ESBM Report: Entrepreneurial Ventures, Impact, and Traits Analysis

This report provides a comprehensive analysis of entrepreneurship, focusing on entrepreneurial ventures, their typologies (including scalable start-ups, large companies, social ventures, and small businesses), and the impact of small and micro businesses on the UK economy. It explores the differences and similarities among various entrepreneurial ventures, highlighting their roles in job creation, innovation, and economic growth. The report further examines the characteristics and skills of successful entrepreneurs, contrasting them with business managers, and delves into how background and experience can influence entrepreneurial endeavors. It emphasizes the importance of small businesses and start-ups, their contributions to local, regional, and national economies, and the factors that hinder or foster entrepreneurship. The report draws upon the importance of innovation and creativity in entrepreneurship, and the roles of government support and financial aid in the success of small businesses. The report concludes by emphasizing the interconnectedness of various entrepreneurial typologies and their shared goals of enhancing organizational profitability, contributing to economic growth, and improving living standards.

ESBM

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Entrepreneurial ventures and typology............................................................................1
P2. Differences and similarities among entrepreneurial ventures..........................................3
TASK 2............................................................................................................................................6
P3. Impact of small and micro business on economy............................................................6
P4. Small businesses and business starts-ups importance......................................................9
TASK 3..........................................................................................................................................11
P5 Characteristic traits and skills of successful entrepreneurs and differentiate from business
managers...............................................................................................................................11
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset..................12
TASK 4..........................................................................................................................................14
P7 Background and experience can hinder or foster entrepreneurship................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is defined as a capacity to set up, organise and manage a venture while
taking associated risk with an aim to generate value from them. In simple terms entrepreneurship
is process of development of new business as to generate profitability from them in stipulated
time period. In this process, entrepreneur an individual engage in the operation of developing
new business idea, take use of innovation to develop unique services, product and process for
betterment of individuals and serve economy growth (Dees, 2017). In this, report formative
discussion has been made on Complete it, this company operate functioning in United Kingdom
and with their high quality services and products they fulfil need of customers. In this report
formative discussion has been conducted on entrepreneurial typology and ventures in addition to
impact of small and micro scale business on economy. Report also includes start-ups and small
scale business importance in social economy growth. Along with this, project covers experience
and background of entrepreneur that duly hinder or foster entrepreneurship along with trait and
skill of success will entrepreneur.
TASK 1
P1. Entrepreneurial ventures and typology
Entrepreneurship is a function in which entrepreneurs engage in the activities of
developing something new and unique to provide different type of benefits to individual and
nation. These entrepreneurs in entrepreneurship develop a business venture through which they
provide employment opportunities to individual in order to enhance individual’s living standards.
Entrepreneurship also contributes in economic growth of a country. It is identified that small
scale business start-up significantly contributes their contribution in nation, economic growth
that enhances overall GDP rate of country (Bakeman and Hanson, 2012). Along with this, with
the assistance of groundbreaking innovations entrepreneur take advantage of revolutionary
measures to serve market with unique offerings. Mentioned below there are range of
entrepreneur given that further get segregated into two segments:
Public sector:
Entities those who perform their business operations in this sector run, owned and control
by government authorities and institution. These organisations offer their services and products
that are mainly associated to education, healthcare and safety, transportation etc to individual
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with an aim to satisfy their needs rather than generating profitability, along with this, in this
sector entities aim towards enhancing living standards of individuals.
Corporate sector:
Organisation under corporate sector get managed, owned and controlled by individual
and private firms and they have main motive to enhance overall profitability level company
along with maximum market share holding by providing different type of satisfactory products
and services to customers. Public and corporate sector organisation segregated into different type
of ventures which is being defined below:
Scalable Start-up Entrepreneurial Ventures:
Within this form of entrepreneurial venture individual conduct their own scalable
business with an aim to provide high quality products as well as services to consumers. Their
main aim is to enhance profitability level of organisation. It has been identified that in United
Kingdom government provide utmost support to the start-ups as they play a major contribution in
economic growth of country with their innovation and creativity.
Large Company Entrepreneurial Ventures :
Organisation under this sector mainly needs high investment of capital in order to
effectively operate their business operations. Along with this timely requirement of additional
funds are also requires in large company entrepreneurial venture as to maintain their share
market holding capacity. These organisations mainly aim towards expanding their business
service area to generate more profitable income while serving customers needs and demand.
Marks and Spencer and TESCO falls under this entrepreneurial venture sector as they run their
business operations with an objective to internationalize their business while serving in economic
growth of country.
Social Entrepreneurial Ventures:
Entities who conduct their business services in the sector of social entrepreneurial venture
only conduct their business functions with the motive to provide social development and welfare
to individuals and community. For instance Oxfam and save the children’s conduct their business
functions with an aim to provide utmost support and welfare to society with their entrepreneurial
functions.
Small Business Entrepreneurial Ventures:
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In order to conduct business operations in this sector there is not much need of high
investments as these organisations mainly aim towards providing satisfactory services and
products to consumers in order to generate income for livelihood. For example Orient electric
Limited conduct their functioning in small business entrepreneurial venture as they aim towards
offering satisfactory services to consumers. It has been identified that these organisations mainly
perform their functions in manufacturing and construction sector which is very helpful for large
scale entities.
Typologies of entrepreneurship
Entrepreneurship venture include different type of typologies those who conduct their
business operations for different type of motive along with enhancing business profitability.
Mentioned below some certain form of typology is being defined:
Growth firms:
Companies those who perform their operation under growth firm have main motive to
enhance profit generation ratio capability. Within this segment entity take significant use of new
and advanced business ideas in order to enhance their overall profitability as well as
productivity. Along with this entrepreneurs under this under take advantage of new ideas as to
serve consumer needs and demands and aim to offer them immense satisfaction in order to
achieve long term sustainable growth.
Lifestyle Enterprise:
Entrepreneurs in lifestyle enterprise conduct entrepreneurial function having significant
aim to enhance individual living standard and lifestyle by offering them different services and
products. Lifestyle entrepreneurs have significant motive to provide opportunities to local
segment.
According to the evaluation it has been concluded that all the form of entrepreneurial
typologies are linked with each other as to conduct their business operations with having an aim
to enhance organisational profitability, contributing in economic growth and enhancing living
standard of individual by providing them efficient services and products.
P2. Differences and similarities among entrepreneurial ventures
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Differences
Basis Small business Large company Social
entrepreneurship
Scale of
measurement
Entities performing their
business operation in
small scale sector initiate
their business with small
ratio of funds.
In order to conduct
business operation in large
segment investment is
required by organisation in
order to undertake use of
maximum resources to
effectively conduct their
business functioning.
Entities those who
perform their
business operations
in this segment
conduct their
functioning to
satisfy needs of
individuals at local
level.
Aim Organisations in this
segment mainly have an
aim to satisfy their
customers with their
product and services at
small scale.
These entities perform
their business operations
with having main motive
to enhance their
organisational profitability
and productivity.
Social
entrepreneurship
mainly engage in the
operations of
providing
satisfaction to
customers with an
aim to make
significant increase
in their living
standards.
Characteristics Entities operating the
business services in small
scale sector mainly
conduct their functions
and activities with the use
of limited resources.
In order to effectively
conduct their operations
and activities in a smooth
manner organisations in
this sector need raw
material, resources, labour
etc along with periodical
It has been
evaluated that these
organisations does
not conducts their
business operations
for monetary
benefits and
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investment of funds. profitability.
However in order to
conduct their
activities they get
support and
financial aid from
government
institutions to
provide welfare to
individuals.
Similarities
Basis Small business Large business Social enterprise
Assemble the
requirements
Main aim of entities in
this segment is aimed
towards accomplishing
consumer needs and
demands at local scale
as to provide them
satisfaction.
Companies operating
their business
functioning in large
segment are also aim
towards satisfying
needs and demands of
customers at great
extent.
Organisations
performing their
business services in
social entrepreneurship
sector also have an aim
to increase satisfaction
level of individuals
with their offerings.
Society upliftment These organisations
also have an aim to
increase individual
living standards with
their services and
products.
Organisations within
this segment is having
main motive to
provide immense
satisfaction to
consumers along with
enhancing the profit
earning capability.
These entities conduct
their business activities
with an aim to enhance
living standards of
individuals by
satisfying their needs.
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TASK 2
P3. Impact of small and micro business on economy
United Kingdom is fastest economic growth country. In this small and micro business
organisation play a major role as entities are performing their operation in almost all the sectors
and provide advantages and aid to large entities. In accordance with the report of the Department
of Business Innovation and skills it has been identified that in the year 2015 entities forming in
small and micro segment business sector have significant contribution in providing job
opportunities to large number of individuals (Akehurst, Simarro and Mas‐Tur, 2012). This has
been identified that approximately 15.6 million job has been provided by these entities to
individuals that enhances their living standards. Along with this, overall generation of income in
country also increase due to increase job opportunities. It enhances country image in
international market sector, in addition to this it has been evaluated that micro and small scale
organisation with the use of creativity and innovation offer different type of services and
products to consumer that enhances their satisfaction level at great extent that automatically
increases country economic growth effectively.
Small:
In this sector companies perform their operations with having minimum 50 employees in
their workplace structure. Along with this small scale entities are not entitled to generate overall
revenue of more than £5 million. Small scale business organisation play a significant role and act
as economy backbone as this organisation provide job opportunities to local individual that
enhances country living standards.
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Medium:
Entities that are performing their operation in this sector are entitled to employee
individuals with 50 to 250 ranges in their workplace structure. Along with this medium scale
companies are entitled to gain revenue at range between £ 5 million - £22 million. This has been
evaluated that these organisation mainly perform their operations to provide immense
satisfaction to consumers by fulfilling their basic needs and demand.
Large:
In the sector organisation who require higher rate of capital investments are included and
they are entitled to perform their business operations with having 250 or more than employees in
their premises (Eriksson and Rataj, 2019). Along with companies who are performing their
operations in large scale sector are significantly allow to have more than £22 million revenue
generation capability. These entities are mainly conducting their business operations to generate
profitability expansion to new geographic location and offering employment opportunities to
large scale individual that enhances country economic growth automatically.
Impact of SME and Start-Ups on economy
Local impact:
SMS and start-ups have much significant and positive impact upon country economic
growth and prosperity. Due to increase in the number of small micro scale business entities and
start-ups in United Kingdom it has been identified that these organisation are significantly
contributing in country local economic growth they are not only fulfilling consumer needs and
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demands in innovative and creative manner but also provide extensive job opportunities to local
individual that increases country basic per capita income rate.
Regional impact:
Due to significant increase in the number of micro and small level business organisation
by passing many year, this has been identified that they have significantly contributed in country
regional economic growth. It has been identified that in order to overcome the issue of
unemployment these entities play a significant role as by providing number of job opportunities
SME’s enhances entity regional stability that increases individual living standard.
National impact:
United Kingdom is continuously increasing their economic prosperity and development,
in this small and micro scale organisation are playing significant role, as these organisation
enhanced country regional and local economic growth that automatically increase national
prosperity (Glaeser, Kerr and Kerr, 2015). This has been identified that these organisations offer
wide range of unique services products to customers that increases United Kingdom International
market image. Along with this according to the evaluation this has been identified that small
scale and micro scale business organisation employed more than 5.7 million individual in a year
that enhances Britain national economy growth level.
Economic growth:
It is one of the most important and crucial aspect for any country. In terms with United
Kingdom country rapid economic growth is mainly due to the significant contribution of small
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and micro scale organisation (5 ways that startups are important to the UK economy. 2016).
These entities majorly operating their operations in all the segments and provide benefits to large
scale organisation, customers and nation economy prosperity. Along with this it has been
identified that these entities offer innovative and unique services and product to customers that
enhances country long-term sustainability in international market segment. In addition to this by
offerings numerous employment opportunity these entities are enhancing living standards of
individual day by day. It has been identified that in United Kingdom small and micro scale
organisations are covering 80% of market segment that automatically increases country
economic growth.
P4. Small businesses and business starts-ups importance
Small scale business and start-up organisation conduct their functions in effective manner
and significantly contribute their contribution local, regional and national economic growth. In
addition to this, organisation conducting their business functioning in micro and small sector aim
towards providing satisfaction to customers while fulfilling their needs in demand and enhancing
job opportunities. This has being evaluated in United Kingdom small business and business start-
up act as economic backbone of country as these organisation cover almost all industrial sector.
Along with this it has been identified that by offering unique and innovative services and
products organisation in this segment offer customer satisfaction in creative manner with having
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their significant contribution in GDP and economic growth country image in international market
segment.
This has been evaluated that due to increase in economic growth and prosperity through
small scale business organisation and start-ups government of United Kingdom offer different
type of advantages and benefits to entities performing their operation in this sector. Facilities
related to flexible policies, lower tax rate, export facilities etc are being provided by government
to enhance efficiency of these organisations with an aim to enhance their contribution in
national, regional and international market segment.
Job creation:
Small scale business and business start-up entities not only conduct their business
operation to fulfil consumer needs by offering them unique and innovative services and products
but they also contributes in increasing the ratio of job creation. This can be evaluated by the fact
that approximately 16.3 million individual are employed in this sector in United Kingdom. This
has been identified that micro and small level organisation organisations are providing
individuals with different form of job opportunities. In United Kingdom 60% of private sector is
being covered by small scale and start-ups, these entities that not only enhances country
economic growth but also increases per capita income of individual.
Improve living standard:
Small scale business and start-up organisation by offering numerous job opportunities in
national and local level in United Kingdom enhances living standard of individuals (Epifanova
and et. al., 2015). It is one of the major contributions of this organisation through which
individual get that enhances country International brand image.
As per according to the evaluation this has been identified that business start-up and small
business entities have significant contribution in United Kingdom economic growth and
development by their contribution in individual living standard and job employment
opportunities. These organisations not only serve customers with best but also facilitate country
economic prosperity.
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