Entrepreneurship Project Report

This project report on entrepreneurship explores various types of entrepreneurial ventures, their characteristics, and their impact on the economy. It discusses the traits and skills necessary for successful entrepreneurs, the relationship between different types of ventures, and the challenges faced in starting new businesses. The report emphasizes the importance of entrepreneurship in driving economic growth and innovation.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Types of entrepreneurial ventures and their relationship with typologies.......................1
P2 Similarities and differences between entrepreneurial ventures.........................................3
TASK 2............................................................................................................................................6
P3 Interpret relevant data and micro and small businesses impact on economy....................6
TASK 3..........................................................................................................................................10
P5. Characteristics, traits and skills of successful entrepreneurs.........................................10
P6. Assessment of aspects of entrepreneurial personality in reflecting entrepreneurial
motivation and mind-set.......................................................................................................11
TASK 4..........................................................................................................................................12
P7. Factors that foster or hinder entrepreneurship................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship means the process of starting new business by an individual in order to
take all rewards and profits earned by business. Thus it is important for an entrepreneur to have
risk taking ability and creating new and innovative ways to operate their business in competitive
business environment in more successful manner. Risk can be related with time, cost and equity
etc. which must be managed by entrepreneur in order to survive in competitive market world for
longer period. An entrepreneur should achieve success only when they have new ideas of
producing products more efficiency or developing old products in the new form which attract
large number of customers (Ács, Autio and Szerb, 2014). The main purpose of preparing this
project report is to provide the problems or difficulties an individual faces while opening new
business. The project covers the different types of ventures along with their typologies and how
such enterprise can impact on the economy. All the key aspects of entrepreneurial and
environment that foster or hinder the entrepreneurship also discussed under this report.
TASK 1
P1. Types of entrepreneurial ventures and their relationship with typologies
Entrepreneurial Ventures: An entrepreneurial ventures is similar as normal business
but there is some points which makes different with each other. It is an organisation which is
developed by an entrepreneur solely with his new ideas and innovations which help them in
attaining stable position in competitive market. The success can be achieved only when it deals
with complex environment in an effective way and due to innovative thinking they can able to
produce goods and services which attracts large number of customers.
Entrepreneur: He is the only one who think about starting business with available
resources has. An individual becomes a successful entrepreneur only when he has an ability to
take risk and make effective decision while performing in complex environment.
Types of Entrepreneurs:
Serial entrepreneurs: These are the entrepreneurs who start their business continuously
with his new ideas and innovations and accordingly execute business operations with the
available resources (Bhachu, 2017).
Social entrepreneurs: This is one of the entrepreneur whose main objective of starting
business is to provide benefits to society rather then earning profits. They first identify the
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problems or difficulties the society faces and accordingly comes with new ideas and corrective
actions in order to resolve such problems.
Female entrepreneurs: These entrepreneurs consist of only women who controlled and
owned an enterprise itself and are liable to create 51% of employment. Thus all the decision are
taken by female only as she is the only owner of an enterprise.
Concept of Entrepreneurship: It is the process of preparing, designing and accordingly
introducing new business with the available resources and if they achieve success then these new
business will expand in future in order to generate huge profit. An individual who control and
owned these enterprise is called as an entrepreneur. The chances of achieving success and
stability for longer period of time only when an entrepreneur comes with new ideas and
innovations which will make difference than other normal business.
Key ventures of Entrepreneurs:
There are various types of Entrepreneurial ventures which are as follows:
Small-business Entrepreneurship: As there are many small business entrepreneurship in
UK which gives tough competition to other similar business. Generally they are small in size due
to which they attract limited number of customers (Bridge and O'Neill, 2012). It engaged in
different types of business such as grocery stores, internet cafe owners, travel agents etc. These
people mainly focus on identifying the customer's needs and requirements and accordingly start
new business to full them and generate profits.
Scalable Entrepreneurship: These are the enterprise which is introduced new business
with a motive of changing the world with the help of their innovative ideas and clear vision.
They motivate people to provide them financial help and in return they perform for providing
benefits for them.
Social Entrepreneurship: These are the enterprise which is introduced with a motive of
fulfilling needs and demands of society through proving quality products and services. They
manufacture healthy and nutritional products in order to maximise the standard of living of
people. For instance Patanajali products produced quality and healthy products at an affordable
prices which help people to stay healthy.
Relation of ventures with Entrepreneur Typology:
As all the entrepreneurial ventures are related with the typologies for example scalable
entrepreneurship can be related with Lifestyle ventures or social entrepreneurship are related
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with manages growth venture typology. So it is important to first understand about various types
of typologies and accordingly connect with different types of ventures.:
Types of Topology:
Lifestyle Ventures: These business has objective to earn profit within limited time period. An
entrepreneurs has mostly prefer to work alone (Bruton, Ketchen Jr and Ireland, 2013).
Survival Ventures: These are the types of business which is started with a motive of earning a
livelihood for the family. It can be in form of Grocery store, internet cafe etc.
Managed growth Ventures: These types of business is started by smart business man who know
how to make money. Thus it invited public to invest in their enterprise in order to get he amount
in return.
P2 Similarities and differences between entrepreneurial ventures
There are different kinds of entrepreneurial ventures which are running in society. All are
every effective and better in their way. All entrepreneurial ventures are varied fro,m the each
other but have some similarities. In context to this, there are some differences and similarities of
entrepreneurial venture types are given below as above:
SIMILARITIES Social Entrepreneur Lifestyle Venture
 This type of venture is
begin for provide
advantage to local
community not for
themselves.
 Under this, business is
start from small scale
and work for welfare of
people and increase
their living standard.
 Its main motive is not
to earn more profit
and work for society.
 Business develops
from small scale.
DIFFERENCES Serial Entrepreneur Lifestyle Venture
 Its main motive to
increase profit and this
 Its main motive is to
increase profit by run
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venture works for only
this.
 This kind of
entrepreneur take
money from investors in
order to establish and
run business in an
effective or better
manner.
 It is having good
location from which
they can conducts its
business in a proper
way.
 In order to conduct
business successfully,
this venture prepare an
effective plans and
policies which it execute
at work place in a
systematic manner.
business on the basis
of its lifestyle.
 This venture run its
business through its
own funds.
 This venture does not
prepare any strategy
regarding run
business because it
do business with its
passion.
 It does not have
specific location and
it do business as it
like the most.
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SIMILARITIES Male Entrepreneurs Female Entrepreneurs
 These entrepreneurs do
focus on their business.
 They have passion to do
something innovative
and making the business
process easier which
will helps in attaining
aims of firm in an
effective manner.
 Women are very
conscious about to
work in a proper
manner.
 They are more
innovate as well as
creative in doing any
work. They bring
many innovative
ideas for achieving
organisational
objectives on proper
time.
DIFFERENCES Male Entrepreneurs Female Entrepreneurs
 From the total capital,
share of male
entrepreneur is 49%.
 They take their decision
in a easy manner.
 Make entrepreneurs are
vert task oriented.
 Their main focus is on
rising economy of
United Kingdom
country through
minimizing
manufacturing cost.
 They like to take
 Share of female
entrepreneur is 51%
from total share
capital.
 Shier main focus is
on providing better
quality of services
and products at
reasonable cost to
give contribution
towards society.
 Their main focus is
on making better and
harmonious
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financial risks. relationship with
consumers.
 This kind of
entrepreneurs take
some time in order to
taking the right
decisions in favour
of firm.
 At time time of
financial risk, female
entrepreneurs are
conservative.
TASK 2
P3 Interpret relevant data and micro and small businesses impact on economy
There are different kinds of business like micro and small which conduct their business
for give contribution towards the society or an economy of United Kingdom.
Micro business- This kind of business is having a one owner means a single person can
start a business. In this business 0-10 staff members are working including an owner. There are
different kinds of micro businesses which are stated through women as well as youngsters. The
nature of this business is very flexible and owner work in its business on the basis of their
capabilities as well as skills. In United Kingdom, almost 5.3 million micro size business are
running (Burrows, 2015).
Small business- Under this, a person start its business with a motive to earning more
profit. In small firms around 0- 500 staff members are working. The revenue of these companies
are not much high. In United kingdom country, there are more than the 6 million small firms are
running. these kinds of business firms are responsible in developing around 64% job
opportunities in past 20 years.
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Medium business- In this, organisations are not categorised under large abusiveness nor
in the small. In medium business firms, 250- 500 staff members are recently working and these
firms give their contribution towards economy of UK (Schaper, and et. al., 2014).
Nature Of Small Businesses
Manufacturing companies- Under this kind of business, less than 250 workers are
working. Manufactures take raw materials from society and covert in finished goods (What is
Entrepreneurship, 2014).
Services- Under this, an annual income of entrepreneurs should almost 2 million. In
context to this, firm gives its services and products to consumers and in this includes restaurants,
salons, beauty parlours etc.
Wholesaling- Under this kind, annual income of wholesale is almost 9.5 million. They
give products to retailers at reasonable cost and later sells goods to consumers (Butler, 2012).
Consulting- These kinds of business provides services related to management of firm,
advisory, managing finance source and many other services.
Nature of Small Businesses
 In this, family conducts business with hire employees.
 Does not need to develop plan because it has short term goals.
 Small business does not utilization of external financing and manage through themselves.
Affect of SME's Economy
Local affect- On local business, small business have more impact so it helps in providing
effective employment opportunities. It develops positive affect and focus on improving quality
life or living standard of local people. From starting of the more small business, local people will
be employed. From this economy of United Kingdom country will be affected positively.
National impact- Affect of the small scale business on an economy is that it helps in
cresting more job opportunities through starting of large number of small business firms. It will
helpful in generating or earning more money as well as profit in economy of United Kingdom.
Regional impact- There is an impact of small business companies on region is that it
provides benefits to business in developing better quality of goods and services on the basis of
consumers needs and wants on reasonable cost. From this people will buy the products more and
profit level will be enhanced ( Clarysse, Tartari and Salter, 2011).
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Increase employment- If opening of large number of small business in United Kingdom
country, large number of people will be employed and from this economy as well as growth rate
will also be enhanced in an effective or better manner.
P4 Small business contribution and social economy start-ups
Definition of social economy is to develop people rather than providing due emphasis to
a outcomes of finance is earned due to these venture or business. Before profits people are put to
social grounds. Business having a impact of persons welfare has been ascertained. These
business play a very important role in a country economy advantages along with turnover and
terms of productivity. It having a positive impact on the growth of social of a country. Major
benefits of social which has been incorporated with venture and business are as following: Employment: In this where a person is searching of a job will provides a job that matches
their capabilities (Desa, 2012). Entrepreneurial ventures and small business have
importantly raise the opportunities of employment in a country. Publicised data has been
identify that a industry employees are around 60% of a employees of a private sector in a
country. It is a main importance of contribution of a business on a growth of social
population. Living standards of people: It increases the standard of living of a person gives major
contribution to their business on population of a United Kingdom (Schaper, 2016).
Chances of entrepreneur and a self employment gives them a opportunities for increases
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their standard of living of an people and retain a defined level of a stability of finance.
Innovations promotes these business which improves the life of a people as well. Regional development: Major firms are set on a limited places therefore unequal
development contributes in the context of a nation. Small bushiness and entrepreneurial
business set in an areas which are under developed. Placements in such types of areas
help the peoples to available them a good facilities such as hospitals, schools, electricity
and connectivity. Therefore these business promotes equitable and regional development
of the nation. Exports: Exports of commodities and products which are sell outsides the boundaries of
their geographical areas of nation. It play a very important role in facilitating a growth of
social in an economy as well. Exports amount will not only having a positive outcomes of
finance but also help in a value of stabilising of a currency of nation. Business revenue
help in counter their bad times in context of a market. Development of community: business activities and business promotion of a community
development. Development of a community contains hospitals, schools, colleges and
buildings (Flamholtz and Randle, 2012). Activities which can be developed ensure the
skilled and competent of a developed workforce (Morris, 2015). Sustainable adoption
mean that ensure the factors of environment are given while consider which conduct the
operations of a business. Income increment of government through tax: It is a small fundamental part of a small
business which render a high benefits to a sales amount and high rated of taxes of
products which are made with a state of a nation. Working in a business is so creative and
innovative which gives a major objective for recruiting a fresh employees within a
organisation. Good measures of a development of business and maximum earning gives a
advantages which is needed for developing a enterprise. Community altering in a
standard and a effective way they decreases the chances of unemployment of a nation.
 Development of economical and social: UK is a main source which contribute business in
a huge part of a company. Small business enterprise offer a nation approx more than
60% opportunities of employee in a sector of private and 98% sector of private of an
company. Organisations are developing a believe which are able for more than deflection
social and economical amount.
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