Entrepreneurship Report: Venture Types, UK Economy, and SMEs Impact

This report provides a comprehensive overview of entrepreneurship, encompassing various venture types such as small business, scalable start-ups, large company entrepreneurship, and social entrepreneurship. It explores the activities associated with entrepreneurship, including risk-taking and resource management. The report delves into the similarities and differences between these ventures, focusing on factors like size, aims, and funding sources. Furthermore, it examines the significant impact of micro and small businesses on the UK economy, highlighting their contributions to employment, innovation, and economic stability. The report also discusses the role of SMEs and start-ups in fostering social economic growth post-Brexit. The report includes an analysis of the key attributes and motivations of entrepreneurs compared to business managers, and it concludes with a discussion on the entrepreneurial mindset.

ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Description on various kinds of entrepreneurial ventures and its relation with the activities
of entrepreneurship......................................................................................................................1
P2 Dissimilarities and similarities betwixt entrepreneurial ventures..........................................2
TASK 2............................................................................................................................................3
P3 Effect of micro and small business on the economy of UK..................................................3
P4 Description on the contribution of the SME and start up on the growth of social economy
after the Brexit.............................................................................................................................5
TASK 3............................................................................................................................................5
P5 Features, attributes and ability of entrepreneur and make difference with business mangers.
.....................................................................................................................................................5
P6 Explain the motivation and mindset of entrepreneurial with the help of entrepreneurial
personality. .................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
The term entrepreneurship refers to establishing the business venture and taking all
financial risks with intentions of earning high profitability and increasing productivity in the
business. The person who is capable enough to have own risk take any risk in the business for
earning revenue, is known as entrepreneur. He should have the abilities to develop the
organisation and manage venture on his own behalf. He does all business-related activities in
order to gain profits (Dooley and Kenny, 2014). The following activities are covered under the
aspect of entrepreneurship are as borrow land, natural resources and working capital etc. In
addition to this the skills and ability of the business owner who is opting the process of carrying
the activities related to the venture have also been described in this assignment. This report is
giving its major focus on the activities like contribution of the SME after the Brexit in the UK
economy. It is also inclusive of details about two successful entrepreneurs who took various
initiative to promote the growth of the entity are as Richard Branson and Mark Zuckerberg.
TASK 1
P1. Description on various kinds of entrepreneurial ventures and its relation with the activities of
entrepreneurship
The business is set up by the individual for earning profits is known as entrepreneurship.
In addition to this it is inclusive of various kinds of the entrepreneurial ventures which is
established with the diverse aim and objective of the firm. The types of ventures are as follows-
1. Small business entrepreneurship- It is initial stage for establishing a business venture.
This venture inclusive of the following activities like small groceries store, plumber, travel agent
and many others. This all firms opens with the aim to earn profits by carrying activities relates to
business so they can fulfil the basic needs of family. They are carrying out business activities' not
to gain high amount of profit but just to earn their livelihood (Cherny and et.al., 2016). They
work in the manner to appoint local people and provide them training so they can serve to their
customer in effective manner. At initial level to set up business funds are taken by friends and
family. They take their own step in order to find out the needs and expectation of customer. The
main aim to full fill requirements of buyer. With the help of this kind of activities they can serve
as per necessary of customers.
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2. Scalable start-up entrepreneurship- In this kind of business, activities are related to process
of innovation. They work in this manner to attract the buyers so that growth of firm can be
maximised. The main vision of these organisations is to provide new and innovative kinds of
services to the customer so they can gather the attraction of various customer. In this manner,
they hire the effective and efficient professional person who can develop the strong image of his
enterprise (Cerrato and Piva, 2012). The company gives main priority to full fill the needs of the
customer so firm can earn maximum profit. They work in the manner to bring modern approach
in society with their modified and well-developed products. In UK, this kind of venture are
taking their effective approach to introduce the buyer with the fancy ideas regarding the terms of
the technology. The main approach is to bring high potentiality to the firm.
3. Large company entrepreneurship- The main objective is to earn high amount of
profitability and productivity to firm. They work in manner to gather attention of buyers by
bringing modification in their goods and services. This kind of firms have lots of rivals in the
market (George and Bock, 2011). With the aim of this they want to develop competitive
advantage by introducing new and well-developed technology products. They help in bringing
the modern approach to the firm. They used to give their major focus on the big amount of deals.
The typology of this kind of firm is to find out the target market where they can start expanding
the business activities.
4. Social entrepreneurship- As the name suggest the meaning of this word is to provide
innovative service to the society but not with aim to earn profit but for welfare of society. They
render those services which can solve the issue and help in the manner to bring betterment to
society. These kinds of firm are known as non-profit organisation who aims to serve the society.
So, they can have the will modified and develop product which can help them to raise their
livelihood.
P2 Dissimilarities and similarities between entrepreneurial ventures.
In market, there are various kinds of ventures some of which are operating at large scale
while other are carrying their business-related activities at small level. The main object of all
firm is to find outneeds of th customers and take initiatives to full-fill them. The major difference
between entrepreneurial ventures in the size of the organisation. Size and structure of venture- The size reflect the type of the structure carried by
different venture. Small business entrepreneurship are operated at the small level to meet
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the need of the owners (Grenier, 2011). On other hand, the large organisation are carrying
their business activities in the huge manner. They are very helpful in term to provide
employment in the country. With the help of this the employment scale can be
improvised. The firms in the UK like Tesco, Asda etc are large organisations who give
their contribution in the manner to develop economic growth of country. These kinds of
venture help the economy to be stable. In case of the small size of organisation it is the
one shop which are carrying multiple activities under the one roof (Malhotra and
Temponi, 2010). The main object of firm is to identify the need of the customers and
take initiatives in order to satisfy their requirements. At the set-up level the size and
structure do not matter, the ideas and their active working behaviour are majorly
considered. Aims and purpose- The business is set up with the particular objective of the
entrepreneurship. In this the social entrepreneurship work in the manner to provide
services for the welfare of society. They don't give their focus on the market share or
revenue (Bird, 2015). This kind of organisation put their efforts in relation to make better
life of the individuals. At the time, Scalable start up entrepreneurship the individuals are
take their step-in relation to update the market with their new ideas. The main object of
this kind of firm is to enhance the productivity and profitability of firm. They wants to
have long termed growth by introducing innovative products in market. In case of the
small business enterprise they do not concern on activities to have profitability.
 Source for finance- Another difference in the kinds of the firm is to have sourced of
providing finance. The criteria are different with the type of organisational structure. In
case of large organisation, entrepreneurship can get help of funds from the financial
institutions like bank etc. small business entrepreneurship required lower amount of funds
and they are not having famous entity they used to take finance from their family friends
etc to give initiate to their business (Bae and et.al., 2014). The social entrepreneurs are
not interested in the revenue scale and they work for the society so they have the funds
from the sources like donations which are given by the big business man etc. even in this
case, there are many large business ventures who also take efforts in arranging funds for
the social entrepreneurship. So, it can be said that large organisation becomes the source
of finance for small business ventures.
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TASK 2
P3. Effect of micro and small business on the economy of UK.
The economy of the UK is having large kind of impact with the activities relate to small
business organisation (Charness, 2014). The contribution of the small business enterprise can not
be seen in the impressive manner. The economy of the UK is declined once which had large
impact on the activities of the small business. The effect of the small business enterprise can be
known in the following manner are as-
Contribution through employment- They are carrying business activities at the small
level the number of working employee in this kind of firm are 250 or even less than it. Due to
this kind of the business venture the rate of the employment is tends to increase (Haeussler and
Colyvas, 2011). In case of the large size of the organisation they only prefers those employees
who can contribute maximum and help in term to enhance GDP of country. On 2014 there were
almost 5.2 million small and medium sized ventures. In this manner the contribution can be seen
on the economy of the UK. It can be said that the small business enterprise plays major role in
relation to have large impact on the economy of the UK.
Effect of economy- In case of the small business enterprise they work in manner to give
encourage to the process of innovation because these kinds of the activities helps in the manner
to grow economy of country. They want to have that kind of employee in the organisation who
are having good innovative skill and creative mind approach. They also take various initiative in
order to perform outsourcing function which are carried out by the large kind of business
ventures (Carraher and Paridon, 2015). This kind of approach help in the manner to have
stability in the growth of the economy. The small business organisation took various approaches
in relation to have recession phase out of the economy. In this manner it can be said that they
play the major role in term to have growth and development of the country.
Flexible with the changing condition- with the better help of technology innovation and
the high competition in the market, the conditions of environmental are changing quickly which
works in the manner to have direct affects the stability of the economy (Bird, 2015). Small
business enterprise are the one which work in the manner to have changes as per the needs and
expectations of the customers. At the time of poor condition of the market, they can take
effective steps in order to make small profits from the commodity they used to serve to the
society for the generation of economic wealth (SMEs fuel optimism and growth in British
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business, 2017). The large organizations, needed high investment and big size of market in this
manner they take time to react to the alteration. During the time of economic crises, the small
business enterprises can make the economy stable and work in the manner to have long termed
growth by generating small profits in the economy.
Industries revenue- As per the measurement of the UK economy the 48% of the profits
derives from the SME they are very helpful in terms to have clear indication that economy of the
UK is totally depended on the activities of the small business enterprise.
With the help of above all approaches it is stated that small business organisation have their large
impact on the contribution of the economy of the UK. They work in the manner to serve
themselves as backbone of the UK (Bae and et.al., 2014). The SME plays major role in term to
have profit with the effect of small size of enterprise.
P4 Description on the contribution of the SME and start up on the growth of social economy
after the Brexit.
Some decisions relate to growth of the economy of the UK results in the way to have
shocking decision. Sometimes this may have negative impact on the profit of business and the
economy of thy country. In this manner UK decides to quit from the EU. It became tough for the
SME to carry their business related activities in other countries. According to this manner EU the
organisation is free in relation to trade in different cities. Due to this the revenue scale of the firm
tends to decline and this function have largely affected the growth and development of economy.
The SME also help in the manner to have stable profitability and productivity of the economic
system (Parker, Congregado and Golpe, 2012). With the help of the start up of the SME they are
providing various employment to individual in this manner the employment rate of country is
slowly improving. The next obstacle occurs is related to the problem of funding. At they initial
level the start up needs very lower funds to carry out the activities relate to business. With the
help of the SME the standard of living of individuals is increasing day by day. In case of the
large business organisation they are taking long time in relation to stable their business for the
longer period.
TASK 3
P5 Features, attributes and ability of entrepreneur and make difference with business mangers.
The entrepreneur should be person who is expert in performing the work in skill and
knowledgable manner. He must be the person who serve the nation with the innovative ideas,
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this kind of activity help in the manner to enhance the living standard of people (Herbane, 2010).
The entrepreneur named Richard Branson is a famous one work in the effective manner. With
the help of his innovative ideas he expanded the activities of the business at the large level. In
other manner the Mark Zuckerberg is work in the manner to connect the whole world through the
Facebook application. This can be known with the help of following manner- Design everything- The should take effective step in order to plan everything before the
time. In case of Richard Branson he started the business of small magazine and at the
initial level he took various steps in order to make business profitable. Being the owner of
the virgin group he decides to take step by step investment to make the business
successful.
 Creating competitive advantage- The innovation and effective ideas helps in the manner
to have competitive advantage. They work in the manner to manage the task in the
appropriate manner (Malhotra and Temponi, 2010). In the case of Mark Zuckerberg he
developed the whole market with his innovative approach which cannot be take over by
other application.
Skills Risk taking- The both the entrepreneur are very good at performing skill in the effective
and impressive manner. Without taking element of risk in the activities of business the
entrepreneur cannot be successful (Grenier, 2011). To be successful they should have
approach in the manner to take risk. In the case of the business manager they cannot take
the risk because they used to play at the safe side and adopt only hose service which
provide huge amount of profit. Innovation- The innovation is the process which help in the manner to gather the
attraction of various kinds of customer. The mind approach of the entrepreneurs should
be at innovative and impressive skills. The business manager cannot take the process of
innovation for performing their activities they have to follow the procedure like set rules
and take step in relation to plan to attain aims of the business enterprise.
 Skills related to sales- The entrepreneur should be the person who is having effective
skills to sell their products and services (Drucker, 2014). The Richard Branson taking
effective steps in order to sell his magazines even when he was able to sell his ideas to
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public. But, in the case of business managers they should have idea about how to manage
the work in the effective and efficient manner.
P6 Explain the motivation and mindset of entrepreneurial with the help of entrepreneurial
personality.
He should be the person who is expert in term to influence the individual of the
organisation. He works in manner to motivate the employees with the help of the skills, actions
and the nature. The other employees used to feel motivated which encourage the individual to
perform the particular task of the business. The two names are given in this scenario are as Mark
Zuckerberg and Richard Branson who took various efforts in performing the task with patience
and dedication at very youngest level. In this manner, they have long termed growth and
profitability of their business (Abreu and Grinevich, 2013). At the initial stage, performance of
Mark Zuckerberg is ignored by various top level of organisation but with constant practice and
dedication he succeeds in building his own empire. This kind of personalities always attract other
entrepreneur to perform at the best level.
P7 Define background and experience which foster entrepreneurship.
Background and experience helps in manner to carry business activities successfully.
With the help of this activity the innovative and skill approaches can be known in better way.
The entrepreneurship is not an easy task as there are various factors which largely put their effect
on performance of the firm (Cerrato and Piva, 2012). The lack of knowledge in the particular
fields take more time to attain various objective of firm. He major background relate to these
report is the problem of funding to carry out the day to day operation of the business.
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CONCLUSION
The activities of the entrepreneurs should be skilled and talented. With the help of this
report, it can be said that they are taking various innovative approaches in order to enhance the
growth of the UK economy by contributing their efforts in organisation in true and specific
manner. SME is taking various initiatives to enhance the employment rate and work in the
manner to increase the GDP of country. In addition to this, both the entrepreneurs name as Mark
Zuckerberg and Richard Branson are performed business activities in impressive manner with
carry out various issues related to obstacle of enterprise. The major problem faced any them is
related to funding issues which acts as major barrier in development of economy.
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REFERENCES
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