Report on Entrepreneurial Ventures, Business Impact, and Growth

This report provides a comprehensive overview of entrepreneurship, exploring different types of entrepreneurial ventures, including small businesses, social enterprises, and large corporations. It delves into the similarities and differences between these ventures, analyzing their characteristics and im...Read More

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Table of Contents
INTRODUCTION ..........................................................................................................................3
Activity 1.........................................................................................................................................3
P1 Different types of entrepreneurial venture and explain how they relate to the Typology of
entrepreneurship .........................................................................................................................3
P2- similarities and differences between entrepreneurial venture............................................4
M1- Diverse range of entrepreneurial venture to understand entrepreneurship in public and
corporate sector...........................................................................................................................6
D1- The scope, development and growth of entrepreneurial venture........................................6
P3- Impact of micro and small businesses on economy.............................................................7
P4- Importance of the small business and business setups to the growth of social economy..7
ACTIVITY- 2..................................................................................................................................8
P5- Characteristics traits and skills of the successful entrepreneur that differentiate them
from the other business mangers.................................................................................................8
P6- aspect of the personality reflect entrepreneurial Motivation and mindset........................9
P7- How background and experience can hider r fosters entrepreneurship...........................10
CONCLSUION .............................................................................................................................10
REFERANCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship refers to the concept of managing and developing a business venture in
order to gain profits by taking several risks in corporate world. Entrepreneur take risk in the
business and find the success of investment, so they can covert their imagination into the reality.
This report will discuss bout ventures of entrepreneurial ship and it will explain impact
of small business on the economy of the country. This report will discuss about key aspect of
entrepreneurship mindset. In the end of this report will analysis different environment that foster
or hinder entrepreneurship
Activity 1
P1 Different types of entrepreneurial venture and explain how they relate to the Typology of
entrepreneurship
There are different entrepreneurial ventures which are having different business
activities but some similarities as well. Top business ventures in the entrepreneurship are -
Small business entrepreneurship
Small Enterprises are the start up business which can be Grocery stores, hairdressers,
carpenters, plumbers etc. Anyone can owners of the small business and mainly they hire
employees which are from their home, relatives and friends. The scope of a small business is
less than 49 employees with a turnover of less than £10 million. Small businesses usually relate
most to the technological entrepreneurship model as they have are usually more innovative and
are often technology based companies. In addition it can be said that business at small scale is
being run for fostering family and not for earning much money. For running this business it is
important for entrepreneur of having discipline and creativity because it is stated that small
businesses of the UK are more likely to improve economy by bringing innovation and creativity
as well.
In small business entrepreneur businessman take money from their friends and family, so they
can start their business. This kind of business have huge contribution to the economy and their
main concern is to earn profit by providing services and product top their customers.
Social good enterprise
Social entrepreneurs are innovators who focus on creating products and services that
solve social needs and problems. The social entrepreneur will usually create a social enterprise
and be less focused on making money for himself. All those businesses whose main aim is to

create to wealth and improving society well being is known as social. Although they may be
classed as nonprofit, for-profit, or hybrid, all Social enterprises aim to make a profit, but this
profit is used for the social action not given to shareholders. A social enterprise can be a micro,
small, medium or large enterprise, this is determined by the number of employees they have and
how much turnover they make.
In this type of business, entrepreneur run business and performs all business activities for social
welfare and removing the gap between the rich and the poor. People who have willingness to
work for other and who think for others before them and earning money are more likely to
establish and run social types of businesses.
In this business venture businessman build good and innovate new services which helps to
make life of the people good and their goal is to maximizing impacts sustainable way. Some of
the busies like a company who helps to give global health issues and no profitable company
with the philanthropic mission.
Large companies
Large companies have finite life cycles. Most grow through sustaining innovation,
offering new products that are variants around their core products. Changes in customer tastes,
new technologies, legislation, new competitors, etc. can create pressure for more disruptive
innovation – requiring large companies to create entirely new products sold into new customers
in new markets. Existing companies do this by either acquiring innovative companies or
attempting to build a disruptive product inside. Ironically, large company size and culture make
disruptive innovation extremely difficult to execute. Large enterprises have over 250 employees
and are usually related to the Corporate Entrepreneurship as they focus on making high profits
for the shareholder.
Typology
Lifestyle
It is the main type of business which is being run for improving lifestyle. The main aim is to
change lifestyle of the society and for them as well. For accomplishing this goal, entrepreneur
requires having willingness as well as passion of learning something new and adapting change in
an effective manner. People who have abilities of learning new things are more likely to improve
their lifestyle along with earning money.

Scalable Startup Entrepreneurship
Scalable startups are the what Silicon Valey entrepreneurs and their ventures investors
do. This kind of businessman starts their business from the day one that their vision could be to
change the whole world. They attract the investors who can invest on their company. The main
skill of such kind of business and entrepreneur is creativity and innovation and with these skills
they enter into large market and taking share aware from incumbents and focus on developing or
expanding their business nit just big but huge.
P2- similarities and differences between entrepreneurial venture
Each and every entrepreneurial venture have some differences and some similarities.
Which shows how this all ventures work here are some similarities and differences in all four
ventures.
Type of enterprise Similarities Differences
Small V/S Large business
enterprise
Large and small both kind of
business work to get their
won benefits in the business.
They always understand the
needs of their customers, so
they can satisfy their needs. As
a result both the ventures able
to improve their profitability
in businessmen
Small business have lower
financial resources while large
business have strong financial
resources to run their day to
day activities.
Small businesses work on the
local level but large business
work on the national level and
provide their product in all
over the country.
Social V/s Medium Enterprise Both social and medium
business have aim to provide
benefits to the society, for this
they also developed new ideas
which can add some value in
their life. Both the enterprise
Social entrepreneurship deal
with the society people who
are having problem, so they
can helps them . This helps to
improving their standard.
Whole in relation with the

have tendency to take risk,
so they can get better result
for that they also adopt new
technology in their business,
so they can increase their
production.
medium enterprise, they work
with the mission of creating
the best products for customers
to make profits, so they
implement new innovation
and ideas and thoughts.
Lifestyle and survival
entrepreneurial venture
. A lifestyle entrepreneurship
is a business in which
entrepreneur does not have
much money for investment
and also does not have
physical location as they make
their living online. For
managing their business they
require limited resources just
for improving their lifestyle
initially.
Survival are also like lifestyle
as they earn for fostering their
family and surviving.
Lifestyle entrepreneurship
venture basically to do with
following passion and work
which an individual loves to
do, some of the best examples
are a travels bloggers who
travel to different places, so
they can follow their passion.
They require flexibility and
creativity. Whereas, survival
entrepreneurs require ability to
run business and innovation
for being in the market.
M1- Diverse range of entrepreneurial venture to understand entrepreneurship in public and
corporate sector.
Public sector entrepreneurship is an idea that how's times has come. As the challenges
for this sector services and society become more actual and more complex. Three sector
entrepreneurship is having three distinct components which are actions that are innovative and
that transform to the status ques. Collaboration is essential in this entrepreneurship, who seeks
to build coalitions for the change across government, business and civil society, often knowing
when to let go in other too else to lead. Entrepreneurship in the public sector is an innovative
initiative which result

In a private sector entrepreneur start their own work privately where come up with
their own idea and innovation, so they can ear profit and make their business successful. This is
an idea of single person to achieve their goals.
D1- The scope, development and growth of entrepreneurial venture
Entrepreneurship decreases the risk in the business through proper planning, research
and development and the scope of the entrepreneurship ventures is small, large, scale up and
social entrepreneurship provide good scope for the individual person. It also helps to
developed new skills in a persona, so they can earn profit by doing business. Proper planing and
business set up also provide growth to the business and entrepreneur can start their business
and become successful business man.
Entrepreneurial venture contribute to many factors which are connected with the growth
of the country and this cannot be ignored so easily. Some of the factors which include the
employment opportunities. Entrepreneurial venture helps to create new jobs in the economy so
people can be employed, and they can ear money for their living. This also bring the innovation
and ideas for the growth and provide strength to the economy and mostly this business pay the
taxes to the country which is used to provide benefits for the society and improvement in
the infrastructure of the particular country. They also bring the new technology which is useful
for the country.
P3- Impact of micro and small businesses on economy
Micro and small business has huge impact on the economy of the UK . The importance
of the micro and small businesses to the local communities in the Untied kingdom is
emotionally rooted to the selling and buying with the neighbors. The importance of the small
business in the UK rural areas and the big cities also is seen in the economic benefits of the
shopping locally. Small and micro business are backbone of the UK economy which helps to
driven growth, creating jobs, operating new markets . This shows that their contribution in the
economy is vital. Micro entities are every small business. In 2018, Parliament of the UK
identified that 5.7 million SME's are making up to the 99 percent of the all businesses in the
country. There were more than 5.4 million micro business which accounts for the 96 percent
of the business in UK.
Contribution to local Government with taxes

Micro and small business pay taxes to the state government which helps to develop the
infrastructure of the particular state. They are essentially giving money back to their local
community. Local business and Micro business generate higher revenue which means that the
business will pay the higher taxes which also include property taxes.
Employing local workers
Small and micro business create employment opportunities for the local people. Which is
also direct contribution to the economy. People can get job, and they can earn for their living,
and they can spend money to full fill their demand ad heir basic needs.
Figure 1Profit by small and medium enterprises
Sources: (Median Profit Made by Small and Medium Enterprises in the UK, 2018)

Create revenue for government '
Government make their income through the revenue they get from the business and
small business also pay the taxes to the government and government use it for their spending
on the people. Small and micro business also take loan from the banks for their business
activities which helps to rotate money in the economy.
P4- Importance of the small business and business setups to the growth of social economy
More than 39 percent of the small business run by the females , who create around 8
percent of the employment and also generate the revenue around 4.2 percent of the total. Small
business has huge contribution to the social economy7 where they help to create jobs
opportunities and drive the countries economic growth in the smaller geographic areas and
also make the UK market more competitive which is direct contribution to the Social economy
of the country there are some benefits of the small business to the social economy .
Creating employment
Small business create new jobs for the people, so they can earn money, and they can
able to cause to fulfill their basic needs. This is an direct contribution of the social economy
because if people will be employed then they can live better life and spend money to fulfill
their needs.
Innovation
Small business come up with the new innovation and ideas which helps to satisfy the
needs and demand of the society, and they can use to make their living more better. New
innovation and ideas can be about the product and services which can be useful for the
society and their welfare.
Meeting the social purpose
It also helps to meeting the social purpose because they are paying taxes to the
government which is directly pass on to the society and their welfare. People get better schools,
education and better infrastructure.

ACTIVITY- 2
P5- Characteristics traits and skills of the successful entrepreneur that differentiate them from
the other business mangers
To become a successful entrepreneur individual person need to have some skills and
characteristics, so they can create an new ideas or plan which can be unique and attractive for
the people. There are many successful entrepreneurs, who have started from noting but now
they are top entrepreneur and earning billions of dollars per year. They have all the
characteristics which are required to become a entrepreneur. Two most popular and successful
entrepreneur are Michael Bloomberg and Bill gates who started their life withing having
anythings. Here are some characteristics and skills which are required to become successful
entrepreneur-
Creative mind
This one of the necessary skills which is required in the person should have creative
mind, and they should think to make the things more easy for the people or innovating things
which can be useful for the people. Business managers tend to be less creative and more happy
to carry on doing what they already do, this is what makes entrepreneurs different to managers.
Confident
They should always be confident about their idea and their plan. They will need confident
when they will find the investors they thy have to communicate with them, so they should be in
confident. Other business managers would still be confident but not as much as entrepreneurs.
Entrepreneurs look for opportunities and have the confidence to take them, but other business
managers might not see the opportunity, and then not have the confidence to take the risk.
Risk takers
This characteristics must required in the person if they want to be successful
entrepreneur. They need to take risk in the business, so they can get better outcomes. People
who want to become entrepreneur should take the risk in their business to innovate their
business. This is different to other managers who do not like tasking risks as it might harm the
company’s profit.
P6- aspect of the personality reflect entrepreneurial Motivation and mindset
Every successful entrepreneur developed their own personality which helps to reflect
their mindset and their motivation. It is necessary for the people to create their own personality

by developing the skills and mindset. Big five personality Traits is the model which helps to
describe the theory of extroversion , agreeableness, openness, conscientiousness and
neuroticism. This Traits help to make the personality of the people.
Big five personality Traits
Openness
People who like to learn new things and enjoy new experiences usually score high in
openness. Openness includes traits like being insightful and imaginative and having a wide
variety of interests. The openness of entrepreneurs makes them more able to see new
opportunities and have the confidence to take risks.
Conscientiousness
This are the people who have the high degree of the conscientiousness are reliable and
prompt. Traits which also include methodical and thorough and being organized. It is
necessary for the people to develop this traits to create their personality. Being conscientious
means entrepreneurs are more hard working and are more motivated to do whatever it takes to
make the venture successful.
Extroversion
Extraverts get their energy from the interacting with the others people, while the
introverts get their energy for those people- new entrepreneurs should learn to talk in the
group, and they can take the helps of the people. This trait makes the entrepreneur more
confident in their ability and gives them the motivation to want to succeed.
Agreeableness
These individuals are money likely to be friendly, compassionate and cooperative as
compare to the normal people and the people who are having every low agreeableness may be
more distant. This people are kind with the other and ready to help others. This makes the
entrepreneur more able to influence other peoples actions to do what they want. This gives the
entrepreneur motivation to succeed as he will have more people working with him and
supporting him.
Neuroticism
This is also called emotional stability. This dimension relates to one’s emotional
stability and degree of negative emotions. People that score high on neuroticism often experience

emotional instability and negative emotions. This also affects the motivation of the individual, in
the case of entrepreneurs, emotional stability is likely to make them more confident to take risks.
P7- How background and experience can hider r fosters entrepreneurship
Michael Bloomberg
Michael Bloomberg us an American Business man, Author, politician and
Philanthropic. He is also an owner and co- founder of the Bloomberg L.P. This entrepreneur
start his career at the security brokerage salomon brother before forming their own company.
His company provides information related to the finance, make software and also films
which are known for their Bloomberg Terminal. Michael Bloomberg also rank in the most
richest man alive in all over the world and his estimated worth is 55.5 billion US dollars. His
background and experience in brokerage gave him the knowledge he needed to see an
opportunity to start his own business. if he had started his career in another industry, he might
never have created the business and never become an entrepreneur.
Bill gates
Bill gates also an American entrepreneur who develop the software, investor and
philanthropist. He is the Co- founder of the company Microsoft which is famous in all around
the world. In the starting of his career he was on the position of the Chief software , while
also being the largest individual shareholder until the may 2014. during the late 90's Bill
gates always been criticized for his business tactics, which have been considers as anti
comparative, but he showed to the world that how useful his software I and now his software
is used in every country, and he also rank 1st in the worlds richest man in all over the world. Bill
Gates knowledge of computers gave him the idea to develop software, but if he had not gained
this knowledge at a young age, he might not have known enough about computers to build the
software. Bill gates family also encouraged him to be competitive when he was a child which
helped him become competitive as an adult, this competitiveness was one of the reasons for him
wanting to success in his career.
CONCLSUION
AS per the report will discuss bout ventures of entrepreneurial ship and it has been
explained impact of small business on the economy of the country. This report also has been
discuss key aspect of entrepreneurship mindset. In the end of this report has been analysis
different environment that foster or hinder entrepreneurship.

REFERANCES
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Cardenete, M. A. and Garcia-Tapial, J., 2019. Assessing the economic impact of
entrepreneurship on a regional economy using social accounting matrices: the case of
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Online

Median Profit Made by Small and Medium Enterprises in the UK. 2018. [Online].
Available through <https://www.statista.com/statistics/291270/small-and-
medium-enterprises-sme-median-average-profit-in-the-uk/>