Entrepreneurship Report: Ventures, Economy, and Personality

This report provides a comprehensive overview of entrepreneurship, exploring various entrepreneurial ventures such as social, small-scale, medium-sized, and large-scale enterprises. It examines the typology of entrepreneurship, including female, serial, social, and lifestyle entrepreneurs, and highlights the similarities and dissimilarities between different venture types. The report delves into the impact of micro and small businesses on the UK economy, presenting relevant data and statistics on their contributions to employment, turnover, and exporting. Furthermore, it analyzes the characteristics, skills, and traits of successful entrepreneurs, assessing how entrepreneurial personalities motivate others and how background and experience can influence the path to entrepreneurship. The report concludes with a discussion on the overall importance of small businesses and start-ups in fostering economic growth and development.

ENTREPRENERUSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Examine different types of entrepreneurial venture and their relation with the typology of
entrepreneurship.....................................................................................................................1
P2 Evaluate similarities and dissimilarities between different kind of entrepreneurial ventures.
................................................................................................................................................3
TASK 2............................................................................................................................................5
P3 Present a relevant data and statistics to justify the impact of micro and small business on
the economy............................................................................................................................5
P4 Explain the impact of small business and start up in growth of the economy.................6
TASK 3............................................................................................................................................7
P5 Illustrate the characteristic, skills and traits of successful entrepreneur which separate them
from other business persons. .................................................................................................7
P6 Assess how aspect of entrepreneurial personality motivate other individual of the society..8
TASK 4............................................................................................................................................9
P7 How background and experience can motivate for entrepreneurship...............................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneur is consider as an concept in which an individual who is creator, innovator of
new idea to accomplished their business at market for generating larger profitability. In this,
entrepreneurs plays very important role in running new business activities that help them in
attaining success at market place. In addition to this, entrepreneurship refers to the process of
launching, managing and organising new business venture. With the help of which, various
problems within a society get solved, like poverty, unemployment and many more. In this
present report, various entrepreneurial venture have been studies and impact of small scale
business on the economy of a country. Along with this, importance of start-ups and small
business in the development of societal economy has been discussed. In addition to this,
Along,with this, personality as well as knowledge and skills of two entrepreneurial and how they
encourage other people in the society have been studied (Storey, 2016). At last, how family and
background create an impact on individual mind has been discussed in this report.
TASK 1
P1 Examine different types of entrepreneurial venture and their relation with the typology of
entrepreneurship.
Entrepreneur : “An entrepreneur is the leader of a company, who have an innovative
idea, take full responsibility of success or failure and is willing to take risk in order to make long
term profits or gains” (Parker, 2018). By this, entrepreneur can established their new business
and explore new and innovative ideas within the organization. This will contribute in improving
the profitability level of the company at market place.
Entrepreneurship : Entrepreneurship refers to the willingness of an individual in order
to design, launch, organize new business venture for making profit. As a result, it attracts
investors who invest their money to carry out their business activities in an effective manner.
Along with this, it is also consider as a process of designing, launching and running a new
business initially at a small level with the aim of attaining success.
Entrepreneurial venture : It refers to the organization started by a person, where
innovative and creative ideas take place in order to satisfy needs of customer or society.
Different types of entrepreneurial venture are as follows :
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Social Entrepreneur: These are the person who focus on developing as well as
implementing new ways to produce innovative products with the aim of satisfying society needs
and wants (Schaper, 2016). Along with this, they also provide various ways and solution to the
society to developing society and their growth as well. They do not work for generating profit
because they focus on resolving society issues and problmes. Major aim is to create better place
for the people with no discrimination on the basis of income. As an example, Higher Rythm is an
organisation in the UK which is a social entrepreneurial venture which is designed for personal
donations to the needy public.
Small Scale Entrepreneur: Small scale entrepreneurs are those who start their business
with small level, in terms of resources, money or staff. Sources of fund for such business entity
are friends, family, financial organizations. Some of the examples are hairdresser, grocery stores,
general stores and many more. Small scale businesses are established in order to fulfill their own
basic needs from the profit (Scarborough, 2016). For example, Oak Cash and Carry is an
effective small scale entrepreneurial venture, which is associated with wholesaling of groceries.
Medium sized ventures: It is the type of business organization, experience moderate
growth when start their business activities. But gain high growth rate over the period of time by
grabbing opportunities. In this, growth rate is average which is majorly based on the growth and
development. For example, plan.com is a medium size venture that focus on enhancing their
market share.
Large scale entrepreneur: Generally large or big companies are established on the
large scale. They have the capabilities to bring innovation at the marketplace according to the
change in customers taste and preference. Company introduce new products in order to satisfy
consumers requirements, due to change in technology and competition at marketplace. For
instance, Unilever is the best example of this type of venture in market place.
Typology of entrepreneurship :
Typology refers to the process of classification of a certain aspects based on several
characteristics which is associated with process, procedures or physical characteristics. As for
typology of entrepreneurship, it refers to the types of entrepreneurship based on certain
characteristics which are mentioned below:
Female entrepreneur : Under this typology, a female entrepreneur manages and
accelerates working and functioning of an organisation to accomplish organizational objectives.
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In order to give better environmental culture for women they conduct various programs. Female
entrepreneur organize all element related to production, take risk and work for the development
of women in the society. Furthermore, with empowerment of women in several parts of the
world lately, female entrepreneurs tend to enhance the spectrum of business with their intellect
and contribution in helping other women to grow and prosper within different sectors.
Serial entrepreneur : A serial entrepreneur is a person who comes up with new and
creative idea on a regular basis and start new business venture to bring those ideas into reality.
They start new business only when if they get success in their previous venture. A rather
cautious nature could be seen in these entrepreneurs as compared to others in ways in which they
manage as well as run their business enterprises.
Social entrepreneur : They are the individuals who have creative and innovative ideas
in order to implement change in the society (Nambisan, 2017). They earn money and invest them
in order to develop the society and solve the problems. Issues are poverty, unemployment,
inequality which organization should solve by providing goods in cheaper price, provide
employment opportunity to the needy people.
Lifestyle entrepreneur : In order to fulfil self passion and hobby, an entrepreneur start
business venture, which is lifestyle entrepreneur. This type of business venture is normally
introduce by a successful business person in order to accomplish their own dreams and not for
the aim to gain profit. The biggest example of such entrepreneur is Elon Musk, who was self
driven by the idea of technological advancements and is driven to introduce new advanced
products to their customers within the UK and beyond.
P2 Explore similarities and dissimilarities between different kind of entrepreneurial ventures.
Differentiate between lifestyle entrepreneur and serial entrepreneur
Basis Lifestyle entrepreneur Serial entrepreneur
Similarities  Basic similarity is they
require huge amount of fund
while starting their own
business.
 As compare to lifestyle
entrepreneur they also requires
large amount of money as they
switch their business idea from
one to another in order to
make it more successful.
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Dissimilarities  This is the type of
entrepreneur which introduce
new business venture in order
to make changes in their own
lifestyle rather than for
earning money.
 In order to improve their own
lifestyles they wants to earn
more profit (Meyer, Neck
and Meeks, 2017).
 It is the individual who come
up with innovative idea and
then start business for bringing
new idea into reality.
 Major aim is to earn profit so
that they can use the amount
while implementing other
ideas.
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Differentiate between Small ventures and Micro entrepreneur venture
Basis Small ventures Micro entrepreneur venture
Similarities  Small venture is mainly
based on the talent and
capabilities of an individual.
 This type of business is
operated in high competitive
marketplace.
 In order to gain profits this
type of business is operated
in highly competitive
market.
Differences  Growth rate is quite small as
the owner wants to satisfy
own needs and requirements
(Lipset, 2018).
 Growth trajectory is low as
their main motive is to
satisfy their basic needs.
Differentiate between female entrepreneur and male entrepreneur
Basis Male entrepreneur Female entrepreneur
Similarities  Main aim of male
entrepreneur is to gain more
profits and satisfy their own
requirements.
 Their main goal is to earn more
profit as well as increased
market share.
Dissimilarities  It refers to the male individual
who manage, initiate,
organise or run a business
enterprise.
 Male entrepreneurs do not
believe in building
relationship at workplace as
they mainly focuses on
earning more profits.
Male entrepreneur mainly focus on
earning more profits and never focus
 Women entrepreneur includes
all those women who wants to
establish their own business
venture.
 Women always take care of the
individual whom they are
working as a family (Kuratko,
2016).
 When it comes to financial
transactions, females are more

on the overall development. conservative than male.

TASK 2
P3 Assessment of relevant data and statistics to justify the impact of micro and small business
on the economy
Micro and small business impacts the overall economy of the country. Small enterprises
plays very important role for the development of economic system. Major roles played by small
as well as by micro businesses is they create job opportunities and attract more people to start
their own business ventures. Growth in the sector of micro business enterprises improve self-
employment opportunities. In addition to this, it will help improving business wealth and directly
impacts the economy of UK (Kirzner, 2015). There are different types of business organisation
which support the economy of UK. Some of them are as follows:
Micro business: Micro business consider those organisations which includes less than 10
employees and turnover of the company is not more than £2 million .
Small business: Small business organisations employed around 10-50 employees. And
on the other hand there annual turnover is £2million but not more than £10million.
Medium business: Medium size enterprises are the type of organisations, which
incorporate 50-250 individuals within their business (Boosting UK productivity with SME
growth. 2018). Moreover, these organisation incur annual income of more than £10million but
less than £50million. Exporting : Very few SME 's are involved in exporting their commodities. Moreover, the
ratio which is 1 out of 5 would continue to decrease in the coming future. As a result, in
the coming future, an estimated 12% of non-exporting firms would be becoming
exporters in UK. Turnover : As per several statistics prevailing within the country, the annual turnover of
these enterprises is about £1.9 trillion, in which private sector holds the share of almost
51 % of the overall turnover.
 Employment : It can be said that total employment in SME'S are around 16.1 million
where private sector generates 60 % employment.
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(Source: Small business, 2018)
Furthermore, small scale business also create innovative ways, flexible and very quick
responding towards the changes within the market place that may aid in improving the overall
performance of the company. By this they also satisfy customers needs and wants by proving
them quality services as per their needs and wants. In 2018, around 5.7 million small businesses
operate their activities in UK. In this, it employing 0-249 people as employees who perform for
the company.
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Illustration 1: Small business

(Source: Role of Start-ups and Small Businesses on Economy, 2018)
As per the graph, it could be interpreted that small business have a large share in the
economic development of the country. Moreover, the readings which show 99.3% businesses
indicate that there is a rise in privately owned business enterprises. Moreover, with Brexit within
the country, it could be said that SME's are taking charge of the economy and are being an
integral part of its long term growth (Hitt and Duane Ireland, 2017).
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Illustration 2: Role of Start-ups and Small Businesses on Economy,2018

Illustration 3: Total Number of enterprises within the UK
(Source: UK business; activity, size and location: 2018)
There is a substantial rise within the business organisations recently within the UK. Even
despite of Brexit, there is an increase within the business organisations in the country. As per the
graph above, more than 2.5 Million organisations are operating within the UK which is a very
effective contribution to the UK economy despite the complex conditions like decrease in the
value of the currency. As to conclude, micro and small business enterprises could actually
become the backbone of the economy within uncertain times as there are numerous organisations
within different sectors operating as per the requirements of the market and are consistent
enough to contribute to the economy. Another reason of its positive impact on the economy is
that with rising enterprises, new employment opportunities would be created which is very
essential for future growth of the economy and the nation.
P4 Explain the impact of small business and start up in growth of the economy.
Brexit is currently the most popular situation in the United Kingdom which breaks down
their overall economy. UK separated itself from European nation as they think they will be able
to freely trade across the whole world, but on the other hand their economic system get
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