Entrepreneurship Report: Ventures, Skills, and Economic Influence

This report delves into the multifaceted world of entrepreneurship, examining different types of entrepreneurial ventures such as small businesses, scalable startups, large company ventures, and social ventures. It explores the similarities and differences between these ventures, highlighting their goals, mindsets, and value creation strategies. The report then analyzes the significant impact of micro and small businesses on the UK economy, including their contributions to economic growth, employment generation, support for domestic industries, poverty reduction, and improved standards of living. Furthermore, it assesses the crucial role of small businesses and startups in fostering the growth of the social economy, emphasizing their contributions to job creation, idea generation, innovation, skill development, and reduced dependency. The report also identifies the key characteristics, traits, and skills that distinguish successful entrepreneurs from other business managers, and assesses how background and experience can either hinder or foster entrepreneurship, supported by relevant examples obtained through mini-research.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship......................................................................................................3
P2Explore the similarities and differences between entrepreneurial ventures............................4
TASK 2............................................................................................................................................5
P3Assess and interpret relevant data and statistics in your mini-research, to illustrate how
micro and small businesses impact on the economy...................................................................5
TASK 3............................................................................................................................................7
P5Determine the characteristics, traits and skills of successful entrepreneurs, which
differentiate them from other business managers.......................................................................7
P6Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set................................................................................................................................9
TASK 4..........................................................................................................................................10
P7Examine , using relevant examples obtained through your mini-research, how background
and experience can hinder or foster entrepreneurship...............................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is the procedure of building and developing new business by making
new product or selling goods and services. The person who carries the procedure of
Entrepreneurship is know as Entrepreneur. An enterprise can be established by a single
entrepreneur or group of entrepreneur. Entrepreneurs are the people who are passionate to start a
new venture (Alsos, Carter and Ljunggren, 2011). They cannot work under any other person.
There are few risk associated with entrepreneurship such as entrepreneur has to leave a secured
source of income and they have to leave their family and social life behind and it not easy to set
up business in the already established market, raising capital without creditability is a difficult
task.
This Project Report will state types of Entrepreneurship, Similarities and differences
among different ventures of Entrepreneurship, the risk associated with entrepreneurship, the
effect of entrepreneurship on the economy of UK (Awogbenle and Iwuamadi, 2010).
TASK 1
P1Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Enterpreneureship is refers to design, launching and developing a business which is
typically start from a small business or start ups. They offer products, service to their potential
customers. The main aim of such business unit is to develop capacity, manage a business to earn
profit in the long run. It is more difficult to start a venture due to unavailability of funds, lack of
experience, and investment (Barringer, 2012). It requires long term strategies and business plan
which can help to attain their ambitions. There are different types of entrepreneurialism business
which are as given below:
Small business ventures: This is one of the common forms of business where a person
can start its venture with the motive of making profits. The owner of the business is having
control and manages its operational activities with the help of the local workers. There are
various small business units such as local grocery stores, salon, travel agency, electricians etc.
the role of governmental inn small business organisation is too significant. The government can
provide loans and other types of support to promote their business (Bosma and Levie, 2010).

Scalable start up ventures: This is another form of venture which is established with a
motive to change the vision of the world. Most of scalable start ups are related with the
innovation, information technology and business research which can attract large number of
investors due its potential growth. This type of small business unit’s main motive is to develop
market for their products and services which can make profit in the near future (Bruton,Ahlstrom
and Li, 2010). Such kind of venture has best human resources which are working together to
attain their long term goals and objectives.
Large company venture: This kind of business is quite large as compare to other types
of venture which requires large amount of capital to start a business. There are various investors
and institutions such as banks and financial authorities can provide funds to large company in
order to expand their business. These start ups as are generally related with innovation,
information technology and technology developments (Carraher and Paridon, 2015).
Social venture: This type of start up is focused on designing and developing new
product, services and process to the society. These businesses are mostly non profit which can be
private or government funded. The main motive of such venture is to provide welfare and well-
being in the community.
Above mentioned entrepreneurship forms are related with typology of start ups. Small
business units are associated with high risk due to lack of expertise, experience and funds. The
main objectives of such organisations are to make innovative products and services and which
can provide potential growth and attract large number of investors (Carsrud and Brännback,
2011).
P2Explore the similarities and differences between entrepreneurial ventures.
There are different similarities and dissimilarities among small business ventures. This
entrepreneural units have diffrent vision and objectives and its size and scope. For example,
social venture’s main aim is to work for society and on the other hand small venture main aim is
to earn profits. These similarities and differences between various types of entrepreneur units are
as given below:
Goals: There are different objectives of various venture business units on the basis of
their size, scope and goals. A small business organisation’s main goal is to produce goods and

services for their customers and maintain their potential growth in the market. On the other
hand, social entrepreneur focuses on making products, services for the betterment of society.
Mondset: The main differences in the mindset of business unit is to earn profitability and
provide sustainable growth for their investors. On the other hand, social entrepreneurship main
motive is to provide well-being to the community (Chittithaworn and et. al., 2011).
Value creation: This is another difference between the business and social ventures. The
small business is focused on the value creation to provide quality goods and services to their
customers at a competitve pricing. On the other hand, social venture is to serve community
through social services.
Apart from that, there are various similarities between social and business ventures.
These small unit requires funds to operate their business which can be managed by the different
sources. To start such kind of start ups, it requires a small amount of investment and human
resource. To manage and operate their activities it needs a variety of skills and capabilities which
can help to attain their long term goals as well as objectives (Dacin, Dacin and Matear, 2010).
TASK 2
P3Assess and interpret relevant data and statistics in your mini-research, to
illustrate how micro and small businesses impact on the economy.
Entrepreneurship plays a prominent role in growth and development of United Kingdom
economy. These types of small business unit can provide large number of employment, generate
revenue and support local economy of the nation. This entrepreneur business can help to improve
poverty and increase the standard of living which can attract foreign investment in the economy
(Defourny and Nyssens, 2010). These venture impacts are described as given below:
Support economic growth:These kind of business ventures are directly support to the
economic growth of the country. According to the higher authority of United Kingdom these
enterprises have contribute 1.8 trillion pound which is approx 47% of private sector. These small
business unit are managed and controlled by the private owners and paid a good return in terms
of tax which can support various government programmes and sachems. It is reported that
approx 38% small medium enterprises are involved in the innovation and technological aspects
which can increase the country competitiveness at the global level (Dennis W.J., 2011).

Employment generation: There are large number of small entrepreneur in the country
which can provide large portion of employment directly or indirectly. Apart from that, new
business venture can also increase the new employment opportunities in the economy. According
to the government data most of the graduates are willing to start their own business which can be
supported by the government fund or private equity (Drucker, 2014). The majority of such
venture are not employer for instance, sole trader who work independently. These entrepreneur
employee approx. 25 million people in the country which accounts 60% In the private sectors.
Support to domestic industry: There are various industries such as retail, manufacturing,
and repairing motor vehicles which are backbone of the United Kingdom economy. These SME
sectors is contribute 46% revenue in one of these sectors. It can increase the export activities of
the country which can leads to increase the foreign investment in the country.
Overcome poverty: Entrepreneurship also help to remove the poverty from the country.
Due to increase inn the employment rate, growth and development which can to increase the per
capita income of an individual (Durst and Runar Edvardsson, 2012).
Improve standard of living: The role of small entrepreneur in the country are support the
all economic aspects. Due to increase in the economic activities and employment growth, it can
leads to increase in the income level and standard of living which is a sign healthy and prosper
economy.
Above described elements are having a large impact on the UK economy which can
increase their competencies at the global level. These small ventures are provide large number of
jobs and increase the demand and production in the nation. It can reduces the external and global
impact on the economy which is good sign of strong nation in terms of wealth (Ebert and et. al.,
2014).
P4 Explain how important small businesses and business start –ups will
contribute to the growth of the social economy.
Social economy is a economic structure where various non profit organisation and
cooperatives societies are working together in order provide welfare and community benefits to
the society. It is third sector which is mixed up of private and public sector organisation.
Entrepreneur business played a prominent role in the growth and development of social economy
(Fayolle, 2013). There are following significance of start ups such economy:

Job creator: These business units are provide new jobs to the society which can directly support
to the social economy of the nation. These business organisations are required various human
resource tom performed their business activities which can increase the need and demand of
large number of people. Both private and public sectors are sharing their resources which can
create new opportunities in the market (George and Bock, 2011).
Idea generator: Entrepreneurship required creative and innovative idea which can converted in
the small business and transform in to large corporation. In society economy, government
provide support such as finance, expertise and legal protection which can motivate entrepreneurs
which can generate new idea.
Innovation: Most of the start ups are related with the innovation, technology, information
technology which contribute in the social economy. Due to support from various institutions they
can focused on the research and development and generate new innovation which can provide
well-being and welfare of the community (Herrington and et. al., 2010).
Skill and capacity development: There are various new start ups and entrepreneur business unit
which requires skilled work force. In a social economy there are various types of human
resources such as skilled, semi-skilled and new joinee which can support business activities.
With the collective efforts of private and public organisation they can develop new skills and
capabilities of their workforce which can make them more employable in the market.
Reduces dependency: Due to increase in the start up environments in the social economy it can
reduced the dependency. Increase in the employment and income level of the people can
overcome the government support like financial, healthcare, education and so on. It is a symbol
of wealthy and prosper society of the country (Jones and Rowley, 2011).
TASK 3
P5Determine the characteristics, traits and skills of successful
entrepreneurs, which differentiate them from other business managers.
Entrepreneur is a person who start a business and organise its activities in
order to utilizing market opportunities and make profits. There are various
decisions which can make by the owner of the small venture such as how
goods and services produced, selection of suppliers and so on. An
entrepreneur is a person who taking risk and monitors all business activities

in order to attain their long term goals and objectives. There are two types
of entrepreneur who give the example of successful entrepreneurs to the
world. One is Jack Maa, who is build one of the large online retail company
namely Alibaba. This is online retail store which dealing with B2B, C2C and
B2C segment. It provides electronic payments, data cloud and shopping
online platform to their customers. The other one is Steve Jobs, who is the
founder of Apple, Inc which is one of the best mobile phone company
(Kirzner, 2015). Therefore, each and every entrepreneur required few
characteristic and traits which can help to make them successful in their
business venture. There are following characteristic as given below:
Innovative : This is the most essential characteristic of an entrepreneur. An entrepreneur needs
to have great innovate mindset and skill. There is a huge competition in the industry so to thrive
in that competition entrepreneur has to have some innovative skill.
Disciplined: To be a successful entrepreneur or founder he should follow some work ethic such
as discipline nature. An entrepreneur should be goal-oriented and to fulfil those goals working
with discipline should be done Entrepreneur should have a proper plan regarding everything
before starting any venture like comprehensive study of the market and drafting techniques to
overcome any issue. Entrepreneur should be highly disciplined to achieve there desired objective
(Leitch, Hill and Neergaard, 2010).
Confidence: In today's competitive environment having the skill, academics and degree is not
important. Entrepreneur should have confidence in what they are doing, in order to succeed they
need to meet new people and to increase the sales the have to sell the product to anybody without
confidence which is very difficult . They are ready to take risks in any manner. To make there
business succeed entrepreneur need to have confidence in the work they are doing . This
conclude that confidence is the major attribute which the entrepreneur have to possess in order to
succeed.
Open minded: Entrepreneur should have open-mind as they need to think that every event is a
business opportunity for them. An entrepreneur should always have a learning mindset as the
business environment is very dynamic and it is changing rapidly (Martin, McNally and Kay,
2013). Founders should be goal-oriented but also need the skill set to observe the surrounding

environment. The business-owners should use the open-mind set to operate the company most
efficient manner.
Self motivated: It take time to establish the company so the founder of business should be
patient and self-motivated as there are no or very less financial rewards in the initial years. To be
a entrepreneur is needs lot of passion and zeal. Entrepreneur start taking action for the future
growth and as they work for passion not money so they do not have the need to get motivation
from outside (Onetti and et. al., 2012).
Full of determination: To be a successful entrepreneur there should be full determination
towards the achievement of goals as the primary reward for the entrepreneur is not financial it is
the fulfilment of passion . Increasing the revenue, growing the business at constant growth rate,
hiring right people for the organisation are few goals of business which can be achieved by full
determination.
Difference between entrepreneur and business manager
Entrepreneur Business manager
Entrepreneur is a person who start
their business, by taking risk to earn
profit.
Manager is a person who manage
and control the business
organisation.
He focused on the start up which can
provide goods and services to its
customer and create potential
growth in their business.
It administering an ongoing business
and its operations.
He is the owner of the business
which having unlimited liabilities on
risk and debt.
He is a employee of an organisation
with the limited liability on the
losses.
He is a risk taker in order to earn
maximum profits.
Manager is risk averse which cam
try to minimise the potential risk and
losses
It is full of confidence and self
motivation which makes him to
Business managers has to motivate
its employees in order to achieve the

achieve the goals set respectively
(Welter, 2011).
set targets and objectives of
company by top management.
P6Assess how aspects of the entrepreneurial personality reflect
entrepreneurial motivation and mind-set.
It is important for a entrepreneur is that to create and develop abilities to operate their business
activities through taking risk and earn profits. There are various unique characteristic and
personality traits which can differentiate best entrepreneur among others in the world. These
personalities can attract new and upcoming entrepreneur and motivate them in order to make
their business successful in the near future (Alsos, Carter and Ljunggren, 2011). As discussed
above, there are two personalities such as Jack Maa and Steve Jobs are one of the most
successful entrepreneur in the world. They can inspired other specially young generation in order
to start their new business. Jack Maa has started their online application which can provide goods
without going outside from home. There are various characteristic in the Jack Maa such as
innovative, risk taker, confident, and determination which inspired people. There are large
number of person which can interest in the field of technology and innovation and want to start
their own business (Awogbenle and Iwuamadi, 2010). As a entrepreneur discipline is one of the
important characteristic which can help in to planning and designing their business plan and
target and try to completed on time. On the other hand, Steve Jobs was of opinion that “
Innovation distinguish between a leader and follower.” According to the Steve self motivation
and dedication are one of the most important element which can help to make successful. His
opinion that as a entrepreneur required that to extremely passionate about your business and
make decision fearless. As a start up business man, it is essential that never satisfied with target
and goals. According to him in the field of innovation always try to improve product design and
features inn order to attain long term success as a entrepreneur. There opinion that try to
overcome its upcoming threats and weaknesses by careful analyses of business environments and
use business strength and opportunities which can help to provide competitive advantage over
rival companies (Barringer, 2012). They also suggested that communication played a significant
role in the business. So that they con easily conveyed their message to various stakeholders such
as employees, investors, customer and so on. It can increase the motivation and confidence level

which is too important as a entrepreneur. It is required that as a entrepreneur always learn new
things and apply in to their business which can make them successful entrepreneur.
TASK 4
P7Examine , using relevant examples obtained through your mini-research, how background
and experience can hinder or foster entrepreneurship.
Background and experience is having a great impact on the entrepreneurship. There are large
number of entrepreneurs who are influenced by their experience and its success history. The
background is related with the family, education and other personal and professional factors.
These background help to determination of level of thinking, thinking process and other
considerable aspects (Bosma and Levie, J 2010). There are two types of experience which can
influence the decision making of entrepreneur such as positive and negative. The rate of success
in a start up are quite limited which can increase negative approach in the mind. On the other
hand it it can also motivate of an individual is to try best approach in order to attain success in
the business. Entrepreneur also influenced with it educational background in the different fields
such as marketing, finance, human resource and so on. If a person can attain qualification and
then take a experience in a corporation can increase its confidence level and also increase their
probability of success in its business (Bruton,Ahlstrom and Li, H.L., 2010). Government played
a significant role in the success of entrepreneurship in the country. To promote the start up
environment in the nation they required to make various policies and legislation which can
support small business unit. To provide protection to these businesses, create ease of doing
business which can help to start their business. Apart form that they can also provide financial
assistance and expertise to small business units. It can increase the success rate of their business
and generate revenue for the government in the near future. As above discussion, experience can
played a prominent role in small business organisation. Therefore, large corporate houses and
companies can provide funds and expertise to them. So that they will become large business and
earn sufficient return to them which beneficial for both (Carraher, and Paridon, 2015). It can be a
foster factor for entrepreneurs and increase their potentials increase the success rate of start ups
business.

CONCLUSION
As per the above mentioned report it has been concluded researches on entrepreneurship
and its impact on the economy of United Kingdom. It is required various skills and capabilities
in order to make a successful entrepreneur. These characteristic involved, confidence, discipline,
self motivated, innovative, risk taker and so on. Generally entrepreneurs start their business from
a small business unit and convert their idea in to reality. Random changes can be made and
improve its business according to the market demand and requirement. Small business venture
are also essential for the social development which can improve the standard of living and
remove poverty from the country.

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