Entrepreneurship Report: Analysis of Ventures and Economic Impact

This report provides a detailed analysis of entrepreneurship, encompassing various aspects of business ventures. It begins by defining entrepreneurship and exploring different types of ventures, including small business, large company, scalable start-up, and social entrepreneurship. The report then delves into the similarities and differences between these ventures, comparing their operational models and objectives. The impact of small and medium-sized businesses on the economy is examined, including their contributions to job creation and economic growth, especially in the context of Brexit. The report also discusses the entrepreneurial landscape in both the public and corporate sectors, highlighting the skills, traits, and motivational drivers of successful entrepreneurs. Furthermore, the report explores how background and experience affect entrepreneurial endeavors, with a focus on both positive and negative influences. Overall, this report offers a comprehensive overview of the entrepreneurial ecosystem, examining its various facets and their impact on the economy.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures .........................................................................1
P2 Differences and similarities between entrepreneurial ventures. ..........................................2
M1 Entrepreneurship in the public and corporate sector..........................................................3
D1 Scope, Growth and Development of Enterprise...................................................................3
TASK 2 ...........................................................................................................................................3
P3 Micro and small businesses impact on the economy.............................................................3
P4 Important small businesses to the growth of the social economy after ‘Brexit’....................4
M2 Small, medium and large businesses make to the economy.................................................5
D2. Impact of Small Scale Industries on different levels of Economy.......................................5
TASK 3............................................................................................................................................6
P5. Characteristic, traits and skills of Successful Entrepreneurs................................................6
P6. Entrepreneurial Motivation and Mindset ............................................................................7
M3 Entrepreneurial characteristics.............................................................................................7
D3. Traits, skills and motivational drivers of Successful Entrepreneurs...................................8
TASK 4............................................................................................................................................8
P7. Background and Experience Affecting Entrepreneurship....................................................8
M4. Relation between the entrepreneurs, background and characteristics.................................9
D4. Positive and Negative Experience influences entrepreneurs..............................................9
CONCLUSION..............................................................................................................................10
REFERENCE ................................................................................................................................11

INTRODUCTION
Entrepreneurship is a process of running a business in an effective manner and earning
profit from it. It is a process of starting a business with creative idea and to satisfy the needs and
demands of the customer. The main idea behind this is to satisfy the unsatisfied wants and needs
of the customers with the product having unique feature. In this report the meaning of
entrepreneur described in a detail with its different types of topologies. The similarities and
differences of various entrepreneurs are also discussed under this report. The contribution of
small business enterprises in the growth of the economic development is detailed under this
report. Skills, traits and characteristics of different kinds of entrepreneurs are discussed under
this report. The affect of 'Brexit' on the economic growth of the country is given under this. This
report contain a detail information related to entrepreneurs and how much they affected by the
changes takes place in the economic environment.
TASK 1
P1 Different types of entrepreneurial ventures
Entrepreneur is an activity or process of setting a business in the hope of getting profit
from it. It is a process of optimum utilisation of available limited resources in the hope of earning
profit with it. An entrepreneur mostly creates in the hope of earning profit and also when the
needs of the customers are not fully satisfy(Solesvik and et. al., 2013). Entrepreneurship is a
process of designing and running a business with effectively utilising available resources.
Planning, controlling,staffing and designing are the activities which run in the enterprise to
achieve the set objectives and targets.
Different types of entrepreneurial ventures
 Small business Entrepreneurship: The small business enterprises are the enterprises
having minimum number of employees and large amount of revenue than a large size
corporation. Small business enterprises mostly include legal consultant,travel agents,
grocery stores and many more.
 Large company entrepreneurship:Large business entrepreneurship involves various
employees and creates a large amount of revenue than small business enterprises(Baines,
Bull and Woolrych, 2010). Large business enterprises provides customers more variety of
products and have the ability to do changes in the enterprises according to the situations.
1

 Scalable start up entrepreneurship: A newly start up business venture having a creative
business idea which attracts the investors in investing the money in that business.
 Social entrepreneurship: These kind of enterprises are run and produce products to solve
the social problem of the customers, profit is not the main aim of these kind of
enterprises(Chittithaworn et. al., 2011). The main objective of these kind of enterprises
is to satisfy the social needs of the customers profit is the secondary objective of these
kind of enterprises.
Topology of entrepreneurship
Topology of entrepreneurship helps the entrepreneurs in breaking down the old boring and static
ways of doing the work and finds a new and innovative way to do the same tasks(.Dennis Jr,
W.J., 2011). Topology helps the enterprises to do the work with a combination of social values
and at the same time achieving commercial objectives.
Different type of entrepreneur typologies:
 Research entrepreneurs: This type of firms undertake lot of research activities before
undertaking the business activities. They think that success can be achieved without
copying the idea of others.
 Copy cat entrepreneurs: This type of entities see and observe the success of others
successful ventures and copy their idea and than start the business operations.
 Determinant entrepreneurs: These enterprises goes through all the activities of
entrepreneurs and wants to make a legacy by achieving success.
P2 Differences and similarities between entrepreneurial ventures.
 Types of ventures
 Small business v/s
large company
enterprises
 Differences
 small business run
their business on a
small number with
limited number of
people generating
average revenue.
On the other hand large
business enterprises run the
 Similarities
 The objective of both
small and large scale
enterprises is to make
a profit. All the
activities run with the
aim of achieving
profit for the
enterprise with
2

 Scalable start up v/s
Social
entrepreneurship
business on a large scale
having number of employees
and generating large amount
of revenue every year.
 Role of manager is
very complex in large
company enterprises
whether manager of
small business
enterprises not
undertake complex
operations.
 The main objective of
a start up enterprise is
to make a creative
business idea to attract
the large number of
investors. On the
other hand the main
objective of social
entrepreneurship is to
make the products
which can will be
benefited socially.
 Scalable business
wants to capture a
large market share by
their innovative vision
while social enterprise
undertake business
operations just to
optimum utilisation of
all available
resources.
 Both entities try to
offer unique and
innovative featured
products to its
customers to enhanxce
their level of
convenience.
 Both the social and
start up business run
on a small scale in the
starting phase both try
to solve or satisfy the
demand of the
customers.
 Both the try to find
out the problems of
people and undertone
production process to
solve the same.
3

solve the problems of
its customers.
M1 Entrepreneurship in the public and corporate sector.
The entrepreneurship in both public and corporate sector run the business. Research has
shown that most of the public entrepreneurs fails because of lack of proper planning and on the
other hand corporate entrepreneurs get success in a very short time because of effectively
collected data. Both public and corporate entrepreneurs does the same task but the corporate
entrepreneurs does all the operations in a effective manner in the comparison with public
entrepreneur(Drucker, 2014). Corporate ventures are more risky because of having innovative
idea and a large amount of fund is invested in the operations of it.
D1 Scope, Growth and Development of Enterprise.
Whenever a enterprise set up in the market in fulfils the various needs of many people
like it benefited the customers with new product and give benefit to the owner of the business.
At the same the government give the subsidy to many new entrepreneurs in order to motivate
them to take the business operations. The small business enterprise provides employment to the
many unemployed persons and helps them in achieving a better standard of living. Other than
this an entrepreneur has many chances of development in the market with full of scope in the
market.
TASK 2
P3 Micro and small businesses impact on the economy
The micro and small business enterprise impact the economic in many ways. The small
business enterprises a large amount of profit from their operations and at the same time provide
many jobs or employment opportunity to many unemployed people(assin, Van Rossem and
Buelens, 2011). Small business enterprises better satisfy the needs and wants of their customers.
The small business enterprise help and give training to the unskilled people and increase their
competency and prepare them to do work in the highly competitive environment. The small
enterprises maintain a level of ethics in all the operations and at the same time small business
enterprises support many social activities to increase standard of living of the persons. These
enterprises contributed in the growth of a nation and contribute a lot in the national GDP of a
country. These kind of enterprises tries to study the unsatisfying needs and demands of the
4

customers and then try to make a product to satisfy the demand of the customers by producing a
product having unique feature. These helps in the development of a country by creating a large
amount of revenue and provide a lot of job opportunities to the unemployed workers(Storey and
Greene, 2010). By creating or making a new or innovative idea these firms influence the
investors to earn a large amount of profit by investing in them.
P4 Important small businesses to the growth of the social economy after ‘Brexit’.
The term 'Brexit' tells about the economic changes that takes place between the united
kingdom and European union. This change affect the economy a lot and in this situation the
small business enterprise helps the country to face the imbalances that takes place among the
countries. Brexit affect all the large business ventures and the investment plans so to cope up
with that change small business keeps help the country by regularly performing all the activities
of the enterprise without affecting the rate of wage and the skills of the employee. Foreign direct
investment of country get affected after the Brexit takes place and this stops the various profit
chances of the country so in this case the small scale business helps the country by doing its
operations regularly and generating profit on a regular and continuous basis(Gorgievski, Ascalon
and Stephan, 201). The small business enterprises helps in maintain the economic level of the
5

country by regularly doing its business operations and at the same time support the economy of
the country by regularly generating the revenues. Brexit affect all the large scale company at a
large level because the large scale companies run the business on an international level and this
affect the business operations of all the large firms. When all the large business firms get
affected by this the small business enterprise helps the country by regularly ding its business
operations.
M2 Small, medium and large businesses make to the economy
Small business enterprises help in developing the economy of country by brings
innovation and growth in the business. Small business enterprises provides employment to those
who are unemployed or who does not have the ability to do the work in the large organisations.
Small business enterprises attract talent by which innovation can be done and many problems of
the customers can be solved by(Haase and Lautenschläger, 2011). Small business enterprises
helps the large business enterprises by providing them various services that will help them in
completion of their tasks.
Medium business enterprises also affect the economy in many ways. These enterprises
help both the small and large business enterprises in achieving their business objectives. Medium
business enterprise provide financial and consultancy service to the small business enterprises
and provide operational help to the large business enterprises.
6

Large business enterprises in the development of the economy of the country by creating
large amount of revenues for the country and by undertaking large operations. Large business
enterprise run a large amount of operations under them and plays a very important role in the
overall development of economy of the country(Shepherd, Patzelt and Haynie, 2010). Large
business enterprises affect the economy of a country at a large level so to for the growth of the
growth of the economy focused should be based on the operations of the large business
enterprise.
D2. Impact of Small Scale Industries on different levels of Economy
The small scale industries includes hand -looms and handicrafts products. These kind of
industries does not generate a create amount of revenue but totally impact the economic level of
country. It attracts a numbers of investors in investing their funds under this and merge it with
the other bid businesses. Under this training is provided to the employees to improve their skills
and making products with more quality. The small scale industries contribute a big role in GDP
and national income of the country(Haynie And et. al 2010). It affects the economy of a
country at both local and at national level. A proper training is provide to the artisans in
enhancing the skills with the aim to let the whole world aware about their art and about their
talent. Small scale industries provides a continue return to the fund invest it. The unique talent
of artisans attracts a large amount of investors and influence them in investing their money in
these and to achieve the profit from it this will help the small scale industry to get various
sources of fund. Small scale industry helps the artisans and give them the chance to explore or
show their talent and skills to the whole world and to earn more profit and money by various
activities(Jones and et. al 2011). Small scale industry does not play a big role in the economy
but plays a important role in the overall development of the economy.
TASK 3
P5. Characteristic, traits and skills of Successful Entrepreneurs
The traits of two successful entrepreneurs (Facebook and Microsoft)are as follows:
 Strategies: The main trait of these entrepreneurs is that they use different kind of
strategies according to the objectives and of the enterprise.
 Communication: Both the enterprise use a effective communication tool to communicate
with the customers in an effective manner.
7

 Branding: Branding is one of the important trait of both the companies. The customers
trust on the brand name. Both the enterprises provide quality of services and products to
their customers.
 Finance: Both the enterprises uses the management accounting system or maintain the
financial reports of their accounts.
 Sales: Both the enterprises uses many approaches to sales its products and services to
their customers. These enterprises sells the products to there customers by manually or by
online.
 Money management: Proper and effective use of financial resources should be taken
place in enterprise. Balance sheet and profit and loss account of company should be well
managed by its managers to achieve the set targets.
 Hard working and self belief: Hard work is the key of every success without this no
company can achieve success.
The skills of these enterprises are as follows:
 Flexibility: One of the most important skill of both of these enterprises is that their ability
to cope up with the situations(Islam and et. al, 2011). Both the enterprises uses a flexible
approach with the ability to make changes when ever they happen according to the
situation.
 Motivation : Both the enterprises motivate the task force of their enterprises in order to
achieve the objectives of business.
 Risk taking ability: One of the other important skill of these enterprises is there ability to
take more risk by innovating new products according to the demand of the customers.
 Ability to identify strengths and weakness: Every entrepreneurs should have well
knowledge about its strengths and weakness. Proper use of strengths can be done to
overcome with the weakness.
 Ability to train staff: It is very essential skill of every enterprise. Timely and proper
training and development programme should be conduct by entrepreneur to enhance the
skills and abilities of employees.
 Focus on customers: Customers are the people for whom enterprise make products. It is
very essential for every firm to first identify its needs and wants. After that products
should be made by the entrepreneur.
8

P6. Entrepreneurial Motivation and Mindset
Both the enterprises listed above are having positive mindset and are full of motivation. It
is there positive mindset which influence the employees of these enterprises to give their best in
their job to achieve best. These enterprises adopt a motivation approach to fully motivate the
workers in a way that they give their best in achieving organisation objectives. Positive mindset
and motivation are the abilities or skills which helps in achieving success in the competitive
environment. Positive mindset is the ability that influence the enterprise to think that what we are
doing is lead to the success(Schaper and et. al, 2014). It can be happen that in the business some
conditions will wrong or can be in the opposite of the enterprise and fails to give the desired
results so in this case it is must that the managers of the enterprise positive approach to reduce
that effect and should makes their mind positive. Motivation and positive mindset both are inter
linked because it is the positive mindset gave birth to the motivation in the minds of the
entrepreneur(Kriewall and Mekemson, 2010). Entrepreneurs should think and find a way to
motivate the employees of the enterprise in a way that they can give their best and can help the
organisations in achieving objectives and goals.
Positive mindset and motivation are interlinked, positive mindset of a person will
motivate him to undertake various activities and take sufficient amount of risk operations. This
will lead to success of enterprise. More motivated the person more easily he will achieve the
success. Positive mindset and motivation both are the main features of these enterprises which
help them in achieving success.
M3 Entrepreneurial characteristics
Entrepreneurial characteristics are the skills that makes it different from the other in a
specific way. The employees of the enterprise also affect the success of the enterprise because
the skills and characteristics of the employees will help the enterprise in achieving its objectives
more easily(10 Characteristics of Successful Entrepreneurs. 2016). So one can say that the
success of the enterprise is linked with the characteristics of its man power on the one hand and
on the other hand it depends with the organisation specific characteristic. If an enterprise has
more skilled and talented task force than it can achieve success more easily on the other hand if
an enterprise has employees having moderate skills will achieve the success but at the later
stage(Lee-Ross and Lashley, 2010). If the task force of the enterprise is not much skilled than it
is the responsibility of the manager to create a training programme for the employees in order to
9

make them able to survive in the current competitive environment. It can be understood by
everyone that if an enterprise wants to achieve success than it is must to have a talented task
force otherwise enterprise can not achieve success in the current market place. Talented taskforce
is a must to achieve success.
D3. Traits, skills and motivational drivers of Successful Entrepreneurs
Skills of Successful entrepreneurs:
 Vision: Every entrepreneur have the vision for which the enterprise is built on.
Every activity done to achieve the vision of the enterprise.
 Flexibility: This is one of the most important skill which make the entrepreneur
successful. Flexibility should be there in the every operation of the enterprise so
that enterprise can do changes in any time whenever it feels important or when
change is demanded according to the situation.
 Money management: to be successful it is must that the entrepreneur should keep
check on the financial reports and should control the expenses of the
organisation's operations.
Traits of successful entrepreneurs
 Strategy: The strategy adopted by a entrepreneur can proof a trait for the enterprise if it
well used by it.
 Communication: The communication strategy of the enterprise can help the enterprise in
achieving its objectives. By well communicating with the customers the enterprise can
better fulfil and satisfy the needs of its customers.
 Finance: The well management of financial resources can help the enterprise in achieving
objectives and goals(Neck and Greene, 2011). The management of the enterprise can use
the concept of management accounting and reporting function and than analysis or the
information in taking important decisions for the enterprise.
TASK 4
P7. Background and Experience Affecting Entrepreneurship
The background and experience of entrepreneurs affect the activity of entrepreneurship in
various ways. If the entrepreneurs have positive experience about all the past activities done by
them then this will motivate the entrepreneurs in taking more risks in the business operation. If
an enterprise has some negative experience from its business operation than the management will
10