Entrepreneurship Assignment: Venture Analysis, Economic Impact Study

This entrepreneurship assignment delves into the world of new business ventures, examining the characteristics of entrepreneurs, the impact of small and micro-businesses on economic growth, and the influence of Brexit on entrepreneurial activities. The assignment includes a mini-research component identifying various entrepreneurial ventures such as scalable start-ups, social entrepreneurship, and the differences between male and female entrepreneurs. It assesses the impact of small and micro-businesses on the economy, highlighting how they contribute to economic growth, improve standards of living, enhance purchasing power, and provide employment opportunities. The assignment also explores the traits, characteristics, and skills of successful entrepreneurs, along with an assessment of different aspects of entrepreneurial personalities and how background and experience might affect the success of an entrepreneur.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Carry out mini research to identify various entrepreneurial ventures....................................1
P2. Similarities and differences between entrepreneurial ventures............................................2
TASK 2............................................................................................................................................4
P3. Assess relevant data to see how small and micro business impact on economy..................4
P4. Importance of small business into the contribution of social economy growth...................6
TASK3.............................................................................................................................................7
P5. Characteristic, trait and skills of successful entrepreneur.....................................................7
P6. Assess different aspects of entrepreneurial personality ......................................................9
TASK 4............................................................................................................................................9
P7. Assess how background and experience of entrepreneur could be an barrier in success ....9
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11
ONLINE.........................................................................................................................................11

INTRODUCTION
Entrepreneurship is all about Established a new business in the economy through new
ideas and thoughts. In this process a individual is show their willingness to develop, organise and
manage business activity along with any kind of risk that helps to earn maximum profit through
their effort. This spirit of entrepreneur is provide innovative and technical ideas in the economy
to increase competitive advantages and opportunity in global market. This is a important engine
of growth in the economy (Carraher and Paridon, 2015). This process is required a perfect
combination of land, labour, resources and capital that helps to produce maximum profit in the
new enterprise. Brexit is the popular term for the perspective withdrawal of the UK from the
European Union. Due to Brexit some changes are faced by new entrepreneurs and its impact on
employment services. The project report has represent entrepreneurial venture as well as
difference and similarity. In it entrepreneurs characteristic, personality and trait is discussed. It
also includes different example obtained through a mini research.
TASK 1
P1 Carry out mini research to identify various entrepreneurial ventures
An entrepreneur is the one who makes profit by his/her own business where risks,
initiatives and use of limited resources in various ways that can be taken to pull up the best
outcome of any product or in any services, but it is dangerous too as entrepreneur risks his or her
finance or money by putting all onto the business and if it runs an gets successful than that risk
turns into money a lot of money. Sometimes entrepreneurs do starts with a small scaled business
and then with changes at the right time and in right directions takes there business to a higher
level.
Small Business - This is usually owned by an individual or by family who operates the
business with a small number of working staff and have a diminutive revenue. It hardly effects
on economy. Under 100 member in a company or in an organization can be stated as a small
business and it comes under trading, manufacturing and related to other services like this where
the business holder do expects more profit in a low amount of investment (Desai, 2013).
Scalable Start-up Entrepreneurship - This is a business related to or based on social
media. We do have some examples of scalable entrepreneurship at a large scale as twitter,
Instagram that widely used by the people all around the world. Most of the people are willing to
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become scalable entrepreneur instead of going for a small business which can in the future
change the world. Some entrepreneur do comes up with innovative ideas with new technology
apps that mostly becomes the eye catching in the whole world in a very short period and
sometimes it doesn't its totally depends on the usability of the app as a social media as
entertainment and for some other purpose.
Social Entrepreneurship - Social entrepreneurship is what in which most of the people
are looking forward into change the world by there innovative ideas and resolving social needs
by finding the right people and exact things what they need which is bringing up a great change
and under this entrepreneurs do focuses on improving the things In whole world. Here are some
examples where social entrepreneurs are working but for no profit as Hamlet foods which
produces meat related products and sell them or provide them to the people under poverty line
(Drucker, 2014).
Women Entrepreneurship - Women entrepreneurship is can defined as woman who
takes initiative, organizes and runs the business with innovative ideas can be stated as women
entrepreneur. In today's world we do have a lot of examples where a woman came up with new
ideas and running businesses in a successful manner as “Alex Brownsell” a founder of Bleach
London, “Sharmadaen Reid” founder of Wah Nails and “Melanie Goldsmith” co founder of
Smith and Sinclair.
Male Entrepreneurship - A question that asked all around the world that Is men is a
better entrepreneur than the women? and 90% of the people do answers as “yes” without even if
they don't say so. Well this is wrong in both the genders they do have same equality do handle a
business with perfections but in some countries women don't get supported by the people around
them to take an initiative and run a business where a man easily does get supported easily but the
world is changing and women are coming up with unique ideas to become a successful
entrepreneur (Fayolle, 2013).
P2. Similarities and differences between entrepreneurial ventures
Entrepreneurship is required hard work and innovative ideas that they can effectively
provide in the market. This hard work is help them to earn maximum profit and maintain a
goodwill in the economy. The main purpose and objectives of all the entrepreneurs are to provide
satisfaction to their customers through their new ideas but there are various entrepreneurs, who
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established with different ambition in the economy. There are various difference and similarity
of theses ventures are given below-
Similarity
Lifestyle venture Serial entrepreneurs venture
In this, a individual is develop a business with
the purpose of altering their personal lifestyle
and not for the purpose of making profit in the
market. They are focused on provide life
rewards to the people that helps to make them
happy and joyful. In this process the
entrepreneur are become more passionate to
their lifestyle ethics.
They are the most typical entrepreneur, who
come with the new ideas and start their new
business. They are more concentrated toward
business's function, day to day activities to
move their venture toward higher success.
They are also established their enterprise to
provide effective products and services to their
customers and make hem more happier.
Difference
Lifestyle venture Serial entrepreneurs venture
Theses type of entrepreneurs are more focused
to provide lifestyle products and alter their own
lifestyle through their business. Thy are not as
much focused on the revenue and profit of the
organisation. They only concentrated to
connect with the customers to build a goodwill
in the market.
These type of entrepreneurs are highly
concentrated toward their goal to maximise
profit and revenue as well as provide
innovative products to the customers. These
entrepreneurs are very typical to understand
they are more matured in their approaches.
They are not only concentrate toward the
customers satisfaction but also provide
effective ideas to maximise their profits and
productivity of their organisation.
Similarity
Male entrepreneur Female entrepreneur
They are those who are more concentrated
toward the money related terms in a
Female entrepreneurs can be most effective in
their approaches because they observe each
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organisation. The y are basically very capable
to deal with toughest situation. There are no
difference between men and women in their
general optimism. They both can easily handle
work load of a business.
and every element more effectively than men.
They are believe to provide higher satisfaction
to their customer after earn profit. They can be
more sensitive in this approach but their ideas
and thoughts help to get effective outcome.
Difference
Male entrepreneur Female entrepreneur
Male entrepreneurs are mostly believe to earn
higher profit then their services. They can be
more practical in their approaches because they
only believe in present aspects that can affect
on organisation terms and policies. Male
entrepreneur have to be more concentrated in
their approaches and its effective outcomes.
Female entrepreneur have capability to
understand each and every situation through
their personal perception. They are not belive4
in only present success although they provide
their ideas and build their objectives for the
future success of the organisation. They are
more believe in provide higher satisfaction to
their customers to get their positive feedback
that help to motivate their employees and get
effective outcome in the organisation . Their
approaches are perspective them male
entrepreneurs.
TASK 2
P3. Assess relevant data to see how small and micro business impact on economy
Micro and small business is define to a business entity which is established by a
individual through their idea and innovative thing for the economy. In these type of business
employees as not more than five including owner. In this business the owner is helps them to
arrange their ideas and products according to market need. There are various impact of these
business in the economy such as-
Provide economy growth – In a economy all the organisation's are provided their
contribution in economy growth through their revenue or products. Small and micro business are
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also provide their contribution in this process. These type of venture are established to improve
productivity and provide quality products to the people in effective prices. Theses business are
provide them options to choose effective between various options. A new entrepreneur is always
provide effective and reasonable cost to their customers to make their goodwill in the market.
These thinks help them to improve economy growth and their own valuation in the market.
Improve standard of living – These type of business is provide standard of living to
their customer through their products and services. In this process they provided them various
products and services which can help them to choose better option between them. These think
help them to improve their mind set for a particular option and introduce them to new products
that can easily affect on their life. New entrepreneur are always use innovative ideas and advance
technology in their products to provide them to customer through theses products customers can
easily understand d their impact and uses to improve their lifestyle according to others (Hlady-
Rispal and Jouison, 2014).
Improve purchasing power – Micro organisation are always provide their products in
reasonable price that customers easily afford and paid. Customers are only attract when
organisation provide therm attractive prices that can be more effective than other organisations.
Price is the only factor that can easily attract to them without any promotion activity. This is help
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them to improve their purchasing power to and provide profit to the organisation. But for this
new entrepreneurs needs to understand that hey have to provide quality in their products
otherwise cheap quality can affect their health that would be spread negative approach of the
organisation in the market.
Improve employment services – New organisations are provide employment services to
other people who want to provide their services to the new business. To them new entrepreneurs
opens new door to get their ideas and service into the business. New enterprises are always
established to the new ideas that can be very different to another ones. In this they provide
economy growth to improve their structure and their productivity. They are provide them various
benefits that can be helpful for them to improve their lifestyle and also provide them salary that
helps to improve their working skills in the organisation (Kiss, Danis and Cavusgil, 2012).
International effect – Through these business, economy get higher benefit a to deal with
the international market for getting higher benefits through their services and products.
International terms are always help a business to improve their business structure and their
productivity and products valuation in the other country. These things are not only helpful for a
organisation but also for the overall economy that play a impactful role. Through this process a
new entrepreneur can also get various opportunity to improve their products and services in the
various country and their ideas that can be very different to others to maximise their profit.
P4. Importance of small business into the contribution of social economy growth
Small business are always establish to provide their effective services and goods to the
customer to introduce them with something new hat can positively affect their lifestyle. In this
process they indirectly or directly provide growth in the economy because customers and people
are the part of a economy and their growth is helps economy to grow easily. For this it is very
important that a business is provide effective products and services to their customers that can
not affect negatively on them as well as economy. There are various contribution of small
business in the growth-
Introduce new technology and products – New business are always established to
introduce new ideas and technology in front of the customers. These thing helps them to provide
different view of thing and innovation as well as their own thoughts in the market. In the
economy. New technology always helps to make something different that nobody can think
before. This is the only thinks which attract customers to purchase various things because new
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technology always attract to take it and use it. Different products helps to make a unique image
in the market and that can be build strong competition to compete with them (Kuratko, 2016).
Provide various sources – A entrepreneur is always think something different to
produce various products in front of the market. All these products make their different image
that they always willing to build. These sources helps for customer to improve their knowledge
skills and their criteria of thinking about theses products. It will be helpful to the people to make
their different opinion from the existing products and make th8ing innovative according to goods
and services that business provides.
Contribution – Contribution is all about how the small business provide their services
and products to the customers. In this process these type of business are provide employment
services also to the people according to their ability and capacity of working. In these type of
firms number of candidate should be less then 500, so the environment of these firms is always
be more familiar than others so employees feel more comfortable to provide their services there.
Their overall contribution helps in rising the employment level is more than other organisations.
This is helps to improve economy growth as well.
Economic growth through innovation - Now a days business needs more effective and
innovative ideas to reach on their targets easily. In this term, technology helps for innovative
ideas in manufacturing and supply of products. For it, Entrepreneur need to stand with those
advance ideas and provide their services through this (Meyer, 2011).
Financial factors- It is based on organisations financial structure. This is involves all the
business transaction and capital needs or wants. They are provides brief information of their
funds for manufacture and investment process. These factors are new business firm is arrange
with the financial institutions or government of a economy to provide them growth through the
resources.
TASK3
P5. Characteristic, trait and skills of successful entrepreneur
Successful business people have many features and skills that make them different from
others. They are very confident and optimistic in their approaches. That's why they believe to
introduce their ideas and thoughts in front of people. They are very disciplined in their ideas and
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to manage their employee effectively as well as they are self starters. There are various features,
traits and skills of the entrepreneurs are given below-
Features of entrepreneur
Creative – Entrepreneurs are very creative in their approaches and their working
methods. They build their objectives according to creative that help them to maximise profit and
goodwill in the new market. For this they always use innovative thing and various thoughts to
execute them before. Their ideas will have to be very effective to their employees and work
force.
Risk taker – Entrepreneur are always take risk to established their new business in the
competitive market. That will provide them more competition when they innovate the existing
product which is already sold by other organisation in the market and which provides effective
satisfaction to the customers (Rasmussen, 2011).
Flexibility and open mindedness – This is the most effective feature of them which
make them different from others. In this process they build objectives and goal according to
market need which will be very effective for them. In this process they use innovative things and
ideas according to society need and to improve people 's thinking effectively.
Traits of a entrepreneur are make them more unique from the others from the another ones.
These traits are-
Innovative – Entrepreneurs are always be very innovative who use different ideas and
thoughts to make their business more successful from others. This is the only think which make
them unique from other business mane. This the need of the market for the new business
organisation that they use innovative ideas and thoughts that existing organisation are not
providing effectively.
Leadership quality- This is the trait of them to manage their employees according to
leadership quality. In this process hey help them in difficult situation and motivate them toward
the goal and objective. In this process they also helps to employee to improve their skill and
capacity according to business and their own need (Slavec, 2012).
There are various skills of a entrepreneur are-
Disciplined – They are the individual who focused on making their business work
successfully, reduce conflicts and barriers as well as use innovative ideas for their objectives and
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goals to achieve them. They are m,ore disciplined to take any step for their business toward the
achieve men of their objectives.
Competitive – They are the risk taker who established their business in the high
competition. All the companies are formed better bemuse they better know that a entrepreneur
know that they can do better job then others.
Passionate – Passion is the most important think which a entrepreneur need to use for the
success of their business. They genuinely passionate toward their work and approaches. They are
always used to research and rad different thing which makes them better the others (Blackburn
and Wainwright, 2013).
P6. Assess different aspects of entrepreneurial personality
Personality is the effective part and behaviour of a entrepreneur. It determines ability that
another person or their employees can carry easily. There are several aspects related with
entrepreneurial personality that affects mindset of others by creating motivation. There are some
elements are given below-
Extraversion – A entrepreneur are outspoken and straight forward in their approaches.
They are able too share their ideas, thoughts and views in front of their employees. They never
feel hesitate to speak in front of other and put their point of view. They are the type of person
who promote effective communication to share ideas and thought to each others.
Conscientiousness – This is the type of personality who believe to achieve their goal
effectively and they are more motivated for it. They are the type of individuals who concentrated
and focused of each and every element that have to happen and then can be happen in the future.
They are highly motivated and dedicated toward their work that's why thy provide effective
motivation and skill to their employee to achieve their objectives effectively.
Stability in emotions- They are the type of individual who think mentally and
emotionally of each and every aspect of the organisation. They believe to think before to speak
as well as provide their thoughts and ideas that can not affect negatively on anybody (Bridge and
O'Neill, 2012).
Agreeableness- This is the most important aspect of entrepreneurs personality. They are
the creatives and positive by their behaviour and approaches. They are believe to motivate their
employees and provide them skill and training for the objectives. They are optimistic and
positive behaviours personality in the business as well.
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TASK 4
P7. Assess how background and experience of entrepreneur could be an barrier in success
This is the challenging process in the entrepreneurs life. This is very difficult for them to
achieve their objectives in effective manner. There are various factors that can affect their
objective their innovation and their ideas in negative and positive effects. In this process their
past experience and background also create conflicts.
Background of a individual is always affect thee approaches and their procedures that
they use to established the organisation. Their past experience could be related to their education
from the school, colleges as well as their family background because a individual will always use
the term they learn from their day to day lifestyle. Their posture and gestures as well as their
communication is also related in the term they talk and speak in front of others (Carsrud and
Brännback, 2011).
In this process their personal experience will be take a specific part because if it was in
the positive term than they will be motivated but if that was in negative term than they will be
affects in their future approaches that they can not be able to take higher risk in their business. It
is related with past circumstances of the person that they have faced. If they have faced any loss
of money in their past then it will create certain fear in their mind. They will not feel confident
making any investment as they have fear to lost their fund again.
CONCLUSION
The above report has summarized as there are various business which is working hard so
that they can bring stability in the economy of UK after the post Brexit. The impact of small
business venture is that they all helped the economy in raising altogether with the increase of
small enterprise as well. Somewhere the government of UK is also supporting small business at
large extent as after the Brexit the economy is handled or providing their helping hand to
economy to get stable. Although the entrepreneurs are making their mind set to get stable at right
place so that they can bring new ideas and thoughts in their mind which will help the
entrepreneurs to increase their business and to earn profits as well.
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REFERENCES
Books and Journals
Carraher, S. M. and Paridon, T. J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Desai, V., 2013. The Dynamics of Entrepreneurship Development Management: Planning for
Future Sustainable Growth. Himalayan Books.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Hlady‐Rispal, M. and Jouison‐Laffitte, E., 2014. Qualitative research methods and
epistemological frameworks: A review of publication trends in entrepreneurship.
Journal of Small Business Management. 52(4). pp.594-614.
Kiss, A. N., Danis, W. M. and Cavusgil, S. T., 2012. International entrepreneurship research in
emerging economies: A critical review and research agenda. Journal of Business
Venturing. 27(2). pp.266-290.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Meyer, G. D., 2011. The reinvention of academic entrepreneurship. Journal of Small Business
Management. 49(1). pp.1-8.
Rasmussen, E., 2011. Understanding academic entrepreneurship: Exploring the emergence of
university spin-off ventures using process theories. International Small Business
Journal. 29(5). pp.448-471.
Slavec, A. and Drnovsek, M., 2012. A perspective on scale development in entrepreneurship
research. Economic and Business Review for Central and South-Eastern Europe. 14(1).
p.39.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Carsrud, A. and Brännback, M., 2011. Entrepreneurial motivations: what do we still need to
know?. Journal of Small Business Management. 49(1). pp.9-26.
Chittithaworn, C. and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
Chrisman, J. J. and et. al., 2012. Family involvement, family influence, and family‐centered non‐
economic goals in small firms. Entrepreneurship theory and practice. 36(2). pp.267-
293.
ONLINE
Comparison of employment 2017. [Online]. Available through
:<https://www.gov.uk/government/publications/budget-2016-documents/budget-2016>.
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