Entrepreneurial Ventures: Types, Impact, and Importance

Entrepreneurial
Ventures
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Covered in PPT.......................................................................................................................3
TASK 2............................................................................................................................................3
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...........................................................................................................3
P4 Explain importance of small businesses and business start-ups to growth of social
economy.................................................................................................................................5
TASK 3............................................................................................................................................7
P5 Determine characteristic traits and skills of successful entrepreneurs that differentiate them
from other business managers................................................................................................7
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset.............................................................................................................................9
TASK 4..........................................................................................................................................10
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship...................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
Entrepreneurship is defined as procedure of launching, designing and running new
business which is often small firm. It is the willingness and capacity to organise, manage and
develop business venture and bearing risk to make high profit margins. This is managed and
developed by entrepreneur by bearing high risk to earn profits. Similarly, entrepreneurial venture
is defined as way of providing advisory services to early as well as mid stage organisations. The
role of such depends on stages of company in an effective and efficient manner. This helps in
generating new wealth for business in appropriate way. In order to start new venture, it is
essential to analyse market properly so that requirement of consumers can be known and
accordingly work are performed. The main aim of this report is to examine various types of
entrepreneurial ventures and their relation with topology. Differences and similarities among
entrepreneurial ventures are mentioned in report. It has highlighted about impact of micro and
small businesses on economy and importance of small business to growth of social economy. In
order to be successful entrepreneur, some traits and skills should be possessed individual.
Background and experience can hinder or foster entrepreneurship.
TASK 1
Covered in PPT
TASK 2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy
Micro business is defined as an organisation which consists of very less number of
employees to perform work to attain goal and objectives in an effective and efficient manner
(Audretsch and et. al., 2016). This types of businesses are operated at small level or scale and
consists of nine or less number of staff members. The annual assets or sales of organisation is
less than $250,000 per year for micro business. As per study, there are 5.9 million private
organisation running in UK market out of which 5.82 million are small business. Micro
enterprise plays an effective role in rising economy of country through providing opportunities to
individual who are unemployed.
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The number of business in private sector at UK along with their employees and turnover
are described below:
Illustration 1: Illustration 1: STATISTICAL RELEASE, 2019
(Source: Illustration 2: STATISTICAL RELEASE, 2019)
Interpretation
From the above data, it has estimated that there are all together 5,867,770 business in UK
market which plays an effective role in overall economy of nations (STATISTICAL RELEASE,
2019). Out of this data, SMEs consists of three fifth of employment around which half turnover
rate in UK segment. The small businesses in UK consists of 5,860,085 in 2019 year. Turnover to
be estimated from SME is £1,528,684 millions, employment to be 13,157 thousands and
turnover rate to be around £1,528,684 millions. Similarly, on the other hand, medium sized
business has employment of 16,630 thousands and turnover to be estimated £2,168,005.
Therefore, it has interpreted that SME contribute or plays an effective role in development and
growth of United Kingdom and provide employment opportunities for people by establishing
new business. As they have contributed three fifth of their total number of business at
marketplace.
The contribution made by various size of business according to employment, population
and turnover in 2019 year. They are described below:
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