ENTREPRENEURSHIP: Ventures, Economic Impact and Entrepreneurial Skills

This report delves into the multifaceted world of entrepreneurship, examining various types of entrepreneurial ventures, their typologies, and their impact on the national economy. It begins by defining key terms like 'entrepreneur' and 'entrepreneurship,' then categorizes ventures into small businesses, scalable start-ups, large company entrepreneurship, and social entrepreneurship, highlighting their unique characteristics. The report further analyzes different entrepreneurial typologies, such as skeptical and copycat entrepreneurs, and research-oriented entrepreneurs. It then compares and contrasts different ventures, pointing out similarities and differences. The report also emphasizes the significant role of small and medium enterprises (SMEs) in job creation and economic growth within the UK. Finally, it explores the characteristics and skills of successful entrepreneurs, including the impact of experience and background on entrepreneurial endeavors.

ENTREPRENERUSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and how they relate to typology........................1
TASK 2............................................................................................................................................3
P2 Similarities and differences between different types of ventures..........................................3
P3 Impact of macro and small businesses on national economy................................................6
P4 Importance of small business and start-ups for growth of social economy...........................7
TASK 3............................................................................................................................................8
P5 Characteristics and skills of successful entrepreneurs...........................................................8
P6 Entrepreneurial personality which act as motivation and mindset......................................10
TASK 4..........................................................................................................................................11
P7 Background and experience hinder and foster entrepreneurship.........................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
In this modern world number of individuals are coming with distinct ideas for gaining
maximum benefits by satisfying the customers needs or demands. Their main objective is to
introduce creative thoughts which for developing the economy of a nation. All the members are
having distinct reason for establishing business but similar in few extent such as; acquiring of
profit. Basically, number of successful entrepreneurs are already existing at marketplace which
are famous for their work and talent (Blackburn, Hart and Wainwright, 2013) . Thus, assignment
is going to focus on various types of ventures and their typology which are different from each
other. Along with this, shows the significant role which is played by micro and medium
enterprises in developing the nation. It means, SMEs are crucial for overall development of
country because they are engaged in launching creative ideas at marketplace. Furthermore, skills
and attractive characteristics of some major leaders are going to expressed in this project for
motivating others to become successful entrepreneur. Last but not the least, how experience and
knowledge of any individual will encourage and discourage to them is also outlined in this
project.
TASK 1
P1 Different types of entrepreneurial ventures and how they relate to typology
There are many types of entrepreneurial ventures which can be started by the individuals.
There is huge support is provided by the government of UK to promote new businesses. In this
regard, large number of relaxation is provided in various legislations and taxation policies. Also,
provide adequate amount of funds at low interest rate. This will create large number of
opportunities in front of individuals of society to earn their livelihood by taking some amount of
risk (Bridge and O'Neill, 201). Through operation of such different business activities large
number of benefits are received by society such as more job opportunities, development of
infrastructure, providence of good quality products and services at reasonable price. All the
ventures are different from each other and having their own advantages and disadvantage. Some
kind of risk is always is associated with all types of entrepreneurial ventures which is required to
take by the entrepreneur to get success in market. There is significant difference is present
between both terms entrepreneur and entrepreneurship which is defined below:
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Entrepreneur: It is refers as the individual who possess new business ideas and having
the objective to start their own small business. Such individual takes some amount of risk in
process of earning profits from the venture which is started by him. There is huge sum of effort
is provided by such new entrepreneurial venture in development of nation and society.
Entrepreneurship: It is refers as the business which is started by entrepreneur. Any kind
of business is started with some objective according to which further future actions of
organisations are designed which guides the employees in performance of their tasks related to
such objectives. The process which is used while launching a business includes designing,
managing and starting-up of business (Carsrud and Brännback, 2011) .
Different type of entrepreneurial ventures
There are many type of ventures which are different in many terms are defined below:
Small business-entrepreneurship: This will includes all businesses which are small in
nature and having limited functions in market. The different type of activities which are carried
by small organisations includes grocery stores, travel agents, carpenters, plumbers, electricians
etc. The most number of individuals who are employed within such type of organisation includes
local employees and family members. It is analysed from past data that more than 50% of people
of society are working in non government sector. The total number of small businesses which are
operating in UK till now is around the number of 5.7 million.
Scalable start-up entrepreneurship: Such kind of ventures have the vision from the day
one is about changing world from their business operations (Chittithaworn and et. al., 2011) .
The persons who invest money in such kind of ventures are known as craziest person who are
always ready to take high amount of risk. The employees which are hired within the organisation
is best in all terms and provides their optimum efforts in success of organisation in future period
of time. Such kind of ventures are start in small numbers because the amount of return is limited
and high risk is involved with business activities.
Large company entrepreneurship: Such kind of organisations have finite life cycles.
For attaining success such type of organisations is required to bring continuous improvement in
their offerings such as products and services to cater the diversified needs of customers. There is
huge amount of risk is associated with operations of large organisations like frequent changes in
the tastes of customers, emergence of new technologies, high amount of legislations and
competitors etc. All these factors are present in external business environment and hinders the
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growth of large organisations. The one aspect which helps the large organisations to attain
success in their operations is about innovation. This will enables them to bring changes in their
existing offerings as per the market trends.
Social entrepreneurship: This will includes such type of organisation whose main aim
is to provide such type of products and services which helps in solving social issues and
problems and makes the world better place to live on. They are not operating the business
operations for the purpose of earning profits but only having the aim of development of society
in appropriate manner (Chrisman and et. al., 2012).
Different types of entrepreneurial typologies:
Skeptical entrepreneur: The main aim of such entrepreneur is to look out the success of
others and questioned their success due to which such type of entrepreneur is considered as the
scariest form. Because of such mindset, it may more difficult to achieve growth and success as
they only focusing on spreading hoax about other';s success. In such type of entrepreneur
typology, an entrepreneur make excuses and are full of confusions thus can be convinced easily.
Copycat entrepreneur: In this, the entrepreneur mainly focuses on identifying the others
success through looking out their ideas and methods by collecting information from their
websites and their products and services. They just implemented other's ideas in their business
operation with an expectation of achieving growth and success on competitive market world
(Dennis, 2011) .
Research entrepreneur: In this, the entrepreneurs mainly focus on identifying the market
trends through conducting research and after interpreting the information gathered through
research so as to make small business more successful within short period of time. Research can
be made in order to identify trending products and services in market, needs and preferences of
targeted customers, rivals' strategies etc. which help the entrepreneurs to make an effective
decisions and plans for the betterment of their business.
TASK 2
P2 Similarities and differences between different types of ventures
It can be said that there are numerous entrepreneurial ventures which can be different
from each other. The purpose with which has been formed gives them a distinctive identify but
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there lies a similarity between them as well (Drucker, 2014) . The major similarities and
differences are described below in the tabular representation.
Similarities Lifestyle Ventures Social Ventures
 These venture does not
have an aim of
achieving financial
gains.
 There is a lack of equity
investment in such
ventures.
 The social
entrepreneurial
ventures are undertake
with an aim to serve
society.
 These ventures
generally raise finance
through charity and
deemed unfit for
equity as well.
Differences Lifestyle Ventures Social Ventures
 These business ventures
are generally initiated
with personal spending.
 There is an absence of
strategic approach in
order to carry out their
business operations
(Fassin, Van Rossem
and Buelens, 2011) .
 The lifestyle ventures
are carried out in the
manner through which
personal approach.
 There is lack of
utilisation of personal
funds as they are
mostly operated
through money raised
through charities and
events.
 Social ventures
generally undertake
strategic approach
through which they
are able to encourage
people to volunteer
for the cause.
 The social welfare is
considered to be the
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top priority and
personal lifestyle is
not considered at all.
Similarities Female Entrepreneurs Male Entrepreneurs
 It has been observed
that there women
through their ventures
aims to overcome
solution to the existent
problems.
 The female
entrepreneurs are
known to possess
dominant personality
with which they are
able to influence others
and are driven to
achieve success
(George and Bock,
2011) .
 Male entrepreneurs on
the other hand are
similar in terms of
identifying
opportunities through
which problems and
shortcomings are
resolved.
 The male counterparts
can be considered as
driven as well in order
to chase success. The
dominant personalities
helps in getting best
results out of others.
Differences Female Entrepreneurs Male Entrepreneurs
 It has been identified
that female
entrepreneurs possess a
difficulty in making
crucial decisions for
business.
 The women
entrepreneurs are
 The male entrepreneurs
are known to be
possess an ability to
form rapid decisions
relating to their
venture.
 The male entrepreneurs
have been focused on
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known to give equal
emphasis to social
contribution in the
society along with
making profits.
 The female
entrepreneurs are more
inclined in making sure
that employees are
provided with suitable
environment to work.
attaining profits and
does not consider
social contribution as
crucial.
 The male entrepreneurs
are known to adopt
task oriented approach
and focus on end
results not the means to
achieve the same.
P3 Impact of macro and small businesses on national economy
There is no denying in the fact that small businesses plays a crucial role in the economy
of a nation. The economy of United Kingdom is fifth largest economy of the world. In terms of
export, it emerges in top 10 exporting countries of the world and this can only be achieved due to
substantial contribution which has been catered by the small and medium businesses in the world
(Gorgievski, Ascalon and Stephan, 2011). The contribution and success of the small business
have helped this economy to emerge as fastest growing economy in G7 nations. The government
have been encouraging emergence of start-ups and small business with construction of
favourable climate in which they are able to prosper in the desired manner.
The primary contribution of SME can be seen in the form of employment and job
creation in the economy. It has been recorded that these small and medium businesses have been
able to create approximately 15.6 million jobs which is equivalent 60% of the total workforce of
the country. The prediction of future have been emerged as favourable as such enterprise will be
able to provide employment to additional 250,000 people. The research have stated that micro
businesses have been a substantial contributor in terms of employment and have helped the
economy to rise post recession.
The second area which is to be considered is income and profits in context of economy of
UK. The combined turnover which has been catered by small and medium enterprises stood at
1.6 trillion euros which has grown 1.8 trillion euros in the last financial year (Goss, 2015) . The
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research conducted by the DBIS have stated that contribution of small and medium enterprise in
total turnover stands around 47% which is exceptional. The provision of employment to people
is further helpful to people in leading an improved life along with ensuring that social living
standards of the country improves.
The balance of payment is considered to an crucial element as well as it focuses on
aggregate imports and exports of the country. The balance of payment provides a clear
description of the money which is being spent on the goods which are imported along with
money being received through exporting of goods and services outside national geographical
boundary of a nation. The data have been able to identify that out of all the small businesses
operating in the country 54% of them are exporting products outside the country which is further
helpful in establishing a balance of trade. The chancellor have established a target of 100,00 or
more small business to sell product outside geographical boundary. The government is making
numerous attempts to make sure that there are more receipts than payments.
The small businesses not only contributes on economic grounds but is also helpful in
ensuring that social standards of people are uplifted. The small businesses have lead a play a
crucial role in the uplifting stature of women in the society through their representation. The
women led initiative in the country stood at 18% for the year 2014 and are growing ever since.
These businesses are not only making them financially independent but have been altering the
manner with which they are perceived in the society. The reports have stated that there are
approximately 1.5 million self employed women in the British region and have been contributing
exceptionally in the economy of United Kingdom (Jones and Rowley, 2011).
P4 Importance of small business and start-ups for growth of social economy
Individuals are coming with creative ideas in order to facilitate consumers with modern
facilities as well as fulfils the basic needs of common people. Mainly, small business are not
generating large amount of funds but still acting as a major player in development of local
economies in various ways. For example; offer best job opportunities, motivating others towards
personality enhancement and so on. In fact, number of companies are emerging with advanced
tools and techniques which helps others while performing their day to day life in better manner.
Apart from this, number of reasons are identified which shows that small business and starts-ups
are seen as growth of social economy. For instance- employment opportunities aids in uplifting
the weaker sections of society by offering success chance to them, coming with creative ideas,
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personality enhancement and so on. Thus, some of the major elements which shows the
significance of small business and starts-ups in social economy development are explained as
below:-
 Society development:- SMEs is playing crucial role in offering best success
opportunities to those person whosoever are failed in acquiring job. If unemployed
person will get an appropriate job facilities due to which they can easily fulfils their basic
needs in suitable way. As a result society get enhanced due to which business of outside
nations are getting attracted and interested in investing with them. It shows that
community can automatically enhanced because of which national income of a nation is
also maximized (Karlan and Valdivia, 2011) .
 Economic growth- Because of employment growth local economies is enhanced and
foreign members are getting impressed towards UK. As a result, overall condition of
nation is improved.
Hence, it shows that business starts-ups are really indispensable for overall achievement
of nation because they are playing major role in focussing common society.
TASK 3
P5 Characteristics and skills of successful entrepreneurs
Entrepreneurship is engaged in designing creative ideas for impressing others as well as
encourage towards certain specific goals in a defined time frame. Leaders are liable for
motivating others with their job role by introducing or launching innovative ideas at marketplace
by satisfying customers needs. In this modern world number of individuals are trying to come up
with unique thoughts which make them famous as well as facilitate entire society. For example;
in today's modern world numerous of large multinational organization are believing in launching
something advanced in order to gain competitive advantage (Neck and Greene, 2011) . This is
only possible if an association get succeeded in establishing their positive image at marketplace.
On the other hand, one thing is also determined that managing of large corporation is only
possible if leaders will appropriately managed their business operations. Thus, leaders are liable
for assisting their staff members towards corrective path so that they can easily accomplish their
assigned business activities in a defined time frame. Hence, two successful leaders which are
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having unique personality are- Mark Zuckerberg and Henry Ford. It means, proper description of
these two successful managers are discussed as follows:-
Mark Zuckerberg:- He is an American entrepreneur and known for Facebook as well as
famous for its unique quality. In fact, most young billionaire due to sharp mind and engaged in
launching creative ideas at marketplace. His motive is to amazed entire society with his unique
style of working and handling of large business entity. In fact, number of students or youngsters
are getting inspired from him because he is having a most unique quality as well as charming
personality (Schaper and et. al., 2014) . Number of innovative things are introduced by him and
become one of the most wealthiest person of the world. Some of the major skills or
characteristics of Mark Zuckerberg is described below:-
 Having a vision:- Initial thing which this leader was think about- world is totally open
and connected with around the world. Along with this, one thing is that throughout the
journey of Facebook he is stuck to its vision instead of getting distracted from other
factors. He is having a long term vision by putting creativity into work.
 Move beyond comfort zone- In order to become a perfect leader he just believe in
performing best instead of worrying about any other components. It means, Zuckerberg
wanted to attain his set goals either by hook or crook.
 Willing to make mistakes- According to this leader by doing mistakes and individual
can easily learn things in better manner.
 Adapts situations- It shows that leaders can easily adopt changes which is incurred at
marketplace without denying others.
Henry ford- He is known for captain of industry and also seen as business magnate
across the global marketplace because of distinct unique things. First automotive was
manufactured by him which is afford by most of the middle class family (Storey, 2016) . His
main motive is to facilitate entire society with qualitative vehicles as well as reasonable. Some of
the major quality of Henry Ford is discussed below:-
 Curious mind- It means he was very eager to know new things since his young age in
order to experience distinct materials. In fact, in his childhood Ford is engaged in
identifying the functioning of his toys in order to learn creative items.
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 Thirsty for more- It means, excited for learning advanced materials by searching more
or more. Mingle with others to share their views or opinions so that they he can learn
about other viewpoints also.
 Man of quality- Maintain the personality by performing qualitative things with the help
of various materials.
Both the entrepreneurs are having high quality which make them distinct from others as
well as get succeeded in establishing positive goodwill at marketplace. Along with this, become
a leading player in corporate world by playing crucial role.
P6 Entrepreneurial personality which act as motivation and mindset
The personality of an entrepreneur is required to be more effective that helps to develop
business in an appropriate manner along with generating desired outcomes on regular basis. It is
necessary for them to build an attractive personality which impacts positively on other people
such as superiors or sub- ordinates. An entrepreneur has various kinds of qualities such as
intelligence, presence of mind, risk bearing capacity and many more. They have innovative
skills, personality and traits that must be carried by them to become a successful entrepreneur.
Employees working with entrepreneur get encouraged through creative qualities of them and
they follow better methods to generate required outcomes properly (Unger and et. al., 2011) .
The Big Five Model is utilised to examine the traits which is given below:
Openness to experience: - This can be described as an essential factor that indicates to
entrepreneurs to become more efficient and perform their tasks or activities. It also includes that
they have to be conscious for completing goals or objectives in desired manner. It will help them
to remain focussed and facilitate to fulfil desired aims properly.
Conscientiousness: - The term conscientiousness can be explained as to become careful
while conducting various kinds of procedures in company to create better outcomes. It is an
essential trait that guide to entrepreneurs to make themselves careful to work and remain
conscious for attaining required objectives at particular given period of time.
Extraversion: - This can be defined as to remain more active, outgoing, talkative, and
energetic behaviour of an entrepreneur while working which helps to gain better productivity as
well as profitability on daily basis. It is kind of trait that provide support to become well
qualified leader for employees to lead them properly.
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