Entrepreneurship: Ventures, Impact, and Economic Development Report

This report provides a comprehensive overview of entrepreneurship, defining it as the process of starting and managing a business. It explores different types of entrepreneurial ventures, including small business entrepreneurship, large company entrepreneurship, serial entrepreneurship, and social entrepreneurship, highlighting their characteristics, similarities, and differences. The report also examines the impact of micro and small businesses on the economy, emphasizing their role in economic growth, job creation, and poverty reduction. It discusses the importance of small businesses and business start-ups in the UK, their commitment to economic development, and their ability to adapt to changing environments. The report further analyzes how these ventures contribute to economic growth, innovation, and community development. Overall, the report underscores the significance of entrepreneurship in driving economic progress and fostering innovation.

ENTREPRENEURSHIP

INTRODUCTION
Entrepreneurship is also known as Business person who start their business by his own.
Business person implies a man who needs to begin his business by their own. He is the
individual who deals with his business and a daring individual. Entrepreneurship brings
imaginative thoughts for his business and makes something other than what's expected. Each
individual have their own particular perspectives with respect to Entrepreneurship. It implies a
man make new thought for advancement of his business and makes benefits. A business
visionary must be roused and certain with the goal that he does his business successfully and
effectively. Business person is those individuals who create new items by advancement and
imagination and go for broke. A business visionary must be enthusiastic and he will likewise
offer guidance to other individuals and rouse them. There are many sorts of wander and sorts of
the business (Webb, Ireland and Ketchen, 2014). The reason for this report is to distinguish the
parts of little; smaller scale and medium enterprises and they additionally influence the economy
development. There are different sorts of culture and motivational instrument which likewise can
influence the business person. In money related matters, business undertaking merged with land,
work, trademark resources and capital can make profit. Entrepreneurial soul is portrayed by
improvement, and is a fundamental bit of a nation's ability to win in a routinely changing and
dynamically engaged overall business focus.
LO 1
P1 Types of entrepreneurial ventures
Entrepreneur is a person who takes risk and produce new products by innovation and new
creation. He is the person with full determination and also self – motivated. He is an innovative
thinker who generates new idea for his business. There are different sorts of wander of business
enterprise which are depicted as beneath:
Small business entrepreneurship: Today, the mind boggling number of businessmen
and new organizations in the United States are as yet private endeavors. There are around 5
million autonomous ventures in the U.S. They make up around 99% of all associations and use
half of all non-administrative workers. Private endeavors are grocery stores, beauticians, masters,

travel administrators, web business client confronting exteriors, carpenters, jacks of all trades,
circuit analyzers (Seelos and et. al., 2011). They are any person who runs his/her own particular
business. They enroll close-by agents or family. Most are barely productive. Their importance of
achievement is to energize the family and make an advantage, not to accept control over an
industry or manufacture a $100 million business. As they can't give the scale to attract
speculation, they bolster their associations by methods for sidekicks/family or private wander
credits.
Large company entrepreneurship: Immense associations have constrained life cycles.
Most turned out to be through looking after progression, offering new things that is varieties
around their inside things. Changes in customer tastes, new developments, establishment, new
contenders can make weight for more troublesome progression – requiring immense associations
to make totally new things sold into new customers in new markets. Existing associations do this
by either getting imaginative associations or trying to make a troublesome thing inside.
Amusingly, significant association size and culture make troublesome progression incredibly
difficult to execute.
Typology of entrepreneurship:
Serial entrepreneurship: An agent who persistently considers new considerations and
starts new associations. Instead of a typical business visionary, who will as often as possible
think about an idea, start the association, and after that see it through and accept a basic part in
the ordinary working of the new association, a serial representative will frequently come up with
the idea and kick things off, however then offer commitment to someone else and continue ahead
to another idea and another wander (Venkataraman and et. al., 2012). This can be something to
be thankful for if the individual has heaps of interesting thoughts and is the best one suited to
kick every erratic, except can be a terrible thing if the individual quits investing energy into an
organization that needs his or her assistance, to attempt to push ahead with another thought that
might possibly succeed.
Social entrepreneurship: Social enterprise includes utilizing the aptitudes and systems
of business to creatively and reasonably comprehend social, ecological, and monetary issues.
The endeavors made by social business people can be non-benefit, for-benefit, or an inventive

cross breed of the two. What recognizes social business visionaries is their unwavering devotion
to accomplishing their "main goal" (as opposed to measuring their prosperity by their budgetary
primary concern). They are attempting to make positive social change, encouraging monetary
and social equity, and guaranteeing human rights in our neighborhood group and over the world.
This includes a pledge to support-ability by diminishing their waste/ecological effect and
improving the personal satisfaction in their group – while giving a remarkable item or
administration to their clients (Rasmussen, 2011).
P2 Similarities and differences between entrepreneurial ventures.
There are many sorts of business visionary wander on the planet. Small business
entrepreneurship and large company entrepreneurship are most imperative from all them. Yet,
there are numerous distinctions and similitude between them. Contrasts make them unique in
relation to each other; there are some essential contrasts which are specified as beneath:
Basis Small business
entrepreneurship
Large company
entrepreneurship
Business Size In this there are not more than
nine individuals who worked
for small ventures.
In this there are not more than
two hundred fifty individuals
who worked for large
organizations.
Innovation This type of entrepreneurship
needs more innovation in their
business compare to large
business entrepreneurship
(Jones, and Matlay, 2011).
This type of entrepreneurship
needs less innovation in their
business activities comparison
to small business
entrepreneurship.
Financing In small ventures there is less
need of fund for their
exercises of the business.
In large organizations there is
more need of back which is
vital for their business
exercises.
There are likewise a few similarities between small business entrepreneurship and large
company entrepreneurship which are depicted as takes after:
 Both kinds of enterprise need advancement and imagination in their organizations
which can help them to make due in the focused world.
 Both sorts of enterprise help to diminish the unemployment in the country.

 Both type of entrepreneurship provide growth and development to the economy.
 Both kinds of entrepreneurship create competitiveness in the marketplace
(Sommer and Haug, 2011).
M1
Entrepreneurial endeavors have bunches of private ventures so that each one can without
much of a stretch comprehend about the business enterprise. It will also helps to provide
experiences. They can control the risk by using the appropriate instruments which is associated
with the small ventures. If person understand about the entrepreneurial businesses then the
employees of the firm can complete their projects along with the task in a specific time with the
effectiveness.
D1
Micro and small businesses having a broad scope in UK. It also aid to provide growth
and development to the economy. With the help of these people many citizens of the nation get
employment which assist in reducing the problem of unemployment in the country. Along with
this it helps in reducing the poverty line of the nation. These type of businesses having a future
growth and according to that their nature is flexible. They will accept the changes easily and also
fulfill the demand of their customers effectively.
The employees of the business entity have to use the appropriate and relevant ideas which
help them in making the changes in the firm and on the basis of that they can develop their
business and expand the growth in the market. Along with this effective resources needs to be
used so that they can not face any issues.
LO 2
P3 Micro and small businesses impact on the economy.
These type of businesses are very important for growth of an economy. It helps to
provide job opportunities to the people of the country so that poverty line can be reduce. There
are various essential points which are described as below helps to understand about the micro
and small businesses impact on the economy:

Economic growth: Not every single private company stay independent ventures. For
instance, corporate realms, for example, Wal-Mart, Burt's Bees, and Ben and Jerry's altogether
started as "mother and-pop" organizations. Presently they are imposing players inside the
national and even worldwide market. Private companies that become famous have a tendency to
set up themselves close to their neighborhood group, proceeding to bolster monetary success.
Mapping the future: One of the significant ways that small businesses add to nearby
economies is by inciting development and development. They tend to harbor the entrepreneurial
soul by pulling in people who create new items or have thoughts on the best way to enhance
prior items. This can be seen inside the PC and tech enterprises, particularly (Ormiston and
Seymour, 2011). Numerous tech mammoths actually became out of carports, including
Microsoft.
Giving back: For the most part, Americans see private companies as positive impacts on
the group and in addition the nation. At the point when buyers visit independent ventures, they
are offering back to their neighborhood groups. Effective nearby businesses bolster the group by
paying charges, including neighborhood charges. These duties, thusly, bolster schools and
nearby government workplaces, and police and fire divisions.
Smaller businesses normally have the capacity to adjust to changing atmospheres at a
considerably snappier pace because of their abnormal state of client introduction. Thusly, it is
likely that clients will keep on supporting nearby businesses, notwithstanding amid times of
monetary anxiety. Along these lines, numerous private ventures can stay above water amid
monetary emergencies, proceeding to bolster nearby groups.
P4 Important small businesses and business start –ups
Independent company and business begin – ups are extremely fundamental for any nation
like UK. It gives development and improvement to the economy with the goal that they can
diminish the neediness line (Morris, Webb and Franklin, 2011). There are different sorts of
significance of independent ventures and business begin – ups which are examined as
underneath:
Commitment: An autonomous wander is portrayed as a business (association, obliged hazard
association or proprietorship) with 500 delegates or less. As shown by the U.S. Autonomous

organization Administration (SBA), private endeavors address roughly 99 percent of all business
firms. Since 1995, autonomous endeavors have created 64 percent of new occupations, and paid
44 percent of the total United States private back, according to the SBA.
Financial development: Private endeavors add to close-by economies by passing on
improvement and progression to the gathering in which the business is developed. Autonomous
organizations in like manner help vitalize money related advancement by giving business
opportunities to people who may not be employable by greater associations (Acs, Boardman and
McNeely, 2013). Private endeavors tend to attract capacity who envision new things or execute
new responses for existing considerations. Greater associations furthermore routinely advantage
from privately owned businesses inside a comparable adjacent gathering, a similar number of
colossal endeavors depend on upon free ventures for the complete of various business works
through outsourcing.
Flexibility to evolving atmospheres: Numerous autonomous organizations also have the ability
to respond and modify quickly to changing money related environments. This is a result of the
way that autonomous endeavors are routinely to a great degree customer orchestrated. Various
adjacent customers will remain reliable to their most cherished private endeavors in the midst of
a money related crisis. This devotion infers that autonomous endeavors are as often as possible
prepared to stay above water in the midst of extraordinary conditions, which can furthermore
strengthen neighborhood economies. Private ventures in like manner assemble less pay than
greater organizations, which implies they may have less to lose in times of money related crisis
(Karataş-Özkan, 2011).
Future development: Independent organizations don't for the most part stay close to nothing.
Extensive associations, for instance, Nike and Ben and Jerry's, started off as privately owned
businesses that created to twist up evidently genuine players in the national and all inclusive
business focus. Various PC industry pioneers begun as "tinkerers," making a go inside achieve
gathered machines out of their parking spaces. Microsoft is a prime instance of how a free
wander thought can change the world. Autonomous endeavors that form into broad associations
consistently remain in the gathering in which the business was first settled. Having a broad
organization headquartered in a gathering can also enable provide for work and stimulate the
area economy.

Aggressiveness: Small organizations and begin – ups help to make the UK more engaged and
speaking to visitors and examiners. They switch up towns and urban ranges, while accepting a
basic part in serving the gatherings in which they are based. Not only do they expand the
estimation of regional zones, they in like manner help to lift competition in adjacent markets. As
competition augmentations, there is turnover in the market whereby the base productive firms
don't survive and the most useful associations broaden, realizing a lift to aggregate gainfulness
(Anderson, Drakopoulou Dodd and Jack, 2012).
Innovativeness and development: Such associations are better prepared to pull in and plan new
capacity to make imaginative things that are better engaged towards the necessities of their
adjacent gatherings. They are in a fascinating position to put extra time and care into realizing
new courses of action and improving existing contemplation. They thus have an unprecedented
course of action to contribute similar to creative energy.
M2
There are many successful entrepreneurs in UK such as Elizabeth Gooch, Tom Mercer
etc. They all are very popular in the country and also do their business in different and innovative
ways. Small, medium and large businesses provide the growth and development in relation to
country. It also helps to give employment opportunities to the people. They have to use
innovative methods to develop products and services for their customers or clients.
D2
It provide broad impact on local and regional people. It also give effect on the every level
of organization. Thus, they can easily get the necessary data from the available data and it will
assist them in their decision making. It affect the culture of the business because every system
has their own rules and regulations. It is essential that development of UK economy must be
done on overall basis.
There are different levels of the economy which having a impact on the economy. At
regional level, it assist in rotating money in the local market. At national level, it aid in providing
support in national economy so that they can do better production. At international level, small
business in the country have to improve their production which assist in raising the market
condition.

LO 3
P5 Characteristics, traits and skills of successful entrepreneurs
Every entrepreneur has their own skills and knowledge. They also have some
special qualities that make them different from others. There are many qualities of an
entrepreneur that makes them successful. These are mentioned as below:
Taught: These individuals are based on making their associations work, and wipe out
any obstructions or preoccupations to their goals. They have bigger philosophies and design the
procedures to complete them. Productive business people are instructed enough to make progress
every day toward the achievement of their goals (Korsgaard, 2011).
Certainty: The business person does not make request about whether they can succeed
or whether they are meriting progress. They are certain with the data that they will make their
associations succeed. They overflow that trust in all that they do.
Open – disapproved: Business visionaries comprehend that each event and condition is
a business opportunity. Contemplation are constantly being created about work procedures and
capability, relationship building capacities and potential new associations. They can look at
everything around them and focus it toward their destinations.
Self – starter: Business individuals understand that if something ought to be done, they
should start it themselves. They set the parameters and guarantee that endeavors take after that
way. They are proactive, not sitting tight for some person to give them approval (Tracey and
Phillips, 2011).
An unwavering person: An entrepreneur must be so energetic toward its work with the
goal that he can't shake from what he is doing. He should be so devote towards his occupation or
work so he can create new items and administrations by utilizing some imaginative terms. He
must act naturally – spurred so he will carry out his occupation viably and productively without
waving.
A forward looking approach: An entrepreneur dependably thinks something important;
they generally think for their future. They have their techniques that they take after to accomplish

their coveted objectives and targets however they additionally bring a few options with them so
that if any of the best option is accessible then they will go for that.
It is realized that each entrepreneur don't utilize bluprints for their business. They do their
business as per needs, needs, abilities or training moreover. For this they can likewise confront a
few attributes that are depicted as beneath:
Brimming with assurance: When you set out to twist up observably a business person it
will oblige you to set clear destinations in transit (Welter, 2011). Building up your business,
extending bargains and acquiring new agents require a couple scaled down scale destinations
inside them to be executed successfully. This kind of workload and test is adequate to keep
numerous people from looking for after the entrepreneurial employment way. You should be
settled from the soonest beginning stage to be productive - before you even start. If you aren't
totally made plans to make it there is a tolerable shot you will crumble under the weight.
Pines for learning: You have to stay sharp, and that requires that you are consistently
learning. Organizations constantly change and progress - simply those that are furthermore
creating through consistent learning will stay ahead. You will reliably have contenders breathing
down your neck endeavoring to beat you. There will constantly be some individual ensuring to
be the accompanying most vital thing.
Staying sharp, through unfaltering learning, will engage you to stay ahead and refrain
from getting passed. Scrutinized books and wake up earlier in the morning to examine industry
news - do all that you can to dependably learn and absorb new information (Hattab, 2012).
Enthusiastic about his or her business: Energy controls the drive and confirmation
required to be productive, paying little mind to whether you are building an association
beginning from the soonest stage or acquiring an Internet business that starting at now has a
shown notoriety. You have to totally acknowledge what you are doing - there will be long days
and nights and at a couple centers in transit your business will eat up you. In case you aren't
totally excited about what you are doing the extra tension and hindrances will create on your
shoulders and at last be accountable for your fold.

Great comprehension of cash administration: It doesn't have any kind of effect if you
are bootstrapping your business, using singular charge cards or have a large number of dollars
from examiners - you ought to have sublime money organization capacities. Poor cash related
decisions; for instance, overspending or dispersing advantages for less basic errands can quickly
obliterate a business. Have a get cash related guide drawn out - what are your fundamental
month to month expenses and responsibilities? What sum would you have the capacity to convey
month to month for things that fall outside of the "basic" class? Cling to your plan and guarantee
all originators and shareholders are in understanding. Money issues can crush a business a
comparable way they can pulverize a marriage (Bacq, Hartog and Hoogendoorn, 2013).
P6 The entrepreneurial personality reflect entrepreneurial motivation and mind-set.
Business visionary has many sorts of identity and he will persuade individuals
additionally with the assistance of them. He is additionally daring individual and has
exceptionally creative personality for doing their business. There are numerous perspectives
which are characterized as beneath of the identity characteristics of business person:
The improver: Entrepreneur resembles an improver since he generally concentrates on
the business so he can enhance the world. He additionally enhances his aptitudes and capacities
with the goal that he will do his business all the more successfully and effectively.
Personality alert: They additionally need to mindful from the propensity of them and it
can be basic to their representatives likewise (Chan and et. al., 2012).
The advisor: Entrepreneur is likewise a consultant, he additionally give an exhortation to
individuals. They additionally offer exhortation to their clients with the goal that they will help
them in regards to the selection of items and administrations. The fundamental maxim for giving
an exhortation is excessively mindful the clients.
Personality alert: Entrepreneurs give guidance to the general population so they can
concentrate on their requirements and needs and satisfy them.
The artist: Personality of a business visionary additionally reflects as far as a craftsman.
They are more imaginative and creative with respect to their business. Business visionaries