Entrepreneurship Report: Exploring Business Types and Economic Impact

This report provides a comprehensive overview of entrepreneurship, covering various aspects of the field. It begins with an introduction to entrepreneurship, defining key terms and concepts, such as the role of entrepreneurs and the importance of risk-taking. The report then delves into different types of entrepreneurial ventures, including scalable startups, large company enterprises, small business entrepreneurship, and social entrepreneurship, highlighting their unique characteristics and objectives. Furthermore, it explores various typologies of entrepreneurs, such as serial entrepreneurs, female entrepreneurs, social entrepreneurs, and copycat entrepreneurs, discussing their approaches and motivations. The report also examines the impact of small and medium-sized businesses on the economy, including the role of Brexit and government initiatives. It presents a comparative analysis of different business types and their similarities and differences. The report emphasizes the significance of resource management and the contributions of various business structures, like private sectors, sole proprietorships, and partnerships. Overall, the report offers valuable insights into the dynamic world of entrepreneurship, providing a detailed analysis of its key components and their economic implications.

Entrepreneur

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
P1............................................................................................................................................1
P2............................................................................................................................................3
TASK 2............................................................................................................................................4
P3 ...........................................................................................................................................4
P4 ...........................................................................................................................................5
TASK 3............................................................................................................................................7
P5............................................................................................................................................7
P6............................................................................................................................................9
TASK 4............................................................................................................................................9
P7............................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is that term which is known as setting up of the firm and an
entrepreneur is a person which takes risk so that they can be able to establish their business in a
proper manner and try to make proper efforts to get success and become a good entrepreneur. It
is essential for a good entrepreneur to always motivate the team members (Barringer, 2012) .
They have to be a very hard working person. F.S.D is a business which is run for non profit, they
use to monitor and check that where were can small business open. In this report, types of
entrepreneurs and different typologies are described. The impact of small business on economy
and many other things which are important to be known by an entrepreneur are detailed here.
TASK1
P1
Entrepreneurs are those who are the risk takers so that they can be able to establish
business in a proper manner. They do hard work for achieving success. It is not easy for a person
to become a successful entrepreneur as it takes a lot of time and hard work for that and those
who stay till the end are successful. Entrepreneurial venture is known as the business which they
use to establish by their own talent. There are different kinds of entrepreneurial ventures like:
 Scalable start up business- These are entrepreneurs which have the unique and different
vision from starting up of business. They are crazy type entrepreneurs, who wants to
become famous and grab the market from the beginning of their business and even
though investors also like to invest in their business (Cowling and et. al. 2015). They just
want to become famous so that whenever they introduce any product then people can
automatically get attracted towards them without doing any kind of promotion.
 Large company enterprise- This business is mainly focused and produces the plans for
long run. They make proper plans so that they can sustain in the market for longer span of
time. In this business, it is important to make a plan which will be something different
and which will stay in market for a long period of time. The company should produce
products according to the market choices so that people can adopt the products easily
and it should be useful so that they can get influence to use it for a long.
 Small business entrepreneurship- This business type is which use to be opened so that
people can be able to earn some earnings which will be helpful for them to fulfil their
day to day requirements. These types of business is mainly opened in the small areas and
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mainly on the door steps of the houses, this shops are like the electrician, plumbers, small
shops, etc. they open up this kind of business so that they can get earnings by which they
can fulfil own and families requirements. They do not plan for a long they only focus on
day to day income.
 Social entrepreneurship- This is a business which is owned by the people so that they
can be able to provide products and services to the society which will be beneficial for
them (Defourny and Nyssens, 2010) . They focus on society’s welfare and try to know
about the problems which it is facing along with making possible things to produce to
help them.
Typologies of entrepreneurship
 Serial entrepreneur- These are the entrepreneurs who have many new ideas with them
and by that, they use to establish business and afterwards, give its responsibilities to
someone else, and goes to implement another new idea. It can be beneficial for earning
profit but for those entrepreneurs only who have proper ideas with them or else that may
impact on their success.
 Female entrepreneur- These are the females who own and run business in proper
manner all the things which they use to perform in the organisation by their own and with
soft way.
 Social entrepreneur- These are the entrepreneurs who work for society and their people.
They do many things and provide products and services which will be helpful for the
society. These entrepreneurs mainly focus on social welfare.
 Skeptical entrepreneur- These types of entrepreneurs question the other entrepreneur
who get success, and thinks that they have something lucky with them that is why they
got success in their business and they tries to find something lucky by which they can get
success and do nothing.
 Copycat entrepreneur- These are the entrepreneurs which use to copy other
entrepreneur and they do not create any ideas and plans by their own and copy others
ideas, products and labels of the other people. They do not do any kind of hard work.
 Research entrepreneur- They do research before doing anything in business as they
think that it is very important to do proper research before doing anything in the firm.
They mainly want to collect information first and then implement it on their business.
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 Accomplished entrepreneur- These are the entrepreneurs which came to the end of the
success. They have done a lot of struggle to reach to this success. Now, they only have to
figure out all things and try to run business in a proper manner (Delgado, Porter and
Stern, 2010).
 Determined entrepreneur- This entrepreneur does not like to copy any other people,
and do not like to ask or ideas by anyone else, they only want to create by their own
knowledge and skills. They are very determined for their work and business, do not want
to copy any people at any place want to do by their own.
P2
An entrepreneurial ventures are those business which are been owned by the
entrepreneurs and all those have some similarities and there may be lots of differences between
them.
Entrepreneurial venture Similarities Difference
Lifestyle and serial
entrepreneur
Both ventures have similarity
which is that they both use
ideas and different ways by
their own and do work on
those ideas.
The lifestyle entrepreneur is
one who converts their interest
and passion in some products
and services. Also, the serial
entrepreneur is one who
creates ideas and establishes a
business and after that, gives
responsibilities of it to others
(Drucker, 2014).
Entrepreneurial venture Similarities Difference
Female and male entrepreneurs They both perform their task
individually and manage all
the work alone.
Female entrepreneurs are those
who manage their work and all
situations with calm while, on
the other hand, male
entrepreneurs are those who
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manage all their work
aggressively.
Entrepreneurial venture Similarities Difference
Scalable and social
entrepreneur
They both are very serious and
responsible for their work.
Scalable entrepreneur is one
who produces products which
are unique and they want to
become famous in the market
(Hall, Daneke and Lenox,
2010). Social entrepreneurs are
those that make products and
services to provide benefits to
the people of society.
Entrepreneurial venture Similarities Difference
Small and Large business
entrepreneur
Both of them wants to earn
profits.
Small entrepreneur is one who
owns business to earn day to
day requirements. Large
businesses are those that focus
on long term sustainability.
TASK 2
P3
Business is having different kinds and types all that works at different level, ways, etc.
they can be micro, medium, small. All these business have there own importance and values in
the market and according to their characteristic they have to perform and work according to it.
And it is essential for them to use the resources which they have with them in proper manner
(Herrington and et.al., 2010). The small and micro business are those which works in the small
areas and levels, they have limited resources available with them and they have to use it in
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proper manner as they do not have that much of funds with them to make avail of any new
products. So it is very essential to establish more and more small business all over as it can have
direct impact on the nations economy.
Micro business- These are business which do not have very good financial condition, as they
works on less areas. Even they have some limited resources which they have to take in use. In
this micro business mainly its turnover is approx 50000 and in UK there is approx 23500 micro
ventures are available over there.
Small business- this business is mostly owned and ruined privately and the entrepreneur which
establish this has to earn something for day to day requirements of themselves and their families.
In this venture number of venture is less and there revenue of per annum is less compare to the
large business and they have little resources. But it is good they can be able to contribute at good
level for the nation (Jones, Coviello and Tang, 2011).
Medium-sized business- These are those firm which is not small and nor large. It has little high
opportunity then the small business and there are approx 250 employees working in medium-
sized organisation.
Different types of organisations are their such as private, sole proprietorship and
partnership. All of these are different in nature and the entrepreneur should know about all of
these firm.
Private sector- These type of company is privately owned and ruined by the entrepreneur and
this is established for earning maximum profit. They do not serve people for societies benefits
they produce and provide products and services for their own profit. All the activities which are
being done by them is only to earn money.
Sole proprietor- This is a firm which is usually owned and ruined by a individual person and
there is not much need to legally register the firm and this is mainly a small scale business which
is owned and established mainly to earn money for there own use (Karlsson and Wigren, 2012).
Partnership- This type of business is established by two or more people together, and they all
together are responsible and for all the profits and loss which the company faces in their
organisation.
P4
Brexit is occurred when small and medium measured business expect enter part in
embellishment the economy of UK relentlessly. It is helping British economy to get
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improvement and besides helping the countries in giving openings for work. As showed by the
official data little scale wanders are the people who has less 250 agents and it moreover
communicates that there were 4.9 million business existing in Britain and out of each one of
those practically 99 percent were close to nothing and little scale business. They have also used
incalculable and in 2013 it rose to 14,424,00 people. Associations who has under 250 agents and
are named as littler scale, nearly nothing and medium had signify turnover of £655, £515, £477
billions independently (Kirzner, 2015). National estimations says that 11.8% privately owned
business are secured passage while 11.4 percent are incorporated into practices related to import.
Government in like manner comprehended that how basic the privately owned business are for
their economy so they turned out with an arrangement called "Free organization: Great
Ambition" . This arrangement was impelled in the latest month of December as had a state of
arranging plans through which privately owned businesses can be broadened easily. Government
similarly went with pilot plot for improvement credits for minimal medium endeavours. Brexit
had been occurred in the middle of two nations which is British and Europe. They had been got
isolated according to a few reasons yet after partition of both the nations parcel of issues are
confronting by them which are influences the general population of the nation in particular.
Before this had been happened both the nations were working together which was going in a best
way which give the general population great work by that they might satisfy the necessities of
themselves and their families moreover (Morris and et. al. 2012). This had made great increment
in the economy however after Brexit they had done their organizations from every others nation,
this affected economy likewise and many individuals parts their work as well. This additionally
made particularly issues to the both the nations as they need to begin their business from the
beginning they need to roll out numerous improvements as they need to restart their business.
As a result of this legislature and the association needs to cooperate so they could do
changes and can accomplish what they are required to enhance their condition once more. It is
huge test for them as they need to do as such quite a bit of endeavours which would help them in
accomplishing all the more great things. Private venture or the miniaturized scale business had
been assumed a most imperative part as that aides in expanding the economy of the nation. For
that they required some help by which they can have the capacity to open up the business in an
appropriate way. Government ought to likewise make a few strides which would help individuals
to get propel to set up independent venture substance, they could give money related help to the
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general population or could do diminish tax collection which will make them do their exchange a
less duty. that more individuals would motivate impact to open the business then it would be
useful for the jobless individuals to get work which would help them in satisfying their
prerequisites and of their family.
This would likewise make increment economy that nation. It can likewise make the
general population of the nation to get the things in their own place as they don't need to look
through that at any of the spots, this would likewise help in expanding the economy of their
country. So it is basic to concentrate on little and miniaturized scale business substance.
Economy assumes an imperative part in any association and for country additionally it is
extremely basic to have appropriate economy in their country with the goal that they can do
numerous things in country to enhance its condition. After Brexit British and Europe both
endured a considerable measure, economy of both country had been gone less, they need to
accomplish more endeavours to build it like some time recently, fundamental reason of decline
in economy is halting or less business elements over their country, so in the event that they need
to expand their economy they need to concentrate on opening up of more business element, for
that administration ought to likewise bolster and rouse individuals, independent venture element
could improve in expanding economy, notwithstanding for private venture very little of reserve
is required. In the event that legislature likewise step toward it then it can be useful to develop
economy of country which is useful for individuals who are living over their (Santos, 2012).
Indeed, even little scale business can make individuals who don't have work by giving them
business, many individuals would land position which will be useful for them as they can meet
their and their families every day necessities.
TASK 3
P5
Business directors are the general population who works for other organization or who
works for others. Elizabeth Gooch and Tom mercer both have worked for somebody yet in last
they have stepped up with regards to begin their own particular business. Them two have diverse
qualities and aptitudes as the fields of business they are working in are altogether different. Lets
proceed onward to their aptitudes:
QUALITIES/NAME ELIZABETH GOOCH TOM MERCER
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TRAITS Elizabeth has begun working
at 18 years old which
demonstrates her
determinative conduct towards
her objectives. She worked
with HSBC for around 8 years
and than began her own
particular business this
demonstrates her
understanding to learn before
doing her own business .
Tom was working with an
organization and he confronted
issue in overseeing time for get
ready breakfast so he began his
dare to convey the individuals
who work this demonstrates
his reasoning which could be
advantageous for all. He
concentrated on making
sustenance wander as well as
conveying nutritious
nourishment which
demonstrates that he is stressed
over well-being and
cleanliness as well (Short and
et.al., 2010).
SKILLS Elizabeth had worked with a
bank for a ling time so she has
the aptitude to monetarily help
her organization. And
additionally beginning her own
particular business
demonstrates that she have
administration abilities which
is taking the correct activity.
Indeed, even subsequent to
confronting misfortune for two
back to back years Elizabeth
figured out how to make
achievement in the third year
Tom is a sound nourishment
master he utilized his this
expertise to present MOMA
sustenance. What's more, he
additionally have the ability to
go out on a limb of offering it
on the grounds that the
development of the business
thoroughly relies upon the
loving of the sustenance by
individuals which
demonstrates his hazard
administration expertise.
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by legitimately dealing with
the organization which guided
it towards progress.
P6
Business is tied in with making and growing new thoughts. Making and growing new
thoughts absolutely identifies with motivational soul and coordinating the conduct towards
progress. Elizabeth Gooch and Tom Mercer have likewise done this they have been spurred
independent from anyone else to begin their own particular business.
Elizabeth has begun her own particular organization as EG specialists which confronted
misfortune for two constant years disregarding loosing the soul of enterprise she built up a
thought and changed the organization to EG arrangements PLC which than earned the benefit.
So this demonstrates her inclination to create and develop in business division regardless of
having misfortune (Von Graevenitz, Harhoff and Weber,2010). At the point when individuals
work together they should have chance taking capacities which are spoken to by Elizabeth
Gooch. She is a dertemined woman who need to accomplish her objectives since she is
dependable to her stake holder's.
Tom Mercer is his own particular help to begin MOMA nourishment. He created this
wander out of his genuine episode which demonstrates the amount he confronted and he don't
need individuals to confront the same. A straightforwardness to individuals for sustenance fancy
is made by Tom Mercer which demonstrates that everybody confronts a few issues however just
a couple of discovers arrangement in general. This is finished by Tom Mercer remembering
well-being. He is a man who assemble a thought out of his every day routine and got
achievement.
TASK 4
P7
Them two are exceptionally effective business visionaries in this day and age. While this
voyage they may have confronted numerous issues and in addition they have many propelling
drivers which made them to be at their ebb and flow position.
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Elizabeth Gooch is from managing an account area and after at some point she moved to
a consultancy and worked there 8 years and picked up a considerable measure of experience
which was utilized by her to begin her own particular business. Working in bank gave her insight
to manage misfortune and retreat and working in consultancy made her to begin her own
particular consultancy. Both of these have joint impact on the achievement of Elizabeth Gooch's
business. This states how foundation can prompt improvement.
Tom Mercer had confronted the issue of sustenance independent from anyone else so he
comprehended that it is being confronted by every single person who work so he began MOMA
nourishment dare to convey individuals with nutritious and sound nourishment. His own
experience is the significant component of beginning his business and the devotion for taking
care of the issue lead him to achievement of the business. He worked day and night to make the
most ideal breakfast for the general population who were working since he himself confronted
issues. This demonstrates his own torment prompt a presentation of wander MOMA
nourishment.
Discussing individual experience we can take Donald Trump and Jack Ma both are
extremely effective specialist of 21st century (Wang and Altinay, 2012). Donald Trump works
the trump business which was his privately-owned company began by her grandma and Jack
mama has built up his own site for working business online that is Alibaba.com. Donald Trump
have his privately-owned company and he is additionally the present leader of US. Jack Ma got
dismissed by apple a few times even after that he didn't lost mettle and built up his driving
organization in tech retail business. The main nature of Donald Trump originated from his family
and he turned into the leader of US. Jack Ma confronted a great deal of dismissals which drove
his conduct to flourish achievement and in the long run he wound up plainly fruitful. Donald
Trump is a ruler who manages as a tyrant since he had his own particular domain of business
where he worked everything which additionally prompt achievement. Jack Ma battled a
considerable measure that made him to build up his own particular site Alibab.com.
CONCLUSION
From the above report it been analysed that there are different types of entrepreneur
venture and all that have its various importance and uses which an entrepreneur has to focus on
and which they have to study on. And importance of small business for economical condition is
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