Entrepreneurship Report: Venture Analysis and Economic Impact

This entrepreneurship report delves into the multifaceted world of entrepreneurial ventures, exploring various types such as small businesses, scalable startups, large companies, and social enterprises. The report highlights the similarities and differences between these ventures, emphasizing their characteristics, operational scales, and objectives. It further examines the traits, skills, and characteristics of successful entrepreneurs, providing insights into their motivations and mindsets. The assignment also includes an interpretation and assessment of relevant data and statistics to illustrate the significant impact of micro and small businesses on the economy, including employment generation and cash flow. Furthermore, it discusses the contributions of small businesses and startups to the growth of the social economy, particularly in the context of post-Brexit scenarios. Finally, the report explores how background and experience can foster entrepreneurship.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Different kinds of entrepreneurial ventures..........................................................................1
P2: Similarities and differences between entrepreneurial ventures............................................2
TASK 2............................................................................................................................................5
P3: Interpretation and assessment of relevant data and statistics to illustrate the way in which
micro and small businesses impact on the economy...................................................................5
P4: Contribution of small businesses and start-up's in growth of social economy after Brexit..6
TASK 3............................................................................................................................................8
P5: Characteristics, traits and skills of successful entrepreneurs................................................8
P6: Entrepreneurial personality reflect entrepreneurial motivation and mindset......................10
TASK 4..........................................................................................................................................10
P7: Way in which background and experience can foster entrepreneurship.............................10
CONCLUSION..............................................................................................................................12

REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is considered as a process of launching a new venture by an individual
called as an entrepreneur who have new and innovative ideas to fulfil the needs and requirements
of targeted people. They came into market with a clear objective of earning huge profits. A new
business can achieve growth and success in competitive market within shorter period of time
only when an entrepreneur have capabilities to design, launch and operate a new venture
according to the new ideas and concepts generated by them. New business ventures get
maximum support from the government as well due to having their huge contribution towards
growth and development of an economy in terms of generating huge job opportunities in a
nation. The present assignment is based on the concept of entrepreneurship which describes the
various kinds of entrepreneurial ventures along with their differences and similarities. The
project includes characteristics, traits and skills of successful entrepreneur along with the
background and experience of two successful entrepreneurs which can foster entrepreneurship.
TASK 1
P1: Different kinds of entrepreneurial ventures
Entrepreneur: It refers to an individual who is capable to design, launch and operate a
new business venture with the help of their specialised skills and knowledge which can be
acquired or inherited by birth. They are mainly focuses on introducing something new into the
market which can maximise the satisfaction level of targeted people and generate huge profits.
For this, pre-determined plans and strategies are required to be undertake so as to execute in
future in desired way.
Entrepreneurial venture consists of different types and size which are existing in market
with different purposes and size. The chances of achieving growth and success of new business
within shorter period of time will be more only if an entrepreneur introduces market with
something new and innovative which are failed to introduce by their rivals till now (Bae and et.
al., 2014). The main target of new businesses is to meet the needs and requirements of people
which can positively impact on their satisfaction level so that huge profits can be easily
generated. There are different entrepreneurial ventures which are determined as under:
Small business entrepreneurship: It is a business venture which is operated at small-
scale level due to which requires limited capital to invest. It targets the limited market areas
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which decide their sustainability and profitability in market. It is started by an entrepreneur who
wants to earn their livelihood without thinking of further expansion of business.
Scalable start-up entrepreneurship: It is a business started by an entrepreneur according
to the new ideas and concepts developed by another person. In this kind of business, an
individual generates new ideas and sell it to other person for implementing such ideas into
action. It firstly came into small market in order to identify their own capabilities and
accordingly expand for large scale if they ensure about success (Baum, Frese and Baron, 2014).
Large company entrepreneurship: It is a such kind of venture which is operated at large
scale due to which targeted huge market share to capture in order to generate huge profits. It has
attained huge workforce who contributes maximum efforts in expansion of business by providing
quality products and services according to the needs and preferences of targeted people.
Social entrepreneurship: It is such kind of business venture which came into market for
the welfare of community as a whole by providing quality products and services at an affordable
prices that cannot harm an environment as well. It came into existence with a clear objective of
providing welfare services so as to maximise the standard of living people therefore do not
focuses on earning huge profits.
Typology of entrepreneurship: Entrepreneurial ventures mentioned above are directly
connected with different kinds of typologies which are given as below:
Male: Such kind of entrepreneurship is operated and controlled by male entrepreneur
which restrict female members to get involved in business decision-making process. They
believes that male entrepreneur are more hard worker and ability to implement new ideas into
action more effectively as compared with female entrepreneur.
Female: In such kind of entrepreneurship, female members are more involved in
operating business operations more smoothly with having a clear perception that females are
more patient than male due to which they can effectively deal with future problems and grab
market opportunities (Carsrud and Brännback, 2011).
Managed Growth: Such entrepreneurship is operated and controlled by both men and
women in equal ratio due to which the chances of achieving growth and success within shorter
period of time. Implementing an effective decisions and plans with taking support of capabilities
of both men and women increases the sustainability and profitability of new business venture.
P2: Similarities and differences between entrepreneurial ventures
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Entrepreneurial ventures are of different types such as small business, scalable start-up,
large company etc. which have some similarities and differences listed as under:
Differences:
Basis Small business Scalable start-up Large company Social
entrepreneurship
Definition It is operated at
small scale level
due to which
targeted at limited
market for
existence.
It came into
market with an
objective of
following new
and innovative
ideas generated
by an individual
for other persons
to implement into
action more
successfully.
It is operated at
large scale due to
which targeted
huge market share
to capture by
meeting their
needs and
requirements
through providing
quality products
and services.
They came into
market to
maximise the
interest and
standard of living
of soceity by
offering them
quality products
and services at an
affordable prices
which cannot
damage the
environment as
well.
Characteristics Limited amount
of resources are
required to utilise
in proper
functioning of
business without
facing
disturbances by
government.
It is based on the
venture capital
due to having
new ideas by an
entrepreneur but
failed to
implement due to
lack of funds.
It is operated at
huge scale due to
which
fluctuations in
external factors
can affected their
business
operations.
Working for the
betterment of
society due to
which get
maximum support
by the
government in
terms of acquiring
resources easily
to operate
business more
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smoothly.
Roles To bring out
maximum
outcome from
utilisation of
limited resources.
They have role to
implement ideas
of others person
into action so as
to achieve huge
profits.
It is the
responsible to
meet the market
needs and
requirements
which drives
them to expand
its business at
global level.
They are
responsible to
enhance the
standard of living
of people by
providing healthy
and nutritional
products.
Objectives To earn
livelihood.
To attract
investors to
provide financial
help in
implementing
new ideas into
action so as to get
maximum return
in future.
To generate huge
profits and
achieve huge
market share.
To fulfil the
needs and
requirements of
society as a
whole.
Apart from the differences, such entrepreneurial ventures have some similarities as well
which are explained as under:
 All such entrepreneurial ventures came into existence for the fulfilment of customers
needs and requirements.
 These entrepreneurial ventures are always tried to launch something new and innovative
in market which can easily increases the satisfaction level of targeted customers.
 These all entrepreneurial ventures are established with having new and innovative ideas
which can differentiate their business from the existing rivals in the market.
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 All entrepreneurs tried to make their new entrepreneurial venture more successful within
shorter time period in order to contribute more in the growth and development of
economy of nation in terms of generating huge employment opportunities.
TASK 2
P3: Interpretation and assessment of relevant data and statistics to illustrate the way in which
micro and small businesses impact on the economy
The growth and development of an economy is very much depend on the contribution of
small and micro business enterprises as such businesses generate huge employment opportunities
as well as payment of huge taxes which increases the treasury of government. These business
ventures operated its functions in market to help nation from overcoming several issues which
includes decreases national income, changes in inflation and deflation rate etc. Small business
ventures are less affected by the external factors such as political instability, economic issues etc.
due to operating at lower level. Economic fluctuations largely influences the business operation
of large scale organisation. When a nation faces economic crisis then the small and micro
business venture assist nation to find solutions for the problems. As the small entrepreneurial
ventures operates its business functions with limited resources and at small level instead of that
they contribute maximum to the growth and development of economy (Dees, 2017).
They have sufficient amount of skills and knowledge which facilitate in managing all the
executional and operational activities. Large entrepreneurial ventures are taken over small
business ventures in order to expand their business operations and generate huge profits. Due to
this, they largely contribute to the economy due to having maximum contribution towards the
national income. Apart from this, it get affected from the various government policies such as
they required to pay huge taxation amount for import-export of their products and services. Here
are the some major impact of small and micro business ventures on the social economy:
Employment generation: There are number of small business ventures are operating its
business in nation which creates huge employment opportunities for the skilled and qualified
individuals. This will enhances the standard of living of people which directly makes positive
impact on the growth of national income.
High flow of cash: The government of a nation support a new establishment of small and
micro entrepreneurial ventures with an objective of increasing cash inflow of country due to
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which the government has huge amount of funds to spend on the welfare of nation (Fassin, Van
Rossem and Buelens, 2011).
Therefore, small and micro business support maximum to the growth of economy of
nation due to providing employment opportunities and payment of huge taxes which increases
the capabilities of government to spend more for the welfare of the nation. Due to this, number
of small and micro business have launched every year on increment basis which increases the
growth rate of economy.
The impact of small and micro enterprises on the economy are clearly identified from the below
graph:
From the above graph, it has been clearly that employment generation by small
businesses are contributing almost 40% to the economy which help in growing economy more
faster. Thus, it required government to support entrepreneurs in establishing a new venture in
their nation through giving some relaxation in registration process (Goss, 2015).
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P4: Contribution of small businesses and start-up's in growth of social economy after Brexit
Small business requires adequate support from the governmental authorities in operating
their business more smoothly. They are playing a significant role in the growth of economy
through giving maximum efforts with new products and services which indirectly increases the
national income. Both small business and start-ups are imparting in the growth of economy after
Brexit. Such situations arises when British exit from European Union due to this, the operation
and revenues of large organisation get adversely affected but small scale organisation and start-
up's gets less affected by Brexit. Here are the some importance of contribution in the social
economy after Brexit:
Creation of employment opportunities: Start up and small association are creating huge
employment opportunities for people as they require imaginative personality for the development
of the business. Start-up's are the new business have limited workforce in order to operate
business operations more smoothly due to which they tried to recruit new skilled and
knowledgeable candidates to support them in achieving high sustainability. This will help in
development of local people which indirectly develop the economy of nation.
Increasing awareness: While associations are confronting issues because of economic
fluctuations then it is vital for small and start-up's to spread the information about their products
and services in order to sustain in market for longer period of time. If they successfully
influences the buying behaviour of large number of people then it will directly makes positive
impact on their profitability which in results increasing social economy as well (Kelley, Singer
and Herrington, 2012).
Motivating for new and innovative products: Start up business are for the most part
propelled with advancements and new thoughts. People of UK get pulled in toward the new
thought or the items that are propelled with developments which will develop social economy
due increasing revenue of an organisation.
Enhancement of domestic business culture: As economy of UK have confronted
different issues due to Brexit, it has made issues for large scale associations and minimised their
profitability. At this circumstance the small scale organizations and new company have extended
their business by offering such items to the clients that are required by them. Improvement in
sales makes positive impact on the business and increased revenues due to which they are
required to pay huge taxes for the welfare of the nation.
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TASK 3
P5: Characteristics, traits and skills of successful entrepreneurs
An individuals is said to be a good and successful entrepreneur if they have numerous
skills and knowledge to design, operate and launch a new venture in more successful way. It can
be better understood through taking an example of successful entrepreneur. William Chase and
Mark Zuckerberg are such two most successful entrepreneur who previously had limited
resources and market knowledge but instead of that, they both achieve huge growth and success
in their newly business within shorter period of time. It was possible through having sufficient
amount of skills, traits and knowledge which are determined as under;
Skills:
Decision-making: These both entrepreneurs are attaining good decision-making skills
which help them in differentiating their business from others. They are good in analysing
complex situations and accordingly make suitable decisions to grab market opportunities
(Kirzner, 2015).
Problem solving: Both William Chase and Mark Zuckerberg are considered employees
as a valuable asset of company due to which they always tried to create health atmosphere at
workplace through identifying and resolving employment issues quickly as possible.
Traits:
Confident: They both are now one of the successful entrepreneurs due to believing on
themselves and confident on their new and innovative ideas which brings profitable outcomes to
them in future. It makes them different from others due to not changing their mind and remain
stay with their ideas and concepts.
Disciplined: William Chase and Mark Zuckerberg both are well disciplined person which
separate their personal and professional life due to which they are more focuses towards their
target (Shane, 2012).
Characteristics:
Passionate: To be a successful entrepreneur, an individual must be passionate towards
their goal of life. As both William Chase and Mark Zuckerberg comes from poor family
background instead of that, they remain focus on achieving their goals with their new and
innovative ideas.
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Risk taking: Such entrepreneurs are not afraid to take risk as they remain focused on
grabbing competitive opportunities in market which will bring their business ahead than their
rivals.
Differentiation of characteristics of successful entrepreneurs with business managers:
Characteristic/skills Entrepreneur Business managers
Strategic vision Entrepreneurs follows its
vision by setting an effective
plans and strategies in order to
make their business more
successful. Marks Zuckerberg
has a clear vision to introduce
something new which can
easily attract huge customers
across worldwide.
Manager act as a follower of
plans and strategies formulated
by Board of directors,
Chairman etc.
Communication An entrepreneur must attained
good communication abilities
so as to invite investors to
provide them financial help in
implementing its ideas into
action.
It is necessary for the manager
to have communication skill so
as to inform employees about
the company's policies and
strategies in understandable
manner.
Delegation An entrepreneur have a ability
to delegate work to their team
mates according to their
capabilities and skills.
Business manager have a
ability to delegate work to
their staff on the basis of their
previous performance level.
Critical thinking Entrepreneur always tried to
bring new and innovative in
their offerings so as to
maximise satisfaction level of
targeted people.
Business managers follows
guidelines implemented by top
authorities without thinking on
their own.
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