Entrepreneurship Report: Entrepreneurial Ventures and Impact

This report delves into the multifaceted world of entrepreneurship, examining various entrepreneurial ventures such as small business ventures, social business ventures, large business ventures, scalable start-up business ventures, and women entrepreneurs, exploring their characteristics, similarities, and differences. It further investigates the impact of micro and small businesses on the economy, particularly in the context of Brexit, highlighting their contribution to employment, economic stability, and customer satisfaction. The report also discusses the importance of small-scale businesses and start-ups in the social economy, along with the characteristics of sole proprietorships, partnerships, and private enterprises, providing a comprehensive analysis of the entrepreneurial landscape and its significance.

ENTREPRENEURSHIP

INTRODUCTION
Entrepreneurship is the concept of starting business by the single person with innovative
and creative mind. Entrepreneurs work very hard to achieve their goals and objectives. They
never give up. This report includes about the entrepreneurial ventures which are different from
each other. These ventures are related with the typologies of entrepreneurship. There are many
similarities and difference between venture which are explored. Mini research is conducted to
illustrate micro and small business impact on the economy. Small businesses and business start-
ups importances and their contribution towards the growth of social economy after Brexit are
explained (Desai, 2013). Research is carried out to determine the characteristics, traits and skills
of two successful entrepreneurs and how they are different from other business managers are
shown. How these entrepreneurial personality reflect motivation and mindset of entrepreneurs is
discussed.
TASK 1
P 1- Mini researches to examine different types of entrepreneurial ventures and explaining their
relationship with the typologies of entrepreneurship.
Entrepreneurship is the very wide concept. It needs hard work and many skills. It is the
name of bringing innovation and creative working styles in the business operations. These can be
termed as SME's because they are started at the small level. They grow with the time by using
innovative ideas. Assael Architecture Ltd. Is the small medium enterprise in UK. They satisfy
their customers fully and makes their business grow in the market. There are many
entrepreneurial venture which relate to the typology of entrepreneurship. Those ventures are as
follows:
 Small business ventures- These ventures are started at the very small level and have few
amounts of capital which can be invested in business. Entrepreneurs starting these
ventures do want to earn profits but their main motive is to meet their needs and wants.
They deal with low range of customers because of their size (Fayolle, 2013). In UK there
are many successful small business venture which helps the country to make their
economy grow. These organisations are small but their contribution towards economic
conditions is very high. Entrepreneurs of these businesses work very hard to have
sustainable business performance.
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 Social business ventures- Organisations whose motive is to make safe and secure
environment but not to earn profits are included in small entrepreneurial ventures. These
firms are established to solve and handle the problems and issues of society people.
These are not profitable businesses. They only want people of country to feel safe. These
ventures can be profitable but their main aim of serving people does not change. It
increases the goodwill or reputation of country all over the world.
 Large business ventures- These firms are wider. They have large capital requirements to
be invested in business and to make it grow more. Their range of customer is also very
high. Large business ventures are termed as profitable (Kerr, Nanda and Rhodes-Kropf,
2014). They earn profits and invest them again in the organisation to bring innovation.
These type of businesses wants to grow and increase their market share. Innovation in big
entrepreneurial ventures makes them to gain competitive advantages among their
competitors. They provide quality products and services to the customers and contribute
in making economy of the country strong.
 Scalable start-up business ventures- Businesses which starts with the main motive of
be successful and developed. They set the vision to make their brand name strong in the
market. Increasing market share among their competitors is one of the biggest aim.
Scalable start-up businesses provides and maintain the quality of their products and
services to satisfy consumers. These organisations bring many innovations in their
working style which eventually contribute towards the making the economic conditions
certain and stable in the country.
 Women entrepreneur: women entrepreneur is the another example of entrepreneur who
establishes their business at their own level. In which they hire females and give them the
best opportunity to enhance the future growth.
 Serial entrepreneur: serial entrepreneurs are those entrepreneurs who takes challenges
on constant basis. Ones they open the businesses they focus on the other ventures.
Sometimes they sell their earlier businesses and moves to the another ones. Like Sir
Richard Branson is the person who is the serial entrepreneur.
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Typology of entrepreneur is helps to identify the relationship between the different
aspects. With the help of this they help to manage the work in proper way. There are many
entrepreneurs who contribute their part in the growth of economy such as social entrepreneur,
female entrepreneur. These all different types of entrepreneur take help of typology to implement
the functions.
P 2- Investigating differences and similarities between the entrepreneurial ventures.
There are different entrepreneurial ventures which differs from each other by many
reasons. These businesses have some similarities too. All the entrepreneurship ventures have
some similarities and some differences.
Similarities between the entrepreneurial organisations
It is said that all the businesses are different from each other but they have some
similarities too (Link, Siegel and Wright, eds., 2015). Entrepreneurial ventures are same in
accordance with their nature and motive. These businesses want to bring the best innovation in
their operations which will make them grow in the market. All the organisation works on the
basis to grow and provide innovative products and services to their customers. Creativeness and
innovation both are the essential part of all types of entrepreneurial ventures. Profits are earned
by every firm which are again reused in further development of the company. They all use
innovation as weapon to gain competitive advantages among their competitors. Concept of
making the business grow in the market is same for all the ventures. Without any of these
qualities an entrepreneurship is nothing.
Differences between the entrepreneurial organisation
Every organisation is different from each other by their working style or set and targeted
objectives. These all have different vision from each other to be achieved. Firms differs by their
objectives which are set according to business operations. Large businesses have big customer
range on the other side small venture have lower rate of customers in the market. Scalable start-
up organisation earns high as compared to social sectors. Social business ventures are very
different from each other because their main aim is to provide social services while the other
works in the direction of making profits. Main motive of scalable start-up businesses is to bring
innovation in their activities to become more successful in the market (Naudé, 2013). They all
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work hard but differs from each other by business missions or visions. Missions and visions both
are set according to the needs and wants of companies.
Basis Women
entrepreneur
Serial
entrepreneur
Large
enterprises
Social
enterprises
Capital Women
Enterprises needs
much capital to
run the business.
Serial businesses
needs capital to
run their business
functions.
Besides, they
require funds to
open their new
business or
ventures
Large enterprises
require huge
capital amount for
their business.
Social enterprises
require funds to
make social
welfare.
objectives Women
enterprises main
objective is to
earn profit to feed
the family needs.
Serial enterprises
objectives is to
earn money to
meet the
expenses.
Large
organisation main
objective is to
earn profit by
give the best
quality of
services.
The main
objective of the
social enterprises
is to do social
welfare and
remove the social
issues.
workers It requires no
workers.
It requires
workers more
than small
enterprises.
Large
organisation
require talented
and large number
of workers.
It requires group
or union to meet
the objectives.
Risk It requires low
risk.
It involves high
risk.
Large
organisation
involves high
risk.
It does not require
high risk.
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TASK 2
P3 Micro and small Business impact on the economy.
Micro and small scale enterprises are very important for the growth of economy. Small
scale enterprises gives many opportunities in UK(Baum, Frese and Baron eds., 2014 ). These
small businesses help very much in challenging times of Brexit. It gives employment
opportunities to the unemployed persons. In the time of Brexit small businesses had helped to
maintain the economic conditions. With the help of employment in the country 70% peoples are
engaged the with small enterprises. These small start-ups came with new ideas by means of great
opportunities. With the help of sources, it was concluded that small enterprises increases
55.54% Gross value added growth.
From the above explanation, micro and small businesses are very essential part of the
economy. These factors help in maintaining economic stability in the future. Small enterprises
are very much potential and contributes many products and new services. At the time of Brexit
when economy face many ups and downs in that situation small scale enterprises helped to stable
the economy. Small enterprises also aided in increasing the gross annual turnover by 47%.
Furthermore, in United Kingdom, it also helps to fulfil the customer satisfaction. Small and
medium businesses always gives new and unique idea from which they earn customer
satisfaction.
In the United Kingdom, number of employees engaged in small scale enterprises was
16.1 million, 60% of employment in private sector in UK. Total turnover of small scale
businesses is £1.9 trillion. In earlier times in United Kingdom many of the population full fill
their needs with the helps of small scale enterprises. Furthermore, number of companies has
increased from the last few years to 128,000(Storey ed., 2016.). In every industry there are
99.5% are covered with small scale industries. There are some characteristics or nature of private
, sole proprietorship and partnership.
Sole proprietors: Sole proprietors is the person who starts their business at their own
level. They bear all risk and profit individually. Such as hair dresser, grocery store, car painter.
Characteristics of Sole proprietor
 Sole proprietor is the individual person who handle the all functions and activitioers
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 He is the only owner of the business.
 He liable to pay all company debt and bear all loss and profit revnue.
Partnership: In Partnership business two or more than two members are their who
contributes equal capital and bear equal risk or profit revenue.
Characteristics of Partnership
 Partners are liable to share all losses and profit.
 Partners invest equal capital and funds.
 Partnership has limited liabilities.
Private Enterprises: Private enterprises are the firms who establish by one person or
group of members. Private firms has only one motive to earn effective profit maximization.
Characteristics of Private enterprises
 Private enterprises involves high risk factor.
 Private enterprises has number of shareholders.
 They have number of employees in the business.
P4 Importance of small scale businesses and start-ups in social economy.
Small Scale businesses play very vital role to enhance the economy opportunities. These
small enterprises satisfy the needs and wants of the customer by giving them the best services of
products. In UK, many of the sole proprietors introduce new product and services and fulfil the
basic needs of the customers. These small start-ups are Hairdresser, Financial Consultant,
Emergency Plumber etc(Schaper et.al, 2014.). They serve the larger businesses like Printed
Stationery, Catering and Photography etc. It is the responsibility of an Businessperson to make
right decisions with right attitudes and the right skills. Today's most of the small businesses in
UK are based on single person and self employed. There are many important reasons by which
small businesses gives many new facilitates to the social economy. Brexit leads to effect direct
economic growth, remittances, trade, which could give negative impacts on the overall economy.
At the time of Brexit small business faces the issues and challenges. They are not getting his
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advantages due to exit of European economy. Along with that, due to Brexit effects government
of economy faces several issues related revenue and growth.
 Developing Relationships: Small enterprises are specialist to maintain good relationship
with customers, employees and suppliers. In small businesses, person knows with whom
they deal. Furthermore, in these, customers are very happy with the good behaviour of
the employees. These have good person to person interaction which is very important to
maintain long term relationship with the customers. On the other hand, small scale
enterprises also solve the issues of customers in fast way. It helps to increase the trust and
faith among employees(Kuratko, 2016. ).
 Flexible in nature: Small enterprises are very much flexible and easily changeable. They
have small hierarchy in which employees are easily contacted with each other. It helps to
maintain the proper flow of information which gives flexible working environment. If
there is any issue then conflicts manager immediately solve those conflicts. It also makes
fast decision making process. On the other side, employees are very well known about its
work.
 Innovation and creativity: It is another benefit of small enterprises. That these are
creative and innovative. Small businesses are well positioned to introduce new product
and services. There is one benefit to the person who runs the business that he doesn't take
any approval and permission from anyone. In UK, many talented people open their own
businesses with great innovative ideas.
 Economy Contribution: Small business start up helps to contribute large part in the
economic development. Small businesses have the largest percentage of contribution in
Economy. It helps to enhance the purchasing power of the customers by which they
spend more money and increases the sales. With the help of small businesses, it had made
the economy stable in Brexit time period. This happens increases the importance of small
businesses in the United Kingdom. On the other side, these companies will aid in making
the economy stronger and stable in the future.
 Increasing Standard of Living: Small scale enterprises gives variety of product and
services. It helps to increase the sales of the product to a great extent. Manager has the
responsibility to fulfil the needs and wants of the customers after identifying the external
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environment. They provide many creative and innovative products by which customers
are very happy and contented to buy the product. These services make customer standard
high and satisfied. It also helps to enhance the customer purchasing power. Small
enterprises provides quality of services which attracts potential customers and helps to
enhance the living standard. These companies make customers satisfied and happy.
Furthermore, these small scale enterprises are very helpful for economic
development(Kirzner, 2015. ).
 Customer Satisfaction: These small enterprises always gives quality of services and
products on the basis of customer needs and wants. Customer is very dynamic in nature;
he always want some different product and services. Accordingly, Businessperson needs
to analyse the external environment and then make innovative product and services to
attract the customers. Customer satisfaction finally lead to growth of national economy.
During the Brexit time period, customers were satisfied only because of small businesses.
This is an important factor to maintain the economic growth of United Kingdom.
 Exploding Employment possibility: Small Scale Enterprises helps in decreasing the rate
of unemployment in the UK. They provide many jobs to jobless people. Now, 60%
people got engaged with small ventures in United Kingdom. Starting up new business
and company automatically provides many job opening in the country. It helps people to
fulfil their basic requirements by earning salary and wages. Small scale businesses helps
people of the country to earn money and live life happily. Many small scale businesses
started their businesses and provide many big opportunities for the customers and
unemployed people as well.
Overall the difference between small businesses and start-ups. The main difference
between them is funding star up has saved their money and they put their own savings in the
business on the other side small businesses arrange their capital from family, friends or from
bank loan. Besides, another main difference is risk factor start-up are far riskier than smaller
businesses. Another difference between them is attracting talent. Start-ups are attracted more
talented staff towards the organisation other than small businesses.
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TASK 3
P5 Determining the traits and skills of successful entrepreneurs and their differentiation with
other business manager.
An entrepreneur is plays a very vital role in the business organisation. He is the person
who take all decisions and steps to move the business ahead. It is necessary to have some skills
and traits in successful entrepreneur to accomplish the goals and objectives of the
business(Drucker, 2014 ). Skills and traits helps the person to take crucial judgement and handle
difficult situations. To achieve the target, entrepreneurs use their personal skills and traits in
operations. It assists to get profit revenue to expand the business. There are some skills and traits
of successful entrepreneurs.
Characteristics
 Self Motivated: It is the first characteristics of Walt Disney and JK Rowling which helps
to take challenging decisions in the business. Self Motivation of the persons helps to take
most difficult decision in effective manner. Walt Disney and JK Rowling both have self
motivation power which helps them to make powerful and successful business
entrepreneur.
 Risk Taking: it is the most essential characteristics of a good entrepreneur. Walt Disney
and JK Rowling always ready to take risk and make the best solution to beat them. It
helps to learn new trends and challenging factors involve in the environment. Risk taker
always achieve the best output in effective amener(Shepherd, 2015.).
 Money Management: This is the another characteristics of good entrepreneur which
helps to maintain the cost management in the business. Generally Capital is very limited
in small scale business so that it is important to manger the capital according to the needs.
This happens helps to maintain the money management.
Skills
 Ability to raise money: It is the first skill which is important to expand the business
growth. With the help of this skills Walt Disney and JK Rowling achieve the best
entrepreneur position in UK market. It is important to invest their money into right place.
This advanced skills of Walt Disney and JK Rowling helps him to get funds for its new
expansion and meet the expenses. This is the best skills of both of them with the help of
that they take their own best ideas.
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