Entrepreneurship Ventures, Characteristics, and Economic Impact Report

This report provides an in-depth analysis of entrepreneurship, covering various venture types such as small-business, large company, social, scalable, female, serial, survival, and managed entrepreneurship. It explores the similarities and differences between these ventures, highlighting their roles in economic development. The report delves into the impact of small businesses on the UK economy, emphasizing their contribution to employment and the ability to adapt to changing economic climates. It also discusses the importance of small business start-ups and their contribution to the growth of the social economy, particularly in the context of Brexit. Furthermore, the report examines the characteristics, traits, and skills that differentiate successful entrepreneurs from business managers, assessing how entrepreneurial personality reflects motivation and mindset. Finally, it explores how experience can hinder or foster entrepreneurship, providing a comprehensive overview of the entrepreneurial landscape.

ENTREPRENEURSHIP
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Types of entrepreneurship ventures and their relation to typology of entrepreneurship. .3
P2 Similarities and difference between the entrepreneurial ventures....................................4
TASK 2............................................................................................................................................7
P3 Data interpretation and recognizing small business impact on economy.........................7
P4 Description about the importance of small business start-up and its contribution in the
growth of social economy......................................................................................................7
TASK 3............................................................................................................................................8
P5 Determination of the characteristics, traits and skills of two successful entrepreneurs which
differentiate them from other business manager....................................................................8
P6 Assessment about the aspect of entrepreneurial personality reflect entrepreneurial
motivation and mind set.........................................................................................................9
TASK 4..........................................................................................................................................10
P7 Method in which experience hinder or foster entrepreneurship......................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
Entrepreneurship can be describing as the set of activity which include designing,
launching and running of a new business. It mostly consists of small businesses that have great
potential of success in global market (Abrams, 2017). Entrepreneurship has become important
factor that is driving the economy of UK. Entrepreneur with their creative mind and innovation
can provide the country with different services and products. In current report the importance of
entrepreneurship in bringing the economy of nation is discussed. It will focus on different type of
entrepreneurship venture along with the differences in skills, characteristics and trait of
entrepreneur. Two important entrepreneur will also be discussed along with factors that hindered
the growth and success will also be discussed.
TASK 1
P1 Types of entrepreneurship ventures and their relation to typology of entrepreneurship
Entrepreneurship can be described as the series of activity that are essential for the
establishment or the settlement of the business by an entrepreneur so that profit can be made.
There are many types of entrepreneurship venture that is based on the aim and objective of
person (Desai, 2013). These firms are generally based on the small scale business or on the
services they provide to their customers. Different type of entrepreneurship is mentioned below
Small-business entrepreneurship
It is one of the most common way that is adapted by entrepreneur in order to establish
their business. This business is hardly profitable as the main aim of this is type of business is to
meet the basic requirement (Etzkowitz, and Zhou, 2017). This type of entrepreneurship is
consisted of all those people who own their business. This business does not aim for expansion
market share, they start with very little investment and try hard so that they can sale their
products and can increase their revenue. They start at very small level and it's their efficiency in
work which make them successful] in the market. This enterprise contributes majorly in the
economy of UK. It also responsible to provide employment for the 50% of non-governmental
workers.
Large Company entrepreneurship
This type of company is known for dealing and venturing in large sector. The main aim
of such type of enterprise is to attract more and more customer toward the firm so that profit can
be earned. This type of enterprise launch new product in market from time to time so that they
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can find stability in market (Fayolle, 2013). Large enterprise contributes in the economy of
nation by making it stable by providing innovative product and services. This type of ventures is
great for the development of economy.
Social entrepreneurial venture
This enterprise can be both profitable and no profitable. This type of enterprise work for
the welfare of the public. They try to provide their services by providing the help to the people to
solve various problems that people are facing socially. They are also called voluntary
organisation. This organisation work to ensure that the country have safe and healthy
environment. This enterprise plays major role in enhancing the image of nation in entire world.
Scalable entrepreneurial: These type of organisation is profitable in nature. There main aim is
to be successful in market. They make their customer satisfied by providing them with valuable
and quality services (Mason and Brown, 2014). They try to bring many changes in innovation in
market so that they can develop properly. This enterprise also plays major role in economy of
nation. It helps in building strong and stable economy.
Female entrepreneur: This type of enterprise is established by women. They are the one who is
responsible for the various function of firm. Its women who start design and run the business.
They start business at very initial stage and put their efforts so that it can be turned into large
organisation.
Serial entrepreneur
This type of firm use traditional method to come up with innovative ideas, so that day to
day function of firm can be carried out in efficient manner.
Survival entrepreneur
This type of entrepreneur work on the small area with limited assets, this are very small
they depend on cash or barter system for further investment.
Managed entrepreneur
This type of ventures is made from time to time in firm. This play major in bringing
improvement in the working condition of firm. They work with new product and innovative idea
on regular basis so that they can maintain their position in market.
P2 Similarities and difference between the entrepreneurial ventures
There are many similarities and dissimilarities between the different type of
entrepreneurial ventures. This ventures play important role in the development of the economy of
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nation and also assist the nation in finding stability in this ever-changing market. There is various
type of entrepreneurship venture such as small-business enterprise, large business enterprise etc.
This all share the common goal of finding stability in market and establish their business for long
time so that they can be establish for long time and can earn profit.
There are many differences in this enterprise female entrepreneurial are led by women
while male entrepreneurial are handle by the man. Other than this there are more differences in
this two ventures.
Following are some similarities and dissimilarities between different entrepreneur ventures- Female and Male entrepreneur:
Similarities- Both the venture shares common goal and objective of earning maximum profits so
that they can transfer their business into bigger and larger organisation. They both try to come up
with creative and innovative idea which can provide them stability in market and can also aid
them in the development and growth of firm (McKenzie and Woodruff, 2013). By providing
different and better types of product and services they can ensure their place in market and can
also earn customer satisfaction
Dissimilarities- The major difference between this two are that female entrepreneur are run by
the women. They are main pillar behind the idea and innovation of firm.
Unlike the male entrepreneur, this enterprise work on changing the establish belief and ideals of
society. This type of enterprise is owned and run by man. They are major force behind the
success of firm. Their main aim is to earn maximum profit by using innovative and creative idea.
Their idea and investment are future oriented that can bring success to firm.
 Serial and Social entrepreneur:
Similarities- The focus of this both business is to have proper development of the business. They
pay special attention on the various strategy and innovation so that necessary changes can be
brought in the firm. This changes help in the further growth of firm.
Dissimilarities- The serial business is started by one person but after the success of it it is
transferred to other person who handle the various activity firm. In this the real owner look after
the working of firm for only some time and after that it pass to another capable person who can
run the business efficiently. Social firm on other hand works for the welfare and benefit of
people. The main aim of firm is not to earn extra profit but provide the people with quality
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services so that they can solve the various problem of people and can provide them with quality
service (Naudé, 2013). They help in resolving their daily problems.
 Survival and Managed entrepreneur:
Similarities- Both enterprise aim to ensure that they survive in this diverse market. Both the firm
are trying to make effort so that they can find stability in market. So that they can have proper
development and growth opportunities. They both are making efforts so that long term benefits
can be achieved.
Dissimilarities- The main difference between both the firm is size. Survival enterprise work on
the small size and provide their services to only small fraction of number. They have very low
financial funds for further investment. This enterprise is big in the size compare to survival
entrepreneur. They provide their services to large number of people. The revenue earned by this
enterprise are also large. They use this financial funds for the further development of firm which
help them in finding stability.
 Small-business enterprise and Large businesses enterprise:
Similarities- They both have similarities on the basis of their motives and aim both wanted to
expand their business so that more profit can be earned. The main aim of this enterprise is to
grow in market and increase their market share by their innovative idea and creative products.
They both have adopted innovation as their way to success and benefit. Both play major role in
the contribution of the country, one is responsible for the highest number of non-governmental
employment while other is responsible for bringing stability in the economy of nation.
Dissimilarities- The major difference between this two is that small business carry out their
business at small level and are generally consisted of start-up company who has the potential of
success (Piperopoulos and Dimov, 2015). These are large enterprise that work at large scale and
provide their services to the number of people. Their main aim is the expansion of firm. These
are large company who has been established in market for quite some time.
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TASK 2
P3 Data interpretation and recognizing small business impact on economy
Small business enterprise impact upon the economy in large manner as by this small
businesses, country’s income can enhance (Bae and et.al., 2014). With help of this business,
employment opportunity has been also enhanced within the country. This types of the business
enterprise assist to the country in enhancing the opportunities for employment in the country for
local citizens. Furthermore, with help of this enhancing the ration of small business enterprise,
country's citizen standard of living has been also enhanced. As their living standards, culture,
style etc., has been also improved after the enhancing small business enterprise within the
country. As per the research it has been founded that many of the small business also possess the
ability to respond and adopt quickly to changing economic climate. From this thing it can
analyse that small business are often very customer oriented. Many of the customer takes the
share of the organisation in order to get effective return and dividend. This thing assists in
generating the national economy. A thriving local business will generate high levels of revenue,
which means that the business will pay higher taxes including local taxes. This money is then
often used for local police and fire department as well as school.
P4 Description about the importance of small business start-up and its contribution in the growth
of social economy
Small businesses have great significance in the growth and development of nation
economy. With assistance of the small business enterprise, countries have enhanced its national
income and productivity. While UK take out from the EU then this activity is known as the
Brexit. After this activity, country’s structure has been completely changed in various aspects
such as economic, production, agriculture, employment, education etc. After the Brexit, country
has been grown in various aspects such as social, financial, economy. After the Brexit situation,
various new small business enterprises have been established in the country which provided
effective support to the country (Bae and et.al., 2014). This small business has put the positive
impact on the national income and growth. The major benefit has been occurred in the country
after this Brexit is related to the employment. Due to this situation happening in the country,
various new citizen has come in the UK by which employment has been increase and country’s
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financial condition has been also enhanced. This enhancement in the employment assists in
increasing the national income of the country. In other various sectors related to the employment
such as education, agriculture, banking has been improved by this situation happening in the
country. Due to this Brexit situation, another major impact occurs on the market of UK. In the
market, the ration of demand and supply related to the product and services has been influenced
in positive manner. As new citizen came in the country by which their demand related to product
and services has changed the supply chain in the market. In addition to this, standard of living of
citizen has been also enhanced because their preferences, choice, culture, region has been also
influenced by this Brexit situation in the country.
Another one of the major benefit occurred in the country is related to the education as
after the Brexit happening, the importance of education has been understood by the people.
Several new educational institutions and academy has been established in the country after this
happening. Thus, it can be said that once the UK take out from the EU then there are various
sectors in the country has been positively influenced. In various sectors such as education,
banking, agriculture, production, finance, employment has been improved.
TASK 3
P5 Determination of the characteristics, traits and skills of two successful entrepreneurs which
differentiate them from other business manager
Entrepreneur is that individual who have various roles and responsibility toward the business
activities and objective. Entrepreneur takes the responsibility to initiate the function of business
and carried out all business activities along with risk. He/she take the risk to operate the business
and develop effective strategy to meet determined objective. In the context of business, the entire
responsibility is on the shoulder of entrepreneur because he/she initiate the business and bear all
risk along with profitability and loss (Baker, Grinstei and Harmancioglu, 2015). There are
various kinds of characteristics of ideal entrepreneurial which are as follows-
 Have knowledge about business- This is one of the most essential characteristic within
the entrepreneur. A successful entrepreneur may incomplete with this trait because in the
absence of sufficient knowledge and understanding about the business concept, no one
can initiate to start the business. In order to carry out business activities in effective
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manner and attain the target of business, it is very important to have good knowledge of
business in the entrepreneur (Bird, 2015).
 Initiate to take risk- A successful entrepreneur must have ability and trait to take the risk
of business. If anyone does not have this knowledge, then it is impossible for him/her to
carry the business for long term. It is very important for the entrepreneur to take the risk
related to business for gain long term success and growth in the business.
 Self-confidence- This is another one of the most significant ability and characteristic of
the successful entrepreneur by which he/she can able to initiate the business and bear all
relevant risk of the business (Bruni, Gherardi and Poggio, 2014). Entrepreneur must have
this kind of quality because in order to operate and conduct the business for long time, it
is very important to have positive confidence through which he/she can face any
challenges and problem in the business.
 Positive attitude- A successful entrepreneur must have ability and skill about positive
attitude. If entrepreneur have this capability, then he/she can solve all issue and problem
along with business activities and functions. With help of this positive attitude,
entrepreneur can able to develop a successful team and lead all subordinate for achieving
business target (Castello, Barber and Vaara 2016).
P6 Assessment about the aspect of entrepreneurial personality reflect entrepreneurial motivation
and mind set
Entrepreneur personality can direct impact on the motivation and mind-set of the
entrepreneurial. In an organisation there is great importance of the entrepreneurial personality
because only entrepreneur is a person who is responsible for manage the entire business activities
and functions. Only entrepreneur is a person who takes the risk of business and organise each
activities and function of the organisation (Carland, Carland and Stewart, 2015). Thus, in order
to motivate and encourage the other personnel at the workplace it is very important for
entrepreneur have positive personality and professionals. With assistance of high level of
personality and professionalism, entrepreneur can lead and motivate to other subordinates at the
workplace. In various aspect's entrepreneur personality reflect entrepreneurial motivation and
mind set such as in order to lead and guide the subordinate's entrepreneur have a great role and
responsibility by which he/she encourages to others and guide them for accomplishing the task
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and activities. In addition to this, in various other activities such as team working, group
discussion, short term goal etc., entrepreneur personality is very important because other
subordinates and worker always inspire and motivate by entrepreneur positive attitude and
confidence. In order to attain the high level of growth and sustainability in the market, positive
personality of the entrepreneur is very important so as he/she can effectively manage the
workforce and provide high level of outcome to the company. Personality of entrepreneur is very
significant by which subordinates can get motivate and encourage for the higher level
performance and productivity of the company. In addition to this only entrepreneur provides the
proper guideline and direction to subordinates for enhancing their quality of performance and
outcome.
TASK 4
P7 Method in which experience hinder or foster entrepreneurship
Entrepreneurship is an activity for established of new enterprise by which new idea can
generate in order to improve organisation effectiveness. He/she used various idea and techniques
for enhance entrepreneur growth and success. In this regard he/she can take the risk for the future
success and failure (Carraher and Paridon, 2015). With assistance of this entrepreneurship
activity I have improved my various skill and ability. In addition to this, I have got the
knowledge and information about the business activities and its function. Further, I have also got
the knowledge about the skill and characteristics of successful entrepreneur. In addition to this, I
have also gained the knowledge about the Brexit and its impact upon the UK small business
enterprise.
From this above discussion about the small business enterprise, I have learnt the various
knowledge and idea about the growth and development of the nation but help of small business
enterprise. I have got the knowledge about the impact of small business enterprise in the national
economy. In addition to this, with assistance of these skills, characteristics, can perform in most
effective manner in an organisation. During this session I have faced various kinds of the issue
and challenges which help me in enhancing my potentiality and activeness in an organisation.
Thus, from this above discussion about the small business enterprise, I have analysed that with
help of this study, my personal and professional growth has been enhanced. At the time of
preparing the assignment, I have collected the information from the secondary sources so I have
focused on the various online blogs, articles, newspaper etc. With assistance of this activity, my
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secondary data collection skill has been also improved. In addition to this, my analytical skill has
been also improved with help of this assignment. In this manner, I have collected various
information and analyse it in order to conclude the solution. By this activity my analytical and
interpretation skill has been also improved. In addition to this, my research skill has been also
enhanced because I have conduct deep research for collect the information about the small
business enterprise and its impact on the national economy.
CONCLUSION
From above study it can be concluded that there is different type of enterprise that play
major role in bringing stability in the economy of nation. This entrepreneurial ventures use their
innovative idea and creative products so that they can maintain their position in market. Some
similarities and dissimilarities between this have also been discussed. Other than this external
market and it influences is also discussed. The trait and skill of two entrepreneurs which make
them successful are also mentioned. Background and experience of entrepreneur is also
discussed along with how they can cause hindrance in the success of person.
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REFERENCES
Books and Journals
Bae, T.J. and et.al., 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship Theory and
Practice. 67(2). pp.217-254.
Baker, W.E., Grinstein, A. and Harmancioglu, N., 2015. The Role of Entrepreneurial Orientation
in Overcoming Known and Unknown Barriers to Entry in Foreign Markets. In
Proceedings of the 2010 Academy of Marketing Science (AMS) Annual Conference.
76(6). pp.96-97.
Bird, B., 2015. Entrepreneurial intentions research: A review and outlook. Internafional Review
of Entrepreneurship. 56(3). pp.143-168.
Bruni, A., Gherardi, S. and Poggio, B., 2014. Gender and entrepreneurship: An ethnographic
approach. Routledge.
Carland, J.C., Carland, J.W. and Stewart, W.H., 2015. Seeing what's not there: The enigma of
entrepreneurship. Journal of small business strategy. 6(1). pp.1-20.
Carraher, S.M. and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 87(2). pp.89-98.
Castello, I., Barbera, D. and Vaara, E., 2016, January. Legitimizing Entrepreneurship Identities
through Failure Narratives. In Academy of Management Proceeding. 8(6). pp.15535.
Abrams, R. M., 2017. Entrepreneurship: A Real-World Approach. Planning Shop.
Desai, V., 2013. The Dynamics of Entrepreneurship Development Management: Planning for
Future Sustainable Growth. Himalayan Books.
Etzkowitz, H. and Zhou, C., 2017. The Triple Helix: University–Industry–Government
Innovation and Entrepreneurship. Routledge.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Mason, C. and Brown, R., 2014. Entrepreneurial ecosystems and growth oriented
entrepreneurship. Final Report to OECD, Paris. 30(1). pp.77-102.
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McKenzie, D. and Woodruff, C., 2013. What are we learning from business training and
entrepreneurship evaluations around the developing world?. The World Bank Research
Observer. 29(1) pp.48-82.
Naudé, W., 2013. Entrepreneurship and economic development: Theory, evidence and
policy. Browser Download This Paper.
Piperopoulos, P. and Dimov, D., 2015. Burst bubbles or build steam? Entrepreneurship
education, entrepreneurial self‐efficacy, and entrepreneurial intentions. Journal of Small
Business Management. 53(4). pp.970-985.
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