Entrepreneurship Report: Ventures, Economy, and Entrepreneurial Traits

This report provides a comprehensive analysis of entrepreneurship, examining various types of entrepreneurial ventures, including small business entrepreneurship, scalable start-ups, large-scale entrepreneurship, and social entrepreneurship. The report explores the similarities and differences between different entrepreneurial ventures, such as lifestyle ventures, serial ventures, female entrepreneurship, and male entrepreneurship. Furthermore, the report delves into the effect of micro and small businesses on a nation's economy, highlighting their role in employment and economic growth, using the UK as a case study. It also discusses the determination of characteristics, traits, and skills of successful entrepreneurs, and the influence of experience and background on entrepreneurial endeavors. The report emphasizes the importance of innovation, market analysis, and adaptation in the entrepreneurial landscape.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Analysing various sort of entrepreneurial ventures..............................................................1
P2. Similarities and dissimilarities in between Entrepreneurial Ventures..................................3
TASK 2............................................................................................................................................5
P3. Effect of micro and small businesses nation's economy.......................................................5
P4. Value of contribution by SME towards the society and economy of the country................8
P5. Determination of characteristics, traits and skills of two entrepreneurs who are running
business in a successful manner..................................................................................................9
P6. Entrepreneurial personality hitting their state of mind and motivation..............................10
TASK 3..........................................................................................................................................10
P7. Experience and background can surrogate and obstruct entrepreneurship.........................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
In the modern era, organisation’s main aim is to make profit by delivering quality
products to consumers as per their need. Thus, entrepreneur is the person who runs or start a new
business in a successful manner with innovative ideas and entrepreneurship can be understood as
a human being or a group of individuals who take risks while managing various kinds of
business ventures. Their motto is to earn profit and this can be done by providing services or
goods to customers as per their needs. It has become vital while running a business to take high
risks and then only, an entrepreneur can maximise his earnings. In this assignment, various
business ventures types has been implemented and contextualised with entrepreneurship. Away
from this, small business enterprises have a great impact on economy of nation has also been
included(Aldrich, 2012). Also report is putting light on, key features and functions of
entrepreneurs while examining ample number of environments so that goals and objectives can
get hit effectively and efficiently.
TASK 1
P1. Analysing various sort of entrepreneurial ventures
It has been examined that there are almost four kinds of entrepreneurial ventures and
these are as follows:
Small business entrepreneurship: In today's world, United Kingdom's people are getting
influenced towards establishing a new and small business which does not require higher
investment. It has been found that almost 5 million small businesses are being running in a
successful manner that has gave employment to almost half of nation's citizen. This ratio is
continuously rising and unemployment rate is decreasing because of new and innovative ideas
that are being introduced by common people time to time. Mostly, small stores, departments,
agencies and small markets can come under this type of business venture. An entrepreneur opens
a business in this type of sector to secure his/her families in both health and financial aspects.
Apart from this, they don't make much revenue but easily deal with problems that they face
related to funds.
Scalable start up entrepreneurship: In this type of entrepreneurship, economy of a
country gets affected (Audretsch, 2012). Most of the time, entrepreneur under this keep on
bringing up innovative ideas by which they can enhance their business at both domestic and
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international level. These business people mostly looks for the investors who have same set of
mind. After influencing them, new business plan can get run by which more profit can get earn
by delivering goods and products to consumers as per their needs. Continuous implementation of
these plans may lead these entrepreneurs and investors to gain high return of investments that
they did for purpose.
Large scale entrepreneurship: This type of entrepreneurs runs business at a level where
investments and returns both are in a huge amount. It has been examined that mostly
entrepreneurs who have great name in marketplace use many kinds of innovative ideas, quality
of goods and services according to people's requirements, etc. Mainly, their motive is to find out
or analyse the market that what exactly consumers are asking for and what their needs are. Then,
they implement those modifications in their products and this process automatically attracts
customers towards their commodities that they are selling in the marketplace. It has been found
that most of the entrepreneurs in this sector look for long term sustainability (Audretsch, Falck
and Heblich, 2011).
Social entrepreneurship: These are the entrepreneurs who fulfil needs and wants of
consumers without aiming to make profit. Basically, their motive is to improvise the living
standards of people in society. Apart from this, these firms that is being run by an entrepreneur
can come under not for profit organisation. In the modern era, government of United Kingdom is
taking ample number of steps so that lifestyle of nation's citizens can be improved.
Male entrepreneurship: They are the entrepreneurs who have different aim and
objectives and mostly makes products by needs and wants of consumers can be fulfilled and in
return they take monitory from them. Main motive of these entrepreneurs to make profit at its
maximum level.
Female entrepreneurship: As compared to modern era, earlier entrepreneurs were men
centric and women were not given much importance. But, after looking at some successful
business women, others were also got influenced and started their own business. In the United
Kingdom, there are ample number of women entrepreneurs who are running business in a
developing manner (Bruton, Ahlstrom and Li, 2010). Apart from this, many women have also
introduced some products and services by which they can empower the females.
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P2. Similarities and dissimilarities in between Entrepreneurial Ventures
It has been found that there are ample number of entrepreneurial ventures like female,
male, lifestyle, serial entrepreneurs and these have some similarities and differences. Both of
these things are mentioned beneath:
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Lifestyle Ventures
Similarities
 Main motive of this type of venture is
to hit targets right on time with ample
number of innovative ideas.
 Mostly, achievement can be hit by
management by hiring skilled and
knowledgeable employees (Bruton,
Ketchen and Ireland, 2013).
 Attracting large number of consumers
is the main aim of these ventures by
delivering them quality products and
services.
Serial ventures
Similarities
 Main target of these entrepreneur
ventures is to make high revenues and
earn profit while giving rivalry to
competitors with innovative ideas.
 Basically, they hire candidates who are
qualified enough and talented by which
targets and goals can get hit right on
time.
 One more similarity is to grab attention
of most of the customers by which they
sell products and services as per their
needs and wants.
Differences
 Their main motive is to influence
people and develop lifestyle of nation's
citizens by providing services and
products so that they can develop their
living standards.
 Motive of these ventures is to sustain in
the market for a long period of time and
improve goodwill as well as the brand
image.
Differences
 Entrepreneurs under this Start-ups new
business by using various innovative
ideas so that brand image can get
developed in a limited period of time.
 Business people under this, keeps on
making changes from time to time.
These modifications are being done in
forming better results at marketplace
(Carraher and Paridon, 2015).
Female Entrepreneur Business
Similarities
 Mainly, these entrepreneurs have main
aim of grabbing most of people right on
time so that revenue can be made in a
Male Entrepreneur Business
Similarities
 Similar part is that aims and objectives
are same and that can be anything like
making huge amount of profit.
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huge amount.
 Focused in forming or manufacturing
goods and services as per needs and
wants of consumers and deliver them at
the right moment.
 Grabbing advantages in competitive
world by providing commodities to
customers as per their needs (Desai,
2013).
 As per requirement of consumers these
entrepreneurs forms products so that
they can fulfil their needs.
 It is as similar as Female entrepreneur
in which male entrepreneurs also looks
for gaining advantages at rivalry
market.
Differences
 Low confidence and morale while
forming out a business plan or while
doing a start up.
 These entrepreneurs can make much
effective decisions in a short period of
time in betterment of their organisation.
 Innovative and have high influencing
skills at time of women empowerment
which makes them different from male
entrepreneurs.
Differences
 Highly confident and motivated while
forming out a business start up.
 They have lack of innovative ideas.
Away from this, they have to take
suggestions from other before coming
to a conclusion (Drucker, 2014).
 It is hard for these type of entrepreneurs
to influence others like, investors,
consumers and etc.
TASK 2
P3. Effect of micro and small businesses nation's economy
It has been summarised in these few past years that, small business enterprise plays an
essential role when it comes to economical condition of a country. Apart from this, government
also supports these small firms in various ways like tax relaxation and etc. as they know that
these small ventures have given employment to half of citizen's of United Kingdom. When it
comes to developing economy of nation, these small business can put impact in both manner
positively or negatively. Thus, it is vital for government to keep on improvising export and
import rates, GDP rate and etc. These ventures mostly give employment to unemployed people
who have basic needs.
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It has been found that these small business enterprises put impact on economical
conditions of United Kingdom. For an example: In 2016, almost 6.4 million business people ran
their business in a successful manner. From these enterprises almost 97% affected both growth
and development of economy. In United kingdom, as per analyses 33% was the rate of
employment which evolved turnover of almost 19%. At present level approximately 7 million
small enterprises which can be stated just double of it that was in 2000.
SME cannot get classified in a proper way but some how government managed to do so
and set some criteria's that differs SME from other enterprises. In modern world, in identifying
business firms it became complex (Fayolle, 2013). Thus, to solve this issue basic requirements
needs to be fulfilled and these distinguishes are discussed below:
Micro Business: This type of business is being classified by government agencies like,
these enterprises only have 10 to 15 staff members and don't make much revenue. Turnover
should not exceed 2 million pounds. Main motive of these entrepreneurs is to earn for living.
Basically, small stores, carpenters, car wash, departmental and grocery stores, small consultancy
agencies do comes under these small businesses. As it do not require much funds thus only
single person and they can be known as sole proprietor own these type of small business
enterprises. Usually, they form capital from home or take loans from banks while starting up a
business.
Small Business: This type of business enterprises comes under same and that is small
just like micro level but it differs from them as they are small but big in nature. Usually, these
organisations have 50 member and the turnover should not cross more than 10 million pounds.
Away from this, they make revenue and keep on trying to implement new and innovative ideas
so that business can get expanded. Majorly, they analyses market situations and forms or
manufactures goods and services for consumers as per their needs. It has been been found that
this level of business provide employment almost half of country people and directly put impact
on economical growth of a nation. These type of business companies are mostly private and
limited where government do not take much interest in developing these firms. These
organisations can run by both partners or by sole proprietor it totally depends on need of funds
that business requires (Hlady‐Rispal and Jouison‐Laffitte, 2014).
Medium Business: Mostly, business gets run in partnerships in this type of sector where
partners do agreements in which percentage of both profit and loss gets decided as per their
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contribution that they have given. Turnover should not exceed 250 million pounds and apart
from this they do not have employees more than 250 in numbers. Main focus of these firms is to
earn profit. On other hand, they also do CSR activities from time to time so that living standards
of people of nation get raised (Kiss, Danis and Cavusgil, 2012). This part also aid them in
developing value of brand image and goodwill.
(Source: Different Impact on Areas, 2017)
SME'S putting impact on some areas and these are mentioned beneath: Employment: It has been calculated in different surveys, where most of people gets
employment from SME'S. These small enterprises gave employment to almost 90% of
nations people who do not have job in governmental agencies.
 Foreign Direct Investment: This can be understand by investment which has been done
by a group or an individual in other countries with the aim of earning profit or to do a
start up (Kuratko, 2016). These investors puts a huge impact on developing economical
growth of United Kingdom.
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P4. Value of contribution by SME towards the society and economy of the country
There is a term which took place in 2016 which was named as Brexit. Basically under
this, United Kingdom departed from European Union. This instance, took place on 23rd June
2016 where approximately half of people voted United Kingdom out of Europe. Apart from this,
it has been examined that there are almost factors that became threat for whole European union
and these are mentioned beneath:
 Investors won't believe easily while funding.
 Reduction of innovative ideas, skills and knowledge.
 European union will protect rules and regulations which are related to environment.
 Inclination will be at greater risk.
 Headquarters can get shifted (Meyer, 2011).
Differentiation between star ups and small business enterprises are as follows:
Basis Start ups Small Business
Expectation and Rate of
growth
Entrepreneurs runs business to
gain competitive advantages in
marketplace. Apart from this,
they believe in growing in
rapid manner.
This type of business is small
in nature as compared to start-
up's. Business people do not
earn much profit and make
sufficient revenue under this.
Finance Investors from outside world
mostly takes interest under
this. Entrepreneurs mostly
looks for those capitalist who
have same set of mind.
Small business enterprises do
not require much funds. Thus,
capital can be raised easily
from banks as loans and etc.
Nature of the Idea Start ups mainly manufactures
products or provide services to
consumers with some
innovative ideas with keeping
an eye on needs and wants of
customers (Rasmussen, 2011).
Small business enterprises
follows traditional methods
and do not make modifications
and it requires funds.
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Both start ups and profit margins, works varies from each other and objectives are also
different but have same goal and that is earning profit. Main motive of there is to gain secured
position at marketplace. After securing a great place it becomes vital for them to make profit in a
continuous manner by adapting changes that are coming like, new tools, techniques and
technologies. In modern era, young aged people have desire to become a successful business
man. Thus, they try to implement new and innovative things by which competition is also getting
raised. This process is also helping United kingdom in developing economical growth of
organisation. Away from this, it is also putting impact on standardisation of people in society
(Slavec and Drnovsek, 2012).
P5. Determination of characteristics, traits and skills of two entrepreneurs who
are running business in a successful manner
Bill gates and Steve Jobs are the two famous entrepreneurs in all over
world. At initial level of their business they used some innovative ideas and
that is the reason that they become a business tycoon. Some of the
characteristics, skills and traits are being comprehended beneath of them: Hard Workers: These entrepreneurs were completely restless and
gave best at their jobs. Thus, it helped them in hitting targets in both
effective and efficient manner. Risk Takers: It is essential for entrepreneur to take risk for huge
benefits. Thus, they also took the same which were related to career
and funds while launching new products and services at marketplace. Money Management: These entrepreneurs, used resources in a way
by which they can get utilised in an optimised manner. This helped
them in securing them for future aspects. Utilisation of capital came
under control while implementing or executing plans.
Skills and Traits of both Entrepreneurs: Determination: It was not easy for both of the entrepreneurs to
make decisions which create favourable conditions for them. Some
determinations that has been made by them created losses. By this,
they did not got demotivated but learnt things from them which
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