ENTREPRENEURSHIP: Ventures, Economic Impact, and Personality

This report provides a comprehensive overview of entrepreneurship, exploring various types of ventures including small businesses, scalable start-ups, large enterprises, and social ventures. It examines the similarities and differences between these ventures, highlighting their significance in the UK economy. The report also delves into the impact of small businesses on economic growth, presenting data on employment creation and contributions to the GDP. Furthermore, it analyzes the characteristics, traits, and skills of successful entrepreneurs, as well as how entrepreneurial personalities influence motivation and mindset. The report concludes by discussing how background and experience can either hinder or foster entrepreneurship, providing relevant examples to illustrate these points. The report aims to provide a complete overview of the subject.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1 Various kind of entrepreneurial Venture and their connection with typology.......................2
P2 Similarities and difference between entrepreneurial Ventures...............................................4
TASK 2............................................................................................................................................6
P3 Interpret data to define the impact of small businesses on an economy.................................6
P4 Importance of small business and start-up's for the growth of economy...............................8
TASK 3............................................................................................................................................9
P5 Characteristic, traits as well as skills of successful entrepreneurs..........................................9
P6 How entrepreneurial personality reflects their motivation as well as mind-set....................10
TASK 4..........................................................................................................................................11
P7 Using relevant examples, how background and experience can hinder or foster
entrepreneurship.........................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is the ability of an individual that makes them to capable to manage,
organise and develop business organisation (What is entrepreneurship, 2017) . In today's era, it is
very important for company to have a skilled, well knowledge and powerful entrepreneur, so that
productivity and performance can be improved. They are the one thatthose are responsible to
make effective decision which will be beneficial for company to generate profit considering all
related risk. To have an entrepreneurial role in an individual, it is basic to consider three
contexts such as, entrepreneur task, activity and promotion.
In this report, various types of venture are explained and their relation with typology of
entrepreneurship. Similarities and differences between various venture and importance of small
companies to the growth of social economy. A mini research is done to determine the features,
traits and skills of two business person and the example related to micro and small businesses
impact on the economy. Report also shows the practical example that can hinder or foster
entrepreneurship.
TASK 1
P1 Various kind of entrepreneurial Venture and their connection with typology.
Every company whether small or large, business have an equal significancet to the
performance and development of economy. So, it is important to understand the entrepreneurial
venture as they serve different economic function and capabilities for innovation and growth of
nation. In business world, entrepreneurial venture canmay be describe, as a firm that places
innovation and opportunities in the main centre. So, it is observed that having a powerful
business or independent venture is totally dependent on the risk taking capabilities of a person
that are working within venture. It can be said that entrepreneurial venture helps in creating a
substantial profit more for themselves and economy that a regular businesses. They generate
income in more faster and effective manner. Thus, it support them in capturing more market
share and improving market position. As a research executive the important type of
entrepreneurial venture are discussed below that develop understanding among people:
Small business entrepreneurship: There are number of entrepreneur and start-ups in
different part of UK that are consider or are actually small business (Baum, Frese and Baron,
2014). Entrepreneur always think of good thought that ass comfort in everyday life of
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individuals The main category of these small businesses are stores for common people, travel
agents, consultant, plumber,, electricians or carpenter etc. These people additionally don't face
advanced risk and danger by operating at mercantile level.
Scalable start-ups : These are basically formed for the purpose of research for a
quotable and scalable business model. The main purpose of this organisation is to determine
new innovation and instruments for making life of individual easy. They apply a scalable
business model that help ion growing revenue significantly without increasing the actual cost
base. For example, an online business, particular coffee shops etc.
Large entrepreneurship: It is considered that large companies are the main lifeline for
growth and development of economy. The manager of company focus on fresh innovation,
offering and delivering of new products that are prepared for customer according to their taste
and demands. It is basically updating new ideas and deciding to innovate old product or develop
new ones (Nga and Shamuganathan, 2010). Some of the basic example are, large food and
beverage companies like pizza Hut, domino's etc.
Social entrepreneurship: Companies create various projects to bring constructive
modification in existing goods and services that will be helpful in solving social needs and
problem of people.
Types of typology of Entrepreneurship
Serial entrepreneur: This is related to those individual bring new and creative thoughts
and ideas with the main motive to achieve company goal. The main objective of serial
entrepreneurship is to create high productive vVenture in few times and distribute duties and
responsibilities to different people depending upon their skill set of education. In companies
serial entrepreneur comes with the fresh method preform a task and than gives responsibilities to
other member and move to new ideas and new venture.
Lifestyle entrepreneur: It is related to the n individual that develop a business in order
to increase the lifestyle of community of other personnel, but not with the purpose of generating
huge profit (Bruton, Ahlstrom and Li 2010). They mainly focus to give prize to people that
help in motivating individual. start-up venture need to use resources effectively for the intention
of spending their enterprise and earnings. Whereas, large venture have resources in adequate sum
which specify that company can have big market range and customer base.
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Male and female entrepreneur: A male and female entrepreneur are the one that takes
decision in the favour of company growth. They have the perception to make effective decision
to perform a certain task in company. A male entrepreneur are liable to make decision in difficult
situation that will decrease the performance of company. Both kind of venture refer to bringing
various goods and work in agreement to supply and need of people. Business person make
changes and utilize advanced application in scheme to present creative goods and service to the
clients.
P2 Similarities and difference between entrepreneurial Ventures.
In UK market there are large number of small business firm that use to work to satisfy
basic needs of customer with the main motive to attain their predefined goals. So these
entrepreneurial Ventures have some difference and sameness on the basic of some criteria. As a
research executive, it has been suggested that business people must know about the similarities
and deviation that is discussed below:
Basic Similarities. Differences.
Small and large scale
entrepreneur.
The both kind of entrepreneur
have a common Goal to
capture huge market share by
offering different kind of
better quality of goods and
services. They want a huge
customer base that will help in
earning more profit.
The main difference is that
small business wants to earn a
huge profit in few times
whereas the large business
focuses to remain sustainable
in market for longer period.
Social and scalable
entrepreneur.
They both are developed with
the same aim of modifying
scenario of entire world by
developing and applying new
techniques and tool. That is the
main factor that will satisfy
customer most and increase
the living standard (Bosma and
Entrepreneur has main focus of
earning profit by taking risk in
their business activities. On the
other hand, social scalable
entrepreneur are more focused
on maximising the benefits to
customer that will satisfy them
most.
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Levie, 2010).
Male and Female
entrepreneur.
The main objective of this kind
of entrepreneur is that of
earning more and more profit
and also enlarging the
customer base. That further
helps in maximising market
share.
It is observed that many
companies believe that male
entrepreneur are best to make
effective decision and are more
confidence to the female. But
it is not as true as female
entrepreneur are highly
qualified and also take
important decision at various
situation.
Lifestyle and Serial
entrepreneur.
They both have a common
similarity that they want to
target large customer base at a
same time, this is possible only
by applying different ideas of
promotion. As more customers
are attracted towards company
there is a chance of more profit
generation.
The main difference between
lifestyle and serial
entrepreneur is on the basis of
their objective for which they
are operating. Such as
Lifestyle entrepreneur has aims
to increase the lifestyle of the
community and on the other
hand serial entrepreneur are
mainly focused to make people
fit for long run (Barringer,
2012).
Differences and similarities between venture.
Venture Similarities Difference
Small and social
entrepreneurial venture.
Both small and social venture,
concern individual utilize
advanced ideas and
imaginative business thought
in entity.
Small venture purpose to create
and keep their effectual point in
the market and develop brand
image. Whereas as social
ventures are focused to provide
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social care services to people
(Burns and Dewhurst, 2016).
Lifestyle and survival
entrepreneurial venture.
Both venture need to generate
appropriate amount of profits
for maintaining their market
share and position in near
future time.
Lifestyle venture are run by
single for carrying through their
passion and market currency
for their support.
TASK 2
P3 Interpret data to define the impact of small businesses on an economy.
Being an owner of small business is challenging for an economy to work with variety
of backgrounds by pursuing self-employment. In this, an owner is independently working
with few of its employees. It plays a vital for future success. There are three sorts of associations
small, medium and substantial. These businesses are classified on the basis of size and scope
such as in large companies there are huge workforce, large area of business etc. where as in
small and medium companies, there are limited number of employees and small market share.
Each and every business is reaching to an extent by leading with an economy of UK. This
business work is helpful in growth for small firms and production in society. It plays an
important role for government in achieving highest promotion in import and gross domestic
product. In this, it works autonomously in developing nations. UK government reinforce firms
by diminishing their duties (Dacin, Dacin and Matear, 2010).
From this understanding activities provided to unemployed peoples. As per developing
nations, government has proceeded with a greater part in opening for work with individuals.
Private companies are concern with conditions of a country. In this, it is enable to work with
small ventures. An organisation is dealing with the best way by vanquishing effects made on
little scale of businesses. The respect to government methodologies as well as its system it helps
in improvement and progression of works. As it gives broad to an economy with new business
openings and increasing stream of exchange out of an economy.
Micro as well as Small businesses and their Contribution within the growth of UK
Particular Number of Employees Assets Total Annual Sales
Micro-Enterprises <10 ≤ £2 m ≤ £2 m
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Small Enterprises <50 ≤ £10 m ≤ £10 m
Medium sized
Enterprises.
<250 ≤ £50 m ≤ £43 m
Employment Creations: In UK, regarding with their population half amount of peoples
are employee working in private organisation. There are 30% more than individuals who are
giving their administrations in linked with private venture which are small. In regarding with
increasing expectations every day individuals are provided comfort in raising level of their
income and creates their strength related with money.
(Source: Local impact, 2016)
Interpretation: According to this diagram, it shows rates of employees of UK working
from 2009 to 2015, increases job in small business from 30 to 60 Lacs.
Infrastructural Development: in creating framework, country contributing maturely in
underdeveloped regions. This is based on satisfying social obligations, tendency in dealing by
increasing zone.
Decrease in unemployment: economy of UK is confronted jobless where exercises are
presenting by government in regarding with making expulsions on unemployment. Government
of UK supports an individual person autonomously. It creates local society and networks.
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(Source: Impact of SME's on economy of UK, 2017)
Analysis: From this above graphs, it is analysed that small firm of rate is examined by
analysing small, medium and large firm employment rates. In this, employment has 48% than
turns to 12% and at the end it turns 40%. As per this company starts with increasing then turns to
reduce and again reach highly. Same situation is made with medium size company.
P4 Importance of small business and start-up's for the growth of economy.
This term is an abbreviation of British exit form the European union, it result in British
pound to fall to its lowest level from the last 30 year against other currencies such as dollar. In
2016, the government of UK has attempted a term under which it has withdrawn them from
European Union. It was observed on 23rd June, that large number of people had voted for UK
instead of Europe.
Threats of Brexit on UK: It was one of the main factor due to which the economic
growth and business of many firm of UK has been affected. Because of it there is a negative
impact on the nation economy and trade of nation also effected and operate at very slow rate
(Defourny and Nyssens, 2010). There was a deflection in European economic confidence and
that might have effect on the condition of other developing countries. But at the same it this was
consider a good condition for small business as there is a chance of development and growth
because of expanding opening for work, reduction in poverty level, unemployment rate, sudden
improvement in export and import services. There are basic significance of private companies
that are discussed below:
Monetary help: When UK withdraw for Europe, many businesses faces a situation of
lack of monetary resources that will reduce the productivity. To help out government organise
different plans and arranged various programs and strategies that will booster business people to
expand their business in country.
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Improvement of UK universal exchanging: In UK, the trade area was one of the
strongest factor that increase the economy as export and import is totally depended on European
Union. But after Brexit, there is a chance of reduction in trade that will have an effect on the
economy of UK. To overcome this government bodies have organise specific strategies, that will
be help in increasing trade activities and support the financial strength of UK. This will attract
more number of investor to put resources within the program of country. The small and start ups
businesses are helpful in removing the different issuer that are explained below:
Reduction in poverty and unemployment : These business are helpful in creating
different job opportunities to the common people that help in reducing the unemployment level
in UK. The government also form various schemes that will support in solving the poverty level
among common people of UK.
Wealth distribution: Ad more number of people are getting job in various small and
large business according to their skills and abilities. They will be provided with the best wealth
in economy that further helps them to fulfil their basic needs.
Difference Between small and start-up.
Basis Small businesses Start-up's
Definition This type of firms an
individual are incorporated to
generate revenue from the
certain business activities. So
they make sure that people are
delivered with the kind of
goods customer needs and that
will increase their standard of
living (Delgado, Porter and
Stern, 2010).
In This type of firm
entrepreneur set up new
business by implementing new
thoughts and innovative
standard according to the
current market situation.
Growth. There is a slow growth rate in
small businesses just because
there is lot of competition in
market.
As compared to small business
growth rate of start-up's are
generally higher as business
activities are conducted in
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creative and unique manner.
TASK 3
P5 Characteristic, traits as well as skills of successful entrepreneurs.
An entrepreneur is an individual who start and manage, run their own business with the
actual resources present with them. They take account of all the risk and rewards in their
business venture. They work on an effective business plan, an innovative idea, goods and
services etc. instead of associate existing business model. In today, world there are many famous
entrepreneur because of their capabilities, creative thinking, unique characters etc. such as Bills
Gates and Mark Zuckerberg they both are famous and most successful entrepreneur of their
generation. They inspire other to bring effectiveness in their thought and way of dealing with
business situations. They help other to by motivating them to toward risk taking by increasing
their potential. Some of the major characteristics, skills and traits of Bills Gates and Mark
Zuckerberg are discussed below:
Hard working and dedicated: An entrepreneur must be hard working and dedicated
towards his work that helps him to be more effective in running business successfully. Such as
Both Joe woods and Mark Zuckerberg are hard-working and dedicated towards their work that
helps them to become the most successful business person of their generation. They always
wants to been involved in activities and determine any opportunity that will give a chance to
increase their business (Fassin, Van Rossem and Buelens, 2011).
Flexible: Many business people do not really flexible enough to manage business
operation at any time and that led to failure at many situations. So it is very important for an
entrepreneur to be flexible in their working style. Such as Bills Gates and Mark Zuckerberg
never leave a chance to work with their manager and at any time
Skills : The have different set of skills that help in making the effective decision so that
organisation goal are achieved. Mark Zuckerberg, is skilled enough to guide other employees of
company in order to perform with their entire potential to attain the business objective of
Facebook.
Traits: It is related to the personnel behaviour of individual that are assumed to describe
the features and characteristic of them. Such as both entrepreneur have interpersonal skill and
strong behaviour that support them to deal with uncertainties arising within company. They with
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their trait able to develop faithful culture in company so that other worker work with full
potential.
P6 How entrepreneurial personality reflects their motivation as well as mind-set.
Both are having very unique qualities which shows their personality and motivate others
towards becoming successful entrepreneurs. In fact, both of them believe in enforcing other
members to come up with creativity for putting forward their legs in marketplace. As a result,
competition can increase and enforce every person to polish their talent by getting more attentive
towards their development (Ligthelm, 2010). Therefore, some of the skills and abilities which
reflect personality of successful entrepreneurs as motivation for others such as
 Openness: Zuckerberg both are very much passionate towards their work and always
believes in completing the project in a minimum time period without any disturbance. In
fact their minds are always surrounded with kind of creativity for setting examples which
encourage others to become passionate towards their assigned job or activity.
 Critical thinker- An entrepreneurs are critical thinkers because they have to deal with
various types of cross questions which are put up by whole society, shareholders,
competitors and various other members on their creativity. Therefore, this personality
also shows that critical opinions are useful for answering each kind of questions.
 Sociability: Vision is really indispensable for every person for running their life in
correct direction. In fact, this will help an individual to understand their goals and life
motive and work on it in better manner.
 Creativity: It is related to make creative decision that will increase the profitability and
productivity of company.
 Risk taker: This function is related to take the risk in making decision related to various
business operation.
TASK 4
P7 Using relevant examples, how background and experience can hinder or foster
entrepreneurship.
It is observed that Entrepreneur are totally affected by their Background of their family and
experience they acquired through various situation faced in life. As family member are consider
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