from the situations
which they have been dealing in past (Wiklund and et. al., 2011). It has been
observed that there are few number of successful entrepreneurs among all
kinds of businesses. There are various kind of examples which can be taken
up of successful entrepreneurs who were highly influenced with the
situation which they have dealt along with many of the situations. Bringing
out this kind of innovation within the products mainly lead to the removing
the issues and thus giving out the services in better and effectual manner.
This type of condition helps to serve the people in better and effective
manner. There were situations like people used to adjust about having the
frozen ice-cream but as per her statement which is “In my teenage years I
had a love/hate relationship with food, and then I began to realise through
understanding nutrition the importance of eating the ‘right foods,’ and what
that meant for me; emotionally and physically” has lead to these changes.
CONCLUSION
From the above report, it can be reasoned that business enterprise
assumes essential part in the advancement of temperate and social factor of

separate nation. There are number of components which are being received
in type of devices and methods so as to achieve points and goals in better
and successful way. So as per the discussions done above, it is very clear
that there are various kind of abilities and skills by entrepreneur for
bringing innovation within products.

REFERENCES
Books and Journals
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Psychology Press.
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Routledge.
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Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Butler, J. S., 2012. Entrepreneurship and self-help among black Americans: A reconsideration of
race and economics. SUNY Press.
Dacin, M. T., Dacin, P. A. and Tracey, P., 2011. Social entrepreneurship: A critique and future
directions. Organization science. 22(5). pp.1203-1213.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
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frontiers. Journal of Small Business Management. 49(1). pp.55-70.
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innovation: categories and interactions. Business strategy and the environment. 20(4).
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entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
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Online

Social Enterprise. 2018. [Online]. Available through. <https://socialenterprise.us/about/social-
enterprise/gclid=EAIaIQobChMI0eXS4bHm2AIV0BSPCh1TDQb1EAAYAiAAEgIDk
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