Entrepreneurship Report: Business Ventures and Social Economy

This report provides a comprehensive analysis of entrepreneurship, exploring various venture types, their characteristics, and their relation to the typology of entrepreneurs. It delves into the impact of micro and small businesses on the UK economy, examining both positive and negative aspects such as turnover, economic power, and employment. Furthermore, the report assesses the significance of small businesses and startups in contributing to the growth of the social economy, particularly in the context of Brexit. The analysis includes the influence of background and experience on entrepreneurship, along with the traits and skills of successful entrepreneurs. The report also discusses the similarities and differences between entrepreneurial ventures, offering insights into their funding, team structures, and overall contributions to economic and social development. The analysis covers the impact of Brexit on the UK economy and the role of entrepreneurship in employment, societal improvement, and GDP growth. This report is a valuable resource for understanding the multifaceted nature of entrepreneurship and its significance in the modern economic landscape.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1 Different types of entrepreneurial venture and relation with typology of entrepreneurship. 1
P2 Similarities and difference between entrepreneurial venture............................................3
Task 2...............................................................................................................................................4
P3 Impact of micro and small business on the UK economy.................................................4
P4 Importance of small business and business start up will contribute to the growth of the
social economy after Brexit....................................................................................................5
Task 3...............................................................................................................................................6
P.5 Characteristics, traits and skill of two successful entrepreneur which differentiated them
from other business managers................................................................................................6
P6 The entrepreneurial personality which will reflect entrepreneurial motivation and mindset.
................................................................................................................................................7
Task4................................................................................................................................................8
P.7 Background and experience can hinder or foster entrepreneurship.................................8
CONCLUSION................................................................................................................................9
REFERENCE...................................................................................................................................1

INTRODUCTION
It is argued that entrepreneurship is beneficial for economic growth and development.
This view has been supported by countries that experienced substantial poverty reduction over
the last three decades. Countries like China and the East Asian Tigers are said to have capitalised
on this phenomenon to drive economic development. With these identified benefits the UK
government is promoting the concept and phenomenon for post Brexit economic growth and
development. The various types of entrepreneurial venture and they relate to the typology of
entrepreneurship. Proper investigation will help top explore the similarities and difference
between entrepreneurial ventures. Assessing and interpreting relevant data and statistics in mini
research to illustrate to shoe impact of micro and small business on the economy. Significance
small business and business start ups will contribute to the growth of social economy after Brexit
(Hatten and et.al , 2015). From the characteristic, traits and skill of two successful
entrepreneurial which differentiated them from other business manager. The entrepreneurial
personalty according to it traits and skill reflect entrepreneurial motivation and mindset. As the
background and experience can hinder or foster entrepreneurship.
Task 1
P1 Different types of entrepreneurial venture and relation with typology of entrepreneurship.
Entrepreneurship is innovation creature which will help to boost the economic
development. The various types of entrepreneurial venture which are relation to the typology of
entrepreneurship.
The types of entrepreneurial venture describe as follows:
 Small scale Entrepreneurship: This type of entrepreneurial which are not focus on large
scale but a small portion of their business with the motive of living better lifestyle. The
sales of small scale business having few worker associated with owner (Bae, and et.al
2014.). The small business act for Europe states that small scale business are those who
have 250 employees or less than that. For example a small shops in as street or local areas
can said to small business. Travel agent, food vendor.
 Scalable business or Entrepreneurship: This type of venture can be the large start-up
in which the owner of the firm will transform the size and structure of the business. The
organisation which are already well established in the industry are known as large
business. These type of venture are contributing to the nation economy and work for
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social development (Bae, and et.al 2014.). For example Facebook, amazon. These are
the venture can enhance the revenue without the extra large costs.
 Large business or industries: It is an process of developing innovative idea and
organisation opportunities to increase the probability. These types of venture will focus
on new technologies and market competitor put pressure on the entrepreneurship.
 Social Entrepreneurship: This type of venture are the working for transforming the
nation with various development. The motive these type of venture are not maximising
the huge profit but want to develop the society in terms of effective programmes.
The above are the entrepreneurial venture help to relate it typology which can be discuss as
follows:
 Sceptical entrepreneur: It is an questioning entrepreneur who will argue after the other
success (De and et.al 2018). They believe in luck and all the stars which are
involvement in the changes. The attitude of sceptical entrepreneur are based on the past
experience. As this type of entrepreneur are more scary.
 Copy cat entrepreneur: This type of entrepreneur believe in other success and
appreciated them. All things are same in terms of their card and business website as per
the other successful entrepreneur are focus for their business.
 Research Entrepreneur: This type of entrepreneur are focus on learning on each and
every step. For every situation they analysis with proper research to create the effective
opportunity for the business. But if these research are not use for the firms development
than it will be time waste activity.
 The determined Entrepreneur: This types of entrepreneur are not successful but with
the determination to do something in their life they focus to achieve their business
objectives (De and et.al 2018). The positive attitude of entrepreneur make the effective
situation in organisations.
 Accomplish Entrepreneur: This type of entrepreneur are those who achieve the success
and build large network which help to accomplish their business goals.
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P2 Similarities and difference between entrepreneurial venture.
The entrepreneurial which makes the various changes in the industry and the nation. Each
and every entrepreneurial have some similarities and differences which can be discuss as
follows:
Similarities between the small scale and social entrepreneur venture:
It can be easily understand the various similarity among these two entrepreneurial venture which
give high social development. Small scale entrepreneurial will give the effective performance
which will help to bring the more chance to social development and the motive will ear the
money for the use of livelihood (De and et.al 2018). While the social entrepreneurial will help
to the poor people to make the better lifestyle which are not able to get their basic needs due to
insufficient funds with them. Proper society development and reduce the gap of poor and rich
people from the nation. On the other side small scale business is done by the person who have
fund to run business to meet their daily expense. The motive small scale busies is not tom earn
high profit same as social entrepreneur have same motive to run the business in break even
situation.
Funding of these business will be less: This can be the another similarities that small scale and
social entrepreneurial venture get the less funds. As the source of these business are form the
family member or friends to start their business. Same as the social entrepreneurial funding from
the people who have money to give as donation and charity for the development of society.
Difference between large scale entrepreneurial and Scalable business entrepreneurial
venture:
Each and every entrepreneurial have the various difference as discuss below:
Scalable business entrepreneurial brings the better opportunity for the nation growth and
development but they are not contribution in large manner. The funding of such business are the
depends on their ideas and size of the venture while the large scale business will be funded by
the government and corporate venture with the merger and acquisition (Piperopoulos, and
Dimov, D., 2015). In the large scale business required the huge team in the organisation such as
Human resource, marketing, operation and production etc., while small scale business does not
required the huge team only small team can be enough to handle the organisation by performing
certain activities together.
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Task 2
P3 Impact of micro and small business on the UK economy.
For every nation the most important aspect is growth and development of the nation
which can be based on micro and small business. This business venture have both positive and
negative impact on the UK economy. The micro and small business can be seen following
impact discuss below:
 Increase Turnover: This can be the major impact on economy which can increase the
turnover of the nation as the 1.6 trillion pound have contribute by this micro and small
business (Piperopoulos, and Dimov, D., 2015). It is the positive impact on the UK
economy but when these venture are not able to perform then huge impact can be seen
on the GDP which makes the extra changes in the United Kingdom economy whole.
 Economic power: The major impact of the micro and small business venture brig their
high economic power as they will improve the GDP of the nation which will be the most
important aspect to grow business for social development. As per the research made by
the RAS they had investigated that micro and small business will disturb the balance of
economic growth and development (Fayolle, and Gailly, , 2015). The better economy of
the nation will be depends on this business venture which are make the more power to the
economy.
 Failing real income: This can be the major challenged for the business which make the
negative impact such as falling of real income cause to the effect on the various business
which are most important to increase the sales and volume which brings the less income
of the people and it affect on the real income of the nation due to failure of these micro
and small business on the UK economy.
 Impact on the worker and Firms: This can be the major impact on the economy will be
based on the various economic impact as the worker will get the less salary and wages
due to insufficient funds in micro and small business can be seen. On the other hand firm
will face the fall in demand of the business brings low profits. It will create the recession
in the firm which will brings the inequality and relative poverty trends. Due to the
unemployment in the nation create the imbalance for micro and small business
entrepreneurship (Chell, and et.al 2016). This is the reason for unemployment in the
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nation which will brigs the better opportunities but due to high recession in nation makes
the people income less and purchasing power of customer will impact on the this business
revenue.
 Flexibility with changes in trends: This can be another reason of impact of micro and
small business which can be seen as per the new trends according to the flexibility. Due
to such instance customer not able to demand for the goods and service which are deal by
this venture and profits.
P4 Importance of small business and business start up will contribute to the growth of the social
economy after Brexit.
Every business venture have some contribution on the economy and social development.
The word Brexit comes from the British exit which will be the referred as the dissolved between
Great Britain and European Union (Chell, and et.al 2016). The immediately impact on the nation
economy such as the currency value increase only 10 % above the Euro and it raise the inflation
in the nation up to the 1.8%. But after the Brexit some major changes changes have been found
in small business and business start-up in the contribution in following areas discuss below:
 Contribution in Employment: This can be the major contribution of these venture as
they create employment opportunity in the UK economy which will help to make various
development. As it will reduce the poverty in the nation if the more employment will be
generated by this venture in the UK. Brexit give the clear direction the UK economy in
terms more labour will be unavailable and government expenditure will be reduce which
will help to contribute to funding for start-up business in the nation will create more jobs.
 Improvement in the society: For the society it has positive contribution to make the
various changes made by this venture on the basis of betterment of society. The rules and
regulation will implement by in UK economy which gives more improvement of the local
citizens (Chell, and et.al 2016). More finance will be raise to the key people who required
to develop business and create high contribution in the nation economy and resource
availability with the society will be more compared the situations before the Brexit.
 Increase Gross Domestic Product of the UK: This can be the another contribution of
the small and start-up business after the Brexit in terms of increasing the GDP of the
nation will help to work towards the various development for the society. It is important
for the every business that made system for the nation in terms of high manufacturing in
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the nation will increase the GDP which will create the more revenue in the nation
(Davidsson, and et.al ., 2015). The taxation income in the UK will be increase due to
small and start-up business.
Hence this are the consequence for the UK economy which create the high business
growth after Brexit. As the small and start-up business brings short term loss but for long term it
will create various contribution to the economic boost and social development. Therefore it is
important for the government to create the different facility provide to these venture for the
betterment economic development.
Task 3
P.5 Characteristics, traits and skill of two successful entrepreneur which differentiated them from
other business managers.
Every entrepreneurial have some different characteristic, traits and skill of Bill gates and
Mark Zuckerberg. This type of the better to bring different skill and traits which is visible in their
business. The following characteristic and traits, skill of these entrepreneurial can be describable
below:
Characteristics and Traits:
 Bill gates is the a voracious reader: As the successful entrepreneur have the habit of
excess reading of new things which can be implemented on their life and help in
organisation planing and proper development can be carry out (Wiklund, and et.al ,
2016). He reads 50 books per year.
 Bill gates doest not abide by rules: it is the most important characteristic in the bill
gates does not focus on the rules and regulation. He want just perfection in their work and
expected will same with employees.
 Mark Zuckerberg do business for the higher purpose: This can be the most important
characteristic of the Facebook co founder as he will focus on the business for the high
purpose which is to connected more and more people to increase their business.
 Mark Zuckerberg is an aggressive but encouraging leader: It is the fed up situation
for him when the mark Zuckerberg did not get the better outcomes for their business
makes more aggressive ion nature but he always encourage to their team as true
leadership.
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 Time management skill in Bill gates and Mark Zuckerberg: This can be the most
important characteristic of each and every successful entrepreneur. Time management
makes the better development of the business in terms managing their day to day
activities which are important for personal and business (Wiklund, and et.al , 2016). Bill
gates wakeup at early morning and start Working on the basis of setting priorities of their
activity according to proper time management. On the other had mark Zuckerberg is the
co founder of the Facebook who save their time by not thinking what to wear. Wake up at
7 am and work as per their time management.
 Risk taking: This can be the most important skill which will be the major skill both the
entrepreneur which they will take high risk for their business depend on the various
situation arise in front of both. They knew without taking risk no business can grow
easily. Sometime business operation will be less attractive if the entrepreneur will are not
taking any high risk for the business.
 As the manger don't have these skill and trait because they have to focus according to the
rules and regulation of the business (Sarasvathy, and et.al 2014). They have to use their
managerial skill and use the resource for optimum utilisation for the firms production.
Hence, these traits and skill ad characteristic of both the entrreprenure are important for common
people to become successful entrepreneur like bill gates and Mark Zuckerberg.
P6 The entrepreneurial personality which will reflect entrepreneurial motivation and mindset.
For every entrepreneur it is important to have the business opportunity but if they are
focus to adopting the personality like bill gates and Mark Zuckerberg. But this entrepreneur give
motivation to the people to become successful entrepreneur in life. Influence to the others to
become entrepreneur is not most important aspect and which required the various motivation ad
mindset in them which can be describe as below:
 Initiative and self directions: this can be the most important personalty have been
reflect form both the entrepreneur which is motivate for entrepreneurial mindset. As the
initiative in the life will be the most important aspect to change better idea implement as
plan. But without initiative more focus should be on the self direction which will help to
bring the effective outcomes on the basis of self direction made by them (Sarasvathy,
and et.al 2014). It is important to clear path of the goals before taking any decision.
Successful entrepreneur will never scare for failure due to initiative and self direction
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personality reflect by the high successful entrepreneur which will motivate and mindset
to become entrepreneur.
 Creative and innovative: This can be the most important personality reflects
entrepreneurial motivation and mindset is to bring the creativity and innovation which
will help to become successful entrepreneur to for every individual. Innovation gives the
opportunity to develop the industry to give differentiated goods and service to customer.
While the creativity will give advantage to the entrepreneur which help to bring the more
effective service help to maximise the customer satisfaction (Hardy, . and Maguire,
2017). As the mindset of the entrepreneur is to grow business with the high creativity and
innovation in their work build the successful venture.
 Flexibility and Adaptability: it is the most important aspect for the entrepreneur which
will reflect for the motivation and mind set in to become successful entrepreneur.
Flexibility like Bill gates who never focus on the rules and regulation in there business
but they just focus on adaptation of various subsystem to get the better outcomes for the
organisations.
 Critical thinking and problems solving: it is an another way in which the
entrepreneurial personality will motivate and min set for the entrepreneur for the critical
thinking and solve the various problems which are arise in front of them. Mark
Zuckerberg fed up when he is not able to get better outcomes in their business but
effective leadership will help to solve their problems (Hardy, and Maguire, , 2017). On
the other hand bill gates focus on their work to get the better outcomes for busies bring
the high motivation for entrepreneurial to motivate them fro critical thinking and
problem solve by excess learning habit to implement in the ideas at the various difficult
situation.
Task4
P.7 Background and experience can hinder or foster entrepreneurship.
In this perspective, it has been surveys that prizes and disadvantage of business enterprise
plays vital aptitudes and abilities. Consequently, it helps to rival other association in successful
angle. In addition, there are likewise extraordinary components exists which could be effect and
serves to cultivating the business enterprise to achieve wanted outcomes. For instance, business
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visionaries past experience and instruction affect on their exhibitions in enterprise. As results,
Zukerberg have compelling past foundation that demonstrates his abilities and capacities helps to
cultivate powerful past foundation. It demonstrates that aptitudes and capacities could be create
in successfully and effective way (Hart, and et.al 2015). He was prime supporter of Facebook
application which utilized by the general population to connect with everybody inside the world.
He got achievement in his young age. With the assistance of inspiration from his family, he
decides their aptitudes and abilities to work in business program. His dad was fruitful agent who
faces a few issues with talking customers at worldwide level. Accordingly, he got a plan to
actualize this application in which individuals can chat with a few people in each region of the
world.
Along these lines, Zukerberge going out on a limb and dispatch application which make
effective endeavor in everywhere throughout the world. As results, it could be expressed that
there are numerous sorts of characteristics Zukerberge goes out on a limb, trailblazer, certainty,
and so forth. Consequently, it helps to help as the fruitful agent in everywhere throughout the
world market. Notwithstanding this Steve Jobs likewise have capacities to go for broke that helps
to encourage business enterprise wander (Hart, and et.al 2015). It additionally improves business
openings in the market. He is prime supporter of Apple Inc which is the biggest mechanical
brand in everywhere throughout the world. In 1976, Apple 1 PC and endeavoring to offering out.
In beginning time he progress toward becoming flop, yet after some time achievement of Jobs
persistently develop which make compelling brand to Apple.
CONCLUSION
From the report Entrepreneurship it can be easily inferred that it is important for the
nation economic and social development. As the small and large scale business have the huge
difference while the social and scale business have similarity in them. Copy cat entrepreneur are
the dangerous entrepreneur for the other as they will copied each and everything from the
successful business. So it has signification to create the value in organization by making
innovative and creativity in the entrepreneurial venture ideas implementation. It is the positive
impact on the UK economy but when these venture are not able to perform then huge impact can
be seen on the GDP which makes the extra changes in the United Kingdom economy whole. it is
important to have the business opportunity but if they are focus to adopting the personality like
bill gates and Mark Zuckerberg. But this entrepreneur give motivation to the people to become
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successful entrepreneur in life. As the consequence for the UK economy which create the high
business growth after Brexit. small and start-up business after the Brexit in terms of increasing
the GDP of the nation will help to work towards the various development for the society.
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