Entrepreneurship Report

This report delves into the different types of entrepreneurial ventures, their similarities and differences, and assesses the impact of small businesses on the UK economy. It discusses the significance of entrepreneurship in today's business landscape, particularly in the context of recent economic changes such as Brexit. The report highlights the contributions of small businesses to employment, economic growth, and social development, while also examining the characteristics and mindset required for successful entrepreneurship.

University
Entrepreneurship
By
Date
Name
Lecturers

Contents
Introduction:....................................................................................................3
LO 1. Explore and illustrate the range of venture types that might be
considered entrepreneurial..............................................................................4
There are four types of entrepreneurial ventures. Those are discussed in
the below which relate to the typology of entrepreneurship........................4
Explore the similarities and dissimilarities between entrepreneurial
ventures........................................................................................................6
LO 2. Assess the impact of small businesses on the economy........................7
Assess and interpret relevant data and statistics in your mini-research, to
illustrate how micro and small businesses impact on the economy.............7
Explain how important small businesses and business start –ups will
contribute to the growth of the social economy...........................................8
LO 3...............................................................................................................10
Key aspects of an entrepreneurial mindset................................................10
LO 4...............................................................................................................13
Different environment that fosters entrepreneurship.................................13
Conclusion.....................................................................................................15
References:....................................................................................................16
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Introduction:
The Brexit had changed the economy of UK for few months. The people of this country provided
the votes which made a huge controversy all around the world. In fact, the country was facing
economic problem for few months. Entrepreneurship has typically been explained as the
technique of preparation, commencement and organising an inventive corporation, which
naturally starts on like a minute corporation, as a pioneer company, recommending an invention,
method or checks for selling or occupy, and the populace who perform so are allowed,
entrepreneurs. It has been confidential as the potential and eagerness to enlarge, systematise, and
sprint a commerce growth all along with some of its hazards to create income. These tasks
describe and provide scrutiny with the different facet of entrepreneurship. It also comprised the
dissimilar undertakings and their individualities.
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LO 1. Explore and illustrate the range of venture types that might be considered
entrepreneurial
There are four types of entrepreneurial ventures. Those are discussed in the below which
relate to the typology of entrepreneurship.
Entrepreneurial refers as carry the enterprise in which various individual plans to start or
develop unique characteristics in products or services. It will assist to enhance profits and
revenue through business will accomplish their goals and make further investment plans. These
type of individual are known as entrepreneur and organisation is defined as entrepreneurial
venture. There are different type of ventures carried which assist to promote effective results and
outcomes at workplace. They are as follows:
i. Small business entrepreneurial venture:
There is imposing figure about the small business entrepreneurship in the United Kingdom. The
business opportunity in this country is quite impressive. Among the industrial firms, almost half
of the numbers are based on the non-government companies (Park, LiPuma and Prange, 2014).
The small business includes the grocery stores, the fabrication equipment business, travel
agencies, the broadband and other household business firms. Those businesses are being built up
by the individual personalities. The maximum number of living people is recruited as the
working staffs in these companies. The aim of this kind of small business firms is not too high.
The basic goal is to set up the business well and extract the reasonable profit from the
investment. This kind of entrepreneurial venture helps to set up and boost the thinking of new
business personalities (Scarborough, Cornwall and Zimmerer, 2016).
ii. Scalable start-up entrepreneurial venture:
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The motif of this sort of business venture is quite like the small business investment in the matter
of earning a small amount of profit. But the focus of scalable startup business is to attract the
investors not only in the United Kingdom but also all over the world (Lerm, Rollberg and Kurz,
2012). This kind of organisation use to recruit the meritorious and smart employees. But what
makes this venture different is that the scalable investment always follows the previous theories
of successful business groups. The owners of this scalable venture want to make the stakeholders
bound to invest from all around the world and for this very reason they make their products
different and attractive.
iii. Large company entrepreneurial venture:
Large organisations have restricted existence sequences. Maximum cultivate is obtained
through supporting improvement, contributing fresh foodstuffs and goods that are alternative
approximately their nucleus goods. Modification in buyer experience, latest technical
knowledge, management, new-fangled opponents, etc. can make demands for further
troublemaking modernization – wanting big firms to generate entirely new goods to be delivered
to new consumers in the newly established marketplace (K. Berger, 2015). Obtainable
corporations use to perform this by either obtaining inventive corporations or endeavouring to
construct unsettling manufactured goods in the interior. Sarcastically, great business firm’s
dimension and background build disorderly improvement exceptionally complicated to
implement.
iv. Social entrepreneurial venture:
Social entrepreneurs are trendsetters who use to cast a spotlight on producing goods and services
so as to crack social wants and troubles (Curley and Formica, 2013). But dissimilar to scalable
startups venture the ultimate objective of this kind of venture is to form the earth an excellent
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environment to live, not to receive bazaar distribution or to make to prosperity for the creators.
Those attempts can be for the earning or sometimes not related to money. In a single word, it is
quite complicated (Cumming and Vismara, 2016).
In addition to this, there are different entrepreneurial working for developing their own
outcomes to form profitability at workplace. They are as follows:
Serial entrepreneur: These types of entrepreneurs are work to start and lead business
after carrying one organisation. In this aspect, multiple enterprises are ongoing which assist to
promote and run effective results at workplace. For example, Dragons’ Den: Nick Jenkins who
has established six different businesses in one series in den which include double, slappie and
masons beans, etc. In addition to this, he is also continuous working with entrepreneurship
through various aspects and elements.
Female entrepreneurial: Female entrepreneurs are also working very well with
determines creativity that enhance brand image of business and country as well. In this way,
performances will be enhance inside and outside the boundaries which assist to promote
effective results. For instance, Gwyneth Paltrow and Zooey Deschanel are successful
entrepreneurs of UK who found online platform of start-up stories.
Lifestyle entrepreneurial: This type of entrepreneurs are working very well who have
focus on development within the organisation to handle risk element. With assessment of risk,
entrepreneur could develop effective results in successful outcomes and results which assist to
make positive functions.
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P2 Similarities and differences between entrepreneur ventures
Explore the similarities and dissimilarities between entrepreneurial ventures
There are certain elements included through similarities and differences can be measures
in various entrepreneurial ventures. They are as follows: Size and structure: In respect to this, small business enterprise is defined as the important
elements which assist to meet with needs and requirement of each customer at workplace.
In this way, unique features quality will be improves that enhance customer base in
business environment. On the other hand, in large and start up entrepreneurship size is
not big factor it is only required idea to work upon it. Aims and objectives: This is also different element which assist to create aim and
objectives in entrepreneurial venture, through entrepreneurship venture, it is very
important to arrange fund that assist to expansion of organisation in other areas.
However, it also analysed that objectives also ascertain to develop product and service
quality for each customer.
 Finance source: Different businesses requires finance as per their functions and
operations. Obtain finance assist to develop entrepreneurship program for expansion of
organisation. In this aspect, social entrepreneur are more focus on welfare of society and
without any profit. Similarities also determines with implement creativity and unique
features so that targets will be accomplished.
Similarities and differences between lifestyle and serial entrepreneur
Lifestyle entrepreneur Serial entrepreneur
Human resource management need to develop
results through recruit new people at
workplace.
Serial entrepreneur also need to implement
recruitment for increase productivity.
They are carry risk to develop functions and
operations in successful aspects.
Serial entrepreneur are also taken risk to solve
their issues in creativity and enhance
productivity.
Differences Difference
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Lifestyle entrepreneur need to make focus on
reward system so that it would be beneficial to
create results with passion and outcomes.
Serial entrepreneur only focus on strategy and
maintains ideas that incorporate with changes.
They are playing vital role in success of
organisation and promotion activity as well.
Difference and similarities between female and male entrepreneurs
Female entrepreneur Male entrepreneur
Female entrepreneur are look in expansion of
business in international market so that they
can accomplish positive image and enhance
market share as well.
Male entrepreneurs are also like to enjoy image
in market through creativity and innovative and
unique features which would be beneficial to
earn more profit.
There is less turnover take place due to
expansion of business in various part of
market.
They can make continue diversify so that
continuous expansion have been made at
workplace.
Differences Differences
In this aspect, female are working in
geographical boundaries.
They are working every part of market whether
it is geographical and commercial.
Only 1/3rd part of total population carry by
female to develop effective results at
workplace.
However, male entrepreneur are more than the
female candidates.
There are many similarities and dissimilarities in the four types of entrepreneurial ventures that
are mentioned in the above. The controversial and suitable facts among the various types of
entrepreneurial ventures are discussed in the below –
Similarities:
All the entrepreneurial ventures are quite similar in the matter of building up the business. The
small business venture is the grassroots level of business plans and start-up to set up a business.
As a successful entrepreneur, it is to be advised that any person has the capability to start the
small business (Robb and Jimmy Gandhi, 2016). This venture never brings out a huge loss in
case it’s collapse. The similarity among all the ventures is that in all kind of ventures it is
mentioned that all the ventures are created to boost and motivate the new business start-ups. In
all the ventures, the main motif is to spread the business in different areas. The small businesses
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are addressed to be spread in localities. The scalable ventures are mentioned to do the business in
broad areas or foreign countries. The large companies business ethic is to serve worldwide and
so as to the social entrepreneurial ventures (Luthans, Doh and Hodgetts, 2012).
Dissimilarities:
Apart from the various disgraces, there are many distinctions which exist among the four types
of entrepreneurial ventures (Breugst et al., 2011). At first, the small entrepreneurial venture is far
different from others because they do business, especially in the countryside. On the other hand,
the scalable ventures are formed to do business in the neighbouring countries also. The small
business venture asks to recruit employees from the locality. But the scalable venture mentions
to include the staffs of the stand meritorious institutions. Small business never thinks about the
capital, but the scalable venture requires getting huge investment and capitals. The large
company's venture is unique. They demand customer satisfactions and a good profit. So they use
to set up a strong business management, recruits quality employees and deals with the
manufacturers to deliver quality products which can make the consumers happy after purchasing
those products (Kahn, 2011).
LO 2. Assess the impact of small businesses on the economy
Assess and interpret relevant data and statistics in your mini-research, to illustrate how
micro and small businesses impact on the economy.
The presentation of the United Kingdom financial system is essential to the present appraisal of
the possessions of the Brexit on the United Kingdom. It is efficiently summed up in the Gross
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Domestic Product information which for the time of two months demonstrated a 0.6 percentage
growth in the financial system, 0.3 per cent above outlooks.
P3 Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro
and small businesses impact on the economy.
Micro businesses are operates with functions and operations at very small amount of
fund. There are few resources are material requires to perform functions and operations in
different areas of market. In respect to work in international market size of this entrepreneurship
is based on principles that are needed in run business, recording of expenses and keep proper
records. In addition to this, small business are work with privately owned in which corporation
work in fewer employees so that less income earn at workplace. There are several methods
classified which assist to analysis annual expenses, shipments and sales, etc. Further, medium
size of businesses are working with more than 100 but less than 1000 employees. They are drive
to innovate things to make ahead from competition in economic sector. It assists to ascertain
competitive results at workplace.
Privately businesses are working to share interest and ownership to trade with public
sector. In this way, small group of people invest their money to enhance profitability in their own
areas. Targets are made at workplace to create specific results in effective manner. Beside this,
sole proprietorship entrepreneurship are face high loss and taxes in personal income tax. It is the
simplest type of organisation that includes person to own and run with developing solutions.
There is no legal entity in which person are includes to responsible for debts only. In addition to
this partnership business are also work with creativity and innovative things which assist to share
profit and losses among two or more than two people. There are different types of partnership
working which have limited liability and formalities are exist. However, small business are
creating more impact on the business operations. There are certain elements which contributes to
growth of nation and enhance productivity that create effective results. In decline of UK
economy, SME affect to the operations of market. There are certain elements create impact on
SME that are as follows:
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 Contribution in increase employment: In this aspect, small business enterprise are
contributes to work in development of country results. In this aspect, employment given
to many people which assist to enhance growth of the nation at workplace.
 Economy impact: Further, economic impact also create impact to determines profitability
at workplace. In this way, innovations carry at workplace to develop solution with
positive results.
 Flexibility within the changing scenario: In changing scenario, flexibility assist to make
changes in business environment so that country can accomplish their targets and goals in
successful manner. At recession time, they can earn huge amount of profit.
 Revenue of sector: Small business enterprise also enhance productivity that assist to grow
income and outsource at workplace for development of country. In this way, revenue
generated at workplace for accomplish targets at workplace.
The Brexit vote helped the United Kingdom to be excluded from the European Union. The ruling
prime minister of the nation was against the decision, and for this very reason, he was bound to
give the resignation. But the exclusion has shown massive growth in the economy of the United
Kingdom. The small business has cast an effect on the British economy. Apart from this, the
small business firms were also affected by the change in the European Union. The economic
situations are described in the below –
According to the referendum, it is mentioned that the people and the authority of the United
Kingdom cast a vote to leave the European Union. This vote was given in the month June. But
the economy growth was implemented from the month of July, and the effect happened till
September. To place this liberate of 0.6 percent into standpoint, it is significant to note down that
the information was about 0.8 percent. So eventually it is a turn down in the rate of United
Kingdom financial system enlargement. The statistics were predictable to be awful at 0.4 percent
and perhaps poorer by several accommodations so even as constructive because it strikes
prospect, it is a motionless envoy of a turndown.
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It is factual that little and micro businesses do not acquire such a lot ability or the personnel,
although they contain an enormous collision on the financial condition of the state. Minute
businesses are usually surpassed in the information by huge trade and association (Brandimarte,
2011). They may not create as a lot returns only as big organisations, but they are necessary to
the attainment of a nation. There are few central advances that small organisations contribute to
each country-side. They award inhabitants the possibility to achieve financial dominion, bear
reconstruction and create facility cavities. Little corporations make a wide variety of new facility
alters. The power of a nation is in division predictable upon a general economy and the financial
power ensuing from these associations. Undersized companies are an engine of progress that
assigns both working class and the management to get the provisions and amenities they need to
develop. At the equivalent occasion, it authorises authentic populace with outstanding thoughts
to function ahead them and create their corporation a reality. In revolve, this stimulates adjoining
marketplace and influences others to obtain the similar constraint in the direction of becoming a
small commerce administrator (Chandler, 2010).
Explain how important small businesses and business start –ups will contribute to the
growth of the social economy.
Even if little associations may not manufacture as a lot of currency as long associations, they are
an important element and main supplier to the strength of the restricted marketplace.
Assistance: A minute manufacturing is distinguished as a corporation with fewer than 600
workers. According to the different UK, organizations symbolise 98.5% of all proprietor
associations. From 1995, little businesses have fashioned 64% of present professions, and
salaried 44% of the total United Kingdom confidential compensations (Islam, 2014).
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