Entrepreneurship Report: Ventures, Growth, Brexit Impact and Skills

This report provides a comprehensive overview of entrepreneurship, covering various aspects of entrepreneurial ventures. It begins by defining entrepreneurship and its role in the economy, followed by an exploration of different types of entrepreneurial ventures, including small businesses, scalable startups, large company entrepreneurship, and social entrepreneurship, along with their similarities and differences. The report then delves into the interpretation of data related to the contribution of small businesses and startups to economic growth, particularly in the context of the social economy after Brexit. It further examines the characteristics, traits, and skills of successful entrepreneurs, as well as how entrepreneurial aspects reflect motivation and mindset. The report also discusses how background and experience can foster entrepreneurship, offering a holistic understanding of the entrepreneurial process and its impact on the economy. The report concludes with a summary of the key findings and insights gained throughout the analysis.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures.......................................................................1
P2 Similarities and difference between entrepreneurial ventures..........................................2
TASK 2............................................................................................................................................4
P3 Interpretation of data.........................................................................................................4
P4 Contribution of small businesses and start ups in growth of social economy after Brexit5
TASK 3............................................................................................................................................6
P5 Characteristics, traits and skills of successful entrepreneurs............................................6
P6 The way in which entrepreneurial aspects reflects entrepreneurial motivation and mindset 8
TASK 4............................................................................................................................................8
P7 The way in which background and experience can foster entrepreneurship.....................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship refers to the process of generating a new and innovative business idea
and than design, launch and run a business according to that idea. It plays an essential role in the
economy of the country as it can contribute a higher amount in national income. The person who
creates a good idea and than implement to set up a successful business in order to make huge
profits. It is the willingness and capacity of a business man to organise and establish a business
by evaluating its risks and possible outcomes (Bae and et. al., 2014). Main objective of this
report is to support new ventures and start ups. It consist different types, similarities and
differences of entrepreneurial ventures, the way in which micro and small business may affect
the economy, contribution of small and start up businesses in growth of economy after Brexit.
Characteristics, traits and skills of entrepreneurs and their motivation and mindset and the way in
which background and experience can foster entrepreneurship are also covered under this project
report.
TASK 1
P1 Different types of entrepreneurial ventures
Entrepreneur: A person who creates an innovative idea and than implement it to
establish a business is called entrepreneur. The business concept is mainly related to the new and
advanced product or service that can attract more and more customers. The main objective of
entrepreneur is to generate higher amount of profit so that all the operating can be executed
efficiently. This is possible with the help of appropriate and effective decision making of a
businessman (Barringer, 2015).
Entrepreneurial ventures are the businesses that are run by entrepreneurs in order to attain
their business as well as personal objectives. It is essential for an individual to generate such idea
which is innovative and differs from others because this may help to grab attention of customers
with the help of the concept. It includes the effective and efficient use of available resources so
that a successful business can be established. There are different types of entrepreneurial
ventures and all of them are explained below:
 Small business entrepreneurship: It refers to those business that are running
independently and operated in a small market segment. The size of such type of business
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is very small and limited. The revenues of such type of businesses depends upon the
industry or sector they relate.
 Scalable start up entrepreneurship: It is type of business in which a person creates an
innovative idea and than search for a repeatable or scalable business model. It is a newly
introduced or emerged business venture who is willing to be developed in the selected
market. In such type of entrepreneurship the owner will not launch the business in the
large market as there is no guarantee of being adopted in the market.
 Large company entrepreneurship: This type of entrepreneurial venture is mainly
related to the large and well established segment. These business grow with the help of
sustaining innovations and offering new and attractive products or services to the
customer as their tastes and preferences always remain changing (Cooper and Folta,
2017).
 Social entrepreneurship: These types of business ventures are introduced in the market
to launch innovative products and services in the market that may fulfil social needs and
demands of customers. Goal of such type of business is to make world a better place.
They do not work for profits or market share but social welfare.
Typology of entrepreneurship: All the above mentioned ventures are related with the
entrepreneurship. All the typologies are explained below:
 Male: This entrepreneurship is mainly focused on male who are running these business.
Most of the countries this vary according to gender (Schaper and et. al., 2014).
 Female: Now a days the number of female entrepreneurship is increasing as females are
considered more patience as compare to men. Hence, it is said that they are more eligible
to run a business.
 Managed growth: In such type of entrepreneurship the authority is managed among
males and females. Both of them work together and establish a successful business.
P2 Similarities and difference between entrepreneurial ventures
Different between Small business, Scalable start up, Large company and Social
entrepreneurship:
Basis Small business Scalable start up Large company Social
entrepreneurship
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Definitio
n
They are said to be
medium size
business that are
operating
businesses in small
scale.
They are those
business who are
planning to achieve
its vision.
They companies
have finite cycle.
They may offer
new product
because of
customer taste
changes.
They are innovators
who involved in
creating product
that would satisfied
social need and
problems.
Character
istics
They have limited
resources and have
less government
interfere.
Its focus is to make
more venture capital
to fulfil rapid
expansion.
It is continuous
process that are
changes as per
demand of
customer.
Full support of
government and
resources are easily
available.
Role They have clear role
just to earn profit
through available
resources.
There is to search
repeatable and
scalable model.
Its role is to
provide best
facilities in their
products.
Their role is to
make awareness
about their product
and safety.
Objective
s
Chance of growth
are more but have
support of other
business.
Its objectives is to
attract investors on
the basis of their
investments.
They are focuses on
creating customer
taste, adoption of
new technology
used in their
business.
The objectives is to
serve the society
welfare and
development.
All these entrepreneurial ventures have various similarities all these similarities are
explained below:
 All these ventures are mainly focused with customers preferences.
 They provide innovative and attractive products or services to market to establish the
business (Dees, 2017).
 Each of the venture is based on an innovative idea which is generated by the entrepreneur
or owner.
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 All the entrepreneurial ventures that are discussed above have a common aim which is
establish a successful business and to be developed.
TASK 2
P3 Interpretation of data
Small or micro business enterprises contributes to the development and growth of the
economy. As there are various micro enterprises who are running their business in the market
and operating at large scale in most of the countries. Such type of organisations can bring huge
prosperity and support by contributing a large amount in the national income. Business that are
running effectively can help the economies to be stronger as they have more ability to be
developed. Most of the small business have opportunities that can be grabbed in order to perform
their operations appropriately. It is very impressive that they operate business with low capital,
lack or support and improper idea, but this does not affect their ability of working (Drucker,
2014).
They have skills and knowledge that helps to manage all the executional and operational
activities. The business is run by them with limited resources but their profitability is
comparatively high that helps the economy to grow faster. Bigger enterprises are taken over
small business due to large scale operations that are responsible for huge amount of labour and
other resources of the company (Scarborough, 2016). Large businesses are having strong impact
on the economy because of their higher contribution in the national income. Government policies
affect the business of micro enterprises as these are changed frequently. Most of them are related
to the taxation and they have to pay higher amount of tax on the transporting of their products.
There is a growth in the employment and cash flow of the nation which is described below:
 Employment generation: Various small business are launched in the country every year
who are hiring skills and educated individuals for their organisation. This will also help
the economy to grow faster as high employment will contribute a high amount in the
national income.
 High flow of cash: When most of the small business are launches within a country than
this may help the country to grow its economy because increased businesses will result in
higher cash flow which can be used by the government of the country to make
development.
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Small and micro business contributes in the growth of the economy as they have various
opportunities to enhance employment and other types of resources that can help to increase funds
to run all the operations in the country. Various micro and small businesses are launched every
year and their number in continuously increasing. All such types of enterprises are contributing
higher amount in the national income. There are various benefits of these organisations they are
the small but effective source of funds for the government.
The impact of small and micro enterprises on the economy can be determined with the help of
following graph:
(Source: Impact of micro and small business on economy, 2018)
From the above chart it has been analysed that employment in small business are
contributing almost 40% to the economy and this may help to grow the economy faster. It has
been also identified that this may help to enhance growth opportunities of such type of
enterprises and will be more successful (Impact of micro and small business on economy, 2018).
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P4 Contribution of small businesses and start ups in growth of social economy after Brexit
Small business require more government support to operate its business in the economy.
They are vital for the growth of the economy and contribute their valuable efforts and hard work
to increase revenues for the country. Both small business and start ups are imparting in the
growth of economy after Brexit. It was the situation of British exit form European union. It has
affected various business and reduced their revenues (Santos, 2012). It is very tough for the
organisations to overcome from such type of conditions, but small organisations and start ups
remain less affected by Brexit. These organisations provided support to the nation and help to
grow the economy. Their importance of contribution in the social economy after Brexit can be
understood with the help of following points:
 Employment generation: New businesses are always known for creation and
innovation. These can create end number of job opportunities for individuals as they
require employees with skills, knowledge and creative mind who can provide valuable
ideas and help to attain long as well as short term goals of the company.
 Awareness: At the time of Brexit it was very important for start ups to spread awareness
about their business to be more famous. It is also said to be appropriate ways to create
awareness among society that they can joined government programs and give their
support to raise their local or national division and also provide necessary results to
economy. If awareness of business get increased that most of the people will get attracted
toward products and services offered by small businesses and this will result in increased
revenues that will contribute in social development.
 Innovation of new products: The small scale enterprises and start ups have also
contributed in the growth of social economy at the time of Brexit as they are provide
innovative products and services to the public, they also have ability to grab attention and
increase stability of their business (Parker, 2018). If innovative products are introduced in
the market than it may help to grow social economy as it may result in increased revenues
of businesses.
 Enhancement of domestic business culture: Start ups had played an important role at
the time of Brexit as most of the large business get affected due to this, the country was
facing a low and decreased economy. They have expanded their business at the time of
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that situation and contributed toward the economy. When business on domestic level get
enhanced that this will help to grow the social economy effectively.
All the above mentioned points can reflect that start ups and small business have
contributed toward social economy at the time of Brexit. In UK it was very important to enhance
foreign direct investment to overcome uncertainties. Start ups can increase such type of
investments by introducing innovative idea in the market to grab attention of foreign investors.
TASK 3
P5 Characteristics, traits and skills of successful entrepreneurs
To run a business smoothly and be a successful entrepreneur various skills and traits are
required as they can guide them to be more effective. Mark Zuckerberg and Bill Gates are the
most successful entrepreneurs in current era (Naudé, 2014). They have become successful by
introducing their innovative idea in the market. They have faced various difficulties in their life
to be in the list of top entrepreneurs. Following are the traits, skills and characteristics of both of
them:
Skills:
 Decision making: The major skills which is required to be a successful entrepreneur is
decision making skills if the business man is able to make effective decision than it may
help to establish a successful. It differentiate both the entrepreneurs from others as they
have good decision making skills as compare to others. Problem solving: This skills is very important for those entrepreneurs who are willing to
be popular all around the world like Mark Zuckerberg and Bill Gates. Both of them are
different from other entrepreneurs as they handle all the problems affectively and found
solutions easily.
Traits:purpose of british heart
 Disciplined: They always focus to make their decision in well planned and disciplined
manner. Both of them always try to avoid hindrances or distractions from their goals and
objective. Most of the businessmen are not disciplined and they do not plan for any type
of decision and they have to face various problems due to this behaviour but these
entrepreneurs are different from them (Kirzner, 2015).
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 Confident: Whatever decision made by Mark Zuckerberg and Bill Gates are done with
full confidences that make them different from other. As most of the entrepreneurs are
not confident ans this may lead their business down ward But both these businessmen are
confident and this helped them to establish a successful business.
Characteristics:
 Passionate: It fuels the determination that are require to be successful while starting a
new business or buying any shares for the company. This differentiate them form others
as it can help them to think beyond the world.
 Not afraid to take risk: One of the main characteristic of Mark Zuckerberg and Bill
Gates is very dedicated with taking any kind of risk at difficult situations. This
differentiate them from others as most of the entrepreneurs are afraid to take risks as it is
difficult to deal with the same.
All the above mentioned skills, traits and characteristics are required for a successful
entrepreneur as this may help to make effective and innovative ideas to launch a new business.
Such type of skills are very helpful to overcome any type of difficult situation that may occur
while running a business.
P6 The way in which entrepreneurial aspects reflects entrepreneurial motivation and mindset
Big trait theory: It consist five different models that are required for an entrepreneur to
run the business effectively. These factors are called OCEAN and explained below:
 Openness to experience: it includes broad range of experiences and willingness which is
required to resolve all the business problems in less time. People who are not able to be
open are conservative and will to ignore changes.
 Conscientiousness: It refers to the skill of an individual that helps to be disciplined,
dutiful and prefer to be planned all the time. This behaviour can lead them toward
massive success.
 Extraversion: This is a type of characteristic that be explained as the connection to
external world. If individuals are having this trait than they will always remain action
oriented and enthusiastic.
 Agreeableness: It refers to the quality of trustworthy, helpful, kind, generous and no
hesitation. It is an essential quality of a successful entrepreneur.
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 Neuroticism: It refers to control the situation of depression, anxiety and anger because
entrepreneurs needs to be neutral as they have to run a whole organisation.
Mark Zuckerberg and Bill Gates both are having above mentioned traits as all these
qualities help them to be motivated and to set a proper decision.
All the above mentioned skills, traits and characteristics are the motivation for all the new
businessmen. They also help to make a proper mindset to run the business. It guides the
entrepreneurs to make strategic decisions that may result in enhances positive market image.
This can also direct start ups to make more effective and efficient plan for their business.
Problem solving and decision making skills of Mark Zuckerberg and Bill Gates motivate them
and help to make a proper mind set to make more specific judgements. Both the entrepreneurs
are able to deal with any kind of problem and can find solutions for the problems easily.
Traits that are defined for both the entrepreneurs help them to be disciplined and
confident as they are running huge business and it is the main requirement of their business. If
they are not confident than none of their employee will listen to them and follow their command.
It is essential for every entrepreneur to be more assured about their decisions and plans. These
traits are the motivation for all the businessmen who are trying to establish their business all
around the world. Both the entrepreneurs are role models for the new generation because they
have established such image in the market which is admired by every individual (Kelley, Singer
and Herrington, 2012).
The characteristics of Mark Zuckerberg and Bill Gates are passionate and risk taking that
helps them to make mindset for each and every decision. Both the businessmen have established
their business in the market with higher involvement and they have worked hard for the same. It
can help all the new businessmen to be more passionate about their goal so that it can be
achieved with the help of determination. There are various risks in the market that needs to be
faced by the businessmen to run their business successfully. If they are not having such type of
distinctiveness than it is possible that they may not be able to make effective decision.
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TASK 4
P7 The way in which background and experience can foster entrepreneurship
Background and experience of entrepreneur can affect their entrepreneurship and they
affect them directly. If they are having good background and experience than this may guide
them to establish a successful business and in adverse situation they may not be able to make
effective decisions. For example Mark Zuckerberg is the CEO of Facebook and all the
experiences of life can affect his roles at workplace (Hitt and Duane Ireland, 2017). Back ground
and experience has been explained underneath:
Back ground:
 He was born in White Plains, New york.
 His father was dentist and mother was a psychiatrist.
 Started using computer software from the time of middle school and his father taught him
basic programming.
 In his childhood he has created computer games that are played by kids.
 He has studied computer science and psychology in his college time.
Experience:
 Mark Zuckerberg has experienced various problems in his life such as he has been called
a toddler CEO and less funding and investment for his business.
 Working knowledge of computer programming.
 Experience of working under the company name intelligent media group to build a music
player.
As Mark Zuckerberg was interested in computer programmings from his childhood this
enhances his interest in other computer software and application which has resulted in the launch
of Facebook which is used by each and every individual all around the world. He has
experiences various difficulties in his life that has guided him towards the way of success and
enhances his skills of decision making and problem solving. It has been proved that all the
background and experiences can help an individual to establish a business but only in those
conditions when the person is having an ability to make innovative idea.
If Mark Zuckerberg would not be able to learn from his circumstances that it is not
possible for him to establish a successful business like Facebook. As he was learning computer
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