ESBM Report: Exploring Entrepreneurial Ventures and Economic Impact

This report provides a comprehensive analysis of entrepreneurial ventures, focusing on their types, characteristics, and impact on economic conditions, with a specific focus on the Tesco organization. It explores various entrepreneurial venture types, including social, business, large company, and scalable start-up entrepreneurship, highlighting their differences and similarities. The report examines the significant role of micro and small businesses in driving economic growth, job creation, and market expansion. It further discusses the importance of small businesses and business start-ups, while also identifying the traits and skills of successful entrepreneurs and aspects of entrepreneurial personality. Additionally, the report explores factors that can hinder or foster entrepreneurship, providing a well-rounded perspective on the subject.

ESBM

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P.1 Different types of entrepreneurial venture and link with typology..................................1
P.2 Difference between entrepreneurial venture and similarities...........................................3
P.3 Micro and small business impact on economic conditions..............................................4
P.4 Importance of small business and business start up.........................................................6
TASK 2............................................................................................................................................7
P.5 Traits and skills of successful entrepreneur.....................................................................7
P.6 Aspects of entrepreneurial personality.............................................................................8
P.7 Hinder and foster entrepreneurship................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is one of the important components of economic and social
development. It brings only nation improvement but also regional as well as localized
improvement. This written report is based on TESCO organisation, which is basically located in
United Kingdom and provide different kind of services in transnational grocery store and general
product retailer. Moreover, report will be focusing on impinging small business endeavour have
on the economic system, assess the businessperson mentality. It will cover analyse different
surround that foster and hinder entrepreneurship. Further, it will screen explore the range of
business concern ventures accessible to businessperson.
TASK 1
P.1 Different types of entrepreneurial venture and link with typology
Entrepreneurship is one of the most creative approach to to-words business and overall
activity's. It will help to organise, negotiate and lead people within arrangement. It will help top
achieve goal in appropriate time (Drucker, 2014). On the other hand, overall entrepreneurial
activities consist of forward-looking way of industrialist and enacting immaterial, the proficiency
in which the developed material are utilized and native, and finally enlarge the entire cognitive
process of production or the commercial enterprise. In addition, mental ability that a
businessperson should have during commercial activity pull off.
There are some antithetic kinds of businessperson ventures are help to amend current
situation as well as future conditions must be reinforced in work place. Hence, assessing true
entrepreneurship does not only circumscribe within partition of an organisation and the
development of a circumstantial organisation (Kirzner, 2015). Instead, it powerfulness and
contributes to the overall localized and international economic system as well, and also take into
cerebration all environmental requirements during the momentum. On the other hand, effective
and efficient businessperson skills of single is help to amend cost and mange overall
improvement in market share. There are antithetic kinds of entrepreneurial chance is help to
better level of organisation performance in new market. Social Entrepreneurship: - Can be defined as the concept when entrepreneur tries to
develop an organisation based on values surrounding the society. This type of ventures
are generally seen in the field of healthcare, community development and they are mostly
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not for profit organisation working for the welfare of the society or are organisation
generating income for returning it back to the society in some form. The entrepreneur
here is influenced by a problem arising in society and tries to find a probable solution to
it which will help to resolve that issue and entrepreneur is then able to achieve his
objective of providing for the society and earn alongside. Business Entrepreneurship: - In this context, defined as the discipline that deals with the
art of running a business in the most efficient and effective way possible. This includes
all the practices including from its inception till its rise and even how to recover it when
it is in fragile state (Schaper and et.al., 2014). The entrepreneur here should be agile, fast
thinker, quick decision maker and should aim to achieve accuracy as well in all the
decisions made. The person here should be able to predict risk and reward in the venture
and possess the qualities of innovation, out of the box thinking in order to sustain his
venture for long. Large Company Entrepreneurship: - In this context, requires and individual to have
necessary skills in order to successfully run a major company. Entrepreneurship here
possess strong analytical skills to predict the possible trends along the lines of which they
will assign the task to their subordinate managers. The entrepreneur here is well equipped
with the information from the sources which is adhered to would improve organisations
profitability and position in comparison to competitor. The person here is also credited to
be a job maker providing employment to a vast section of people and is responsible for
their survival as well to an extent.
 Scalable Start-Up Entrepreneurship: - In this type of entrepreneur is to be focus on
innovative ideas and thought to improve overall market segmentation and increase
profitability and reliability of different sector. The main aim is achieved, profitability, not
just big but huge sector (Baum and et.al., 2014). This happens with a ground research for
need of a particular product, service and then turning that into a business model that is
affordable at the beginning and then, when it started it requires brilliant management
skills in order to effectively manage it and get expected results out of it.
The whole idea of establishing a Start-Up is top end revenue and growth potential and all
of it could be achieved with efficient resource management skills.
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Entrepreneurship is link with categorization to improve current market state of affairs.
This is help to meliorate overall physical process and profit must be modification as per the need
of future development as well as future outcome of organisation. On the other hand, typology
means assortment of different types of businessperson venture as per the necessity of overall
development in inside as well outside public presentation of entrepreneur.
P.2 Difference between entrepreneurial venture and similarities
There are some similarities and difference between entrepreneurial ventures are helpful
for overall development in market share. In addition, similarities, roles and goals of entrepreneur
is play as most important role for maximisation of profit and minimisation of loss.
Types of entrepreneurial
venture
Role Goal
Business entrepreneurship The main aim of this
entrepreneurship is improved
profit and growth rate of Tesco
organization. On the other
hand, to be render the quality
of the ware and services to be
supply for custom-made. In
addition, to take any kind of
determination incidental to
working environment (Hart,
and et.al., 2015).
Business company is acquiring
maximal revenue and profit,
and through this to become the
star company in the several
industries and also to acquire
maximum market share. The
main aim is reinforced current
marketplace sector as well as
managed working conditions.
Social entrepreneurship The main aim of entrepreneur
is improvement of society and
economic conditions must be
improved. They are mainly
focused on three most
important part are people,
society and the Tesco
environment. There are some
In addition, through
development of effective
products and services that
would influence and improve
the ongoing condition of the
environment, people’s living
and through this society as a
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changes are made for
improving overall society and
environmental factor.
whole.
Scale-able Start-Up
Entrepreneurship
In this context, entrepreneur is
finding some innovate ideas to
improve overall development
of training and other
organisation related activities.
With the assist of innovation is
find the maturation will be
high as per the need of client
and help to amend level of
consumer satisfaction.
Enterpriser vision is to bring
change inside the diligence
they are established through
more market shares and
expanded revenue, and
establish themselves as leaders
of it.
Entrepreneurship is one of the
most essential part for current
organisation. This is help to
improve current environment
of market as well as future
outcome of Tesco
organisation. The main goal is
to become a market leader and
maximization of securities
industry cellular division
(Burrows, 2015).
P.3 Micro and small business impact on economic conditions
Small business is the backbone of UK economic conditions which is to be give direct
impact on many ways like driving growth rate, opening the new market and create job
opportunities. This is one of the most important part to improve economic condition and must
had been change to do something new in work place. On the other hand, confidence is help to
improving some current factor. It will help overall economic conditions and encourage them to
do something new for capturing new market share.
Moreover, it is most important that see the new way to control profit and other activities
is working environment. Small business enterprise is focus on overall new factors like new land,
new strategies, new market and new customer (Link and et.al., 2015). They are focus on
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financial factor, which is to be give some positive impact on profitability and encourage new
customer in market. There are some important changes for improving future outcome must be
increasing future outcomes. On the other hand, small sector business is become the more
competitive, this is help to provide benefit to customer. There are some changes in future
outcome must be improving level of conditions. It will help to develop the regional and global
trends, some improvement in market share. To be focus on business to grow, generate value to
input, make own policy and structure, which is help to give some positive impact on it.
This will help to change and improve in overall future conditions as well as output will be
improved in work place. All such are to be focus on collaboratively and some other factor. In
addition, government, consumer group, trade union and other sectors or group will be help to
improve condition level on it. There are some other factors is to be focus on performance level of
above small sector organisation level (De Massis and et.al., 2015). Some need to be change for
improving overall control and other factor, which is provided some beneficial for different
sectors. There are some most important roles of small sector organisation are as follows:
 Small and medium size organisation is focus on positive opportunities and net present
value must be change for long time factor.
 It does not access the public capital market, they are to be depend on the bank funding.
The major problem of small sector organisation is funding, to collect fund form different
sources.
 There are some important factors, which is to be give positive impact on profitability and
production level in very high.
 In this context, development of SMEs is based on availability of raw material,
employment generation and entrepreneurial ideas is help to improve current market.
 With the help of entrepreneurial innovation and opportunities to improve SMEs. The
challenge is to identify the factors that influence the development and performance of
SMEs.
 The SMEs sector is having improved the growth level as per the overall growth level in
market sector. This sector is not only output of the product, but also to be focus on
different capital goods in input to heavy industry.
No matter the Micro, Small and Medium Enterprises Act, 2006, this act will be passed by
the government and other government department. On the other hand, they provide some extra
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benefit to all those small sector industry (Bridge and O'Neill, 2012). In addition, lot many
organisations is give the biggest sector top improve investment to small sector for overall market
share. This is help to improve overall investment level must be high.
P.4 Importance of small business and business start up
Small business is to be focus on some strategies for corporate growth, for planning and
some internal and external factor is affecting factors. There are some changes in overall profit
and development of market sector. There are some practices for improving future outcome will
be beneficial for planning sector. In this context, managing is to be based on some key source
such as a premise. This is one of the most important objectives for improving market share as
well as obtaining resources required including finance and also a limited research and control of
the business environment.
These influences relate direct to lack of specialist management in the firm or business.
There are some factors, which is to be give direct positive impact on small sector organisation.
This is to be give some changes as per the need of current environment or improvement in
market share (Burns, 2016). To be focus on each and every factor to take new decision as well as
improvement in market share. On the other hand, managing small business is focus on managing
legal firm and legal factor is most important to improve current market level.
The overall business is need to take time and affect overall market. This makes
entrepreneur is most important for small business environment. They are to be become the major
economic sector and business become more widespread. It will be giving impact on that more
deeply and entrepreneur will already becoming a major force or developing a nation economic
wide. Furthermore, importance of small business are as follows: High operating cost: In this context, extremely high cost of operating and maintained
the business account. There is everything is to be ranging for high cost and increase
profit margin. There are some changes in overall profit and productivity must be
improve in small sector organisation (Dennis Jr, 2011). The cost of buying a generator,
its maintenance and the ever-increasing cost of fuel makes it very difficult for an
entrepreneur to stay in business because the operating cost constantly overrides the
revenue. High interest rate: The rate of some different types of loan are over 22%. It will be
affecting the small business in different ways. In this context, overall business will be
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sought out with bank. This is help to solve any type of financial issue with different
small sector. On the other hand, low interest rate is affecting the small business and
every one take loan facility and improve business facility. Increase employment: This is most important part of small business, which is provided
complete employment opportunities to local people (Hatten, 2012). It will be help to
improve better economic conditions as well as future growth. As per the statistical data is
found that out of 100 % of economic employment, 72 % employment is based on SMEs.
On the other hand, increase awareness level of every factor for providing full
opportunities as well as result must be improved on it.
 Improve standard of living: It is help to improve standard of living of poor and
backdoor people. This is one of the most important part to improve current environment
as well as future conditions. With the assistance of innovation to be find something new
to improve society level. There are some changes in help to development of economic
system as well as remove poverty. In this way, only such factor is most important for any
such kind of regular changes in economic conditions. There are is to be give some
regular improvement as well as output is good, as well as future outcome must be change
for it.
This is to discourse upon such positive aspects of start-up businesses that are beneficial
for UK’s social economic growth where the small businesses are found to be UK’s greatest
advantage. It is with a special context of its start-up businesses that have been specified to be the
backbone of UK economy (Groom, 2018). In UK, there exists near about 5.7 million SME’s that
are privately owned and comprises 60% of employment in UK. This record has been maintained
since 2010, when the SME’s accounted for almost 73% jobs in the private sector of UK. By then,
till now, around 2 million jobs have been created by the SME’s of UK. Also, there has been a
record of 5.7 million start-up businesses in the private sector of UK, leading to an increased
creation of job.
TASK 2
P.5 Traits and skills of successful entrepreneur
Entrepreneur is a person, who take risk and make some innovation for economic
development. In this way, one most famous entrepreneur Jack
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Cohen was, commonly known as Sir Jack Cohen, was an English grocer who founded the Tesco
supermarket chain. He was the founder of supermarket chain of Tesco and biggest businessman.
They to be focus on many products and development of market share (Hatten, 2015). Some
changes are help to improve current environment as well as future conditions must be change for
it.
They are to be focus on whole supermarket internal management is very proper way. He
established himself as a market stole and at first the other stalls were run by members of the
household but step by step non-family associate were added. Cohen and his wife worked 7 days
a week, starting at dawn and numeration medium of exchange until middle. On the other hand,
some skills and traits of successful entrepreneur are as follows: Passionate: It is most important quality of a successful entrepreneur to find some new
ideas about work. In addition, successful entrepreneur is always thinking about the
beyond the level of quality in small business. This ability is help to improve small
business environment as well as development of economic conditions. Analytical: In this context, technology is one of the most important part to improve
current level of management. With the help of technology to be change or do something
new in work place. There is new technology is help to future development and increase
level of customer in market place. Open-minded: This is unquiet ability of successful entrepreneur and focus on actual
factor of organisation. They are to be focus on only best approaches for overall
improvement in market share (Ligthelm, 2010). This is to be give the biggest impact on
future outcome as well as economic changes for it. Entrepreneur is every day put some
extra efforts for such kind of changes in work place. This is big challenged for any other
business man. Innovative person: In this context, innovation is based on some sector, which is to be
give positive impact on it. There is innovation is help to do something new in working
area as well as future outcome. They are only focus on innovation as well as future output
will be done for it. Moreover, successful entrepreneur is use they own mind and use them
as per need of future outcome and achieve goal in the best manner. Entrepreneur is based
on innovation or do something new in work place. With the help of new idea is to be
focus on new factors, which is help to development small factors in work place.
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 Self-confidence: There is only ability which is help to develop and improve overall
market share. This is only factor to improve services as well as some improvement in
work place (Neck and Greene, 2011). The level of confidence must be high for such
implementation change for it. This is to be give some ability for employees inside
organisation as well as future changes.
On distinguishing the above identified skills of successful entrepreneurs with that to other
business managers, it can be said that that an entrepreneur is mainly focussed at starting up a new
business and hence work with a primary motivation of achievement. However, a business
manager on other hand is known to concentrate more on the ongoing operations with a chief
inspiration of using the power allocated to him or her (Hatten, 2015). An entrepreneur’s
approach is mostly informal that a manager who is required to have a formal approach to task
that limits his or her ability to show some sort of creativity while portraying individual thoughts
and ideas (Rotman, 2017). The status of an entrepreneur is a company’s owner while a manager
is known to play a mere role of employee in a designated organisation will less authority in
comparison to an entrepreneur. Moreover, the managers are more responsible for handling the
employees and resolving their concerns by together ensuring proper submission of work, as per
the instructions (Ligthelm, 2010). Entrepreneurs on other are known to address the problems
faced by the consumers and accordingly shape a business that tends to resolve those issues.
P.6 Aspects of entrepreneurial personality
In this context, to be focus on some different theory of personality for some changes on
it. This is to be based on different types of personality for improving the different department as
well as some future change for them. On the other hand, model that depicts major entrepreneurial
identity aptitudes. It is a standard model valuable for that business person to discover different
targets and objectives of that specific business. It is serves to businessperson to comprehend the
nature and conduct of two effective business visionaries. There are some important factors,
which is to be give improve current environment of different elements are as follows: Uprightness – It is an exceptional quality that seen as the part of the entrepreneurial
identity. It is the identity quality of being cautious, watchful. It can infer for a longing
work to do errand well and to take commitments in the business. It is a pattern to be
effective and sorted out rather than accommodating procedure.
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 Extroversion – It is one of the huge five hypotheses of identity, it is alludes as portrayed
by garrulity, confidence, friendliness and edginess. The people who are high in the
extroversion tend, they search out circumstances and incitement to seek after with
different people (Nga and Shamuganathan, 2010). These business people are constantly
depicted as being vigorous, constructive and loaded with life. Suitability – This identity qualities is typically agreeable, warm and prudent nature. A
business visionary for the most part has an idealistic perspective of human asset and
nature that coexist well with others. An individual score low on appropriateness and it
might put their own particular advantages over those others. Receptiveness – A person with top level of transparency have a typical gratefulness for
bizarre thoughts and craftsmanship. This sort of people normally innovative and not
common sense (Dennis, 2011). A person who are low in receptiveness to experience
would not attempt new thoughts and advancements. People who score bring down in
transparency on a vocation test are for the most part more shut off, impervious to change
and expository. Hypochondriac – It is states that a man's capacity to stay steady and adjusted. At the
opposite end of the scale, that individual high in psychotic ism tends to effortlessly
involvement with inverse feelings.
 Understand the power of brand: In this context, to be focus on those factors, which is to
be give direct impact on particular power of brand must be used for it. Entrepreneur is to
be focus brand power at market place. In addition, customer is to be attract the number of
competitors in market place. They are use more and more promotion is help to
development of market events as well as future outcomes in work place.
The above identified personality of a successful entrepreneur also reflects upon their
motivation level and mindset. This is for instance on referring to their uprightness where they are
not concerned much about earning profits and are rather willing to apply some sort of creativity
in their business that motivates them to a great extent (Nga and Shamuganathan, 2010). Also, on
applying the 5 big model personality, distinct traits of entrepreneurs can be identified-
1. Extraversion- This indicates a talkative, energetic and assertive nature of the
entrepreneurs that also makes them sociable to make more social networks.
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