Entrepreneurship Report: Ventures, Impact, and Characteristics

This report provides a comprehensive overview of entrepreneurship, exploring different types of entrepreneurial ventures including small business, scalable start-up, large company, social, survival, serial, lifestyle, and female entrepreneurship. It compares and contrasts these ventures, highlighting their similarities and differences. The report further analyzes the impact of small and micro businesses on the economy, focusing on their local and regional contributions, and their significance in economic development. It also identifies and discusses the key skills, characteristics, and traits of successful entrepreneurs, examining how personality acts as a motivational tool. Finally, it explores how experience and background can either hinder or foster entrepreneurial endeavors. The report concludes by summarizing the key findings and referencing relevant sources.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P 1 Various types of entrepreneurial ventures...........................................................................1
P 2 Differences and similarities between entrepreneurial ventures............................................2
TASK 2............................................................................................................................................5
P 3 Impact of small and micro businesses on the economy........................................................5
P 4 Significance of small and business start-ups in development of economy...........................8
TASK 3............................................................................................................................................9
P 5 Skills, characteristics and traits of two successful entrepreneurs.........................................9
P 6 Personality of entrepreneurs acting as motivational tool....................................................10
TASK 4..........................................................................................................................................11
P 7 Experience and background hindering or fostering entrepreneurship................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship can be simply defined as the process of planning, organising and
establishing new business venture. Any person who do the same and set up an organisation is
refereed as entrepreneur (What is Entrepreneurship?). They are searching the opportunities of
expanding their company and attempting to achieve success. Life of an entrepreneur act as
motivational tool for all of other people and inspires them to become a entrepreneur or start nay
business. People try to copy their life and also wishes to become successful. The present report is
based on the entrepreneurship where in similarities and differences between various types of
entrepreneurs along with the typologies are described. In this project, contribution of small
business or any start-ups in the economic condition of a nation after Brexit has been also
explained. There is vast impact of small and medium size corporations on the entire country as it
assists in developing products and services that is essential for human survival.
TASK 1
P 1 Various types of entrepreneurial ventures
An entrepreneur is simply referred to a person who starts a small or large business on his
own risks. They have an objectives to earn huge sum of profits. On the hand, entrepreneurship
is nothing but the study of starting a new business and running it efficiently. There are different
types of entrepreneurial ventures which is discussed below :
 Small business entrepreneurship : Different small business entrepreneurs fall under this
category that attempts to make their living standard better (Schaltegger and Wagner,
2011). For example, grocery, saloon, travel agents, etc. are some groups that invest a little
sum of money. They do not attract sponsor and investors as they do not want to take
loans.
 Scalable start up entrepreneurship : These type of people act as visionaries and give
innovative and creative ideas and hope to change the whole concept of market. They find
some investors who supports them in implementing their ideas. Main motive of such kind
of entrepreneurs thinks to earn mote profitability and create a structure which is unique
and measurable. They used to recruit those workers who can give their best in
achievement of their goals.
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 Large company entrepreneurship : Such kind of person invest a high amount of money
and try to set up a large business either at national or international level. They take use of
advanced technologies and attempt to offer best quality goods and services to customers
so that they can survive in market place.
 Social entrepreneurship : These types of entrepreneurs aims to do social welfare so that
peace and positivity in society gets improved. This includes both profit and non- profit
ventures and offers services and products at minimum price to citizens living in society.
They find the issues and problems of common people and try to resolve them. Some the
services provided by them are healthcare, food facilities, clothes, etc.
 Survival ventures : Such ventures are interrelated with small business entrepreneurs as
they wish to earn money so that they can survive their life easily. Business set up by these
ventures are not properly licensed , located and they do not take any type of loan from
banks (Ziegler, 2011).
 Serial entrepreneur : They are simply those people who continuously establishes new
businesses and promote their ideas or concepts. It has been noticed that after some time,
owner of this type of organisation give responsibility of running their business to others
so that they can concentrate on starting any new one.
 Lifestyles ventures : Such type of person do not desires to earn profits. They only
establishes their business to make change in their lifestyles. It can be said that they
perform this task to gain fame and rewards so that they can earn something which is
priceless (Djankov and et. al., 2010).
 Female entrepreneur : This typology consists of females and do not involve ant male
candidate. Women are also attempting to star new companies and they have motto to
develop the lives of females living their society and nation. They also desire to prove that
women are not back ward and show equality among men and women in the context of
work.
P 2 Differences and similarities between entrepreneurial ventures
Types of ventures Similarities Differences
Small and social  Both of the ventures  Small entrepreneurs
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entrepreneurial are involved in creating
innovative and creative
schemes so that they
can achieve their aims
and objectives.
 Both of them offers
products mad services
to all citizens at very
less price so that every
one can afford their
goods (Desai, 2013).
seek to earn profits for
upgrading their living
standards. On the
contrary, social
ventures emphasis on
giving benefits rto
society and do not wish
to earn large profits.
 Social one try to
resolves issues present
within society and
create harmony within
environment. But small
ventures do not have
such type of motives.
They only think about
their own development.
Large and scalable
entrepreneurs
 Large and scalable
entrepreneurs both
want to generate huge
sum of profitability
from their business
operations.
 Both consist of vision
of changing the whole
structure and concepts
and market place.
 Both of them seek to
hire those people who
have the potential of
doing work more
 Large ventures consist
of huge work forces in
comparison to the
scalable one.
 Large entrepreneurs
pursuits for sponsors
and shareholders who
can invest in their
businesses. Whereas
scalable one find out
some venture capitalist
who support their ideas
and opinions .
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effectively and who are
serious about their
future.
Life style ventures and serial
entrepreneurial ventures
 Both of them thinks to
utilise new and creative
ideas regarding
business.
 Main of these two type
of ventures is to make
change in their living
standards and values so
that they become
famous among all
people (Bruton,
Ahlstrom and Li,
2010).
 Serial ventures
attempts to merge their
organisation with small
firms. On the other
hand, life style venture
do not do such type of
work as they want to
gain something on their
own capability.
 Lifestyles entrepreneur
do not wishes to earn
profits but they want to
change their life style
so that they feel glad in
doing something new.
On the other hand,
serial ventures have the
motive of earning
profitability so that
they can keep on
developing their
businesses.
 Serial one set up new
businesses on
continuous basis and
that is why named as
serial ventures. But
lifestyles entrepreneur
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do not establishes
business serially.
Female and male
entrepreneurs
 They both consist of
same level of
knowledge and skills.
 Both of them try to
give their best so that
they make profits in
their business
activities.
 Opportunities of
achievement and
possibilities of losses is
same for them (Meyer,
2011).
 Male entrepreneurs are
more confident in
running any business in
comparison to female
one.
 Decisions making
capability of males is
better and they easily
come to a conclusion
whereas females faces
some difficulties in
deciding some thing.
 Female entrepreneur
concentrates on making
good relationship with
their work forces while
males are not capable
in doing so as they
losses temper most
frequently.
 Male entrepreneur has
less convincing power
in relation to female
one.
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TASK 2
P 3 Impact of small and micro businesses on the economy
Small businesses includes partnership as well as sole ventures along with less number of
personnels and resources. These type of organisations involves 50 to 25000 of workers and
works effectively in order to attain aims and objectives (Kuratko, 2016).
Micro business are built on micro levels and are not able to recruit large number of
employees. It is noted that they have only 1 – 9 workers due to lack of funds and capitals. Even
though they are having the feeling to do something new and earn high profits.
Medium sized business are neither small nor large and consist of less than 250
personnels. But they generate income of around 20 to 800 Euros.
Illustration 1: Employment through SME (in digital sector only)
(Source 1: The digital sectors - making the UK the best place to start and grow a digital
business, 2017)
Characteristics and nature of sole, private and partnership businesses
 Private business : They are privately owned by some individuals and only the owners
are responsible for their profits as well as losses. They involves some shareholders who
can invest money in their organisation and also give shares from their profit to them. It
requires minimum of two directors so that they can easily maintain and organise their
business operations.
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 Sole business : Such kind of business is owned and run by a single person and is having
the responsibility of running and operating their venture on its own strength. Decisions
are taken in very less time as large number of owners are engaged in this enterprise. Only
the sole owner is reliable to take all decisions without consulting their employers or
employees (Kiss, Danis and Cavusgil, 2012). Various risks are present in this kind of
business as single person is running this business. On the other hand, huge sum of profits
generated from this is enjoyed by the owner only.
 Cooperation business : Such type of firms are owned by group of people or
stakeholders. In this business, every stakeholders involved in this has the equal right to
take decisions and profitability generated is divided equally among all of them. They
have to pay large rate of taxes as size of company is very large in this case. Activities of
business is performed by cooperating each other.
The impact on small and medium sized business on the economy is described below :
 Local impact : United Kingdom is positively impacted by small corporations in their
whole economy. Small firms are developed at local level and are offering products or
services to regional or local civilians. This as a result helps in growing the economic
situation of nation level. It has been examined that 64 % of jobs are creating per year by
the small corporations or start-ups (Hlady‐Rispal and Jouison‐Laffitte, 2014). They are
hiring local people and in turn their life standards are improving day by day. In addition
to this, they are also responsible for changing business trends and giving rise to different
types of businesses which is promoting marketing and growing industry in UK.
 Regional impact : This states to the regional changes that is occurring due to the small
and medium sized businesses. Competition is increasing due to development of large
number of small enterprises and this helps in increasing the employment (Fayolle, 2013).
It has been examined that more than one third people in United Kingdom are employed
and earning money to survive easily. These businesses also giving birth to innovative
ideas which is making the work of all citizens very easy. This can be said that they are
also improving the economic condition of UK at regional level.
 National impact : The whole UK is being positively impacted by the growth of small
and medium size ventures. They are giving around 26 million job opportunities directly
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as well as indirectly. It has been observed that more than 50 % of youth are working in
private sectors which helps in increasing overall income of nation.
 International impact : It has been examined that there is not only national impact but
economic situation of whole world or country is being influenced by these type of
companies. Resources are being exported to other nations from United Kingdom and by
this way such business is rising opportunities of exchanging international currencies.
P 4 Significance of small and business start-ups in development of economy
Brexit is a famous term for the perspective withdrawal of the UK from the European
Union. It is nick name for “ British Exist” from EU. In this phenomenon, large number of
organisations approx 51.9 % which are participating in UK electorate decided to leave the
European Union. Several impacts were observed in United kingdom due to this. Some of the
major impact are listed below :
 This was examined that due to this reason, immigration has occurred and now people are
permanently moving to foreign nation and continue their business at that place. But the
rate of this action is decreased (Drucker, 2014).
 Now no other companies are doing free of cost business in another countries. This as
result increases the rate of earning money constantly in UK. One who is willing to do
perform business operations have to pay taxes to UK government.
The difference between small business and start-ups are listed below :
Small business Business start-ups
This contribute in context of profit to the nation. Thus,
it can said that small business is playing a vital role in
improving the economic condition of UK (Djankov,
and et. al., 2010). This is creating more than 60 % of
employment opportunities in country.
This creates innovative goods and
services in the nation. Large number of
businesses are starting in UK but are
creating jobs in large number in
comparison to small business.
This is small and existing corporations (normally over
2 years old ) or permanently established.
These are recently started and promote
directly and indirectly to the UK.
They are successful business models. But they are in search of a unique and
beneficial business model.
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The importance of small-business and start-ups in economical development is discussed below :
 Provide employment opportunities : Large number of unemployed people are present
in every country. Small-business and start ups are generating so many jobs to the those
individuals and helps them in increasing their income level.
 Innovation : Apart from creating job opportunities, they are also contributing in
development of innovative products and services in UK which is making the live of
people so easy (Desai, 2013).
 Less expensive goods : These companies are selling their products at very less price so
that people living in every section of society either rich or poor can afford that. Thus,
generating large sum of profits and ultimately improving economical situations of UK.
TASK 3
P 5 Skills, characteristics and traits of two successful entrepreneurs
Entrepreneurs are having several skills and characteristics and those are different from
business managers. Some of the difference between an entrepreneur and a manager is described
below :
Entrepreneur Manager
They are owner of any company. But they work under those owners or
entrepreneurs.
They assumes psychological, financial and
material risks (Bruton, Ahlstrom and Li, 2010).
On the other had, they do not bear any kind of
risk.
They are known as initiator of change and do
not follow any norms and regulations.
But a manager follows some set of rules and
policy.
Mark Zuckerberg and Henry ford are two popular entrepreneurs who are known for their
achievements and success. Both of them started a small business and converted that into larger
one and are earning huge sum of profits from that. Henry Ford was the owner of Ford motors
automotive company and is consisting of some traits and skill which is listed below :
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