Entrepreneurship Report: Ventures, Economy Impact, and Skills Analysis

This report delves into the multifaceted world of entrepreneurship, exploring various types of entrepreneurial ventures, including small-scale, scalable startups, large company, and social enterprises. It examines the relevance of these ventures within entrepreneurial typologies, such as academic, public, and independent entrepreneurs, while also highlighting the differences and similarities between different entrepreneurial approaches, like lifestyle versus serial entrepreneurs, and social versus scalable business models. The report further investigates the significant impact of micro and small enterprises on the economy, including their role in job creation and economic growth. It also details the crucial traits, characteristics, and skills required for entrepreneurs, and analyzes how entrepreneurs' mindsets and motivations influence their success. Finally, the report considers how personal experiences and backgrounds can both facilitate and hinder entrepreneurial endeavors.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Entrepreneurial ventures and their relevance with entrepreneurial typology.......................1
P2 Similarities and differences between entrepreneurial ventures.............................................3
TASK 2............................................................................................................................................6
P3. Impact of micro and small enterprise on economy...............................................................6
P4. Significance of small business in growth of economy..........................................................8
TASK 3............................................................................................................................................9
P5 Describe traits, characteristics and skills of entrepreneurs....................................................9
P6 Entrepreneurs reflect entrepreneurial mind set and motivations.........................................10
TASK 4..........................................................................................................................................11
P7 Experience and background can force and hinder entrepreneurship...................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
An entrepreneur is the person who runs small businesses by assuming their all risks as
well as rewards of the venture. The person is also known as an innovator who generates unique
ideas and concepts in order to run its working activities. Along with this, entrepreneurship is the
process of launching and running a small business in order to earn profits. It is an activity of
regulating a business and take financial risks so as to earn profits in target market. In this modern
era, small business plays a vital role in economic growth and success of a country by providing
job opportunities to people (Blackburn, Hart and Wainwright 2013). The report will state various
types of entrepreneurial ventures and entrepreneurial typology. A research will be conduct that
how small businesses influence economy. In addition, different skills and characteristics are also
described in this report. The assignment will be also evaluate how entrepreneurs reflect
entrepreneurial motivation and mind set.
TASK 1
P1. Entrepreneurial ventures and their relevance with entrepreneurial typology
Entrepreneurship is an intermixture of different business operations which will be
performed by entrepreneurs in order to deliver something new and innovative to people. Such
people are always trying to provide something new and innovate to society with an aim of
getting higher level of satisfaction from customers. For this purpose, entrepreneurs emphasis
more and more on marketing research to understand current market trends. However,
entrepreneurship also renders attractive employment opportunities to people for improving their
lifestyle (Stokes, Wilson and Wilson, 2010). Entrepreneurs have effective capabilities and
willingness to evolve, manage and organise a venture by carrying out all risks. But, large
number of entrepreneurs are forcefully closed due to lack of funding, poor decision making
processes and financial downturns.
Apart from this, there are diverse working activities are done by an entrepreneur which
assists him or her to run business organisation very efficiently and smoothly.; these tasks are-
strong decision making process, operation management, trend analysis, problem solving,
competitors analysis, formulation of business strategies and its execution etc. Successful
implementation of working operations and practices, also helps business owners to achieve goals
and objectives in a certain time period (Entrepreneurship. 2017). There is described following
entrepreneurial ventures, such are stated as under -
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 Small scale entrepreneurship – Small scale businesses occupy an significant place in
industrial sectors. It provides wide range of opportunities to entrepreneurs in order to
establish their own venture in capital market. In addition, small enterprises are having a
good scope as well as enormous potential therefore, they can use innovative and
technological products to society (Shane, 2012). In this, entrepreneurs can easily exploit a
profitable business for earning profits and increasing sales revenue. Scalable start up entrepreneurship – These business are totally differ from small scale
business entities. Scaleable start ups business are run by those entrepreneurs who know
that their idea can change the world. They have something new and innovative which will
provide them high returns in forth coming period. Apart from this, in order to run their
business very effectively such entrepreneurs attract investors or venture capitalists so as
to increase their funds and capital in an effective manner. In addition, they hire such
people who have best technical skills and knowledge. Large company entrepreneurship – These are the companies which have finite life
cycles. Large business enterprises have huge which helps them for effectively completion
of working activities. The main objective of these entrepreneurs is to provide qualitative
and value added products to customers' in order to gain higher customer satisfaction level
(Schaper, 2016). However, organisational cultural and size of large companies can make
disruptive innovation that is very hard to execute.
 Social entrepreneurship – These are the entrepreneurs who's prime objective is to create
such products which are able to fulfil social needs and resolve their problems. Social
enterprises are worked for growth and development of society for improving their living
living standards and values. They might be executed for profit, non-profit or hybrid.
Below mentioned entrepreneurial typology: - Academic entrepreneurs – Such entrepreneurs also known as knowledge entrepreneurs.
Academic entrepreneurs are tend towards certain activities that leads to innovation and
commercialisation (Neck and Greene, 2011). Such people are focuses more and more on
research and development activities in order to deal with external market. Public entrepreneurs -Such entrepreneurs are found mostly in public sector, which
encompasses government and semi-government companies. They applies
entrepreneurship rules and principles in order to manage their working activities.
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 Independent entrepreneurs – They are pure type of entrepreneur who are able to
organise their working activities in an effective manner. Independent entrepreneurs are
usually exhibit extensive entrepreneurial characteristic. Copycat entrepreneurs – Such type of entrepreneurs does not create their own ideas and
styles in order to run business, even they prefer to other's styles and concepts so as to
become successful entrepreneur. Serial entrepreneur – These are known as those entrepreneurs who start business and
then sell it others at its later stage. Social entrepreneur – Such entrepreneurs are develop of growth and vitality of lower
section of society in order to given them healthy life style.
 Female entrepreneur – It involves those business entities which are run and managed by
females. They are liable for carrying out all working activities and operations in proper
manner.
P2 Similarities and differences between entrepreneurial ventures
There is a major differences and similarities between entrepreneurship ventures.
Generally, a business organisation is based upon these concepts, i.e. risk taking, innovation and
decision making process. While starting any of business, it is essential for employers to analyse
all these factors so as to yield profits in an effective manner. Beside, every people have their own
point of view towards anything, that creates differentiation among entrepreneurs. But it makes
them able to grab as well as spot opportunities (Luiz, 2011). As per above discussion, there are
various types of entrepreneurs, such as – social, serial, male and female entrepreneurs. Below
described certain differences and similarities among these entrepreneurs: -
Similarities and differences between life style and serial entrepreneurs: -
Type Similarities Differences
Lifestyle and
serial ventures
Lifestyle and serial ventures, both
entrepreneurs undertake their
working activities so as to provide
maximum level of satisfaction to
customers. Their main aim is to earn
highest profits and sales revenues. In
A lifestyle entrepreneurial venture is
one of the person who is liable for
creating a business with an aim of
altering their personal life. They
mainly emphasis on enjoying life
rewards; they are fully passionate
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order to get competitive advantage,
both entrepreneurs are focused on
market trends, research, competitors
analysis and customers desires I
before producing their products in
market.
towards their work. Along with this,
lifestyle entrepreneurship shows
flexibility in time schedule and
location. In other words, it is a that
kind of business which can be
operated anywhere over the world
(Lee-Ross and Lashley, 2010). Thus,
it can be said that being a lifestyle
entrepreneur means an individual can
turns his or her interest into products
and services which are offered to
other. It also supports to provide a
lifestyle of opportunities and freedom
as well.
Apart from this, serial entrepreneurs
is the one who is always comes up
with new concepts and ideas in order
to start a business. He is liable for all
working responsibilities for their
business but after sometime, they sell
their business to others. Such people
cannot run an enterprise for long term
period. It a good thing if a person has
lots of new ideas and thoughts but as
opposed to this, in order to find new
ideas he stopped putting efforts into
existing business and then such
businesses are failed.
Social and
scalable business
entrepreneurship
Social and scalable enterprise, both
are implemented for growth and
development of society. Apart from
Basically, social enterprises are
established for charitable purpose,
they also known as non profitable
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this, social ans scaleable business
entities are established by
government and other legal
authorities for serving better to
society.
business entities which are funded by
government or other legal authorities.
In addition, these entrepreneurs are
tend to build a social environment by
reducing all issues and problems
(Islam and et. al., 2011). They aids to
make a sustainable structure of
society which promotes values and
ethics. Such kind of businesses are –
education, health etc. hence, it can be
said that such groups are based in
order to diminish community matters
and generate effective growth
chances. Apart from this, scalable
enterprises are developed for a
session as per the public demand and
needs. For example- in winters there
is a need of woollen clothes, so that
such entrepreneurs are established
their business for this purpose only.
Small and large
scale
entrepreneurs
The main objective of both business
enterprises is to produce hih quality
products and services that are able to
fulfil customers needs and wants in
the best possible manner. Both
sectors develop effective strategies
and policies in order to attain and
retain customers for long term period.
Small business entities are created in
order for forward looking ideas; these
entrepreneurs have capability to take
high risk. It is also called as non –
dominant firms which prime motive
is to evolve themselves as large
organisations by covering high
market share. In this, high
development rate is required for
achieving level of growth. Large
business entities are implemented in
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market so as to earn highest profits
by attaining a wide of customers.
Their managers are always want to
increase their market share by
providing innovative products and
services to society.
TASK 2
P3. Impact of micro and small enterprise on economy
On the basis of size, business organisations are categorised into three parts, such are
defined as follow: -
 Small – In covers the area in which is having less than 50 people. Small business have
regardless of revenue, i.e. less than £5.6m/$5.6m.
 Medium – It is known as those business which have 50 to 250 employees. The annual
revenue or turnover of these businesses is always depend upon the number of workers.
But approximately their revenue is greater or equal than £5.6m/$5.6m and less than
£22.8m/$22.8m.
 Large – At last, large business organisations, which are having more than 250 employees
and its sales revenue is greater than £22.8m/$22.8m.
Below mentioned nature and characteristic of these business entities: -
 Sole proprietorship – It refers to a business in which only one person is liable for
managing all operations and working activities. Sole proprietorship business does not
have any separate legal entity.
 Private companies – These business entities are owned and controlled by various private
individuals in order to get higher profits and sales in target market (Gorgievski, Ascalon
and Stephan, 2011).
 Partnership – It is known as an agreement in which more than two people are agreed to
run a business venture by sharing mutual interests. Partnership deed may results to
holding as well as issuing equity.
 Franchising – In such businesses, an individual sold rights to its business to another
parties, as they can their sell products and services by using their name.
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Now these days, there are growing several businesses. Due to government support and
success of certain business houses in modern world, different entrepreneurial activities are rising
and lead in global environment. Such small business enterprises are becoming pillar for overall
economic growth and vitality across the world. In UK, these firms are occupying more than 90%
business activities. If SMEs will get support from government authorities then can contribute in
British Economy almost 20 billion pound. Apart from this, small scale industries are now taken
share of more than 99.3% in private sector (Fassin, Van Rossem and Buelens, 2011). They also
provides various employment opportunities, i.e. 15.8 million people in UK of total employment
ratio. At last, the annual turn over of SME's was 1.9 trillion that is almost 48% of overall turn
over of private sector. Apart from this, Brexit is a process of leaving by the UK in 2016, it
having negative impact on economy growth of the nation. Therefore, British Government needs
to invest in SME sector so as to maintain its growth and competitiveness at global market in
order to create employment for future.
(Source: 1BPE statistical release, 2016)
Impact of entrepreneurship on economic growth and development
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Provide employment opportunities – As per the above research, it is founded that small
business are highly involved in providing employment to people of UK. If people will be get
attractive job opportunities then it will contributed in improving economic condition of the
country.
Increase GDP rate – If people have various sources of income then this will be improve
their purchasing power. AS the number of SME is increasing, they will contribute at higher
production, that enhance import and export activities.
Emerging dynamic markets – Due to their small and flexible nature, small business are
capable to capture environmental changes. Through which, they can easily fulfil customers needs
and wants. It is also a great contribution in economic growth because in order to fulfil their
requirements buyers' will not moved for foreign countries.
Improve living standard of society – The main objective of small business is to provide
qualitative and value added to customers. If the people of lower section will get effective
products, then it helps in improving their living standards.
P4. Significance of small business in growth of economy
The core concept of entrepreneurship is to change overall working environment. Before
few years ago, it was too difficult for managers to start a new business and manage it an
effectively. Because at this time, entrepreneurs are required to fulfil strict government laws and
regulations. But due to less government control and globalisation, it becomes easier to run a new
business. Now these days, small business enterprises plays a vital role in every sector of
economy (Chittithaworn and et. al., 2011). These are funded by government as well as other
legal authorities. In UK, such firms are included in almost 90% business activities. It also renders
economic stability to a country as it did in 2008 at the time of economic recession.
British government is trying to improve the area of small businesses by providing them
all facilities; it helps firms to run their businesses in an effective an efficient manner. At present,
it is providing employment to 15 billion people which is almost 48% of overall employment in
private sector in UK. Beside this, there are 5.5 million small entities that are legally registered
with PAYE and VAT, that is really assistive in maximising annual turnover of government. On
the other hand, small business are more emphasis on supplying quality products and services to
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customers. They always tries to produce new and innovative products so as to improve living
standards of people in an adequate manner.
Below mentioned certain benefits of small business enterprises: -
 It creates job opportunities as the number of new businesses are rapidly increasing day by
day.
 SMEs are assistive in generating high sales revenues as well as high turnover.
 Now it is become a fastest growing sector of a country's economy; this also reduces
unnecessary taxes and duties.
 By providing job opportunities to lower section of sociality, small business enterprises
are also helps in reducing poverty. Therefore, people can live freely and in an ethical
manner.
 Diminishes economic gap in rich and poor people by supplying them kind of products
and services.
TASK 3
P5 Describe traits, characteristics and skills of entrepreneurs
Entrepreneurs have capability to take risks which aids them in accomplish their financial
profits. Divergent or attractive skills and characteristic of an entrepreneur differentiate him or
her from others. Without having these characteristic, these owners cannot be succeed in their life
cycle (Dennis, 2011). Mark Zuckerberg and Bill Gates are the perfect example of entrepreneurs
in modern world. They become more powerful people as per the entrepreneur skills and
characteristics. Below mentioned certain necessary characteristics of an entrepreneur, which
helps him to become successful: - Passionate – An entrepreneur always have to passionate towards his or her work. While
developing Facebook, Mark Zuckerberg was give his all time to research. He develops
effective strategies and policies for completion of overall work. Being passionate could
leads an individual's life and helps him to be successful. Leadership and management – The ability of effective leadership and management,
helps entrepreneurs to manage their business in a proper manner. For example- Bill Gates
have both qualities therefore, now he is managed a large group of people, i.e. Microsoft.
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 Creative – An entrepreneur always have to be creative and innovative towards its work. It
need to generate something new and innovative to society for its growth and development
(Carraher and Paridon, 2015).
 Risk taker – Undertake business activities needs certain amount of risk. As more risk will
be taken by entrepreneurs as they will be succeed and gain high profits. If people will not
take risk then they never will be succeed in their life cycle as well as corporate life.
Skills of an entrepreneur is described as under: - Communication skills – It is essential for an entrepreneur to having good communication
skills. This would helps them to interact with people in an adequate manner. In the
absence of this skills, it is very hard of business owners to understand market trends and
perform effectively. Team building skills – Ability to influence others for a specific goal and objective, helps
employers to fulfil their working activities in a systematic manner. Bill Gates and Mark
Zuckerberg have good team building skills as now they are managing and organising
large group of employees. Decision making skills – Taking good and strong decision helps entrepreneurs to achieve
high competitive advantages. Hence, it is essential for entrepreneurs to take fast and
quick decisions to perform potency in target market.
 Having a clear vision – An entrepreneur always have to be work with a clear vision.
Strong mission and mission motivates and encourage individuals to work hard.
P6 Entrepreneurs reflect entrepreneurial mind set and motivations
Mindset and motivations are two different factors of human being. Mindset is created
according to the perception of the fact and figures. Apart from it motivation is the abstract of the
nature of human being which increase the level of confidence to perform well and achieving the
objectives. World's most successful entrepreneur are Bill gates and Mark Zuckerberg who are
ruling the market at global level. Mindset of a human mentality base upon the environment found
around the person (Carland, Carland and Stewart, 2015). It is require to follow the positive
aspects and approaches to create fair and positive mindset. Positive appearance of the plan
motivate the employer to take initiative for working effectively and increase the strength of
taking risk. If entrepreneur fall to deliverables the desired targets and objectives then it doesn't
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mean that he should lose the hope. An independent entrepreneur accept the challenges and
failure in positive way. He tries to find out the mistakes and prepare effective strategies after
practical analysis. Temptation of improving skills and work capacity is the main motivating
factor which helps to entrepreneur to work effectively and prominently. Motivation is supporting
factor of mindset but it keep very essential position in the behaviour of entrepreneur. If
motivation removed is removed from the nature of entrepreneur than mindset wouldn't be
perform. Both motivation and mindset are linked factors which are required to retain in the
nature of entrepreneur. Both the factors groom the appearance of entrepreneur in the organisation
which helps the organisation to work in right direction to achieving targets.
TASK 4
P7 Experience and background can force and hinder entrepreneurship
Whole procedure of entrepreneurs can affected through many external elements; in which
background and experience are the important one. If an entrepreneur has good past experience
then he can easily manage his working activities in an effective manner. In addition, experience
can be get by doing specific operations and activities (Burns, 2010). But it is possible that all
people have good past experience, some are failures in their lives. But entrepreneurs does not
loss to their self confidence. They always have to learn from all tasks as they performed.
Apart from this, likewise past experience, background of a person also have a significant
role which can impact on commercial activities. Background of an entrepreneur involves some
major elements, such as- cultural, family, reference groups etc. Born qualities of a person also
helps him to become successful in life cycle (Bridge and O'Neill, 2012). Below describe certain
factors which can which can affect mind set and motivation level of an entrepreneur: - Personal traits – Personal traits and characteristic helps an individual to perform
effectively in target market. Bill Gates and Mark Zuckerberg have effective personal
traits which helps them to take quick decisions. Financial conditions – Financial condition of an entrepreneur also effect their thinking
level. Both of the refereed entrepreneurs have good financial condition which helps them
to research more and more regarding their business.
 Education level – Higher education level provide basic knowledge to a person regarding
existing norms of the society.
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CONCLUSION
This reports define the meaning of entrepreneurship in the organisation. Entrepreneur
skills helps the organisation to operate the functions of in right direction and help to become
global leader in market. Entrepreneurs skills contains the role as director at different stages of the
organisation. The above research explain the skills and factors which are required to be a
successful entrepreneur. A successful entrepreneur helps the organisation as well as country too
as a part of economical growth. Now a days the scope of entrepreneurship is getting vast. For
developing economies best team of entrepreneurs may help to excel the economical and social
growth of the nation. Entrepreneurship skills are used every organisation at domestic an
international level.
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REFERENCES
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Shane, S., 2012. Reflections on the 2010 AMR decade award: delivering on the promise of
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Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
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Entrepreneurship. 2017. [Online]. Available Through: <https://hbr.org/2017/01/buying-your-
way-into-entrepreneurship>. [Accesses on 28th October 2017].
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