Entrepreneurship Report: Ventures, Economy, and Motivation Analysis

This report delves into the multifaceted world of entrepreneurship, focusing on various types of entrepreneurial ventures, including small business, scalable startups, social entrepreneurs, serial entrepreneurs, female entrepreneurs, and lifestyle entrepreneurs. It compares and contrasts these ventures, highlighting their similarities and differences in terms of size, structure, aims, sources of finance, and operational strategies. The report also examines the impact of micro and small businesses on the economy, emphasizing their contribution to employment and economic growth in the UK. Furthermore, it explores the characteristics, traits, and skills of successful entrepreneurs, analyzing entrepreneurial motivation and mindset, and how background and experience can both hinder and foster entrepreneurial endeavors. The report aims to provide a comprehensive understanding of the entrepreneurial landscape, offering insights into the challenges and opportunities faced by entrepreneurs, with a specific focus on the context of the UK economy.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Types of entrepreneurial ventures and their typology...........................................................1
P2 Similarities and differences between entrepreneurial ventures.............................................3
TASK 2............................................................................................................................................5
P3 Impact on economy by micro and small business.................................................................5
P4 Importance of small and start-up business to make contribution in the social economy
growth.........................................................................................................................................6
TASK 3............................................................................................................................................7
P5 Characteristics, traits and skills of two successful entrepreneurs which possess different
qualities from other managers of the organisation......................................................................7
P6 Reflect of entrepreneurial motivation and mindset................................................................9
TASK 4............................................................................................................................................9
P7 How background and experience can hinder and foster entrepreneurship............................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is the effective program through business gets new things, creativity,
innovation, etc. With this regard, people will get several opportunities such as enhancing
standard of living, job opportunities, etc. at workplace. Therefore, country has benefit to increase
their growth and GDP through innovative businesses. Further, it also helps to determines
productivity in the organisation (Martin, McNally and Kay, 2013). In this regard, the present
report based on Talon Outdoor which is small sector enterprise of UK. The company wants to
create their operations and functions innovative so that they are able to make it large business.
Therefore, report focuses on the different kinds of entrepreneurial and their typology in the
market. Furthermore, it covers importance of the small and start-up business enterprises in UK.
Moreover, it includes reflect of the mindset and motivation on the business operations. At last, it
discuss about the hinder and foster of entrepreneurs in the chosen organisation.
TASK 1
P1 Types of entrepreneurial ventures and their typology
Entrepreneurship is the important activity that assists to meet with effective goals and
objectives of the business that create uniqueness. In this regard, individual plan to start new
business or create something new that helps to earn more money in the enterprise. With this way,
individual perform their functions which termed as the entrepreneurs (Rawhouser, Cummings
and Newbert, 2017). Therefore, following are different ventures exist that could be engaged in
the organisation to develop effective functioning at workplace:
 Small business entrepreneurship: These kinds of entrepreneurship ventures determines
something unique characteristics which assists to influence customers towards the
business operations and functions. As results, it is important for each person to plan their
business and start it through assess market competition because there are several other
same businesses are exists in market (Schaper, Volery and Gibson, 2014). There are
different kinds of enterprises included such as barber shop, grocery, plumbers, etc. All
these kinds of organisations require high skills and capabilities with involving innovative
ideas and processes. It also helps to earn high profits and revenue in systematic manner.
It can be influence to the small enterprises that are carried in UK and wants to increase
share and profitability at workplace. In addition to this, government also provide
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opportunities that assists to develop effective results in the business unit. They are
providing fund so that organisation will launch their products and services to accomplish
desired goals at workplace. It assists to encourage entrepreneurs for their efforts towards
the business goals and objectives. Main typology is that people fulfil their basic needs
and feed themselves. Furthermore, they are also fulfilled requirements of family members
in systematic manner.
 Sealable start-up entrepreneurship: In addition to this, these kinds of entrepreneurship
businesses concerned with several types of innovations and operations to attract
customers at workplace. In this regard, they are also focuses to develop objectives and
implement favourable business ideas in it (Acs, Autio and Szerb, 2014). Hence, it
determines creative functions in the business unit. Entrepreneur are also getting
opportunities to increase brand image of the company that assists to meet with goals and
objectives at workplace.
 Social entrepreneurs: In addition to this, these kinds of entrepreneurs assists to develop
services that are social. Therefore, their main aim is to create welfare and social services
at workplace. It is the best way to attain overall goals and objectives in systematic way at
workplace. Further, they have not aimed is to earn money at workplace. They are only
demand to fulfil social services that make effective functioning in the UK market.
Furthermore, it also helps to determine several objectives that categories for create social
welfare at workplace (Schaper, Volery and Gibson, 2014).
 Serial entrepreneurs: These kinds of entrepreneurs ate working as the future oriented
and they are always looked for starting new business at workplace. Therefore, unique
goods and services will be delivered at workplace to capture the market in significant
manner. They are mainly future oriented entrepreneurs in systematic manner (Schaper,
Volery and Gibson, 2014).
 Female entrepreneurs: Further, these kinds of entrepreneurs are working to focus on
business expansion in international areas of the world. Therefore, goals and objectives
will be accomplish in that manner to ascertain foreign currency at workplace. Further,
they have effective management skills through goals and objectives will be accomplish in
systematic manner (Martin, McNally and Kay, 2013).
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 Lifestyle entrepreneurs: In addition to this, such kind of entrepreneurs focused on the
future development objectives that assists to meet with targets and future development at
workplace. Therefore, they have possess quality to obtain risk at workplace. Therefore,
targets will be accomplish in systematic manner.
P2 Similarities and differences between entrepreneurial ventures
All entrepreneurs are working to develop their effective performances in the business.
Therefore, they are focusing to attain goals and objectives in systematic manner (Drucker,
2014). In this way, they possess some differences and similarities that taken among
entrepreneurial ventures which are as follows:
Size and structure: In this regard, it has been assessed that small business operating their
functions and operations in systematic manner at workplace. It is the best element which could
be impact on the small business enterprise. Therefore, they are able to meet with goals and
objectives in systematic manner. As compared to the large businesses, it is very important to
determines unique quality and features in systematic manner at workplace. Therefore, targets and
objectives will be accomplish that assists to make more effective functioning. With the help of
size and structure, SME able to deliver good features and quality to undertake effective results at
workplace. For example, plan of the retail business also need to understand which adopted by the
Tesco and Asda. This is because, they are very large firm so that they have wide knowledge
regarding business operations and functions in the market areas (Schaper, Volery and Gibson,
2014).
Aims and objectives: It is the another important perspective that assists to meet with
goals and objectives of the entrepreneurial ventures. Therefore, social entrepreneurship
determines opportunities to create better life at workplace which also increasing profitability of
the company. Beside this, sealable start up ventures assists to provide innovative ideas and also
develop effective functions in the market. They making long term plan that assists to meet with
goals and objectives of the organisation. Therefore, it has been assessed that there are great
similarities and differences exists that assists to accomplish desired results in products and
services (Acs, Autio and Szerb, 2014).
Sources of finance: It is the another difference that assists to obtain finance in several
types of entrepreneurship in the UK market. As results, it is essential to arrange amount and
objectives that make effective functioning at workplace. In order to compare it with social
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entrepreneurs, they have focused on the welfare of the society not to earn profits. They possess
main similarities to make unique characteristics at workplace. In addition to this, they are also
developed goals and objectives to make focus on the functioning at workplace.
Furthermore, there are several decisions ascertained at workplace that are as follows:
Similarities between lifestyle ventures and serial entrepreneurs
Lifestyle ventures Serial entrepreneurs
They require develop effective functioning at
workplace that assists to meet with goals and
objectives in successful way. They needed
skilled human resources in team to develop
effective results.
They require skilled employee to ascertain
effective functioning and enhance profitability
at workplace (Martin, McNally and Kay,
2013).
They have responsibilities to involve
innovative features to make effective
functioning in the business.
They have also needed to implement
innovative features at workplace to increase
development of the enterprise.
They possess risk capacity to work in
significant manner
They are also possessed risk management
capabilities to ascertain more profits and
revenue in the business environment (Acs,
Autio and Szerb, 2014).
Differences
Lifestyle entrepreneurs has responsibilities to
focus on the reward system that assists to
develop creative results at workplace.
Serial entrepreneurs also need to implement
ideas and strategy that make profitable results.
High conflicts are take place which negatively
impact on the business performances.
As compare to this, low conflicts are made at
workplace which create positive impact on the
work performances.
They need to concentrate on the cooperation
among several members in business unit.
They need to develop participation of different
people that assists to start new company at
workplace (Schaper, Volery and Gibson,
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2014).
Similarities between female entrepreneurs and male entrepreneurs
Female entrepreneurs Male entrepreneurs
Female candidates always looks towards the
expansion of the business in international areas
of the world.
They are also determining their work to look
for international market.
Positive views towards the goals and
objectives.
They have also positive view towards the
business aims
TASK 2
P3 Impact on economy by micro and small business
In order to accomplish desired objectives and goals, it has been seen that micro and small
organisation create large impact on the economy. It is very important to create high growth of the
country and determines more profits at workplace. It also assists to increase effective
performances of the economic conditions of the nation. Therefore, it is also profitable for the
country growth as well. Further, it is important to develop clear vision to attain objectives and
goals at workplace. However, large businesses contribute very important part to set their targets
and goals in effective manner. Therefore, there are different kinds of organisation has been
classified such as micro, small and medium size. In addition to this, employment structure and
capital also owned which need to be develops in systematic manner (Martin, McNally and Kay,
2013). Private organisation also determines effective elements that assist to earn high profits and
obtains functions in their own manner. Sole proprietorship also obtains their functions and
operations as the single owner which never ascertain in the financial statement. In addition to
this, partnership business means in which different partner work together in order to earn profits
and revenue. Each partner has equal right, roles, responsibilities, etc. to perform their part in the
organisation. Therefore, they are sharing profits and loss equally which assists to make creative
results at workplace. Because of the decline economy of UK, SME impacted and they are not
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getting proper fund to enhance their operations in new areas. There are certain impact exists of
SME which impact on economy:
High part of contribution in employment: It is the important aspect which determines
main strength of SME and also helps to employ several employees at workplace. Therefore, there
are several people are getting employment through small businesses that operate in the nation.
However, large enterprise also provides several number of employment opportunities to people
of the country in large number of quantity. As compared to small business, they are determines
services to only 250 workers at one time. Beside this, micro enterprise is those who contribute
part with more than SME. As results, this kinds of rates impact on the country growth and
performances.
Impact from economy aspect: It has been identified that SME also play very important
role in the growth of the country. It assists to increase bring innovations at workplace to develops
effective results at workplace. It also makes creative functioning at workplace that makes
successful operation to compete with others. In addition to this, these organisations also prove
that effective results ascertain at workplace in creative manner. They are also determining
innovative and creative ideas to operate functions at workplace. Along with this, large
organisation also creates impact on the economy of the nation so that they are also providing
employment opportunities that grow economy very fast easily (Schaper, Volery and Gibson,
2014). For example, recession in the 2008 also helps to overcome the issue to make high growth
at workplace.
Flexibility in the country with changes in scenario: In addition to this, it has been
assessed that economic stability of the UK also fluctuating that assists to make changes in the
environment that bring several changes in the enterprise. Further, it has been assessed that
differences are also identified through micro, large and small enterprises. Therefore, SME also
make certain changes through create alteration which taking place in business environment. It
also creates change as per the needs and demand of the buyers. Large enterprise also creates high
investment which needed at workplace (Rawhouser, Cummings and Newbert, 2017). Therefore,
in recession time, SME also obtains capabilities to make more profits and create stable outcomes.
P4 Importance of small and start-up business to make contribution in the social economy growth
BREXIT is the main issue which create impact on the UK after leaving EU. Therefore, it
could be impact on the organisation and economy of the nation. It has been assessed that,
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BREXIT create also impact on the SME to operate functions and operations in order to operate it
in large areas of the country (Fayolle and Gailly, 2015). They are unable to business in new areas
of the world. Main issue ascertain in the UK is that become difficult to trade with another
country. This is because; EU not permits for making trade across the country market. Therefore,
rules and regulations of the EU create impact on the country operations and functions. Main
difference in the SME and start-up is that start-up already establishes their functions and
operations in respect to working on the small scale. In addition to this, SME recently work with
few amounts of fund in the particular areas of the market. On the other hand, start-up venture
also come recently which need to be developed in systematic manner (Martin, McNally and Kay,
2013). However, BREXIT helps to the nation to improve their economic conditions and ascertain
effective results at workplace. It also assists to reduce poverty, increasing employment
opportunities, wealth distribution, etc. More revenue providing to the government that assists to
meet with effective results at workplace. Along with this, it also assists to improve performances
of the organisation and brand image in the market. UK economy makes growth which could be
achieved in systematic manner at workplace (Glaeser, Kerr and Kerr, 2015). On the other hand,
it has been assessed that growth also achieved in systematic manner. As results, UK working as
the independent SME firm that is profitable to provide employment opportunities to individuals.
While, start-ups and MSE also determines great difference in the social development objectives.
TASK 3
P5 Characteristics, traits and skills of two successful entrepreneurs which possess different
qualities from other managers of the organisation
In order to accomplish goals and objectives, there are different skills and characteristics
developed by entrepreneurs to make successful operations in the business unit. In addition to
this, there are several entrepreneurs exists who perform functions and operations to improves
effective performances at workplace (Morris, 2015). There are two successful entrepreneurs
exists such as Mark Zuckerberg and Steve jobs. Both have effective qualities to operate functions
and operations in the international areas of the world. In this way, following are different
characteristics, traits and skills of successful entrepreneurs are as follows:
Open minded:- entrepreneur should realize that every event and situation is a business
opportunity. So being a entrepreneur he/she need to focus on the future opportunities and their
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plan should be cost effective to the future response. Ideas are constantly being generated about
efficiency and workflows, people skill are potential new business. They have the ability to look
at everything around them and focus on their goals sharply. So it is a one of most necessary part
to the entrepreneur to being a open minded because of opportunities are everywhere and we have
to identify them and take a right action on the right time (Chaston, 2017).
Passion and motivation:- if there one's word describe the fundamental trait in an
entrepreneurship, it would be passion. Is there something that you can work over and over again
without getting board. Is there something that you enjoy the most and want to continue doing for
the rest of your life. Your demonstration of your passion and motivation will determine your
success in any entrepreneurial venture. The passion is a most important part to an entrepreneur to
becoming a successful business with that he/she will never get board in doing business. The
motivation is also same required to that person to work better (Acs, Autio and Szerb, 2014).
self-believe,Hard work & Disciplined and dedication :- a entrepreneur enjoy what they
do. They beliefe in themselves and are confident and dedicated to their project. Occasionally
they have lack of interest towards their goals and faith in their ideas but the other side they have
the self confident and self motivation give them the passion to do the hard work (Bae, Qian and
Fiet, 2014).
Adaptability & flexibility:- it is very good thing about to being a passionate about what
they do but many time if there are no flexibility and adaptability then there have a lot of scope of
failure. Always remember an entrepreneurial venture is not simply about doing what you are
believe in is good thing but also making successful business out of it. Market needs are dynamic
changes are a recurring phenomenon. They have to change their decision according to situation
in favour of the business (Burrows, 2015).
Money management :- For every entrepreneurship venture it takes time to get
profitability. Till then the capital for business is limited and the y have to utilize them wisely.
successful entrepreneur realize this mandatory money management acquirement for plan for
present and future money obligation (Bhachu, 2017).
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Networking ability :- it is also a necessary part, how do you tap your network for
solution, many people seek comfort in commiseration friends, collageus and neighbours happy
to complain with you about 'goals slow down, poor demand, lack of scopes etc. but they won't
improve the bottom line. In that situation successful entrepreneur do they reach out of mentor
with more experience and extensive network to seek valuable advice (Storey, 2016).
P6 Reflect of entrepreneurial motivation and mindset
Personality is the fundamental aspect that is used to considered important elements in the
business. With this regard, different elements of the skills and characteristics assists to develop
effective functions at workplace. Furthermore, personality also characterised on different aspects
such as lifestyle, culture, etc. It also helps to encourage individual for enhance their mindset and
set objectives at workplace. Therefore, it is systematic process that will influence to other for
accomplish targets and goals of the company (Schaper, Volery and Gibson, 2014). In this
context, following are different dimensions exists in OCEAN that assists to create effective
functioning:
 Openness: In this element, there are different aspects included such as culture, originality
which includes experience of the different people to make effective results at workplace.
 Consolidation: It assists to accomplish and develop tendency that has aim to attain
overall targets and goals.
 Extroversion: It includes energy with positive emotions to attain desired results in
systematic manner.
 Accommodation: Furthermore, it also includes tendency which compassionate as
compare to suspicious (Kuratko, 2016).
 Neuroticism: This element assists to develop experience and overcome the unpleasant
emotions that are take place in the enterprise.
TASK 4
P7 How background and experience can hinder and foster entrepreneurship
It could be identify that reward and drawbacks of entrepreneurs are very important
element that make effective functioning in the business unit. In this way, capabilities and reward
assists to compete with other people in the business unit. Drawbacks and lack of capabilities
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