Entrepreneurship Report: Evaluating Ventures, Skills, and Motivation

This report delves into the multifaceted world of entrepreneurship, analyzing various entrepreneurial ventures including small, large, scalable, and social enterprises. It explores the differences and similarities between these ventures, highlighting their impact on the economy and the importance of micro and small enterprises. The report also examines the crucial skills, traits, and characteristics of successful entrepreneurs, emphasizing the role of motivation and mindset in driving entrepreneurial success. Furthermore, it discusses how personal experiences and background can both facilitate and hinder entrepreneurial endeavors, offering a comprehensive overview of the key elements that shape the entrepreneurial journey. The report also touches upon the importance of protecting intellectual property and the role of public sector entrepreneurship in driving economic growth within the United Kingdom.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1. Different entrepreneurial venture and their relevance with entrepreneurship typology. .1
P2. Differences and similarities betwixt business ventures....................................................3
LO2..................................................................................................................................................6
P3. Impact of micro and small enterprise on economy..........................................................6
P4. Small and business start up are important for growth of social economy........................8
LO3..................................................................................................................................................9
P5. Entrepreneur's characteristics, traits and skills.................................................................9
P6. Entrepreneurs reflect entrepreneurial motivation and mind set.....................................11
LO4................................................................................................................................................11
P7. Experience and background can force and hinder entrepreneurship..............................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
In modern world, entrepreneurship has become most important concept, as it helps in
providing various job opportunities to unemployed people. In the process of entrepreneurship,
entrepreneur plays an important role, as they are the only person who make various effective
strategies to operate business activities and practices in appropriate manner. They also
contributes in national growth and development. Entrepreneurs can engage in four types of
entrepreneurial ventures such as Big, small, social and scalable (Barringer, 2012). Government
of United Kingdom is also taking various initiatives to provide assistance to these entrepreneurial
ventures, because they helps in enhancing economic growth of country. The main function of
business enterprise is to identify customers needs and demands, then provide quality products
and services to clients so that, they can satisfy their needs. Increment in entrepreneurial ventures
are resulting in high employment opportunities for unemployed people, which can help them in
improving their standard of living. In this present report, different types of entrepreneurial
ventures has been evaluated. Along with this, various skills, traits and characteristics have
explained which can limits or drive entrepreneurship within individual. At last, it has examined
that how entrepreneurs reflect entrepreneurial motivation and mind set.
LO1.
P1. Different entrepreneurial venture and their relevance with entrepreneurship typology
Enterprise can be defined as a place where many people come together and use their
innovative ideas to produce some kind of goods and services so that they can get financial profit
in exchange of them. Also, it refer as entrepreneurial activity. People who operate enterprise are
known as entrepreneurs, it is necessary for them to have some specific skills such as taking
initiative, problem solving, identifying future opportunities, strategic thinking, networking and
personal effectiveness. On the other side, entrepreneurship can be refer as process of starting new
enterprise. In involves various risky decisions and thee person who takes those decision
considered as entrepreneurs.
There are various kind of entrepreneurs which have different roles. Serial entrepreneurs
are known as owner and operators who run, begin and dispose various business start ups. There
is a huge difference between entrepreneur and small business owner. Entrepreneur considered as
individual who manges and control a business enterprise by taking various initiatives and risks.
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On the other side, owner-mangers is an individual who owns an enterprise and then manges it by
his own-self.
Entrepreneurship involves various business activities and practices which are performed
by entrepreneurs to provide better satisfaction to local or foreign people. They are the person
who always find something new to re-innovate their products and services. Entrepreneurship is
an essential concept as it provides various job opportunities which can help in national growth
and development (Sarasvathy and Venkataraman, 2011). Entrepreneurial ventures are divided
into four parts which are follows as under:
Small enterprises: This kind of organization is very small in nature, as it have less number of
employees. Small enterprises are develop to fulfill needs and demands of local people. It also
provides services to large organization so that they can operate their organizational activities and
practices. The biggest advantage of having tiny enterprise is that it requires few number of
employees, also small business do not have to operate a huge number of activities and practices.
But the biggest problem with small venture is that it face various problems while arranging
funds. Entrepreneurs of tiny enterprise mostly start a venture of grocery store, electricians,
plumbers, travel agents and so on (Jones, Coviello and Tang, 2011).
Large enterprises: Organisation with a huge number of employees are considered as large
Business corporation. This kind of company provide its products and services in all over the
world. In other words, it operates inside as well as outside the country. The main supplier of
large corporation are small enterprises. For operating its business activities and practices it
requires many employees, which helps in providing job opportunities for poor people. They have
huge contribution in national and economic growth. Entrepreneur of large organisation gives
core attention to product improvement and development so that he can satisfy his customers in
best manner. Big enterprise acquire working capital from bank loans, debentures, owner equity
and other financial sources.
Scalable enterprises: This types of organisation is highly focused on product innovation and
development. It attracts a huge number of customers by providing them attractive and innovative
products, because people like to purchase those goods which are very much which have
attractive packaging and best quality. For this purpose, entrepreneurs of scalable enterprise hires
those people who are high qualified and talents. Skilled labour can lead organisation to higher
level of success. Expandable individual searches for best business model so that they can
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operate their organisational activities and practices in most effective and systematic manner.
They are also known as risk takers, because without taking risk they can not innovate and
develop their current products. Also, they like to cover large market share so that they can build
strong position of their organisation (Welter and Smallbone, 2011).
Social enterprises: This type of organisation produce different products and services to help
poor people. The main objective of social enterprise is to enhance social welfare. Social
company makes various hard efforts so that they can solve different problems of general public.
They can be either profitable or non profitable firms. They protect and promote interests of
weaker sections. Social entrepreneurship can be defined as those business initiatives which helps
in fulfilling social missions. In simple words, social entrepreneurs operates various activities and
practices so that it can accomplish social purpose and economic efficiency. Social enterprises are
those which are connected with social innovation. In modern world, this kind of business
organizations are contributing more in social economic growth by providing job opportunities to
poor and needy people.
Apart from this, there are also some other kind of entrepreneurial ventures such as life
style and growth. Entrepreneur of life style business enterprise gives importance to current and
glorious life style trends. He does not consider profit maximisation. All he wants to connect his
customers with trending culture. On the other side, growth venture gives importance to only
profit maximization. Main objective of this kind of enterprise is to produce financial profit with
less operational cost. In modern world, entrepreneurship is taking place in public sector as well.
The main objective of public sector entrepreneurship is to generate high economic prosperity for
United kingdom. It is also affecting transformation by enhancing efficiency of knowledge
networks. By taking initiative in public sector entrepreneurship, United Kingdom can improve
and develop its technology and innovation which can help in increasing economic growth. Small,
medium enterprises are also playing crucial role in economic development. As, they provides
employment opportunities for unemployed people so that, they can improve their standard of
living.
Henceforth, these are some most important types of business ventures. According to
above mentioned points, it can be determined that people can engage in small, large, scalable and
social business enterprises. Apart from this, there are also some different typologies of
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entrepreneurs which determines that business persons can be of different nature and behaviour.
These are follows as under:
 Copy cat entrepreneurs: This type of business person does not develop their own ideas,
but like to copy ideas of other successful entrepreneurs.
 Research entrepreneurs: Business owner, who like to deeply research about market
condition before starting his own venture, are known as rehearser entrepreneurs.
 Accomplished entrepreneurs: This type of business person focus on time management.
According to them, by operating organisational activities and practices in given time
framework, company can get high results.
 Determined entrepreneurs: This kind of entrepreneurs achieve their business goals and
objectives by using their positive thinking and mind set (Navis and Glynn, 2011).
Moreover, with the help of above mentioned points it evaluated that entrepreneurs can be
categorised into five typologies. Every business person work according to their own thinking and
assessment criteria.
P2. Differences and similarities betwixt business ventures
Every business enterprise is different from each other. All organisations have their own
goals and objectives. But sometimes they operate some common activities and practices. Various
similarities and differences between entrepreneurial ventures can be determine by evaluating
below mentioned table:
Social and scalable entrepreneurial ventures:
Resemblance- Both organisation gives importance to provide innovative and developed products
to their customers, so that they can satisfied their needs, demands and preferences. Social and
scalable business ventures firstly research market trends, and customer needs, then manufacture
their products and services according to them.
Differences- Scalable organisation, manufacture innovative products and services, so that it can
fulfil customer needs and generate higher level of financial profit. This kind of enterprise gives
their core attention to those strategies through which it can increase market share and also can
build strong position in market place. On the other side, social business ventures produces
different products and services to help poor people so that they can improve and develop their
standard of living (Raineri, 2015). This can be profitable and not profitable. But main objective
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of them is to protect and promote interests of weaker section. It gives core attention to improve
and develop social welfare instead of enhancing market share.
Small and large entrepreneurial ventures:
Resemblances- The biggest similarity between small and large organisation is that they produce
their products and services to satisfy different needs of their customers. Both business ventures
make various strategies and policies so that they can generate high financial profit. Small and
large corporation employs high skilled employees so that they can accomplish their goals and
objectives in most effective and systematic manner.
Differences- Large organisation hires a huge number of employees because it have to operate
many business activities and practices. This type of organisation requires a huge level of working
capital so that it can proceed its production procedure. Big corporation always try to expand their
business on international level. Owner of big enterprise requires various skills and abilities of
entrepreneurship, as they have to resolve big problems and situations of work place (Bharadwaj,
2013). On the other side small scale organisation hires few employees because it operates less
activities and practices as compare to large companies. To operate its business function it
requires funds which it acquires from government and other kind of small loans. Acquiring
funds is the most toughest task for entrepreneurs of small business enterprise. This type of
company fulfil needs and demands of local people and also provides its products and services to
large scale organisation (Lin and Tao, 2012). Owner of tiny corporation does not need high skills
and abilities, he can solve organisational problems by taking help of his friends and relatives.
Moreover, with the help of above mentioned table it can determine that all business
venture have some similarities as well as differences, which make them different from each
other.
LO2.
P3. Impact of micro and small enterprise on economy
Different entrepreneurs get entrepreneurial ideas from creativity and innovation. Both
concepts are different in nature. Creativity can be refer as capability to gestate something
original where as, innovation means implementing something new in existing product or service.
It is very much related with invention. The main sources of entrepreneurial ideas are own
experience, hobbies, media, surveys, complaints, brainstorming and exhibitions. It is very much
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important for entrepreneurs to protect their intellectual property. People can protect their
knowledge, idea and artistic work by taking help of copyright, patents, trademark, graphical
indications and so on.
There is a huge role of micro and small business enterprise in economic growth and
development. As, they also helps in fulfilling different needs and demands of customers. In other
words, different products and services provided by micro and tiny organisation can satisfy
customers in effective and systematic manner. They helps in national growth, as they provides
various employment opportunities to unemployed people, by which they can develop their living
standard. New business ventures involves many innovative ideas through which organisation can
attract lots of investors to invest in it. By exporting their services in other countries, they also
help country in increasing its gross domestic product rate. They provides opportunities to those
people who have great talent like handy crafts and so on. It also hire those individual who are
untrained and then provide themvarious training and development programs. High skilled labour
can help micro and small organisation in creating and managing positive working envelopment
within work place (Liedholm and Mead, 2013). Also, they can provide competitive advantage to
business enterprise, which can help it in competing its competitors in market place. In present
time, small companies are contributing more in economic growth as compare to large
organisations. As they satisfy needs of local people and provides its services to big companies as
well.
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Source: 3 Reasons Small Businesses Must Play a Large Role in Climate Change Resilience
Growth and development of national growth, totally depends upon micro and small
business ventures. Tiny organisation operate their organisational activities and practices at local
level which helps in fulfilling needs of local people. Also, It hires local employees so that they
can better identify needs of near by individuals. As new small ventures come with some unique
and innovative business ideas which attracts a lot of investor, tiny enterprises assure them that
they can get higher financial results in return of their investments. With the help of their
innovation strategy they build strong position in international market as well, which helps them
in generating foreign exchange. If small organisation will introduce innovative products and
services in international market place then it can build positive and strong position of nation in
all over the world (Babajide, 2012). By providing its services at local level it increase value of
near by areas. Hence, micro and small business ventures influence a positive impact on economic
growth and development. It is responsibility of government or legal authorities to provide them
enough financial assistance so that they can grow their business in effective and systematic
manner, because indirectly it helps country in social economic growth. As per official data,
SMEs have increase employment services by 64%. Most organisation of United Kingdom are
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Illustration 2: Proportion of micro and small business in employment.2014

micro and small. So, it can be said that, development and growth of economy totally depends
upon tiny business ventures.
P4. Small and business start up are important for growth of social economy
Small firm plays an important role in economic growth and development. They produce
various products and services to satisfy need of local people. Also, they provide various job
opportunities to poor people so that they can improve their standard of living. Small enterprises
can be in form of sole proprietorship, general partnership, corporation and limited liability
company. They all are significant for economic growth of United Kingdom. As, they all are
small in nature, size, profit, growth and innovation. But still their existence is very wide. Because
it provide its services to local people by providing them products and services of daily use. It is
also improving regional level by moving infrastructure of whole country. In modern world, small
enterprise are expanding their business at international level which helps United Kingdom in
making good relationships with other countries. They are small in structure but still they are
enhancing their profit very well as compare to large corporations. Also, SMEs are very flexible
which helps it in adapting environmental changes as soon as fast. At the time of global
expansion, business start ups face various problems. Because every country have its own legal
rules and regulation which can affect growth of outsider companies.
Without micro and small business enterprise, economic growth of country can not be
possible. They are the main factor which can enhance national development. In present time,
lots of tiny organisations are operating in United Kingdom. These enterprises provide various
employment opportunities to unemployed people and also provide quality products to local
people. Through this, small organisation can improve and develop living standard of a huge
number of people. Micro and small enterprises also exports its facilities in other countries which
makes good relationships with other nations. This can also reduce economic disputes and crises.
Tiny enterprise helps in increasing national wealth by fulfilling needs of local people and areas
(Aremu and Adeyemi, 2011). It also provide its products and services to large corporations so
that they can operate their business activities and practices. Micro and small organisation firstly
conduct a market research so that it can discover different trends, needs, demands and
preferences of customers. After evaluating that, it manufacture quality goods and services so that
consumers can be highly satisfied. They produce and deliver innovative products which can
attract a huge number of clients. This kind of organisations generate high profit but with less
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operational cost, as they operates less activities and practices. Also, they provides their products
and services at low prices which helps it in increasing customer line. Even outsider large
corporation takes help from them, because they finds those firms less expensive.
Micro and small enterprise gives high importance to rural and local areas. Through this it
gets huge advantage because large organisations do not serve those areas. Most of local people
prefer tiny company because they thinks that it can provide them services at lower prices which
is very much convenient for individuals. For providing better satisfaction, local firms
continuously innovate and develop their products and services (Bridge and O'Neill, 2012). Due
to their small nature they can adapt changes and cooperate with those modifications. So it can be
said that, they are very much flexible in existence. But large organisations can not accommodate
with environmental changes rapidly. Tiny enterprises serve better to limited or niche market, as
its major objective is to fulfil needs and demand of local people. Hence, it can be said that there
is huge significance of micro and small business enterprises in economic development and
growth.
LO3.
P5. Entrepreneur's characteristics, traits and skills
Entrepreneurs are the person who takes various business risks so that he can get higher
financial profit (Baum, Bird and Singh, 2011). Different skills of individuals help in making
them different from others. Without entrepreneurial characteristics, no business person can
accomplish their organisational goals and objectives. In modern world, Mark Zuckerberg and
Bill Gates are the leading entrepreneurs who have become most powerful people due to their
entrepreneurial characteristics and traits which are follows as under:
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Source: Four characteristics every successful entrepreneur possesses. 2017
Problem solver: Every organisation and its entrepreneur face various business problems. For
getting better solutions, it is very much important for mangers to have good problem solving
ability. Through this, they can resolve each and every difficulty of their personal as well as
professional life (Trivedi and Stokols, 2011).
Opportunistic: Mangers should grasp all the opportunities which can lead them in their personal
and professional life. They should always look for different needs and demands of customers.
Leadership: This is the most important characteristic of successful entrepreneurs, with the help
of this they can lead and guide their employees in appropriate manner. Also, it helps in
describing organisational goals and objectives to workers in effective manner.
Creativity: At the time of starting a new venture, entrepreneurs should use their creativeness so
that they can lead their organisation to higher level of success.
Passionate: People with high passion can grow very well. Passionate behaviour of managers can
bring them a huge success in their personal as well as in professional life.
Risk taker: Entrepreneurs are the person who takes many risky decisions so that they can grow
their establishment in most effective and systematic manner. Without taking risk they can not
lead their organisation.
Self confident: With the help of positive confidence mangers can take right decisions. He must
have belief in himself.
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Illustration 1: The successful entrepreneur.2017