Entrepreneurship Report

This report delves into various aspects of entrepreneurship, including types of ventures, their impact on the UK economy, and the skills and motivations required for successful entrepreneurs. It highlights the significance of small and micro businesses in economic development and discusses the challenges faced by entrepreneurs. The report concludes with insights on the essential characteristics and mindset needed for entrepreneurial success.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Kinds of entrepreneurial ventures and topologies related to it..............................................1
P2 ................................................................................................................................................2
P3 Impact of micro and small business on the UK economy.....................................................3
P4 Significance of the small and start-up's firm that is responsible for the growth of social
economy......................................................................................................................................4
P5 Skills, attributes and characteristics of successful entrepreneurs..........................................5
P6 Motivation and mindset aspects of entrepreneur personality................................................7
P7 Hindrances of entrepreneurship with respect to background and experience........................8
CONCLUSION................................................................................................................................9
.........................................................................................................................................................9
REFERENCES .............................................................................................................................10

INTRODUCTION
Entrepreneurship is the procedure of making a new enterprise called as start-up's. These
businesses offer products or services for the end consumption. The owner is known as
entrepreneur, it has the knowledge to manage the firm. High risk is included in this, while
introducing new services or products in the economy. They require heavy investment for setting
up the enterprise (Berglund, Johannisson and Schwartz, 2012). They have certain hindrances like
market instability, which refers to the inappropriate demand and supply in the market also by
taking wrong decisions. They even determines the possibility that examines the necessity or
trends and accordingly create the services and product for generating revenue and profit they acts
as a manager that organises and directs the business activity and are solely accountable for
business success and its failure. In this report, different kind of ventures as well as typologies are
discussed and how small businesses affects the economy also what skills and motivation is
required for the entrepreneurs and hindrances regarding their background.
P1 Kinds of entrepreneurial ventures and topologies related to it
The person who involves high risk in the business, coordinate and manages it is known as
Entrepreneur (Blackburn and Wainwright, 2013). Through entrepreneurship, an individual can
become successful firm entrepreneur for the purpose of generating revenue and profit
maximization by developing new products or services in the market and administering their
capitals in an adequate manner. For merchandising the products it is necessary for the
entrepreneur for produce according to the requirements this will be very easy to sell as well as
for the success in the business. For this entrepreneurs need to manage those risk that are
involved and also yielding maximum profit to the organisation (Bridge, 2012). There are several
types of entrepreneurial undertakings that are interconnected to the topologies. This will not arise
any difficulties or problems in between. Some of the ventures are as follows :
1. Large Company Entrepreneurship – Entrepreneur in this venture, creates as well as
innovates products and services for the development of the firm. The enterprise need to
follow certain and proper procedures, for attaining the growth of the firm. According to
the needs and requirements of the end consumers products and services should be made
with the use of high technologies that exist in the economy, this is connected to the
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sceptical entrepreneurs (Burns, 2010). For the growth aspect, it is necessary of the
company to find out the problems and their solutions.
2. Small Business Entrepreneurship – the person who involves high risk to commence the
business as small scale for the purpose of maximization of profit. The entrepreneur need
to plan everything by setting up, organising as well as administering the entire firm for
the success in the business. These generally do not have any sources of capital, they can
take from their family or friends to set.
3. Social Entrepreneurship – in this type of entrepreneurship, the entrepreneur require to
create new services and products in the economy for achieving the success in the business
and also by maintaining high quality goods to the consumer (Carland and Carland, 2015).
To know and understand the country's economic status, the entrepreneur need to do
proper research of the market. Through this, these are connected with the research
entrepreneurs.
4. Scalable Start-up Entrepreneurship – perception about the vision and mission
statements of the entire globe are changed in this entrepreneurship venture. To build and
maintain the long term relationship with the investors, the entrepreneur need to draw
attention for investing them in the business. For helping the company to develop in a
speedy rate, this is related to the altering as well as modifying the statements and its
information so that no one can copy.
P2 The similarities and differences between entrepreneurial ventures
Lifestyle ventures or businesses similarities Social entrepreneurs ventures similarities
This includes the pay-off and encouraging the
staff member of the company for the purpose
of achieving success in the business and also
to make sure there is no difficulty or problems
arises in the firm (Carraher and Paridon,
2015). According to the taste and preferences
of the consumer, products and services should
be developed.
These entrepreneurs are the person that
has intention by creating and
implementing solutions to resolve social
and environmental difficulties. They have
to do appropriate research of the market
place so that they can apply changes in the
economy.
Differences Differences
In lifestyle entrepreneurship, entrepreneur In this, entrepreneurs starts and
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need to use the latest high tech technologies
and require to do adequate research of the
economy for attaining the success. This
provides quality products and services.
commences the firm with an intension to
resolve the difficulties and transform them
that does not affect the environment.
Female entrepreneur businesses similarities Male entrepreneur businesses similarities
Female entrepreneurs are self motivated,
they works hard and waits for the success.
Also believes in innovating and creating
new ideas for the expansion of the business.
They require workers who render services
for long term in the venture. They mostly
generate high revenue for the expansion and
growth of the company. They need
favourable location to commence the
venture so that there won't be any issue
regarding allocation of the resources. They
have positive attitude towards everything.
They work alone without taking help of
anyone. They value self-respect and sense
of accomplishment.
Male entrepreneur are risk takers and their
vision is optimistic regarding the business.
For running the business for long term it is
necessary for them to manage all the
operating activities. They believe in working
independently. It is very hard for both male
and female entrepreneur to convince the
investors to put their capital in the business.
They require good and favourable location
to start the business. They need those
employers who can serve long term in the
company. They should maintain relations
with the external relations.
Differences Differences
Women multitaskers in the nature, which
they can complete multiple works at one
time.
On the other hand, men not multitasker as
per female Entrepreneur
These are more sociable comparison to men. Men entrepreneurs are not sociable they
cannot working for social welfare.
Females are easy to face various kind of risk
and problems and resolve them effectively
manner.
Males are not that much able to take risk and
cannot find out appropriate solution.
Women founders are mainly related to sales,
marketing and product management.
Male founders are related to technical
background.
P3 Impact of micro and small business on the UK economy
For the development and growth of the market, small enterprises have to give adequate
support to the economy and for that it is very important for every individual to commence the
business, this will improve the market condition of the nation.
There are two kinds of small business enterprise that exist in the economy, first is sole
proprietorship and the other one is, partnership. In the sole proprietorship, the firm is established
and run by the single individual by using appropriate resources. While on the other hand in
partnership business, two or more than two person starts the business by updating the capital.
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Directly or indirectly affects the economy of the nation (Carsrud and Brännback, 2011). There
are several types of business ventures/entities that exist in the market that are Micro, Small,
Medium and Large-sized. In micro firms, the business, starts in limited area and also they
produce very less revenue as compared to the other types of enterprise. In small and medium
level firms, there are less staff workers that basically has high percent of sales. As compared to
the micro level, small enterprise has a larger number of workforce working. In large sized
enterprise, the workers size should not exceed more than 250, aids in creating the company to
reach as multinational.
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If these have the direct consequences on the economy, this aids in providing the growth rate
expansion. Small and medium business enterprise provides adequate support by giving the
employment to those employees who enhances the business and leads to the growth of the
economy. In the current situation, rate of employment is increasing in the market as today's
generation is more attracted in earning money, this can only be done by getting jobs. This has
resulted in generating profit along with this reduction in the level of unemployment. Every
worker that is new in the company contributes and share unique and innovative ideas that directs
to the growth of the company and also aims in attaining the short and long term targets (Dennis,
2011). This increases and improves the standard of living of the concern staff member of the
firm.
P4 Significance of the small and start-up's firm that is responsible for the growth of social
economy
One of the importance, is to utilise the adequate amount of resources that helps in
fulfilling the needs as well as wants of the end consumers in the market. By rendering proper
supply of the product and services, it is necessary to supply products according to the demand of
the economy (Down, 2010). By taking the help of the government, in the form of advices and
suggestions to solve the problems which involves in rise in the price that is known as inflation
and also in the market the lack of employment level that helps in administering the macro phase.
For reducing both of these hindrances certain procedures of policies should be made and also by
executing it. Because of the improper distribution of the resources, has led to the condition where
the economy deals with the shortage of raw material. By implementing the adequate principles
for choosing the right choices, they basically has to manage the economy as well. It reduces the
poverty, as more people are employed due to the start-up's. There is proper distribution in
wealth. It helps to improve and develops the infrastructure of the country as more businesses are
started. Small business enterprise has its own significance in the development of the market and
economy as well. The growth in this aspect is increasing rapidly. Both of the firms that includes
small and start-up's business has various contributions for attaining the success in the economy
(George and Bock, 2011). it had improves the social amenities in the nation. These firms are
more focused on the consumers by modifying the economic weather. When there is crisis in the
market, customers are loyal towards the companies which are small. Strategies should be made
and executed for attaining the success in the market by expanding the company's growth as well
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as economic development. These firms should be innovative, flexible as well as creative
regarding the growth facet for the company also to accomplish the target which can be either
small term or long term. It also improves the UK economic development and it is growing in the
constant pace. Generation of more revenue to the government, taxes and foreign exchange gains.
There are certain levels in the market such as regional, domestic and international level. In the
regional level, by implementing the skills and knowledge in the local grounds by aiding in
supplying of money in there for the improvement that are necessary. At the national level, for
enhancing the country's GDP and National Income, the nation has the provide the adequate
assistance (Gorgievski and Stephan, 2011). On the other hand, at the international level, Small
business have to boosts their productivity that is employees working effectively and efficiently
for improving the market condition, for attaining the success in the economy of UK. It has
improved the international trading that is Balance of Payment. It also had developed the social
security level that exist in the market. In this way, small businesses and start-up's has contributed
to the growth of the social economy of United Kingdom.
P5 Skills, attributes and characteristics of successful entrepreneurs
Every single entrepreneur is required to implement the appropriate skills and knowledge
for attaining the short and long term goals on the basis of this they become successful.
Entrepreneurs have several characteristics that are as follows:
 Entrepreneur should be innovative, that is by utilising and implementing new and
innovative ideas in the procedures for attaining the growth (Hall and Lenox, 2010). There
are many steps and methods as well to grab the opportunities to maximize the profits.
 They are the risk-takers as this is one of the major characteristics of the entrepreneur. In
the initial stage that is on commencing the business heavy investment of capital is
required and for that they have to convince the investors to put their money in the firm,
this is very risky for both entrepreneurs as well as for the investors to put heavy funds in
the new venture.
 They like to face challenges that come across at the time of operating business.
Successful entrepreneurs administers to resolve the difficulties and complexities to get
success in the enterprise.
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 They usually enjoys doing work independently, this is the key attribute of the
entrepreneur they work without taking any help of anyone (Leitch and Neergaard, 2010).
Business success and failures depends on them solely, as they prefer working alone.
 For achieving success, it is very important for them to take initiatives and lead the
company.
 Workers are encouraged as they want to have good pay on the daily basis. They are
driven and for getting the rewards they gives their hundred percent. They do every task
for achieving the success of the company. Entrepreneurs are self motivated as they are
competitive in nature.
 They believe in working ethically (Ligthelm, 2010). On the starting of the enterprise they
might experience success in the initial stage by indulging themselves in an unethical way
and some can not. While in reduction in the credibility of the firm, investors looses
interest.
 Entrepreneurs have good negotiation attributes, as they should know the competition as
well as the knowledge about the entrepreneurs who are successful. They should seek for
those opportunities, that has a sure shot win theory and should know the value to those
products or services.
 They are passionate about their work and enjoys doing the same. They love whatever
they do for the firm's success (Naudé, 2010). They easily get through from the difficult
situation.
 They should have positive attitude towards their work that is while operating the
company along with this if problem arises they need to be calm and composed and look
for the solution and have positive outlook.
 There should be a balance in the company along with this discipline should be there. By
allotting the time and responsibilities among the workers so that there should not be any
fights or disputes in the enterprise.
 They should be tech savvy that means they should know and the usage of the technology
for the development of the business entity. This can saves a lot of time and money and in
turn generates revenue and profit, this gives advantage to the business.
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P6 Motivation and mindset aspects of entrepreneur personality
For doing any business, motivation is very important for everyone. Entrepreneur needs
good motivation for running and operating the enterprise properly (Neck, 2011). One of the
personalities for instance Elizabeth is a very successful business woman because she has the
innovative idea of noticing the ventures that may attract several entrepreneurs to implement
various concepts in their firms. There major goal is to satisfy the customers by providing
innovative and creative products and services according to their needs and requirements for
generating revenue. If the customers are satisfied then, then the company is successful in
converting them into loyal.
There are several kinds of tools and techniques that every single entrepreneur utilises for
the motivation. One of their ability of an entrepreneur is take the risk, because of this
opportunities are been created for the business enterprise (Nga and Shamuganathan, 2010). It
aids in accomplishing the competitive advantage by utilising their captivating style of leadership
as well as the motivation attributes. For instance Mark Zuckerberg, the owner and founder of the
world famous social website that is Facebook, that connects people of different states, countries,
religions, age etc. Impact of technology has modified the overall conditions of the nations as well
as their thinking ability. His creativity and innovativeness in websites aids people as everybody
can interact with each other and everywhere in the entire globe and stay connected with one
another for the longer duration (Preuss, 2011). This had become possible because of the
motivation and also the thinking ability to do the continuous innovation process. It won't be
possible to achieve this kind of success for any person, if there is a lack of motivation. For the
success in the business operation, self motivation is very essential as they are very confident in
terms of their choice of vision.
When any individual operates as an entrepreneur, mechanically the obligations that
comes under that drives to complete the task as a leader. They prefer to work alone, without
taking any help from others. In several forms, mindsets can be affected. They starts thinking as
per the growth and the expansion of the business entities. The way of pertaining the thoughts
develops in which an individual begins to think. Self motivation is there due to the firm's
responsibilities and its dependability on that single person. They has an action as well as target
oriented mindset as accountability lies on it of the entire company. So as to expand the entity, it
is very essential that he should have future directed mindset as well. Through all the facets,
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objectives are accomplished of the company (Sampaio and Font, 2012). When an individual
operates as an entrepreneur, it is mandatory to analyse each aspect such as internal and external
factor that affects the enterprise. Mindset of an individual can be created by having many
experiences that it acquire from operating the concern. Through entrepreneurship, leaders are
created for the future who will achieve success by practice as well as experiencing constantly.
According to the nature in the present situation of the activities of venture, mindset is developed.
P7 Hindrances of entrepreneurship with respect to background and experience
The problem related to background as well as experience has into power in a cooperation
examination, as many firms objects business schools also known as B-schools for the students
who are graduated are way too technical and also have unifying the cognitive skills and entirely
absent in the human relations that is needed for managers. Many managers operates in altering
the surroundings (Schaper, 2014). By acquiring experiences, people are more likely to take lesser
risk in the business and due to this problems arises as for the purpose of attaining growth of the
company, entrepreneurship involves high risk and developing steps to suppress. Information are
recycled for future utilisation as many entities ends up losing information and knowledge. Many
researches have come to know that there is coat of knowledge that lies under the explicit. This
layer of information is implied and involves the individual awareness that basically collected by
experiencing and makes the use of own but not be expressive clearly.
According to the openness of the human as well as social capital, the experiences of the
entrepreneur can be seen through in various ways and forms, as a well-defined positive force
that influences the style and performances of the management (Storey and Greene, 2010). As an
advice and suggestions, instead of observing background along with the experience it is better to
be good in street and see if the performance is improve. After that revealing the views of the
background and experience as a collection of both human and social capital that is put on a job
by an individual (Welter, 2011). It is said by many researchers and also have proved that human
capital such as experience education, capital as well as age and other factors have positive
consequences on the performance of the business entity.
CONCLUSION
From the above discussion, it has been concluded that entrepreneur is a person who starts
the venture for creating the maximal profit by taking risk for attaining the objectives that can be
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