Entrepreneurship Report: Ventures, SMEs, and Entrepreneurial Skills

This report offers a comprehensive overview of entrepreneurship, commencing with an introduction to the concept and its significance in wealth generation and societal welfare. The report details various types of entrepreneurial ventures, including small business enterprises, scalable enterprises, social enterprises, and large-scale enterprises, alongside their relation to entrepreneurial typology such as lifestyle ventures, copycat entrepreneurs, researcher entrepreneurs, and determined entrepreneurs. It also includes a comparison of similarities and differences between lifestyle and social entrepreneurs, as well as small and large business enterprises. The report then analyzes the impact of micro and small businesses on the UK economy, particularly in the context of Brexit, using statistical data to illustrate their contributions to employment and economic growth. Finally, it delves into the characteristics, traits, and skills of successful entrepreneurs, exploring the influence of background and experience on fostering or hindering entrepreneurial endeavors. The conclusion summarizes the key findings, emphasizing the dynamic nature of entrepreneurship and its impact on society.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1 Various types of entrepreneurial ventures and how it is related to typology of
entrepreneurship.....................................................................................................................1
P2 Similarities and differences between entrepreneurial ventures.........................................3
TASK 2............................................................................................................................................5
P3 Interpretation of data and statistics for illustrating impact of micro and small business on
economy.................................................................................................................................5
P4 Importance of small business in business start-ups for the growth of economy after Brexit 7
TASK 3............................................................................................................................................8
P5 Mini-research for determining characteristics, traits and skills of two successful
entrepreneurs..........................................................................................................................8
P6 Aspect of entrepreneurial personality...............................................................................9
TASK 4..........................................................................................................................................10
P7 Background and experience can hinder or foster entrepreneurship................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is a dynamic process of generating incremental wealth and innovative
things of value which have a bearing on the welfare of an entrepreneur. It renders civilisation
with a wide range of goods and services in order to raise growth of social welfare. Whereas an
entrepreneur is the person who perceives what has not been seen and acts upon perceptions.
Therefore, entrepreneurship means an advent of new ventures in order to convert innovative
ideas into reality. It also raise up living standard of society as if people will get new and value
added products; it makes their life much better or easier (Bridge and O'Neill, 2012). this report is
going to explain different entrepreneurial ventures and their relations with entrepreneurship
typology. Along with the, similarities and differences between entrepreneurial ventures. Readers
will also come to know about impact of micro and small businesses on an economy as well as
importance of entrepreneurship. Furthermore, successful entrepreneur have several
characteristics and skills because there is requirement of several necessary abilities as well as
quality in individual for running a venture in effectual manner.
TASK 1
P1 Various types of entrepreneurial ventures and how it is related to typology of
entrepreneurship
The term entrepreneurship consists with a process of actions thus to identify something
new and then exploit these ideas into opportunities. Although, entrepreneurial development has
become one of the vital concept for an economy as it renders fruitful benefits, like – job
opportunities, improve standard of living, increase per capital income and balance regional
development. Running a small business is totally differ to run a well established organisation as
SMEs are fresh in market and they have no idea about customers needs and wants. The main
focus of new ventures is to facilitate new and innovative products instead of generating more
profits (Carsrud and Brännback, 2011). Operating their business in effective manner and gain
high market success, entrepreneurs consists high risk in which most common is putting funds or
investment in new business. In local communities, various types of entrepreneurial ventures are
established with their significance in which some of them are stated as under -
Small business enterprises – In UK, an ample range of small businesses are developing
and delivering excellent facilities to customers. It is overviewed that, approximately more than 6
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millions ventures are come under category of small business. These kind of firms involve
electricians, travel agents, plumbers, carpenters, grocery or general stores etc., which are
established in order to earn some sort of money and fulfil basic needs of their family. Along with
this, small business enterprises are also liable for providing economic growth or viability to a
nation, generating job opportunities, eradication of poverty and further social issues within local
communities. Entrepreneurs of SMEs have great business ideas by which they provides value
added and low costs products to people for improvising their living standard. These
entrepreneurs also don't face high risks and uncertainties from marketplace.
Scalable enterprises – These businesses which enter in the market with a new and
innovative ideas. Most important is that scalable business follow flexible business strategies
because business environment is dynamic in nature and can require modification in existing
strategy anytime. Such enterprises assist owner of the business in expanding their functional area
as well as in imperative decision making which takes firm in the forward direction. Moreover,
motive behind starting an scalable enterprise is to bring something new or innovative that can
facilitate individuals life.
Social enterprises – These are the innovators who usually focus on transmutation of
status quo of the world thus to make it an adequate or better place. In this manner, social
entrepreneurs conduct different events or programmes thus to possess positive change in
societies and also empower them for raising arrivals which may deeply affect lives of people in
respect of enlarging resources and tools (Chittithaworn and et. al., 2011). Similarly scalable
entrepreneurs, social entrepreneurs also emphasis to booming up whole world in lieu of making
capital for founders.
Large scale enterprises – These business enterprises are regulated with an aim to obtain
high profit margins and sales revenues by create large pool of client base. Large scale enterprises
focus to attain customers and get high competitive edge. For this purpose, they sets target and
develop strategies to achieve in a speculated time frame. Companies come under this category
are well established with a high market share.
Apart from this, there is a closer relationship between typology and ventures with this
entrepreneurs can attain their vision and mission statements as well as give shape to their
business. Following is defined different entrepreneurial typology, such as -
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 Lifestyle venture – He is the person who prioritise lifestyle benefits over profits. Lifestyle
entrepreneurs organise and manage businesses which can be fully or semi-automated;
they are know for organising their working activities over lifestyle goals.
 The copycat entrepreneur -These are the entrepreneurs who copied others and tries to
copy their fundamentals or principles of success thus to apply them in their own
organisations. Copycat entrepreneurs thinks that by following other mantras of success,
they also can be victorious in their life. In this modern era, it is too easy to copy anyone's
business model or strategies and make them own for obtaining high growth and success
(Chrisman and et. al., 2012).
 The researcher entrepreneur – These are the person who prefer to learn or acquire more
and more as well as evaluate all those things at the same time. For increasing their
competitiveness across market, researcher entrepreneurs focus on learning and gain
strong knowledge about current market trends and customers' needs. In simple words,
they believe to learn each aspect of market then formulate strategies accordingly.
 The determined entrepreneur – These business entrepreneurs are fully dedicated towards
their work and tend to do any complex task or activity in an effective manner.
Determined entrepreneurs think that success gain be without copying others and apply
own strategies or policies. These people does not hesitated to take risk and do all things
which can flourish their business over market.
P2 Similarities and differences between entrepreneurial ventures
As said to be entrepreneurship is a willingness and capacity to operate and develop a
business Life style entrepreneur leverage other people and system in order to run their business
and often prefer to work from home or while travelling. Although, starting a new venture is quite
risky as there is tough competition at marketplace and there is rapid changed in customers'
lookout; thus it should be managed properly and effectively. Every entrepreneur have various
differences which makes them unique from others and also have some similarities; both things
are briefly designed as under -
Basis Similarities Differences
Lifestyle
entrepreneurs and
Social
Both of these entrepreneurs does not
have priority to maximise profits even
they start business to provide effective
The major difference between life
style and social entrepreneurs is
that companies which come under
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entrepreneurs benefits to society and people.
Life style and social entrepreneurs take
initiatives to work for needy people
and develop policies to improve their
living standards (Dennis Jr, 2011).
life style enterprises starts their
processes with funds that has be
obtained from investors or
stakeholders. While regulating
their business, such entrepreneurs
does not apply any strategy as they
prefer to go along with market
trends. In addition to this, life style
entrepreneurs does not need any
specific working area to work, they
can operate any where.
On the other hand, serial
entrepreneurs focus to seek
attention of wide of range of
investors who can joint their hands
with them and ready to work for
social welfare as these firms works
for noble reasons.
Social entrepreneurs focus on
identifying all issues within
society, i.e. child labour, women
exploitation, poverty, illiteracy and
so on then formulate policies with
approval of government so as to
reduce all obstacles properly.
Small and large
business
enterprises
Both of the enterprises are established
with an aim to attain and retain
customers by providing them new and
innovative products.
Small and large entities also focus on
fulfilling their social responsibilities,
SMEs are started up with less
amount of capital and they are not
able perform at large market areas.
Small businesses also having less
workforce, i.e. 5 to 10 employees
as they are not able to
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i.e. transportations, water etc. thus to
survive for long run in societies
(Drucker, 2014).
Products and services which are
provided by small and large
associations are value added and
effective for customers.
remuneration to wide range of
employees.
Apart from this, large business
corporation focus on obtaining
high competitive edge for this they
use effective business strategies.
They worked with 50 to 500
employees and also gives them
attractive salaries or remuneration.
TASK 2
P3 Interpretation of data and statistics for illustrating impact of micro and small business on
economy
The decision of leaving EU in recent referendum has put a vast impact of UK's economic
growth and condition. In its initial stage, various changes are being faced by the country thus
British Government has decided to give opportunities to new start ups as they can grow and
diversify their business activities. In United Kingdom, there are approx. 5.7m SMEs, out of
which 99% are private sector firms and 60% are providing private sector employment
opportunity. SMEs are somewhere around 73% private sector job creation in the UK, creating
about 2m jobs since 2010. Therefore, how SMEs respond to the uncertainness originate from
Brexit has important implications for the economy.
Along with this, UK government has concerned as Brexit may act as an obstacle for their
business activities because most of the organisations in Britain direct deal from EU nations.
Therefore, Britain has decided to introduce SMEs which are much likely to trade (both import
and import) in a nation (Fassin, Van Rossem and Buelens, 2011). The above given graph
represent that the number of micro businesses in UK is 18.9%, whereas small businesses are
23.4% and medium size organisations are 29.2% and remaining come under category of large
business organisations.
For accomplishment of their aims and objectives, businesses are classified into three
forms on the basis of their operations and practices, such are stated as under -
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 Micro business – These are the firms who regulated or managed through a single
business owner or may be along with four to six employees. Micro businesses are flexible
in nature as anyone can start them by putting some sort of capital. In 2015, almost 5.15
million micro businesses were established in UK and the number is increasing at fast
pace. Small businesses – According to the George and Bock, 2011 company must consider
any individual on its payroll as an employee. SMEs supports to stimulate local economies
by providing local individuals with jobs, as well as products and services to community
members. Moreover, such enterprises help diversify and grow their respective industries,
as many women and minorities make significant contributions to the small-business
world. In UK, half of total industries are registered with SMEs.
 Medium size business – Business associations that comes under this category are formed
and developed in well being manner. Here, investors and lenders are also involved in
decision making process of the company which leads to form an effective business plan.
In medium size firms over 100 to 999 employees and it focuses on maximising
productivity or sales revenues.
Category Headcount of Staff Balance Sheet Total Annual Turnover
Micro-Enterprises <10 ≤ £2 m ≤ £2 m
Small Companies <50 ≤ £10 m ≤ £10 m
Medium sized firms <250 ≤ £50 m ≤ £43 m
Therefore, it can be said that SMEs supports UK by managing its economic condition
specially after Brexit. Below is defined impact of small ventures in different areas, such as - Local impact – It plays a critical role those firms who comes under this enable to explore
job opportunities to employees after Brexit. This results, living standard of individuals
will boom up as well as per capita income of people will also increase. At local level,
SMEs fulfil their social responsibilities for growth and viability of societies. National impact – At this level, small business starts work to maximise its benefits by
providing products and services to people (Gorgievski, Ascalon and Stephan, 2011). In
United Kingdom, almost 51% small industries are contributing 196 billion at national
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level in 2017. out of which at national level, SME's generated approx. 76% revenues as
well as provide 24% employment opportunities.
 Regional impact – The main motive of small businesses is to render new and innovative
products thus to sustain for long run. In this relation, these SMEs serve as per the market
trends or preferences that leads them to generate enough amount of capital as well as
strong brand image. Such enterprises focus on producing economic goods thus to attain
large number of customers.
P4 Importance of small business in business start-ups for the growth of economy after Brexit
Brexit occurs while UK decided to leave EU and its implications is it is considered as
strongest agreement as per the consequences. But at this time UK's per capita income had been
decreased and affect many industrial activities of the nation. The process was started from 29th
March, 2017 and a referendum was signed by the regulatory bodies of United Kingdom on 23rd
June, 2016 under article 50 of European Union. Several issues were also faced by the nation,
such as – trade barriers, eradication of income generated from government bodies and so on.
Thus, Brexit has a vast influence on economic condition as well as decision making process of
the nation (Jones and Rowley, 2011).
In order to overcome with adverse impact of Brexit on UK, British government has been
taken into account essential steps thus to deal with it effectively. For instance- there is reduced
trade restrictions imposed in industrial sectors thus to freely serve at market. Along with this,
government take initiatives to promote SMEs and their offerings which motivate public to start
these businesses. There is also provided credit facilities and low interest loans in order to
expansion of small business activities. SMEs has an influential role in economical advancement
or flourishment as it gives numerous employee opportunities, eradication of poverty and
employment, evolution of restriction less trade activities, equal distribution of wealth and so on.
Small business and its impact on economy of United Kingdom Financial support – UK decision of leaving UK put into dilemma to industries as after
that they won't trade with EU; it leads shut down of many organisations. Then to promote
corporations, British government authorities formulate strategies and policies that aids
entrepreneurs to expand their ventures. There is also provided financial support to new
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start ups and reduction of tax and duties, allows foreign direct investment which helps in
growth in diversification of SMEs. Generating employment opportunities – As SMEs are opening at fast pace and also
exploring their activities at national level which requires an effective workforce; it helps
in rendering job opportunities for people (Karlan and Valdivia, 2011). It will contribute
in improving disposable income of people and increase per capita income as well as
reducing impoverishment.
 Development of infrastructure – Another contribution of SMEs is to develop
infrastructure undeveloped areas within a nation. In order to accomplish their corporate
social responsibilities companies are tend towards flourishing infrastructure as well as
also delivering facilities like- water, electricity, communication and transportation. Social
Enterprise: It is defined as a business used for social purpose in a financial way. They
provides sustainable environment and generating revenues. In this, they has two different
goals first to achieve social, culture, community and second is to earn revenue. It runs for
both profit and non profit entities.
Social Entrepreneur: It refers to a person who establishes an enterprise with an aim of solving
issues. They pursue applications with a potential to solve community based problems. They are
working under risk and effort to create changes through initiative ideas.
Growth of Social economy: Entrepreneur and enterprise both are playing a vital role in
promoting by addressing economic and social challenges in regions and communities. They
generate support & collaboration framework among participants. By this an entrepreneur is
focusing on opportunities and key objectives in modern economics.
 Govt. Support of social enterprise: Government support an enterprise in an ecosystem.
Their support is based on improving quality, equity of service, social cohesion and
generating benefits include growth and employment.
 Large company CSR being delivered by small scale enterprise: In this, company
involvement is done by social responsibilities by small scale enterprises. Their
involvement in CSR is done by engaging in their activities.
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TASK 3
P5 Mini-research for determining characteristics, traits and skills of two successful entrepreneurs
Running a small business venture is not a easy task as it requires combination of failures,
uncertainties, risks, success and learning. Thus, entrepreneurship require effective skills and
knowledge level which enables people to effectively manage their working activities and tasks.
Although, entrepreneurship and entrepreneurs both are two sides of coins as to become a
successful entrepreneur it is essential for individuals to carry out enough knowledge and
competencies. It will aids them to manage and handle entire project activities in best possible
manner. Furthermore, they can also acquire innovative and effective ideas which carry out their
business in forward direction (Neck and Greene, 2011). But having sufficient skills is not
sufficient entrepreneurs also have certain traits or abilities that make them able to perform in
adverse situation. Following is defined examples of two eminent personalities, such as -
First one is Richard Branson who was a founder of Virgin Group; the person defines that
certain elements helps an individual to become an effective entrepreneur. As necessary aspects
affect their nature and way of doing business as well. One of the major trait of Richard Branson
was he is a risk taker that makes him able to grab better future opportunities. It is essential for
entrepreneurs to be able to identify future market risks and develop strategies accordingly to
cope up with them. For this purpose, strong leadership and managerial skills are really beneficial.
Apart from this, another successful entrepreneur was Mark Zuckerberg; he was a founder
of Facebook; the person is one of the youngest successful entrepreneur over the world. The
present net worth of Mark is US$67.1 billion. As he started business in younger age, it
represent that entrepreneurs should have ability to make instant decisions that supports them to
expand their business over the world. Beside this, having good communication skills,
interpersonal skills, time management skills and so on also helps an individuals to become a
successful entrepreneur. They should also have to be keep calm and polite thus to deal or interact
with all subordinates adequately.
P6 Aspect of entrepreneurial personality
It is essential for an entrepreneurial personality to develop and improvise their traits or
skills thus to effectively perform at workplace. In order to be successful in life, a person need to
focus on all areas which can affect them positive and negative manner. They should develop
ability to make instant decisions at the time of requirement for carrying out all working activities
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in a certain time period (Storey, 2016). In context with myself, I applied a big five OCEAN
model in my life cause my proposal was accepted by Joe Woods; hence I realised that nothing is
possible if a person is not determined to do such things - Openness: Entrepreneurs have to be open minded towards life as it will support them to
accept all changes. An open person is able to explore their ideas in front of others easily. Conscientiousness: People have to be conscientiousness and mindful in nature. It
encompasses factors like – thoughtfulness, command over activities and goal oriented
behaviour. Extraversion: The person must be extroversion in nature which makes them able to
determine new and innovative ideas. These kind of people does not feel hesitated to ask
or say anything. The factors involves sociability, emotional expressiveness this to
coroneting with others. Agreeableness - There is chances of clashes in views or thoughts of two person; thus
entrepreneurs have to listen and understand others properly (Zott, Amit and Massa,
2011).
 Neuroticism: Such factors like sadness, moodiness and emotions, stability must be
avoided as it can have an impact on business operations.
Henceforth, to become a successful and famous entrepreneur individuals needs to follow
renowned personalities like – Mark Zuckerberg and Richard Branson as well also apply their
success mantras in life. Although, education and past experience plays a key role to handle to all
working activities and take imperative decisions.
TASK 4
P7 Background and experience can hinder or foster entrepreneurship
Experience and background of an individual plays a vital role in foster and hindrance of
entrepreneurship. As Richard Branson and Mark Zuckerberg belongs from well educated and
modern background which makes them able to take important decisions and also accept all
changes. Family, relatives and friends of both entrepreneurs were also supportive as it is the
reason they did not get afraid to take risks. Following is defined rewards and drawbacks which
can affect entrepreneurial personality, such as -
Rewards Drawbacks
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