Entrepreneurship Report: Ventures, SMEs, and Economic Factors

This report delves into the multifaceted world of entrepreneurship, commencing with an introduction that defines the core concepts and motivations behind entrepreneurial endeavors. The first task examines various entrepreneurial ventures, including small business entrepreneurship, scalable startup entrepreneurship, large-scale entrepreneurship, and social entrepreneurship, analyzing their relationships to different typologies. It then compares and contrasts different entrepreneurial ventures, such as lifestyle versus serial entrepreneur ventures, and female versus male entrepreneur ventures, highlighting similarities and differences. The second task focuses on the impact of micro and small businesses on the economy, emphasizing their crucial role in economic development, employment rates, and contribution to the GDP. It categorizes businesses by size (micro, small, and medium) and explores their distinct characteristics. The report also addresses factors influencing entrepreneurship, such as experience and background, which can both facilitate and hinder entrepreneurial activities. Overall, the report offers a comprehensive analysis of the entrepreneurial landscape, providing valuable insights into the diverse forms of ventures, their impact on the economy, and factors that affect their success.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Examining different entrepreneurial ventures and their relation with the typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and Differences between Entrepreneurial Ventures...........................................2
TASK 2............................................................................................................................................4
P4 Importance of contribution by SME towards the society and Economy...............................7
P5 Determining the characteristics, traits and skills of two successful entrepreneurs................8
P6 Entrepreneurial personality striking their state of mind and motivation...............................9
TASK 3..........................................................................................................................................10
P7 Experience and background can surrogate and obstruct entrepreneurship..........................10
CONCLUSION..............................................................................................................................11
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship is something which is being done with the motive is earning financial
security and those who start up a business process are called Entrepreneurs. The criteria of
business owner is to innovate and manufacture new kinds of products and services within
marketplace in order to acquire large market share (Baum, Frese and Baron, 2014). The mind set
of an entrepreneur is to provide unique and new experience which can be long lasting in the
marketplace. For growth and success, it can be stated as crucial element. Thus, it can be stated
that for developing social and economical factors, entrepreneurship can be useful tool. In this
report, there are various tools and techniques which will be explored like various entrepreneurial
ventures within market. In addition, analysation will be done of the impacts of small scale
entrepreneurs in aspect of economic sector. Number of other factors which can affect the foster
entrepreneurship in negative manner will also be discussed.
TASK 1
P1. Examining different entrepreneurial ventures and their relation with the typology of
entrepreneurship
In a marketplace there are four types of entrepreneur ventures which are being
established while in case of starting up a business: Small business Entrepreneurship: In current situation, there are number of entrepreneurs
who are making up their way within the market of United Kingdom and they are setting
up at initial and small scale business. In UK market, there are appro0x 5.7 million small
scale business which has almost covered up the criteria of 9.7% of business and thus due
to that rate of unemployment has also been reduced which has came up-to 50% of all non
governmental workers (Bhachu, 2017). Most common small scale business which are
being observed are grocery stores, agencies, wood store, electricity products and this is
all done with the motive of getting financially secured so that the basic needs of himself
and family can be fulfilled and also it can secure the future in terms of basic needs and
education and other desires. So, fulfilling basic needs is main typology of this kind of
business.
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 Scalable Start up Entrepreneurship: In this type of entrepreneurship style, business is
being started with the motive of bringing change within the economy of country through
a vision. In order to make the motive of vision successful, entrepreneurs mainly looks out
for the investors who have equal mindset and can provide support. Apart from this,
working on vision needs skilled and experienced workers who are being recruited for
working in an effective manner. This kind of planning and high moral level leads to
growth and success of firm. The kind of typology which can be implemented is the
aggressive growth ventures (Burrows, 2015). There are various other elements which are
being involved in the process of entrepreneurship and thus they mainly focus on attaining
aims and objectives of firm along with bringing out skills and abilities for developing n
rapid speed. Large Scale Entrepreneurship: In this kind of entrepreneurship style, business is majorly
being conducted on large scale as they are being formed with huge amount of fund. There
are various techniques and tools which are being utilised to gain growth and success and
those techniques can be like innovation in new kind of products, using latest technologies
and recognising the pattern of competition. The main focus of entrepreneur is on
determining and analysing the actual wants and desires of customers within marketplace
and thus satisfying them in maximum manner (Butler, 2012). The typology which is
related to large scale entrepreneurship is on focusing on sustainability which will help
them to grow and get success which they have desired and that can b done by capturing
large number of customers and market share and satisfying customers in better manner.
 Social Entrepreneurship: This kind of entrepreneurship mainly focuses on manufacturing
certain products and services which can be used to fulfil the needs and find the proper
solution for the social needs and issues. In this, entrepreneurs have main motive and that
is making economy a better place so that prosperity can be seen. These are mainly non-
profit or hybrid in nature (Dacin, Dacin and Tracey, 2011). The kind of typology which
can be related to this kind of entrepreneurship style is behaviour regarding growth and
success so that it can enable people who are living in an economy in order to develop
themselves and thus live with better life style.
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P2 Similarities and Differences between Entrepreneurial Ventures
There are few sectors and grounds on which similarity and differences will be judged and
thus they are being described below:
Lifestyle Ventures or the business
Similarities
1. Business are being established in with
innovate and unique idea and thus
main priority so being set on its
attainment.
2. Workers who are high skilled and
experienced who have potential to allot
the tasks in effective manner.
3. The priority of business is on attaining
growth and success by attracting large
number of customers (George and
Bock, 2011).
Serial Entrepreneurs ventures
Similarities
1. Starting business with an innovative
idea and thus focusing on attaining it is
kind of similarity which both types of
entrepreneur possess.
2. This kind of entrepreneurship needs
highly skilled and knowledgable
employees who can attain certain
objectives within allocated time.
3. Another similarity which can be stated
as the common aim of company which
can be attained by capturing large part
of marketplace.
Differences
1. Business is being started with the
purpose of developing lifestyle socially
and economically.
2. Business is being operated with the
purpose of long time running and that is
done by keeping power in hands of
own.
Differences
1. Company is being started with motive
of implementation of an innovative
ideas and thus getting growth and
success, business is being shifted in the
hands of someone else.
2. Roles and responsibilities are not being
tackled for long period of time as the
business is being transferred to another
and the owner shifts to another
innovative idea.
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Female Entrepreneur Business
Similarities
1. The main purpose while starting up of
business is gain growth and success
along with generating the revenues.
2. Market is being analysed and thus
goods and services are being set as per
the needs and wants of customers.
3. The main focus of entrepreneur is on
capturing large number of customers
within marketplace in order to gain
competitive advantage.
Male Entrepreneur Business
Similarities
1. Starting up of business is being done
with the motive of attaining goals and
objectives in order to gain the revenue
and other profit margins.
2. As per the needs and desires of
customers, development of goods and
services are being done and thus new
manufacturing is being done on that
basis (Grimaldi and et. al., 2011).
3. Just like female entrepreneurs wants to
capture large market share, same is the
motive of male entrepreneurs.
Differences
 They have low abilities and confidence
as compared to male in context of
abilities while starting up of business.
 There are much more skills when it
comes to take effective decisions by
female entrepreneurs.
 In context of communication funnels,
they can be proved much more
effective in nature.
Differences
 There are much more abilities and skills
of male entrepreneurs while starting up
a new type of business.
 When it comes to solving out the issues
and barriers in decision making process
, male entrepreneurs have low score.
 Effectual communication can be
implanted.
TASK 2
P3 Impact of micro and small businesses on the economy
In current situation, crucial role is being played by small business enterprise in
development of an economy. They are the major concern for the Govt. of UK as these kind of
business have large number of shares within marketplace. There are number of major elements
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of respective country which are being affected in positive as well as negative manner. Those
factors are Rate of GDP, Import and Export rate, Unemployment and many others.
On the economical factors of country like UK, there are various factors which puts direct
impact like in 2016, about 6.4 million business are running successfully on small scale level.
There are about 98% of the business which are small in nature and thus have been contributing in
growth and development of economy (Hitt and et. al., 2011). In UK, employment rate is about
33% and thus creates 19% of turnover. In present scenario, there are about 7 million small scale
business which sis just the double of the year records which was 3.5 approximately.
There is no appropriate index which have been made and thus classified but there are
some basic conditions which are being implemented so that right indexation can be bought of
business firm. Things are much more complicated and to resolve that basic requirement of
identification are described below: Micro Business: This kind of business is being done on small scale level and thus the
main motive is to get financial security. There are around 10-15 staff members and
turnover of this kind of business is about $2 million. The major motive of this kind of
entrepreneurship is on generating maximum number of revenue in order to attain growth
and success. This business majorly works as Sole proprietorship as there is very less
funding involved and that funding can be attained by single person. There are various
areas through which funds can be arranged like personal savings, small loan from banks.
Form of micro level business is majorly shops, carpenters, workshops of cars, stores, cafe
and many others (Landes, Mokyr and Baumol, 2012). High amount of capital is not being
needed in this kind of business. Small Business: This business is small in nature but it is much more high as compared to
micro level business. This can be stated as one of the major difference between between
micro and small scale business. It mainly consist of less then 50 employees and turnover
is approx 10 million dollars. The main focus of this kind of entrepreneurship style is
capturing large number of customers in maximum level. In this, partnership can be seen
among business as it certainly involves good amount of funds and that is sometime not
possible for single person to arrange it. This kind of business is generally private in
nature as the reach of Govt. does not affect the process of business. This type of business
can be either in partnership or sole proprietorship.
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 Medium Business: This kind of business is large in nature as compared to micro and
small scale business as this kind of business certainly needs huge amount of funds and
thus launch the business. This kind of business have around 250 employees and their
turnover is around 50 million dollars. Generating revenue is the main motive of this kind
of business along with contributing in economical and social factors (Martin, McNally
and Kay, 2013). Partnership can be stated as legal contract between two or more then two
members regrading attaining tasks and activities.
Illustration 1: Various Impacts of Areas
(Source: Employment Rate, 2017)
There are certain areas of the economy which will impact SME'S: Employment: About 90% of the business market is been captured by Small scale business
and this in turn helps in providing employment of approx 50% to non government
workers. This in turn will provide platform of opportunities to the people who are still
unemployed or looking for job and thus reduce the rate of employment and contributes
towards the society development.
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 Foreign Direct Investment: This can be said as investment which is being done by
company with the purpose of starting up of business or purchasing new assets for
business. This can provide contribution towards the economy of country by generating
revenues.
 Backward Areas: Small business enterprise has provided platform of opportunities for
low class people and backward areas so that they can have job and their living standard
can be uplifted (Social Enterprise. 2018). All they require is small training which can
make familiar about objectives of firm. This will motivate them to fill confidence within
themselves and thus secure their earnings and provide financial and educational support
to their family so that upcoming generation have bright future.
P4 Importance of contribution by SME towards the society and Economy
Brexit can be said as term which is highly popular and it has relation with withdrawal of
United Kingdom from the European Trade. On 23rd June 2016 , approx 52% of the partaking
UK electorate voted to the UK to clear out. The Govt. of English conjured article 50 of the
Settlement on the European Union on 29th March, 2017, so this influenced UK to leave EU on
29th March, 2019. There are 7 main elements which are considered as threats to the Entire trade
of Europe and those are described below:
 A large portion of the financing will be vanished.
 Odds of developing aptitudes hole.
 Synergistic nature does not accept on limits
 Researchers predominantly depend on Cross-EU coordination
 Condition is being ensured by EU law.
 Fair-mindedness will be at higher hazard.
 Moving of Base camp
There is major difference between small business and start ups which are being described below:
Basis Start ups Small Business
Expectation and Rate of
growth
The main focus of starts ups is
on growing fast and measuring
it. Technology is the main
cause behind the fast scaling.
Small kind of business is
limited as per compared to
start ups. Therefore, it can be
said as low rate of growing
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and gaining success.
Finance The main focus of the external
funding is on getting smooth
and fast growth. They mainly
enable them to look out for the
investors until they generate
their own income. With start-
ups , there is high risk
involved.
There are some small scale
business which are mainly
started up without raising any
funds and those who do it, they
mainly arrange it from either
family, friends or it can be
bank loan (Neck and Greene,
2011). The main focus is on
generating revenue but that is
being done on lower rate and
risk are very less involved.
Nature of the Idea Main motive of the start ups
are that they provide goods
and services which are unique
in nature or they are modifying
in effective way.
The main focus of small scale
business is providing
traditional products and
services like for example
grocery stores, agents for
travelling and many more.
There is different direction in which small business and start ups but their destination is same and
that is earning profit margin within the economy. This can be stated as highly essential for the
other parts of world as when the start up is being established, it is being done with a motive and
that is making oneself motivated and get financially secured along with family. This in turn
motivates the entrepreneur to contribute in the society along with encouraging employment,
education and living standards. These kind of business firm mainly provides employment and
motivation to the backward classes so that they can earn and uplift their living standards. This in
turn will bring more revenue to the Govt. along with foreign exchanges.
P5 Determining the characteristics, traits and skills of two successful entrepreneurs
There are two entrepreneurs like: Bill gates and Steve Jobs who started as small scale
business and now they are on large scale business as they forecast the opportunity and acquired it
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and the results are in front of whole world. They have various types of characteristics, skills and
traits which are described below: Hard Workers: Both of the entrepreneurs are being considered as
hard workers and thus now their hard work says it all. This kind of
hard work is being needed in order to make the business successful. Risk Takers: Both of the entrepreneurs took high risk by giving their
all the time and funds available in order to make the business
successful at initial stages. High risk were faced by both of them and
they utilised various tools and techniques and then attained the profit
by the business operations (Santos, 2012). Money Management: Both of businessman has limited resources
and thus they managed them and utilised them in effective manner so
that results obtained should be in expected terms. This kind of
element is highly essential for growth and success of firm. Successful Planner: It is highly essential for an entrepreneur to
have effective plans and strategies so that productivity and
profitability can be enhanced along with growth of business. They
forecasted the demands and thus made plans according to that and
results which are being obtained is in front of everyone else.
Skills and Traits of both Entrepreneurs Determination: As per the business will not be judged on the basis
of business but during the tenure of initial stages and present day,
they faced many kind of challenges but they faced all of them by
making effective strategies and solution. In simple words, their
determination lead them to be successful. Communication Skills: This can be stated as highly essential skills
and both of them handle situations in effectual manner (Sarasvathy and
Venkataraman, 2011). This allows employees to get motivated and face
adverse kind of situation and thus it will in turn will help in to attain
the tasks and objectives of firm in effective and efficient manner.
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 Chance Grabber: After facing many kind of issues and handling up
of situations, they gained experience and became optimistic in nature
and this in turn enabled them to think in wide manner and predict the
opportunities.
P6 Entrepreneurial personality striking their state of mind and motivation
OCEAN approach is being utilised by HR management specially while
placing the employees. This in turn enables them to allot the tasks as per
the abilities and skills which provide assistance in enhancing the personality
and professionalism development as well. There are five dimensions which
can be utilised for development of personality and they are openness,
Conscientiousness, Extroversion, Agreeableness and Neuroticism mainly
known as OCEAN and they are described below: Openness: For an entrepreneur, this can be most essential element as
they have curiosity to explore new things and gain experience so that
they can have better working environment along with clear objectives. Conscientiousness: This can be stated as essential element which
needs to be adopted by an entrepreneur so that mind can be much
more alerted and thus monitoring on things can be done (Schaltegger and
Wagner, 2011). Apart from this, with alert and active mind there are
high chances of grabbing any opportunity and thus create effective
environment. Extroversion: This makes entrepreneur to predict for the future before
planning in order to gain effective outcomes. This includes various
talkative and assertive. Agreeableness: In this approach, entrepreneurs tries to create
friendly environment within workplace so that high and effective
performance of employees can be seen.
 Neuroticism: This is otherwise called passionate dependability which
lets a business person to keep up solid relationship among the
representatives. This incorporates being irritable and strained.
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