Comprehensive Report on Entrepreneurship: Ventures, Impact, and Skills

This report provides a comprehensive analysis of entrepreneurship, examining different types of entrepreneurial ventures, including social, large-scale, micro, and small/lifestyle ventures, and their relation to the typology of entrepreneurship, such as serial and lifestyle entrepreneurs. It evaluates the similarities and dissimilarities between these ventures. The report presents data and statistics to justify the impact of micro and small businesses on the UK economy, highlighting their role in job creation, economic growth, and competition. It also explores the characteristics, skills, and traits of successful entrepreneurs, assessing how their personality motivates others. Finally, it discusses how background and experience can motivate individuals towards entrepreneurship, offering a well-rounded view of the field.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Examine different types of entrepreneurial venture and their relation with the typology of
entrepreneurship.....................................................................................................................3
P2 Evaluate similarities and dissimilarities between different kind of entrepreneurial ventures.
................................................................................................................................................5
TASK 2............................................................................................................................................7
P3 Present a relevant data and statistics to justify the impact of micro and small business on
the economy............................................................................................................................7
P4 Explain the impact of small business and start up in growth of the economy.................9
TASK 3............................................................................................................................................9
P5 Illustrate the characteristic, skills and traits of successful entrepreneur which separate them
from other business persons...................................................................................................9
P6 Assess how aspect of entrepreneurial personality motivate other individual of the society.
..............................................................................................................................................11
TASK 4..........................................................................................................................................13
P7 How background and experience can motivate for entrepreneurship......................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneur is a person who run his business with creative and innovative ideas in order
to attain growth and earn profit effectively. These are the people who focuses on opportunities
and take initiative for mobilising resources in order to make new goods and services (Amato and
et. al., 2017). With reference to this, Entrepreneurship is a process of developing, arranging and
running a new business venture, which is initially start as a small-business. The person who
establish such type of businesses are known as entrepreneurs. Along with this, Entrepreneurship
refers where business man have capacity and willingness to manage business venture by taking
risk with the purpose of earning profit and developing society. In this present report, it has been
studied of various entrepreneurial venture and their relations with the typology of
entrepreneurship. Also, importance of small-business and new start-ups has been discussed for
the overall development of the society. In addition to this, it has been discussed about the
personality, knowledge and skills of two entrepreneurial which influence other for becoming an
successful person in their life. Lastly, in this present report described about family and
background of entrepreneur which create their image on individuals mind.
TASK 1
P1 Examine different types of entrepreneurial venture and their relation with the typology of
entrepreneurship.
Entrepreneur : An entrepreneur is the person who take financial risk in order to earn
money. They have innovative or creative idea and implement it for gaining long term profits
(Ateljevic and Page, eds., 2017). Entrepreneurs take full authority towards execution, failure
or success while establishing business entity.
Entrepreneurial venture : It is a business entity where innovation of new products take
place for providing value to the society. This venture is basically started by a person in order
to fulfill their dreams and to achieve growth and success.
Entrepreneurship : It is the willingness of a person in order to manage or create a business
entity which is generally a small scale business, for earning profit by taking risk. For
generating financial gains, they attract huge amount of investors which aid them by
investing in their business organizations.
There are various types of entrepreneurial venture which are as follows :

Social entrepreneur: Social entrepreneurs mainly focus on creating those products which
satisfy the needs and requirements of the society. Major aim of the entrepreneur is to
develop better place for the people of society, with no discrimination. They earn money for
the development of society (Bogdanov and et. al., 2016). For example, NHS(National health
care) is a social organization which provide services at low and free of cost to the local
resident of UK. These organization earn huge profit by providing its services and products to
its target audiences.
Large scale entrepreneur: Large scale enterprises are those companies which are
established on a large scale and have capacity to bring changes according to the
requirements of consumers. Company develop new products according to the customer
preferences and changes in technology, in order to satisfy needs of consumers and gain
competitive advantages. For example, Google and Microsoft are large organization which
operate their business in the different nation of the world.
Micro enterprise venture: These business ventures are based on the talent, willing or
desire of a person for establishing an organization in high competitive market. This is the
enterprise who have extremely low growth rate and require regular motivation in order to
survive and gain profit.
Small/lifestyle ventures: These business ventures creates employment opportunities for the
people of the society, as these companies act as a backbone for the development of
the society or overall economy.
Small scale entrepreneur : They are the individuals who establish their business at very
small in the respect to infrastructure, money or other necessary resources. Small scale
enterprises includes general stores, grocery shops, hairdresser, electrician and many other
businesses (Burns and Dewhurst, 2016). They establish their business by taking funds from
relatives, family and other financial organization. In order to feed their family members they
started this type of business. For example, Funeral Care is a small business and organization
which work towards dead people of poor families who are not able to do the activities
towards them.
Typology of entrepreneurship : Typology refers to an effective and detailed classification of
factors associatted with characteristics like contextual and physical.

Serial entrepreneur : It is the person who have lot of thoughts or ideas on a regular basis,
by which they can start new business in order to implement those ideas into reality. It refers
to the person who mainly have lot of creative ideas in order to gain profits. Serial
entrepreneur generally start new business entity, only after getting success in their previous
venture. Serial entrepreneurs believes in using detached portfolio approach as the they are
less interested in performing and enjoying day to day business activities.
Female entrepreneur : Female entrepreneurs have feminist belief, values and thoughts
which will aid them in order to accomplish organizational objective (Zacca, Dayan and
Ahrens, 2015). For providing good and safe environment, female entrepreneurs provides
various schemes and programs.
Social entrepreneur : In order to bring social changes, social entrepreneurs create new
products and services. For reducing poverty or inequality, for provide employment
opportunities, social entrepreneurs mainly works.
Lifestyle entrepreneur : He is the entrepreneur who establish new business venture in
order to fulfill own desire and passion (Burns, 2016). Such business ventures are majorly
established by successful business man, in order to fulfill their dreams.
P2 Evaluate similarities and dissimilarities between different kind of entrepreneurial ventures.
Differentiate between serial entrepreneur and lifestyle entrepreneur
Basis Serial entrepreneur Lifestyle entrepreneur
Similarities  Serial entrepreneurs
require huge amount of
funds, as they switch from
one business idea to
another in order to earn
more profit.
 In order to fulfill their own
passion, lifestyle
entrepreneur start their own
business venture, which
requires large amount of
money (Dugguh, 2017).
Dissimilarities  In case of serial
entrepreneurs, individual
comes up with new idea,
start their business and
 In this case, individual
establishes a business in
order to fulfil their own
passion and not for

then assign duties to
another person in order to
bring some new thoughts.
maintaining competition
among marketplace (Volery
and Mazzarol, 2015).

Basis Small/lifestyle ventures Micro entrepreneur venture
Similarities  Small enterprises
generally based on the
skills, talent and
capabilities of a person.
 Small ventures are
generally operated at
highly competitive
market (Fayolle and
Gailly, 2015).
 These types of business
venture are established
at high competitive
marketplace, for
gaining more profits
(Siegel and Wright,
2015).
Differences  Owner of the company
wants to feed their
family members, so the
growth rate is
comparatively slow.
 In order to satisfy basic
needs, this type of
enterprise is established
so the growth rate is
low.
Basis Gazelle venture Medium sized ventures
Similarities  Gazelle venture is
basically established
for providing
employment
opportunities.
 With the help of
medium size business
company can generate
employment in the
society (Karadag,
2015).
Differences  In this business
venture, growth rate is
high.
 In this type of business
venture, growth rate is
moderate.

TASK 2
P3. Interpretation and Assessment of relevant data and statistics to justify the impact of micro
and small business on the economy.
Small business enterprises plays very important role in the overall development of the
country. These business organizations act as the backbone of the country as it creates
employment opportunity for the people. It helps in the growth and success of the company which
directly affects the economy of the country. Along with this, income level as well as living
standard of people increases, due to employment opportunities. SME's create enough
competition at the market and attract fresh talents which aid them to maintain their stability at the
marketplace (Piperopoulos and Dimov, 2015). As a result, SME's plays very important role in
the overall development of the society which positively affects the economy of UK. SME's have
huge impact on the overall economy of the country, due to which company can create more
employment among the society, increase the living standard of people, remove poverty and
discrimination. There are different various types of business enterprises in the external
environment which highly support the United Kingdom economy. Some of these business
ventures are as follows :-
Micro business : It refers to those businesses where they have below 10 employee and
whose turnover is not more £2 million . These are quite effective organisations currently within
the UK and have a major impact on its economy after Brexit.
Small business : Those organisation who have 10-50 employees are include in Small
business and also there annual turnover is more than £2million and less than £10million. These
organisations provide customer goods at effective prices to people which contributes to their
enhanced standard of living and thus, raises the per capita consumption of the economy.
Medium business : It refers to those businesses where employee are between 50 -250
and there annual turnover is above £10million but below £50million. As for these organizations,
they deal with effective scale of products and processes which enhances the employment
opportunities and effective trade and commerce within the economy.
At the beginning of 2017, 99 % are small or medium-sized (SMEs) in UK economy.
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Exporting : Only one among five SME 's contain their business for exporting. Also, the
ratio get decrease at upcoming future and the 12% of non-exporting firms in UK will become
exporters(Boosting UK productivity with SME growth .2018).
Turnover : In private sector their turnover is 51% and the SME's annual turnover was
£1.9 trillion
Employment : Private sector generate 60% of employment and total employment in
SME'S was 16.1 million.
Small companies play a very important role for overall development of the society. Also,
it provides various job opportunities which enhance their growth and maintain sustainability at
market place (Scarborough, 2016). In UK 2016 , the percentage of private sector is 99.3% as
well as 99.9% were small and medium-sized. Along with this, total employment in SMEs was
15.7 million which is 60% of all private sector employment in UK. From the graph, it has been
analyzed that, in 2016, 99.3% were private sector businesses whereby 99.9% contains SMEs.
Also, Private sector in UK provide employment i.e., about 15.7 Million out of which 60%.
(Source: Role of Start-ups and Small Businesses on Economy, 2018)
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Illustration 1: Role of Start-ups and Small Businesses on Economy,2018

Illustration 2: Percentage growth by industry, 2017-2018
(Source: UK business; activity, size and location: 2018, 2019)
According to the above statistics above, an effective rise is experienced by various
industries throughout the time period of 2017 as well as 2018. Moreover, such rise in business
enterprises contribute effectively towards the growth of economy as they enhance the scope of
trade and commerce, along with employment opportunities within the country (Schaper, 2016).
There are several aspects associated with impact of Small and Medium Sized Enterprises
on the economy. For instance, as the graph suggests, enterprises within the transportation
industry, as well as education and health are gaining momentun within the UK, which is an
accelerating aspect for the economy. This is because it helps the country of bringing in more
expertise and scope of improvement even on international grounds.
P4 Explain the impact of small business and start up in growth of the economy
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Social economy refers to the amalgamation of organisations that indulge effectively
within the economy persuading their own economic as social goals. Small enterprises as well as
business startups have an effective contribution towards the economy of the country. There are
certain employment ventures which are working towards favour of the society. Social
Enterprises are one such type of organisations which work towards benefit to society as well as
its welfare. There are several enterprises within the UK which comes under this category and are
contributing effectively. For instance, one organisation, named CASA, work towards providing
effective services to the needy and old individuals within the country. Moreover, Doncaster
Refurnish is another company that is incorporated for provision of furniture to public made by
recyclable materials. (Top ten social enterprises revealed, 2019)
In UK, Brexit is a major situation for breaking down their own economy. Along with this,
UK separated themselves from the nation of European because they believe that are able to free
trade across the world and also their economic system get destroyed because of it (Schaper, ed.,
2016). Along with this, country faces various problems such as poverty, reduction in FDI and so
on. There are various factors which will affect the growth of the economy.
 Create employment: In UK small scale and start up business plays very important role
in an economy as it will create employment. After separation of UK from European
nation people get lose their job in the society. After the incidence of Brexit, government
of UK generate the job opportunities for people by the help of SMEs. Along with this,
SMEs generates employment opportunities according to their capacity and ability. Uplift the standard of living: With the help of SMEs people get job which will enhance
their living standard. Along with this, when earning of people get increased then they will
generate employment for others in society because they find a right way for spending
their money. Also, it increase the image of organisation at market place and also enhance
standard of living. Engaging individuals from disadvantaged groups: These enterprises lead to engaging
several other people who belong from disadvantaged groups. This state of affairs relates
to improvisation in the state of unemployment and GDP of the country.
 Diversity: Another importance which is crucial in context with SME and Start ups is that
these organisations bring in diversity within the economy by introducing more effective
and innovative businesses to the people within the country.
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