Entrepreneurship Report: Ventures, Economic Impact and Skills

This report delves into the multifaceted world of entrepreneurship, exploring diverse venture types such as lifestyle businesses, high-growth ventures, low-growth ventures, and social entrepreneurship. It examines the similarities and differences between these ventures, analyzing their structures, objectives, and funding options. The report further investigates the impact of micro, small, medium, and large businesses on the economy at local, national, and international levels, highlighting their contributions to employment, GDP, and social development. Additionally, it emphasizes the significance of small businesses in fostering social economy growth. The report also outlines the characteristics, traits, and skills essential for entrepreneurial success, including an examination of entrepreneurial personalities and the influence of personal backgrounds and experiences on entrepreneurial endeavors. The report provides a comprehensive overview of the entrepreneurial landscape.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their topology.............................................1
M1 Diverse range of entrepreneurial ventures............................................................................2
D1 Critically examine scope, development of entrepreneurial ventures....................................3
P2 Similarities and difference between entrepreneurial ventures...............................................3
TASK 2............................................................................................................................................4
P3 Impact of micro business on economy...................................................................................4
M2 Differences in impact of small, medium and large business to the economy......................4
D2 Critically examine impact of business on different level of economy..................................5
P4 Importance of small business in growth of social economy..................................................5
TASK 3............................................................................................................................................6
P5 Characteristics, traits and skills of entrepreneurs..................................................................6
M3 Differet lines related to entrepreneurial characteristics........................................................7
D3 Traits, skills require to become successful entrepreneurs.....................................................8
P6 Entrepreneurial personality....................................................................................................8
TASK 4............................................................................................................................................9
P7 Background and experience hider entrepreneurship..............................................................9
M4 Link between entrepreneurial characteristic and influence of personal background.........10
D4 Critically evaluation of background and
experience influences
entrepreneurs............................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship can be defined as willingness of an individual to manage business risk
and generate profit in the organization. Innovation, risk taking skills, motivational skills make
the person a successful entrepreneur. Entrepreneurship is considered as essential element for the
economic growth of nation (Cerrato and Piva, 2012). Current assignment will discuss different
types of entrepreneurial ventures and their topologies. Furthermore, study will investigate
similarities and differences between various entrepreneurial ventures. It will assess impact of
micro and small business on economy of the nation. Importance of small business in the growth
of social economy will be explained in this report. In addition, characteristics, skills of successful
entrepreneur with examples will be described in this study.
TASK 1
P1 Different types of entrepreneurial ventures and their topology
Entrepreneur is the person who put their hard efforts for gaining positive results. It
schedules activities, analysis market an make sound decision through which entity can ean more
profit. There are many types of entrepreneur ventures, all these entities have different features
and they conduct operations in different manner (Halme and Korpela, 2014). Purpose, working
process of all these ventures are different from each others. Various types of entrepreneurial
ventures are as following:
Life style business
It is the type of venture which is introduced by the business owner in order to earn
income. This business is based on the life style of the person. Such type of business are operated
at small scale and it has limited scalability. There main agenda is to attract customers and offer
them products and services as per their requirements (Healey, 2015). They earn limited profit
and this is sufficient income sources and people can enjoy their life style through such business.
Local enterprises are the great example of such type of organization. Life style business
ventures are such as grocery stores, consultancy firms etc. Local people operate this business and
they hire limited people in the workplace. It is generally regulated by single owner. Owner takes
all necessary decision for the venture (Storey, Keasey and Wynarczyk, 2016).
High growth business ventures
This is another type of venture which conduct there operations at high scalability. Their
main agenda is to grow well and earn more profit. These are big size firms which provide wide
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range of products and services to all types of consumers. Profit maximization and expansion are
the two main objective of such type of ventures. They look at the market situation and make
necessary modification in their operations so that they can gain competitive advantage. High
growth business ventures provide innovative products and services to buyers in order to satisfy
them and make them loyal towards the brand (Storey, 2016).
These big sized organization globally operate their business and have strong network. It
takes support of advance technologies in order to develop relationship with customers. By this
way it becomes able to attract new customer and accomplishing its objectives.
Low growth ventures
This is another type of business venture, such type of business operate at small level and
have limited profit. Due to lack of financial resources they are limited to one place, expansion is
very difficult for such type of ventures (Wilson and Post, 2013).
Social entrepreneurship
This is the type of venture which works for social welfare. They want to serve better to
society thus, offer products that can minimize issues of societies. These are considered as non
profit firms which are funded by government of trust. Improvement in well-being is the main
agenda of such type of entities (Schaper, M. 2016).
Low growth and life style business ventures mainly have topology of earn profit. They
provide goods and services to buyers in such manner so that they can feel satisfied. Social
entrepreneurship ventures have topology to improve life of society members. High growth
business ventures have topology to expand their business and maximize profit (Schaper.and
et.al., 2014).
M1 Diverse range of entrepreneurial ventures
There are many types of ventures; high growth, low growth, social ventures etc. Public
sectors are considered into high growth ventures. They work to maximize their profit and global
expansion of business. These corporates provide wide range of products to consumers as per
their needs (Parker, Congregado and Golpe, 2012). Low growth ventures have limited funds,
they just work to earn profit. Social entrepreneurship ventures are corporate sectors those which
are funded by government. They work for social welfare.
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D1 Critically examine scope, development of entrepreneurial ventures
Social entrepreneurship ventures has huge scope to grow well. As they get funds from
trust and government. These are no profit firms so they just work for the development of society.
High growth ventures have great scope and development opportunities. They operate their firms
at global scale so they grow well in the market and maximize their profitability continuously
(Gavisiddappa, 2014). Low growth and life style business ventures have less scope and less
development opportunities. They have limited funds so they can domestically work but less
chance to grow well as compare to big organizations.
P2 Similarities and difference between entrepreneurial ventures
There are many similarities and differences in various ventures. These are as following: Size and structure: It is considered as one of the major point of difference. Small or low
growth ventures have limited size. Nisa is the great example of it. Small entrepreneurship
is runby limited number of people and owner takes decision for the company. These
types of firms hires only 50 or less than 50 employees. On other hand high growth
business ventures conduct their operations at large scale (Khachatryan and et.al, 2016).
They hire more than 250 employees. Decisions are taken by managers and higher
authorities after discussion with employees. Aim and Objectives: It is another major difference aspect in these ventures. Big
organizations or high growth ventures have aim to expand their business globally. Their
main objective is to enhance their profit and gain competitive advantage. On other hand
social entrepreneurship ventures have objective to work for social welfare (Leong and
et.al, 2016). Profit maximization is not the aim of such type of entities. On other hand
low growth ventures have aim to earn profit to live their life happily. They want to earn
that much amount through which they can spend a good life. Expansion is not the
objective of such low growth ventures.
 Funding options: Low growth ventures are such entities in which owner has to spend
their own capital for establishment of business. On other hand High growth ventures get
funds from banks an angel investors. These financial institute provide loan to such firms
so that they can expand their business and can earn more profit (Nalawade and Shah,
2015). Angel investors provide funds to such high growth ventures with the aim to get
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high return over their investments. On other hand social entrepreneurship ventures get
funds from trust and government.
There are many same point in these ventures. High growth and low growth business
ventures work to sustain in the market for longer durations. Both want to serve consumers well
so that they retain in the organization for longer duration. Apart from this social entrepreneurship
ventures also have same agenda to provide good products to buyers so that they can live healthy
life. All they want to satisfy their consumers (Banik and Nag, 2016).
TASK 2
P3 Impact of micro business on economy
Micro business are such firms which conduct that operations at small scale. These firms
have limited resources and work with the aim to earn profit. These small sized micro corporation
contribute well in the economy to great extent.
Creation of employment
Small sized organizations hires local people in the workplace with the aim to conduct the
business in smooth manner. They give fewer salaries to the staff members but give their job
opportunities without any experience. Statistics show that small or micro business increase 5%
employment opportunities in the nation (Chelladurai, 2014). It is the great support to the
economy because many people get income sources thus, per capita income of the nation gets
increased. Many times big firms terminate their employees immediately, in such conditions these
micro business give them job and fulfil their monitory requirements.
Contribute to GDP
Small business impact on the economy to great extent. These small sized organizations
earn profit and pay tax to government. 35.5 million revenues are generated by such micro firms
(Business and entrepreneurship skills and experience. 2017).
Growth of economy
Small sized corporations continuously work for the development of the economy. They
earn profit and fulfil their responsibilities by paying tax to government. It supports well in the
economy development of the nation.
M2 Differences in impact of small, medium and large business to the economy
Small business firms contribute well to the economy development of the nation. These
small firms hire new candidates and support in increasing employment opportunities in the
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nation. On other hand big sized firms contribute extremely well in the development of economy
condition. They earn high revenues and pay high tax to government (How To Use Your Strengths
To Overcome Your Weaknesses, 2015). These entities support in increasing foreign currency in
the country through their export and important business. On other hand medium business also
contribute well in the economy growth. In the year 2015 approx 1.14 million small business were
operating in the UK, where 1.8% medium size business and 1933 large business. In the year
2015 small firms have hired 8.2 million people in the United Kingdom. Contribution of medium
sized firms was 19.8 and large organization have contributed 9.7% in increasing employment
opportunities in the nation (Banik and Nag, 2016).
D2 Critically examine impact of business on different level of economy
Small sized organization contribute well and impact on national, local an international
context. These micro firms helps in developing local business. By this way local economy of the
place gets strong. With the contribution of such low growth business national economy also gets
positive affected. Because revenues collected by these small corporations support in the national
level development of the country (Leong and et.al, 2016). On other hand these firms also
contribute to the international level as well. They pay tax through which government develop
infrastructure facilities and try to support these small entities so that they can grow well.
P4 Importance of small business in growth of social economy
Small business are the major contributors of social economy. It impacts on the society
and works for the improvement in social economy to significantly. These start-up or small size
entrepreneurship provide development opportunities to the local people by offering them
employment. By this way local people get income sources and they can live their life happily.
This supports in improving living standards of population and individual can buy things easily
(Wilson and Post, 2013).
These small organizations hire people those who have no experience but have skills. By
this way fresher gets opportunity to get practical knowledge to work in the organization. It gives
them development opportunities and improve their skills as well. This supports in increasing
employment rate in the country. Though these start-up business have limited financial resources
so it is difficult for them to spend huge amount (Storey, 2016). Thus, they work domestically and
try to earn more profit. Significance of small business in social economy are as following:
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 Social growth: It is one of the most important aspect of small size organization. These
small scale firms positively impact on the social growth. These entities hire people so that
they can get income sources. By this way people generate income and that improve their
living standards. It is the great medium though which social growth take place (Cerrato
and Piva, 2012).
 Reduction in poverty: It is another most important contribution of small sized firms in
social economy. These entities hire people so that people ca get satisfactory monitory
resources. It supports in fulfilling their monitory requirements. Statistics show that over
the past few years these small ventures reduces 5% poverty every year (Khachatryan and
et.al, 2016).
 Social security: Small scale organizations conduct their operation at limited scalability.
Micro corporation provide security to people by offering them products and services at
affordable rates. There are many big sized firms those which offer quality products but
they charge high amount. Low income class people can not afford such costly goods.
Thus, these micro organizations give them social security so that their basic needs can be
fulfilled (Leong and et.al, 2016). They work to satisfy consumers.
TASK 3
P5 Characteristics, traits and skills of entrepreneurs
Entrepreneur is the person who work for establishment of business and development of
the firm. Skills and characteristic of individual support the person in increasing revenues of the
business unit. There are many examples of success business owners those who have established
their business successfully. Richard Branson is the great example of this. He has developed
Virgin organization (Chelladurai, 2014). Efforts of Richard has made this firm worthwhile.
Innovative ideas of Richard and motivational skills have supported the person in expansion of
the entity and gaining success in the market. Mark Zuckerberg is the another great example of
entrepreneur. He has developed Facebook application and have made this medium worldwide
famous. Characteristic and skills of successful entrepreneur are described as below: Innovation and creativity: It is considered as most essential skills in the business owner.
Individual needs to be creative and need to be able to get innovative ideas. This can
support in improving operations and creating value for the customer (Banik and Nag,
2016). Innovative skills of mark Zuckerberg has helped the person in developing such
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successful Facebook application. This skill can support the person in expanding business
and increasing profitability. Risk taking capabilities: Entrepreneur needs to have risk managing and risk taking skill.
By this way individual can identify issues that can cause difficulty to the business and
can manage there risk by making effective strategies easily. This risk taking capability of
the person helps the individual in establishing new business and handling critical
situation well. Sales skills: It is another skill that need to be in the entrepreneur. If individual has
capability to sale its products then individual can gain high success (Gavisiddappa, 2014).
 Motivational skills: It is most important skill that need to be in the entrepreneur. By
motivating staff members individual can improve performance of employees. By this way
people ill be loyal and they will put their had efforts for the success of business unit (How
To Use Your Strengths To Overcome Your Weaknesses, 20150.
There is significant different in entrepreneur and the business manager. These are
explained as below:
Entrepreneur
 Business owner is the person who take
risk and manage it well. It utilizes
resources in such manner so that
business can grow well.
 Entrepreneur works for the
development of the company (Business
and entrepreneurship skills and
experience. 2017).
Business manager
 Manager is the person who just
manager business activities. Individual
does not implement any innovative
idea. Manger has to follow instruction
of the higher authorities.
 Managers is not able to take risk,
individual just follow guidelines to
manger activities.
M3 Differet lines related to entrepreneurial characteristics
Entrepreneur needs to be more innovative and creative. Person needs to have capability to
motivate others so that all involved person can put their hard efforts. Part from this, entrepreneur
needs to be capable to sell its products. By this way other sales persons will get guidelines to sell
the products from unique way (Wilson and Post, 2013).
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D3 Traits, skills require to become successful entrepreneurs
Mark Zuckerberg is the great example of successful entrepreneur. Individual was having
innovation and creativity skill. This has supported the person in gaining worldwide recognition.
Richard Branson is another great innovator who have supported in the growth of Virgin group.
With the sales skills of Richard Virgin group has earned profits and has become the leading
brand of this industry (Halme and Korpela, 2014).
P6 Entrepreneurial personality
An entrepreneur is the person which have innovative ideas and individual turns it ideas
into reality. Individual start a business with the intention to run this business for longer duration.
Individual believe in honesty and hard work. There are key points related with the entrepreneur
personalities (Cerrato and Piva, 2012). These are as following:
 Sensing: it is considered as best quality of the successful business owner. Due to great
sensing quality person becomes able to identify risk and make contingency plan for
minimizing risk and increasing opportunities in the organization. This personality of
entrepreneur reflects their mindset and others gets motivated by it (Storey, 2016).
 Extraversion: this is another personality of business owner. Individual works in the team
and lead the team members. Team working is the best quality of successful entrepreneur.
This supports the person in accomplishing objective of entity and gaining success in the
market.
 Thinking: It is considered as most important personality of the person. Due to having
critical thinking and analytical thinking ability individual analysis the difference between
right and wrong strategies (Wilson and Post, 2013). This thinking power supports the
person in gaining success and meeting with the organizational goal. With the help of
thinking personality individual becomes able to achieve high growth.
 Judging: Individual needs to have personality to judge the person well. With the help of
this personality entrepreneur becomes able to identify skills of the candidates and hire
people those who are deserving. This motivates others and they make their mind to work
better in the workplace with the great entrepreneur (Parker, Congregado and Golpe,
2012).
 Take responsibility: Business owners always take responsibility of the business. If
something go wrong then they take initiative to minimize the adverse effect and resolve
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situation. Individual is the most responsible person in the organization. That is why
entrepreneur becomes able to turn their innovative ideas into reality (Khachatryan and
et.al, 2016).
 Personality trait method: It is framework which shows personality of entrepreneur. It
reflects he mindset of the individual and others gets motivated with their personality
TASK 4
P7 Background and experience hider entrepreneurship
Background and experience are essential aspects that impact on entrepreneurship. All
persons grow in different backgrounds which affect their personality to great extent. Educational
background, family structure, living standards, society, community impact on the human
personality. Background supports the person in addressing and forecasting risk and making
strategies to resolve such type of problems (Gavisiddappa, 2014). Good educational background
and family support, help the person in thinking critically and resolving complicated situations in
appropriate manner. But if person is not that much educated hen individual has to be depended
on others (Business and entrepreneurship skills and experience. 2017).
Richard Branson is the example of successful entrepreneur, he was suffering from
Dyslexia. But as he learned from his family importance of hard works so individual becomes
able to manage critically situations well., he has experienced that getting demotivate can not
resolve any problems but if individual behave confident then person can handle complications
easily (How To Use Your Strengths To Overcome Your Weaknesses, 2015).
Any start-up firm requires financial resources. If individual has strong financial
background then person can get monitory help from the family. Otherwise, entrepreneur has to
struggle to collect money for the start-up of business. In the absence of funds individual can not
purchase raw material and can not hire employees. Mark Zuckerberg is another great example of
successful entrepreneur (Wilson and Post, 2013). He was suffering from the problem of lack of
financial resources. Initially he was not able to convince investors for Facebook application. He
was from different culture so it was difficult to coordinate with investors. But as he has
experienced many issues in past so he did not loose hope and continuously put his hard efforts.
His confidence and hard work has supports in developing this Facebook application.
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M4 Link between entrepreneurial characteristic and influence of personal background
Skills of entrepreneur plays significant role in the person. If individual has great
experience and good background then individual can face issues easily. But if entrepreneur does
not have experience and do not have good financial background then also individual can gain
success with the help of their skills and unique characteristic. Skills support the person in
utilizing their experiences well and gaining success (Storey, Keasey and Wynarczyk, 2016).
D4 Critically evaluation of background and
experience influences
entrepreneurs
If entrepreneur does not have good financial background then it can impact negatively.
Because in such condition individual have to struggle a lot at the initial phase. But experience
can support the person positively in turning their innovative ideas into reality. On other hand if
person does not have good education then individual can get issues in identifying risk (Parker,
Congregado and Golpe, 2012). But skills of the person and experience can support in managing
the critical situation in effective manner.
CONCLUSION
From the above report it can be concluded that skills of the person make the person
successful entrepreneur. Business owner has capability to turning their innovative ideas into
reality and develop the business. Individual takes responsibilities and work continuously for the
growth of business unit. Richard Branson, Mark Zuckerberg are the popular entrepreneur who
have worked hard and gained international recognition due to their skills and hard efforts. Small
business contribute well in the economy development sand improving social economy
conditions.
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enterpreneurship in Tirunelveli District.
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Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
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