Entrepreneurship Report

This report explores different types of entrepreneurial ventures, their characteristics, and their impact on the economy. It highlights the significance of small businesses in driving social and economic growth and examines the role of personal background and experience in fostering or hindering entrepreneurial success.

UNIT-9
ENTREPRENERUSHIP

TABLE OF CONTENTS
LO 1.................................................................................................................................................3
P1. Different types of entrepreneurial venture and analysing the way they related to the
typology of entrepreneurship......................................................................................................3
P2. Difference as well as similarities between entrepreneurial business venture ......................5
LO 2.................................................................................................................................................7
P3. Assessing relevant data and statics in order to illustrate the way micro as well a small
business effect economy ............................................................................................................7
P4. Analysing the significance of small business and Start ups to growth of social economy...8
LO 3.................................................................................................................................................8
P5. Determining the characteristics and skills of successful entrepreneur ...............................8
P6. Assessing the aspects of Entrepreneurial personality reflect entrepreneurial motivation a
well as mindset. ..........................................................................................................................9
LO 4...............................................................................................................................................10
P 7. Analysing the way background as well as experience can hinder or foster
entrepreneurship. ......................................................................................................................10
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship can be defined as the procedure of establishing business and taking
financial risk in order to earn high profit. It can also be defined as the capacity and willingness to
develop, organise as well as manage business. A person who establish as well as manage
business is known as an entrepreneur. An entrepreneur requires special skills and knowledge for
launching and managing business. The main purpose of entrepreneurship is to maintain the
sustainability of business in the market. Entrepreneurship has great importance as it can change
the way an individual live. In addition to this, entrepreneurship is considered to be as one of the
most crucial input in economic development of nation.
The report will focus on identifying the different types of entrepreneurial venture. Study
also emphasizes on assessing the effect of small business on the economy of the nation. Report
will also highlight the significance of small business in context of social and economic
development of nation.
LO 1
P1. Different types of entrepreneurial venture and analysing the way they related to the typology
of entrepreneurship
Entrepreneurship can also be referred to as a procedure of designing, launching and
managing new business. There are different types of entrepreneurial ventures and the way they
are related to typology are as follows :
Small business entrepreneurship : It is basically an organisation which is owned as
well as managed by one person. An entrepreneur establishes business by utilising limited
resources as well as developing plan. Business owner is mainly responsible for all risks a swell
as rewards. A business Ideas is basically related to the development of new goods or services
rather than existing business model. In context of UK, nation consists of approx. 5.7 million
small business entrepreneurship (Bruton, Zahra and Cai, 2018). Some of small business
entrepreneurial ventures are grocery stores, travel agents, electricians etc. They are those people
who establish as well as run their own business. The main purpose of small business
entrepreneurial venture is to earn high profit and revenue in order to feed their family. An
individual takes bank loan , borrows money from friends as well as family members for fulfilling
the need of financial resources required for establishing business. The small b business have

turnover of less than £40 m. Sole trader , these are those firms which are owned as well as
managed by an individual person.
Scalable Start- up entrepreneurship : Such types of entrepreneurial business venture
are also established by an individual. Business owner is liable for profit as well as losses. The
main purpose of establishing scalable start up business is to bring the positive change in the
society. An entrepreneur of such type of business venture from the first day of establishing
business are aware about the fact that their vision could changer the world. Business
entrepreneur by sharing the innovative ideas attracts the investors and influence them to make
investment in their venture. The job of business owner in such types of business venture is to
identify repeatable as well as scalable business model. An entrepreneur of scalable Start up
entrepreneurship mainly concentrates on identifying suitable ways to expand business (Julien,
2018.). Business owner takes financial risk which is related to the implementation of innovative
business idea. Establishing the scaleable start ups typically requires external risk capital to
develop market demand. An individual needs to take unreasonable risk as well as efforts in
order to set up scalable start up business. Some of the scale start ups are Facebook, google etc.
these types of enterprise generally has low volume of sales.
Large company entrepreneurship: Such types of entrepreneurial ventures generally
consist of large number of employees. These type of businesses have complex management.
Large company entrepreneurship have number of business operations. The main objective of
such type of business venture to earn high profit as well as revenue. There are few external
variables such as changes in social factors, increase in competitions, amendment in laws forces
an enterprise for developing completely new products (Acs, Estrin and Szerb, 2018.). The
existing organisation facilitates disruptive innovation and fulfils the demand of customers by
acquiring innovative small firms. It is the size as well as culture which creates the hurdles in
innovation by large companies. Large companies generally have turnover of more than 1.5
billion euros.
Typologies
The typologies is basically a term which is utilised in order to describe the classifications
of different entrepreneurship. Entrepreneurs are classified on the basis of type of business:

Social entrepreneurship: It is basically all about addressing the social problems as well
as by establishing business staking high initiative in order to bring positive and drastic
improvement in the society. Social entrepreneurship is basically utilising the Start up
organisation as well as other entrepreneurs to develop. Funds and implement solutions to social,
environmental and cultural issues. A social entrepreneur is an individual who pursues innovative
ideas to solve the problems faced by people in the society. The main purpose of social
entrepreneurship is Social welfare (Schwens, Zapkau and Kabst, 2018.). Social entrepreneurs
generally concentrates on developing products or services for fulfilling the needs of people in the
society. Companies organising Educational programs, banking services in underserved areas,
helping poor children etc. are example of social Entrepreneurship.
Serial entrepreneurship : Serial entrepreneurs are those who continuously comes up with new
ideas and starts new businesses. But serial entrepreneur delegate their responsibility to some one
else.
Female entrepreneurship :Such types of entrepreneurial venture are managed by women. In such
type of organisation As women enter the workforce in ever-greater numbers, they gain
professional experience.
P2. Difference as well as similarities between entrepreneurial business venture
The difference between different entrepreneurial ventures are:
Basis Small business Scalable start Up Social
entrepreneurship
Objective The main objective of
small business is to
earn high profits as
well as revenue.
The objectives of
scalable start up is to
earn revenue and
foster business growth.
An individual by
establishing the social
entrepreneurial venture
intends to bring
positive change in the
society.
Focus These type of Such firms These organisations

enterprise has focus on
developing new
products or services.
concentrates on
identifying the suitable
ways for expanding
business.
mainly emphasizes on
addressing as well as
solving the various
problems faced by the
society.
Business model An entrepreneur
establishing small
business generally
develops new business
model
In context of Scalable
start Up, an
entrepreneur search
fore repeatable as well
as uses existing
business model.
New business model
is used by an
entrepreneur for
establishing the social
entrepreneurial
business venture.
Number of employees The small business
consist of fewer than
250 employees.
Scalable start
generally employees
fewer than 100
workers.
Such types of
companies can more
than 100 employees.
Funds An individual borrows
money from family
and friends in order to
fulfil the requirement
of financial resources
for establishing
business.
Business owner of
Scalable start venture
takes bank loan in
order to establish as
well as expansion of
business.
Social entrepreneurs
seeks financial
supports from
investors.
Similarities between Small business, scalable starts-up and social entrepreneurship
Basis Small business Scalable start Up Social
entrepreneurship
Liabilities of
entrepreneur
Business owner are
liable for all the profits
An entrepreneur is
responsible for
An entrepreneur is
liable for all business

as well as rewards. rewards and risk. activities.
Motive The main motive of
small business is to
expand business.
Scalable business by
developing as well as
pursuing innovative
ideas intends to
expand business.
Focus Small business have
focus on fulfilling the
needs of people in the
society by providing
them with good
quality of products or
services.
Scalable start up
concentrate on
innovation which can
be helpful for
development of
society and also for
economic growth of
nation. They also
concentrate on
bringing the positive
change in the world.
Social entrepreneur
mainly emphasizes on
addressing as well as
resolving the issues
faced by society.
Growth expectation Small business seeks
for more conservative
growth which involves
development of
reliable as well as long
term income source
(Haugh, Lyon and
Doherty, 2018.).
Start up has important
ned for rapid growth,
They seek financial
support from
government in order to
expand business.
Social entrepreneur
also foster growth by
seeking support from
government as well as
public.
LO 2
P3. Assessing relevant data and statics in order to illustrate the way micro as well a small
business effect economy
Small business enterprises can be defined as any business which consist of fewer that is
250 workers. In context of UK, it has been interpreted that there are approx. 5.4 million of small

business enterprises during 2016. Micro business consist of minimum 9 employees. During
2016, there were 5.3 million micro business in UK. Both micro business has made significant
contribution in generation of thirty two percent of employment in the nation. The small business
enterprises has created employment for approx. 15.7 million people(Ryff, 2018 ). Profit as well
as revenue earned by the micro as well as small business enterprise has positive effect on the
economic development of nation. In context of UK, micro as well as small business are
generating high revenue are earning high revenue by providing goods as well as services to
customers. In context of UK, the small medium enterprises is contributing approx. fourty seven
percent of revenue to UK economy. It is playing the significant role in boosting the
productivity. According to the survey conducted by CNBC as well as survey monkey the
small medium enterprise in UK has created the 60.5bbper cent employment opportunities for
people. In addition to this, report published by Enterprise research centre , it has been found
that ten thousands small businesses in UK are considered to be as a key underused resource
which is crucial for increasing productivity that is very much essential in order to maintain
demand as well as supply and also profitability of nation.
In context of United kingdom, during the year 2017, there were basically 4.5 million
small business, revenue generated by small organisation had made significant contribution in
Gross domestic product of the nation (Kaartemo, Coviello and Zettinig, 2018.).
P4. Analysing the significance of small business and Start ups to growth of social economy
Social economy can be defined as those companies those who are animated by the
principles of reciprocity for the pursuit of mutual social or economic benefit (What is Social
Economy, 2019)
Small business has great importance in context of maintaining the growth of social
economy. These organisations facilitate innovation in products or services which fulfils the basic
requirements of people in the society. As small business earn high revenue therefore they pay tax
which is then utilised by government for the development of society as well as nation. In
addition to this, it is the small business which generates the high level of employment in the
nation. Small business as they doe not have much capital to pay high salaries to workers but still
they employ people at low wages, but it is also very much helpful in context of reducing the
unemployment rate in the nation .

Small business enterprises in UK have positive impact on the economic development of
nation, they by attracting the investors provide additional source of income to government. In
context of UK, Small business enterprises has supported nation in overcoming the economic
crisis after Brexit (Lipset,2018). In addition to this, at international level, Small business
enterprise has by exporting the goods as well as establishing branches in different nation bought
foreign exchange in the nation and has helped nation in economic development. At national
level, small business by expanding business in different areas of country enhance revenue
generation which assist them in providing higher tax to the government and helps in reduction of
poverty.
LO 3
P5. Determining the characteristics and skills of successful entrepreneur
Specific skill set as characteristics are very much crucial to be developed by an individual
in order to become successful entrepreneur. Knowledge and core competencies such as risk
bearing capacity, high decision making power etc., are very much essential in order to establish
as well as ruin business in successful manner. Ms Rana Harvey is successful entrepreneur. She is
basically a business owner of Monster group. The website of monster group is
http://mathworld.wolfram.com/MonsterGroup.html. Monster group is basically a global
company which provides employement services to people.
. Under the leadership of Ms Rana Harvey is fostering business growth. The characteristics
which are posed by Ms Rana Harvey are
Creative skills :She creative skills using which Ms Rana generates new ideas.
Risk bearing capacity :Ms Rana Harvey have risk bearing capacity. She has vision as well as
goals.
Self motivation : In addition to this, Unique characteristics of Ms Rana is that She is self-
motivated in context of accomplishing desired objectives in life.
Management skills : Ms Rana Harvey also have good management skills which has supported in
managing such as big company in successful manner. She knows about the techniques used for

managing the resources finance as well as human resources, this is the reason Monster group has
able to generate high profit under her leadership.
skills posses by Jac Williams are :
Effective communication skills: an effective communication skills utilising which she motivates
other people to support her in accomplishment of specific goals (Malecki, 2018.). It is the good
communication skills which has supported Jac williams in building strong business network
which is very important in order to drive organisation towards success.
Leadership skills : In addition to this Jac williams also have an effective leader skills utilising
which has been successful in leading large workforce. Ms Rana posses the negotiation skills for
dealing with customers and also for mitigating internal issues.
Time management skills : Jac Williams also have time management skills which is very much
crucial in order to complete specific activity on time and also for ensuring success.
P6. Assessing the aspects of Entrepreneurial personality reflect entrepreneurial motivation a well
as mindset.
Good personality is very much important to be posed by an individual in order to
establish business. In context of Ms Rana she has good personality as well as She is self-
motivated, these qualities support her in dealing with different issues as well as risk associated
with establishing business. Personality of an entrepreneurship includes those characteristics by
utilising which an individual can develop new ideas as well as implement the same in order to
generate more revenue. It is very much crucial for an entrepreneur to develop new ideas for
fulfilling the needs and demands of customers in order to maintain business sustainability.
Business owners are required to develop vision and goals as well as they re required to develop
strategies for accomplishing the same. In addition to this, an entrepreneur in order to foster
business needs to explore as well as capture the opportunities to make sales and generate revenue
(Dana, 2018). Therefore, business owners are required to be self-motivated in context of
running business by managing risks. In addition to this, an entrepreneur is also required to have
proper mindset which will provide them, an easer in accomplishing desired objectives. For
example, Ms Rana is highly passionate about her business and she is highly motivated. In
addition to this, most important thing is that Ms Rana believes in her self and she has high level

of confidence which is very much essential in order to run as well as manage business in
successful manner. The main characteristics of Ms Rana is that She is hard worker. Ms Rana can
make plan effectively ass well as manage business in systematic manner. She has ability to take
risk, communicate with customers c which are considered to be as very much important in order
to drive business towards success. It is the individual personality which reflects their motivation
to start business. Personality plays important role in order to influence investors to maker
investment in business.
Mark Zukerberg has good personality and depth knowledge about business. He is
basically a owner of social media platform such as Facebook. It is basically a online social media
company which offers networking services .
In addition to this, he also have high decision making as well as influencing power. In addition
to this, Mark Zukerberg has strategic thinking which assist them in development of new ideas
for solving specific business issue.
LO 4
P 7. Analysing the way background as well as experience can hinder or foster entrepreneurship.
Personal background as well as experience have significant effect on business. It can also
hinders as well as foster entrepreneurship. The personal background in context of
entrepreneurship refers to the support from family as well as friends, as these people can
motivate an individual to establish their own business and to become an entrepreneur. If an
individual get proper support from family as well as friends they feel highly encouraged to start
their own business. In addition to this, financial situation of the family is other major factor
which can influence an individual risk taking ability (Sutter, Bruton and Chen, 2019.). In context
of establishing as well as managing business in experience is very much important. It is the
experience which helps an individual in identifying the suitable ways for eliminating the hurdles
which might occur in establishing as well as managing business. Good experience motivates an
individual to establish their own business (Frederick, O'Connor and Kuratko, 2018).
For instance, Ms Rana is basically a chemist, she has established the Monster group. Ms
Rana has got support from her team members which has motivated her to run company. In
addition to this, Ms Rana has strong financial background which has enabled her to take high
risk associated with establishment of business. In addition to this, Ms Rana has completed her
education in management field which has helped in increasing her confidence related to the

establishment of business. In context of Ms Rana she is highly inspired by Mark Zukerberg who
is owner of Grand touch organisation. An enterprise provides consultancy to other firms (Dey,
2018). Mark Zuckerberg is also self-motivated and he has established business while failed to
find job. But Mark Zukerberg has created the good experience for his students as well as
customers which has encouraged him to start his own business. Mark Zukerberg has failed in
establishing existing business due to inefficient team as well as lack of motivation. Mark
Zukerberg belongs to the middle class family, the financial crisis in the family has forced him
top identify new source of generating income.
CONCLUSION
It has been concluded from the report that entrepreneurship is a potential of an individual
to take risk and establish business in order to earn high profit. The other fact which has been
discovered from the study is that there are different types of entrepreneurial ventures which are
established in order to accomplish specific objectives. It has also been concluded that in context
of UK, micro as well as small businesses has made significant contribution in the economic
development of nation. The other fact which has been found that generation of employment in
the nation is the main contribution which has been made by small business. It has also been
concluded that small business has great significance as they attract investment which can be
utilised for the development of society.
It has been suggested that an individual is required to develop the potential of taking risk
in order to become a successful entrepreneur.

REFERENCES
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Malecki, E.J., 2018. Entrepreneurship and entrepreneurial ecosystems. Geography
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Dana, L.P., 2018. ENTREPRENEURSHIP & SMALL BUSINESS.
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