Entrepreneurial Ventures Report: Business, Economy Analysis

This report, prepared for an internship at a consultancy firm, meticulously examines entrepreneurial ventures, categorizing them by type and assessing their impact on the global economy. It differentiates between social, local, and global entrepreneurs, highlighting their unique contributions and effects on job creation and economic development. The report further explores the similarities and differences between various entrepreneurial ventures, contrasting small, medium, and large businesses, and analyzing their respective roles in economic growth. It investigates the scope, development, and growth of entrepreneurial ventures within both public and corporate sectors. The report also covers entrepreneurial skills, characteristics, and factors influencing business start-ups, including risk and reward, offering a comprehensive overview of the entrepreneurial landscape.

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PART 1............................................................................................................................................4
Introduction......................................................................................................................................4
Impact of Different Types of Ventures on Economy of the Country..........................................4
Similarities and Difference between Entrepreneurial Venture....................................................6
Impact and Importance of Small, Medium and Large Businesses on Development of
Economy......................................................................................................................................8
Critically examine the scope, development and growth of entrepreneurial ventures both in
public and corporate sectors......................................................................................................10
Conclusion.....................................................................................................................................10
PART 2..........................................................................................................................................11
The types of skills that typify entrepreneurs and how these skills differentiate from other
organisation managers...............................................................................................................11
Entrepreneurial characteristics and situational factors in a personal context, including family
upbringing, lifestyle, cultural differences and personal motivation and drivers.......................12
The factors that influence the decision to start a business.........................................................12
The risk and reward of Business start ups............................................................................13
Conclusion.....................................................................................................................................14
REFERENCES..............................................................................................................................15

PART 1
Introduction
This report covers the detail knowledge of entrepreneurs stating its different types and its
impact on global economy. In this report a discussion on similarities and difference between
entrepreneurial ventures are explained.
Impact of Different Types of Ventures on Economy of the Country
Entrepreneurship
Entrepreneurship is an activity of establishing new business with innovate ideas by taking
risk. They take risk for earning profit and increasing growth of company (Harima, Elo and Freiling,
2016).
Entrepreneurial Activity
It is an activity of improving the standard of living by providing various innovative and
creative ideas of producing goods (Herrington and Kew, 2017).
Enterprise
Enterprise is an activity of producing and selling goods and services in exchange of
earning profit.
Types of Entrepreneur
Social Entrepreneur
A Social Entrepreneur is a person who have potential to solve issues and problems related
to society. The role of social entrepreneur is to create positivity in Society by solving community
based problems. There main aim is to start business for the benefit of people not for earning
profit. Social Entrepreneur are also known by name altruistic Entrepreneurship. There are
different types of Social entrepreneurship they are Community project, Non Profit organisation,
Co-operative, Social Enterprise and Social purpose Business (Del Giudice and et. al, 2019). They
share their portion of profit in the welfare of Society through which they enjoy several benefits
such as Increasing Mission Based Branding, an organisation share their story customers feel
connected and become loyal towards company. They also gain attention of Media coverage, as
they love to broadcast news related to social innovation. The Social enterprise get certificates for
providing benefits to people and society, even they also get support from other companies,
customers and investors.

The Impact of Social Entrepreneur on Economy of UK is a follows-
Innovations-
Social Entrepreneur promotes innovation by creating new ideas for developing Economy
of UK. They promote economic growth by improving the quality of life of people it also helps in
developing Economy. They innovate for making society advanced by solving social problems
and increasing the capacity of society.
Increasing Social Investment-
By Social Entrepreneurship, UK earn different trades and Social Investment. With the
help of social investment they can enhance the skills and capacities of an individual for taking
part in social life and employment. Social Investment helps in generating environmental and
social impact by gaining financial return.
Poverty Alleviation-
Social Entrepreneurship main focus is to reduce the poverty which create an impact on
Economy of UK. They establish a venture that provide benefit to people by increasing their
standard of living.
Local Entrepreneur
Local Entrepreneur is a person who establish their business in Local city for improving
local economy of UK. The people doing their business in own cities are craftsmen, product
providers, local farmers and dealers. Local Entrepreneur gets support from local communities
through which their profit and growth increase. There main aim is to generate profit by providing
various facilities (Hewamanne, 2020). The local Entrepreneur give better customer service,
consumers can easily connect with owners if they face any issues or complaints. The impact of
local Entrepreneur on Economy of UK are outline below-
Improves Local Economy-
The Local Economy gets increase when Local entrepreneur establish their business in
their own city. The Local business supports other local companies of cities so that the city get
developed and provide more benefits to people.
Unique Community-
Local Business gives their community an uniqueness which helps in increasing Local
economy. With the help of uniqueness more people get attracted towards products of business by
which Economy of city get enhanced. The Local Business creates a product which is different

from other city. This uniqueness increases the profit and growth of company as it helps in
gaining strong customers base and other local businesses.
Provide Personalised Services-
Local Entrepreneur provides personalised services to their customers which helps in
increasing the economy of Local Community of UK. By providing more personalised services
the business attracts more and more customers as people want services according to them.
Nowadays customers prefers products which fulfil their needs and demands, by providing
personalised services they boost the economy.
Global Entrepreneur
Global Entrepreneurship are the person who take their business crossing the boarders of
Country. They establish their Organisation in Global Market by which they earn huge profit and
their growth also increases (Kim, 2016). By expanding their business globally they target new
market and new segment through which they gain new customers base and build their brand
globally. The impact of Global Entrepreneur on Economy of UK are below-
Creating Jobs-
When entrepreneur establish their business globally they create jobs for local people.
Entrepreneur is considered as Job creator and look for job seekers who want to work with
Company, by creating Job they contributes in Economic Development.
Standard of Living-
The Standard of Living also get enhanced when new firm get establish globally. If a
Business is establishing in new market they increase the standard of living which create an
impact on Economy of UK. The new organisation comes with new ideas and concept for locating
their Firm globally, which improves the quality of life of customers, investors, stakeholders and
employees.
Similarities and Difference between Entrepreneurial Venture
Basis of
Difference
Small Business
Entrepreneur
Large Company
Entrepreneurship
Social
Entrepreneur
Scalable Start-up
Entrepreneurship
Meaning Small Business
Entrepreneurial
Venture is a type
Large Company
Entrepreneurial
Venture operates
Social
Entrepreneurial
Venture is an
Scalable Start-up
Entrepreneurial
Venture is started

of organisation
who set up their
business at small
level which is
operated and
owned by private
owners. The
Small
entrepreneur
doesn't expand
their business,
they produce
innovative and
unique products
to attract
customers.
their business at
large scale level,
they invest more
in their company
for diversifying
and expanding the
functioning and
activities of
Organisation.
There main aim is
to earn profit by
satisfying needs
and demands of
customers.
enterprise which
is established
with the aim of
providing
benefits to
Society. There
main motive is to
create positive
environment in
society. The
Social
entrepreneur
sometimes earn
profit or some
time not (Lazar
and et. al, 2020).
for providing
products with
innovative and
unique ideas.
With the help of
their uniqueness
the growth and
profit of the
company get
increases.
Characteristics The Small
entrepreneurial
ventures helps in
boosting local
economy. This
type of
entrepreneur also
helps in creating
jobs for local
people. They also
gain customers
loyalty as they
serve products
locally, people
like to buy
Large Company
Entrepreneurship
produce their
products at large
scale level by
which their profit
and growth get
increased. They
offer variety of
products which
make difficult for
customers to
make choices.
Social
entrepreneurial
helps in
eliminating
poverty by
proving benefits
to society. They
establish their
business to solve
the issues and
problems of
people.
Scalable Start-up
Entrepreneurship
helps in reducing
customers
acquisition cost
as if the
Company have
high scalable
business they
attain good
product Market.
This type of
business helps in
raising the
standard of living

products from
their near by area.
of people by its
innovative and
creative ideas.
Objectives The main
objectives small
business
entrepreneur is to
make their
business more
profitable by
capturing local
Market.
The objective of
large scale
business is to
expand their
business and
provide better
services and
products to its
customers.
Social
entrepreneurial
venture objective
is to make their
business
recognisable by
providing
solution of the
problem to
people. They
doesn't want to
earn profit they
focus on
providing
benefits to
Society.
The one of the
objective of
Scalable Start-up
entrepreneur is to
create strong
customers base
by providing
unique and
creative products.
As people want
products with
more facilities.
Impact and Importance of Small, Medium and Large Businesses on Development of Economy.
Impact and Importance of Small Scale Business
Small Scale Business perform their functioning and activities at small level, they have
few number employees. Small scale business is important for creating job opportunities for
people and developing economy of Country. This type of business helps in supporting large scale
business as they produce small components for increasing their growth and profitability. They
also helps in fulfilling needs and demands of customers. The Small Scale Business helps people
to participate and contribute their efforts in the process of development of Economy. With the
help of small scale business they develop entrepreneurship by promoting self development.
When a small scale business develops they contribute in increasing per capita income of

Country. They also create an opportunity for people to develop their standard of living by
providing them job opportunities so that they earn income for their survival. Small Scale
business helps in developing the backward and weaker section areas of country (Pierrakis and
Saridakis, 2019).
Characteristics of Small Scale Business
Grab limited Reach-
Small Scale Business focuses on local city and community by which they reach to limited
people. With limited reach they attract only local people and earn profit by offering products and
services to them.
Business at small scale level-
Small scale businesses produce their products and services at small level, their
management and functional activities are in their control.
Impact and Importance of Large Scale Business
Large Scale Business establish their business at large scale capturing local and
international Market. In Large Scale Business there are large number of Employees. The
Importance of Large Scale business is that they contribute more in developing the Economy of
UK. As they have large production unit which produces products at large scale through which
they earn huge profit (Elo and et. al, 2018). For establishing their business at Large scale they
requires huge investment for producing large quantity of products and services. They help in
raising standard of living of people by providing job opportunity to them.
Characteristic of Large Scale business
Huge Investment required-
The Large Scale business requires huge investment to expand their business. They
expand their operation activities for increasing their growth and productivity.
Raising Standard of Living-
Large Scale business helps in raising the standard of living by fulfilling needs and
requirements of employees and customers.
Impact and Importance of Medium Size Businesses
Medium Size businesses perform their operation activities at medium level. They have
less employees as comparison to Large scale business. There main aim is top expand their
business with motive of earning profit. Due to their Market variation they create strong

customers base it is one of the importance of Medium size business. They have a power to take
decision for the betterment of company.
Characteristics of Medium size Business
Decision Making-
In medium size business the decision is taken mutually, owner include their employees
and their views and opinion are considered for making decision.
Flow of Communication-
The medium size business communication between employees and employers are in
proper flow. The employees communicate easily due to the size of business as in medium size
flow of activities are at medium level.
Critically examine the scope, development and growth of entrepreneurial ventures both in public
and corporate sectors.
The scope of public sector is to perform its functions keeping in view the interest or
welfare of the people. The success of government administration depends on the protection of
public interest for the acceptance of the basic demands of the people. Prime goal of the public
administration is to implement public policy introduced by the government.
Private sector as a whole is not engaged in public interest here the sector is employed according
to the needs and interests of the management of a private or non government organization. The
main goal of private sector enterprises is to fulfill the personal aspirations of the owner of that
particular organization. There is a major difference between public and private sector in terms of
their scope. Public sector is much wider than the private sector.
Public sector takes care of various public facilities like food health facilities education
communication housing transportation and various other public facilities whereas on the other
hand private sector deals with the enterprises which they earn profit.
Conclusion
From the above information it is being concluded that there are various types of
entrepreneurship each have their own importance and advantages. The different types of
entrepreneurship creates an impact on increasing the economy of UK. There are various impact
of Small, Medium and Large Businesses on Development of Economy. There are many
entrepreneurs like social, global and local which clearly show that everyone has different
characteristics and nature and they start business with different motives and purpose. Small,
medium and large business are those which work at different scale and sizes and differ in their
capital investment and profit amount but these businesses have the power to take economy

towards development as it generates revenue and create growth among people by giving them
different opportunities.
PART 2
The types of skills that typify entrepreneurs and how these skills differentiate from other
organisation managers
There are different types of skills that helps entrepreneurs to increase their growth and
productivity. These skills helps in boosting morale and confidence among employees to
participate in making profit of the company.
Skills-
Communication skills-
In Case study both the company have ability to communicate in an effective way, they
take decisions for the betterment of organisation. With the proper flow of communication they
both are able to achieve their goals and objectives. The Company Elizabeth have never failed in
their performance due to effective communication strategy.
Problem solving skills-
Both the company have issue and problems in their organisation. Elizabeth face problem
in improving the efficiency of their business and its employees so they need to ensure that this
problem may solve in efficient and effective way.
Characteristics
Ability to take risk-
The Companies are risk taker they have an ability to take risk Elizabeth Gooch has taken
a risk to float their company on alternative investment market rather than going with venture
capitalists.
Hard Working-
Both the Companies are hard working, they work hard for making their company more
profitable in Market. By Working hard they are able to achieve the goals and objectives of the
companies.
Traits
Motivation-

Both the companies motivate their employees so that their performance and productivity
get increased. EG Solution PLC have to work on increasing the efficiency of employees so that
they can attain more better results and outcomes. MOMA Foods also make their employees
abilities and capabilities increased by providing them training and development activities so that
they can also contribute in making profit and increasing growth of the company. The employee
of both the company must have traits to make their company run successfully.
Confidence-
EG Solution PLC and MOMA Foods helps in building confidence among employees so
that they can give their best results in making business successful. For making the organisation
successful they have to adopt innovation and investment in new technology. They Both have
invested in new technologies to make their brand more recognisable in Market (Peprah, Mensah
and Akosah, 2016).
Entrepreneurial characteristics and situational factors in a personal context, including family
upbringing, lifestyle, cultural differences and personal motivation and drivers
Family Upbringing-
Family Upbringing is one of the important factor to develop an individual career. If a
person have family supports they can run their business successfully. Every individual needs an
support of their family for becoming knowledgeable and understanding the nature of business.
Cultural Differences-
Cultural differences open a variety of various options with respect to entrepreneur
characteristics. a person might belong to different cultural background but the inculcation
provided in each culture definitely develops a entrepreneurial trait in each individual.
Lifestyle-
Lifestyle plays a major role in identifying entrepreneurial characteristic in each
individual. a person's lifestyle definitely leads and marks the path that leads to a successful
entrepreneur. a positive lifestyle or attitude to attain success creates a series of opportunities to
an individual to achieve higher successes being a business person.
Personal Motivation-
Apart from various entrepreneurial characteristic attained from personal text a major
characteristic is is to have a personal motivation every individual who aspire to become an
entrepreneur. Until a person deals himself or herself with their own level of confidence and the
self motivation to achieve the target set for themselves to become a successful entrepreneur.
personal motivation always plays a major role in in every person's life to determine whether they
are competent enough to become the the person they aspire to be. A successful entrepreneur is
always a self reflection of of motivation confidence and self respect.

The factors that influence the decision to start a business
There are various factors which influence the decision to start up business are as follows-
Personal Background-
The personal background create an impact of decision for starting up business. It consist
the participation of family, financial background and motivation. It is important for an
entrepreneur to have personal experience in business. If an individual have personal experiences
they can easily establish their business and increase their growth by making profit. For starting
up new business one must have an interest that helps in running business successfully.
Education-
For starting up new business an entrepreneur must have a proper education that increase
their skills and knowledge of running business successfully. An entrepreneur must be passed out
with reputed institution as they focus more on improving the knowledge and skills of individual.
With the help of proper education they can create new and innovative ideas of making new
products that fulfil the needs and requirements of customers.
National culture-
The entrepreneur must understand the national Culture of Market by which they can
understand the beliefs, forms of behaviour, attitudes and values for making their business
successful. There are different types of national culture which entrepreneur must understand with
their advantages and disadvantages they are Power distance Index, Individualism and
collectivism, Masculinity Versus Femininity, Uncertainty Avoidance Index, Indulgences Versus
Restraint, etc. An Entrepreneur must understand these factors to make their business more
successful in Market (Naude and Chiweshe, 2017).
Economic Circumstances-
Economic circumstances are also a factor which create an impact on decision of
entrepreneur for starting up business. In economy various changes take place entrepreneur needs
to make decision according to the economic circumstances. The entrepreneur must need to focus
on unemployment rate, per capita rate and GDP Growth rate by which they can understand the
economic conditions so that according to it they can make changes.