Entrepreneurship Report: Ventures, Impact, and Business Startups

This report delves into the multifaceted world of entrepreneurship, exploring different types of ventures including small businesses, scalable start-ups, social enterprises, and trading businesses, highlighting their similarities and differences. It examines the significant impact of micro and small businesses on the economy, particularly within the UK, emphasizing their role in generating revenue and fostering economic growth. The report further analyzes the importance of small business enterprises and startups in the UK's social economy, addressing the challenges and opportunities they face, including the impact of Brexit. Additionally, it identifies the characteristics, skills, and traits of successful entrepreneurs, using Bill Gates as a case study, and discusses the factors that either support or hinder entrepreneurial endeavors. The report concludes by summarizing key findings and providing insights into the dynamic nature of entrepreneurship and its influence on economic and social development.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1 Different types of entrepreneurial ventures ......................................................................1
P2 Similarities and differences between entrepreneurship ventures......................................3
LO2..................................................................................................................................................4
P3 Micro and small businesses impact on the economy........................................................4
P4 Importance of small business enterprise and business start up to the growth of social
economy in the UK.................................................................................................................5
LO3..................................................................................................................................................6
P5 characteristics and traits of skills of the two entrepreneur associated with case studies. 6
P6 Entrepreneurial personality and entrepreneurs reflect their entrepreneurial motivation and
mindset:..................................................................................................................................8
LO4..................................................................................................................................................9
P7 Different environments factors that foster or hinder entrepreneurship.............................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
A successful entrepreneurship is a method to generate new ideas and innovation for
development. This is an effective way to create business strategies and plans to enhance business in
all over the world. The entrepreneur plays an important role for growth and development because it
will establish small and large business that would be helpful for economy. The great entrepreneur is
always innovating a new idea and innovation to achieve their goals and task.
It will identify business planning and different strategies that would be helpful to other people. The
economy is affected by medium and small business because it generates high revenue that is
beneficial for growth and development. Successful entrepreneurs understand the needs of a business
process and then plan a new approach. They are mainly focused to establish their micro and small
business in other countries. This report will describe the characteristics, skills and traits of Bill
Gates.
LO1
P1 Different types of entrepreneurial ventures
Entrepreneurship is the best way to establish a new business in marketplace. Most of the
successful entrepreneurs create their own business that is already present like Microsoft. A great
entrepreneur, Bill Gates established his own company, which is a leading organization in
Information Technology. They also start their business in small scale and invest a low amount for
growth and development. Initially, they faced many challenging issues but were never disappointed.
They put many efforts to establish their business on the top level. In this way, there are various
types of ventures available in market on the basis community are given below:
Small Business- Small business is playing important role for growth and development.
They have many innovative ideas and thoughts helping to expanding the small business in all over
the world. This business will provide the best services to customers because there are generating
high revenue in market (McKeown, 2017). Entrepreneurs always execute new ideas or activities to
increase their growth and development. It is very helpful to enhance the best approache to develop a
strong business. This organization is solved the problem of communities and provide an effective
environment effectively and efficiently. There are many types of small businesses already exist
such as electrical shop, travel agency, stationary and other retailers. small business is expanding
their branches in other countries as well as different areas. They are very helpful for creating an
effective strategy for development.
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 Scalable Start-Up Entrepreneurial Business- this business is newly established in
market and industry. They have some specific goals to achieve their targets. They are
mainly focused to achieve profitability and productivity in marketplace (Amato and
et.al., 2017). They launch a new product that would be beneficial for customers as
well as company because it increases profit. This is the best way to expand small
business in a large marketplace. Today's world, the market trend is change according
to the customer requirement. Therefore, customers are attracted to new schemes,
products and many others. They have introduced a new technology and ideas to
change community effectively and efficiently. Every business is used a new
technology for growth and development. Start up business is establishing in all areas
because new technologies are applicable for each and every business. It is essential
part of organization to planning a new idea to increasing their productivity in
marketplace. This business is invested a small fund for establishment because they
have minimum employee working (Dees, 2017). This organization is very helpful for
growth and development in every areas. Most of the people should start their
business in local areas and local authorities can be handle the business activities and
operations.
 Social Entrepreneurial Business- This business is very popular for
community because they provide the best services to people for welfare and
community. It delivers an effective products and services in market according to
requirements of customers. There are many types of social industry already present
in such as healthcare services, enterprise sector, environmental and educations. This
business is developed mainly for social welfare and social development because
most people have insufficient money and cannot afford secure lifestyle so that it
provides services to poor people. Social business is very important for welfare of
society. It is the best medium to those people who has improving their life style in
proper way (Acs and Szerb, 2018). They are mainly focused to increase their
profitability for people. They earning a money but applicable for people benefits and
their career.
 Trading Entrepreneurial Business- this is mainly supply an effective product
services in market. They provide better services and goods to customer. They are
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mainly coordinated with stakeholder to distribute some good and services. This
business is supply good and services. It will maintain the supply chain of product.
Trading entrepreneur is controlling the trading activity effectively and efficiently.
They will identify the market values, demand of products and influences customers
to buy new products.
P2 Similarities and differences between entrepreneurship ventures
Small business Social business Trading business Scalable business
Small business is very
important for growth
and development. This
is very helpful for
country’s economy to
generate high revenue
in marketplace.
Small business is
established for
profitability and
productivity. They are
mainly focused to
achieve their goals and
targets in proper way
(Pisani and 2017).
Social business is
important for poor
people because it
provides the best
services and product
effectively and
efficiently.
Social business is
important for human
beings because they are
mainly focused to
provide the best
services for human
welfare and social
communities
Trading business is
only concerned with
their productivity. It
will increase their
business in all over the
world. They exchange
goods and services in
market. They provide
the best services in
proper way.
Trading business is
important when they
coordinate with
stakeholders to
distribute their share.
This is a newly start-up
business to develop an
effective strategy that
would be helpful for
growth and
development. They are
mainly focused to
establish a strong
business in global
world. It is preparing
an effective design to
follow in step by step.
They are uses new
technology to creating
accurate process to
helping for business
generations.
This business is
developing the
economy growth of
country and generating
This business is
provided the services
and product through
charity and foundation.
This business is
creating a connection
between the
shareholder to
This start-up business
to achieve their specific
goal and objective of
achieving effectively
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a revenue. The major role is
human welfare.
exchange the good and
services in
marketplace.
and efficiently.
LO2
P3 Micro and small businesses impact on the economy
Micro and small business playing important role for growth and development because it will
increase their business in all over the world that would be helpful for economy to generating a high
revenue. The small business is uses new technology for innovate new ideas for growth and
development. They have to encourage the competition level in market and it assists to develop the
country and growth rate of economy. In United Kingdom, there are various small business is
established in market such as 5.6 million small scale business operated in UK and developing the
growth. The competition level is very high and rate of GDP is increases. There are various company
expanding their business in all over the world like Tesco and Mercedes. They expanding their
business in each and every country and the customer are attracted to this organization because they
have brand value in market which is very important (aleem, 2017). This small and micro business is
support to economy because it generates a large revenue that would be maintain the economy. Time
to time, they would provide a job opportunities and give many options to helpful for customer. Bill
gates is very successful entrepreneur that expanding their business in all round the world. They can
start their business at the initial level and exploring new idea in the whole world. At the first level,
they face challenges but never disappointed (Goel, 2018). They planning a new strategies and idea
for development.
The small business has only 100 employees is working and they are mainly focused to
achieving their goals and targets. They are helping to other people to provide the job options and
provide many services. They are using new technology and to adopt innovation to creating the best
environment. In UK, 2015, Approximation 5.6 million small scale business is support to their
country. They will contribute as important role for growth and development. At the time of Brexit,
the organization should faced many challenging issues such as decrease the economy power of UK
and it will affect the capital income of united kingdom (Hornsb and 2018). Brexit is very
challenging problem in UK that it create new obstruction for trade business, immigration and
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foreign direct investment etc. the cost of UK is decreases from 1% to 10%. This is the major issues
faced in United Kingdom.
The micro organization is very small as compare to small scale business because they have
only 10-13 employee are working and they have very less profitability in marketplace. This
business is started form local areas and then developing in globally. In United kingdom, 85% small
scale business is located and expanding their business in all over the world. The small scale and
micro scale giving the best product services to customer. This is an efficient way to reducing the
poverty level in country (Amoroso and Link, 2018). The main objective of organization to
expanding their business and increasing profitability and productivity in marketplace. The small
scale business is important to provide a services and launch a new product according to the
requirement of customer. This business is very helpful for growth and development. In this way, it
can be achieving the goals and targets. As per survey, it will determine the actual small business
running in united kingdom as given below:
According to survey, it can be identified that 5.6 Million Small business are present in
United kingdom. Small organization is established their business in United kingdom and they also
require for managing the business process in effective manner. This organization will help in the
country economy because they generate more revenue that impact on the country.
P4 Importance of small business enterprise and business start up to the growth of social economy in
the UK
Small business is established in UK as well as other countries that provide many useful
advantages to the country. Brexit is major issues that would be impact the economy of country due
to the issues, faces many problem in various sector such as education filed, country economy and
employment etc. this issues is affected the financial problems and other element affected the
different level of business (Eesley and Miller, 2018). It will determine that the small scale
organization start their business at starting level and exploring their business in all over the world.
This business is helpful for social community, economic conditions.
The important significance of organization to start the business in the country and related to
the employment of people. They provide the job related opportunities and provide many effective
services. They planning a new strategy for increasing their market value and earning profitability in
marketplace. The creative innovation idea is very helpful for company to increases their brand vale
because most of the people are buy a product to the top level brand. This is the best way to
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promoting their product in market and time to time, sharing a new product ion market through
online marketing. They are using different platform to promote the item effectively and efficiently.
Small organization is mainly focused on the quality of product because they provide the best
product in market while customer satisfaction is important part to company. They will help to other
people related job, customer satisfaction, provide correct product information etc.
Brexit is major problem in organization because they will damage the entire business operations
and their functions. There are different threats generate in the business process that affect the entire
empire of organization.
It can damage the maternity service because maternity staff is not enough for managing the
services. Brexit threatens to lock the national midwifery storage. The maternity care offer all the
women.
Difference between small business and start-up business-
Small business Start-up business
Import tax can be changes for the small business
because small business owner import the goods
form the Europe and look the new suppliers with
in the UK.
Br-exit impact on the business of startup
organization because of the fluctuation in the
sale or profit. It can be damage the functionality
of business process.
Brexit is impact on the economic and social development because this is challenging problem that
impact on the financial of condition of small and big organization in UK. In this way, this
organization will reduce the job opportunities and in-fact they also terminate the employees to the
organization. The cause involves unemployment, poverty etc. After the Brexit, it is difficult for
organization to manage the business operations which is requires for companies to maintain the
facilities and services.
LO3
P5 characteristics and traits of skills of the two entrepreneur associated with case studies
There are two successful entrepreneurs to established their business in all around the world
such as Bill gates is the most successful entrepreneur to thinking logical, objective oriented and
critical etc. they have faced many challenging issues but due to divisive nature it would be
expanding their business in all over the world. The another successful entrepreneur is Steve Jobs,
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they have unique personality like determination, domination, confidence and strong headedness etc.
these are important quality to achieve their goals and targets.
There are some important traits and characteristics to achieving their goals and targets as follows:
1. Voracious Reader- Bill gates is very successful entrepreneur and also believe that reading is
important thing to learn a new thing in his life. They would be explore a new idea and
innovation on the basis of knowledge. They conduct library program since, the children
would daily habit to learn new thing by reading.
2. Self confidence- Bill gates and Steve jobs are very confidence person to always try to build
their business. He is very intelligent person to always putting innovative ideas for growth
and development. They have capabilities to achieve their goals because they are mainly
focused on to establishing their business in all over the world. They faced many challenging
issues but they never disappointed. It always tried to do the best thing in his life.
3. Believe in ideas- Bill gates and Steve jobs are very intelligent person to achieve their task
and objective effectively and efficiently (Jalilov and et.al., 2018). They are always planning
a new strategy for growth and development. It also innovative new ideas for business
growth. They believe that the new ideas impact on the business effectively and efficiently.
4. Positive attitude- A successful businessman has a positive attitude to performing various
business activities to take an effective decision that are beneficial for development. On the
other hand, the team leader of company to influences from business operations. They have
positive attitude and self confidence to handle challenging problem and issues in company.
5. Effective Leadership quality- this is the most important skills for every entrepreneur to
handle the critical situation in very effectively and efficiently. The leadership quality is very
important for entrepreneur because it can be motivate, direct and influence to their
employees in company.
6. Communication Skills- the communication skill is essential for business to interacted with
other employee. This is the best medium to communicated with the client and understand
the requirement of people. The Communication should be very helpful for entrepreneur that
can be interact with the client and taking a right decision at right time, the effective strategy
and planning is very important for development and growth.
7. Taking high risk- this is the essential significant skills of entrepreneur to take a risk in
business planning and activities. They have take risk but with the help of traits, they
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established a strong business in market. Many issues and challenging problems are faced in
business operations but the successful entrepreneur is always tried to achieve their goals and
targets. This is the best quality of business person to achieve their problem effectively and
efficiently.
P6 Entrepreneurial personality and entrepreneurs reflect their entrepreneurial motivation and
mindset:
The effective personality is impact on their desired event and outcomes. Each and Every
entrepreneur has unique skills and quality to achieve their objective. They can be easily handle the
performance of employee, lifestyle and business operation effectively and efficiently. It always
encourages to other peoples and motivated to achieve targets. They are mainly focused on to
innovate new ideas for growth and development. They have always preparing a new idea that can
be applied into the business planning. It is very helpful for increasing the power of business and
their importance in marketplace. They have significant mindset to developed the role and
responsibilities of business activities. There are important significant factors that are helpful in
business given below:
Openness – this element is part of business to adopted all the social culture, committees, laws, rules
and regulation etc. they are open minded person. It can be considered an effective outcome for the
enterprise environment that would be helpful for marketplace. Bill gates and Steve jobs are
considers as a successful entrepreneur to established their business in all over the world. In this
way. It determines their important role, functions and business operations at marketplace.
Consolidations- this element is basically used for develop overall objective and goals for new
business. It would be establish a same business in different areas. It can be maintain the work flow
and performance of operations. It will develop a systematic work in efficient ways. Time to time,
they conducting a very successful program within the enterprise environment. This is the best way
to their work in very systematic ways.
Extroversion- this is the important element to control their emotions at their marketplace. It is
basically to handle the critical situation in effectively and efficiently. They are mainly focused to
creative a new idea and innovation for growth and development. They will maintain their work
performance in proper manner.
Accommodation- this factor is improve the quality of performance in the business environment.
They are provided the better services to their customer and achieve their goals and targets. It helps
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in creating a more innovative workplace or working environment within an organization.
Accommodation supports organization in developing systematic work performance that assist the
business in achieving the organization goal successfully (Sohns and Diez 2018).
Neuroticism – it is the element when it can be develop the experience and identifying the actual
issues in business development. The new strategy is developed an effective business to achieve their
desired targets and goals. This is the systematic manner to improving the performance of
operations.
LO4
P7 Different environments factors that foster or hinder entrepreneurship
On the basis of research the entrepreneur is developing a strong business in all over the
world. There are various factors applicable in the business process. It is directly impacted to
business program. There are special skill and quality and capabilities to completed their task in
effective ways that would be shown in given below:
Educations- this is important factor for every entrepreneur to enhance their skills and trait of
growth and development. The people has required to understand the problem and issues in proper
way. Education is very important to develop their skills and quality with the help of skills, it can be
easily achieve their goals and targets in proper ways. The education quality is to achieving their
goals and targets effectively and efficiently (gbuta and et.a., 2018). With the help of this part, it will
easily increase the performance of attitude. They would increase their positive level to directly
impact on the performance.
Family background- Family background is directly impact on the person personality or
entrepreneur because they can learn a new thing from his families. They have developed their new
skills and quality that are to be implemented at their work place. As above discussion, the Steve job
is great entrepreneur that has to be developed a new idea and innovation for growth and
development. They are established their business in all over the world. They develop a software
company and technology that make it is very successful. Steve Jobs is belongs to the business
family so they have idea about the organization and they have capabilities to understand the need of
customer and then fulfil the need effectively.
Experience- Experience is matter for each and every organization because it can be develop an
effective business strategies and planning to achieving their goals and targets. Steve Jobs has high
quality to innovative new idea to do work in proper manner. They are performing a different task
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for business development. They are started their career in very systematic ways because it will start
their business in effectively and efficiently. With the help of experience, It can be learn many things
in his whole life.
CONCLUSION
This report will identify the small and micro business that would be helpful for growth and
development. It is very important for economy and generate a revenue increasing the capital income
of nation. Small scale business is improved the performance of society, business environment. They
were faced many challenging issues but always try to their best at workplace. As per Discussion, it
concluded that the micro and small business is playing important role for growth and development.
The entrepreneur should always enhance their skills and quality for increasing their power towards
the development.
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