Entrepreneurial Ventures Report: Analysis of Ventures and SME Impact

This report provides a comprehensive overview of entrepreneurial ventures, beginning with an introduction to the concept and its core principles. The main body delves into different types of entrepreneurship, including small business, scalable startups, large companies, and social ventures, outlining their characteristics and legal structures. The report evaluates various types of entrepreneurs, such as innovators, hustlers, and imitators, and discusses the debate of whether entrepreneurs are born or made. Furthermore, it explores the process of generating business ideas and examines the impact of Small and Medium Enterprises (SMEs) and intrapreneurship on the economy, with a specific focus on the UK's hospitality industry. The report concludes by summarizing key findings and providing references for further study, offering valuable insights for students studying entrepreneurship.

Entrepreneurial Ventures

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
TASK 1............................................................................................................................................3
CHAPTER 1....................................................................................................................................3
P1 Discuss various kinds of entrepreneurship's ventures and its characteristics.........................3
P2 Evaluate different types of entrepreneurs...............................................................................5
1.3 Investigate whether the entrepreneurs are born or made.......................................................6
M1................................................................................................................................................7
D2................................................................................................................................................7
CHAPTER 2....................................................................................................................................7
P3.................................................................................................................................................7
P4.................................................................................................................................................7
2.2 Describe the different ways which generate business ideas..................................................8
M 2...............................................................................................................................................9
TASK 2............................................................................................................................................9
Impact of SME’s & Importance of Intrapreneurship.......................................................................9
P5 Presenting way small firm contribute in economy of country...............................................9
M3..............................................................................................................................................10
P6...............................................................................................................................................12
M4 Impact of hospitality industry in economy development of UK.........................................14
D4..............................................................................................................................................16
CONCLUSION..............................................................................................................................16
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurial venture is when a company pursues opportunities and new practices so that
it can gain profitability as it main goals. The present report will discuss about types of ventures
and various services offered by them as well as what kind of legal structure has been followed by
them. Lastly, the study will depict about the contribution of small organization in economy of
UK as well as impact of hospitality sector in influencing gap.
MAIN BODY
TASK 1
CHAPTER 1
P1 Discuss various kinds of entrepreneurship's ventures and its characteristics
The term entrepreneur has been derived from the French word i.e. 'entreprendre' which
means to initiate something. Entrepreneur is an individual who is ready to take risk with
innovation or creativity so to identify new products by generating value and this process of
creating a unique business as well as a successful one is known as entrepreneurship (Cohen,
Kaspi-Baruch and Katz, 2019). Creativity or innovation are not always bringing a new product
but could be related to bringing new strategies to advertise products and because of this reason
entrepreneur is named as innovator. Four kinds of entrepreneur venture are specifically followed:
1. Small business entrepreneurship: The idea of this form of venture is to establish a
business with the goal of not expanding or turning into large business. The aim of this
business is that it could be feasible to operate by a sole proprietor. The qualities required
to be a successful small business entrepreneur are accountability, collaboration skills,
responsible and focused towards the success (Abdugapparovich, 2020). Stores without
any further franchise or chain such as departmental store, bakery shop, manufacturing
stores etc. are the suitable example for this. Creating job opportunities and foster
domestic economies are two important objectives which the small businesses provide in
the country they are operating. Having less than 50 employees with a turnover below the
€10 million is the size of Small businesses in UK which an essential requirement.
Limited Liability Companies (LLCs) is the appropriate legal structure for small business
because the progress of the company is highly dependent on the profits and not on the
investors. The common practice to generate capital in the small business is by financial
institutions.

2. Scalable startup entrepreneurship: The intention behind this type of venture is by
expanding the business with huge profitability or revenue and motive behind start-up is to
change the world. The business starts with the idea of promoter and to begin investors
plays a key role. The aim of this venture is to grow rapidly which includes a capital
threat. This start-up venture employees and capital is dependent on the nature of work
they are undergoing (Susilo, 2020). At the initial stage the business starts with the limited
number of individuals. C-Corporation is the appropriate structure which allows the
company and its owner distinguished resulting in different taxation. The contribution
towards the economy and community resulting in a positive impact as the idea is to
perform for the betterment of the society by decreasing the unemployment rate and
boosting up the domestic economy. Angel investors, crowdfunding, government's
scheme, grants and loans are the appropriate financial generating ways.
3. Large company entrepreneurship: The idea behind this kind of venture is to continue
the business as well as offering new products & services or by acquiring small businesses
so to enter into a new market and also increasing the customer base. The organisational
structure and culture are comparatively stronger. Easy accessibility to the funds and more
profitability are two goals which could be achieved by expanding sales and business.
The size of the business contains more than 250 employees in this form of venture. The
suitable legal structure for large entrepreneurship is the Limited company. It has a
positive impact on the economy and society through launching new products as well as
increasing the productivity and competition. Venture capital and debt or equity financing
are the suitable methods for raising the capital.
4. Social entrepreneurship: The concept behind this form of business is to emphasis
working for the social welfare of the society, community or country at large as well as to
earn profit. The goal is to prevent the environment or climate change and fighting for the
social cause or stigma with a different strategy which could assist them to generate
earnings (Aquino, Lück and Schänzel, 2018). Women empowerment foundations, Child
Rights organisation, plants or factories that treat waste materials etc. are the examples of
social venture. Lifeline Training is the illustration for the social entrepreneurship which
provides high-quality training for the maternity sector. The paramount objective is to
produce money by working for the welfare of the society. The employees size could vary

on how big the welfare programme towards the community involved. Following are the
organisations being involved like Sole proprietor, LLP, Partnership, or Trust which could
be appropriate legal structure for social entrepreneurship. The impact of this business
would be witnessed through The better dealing of social issues could be the result this
venture. Crowdfunding, impact investors, government grants, incubators and corporates
are the primary sources of generating capital.
Apart from the above kinds there are few more ventures such as hustler entrepreneurship,
imitator entrepreneurship and innovative entrepreneurship.
P2 Evaluate different types of entrepreneurs
The entrepreneur role is to convert the given ideas into reality with the help of innovation
and creativity. There are different types of entrepreneur which are as follows:
 Innovators: They are also known as entrepreneurs as their role is to launch a completely
unique or different idea which is mostly done by the promoter of a company (Millán and
et.al., 2021). The degree of dedication, obsession and passion is relatively higher which
assist him to transform the idea into business. Amazon is the most appropriate illustration
which was started as an online book store by Jeff Bezos and with the time he established
the company as a global brand with the strong leadership qualities. Building your own
story by following path of hard-work rather than shortcuts is one of an essential
characteristic.
 Hustlers: This kind of entrepreneurs are those whose aim is start a small business with a
low capital investment and gradually witness the growth by expansion in near future.
They are ready to take risk and centred to ignore the various distractions which help to
achieve success. The suitable example of this form is Mark Cuban and its character is to
be always motivated even in the situation of rejection.
 Imitators: This form of entrepreneurs are relatively more clever as they just copy the
idea existing business rather than bringing own idea. They make improvements or
modifications in the existing business and involves low risk. The aim of imitator is to get
a competitive edge in market. It is a combination of innovators and hustlers. The
important characteristic of this kind of entrepreneur is self-confidence.
 Researchers: This form of entrepreneur believe that the probability of getting success is
high because they took ample of time to do research work for gathering information and

understanding all the merits and demerits of the business. They can't afford mistakes due
to the already time spent on the research work. The chance of failing the business is less
is one of the characteristic.
 Buyers: This kind of entrepreneur has the good wealth to acquire the promising
company's. The role of this entrepreneur is to find out the new or growing businesses
which could be run by a competitive individual's and expand it more. One of the most
important characteristic is the less risk involved due to the buying of an existing business.
1.3 Investigate whether the entrepreneurs are born or made
There are contrasting opinions by the researchers in regard to the “entrepreneurs are born
or made” which is still an unanswered question. 'Entrepreneurs are born not made' is an old
concept which explains that the qualities of an entrepreneur come with the DNA of his family.
With the good wealth and money an individual can purchase some other business or a company
and pursue the growing business under his name resulting him in becoming an entrepreneur. This
old concept witnessed a drastic change due to the industrialisation, globalisation and innovation.
The individual person could become the entrepreneur by learning the knowledge and skills
required for the entrepreneur. The entrepreneurs are keen to figure out the existing opportunities
and continue with the creativity or innovation in the business.
The entrepreneur born or made is either dependent on the skills or family background. An
individual are born entrepreneur due to the rise in the business family who would continue their
family company or may start their own business with the capital investment from the family
company. Therefore, it is clear that the children of the business tycoons who become
entrepreneurs are known as born entrepreneur.
Whereas, an individual who doesn't have the advantage of family business try to learn
skills by making a series of good decisions, failures, challenges, obstacles which help to become
a great entrepreneur. The success of the entrepreneur who are made not born is highly dependent
on the past and present experiences of an individual. Entrepreneurs are divided into two: one
who do not have sufficient resources but have the ability to accomplish the required knowledge
and skills resulting him making an entrepreneur. The another one is the person who has inborn
characteristics who need to apply their traits as they are born within the business family. Thus,
the statement entrepreneurs are born not made is clearly controversial because some individuals
may have the inborn skills and other's would develop the support from educational learning.

M1
The most evident similarity between ventures is they work with purpose of creating value
and satisfy the needs of customer. Without value delivery concepts entrepreneur ship is nothing.
The another similarity is element of innovation otherwise value will not be provided to customer.
However, difference between ventures such as social organization work for development of
society in comparison to private or public. Another difference is amount of capital as small
business will be required less in comparison to large firm.
D2
Basis Small Medium Large
Traits Risk taker Determination Strong work
Characteristics Simple business
Structure
Fewer employees large resources and
capital
Mind set Be more accountable Focus on failure Achieve outcomes
quickly
CHAPTER 2
P3
Entrepreneurial mind-set is known as set of skills that allow person to identify and make an
opportunity to overcome and learn from their setbacks in various ways. It is unique in nature and
need to be creative as well as communicated to others so that it may feel highly motivated and
able to deal with risk failure. It is one of the most important factor as it allows in developing
confidence and grab opportunities and deal with risks.
P4
In the present scenario an entrepreneur is being supported by various departments which
results in the high growth that leads the market in productive manner. The government
department is an authority which frame the rules and regulations for the proper working of the
business. The grants, subsidies, policies or schemes which are made to support an entrepreneur
so to extend the business into domestic as well as international market and Enterprise
Investment Scheme (EIS) is an example of this. Government also cover the import and export of
the products or services and the functioning of the company with that of the consumers. NGOs
assist the entrepreneurs to contribute the Corporate Social Responsibilities (CSR) which help the
company to achieve success or grow resulting in the competitive advantage and Youth Business

International (YBI) is the apt illustration of it. The role of higher education is to provide
assistance by improving the skills, experience or knowledge of an individual (Reckhow and
Tompkins-Stange, 2018). It contributes to the argument that the entrepreneur are made not born.
Apart from the government investors the entrepreneurs are being benefited by the support of the
private investors in providing capital funds to perform in an effective and efficient way and Ben
Holmes is the example of this. Entrepreneurs are also supported by the business incubators who
specially designed the programmes that assist the start-up entrepreneur to innovate and grow.
They help by following things such as mentorship, workspace, education and more investors for
better working of the start up. Hatch Enterprise is the UK's business incubator example.
2.2 Describe the different ways which generate business ideas
The leading organization success is dependent on an effective business idea which an
organisation is able to obtain considering the different markets. An individual can examine its
own skills and start their professional agencies or consulting business (Ward, 2019). There is a
need to identify the marketable skills which are essential to start the business. The another way is
to be aware of the current events and avail the advantage like after the Covid-19 pandemic the
requirement of PPE kits, sanitizers, vaccines are continuously rising. For an innovative or
creative service or product an idea is important to generate effective business (Pappas and et.al.,
2018). This is possible by observing the activity of the competitor for further development.
Another way which generate idea is by adding the value to an existing product which helps to
create the profitability of the business. To investigate the other markets business is to figure out
the opportunity of starting in the international business. Sometimes a 'bandwagon effect' is
created by the huge social trends. Scrutinize the business idea which are already prevailing in the
market. The product or services of which there is more requirement in the market should be
pursued.
In the present scenario, the customers requirements or needs should be determined by
collecting the information with the help of innovative technologies. Digital marketing plays an
important role to the entrepreneur as it helps to know the competitive market. Organisation
would utilize different methods which helps to bring combine the overall employees and
recommend them strategies to the growth and success of an organisation. The profitability of the
business is important element for the continuity of an organisation and it could be possible by
considering the recent trends, customer's taste and innovation in that particular business.

M 2
There are various skills required to develop successful mind-set for entrepreneurs so that it can
increase growth of their organization. Firstly, business person need to have ability to confront
self-doubt so that it can easily navigate the failures. Another characteristics is accountability
which means take responsibility for the outcomes and actions of the business.
TASK 2
Impact of SME’s & Importance of Intrapreneurship
P5 Presenting way small firm contribute in economy of country
Small business refers as privately owned organization or partnership that has less employee
and less profit in turn as compare to other business. Along with this, such firm do not have to
follow long legal procedure and it can be establishing and dissolved easily as compare to other
firm. This type of companies was not very much affected at time of pandemic as many customers
has supported by buying goods from local shop as it is cheaper compare to large brands.
Although in world of business small organization do not get whole lot of attention as most of the
business reporters are only busy in recording profit and loss of big firms (Cao and Shi, 2021).
However, small business is the lifeblood that keeps UK economy running and functioning.
Small business is the engine that keeps the machine running through innovative ideas and it
produce more patents per employee than big organization. It drives the economy through
generating and providing various job opportunity as compare to others. Small firms are the large
contributor of UK economic as compare to number of private sector businesses over the last 18
years by 2.2 million and it contributes 47% annual turnover of 2016 that has been increased to
2.3 trillion (Small business is essential in building UK economy, 2022). Moreover, the relative
importance of small businesses is increasing with company by 16.3 million as compared to total
private sector job. It also makes up 99.9% of all business in the UK in which no more than 10
people just 0.1% for large organization. Small organization helps in recovery the economy that
urges to support small firm as it contributes in various factors of business. It supports job as it
accounts 99.3% of total business and3/5 of the UK employment which is higher as compare to
other countries. It allows people to get job so that it can able to live and work in their local area.
However, during the time of pandemic government scheme has been a financial saviour for
small business that was unable to pay their employees due to lockdown and temporary closure.

Furthermore, it boosts local communities by supporting other local business as well as through
purchasing small firm that contributes in thriving local economy. It allows to create strong
community bonds and keeps money in the community (Sanjar, 2019). Along with this, small
business in Britain has face problems due to Brexit in which owner had to cope with an increase
in consumer price inflation and decrease in household income rate that leads in lower sales as
customer spending was reduced. Although there was drop in the value of pounds has hit export
business as international buyer get more of their money. Small business is the backbone of the
UK economy and there are three key factors that small firm contributes such as it creates
employment rate, encourage innovation and offer the opportunity for financial independence. In
the year of 2021 it has raise 2.3 trillion profit and micro firms has contributed the most 953
billion as compare to private sector (Small firm importance in UK, 2021). Thus, small business
is considered as key engine of sustainability and growth and its failures as well as success have
enormous impact on the UK economy. Although it creates job in community as total
employment in small organization in year 2018 was 16.3 million which is 60% of all private
sector in the UK. Thus, it is important for both local economies in town and national economy.
In addition to this, it adds up to GDP such as Unite Kingdom firms generate 25% of the total
GDP and the gross turnover of small firm was 2.0 trillion pounds. It represents total amount of
monetary value the UK receives from SME sector and overall how economy benefits.
Moreover, small organization positively contribute to the growth of innovation such as
Akon has started using machine learning and automation for creating digital treasury platform
for SME so that it can have access to a cash management. Thus, it increases the playing field in
the industry. In addition to this, it helps customer to be more ethical such as purchasing products
through local business instead of ordering online leads to lower carbon footprint.
M3
Basis Small Medium Large
Goals No structured goals Aim to provide
innovative technology
and products
Aim to sustain in the
market by developing
new services and
products.
Risk Lower but
competition is high
High risk related to
finance
Risk are medium
because of good brand

name and high
volume sell.
Employee number Not more than 50 Depends on size Can be more than
1000
Structure No proper structure Corporation or limited
partnership
Complex
Statistical data
According to graph there are high small scale companies in various industries and its revenue
generate higher contribution in GDP of UK.

According to graph it can be seen that there is more small business as compare to medium and
large in the market area as their employment rate is higher.
P6
The role of small organization in the global economy is crucial in building society that is
free from poverty and one the main reason is that it lead in giving ample job opportunity to
people of every community. Thus, it ensures flow of income across different level of society. It
plays crucial role in the world economy by enhancing employment rate as most of the formula
jobs are available in developing markets (Impact of Small firm in the global economy.,2020).
Although majority of small organization face issues to lack of capital and finance as well as it
creates around 33% of the national income and 45% of the total employment in developing
countries. Moreover, Small business are usually known by the number of employees, capital
employed and sales. Every country has different criteria for classification like Canada has less
500 employees and it is categorized as small organization. However, in Germany 250 workers

and in New Zealand it is 19 employees while in European union the highest limit is 50
employees for small organization.
As per companies act of 1985 of UK it has been categorized that small firm turnover
should not be more than £ 5.6 million and only 50 workers should be employed (Myovella,
Karacuka and Haucap, 2020). There are various advantages of Small company that countries can
face such as it leads in creating innovative skills and ideas that helps in satisfying customers as
well as increase productivity. Moreover, it has registered a higher growth rate as compare to the
global industrial sector that lead in generating employment at low capital expenditure. Although
Small organization in china has played significant role in the rapid industrialization and
development in which approximately 99% of the total business ventures are small.
Furthermore, it also creates a group of semi-skilled and skilled workers to support future
industrial and business expansions in the country. Although the stability of UK economy
depends on low unemployment rates and customer spending is the factor that affects the most of
economic growth and GDP (Significance of Small firm in UK , 2022). In the current year Small
firms have employed around 16.3 million people that contribute to 60% of all jobs in the UK. It
has been reported that small organization created over 2 million jobs in the past 5 years and it
was important to the local economies of south west England, Wales and Northern Ireland. It is
very effective when it comes to support local economies as it brings growth, innovation and
prosperity that leads in equal distribution of wealth and income.
Moreover, in economy of Britain small organization has supply new skills and ideas that
make the market area more dynamic in nature (Mura and Kajzar, 2019). For example, Airbnb
that has contributed in increasing the growth of hospitality industry. Thus, Small organization
have made use of advance technology that has contributed in identifying new markets and setting
up SME’s to open up the new markets. It can adopt and respond to changes in the economy as
small organizations are mainly customer oriented so it is crucial to understand their needs and of
local communities. However, they are more likely to survive economic downturns. The
government of United Kingdome has identified that it could be the key to increasing the
country’s productivity that has been falling due to pandemic. Thus, in order to support such
company government has generated schemes like loan. The number of private sector has been
increased in United Kingdome over the last 18 years by 2.2 million and it has contributed in 47%
of annual turnover to the UK economy that has been increased by 52% since then.

Small organization operates local and it give preference to the local people as large firm has
moved to new countries that has lead in generating greater job opportunity in local area.
Innovation allow such companies to know more about customer taste and preference and that
lead in increasing their sales as well as boost economic growth (Gupta and Tripathi, 2020). The
small organization generally collaborate with local firm that helps in maintaining stability of
local economies that benefits society as whole. It also increases standard of living of individuals
in every community that lead in achieving key goal of economic development. Thus, small firms
improve quality of living through providing job opportunity, developing and adopting innovation
that lead in enhancing quality of employee and customer life.
M4 Impact of hospitality industry in economy development of UK
Hospitality industry is also one of the key factors that contributes in overall growth of GDP
and development of economy. Along with this, it is known for giving accommodation services
and food and beverages to customers (Fabeil and et.al., 2020). This industry has been raising
from last few years as customer tastes has been shifted more towards travelling. The organization
have been trying to meet up with innovation in order to keep their customer satisfied. Moreover,
at the time pandemic it has face sever downfall due to temporary lockdown for several months
and it has negatively impacted on tourist states as their major source of income arise through it.
In addition to this, London is one of the famous tourist spot of UK and there are various small
and medium size hospitality industry located that helps in attracting customer.
The hospitality industry in the UK has become more dynamic in nature and there has
been huge investment in this sector in year of 2018 and positive performance has been recorded
in business. London city has higher performance compare to overall country. The average
report for UK was GBP 87 on other hand London alone was around 150 GBP in year 2018. The
Occupancy rate for the same year was 78.8% for UK and 84% for London. Although the
demand of new hotels has been increasing in United Kingdome due to raise in number of
traveller across the world.
In addition to this, in year of 2019 the economy result of hospitality sector was around
£59.3 billion which was around 3% of total UK economic growth Although hospitality sector in
each country is around 3-5%. In year 2020 March there were 2.53 millions of jobs available in
hospitality sector that represent 7.1% of total UK employment (Doran and et.al., 2018). Thus,

when there was increase in employment then economy growth of country also raise as people
have an opportunity to earn and spend on their livelihoods which allow country to have tax. In
addition to this, in this sector there has been higher proportions of young age employees, part
time worker, subordinates from ethnic background as well as foreign born workers as compared
to other sector.
Although pandemic has impacted negatively as there was restriction on trading and other
factors. Temporary closed and limits on opening and close hours has affected customer capacity
and demands like rules on the number of consumer for table services. The local hotel was able
to survive due to domestic tourism, camping and self-catering accommodation that has been
benefited faster than hotels which were demanded on international visitors.
The hospitality sector saw the biggest economic declines of all sector during the
pandemic due to policy related to public health. In April 2020 there was peak of the economic
downturn and food sector was 90% below pre pandemic levels (Hospitality industry in pandemic
,2022). Overall hospitality economic output over 2020 was 42% lower than 2019 and in year
2021 it was 21% lower than 2019. Thus, in year UK economy fell from 3% to 2% from year
2019 to 2020 and 2021.
Along with this, it helps in booting other local industries as indirect jobs are created in food
and agricultural sector. As well as restaurants trade and repair service stands as sub segment of
the services sector in UK (Cao and Shi, 2021). Moreover, it helps in generating income in
hospitality as the government earns revenue from the industry. Tourist put in a lot of money in
the travel plans now days and this sector has been increasing day by day that in turn put the
money back for the further growth of the industry. Although income is generating through the
income is generated through various services like restaurants services and other places of tourist
interest. It helps in improving and better maintained in order to attract more tourists. The money
is also spending by tourists also on many other human needs when visiting a new place such as
on medicines, clothes, food and transportation that support global trade.
Furthermore, it helps in preserving other traditional industry that too contribute in economy
at lower level such as handicrafts (Akpan and et.al., 2022). As all the tradition things attract
tourist to purchase product or visit such areas so communities make all efforts to maintain their
quality and form art they specialize in. In addition to this, it develops diversification as
hospitality industry deals with framing, mining, manufacturing or any other industry economy of

the country depends on. Thus, diversification deals with reducing risk. In addition to this, builds
infrastructure in order to attract more and more customer that helps in generating income. So
hospitality and Tourism company benefits every sector of nations economy and both developing
and developed nations of the world are working to enhance this industry to accelerate growth and
development in their individual nations in the world as whole.
D4
Entrepreneurs are individual that take initiative in innovative ideas and develop new products
and services for their existing company. There are several benefits of entrepreneurships such as it
improved employee morale and productivity as entrepreneurship encourages individuals to fully
engage with the business goals and take control of their work. Along with this, it helps in
attracting top talents as companies nowadays are encouraging entrepreneurship.
CONCLUSION
From the above report it has been concluded that entrepreneur play important role in
economy of country. Along with this, there are various type of ventures such as small, medium
and large that have separate legal structure to be followed. The study has also summarized about
various challenge faced by the industry while dealing in economy as well as different types of
product and service offered by them. Lastly report has also thrown light on the way small
organization effects the country’s economy and impact of hospitality industry in development of
economy.

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1

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