Entrepreneurship: Ventures, Economy, and Motivation

This report delves into the multifaceted world of entrepreneurship, examining different types of entrepreneurial ventures, including small business and social ventures, and their relationship with various typologies. It explores the impact of small and micro businesses on the economy, highlighting their role in job creation, GDP growth, and improved living standards. The report further analyzes the characteristics, traits, and skills that differentiate successful entrepreneurs from managers, emphasizing the significance of entrepreneurial motivation and mindset. It also discusses how background and experiences can either foster or hinder entrepreneurial endeavors. The report covers the similarities and dissimilarities between entrepreneurial ventures. Ultimately, the report provides a comprehensive overview of the key elements that contribute to entrepreneurial success and its impact on the economy.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION:..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial venture and relationship with typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and dissimilarities between entrepreneurial ventures.........................................2
TASK 2............................................................................................................................................3
P3. Impact of small and micro business on economy.................................................................3
P4 Importance of small business and start ups to boost economy..............................................5
TASK 3............................................................................................................................................6
P5 Characteristic,traits and skills of two successful entrepreneur which differ them from
managers. ...................................................................................................................................6
P6 Impact of entrepreneurial motivation and mindset................................................................8
TASK 4............................................................................................................................................8
P7 Background and experiences utilisation in entrepreneurship whether foster or hinder.........8
CONCLUSION: ..............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION:
Entrepreneur is an individual who establish an enterprise by taking a risk expecting for
the profit. Entrepreneurship involve large number of activities which include designing,
launching, scheming and running a new venture that is consider as a small business. It can be
defined as business which is started generally with small investment on the basis of creativity
and innovation (Cooper and Folta, 2017). Entrepreneur help in the growth and development of
the respective country. This type of elements help in removing adverse situation of the country
like poverty and unemployment.
This project states different entrepreneurial ventures and their relation with types of
entrepreneurship. Along with similarities and differences between ventures. It also reflect upon
the small business and the impact of their contribution to the growth of economy. This analyse
its features of two successful entrepreneurs who is different from managers. Their personalities
helps in motivating different individual of the society.
TASK 1
P1 Different types of entrepreneurial venture and relationship with typology of entrepreneurship
Entrepreneur is a person who generate an idea of small business after estimating all risk
and rewards. He or she formulates a plan and for that they hire labour, collect funds and
resources and provide leadership for the enterprise. Entrepreneurship is not only done to earn
profit but also for the success and growth of the business. He or she introduces some new
business opportunities by bearing risk.
Entrepreneur starts an enterprise with small amount or resources for earning profit while
other aim was the survival or to satisfy basic needs (Aldrich, 2017). Types of entrepreneurial
venture as as follows-
Small business venture: This is a sort of entrepreneurial venture which is established
after taking loans from friends, family, financial institution and their primary aim is to fulfil
basic needs. For example-grocery shops and medical stores etc. which are basically small in
nature. Their main purpose is to earn survival by fulfilling basic requirement without focussing
in becoming market leader. The amount invested in business is not high and therefore planning
related to same is done effectively so that maximum returns can be produced. They bring new
innovative things through less resources which are not present with their competitors.
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Social venture: This kind of venture is established for the welfare of the society. This
type of ventures are not started for earning profit. Their aim is to provide better lifestyle and to
improve the standard of living with the help of new and creative product. They make all efforts
to provide products to customer at cheaper rate.
Typology of entrepreneurship which related to entrepreneurial ventures.
Copycat Entrepreneurship: These are the entrepreneurs who copy other strategies and
business plan. Their website and card are the same like the market leader of the industry. Their is
very minor difference between modelling and copying. Person should switch from copying to
modelling. There is nothing wrong in modelling through which they adopt the things which are
relevant for their business (Meyer, Neck and Meeks, 2017).
Research Entrepreneurship: These entrepreneur love to learn for that they research
every situation and result for making business strategies and policies. They always want to do
something different from other businesses. The entrepreneur learn things and then should apply
or implement in the business otherwise they come in the category of fail person of excess
information. Research should be done up to the limit otherwise it become big problem for
enterprise.
Determined Entrepreneurship: They want to work with own policies,strategies and
ideas not want to copy anyone. These entrepreneur can do anything to start and grow their
business organisation. But sometimes they need to change their thinking for their betterment and
have to copy others by considering reality prevailing in the market.
Accomplished Entrepreneurship: These are the individual who passes all stages of
entrepreneurship and developing a enterprise by adopting suitable strategy and polices. The
entrepreneur figures out the thing coming in a way and get success. They are coming with ideas
to connect customer and provide what they need. Time management is their biggest strength
because they know how to use it wisely in organisation (Acs, Autio and Szerb, 2014).
Lifestyle entrepreneur - An individual that creates a business with the purpose of altering
their personal lifestyle and not for the sole purpose of making profits. A lifestyle entrepreneur
focuses more on the life rewards provided to people that enjoy and have a passion for what they
are doing. There is a possibility that the business will do particularity well since the individual
has a passion for what he/she is doing.
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P2 Similarities and dissimilarities between entrepreneurial ventures
Every business has it own preference and working way according to which they work for
the success and growth. basic difference between working style,innovation but the similarities is
to achieve objective by satisfying large number of customer. Every business have the basic aim
which is profit maximisation and success of the organisation but social venture have different
purpose which is satisfying the needs and wants of the customer. Both of them have their own
path through which they run their business. The enterprise can earn profit only by doing adopting
research and development method. They both have the same bases which to overcome crises of
the customer.
Similarities and dissimilarities between entrepreneurial venture are as follow-
Goal : Every organisation has goal on the basis of which business formulate its policies
and strategies. Organisation differ and variate on the basis of their goal. Goal describe the things
which company have to execute within set time.
Differe
nces
Social venture Small scale venture
Goal Social venture is established for improving
living standard of each people by providing
the reasonable product. They put all their
resources in the innovation for the welfare
of the society.
Small scale venture is established for
earning profit and success which help
them in fulfilling their basic need or daily
routine needs. They invest in society and
their resources in the business growth
and success.
Value Social venture creates economic value in the
society by taking various positive and
negative steps in respect of balancing
different classes of people (Landes, Mokyr
and Baumol, 2012).
Small venture aim is to provide the
qualitative products at affordable price to
the customer so that they get attracted to
the organisation. They adopt all
techniques which led to make business
grow.
Simila
rities
Both the ventures are engajed in designing
such policies which help in achieving their
Major similarity between small and
social ventures is that they both want to
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different goal and values. provide the products which can improve
the living standard of people. Both
venture provide job to people of society
and reduce the unemployment rate of the
country. Small and social venture are
established on the small scale.
TASK 2
P3. Impact of small and micro business on economy
The global economy has been effected since second world war. The study found impact
for some socio-economic, infrastructure and management challenges. By influencing these
factors, it will bring a positive result in strengthening the entrepreneurship, increase publicity,
business development and related to support services and many more. There is different scale at
which a particular business operates. For instance, small business is one in which investment is
made in an average amount which is not too high not too low. Different from this is the micro
business units which has very less investments and do not take high risk and play safe as they
cannot bear much loss. Small businesses play a vital role as a source of employment and their
output. Developing small business bring job opportunity for country people, helping in increase
in GDP and raise in living standard of an individual. Moreover, bring creativity and innovation
related to their small and micro businesses. Description of SME's are determine below as -
Micro Business: These kind of businesses are basically run by an individual person and
working with limited person to improve their livelihood easily.
Small Business: These kind of organisations are basically assist in providing
employment opportunities to enhance profitability and income. Main objectives of these
organisation is to provide quality products and services to customers in a particular location.
Medium Size Business: These kind of organisation are basically seeks to establish root of
their business on international level. Thus, the scope of these organisation are larger than small
and micro organisation.
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There are further description of these organisation on the basis of their employees and
maximum turnover are determines below as -
Enterprise Employees Turnover
Medium Less than 250 Near about 50 million pound
Small Less than 50 Near about 10 million pound
Micro Less than 10 Near about 2 million pound
There are various points which bring an impact of small and micro business on economy,
these are described in detailed as follows:
 Employment opportunities : By developing small and micro business, it will help in
increasing job opportunity among a country, and also people who will be aware of their
employment (Butler, 2012). This will help in reducing poverty and unemployment ratio.
Also, assist in hiring people which bring a positive aspect in a growth of economy. While
increase in employment opportunities will also enhance their skills and knowledge
related to their own businesses.
 Rise Living standard of people : Small and micro business improve the living standard
of an individual by providing them jobs which will bring positive impact on an economy.
By providing employment can help people in increasing the level of wealth, comfort and
bring need available to a certain socio-economic and geographic area. This factor include
income, bring stability in political and economic aspect and also improves environmental
quality by using better products. Living of standards involves privacy rights, equal
protection under the legal legislations and also, treats equally without any consideration
of caste, racism, religion and languages.
 Creativity : This factor act as new and imaginative ideas which are related to small and
micro business. By using creativity in an enterprise while increase opportunities of
employment as well as bring use of high technology in a business firm. Creativity
includes two process that is thinking and then producing while working on that idea. It
requires passion and commitment as this process needs lot of efforts which is necessary
in this particular fields. Innovation requires creativity, as creativity is a fundamental step
to bring it into a process (Jennings and Brush, 2013).
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 Increase in GDP : It measures growth rate how fast the economy is growing. Gross
domestic product involves economic output of a nation or a country. By improving the
above factors helps in developing the economic growth as well as expansion of fiscal and
monetary policies. This includes increase in overall productivity of country, initiative in
foreign direct investment and also, bring currency stabilization in nation. By exporting
more and reduce their imports will also help in increasing the GDP of a country.
From the above mentioned points, it is concluded that, using and developing small and micro
businesses in a country will improve the living standards, growth in economy and bring job
opportunities to people (Kazanjian, Drazin and Glynn, 2017).
P4 Importance of small business and start ups to boost economy
Brexit: Brexit is abbreviation which is used for British separation from European Nation.
Under EU, 28 European Countries come together to do trade freely with another. Due to Brexit
many ventures suffer huge loss and their growth stops. Many small business help to boost or
growth of their economy by providing jobs to the person who lose their jobs at the time of Brexit
situation. After that every business support in the growth of the economy.
The British parted their way because they think that EU affect their independence and
culture in the world. This is adopted by the UK to increase their trade possibility between nation
and lowering the prices. They want to save the large amount which they there spending every
year to become their member. But this situation has large negative aspect on the economy in
place of positive effect. It increases the unemployment rate which enter in UK for job due to the
misconception that employment get increases. It also reduces the foreign investment of the
country because it increases trade cost and taxes (Hughes and et. al., 2012). In the present
economy the contribution of small business and start-ups is distinct from one another. Wider
scope is covered by the business whereas start-ups due to less resources are carried out on a very
small scale by exploring new and innovative ideas. Importance of these small start-up in the
economy are as follows-
Create employment: Employment opportunities increases after every industrial
establishment. Due to Brexit, fall in employment have been observed in UK. Small scale
industries, on the other hand, are creating job opportunities for people on small scale. For that, it
is essential that the UK government support the small undertaking and start up so that they can
perform effectively and contribute to the employment creation.
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Innovation: When an entrepreneur introduces its innovative product in the market, it
helps in the welfare of society. Innovation brings high demand of product in the market which
can be handled by proper supply. Balance between demand and supply boosts the economy.
Spending level: With an increase in the rate of employment in a particular area the level
of disposable income also increases. This help in increasing the standard of living of the UK
society. Due to this, there is an increase in the demand of the people which led to increase the
competitors in the market. With every new establishment economy of the country comes to the
balance.
Financial support: Brexit decline the economy of the UK. At that time, financial
institution and bank help the government in formation of new start-ups and other businesses.
This has supported in improving country's revenue and profits. This establishment help country
by motivating many other people to start their own venture. This has also generated competitive
advantage due to which provide variety of products is available to the customer (McKenzie and
Woodruff, 2013).
Small and medium business are very helpful in the development of revenue for the
country as through same GDP of the nation further increases. SME helps in developing standard
of living and lifestyle for contributing per capita income. These enterprises provide the goods
which help in satisfying basic needs of customer.
TASK 3
P5 Characteristic, traits and skills of two successful entrepreneur which differ them from
managers.
Entrepreneur is a person who starts small business venture or project for the profit. He or
she begin business with new idea and vision by proper study and evaluation of risk and rewards.
This risk help them to earn big profit. An entrepreneur have some different skills, attributes and
goal for which makes them unique from a common business person. Successful entrepreneur is a
person who have ability to handle many activities at a time. It is necessary for successful
entrepreneur to have the quality of visions, mission, passion, right belief and self confidence so
that business objectives or goals can be achieved.
Anita Roddick and Henry Ford are two flourishing entrepreneur who has undertaken
under this segment to assess their skills and and characteristics in order to differentiate from
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manager. Anita Roddick is among one of the successful entrepreneurs of the UK. She invented
the body shop in 1976 whose success and growth made her richest woman of England. Her aim
is to provide cosmetic product which are made up of natural ingredients (Kiss, Danis and
Cavusgil, 2012). Anita Roddick company was the first among the companies who prohibit use of
ingredient made from animal skin or material. No two successful entrepreneurs have the exactly
same qualities and thinking like. Some skills are presented below which separate her from
others-
Passion: Individual should perform the work which do not allow him/her to sleep.
Passion helped Anita to bear all the problems and obstacles which are coming in her way. She
able to achieve things in the life because she works the thing in which her passion and interest
exist. This trait was absent in the manager because they work only to earn their livelihood
whatever is present to them they perform.
Social responsibility: In present time, customer get attracted towards the companies who
understand their responsibility towards society. Anita Roddick became popular due to as she
understood her responsibility toward society. While managers only focusing on the fulfilment of
their goal whether for that they have to exploit the society. Anita join many programs like green
peace and save the forest so on. On the basis of these practices they full fill social responsibility
towards the society and community as well.
Risk taker: Risk help the organisation to grow and succeed in the long run. Roddick take
lot of risk and bear hurdles to carry out new things which never existed before. Manager always
resist from taking risk in the organisation as they do not want to take responsibility. Through
these approaches entrepreneur can maximise profitability and growth of their business for the
future practices.
Vision- Vision provide the path through business can achieve growth, success and
objectives. Anita has the vision to provide beauty product to masses which made up of natural
ingredients. Manager's vision is limited to present scenario, they never thought about the future
(Bruton and et. al., 2015). Vision and objective of an individual always be similar as they want
the success of business in a limited duration.
Another example of successful entrepreneur is Henry Ford, who is famous as American
Captain of industry and magnet of business. Henry Ford is among the popular entrepreneur of the
society. He formed ford motor company in 1903 at the age of 40. He leave the school at the age
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of 15 to focus on machine working. His vision was to do mass manufacturing which was reliable
and affordable for general public. Her aim is to provide auto mobile which masses can afford. He
became successful because he took risk at every stage of life to fulfil his dreams and vision.
They have several traits which are as follows-
Vision: every enterprise have some vision which help an entrepreneur to achieve their
objectives. Ford has a vision which was different from other entrepreneur. He always wanted to
produce an auto mobile which can be afford by the masses not the product which was luxury
laden. Manager vision is limited to the betterment of current situation and scenario.
Face failures: Failure is a part of life as is difficult to get success in the first attempt. All
successful entrepreneurs face many failures before that they invented things for society. Henry
also failed in first two ventures but this did not stop him. He always uses his non achievement to
build his carrier as a businessman. Manager never stop from learning to failures. The skill of face
failure assist in building confidence in an individual so that they can face any kind of challenges
in the duration of their surviving.
Risk taker: Risk is the basic part of businessmen and human life. Ford was always ready
to face risk and challenges. If not, then he would not able to launch inexpensive cars. Managers
ready to take multiple risk for business success (Gedajlovic and et. al., 2013).
Market information: Person or organisation who understand market and customer want
and need has the long way of success in the society. Ford knew that there is a large number of
buyers who are not able to afford expensive cars so for that they invented a car which masses can
buy. Manager has no knowledge about the needs and wants of the customer.
P6 Impact of entrepreneurial motivation and mind-set
Entrepreneur characteristics motivates other as it provides guidance that through which
they are able to achieve dreams. These qualities help them in making more successful
entrepreneurs. Here are discussed few of those qualities mentioned as below:
Passion- Person should do the things which they love. All successful entrepreneurs do
the things in which their passion exist. They never force the thing on oneself, which they don't
understand. Anita Roddick believed in her ideas and views which make able to succeed. She put
all her efforts in making the beauty product with organic material. From her individual learning
that they should do the work which they have interest and able to understand.
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Learning- It is not necessary that learning is only possible in universities or educational
institution. Life is the biggest school which teach many lessons. Henry left the school at very
early age and invented in racing car and affordable car for masses. He learns many things from
the company in which henry work as a mechanic and learn many things which any financial
institution can't teach (Fayolle and Gailly, 2015). Anita Roddick also learn from the environment
in which she travelled and from the society. She learnt various rituals and customs of other part
of the world with their health and skin types. It tells that an individual should learn things from
wherever they go in life. One should develop the habit of learning from mistakes as this further
helps in the long term development.
TASK 4
P7 Background and experiences utilisation in entrepreneurship whether foster or hinder
Success of entrepreneurship depend upon the background from which entrepreneur has
come. Family is the first school where people learn major things and lessons of life. The past
time in the family put the bases of entrepreneurship.
As discussed two entrepreneur Anita Roddick and Henry Ford, background can have a
great impact on them. Background is the thing which remains with the person throughout the life
whatever person become.
Anita Roddick born in England, she has four siblings out of which stands at third child.
Her parents runs a cafe where she also works. Due to this, Anita also learnt work ethics and
working procedures which help her later at the time of establishing her own business. Roddick
started her business to fulfil her basic needs not wanted to become queen and rich. Her mother
want her to work as teacher but his passion towards adventure not able to put her in teaching
profession. Anita do travelling whenever she get the opportunity. This journey helps in knowing
the customs and culture of other part of the world with their health and skin type. Anita
background always motivate her to develop a new venture “The body shop”.
Henry Ford born in small town which is part of Detroit, Michigan. He spent his
childhood at a small farm with farmer father and housewife mother (Burrows, 2015). This
encourage her to become something in life. Ford left his family farm to pursue his dream of
working in machinery. For that, he also left school at the age of 15. He polished her skill by
working in various companies as a mechanic and later as engineer at Edison company. Struggles
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that Henry faced in this company inspired her to create her own auto mobile which is
inexpensive so that other people of society do not face the situation from which she suffered.
Ford was not able to get the product in his poor days which are expensive so he wants to provide
affordable things (Audretsch, 2012).
hus, through reviewing the above mentioned practices, this can be proclaimed that this is
the traits, background, family and education of an entrepreneur shapes their views, perception,
principles and ethics of working efficiently.
CONCLUSION
This project report conclude that skill and characteristic of an individual that assist in
attaining success in the duration of surviving in target market. It determines business
organisation and entrepreneurial ventures support the nation growth and success. It also inform
how an individual go on the path of entrepreneur. From this report, able to know about different
types of entrepreneurial venture and their similarity and dissimilarity in respect of various
working style. Every business has different purpose for working. Social venture is motivating
social welfare and small business venture for development of economy. It also state how
economy get affected after the Brexit situation in the nation. With the help of small and medium
enterprise, government is able to boost per capita income and standard of living. The project is
conducted a deep study on the characteristics of successful entrepreneurs which able to motivate
other individual of the society. An entrepreneur require several attributes and qualities to become
like successful persons. Their background and experience help in working in the organisation.
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REFERENCES
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Meyer, G. D., Neck, H. M. and Meeks, M. D., 2017. The entrepreneurship‐strategic management
interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.
Acs, Z. J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy. 43(3). pp.476-494.
Landes, D. S., Mokyr, J. and Baumol, W. J. Eds., 2012. The invention of enterprise:
Entrepreneurship from ancient Mesopotamia to modern times. Princeton University
Press.
Butler, J. S., 2012. Entrepreneurship and self-help among black Americans: A reconsideration of
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Gedajlovic, E. and et. al., 2013. Social capital and entrepreneurship: A schema and research
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