Entrepreneurship Report: Venture Types and UK Economy

This report delves into the realm of entrepreneurship, examining various types of ventures and their characteristics. It explores the differences and similarities between these ventures, providing insights into their operational models and objectives. The report then focuses on the impact of micro and small businesses on the UK economy, highlighting their contribution to employment, innovation, and overall economic growth. Furthermore, it emphasizes the importance of small businesses and startups in fostering growth within the social economy. The report also identifies the key traits and skills of successful entrepreneurs, examining how personality and background influence entrepreneurial motivation and mindsets. Finally, it discusses how experience can either hinder or foster entrepreneurial endeavors, providing a comprehensive overview of the multifaceted world of entrepreneurship. The report uses the example of Booths company to illustrate the practical application of entrepreneurial concepts.

ENTREPRENERUSHIP

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK1.............................................................................................................................................3
P1 Types of entrepreneurial ventures related to the typology of entrepreneurs....................3
P2 Differences and Similarities between entrepreneurial venture .......................................5
TASK2 ............................................................................................................................................6
P3Micro and Small business is impact on UK economy......................................................6
P4 Importance of small businesses and starts-ups for growth in social economy................7
TASK3.............................................................................................................................................7
P5 Characteristic traits and skills of successful entrepreneurs ..............................................7
P6 personality reflect entrepreneurial motivation and mind setup ........................................9
TASK4 .........................................................................................................................................11
P7Background and experience can hider or foster entrepreneurship ..................................11
CONCLUSION .............................................................................................................................12
REFRENCES ................................................................................................................................13

INTRODUCTION
Entrepreneurship in any type of business give the designed , product launching and help to
ruining in new business. It is describe the capacity of business development , managing
organization and taking risk related to profit. It is focus on the wealth of business and high risk
in promotion of product. It is those people who create business . An entrepreneur is have main
goal earn profit and increase marketing value for business. They also give contribution to
increasing economic growth and development. in this report take Booths company entrepreneur
ship is play very important role to managing activates and leading the business . It is super
market company in north England . This company is having unique identify in each and every
store. This company having 28 store in UK. They want to open new branch in UK so they need
to entrepreneur . So in this report will analysis type of venture and his report will evaluate the
different types of entrepreneurship ventures. In this report will define similarities and
differences between entrepreneurial ventures. And also define impact of the economy the effect
of small-businesses will also be .that research will have become a successful entrepreneurs the
skill and characters that are required will also be explained in the report.
TASK1
P1 Types of entrepreneurial ventures related to the typology of entrepreneurs
Entrepreneurship is the set of business process and help in financial risk. They is help
in developing business and providing proper finance and taking risk related to money. it is
develop something new ideas so grow their business and profitability. They give capacity to
organization for developing and managing a business with taking risk in order . Booths company
is also develop their new product so they use different type of venture (Acs Autio and Szerb
2014) .
There are four types of entrepreneurial ventures and they are as follows: Life style venture – This type of entrepreneur is stable on their income and does business
of different types in different seasons like in winters, they sell woollens and during
summers, the firm offers cotton clothes. This type of entrepreneur reinvests and locates
their business on single location and with limited employees. These types of
entrepreneurs do not have any objective as they only sell product and earn money. It is
difficult to achieve economy based benefits.

 Social enterprise - In this type, the entrepreneurs fulfil the society related requirement.
Booths company develop their products and services to provide the social requirements
of people. This venture works for the benefit of the people and also their main goal is not
to make profit or money but give satisfaction to society. This type of venture has a
primary objective to solve social problems and give benefits to society (Bae and et.al.,
2014). Smaller profit venture – This type of business develop by owned motivation . This type
of venture has a clear idea from day one when the business starts. That type venture
develop new of idea they can change their business . In this type of business, employees
are selected according to their skills and talent. The business model such as repeatable
and scalable have been selected by them. In this venture, the entrepreneurs try to match
their products with the market and competitor. In order to turn the high growth and profit
for the company, the innovative idea has been taken by these start-ups and for this reason
only, scalable and repeatable models have been searched by them.
 High growth venture-Booths company is also use this type of enterprise because they use
advancement technology, they change their product according to taste of customers
and new rivals in the market etc. All these things create pressure on the high growth
ventures. This company also do changes as per market and customer need and develop
new product. The mentioned venture has lots of innovation and they do changes
according to condition. This type of entrepreneur faces culture complexity in the
execution of disruptive innovation (Baum, Frese and Baron 2014).
Typology of entrepreneurship
In these 4 ventures represent and explain stage of development for business. Little
venture are started from small business because it is give the lots of experience and how to
solve their business problem. They also analysis different type of department for gaining
experience . Life style entrepreneur work for old business develop in new condition and increase
their growth. The objective of small-business are to get a living for their family members. The
goal of large business is to make profit and earn more revenue by expanding their business .The
main goal of social businesses is to fulfil the needs of people by solving their problems and
providing them with better life (Bhachu 2017).

P2 Differences and Similarities between entrepreneurial venture
Entrepreneur is all work for the society welfare. They all help to setting business and
develop their new policy and strategy for expanding and develop some innovative in company.
Only Social venture is not work for they society all type of entrepreneurship is work for
customer,. They give proper satisfaction and increase product quality. They also full fill
company and employee exception and job satisfaction . They providing proper financial need
and help Taking dissensions related to bushiness welfare. It is also help to reducing product
manufacture cost through technology and proper uses of resource (Bruni, Gherardi and Poggio
2014)
They have different type of difference like small ventures is mainly to earn a living for
their members of family. Their main objective is fu;ll fill bases need of family member like
food, home, clothes etc. .they not interested in grow business. on the other side large growth
companies have objective make profit for their business and to establish their business on a
bigger platform. . Small business venture are collect found from own saving and collect from
friend, relative etc. they need to extra money then they will are successful. High growth
venture capitalist and an initial public offerings the additional funding can be received. There is
also a difference between large companies and social businesses. social business is mainly
focus on the solve the problems of people and fulfil all their requirements and give them with a
better life. But large venture is not do like this they focused on only compete compete with the
companies in the market and also they want to growth their business and earn profit. The growth
is not more in comparison with large ventures in while the growth is faster and on productivity
there is high returns. The small business mainly deal with known risk but the a large ventures
deal with unknown risks, The small companies are been confined to area are or group .But to a
larger number of employment is been given by large companies and on the economy and
communities an impact is been there (Bruton and et.al., 2015)
Similarity in the small size business entrepreneur and high growth both start-ups and
small businesses are mainly owners. The start their business look mainly for repeatable and
scalable models of business. Both type of venture give the business vision and mission by that
company. The main objective of start up company is to become a large company. They are also
face the risk in business and failure is high as in this innovation is been made so the chances are
high that where it will be preferred by customers or not. small type of venture focus on the

society so they do work for them and other type of venture is also want to full fill requirement of
customer and give satisfaction (Burrows, 2015).
TASK2
P3Micro and Small business is impact on UK economy
In the UK, small business give lots of critical contribution they give new jobs their
peoples without small business they didn't do growth in the economy . They did not earn more
income comparison of Large business. But for the development of economy they are essential
aspect. Small business is also contribute give innovation in economic and also give the growth.
By the employees the new products and ideas are been created this will enhance the production
of existing products and ideas. With small business the positive impact on the economy can be
created. It is work for a seeds of economic like innovation, increasing in composition and give
new fresh ideas all are challenging to each other. It is give the confidence in UK public and
increase ratio of small business. Government of UK is also support it because they need. It is r
(Burrows 2015).
(Source: The state of business Britain, 2016)
Illustration 1: Contribution of small, medium and large companies in UK

This graphs can see small sector of employment is have 48% in other medium size
business having 12% of and large size business also have 40%employment so small and medium
size businesses give extra contribution in economic growth because bot business total is 50% of
employment rather then large size of business. in term of turnover they also give extra
contribution because 32% sand 14%of but large size companies give commonly 63%. in
business providing sectored. In business sector they also give extra contribution because they
gfive 0.8% and 99.3% but large size industries give only 0.1%.
.
P4 Importance of small businesses and starts-ups for growth in social economy
Small-business is important for the economy because it is give two things product and
services and their people jobs . It is very important to the economy because it is give the chance
of their people to do some thing. In UK economy it is give the lots of contribution 94% of
enterprises and 55% of jobs is given to people of this country in UK. In this country lots of
jobs create by small business it is do help to changes in life and providing good quality
product . Small business venture are lead the development in all world economy. This type of
business is also increase the productivity in term of other because entrepreneur use different
type of innovation and technology or also increase3 the competitiveness of employees. small
business in UK the innovation is also develop they use new technology and try to increase their
business . Through this business new market is also develop in the UK and also achieve desired
growth . Small industry also doing impact on manufacturing industry. small business in motor
vehicle industry also give 40%part contribution give in the economic. So its need to
improvement because 14 business fail out of 20 so they need to technology and innovation,
finance it providing all things. Because financial factor is the blood of manufacturing company
so they need mostly. It can through the founded easily. small business means many people get
their job and increase the opportunities to people those not member of corporation sector. this
type of business to attract talent those new product or implementing new solutions for existing
ideas (Chaston 2017 ).
TASK3
P5 Characteristic traits and skills of successful entrepreneurs
In Booths company entrepreneur have these type of character stick -

 goal achiever- An entrepreneur is have responsibility to set self and employees goal and
try to achieve it . Such kind this type of character give the success and increase business
and easily grape the chance . An venture is make the plain and strategy and they also try
to achieve target . Venture have always clear mind setup and give the some chance of
employee to give succession related to company . open minded – This characteristic a entrepreneur give the most advantage because they
have this qualities it mean venture give the chance to other they can change their , ideas
views and other thing . It is easily to take discussion related to organization and achieve
the target (Kirzner 2015). Good communication skill- An venture have this quality its mean they success in her
business life because soft spoken person every think can achieve . it is help to understand
employees and easily solve problem. Passions – An entrepreneur no found succeeded in first time that's why thy have little
passions and try second time for achieving goal. They continuously that time those take
not succeed. An venture having a quality they say some ideas and give target , policy
that's mean apply on them . This is having some value of ideas and not refuse on them
again and again because it is give wrong impact on employees.
 looking continuous opportunities- every step of business give some chance of learn
something and finding . In this type of company suddenly come opportunities and that
time need to grape it . So venture have knowledge about what time growth factor come
in organization and what condition help to expand business (Kuratko 2016).
Trait of and entrepreneur- full, of determination -An entrepreneurship is having full of focus mind and little passion
because every business some time facing failure and some time success some venture
will have frosted and stop business so they have determination mind setup only focus on
on going on business.
 Not fear to take risk- An venture is have this trait because in business any time take fast
discussion not time to think and then do research them implementation so enterprising
also have this quality and b8susiness mean some time loss and get extra. So risk is
required (Monitor 2014).

 Good confidence – Entrepreneur is having confidence related to there plan and
discussions the they make businesses successfully. if they not have confidence then nit
talk to each other and not take discussions related to business.
An entrepreneurial such kind of skill having- Motivation skill and Leadership and – An entrepreneur have this quality they easily
motivate to other and self that mean that person satisfy employed and give proper job
satisfaction. This quality is help to increase profitability and achieve mission and vision
because they follow them. Good Communication-An business man should have this skill because it is give impact
on employees and management. If thy not having communicate manners then spoil their
company value in market and relationship with employees.
 Personal relationship- Different type of venture have different type of relation like
professionally and personally. That person need to take discussion related to business
that time they put their relation in one side and take dissensions.
Differences between business manager and entrepreneur
Manager Entrepreneur
 It is those person who create enterprise
and also taking financial risk
 It is focus on the new innovation and
changes , setup business.
 That is owner of organization
 It is take risk and take reward in profit
 It is a employee of organization those
have responsibility and controlling
 That is focus on ongoing activities
 It is employee of organization
 It is not take risk so o only take salary
P6 personality reflect entrepreneurial motivation and mind setup
An entrepreneur lots of time meet with employee and talk with them so there personalty
and communication doing impact of employees. They also attract to individually and group that
time have nature like talkative , ener4getice is all things give positive attitude in employees and
workers. Their personality also motivate to do work and achieve the target. This type of venture
attract5 to persons and make new relationship[ those help to develop new business . A person is
have good good nature and trustful personally then employee ea silly share their problem views,

idea etc. Some time employees facing provable related to personally then they can take
dissensions and succession to entrepreneurs (rucker 2014).
Entrepreneur have emotions and show in front of other it is not give positive mind setup
so they always hide tier demotion and take discussion mind. Like entrepreneur is not easily sad
and angry listing to problem and facing difficult condition then\n they have they have
developed in self confidence in own and other. Every entrepreneur is innovation and having
good quality of imagine then they give experience and create in other and self. In other One
hand define venture those achieve reward business growth and , continuously expand their
business then it is give positive impact on employee . This type of condition make respectfulness
personality in front of client , team member and etc. this type of personality help to set mind
setup and motivate to other company members. In other words a venture is have good nature and
also enjoy this life that's mean they have trustfully nature .
An entrepreneurial having good nature and enjoying this life, it mean they trustfully
nature all aspects and describe that person is self concentration and bargain person. They also
has orderly, dependable and responsible nature. its mean entrepreneurial play their role on
duties and achievement oriented and efficient. A ventures also emotional stability like not easily
upset happy such kind of person have lots of self confidence and stress free mind they always
think positively. Imagination and independent minded and intellectual nature person are ready
for new different type of experience and generating innovative ideas and crate innovation in
there business. So entrepreneurial personality set customer and employee mind perception. It is
give the motivation in employee for developing self skill and personality.
Every achievement is always give motivation on employees because it is show , that person
have innovation , knowledge about managing thinks and planing, discussion taking skill. They
not impress employees by profit they attract to their uses of resources , solve problem related to
business providing proper resource and utilisation also, and proper proving link between the row
martial and process of production. if venture haver different type of characteristic goal oriented it
is also one another part to attract employee achieve to target and objective of self and
organization. The having communication charter then easily listing the employee and
organization problem then full fill there resource and solution. Such type of character also attract
to employee and give the motivation of them (Schaper2016.) .

They having passions and self believing traits it can also motivate the mind setup and
personality because in business entrepreneurial take the decision so both trait are give
motivations and increasing help to develop personality. If an entrepreneurial having leader ship
skill then they can motivate the employees and give particular direction to achieve goal, and also
they having some personal relation then it helps to increase business relation and expand the
business.
TASK4
P7Background and experience can hider or foster entrepreneurship
Experience is play very wild role in this sector because it is develop capacity to doing
business and take risk related to discussion and fiance. Little person is also having quality an
knowledge about the doing business like good leadership quality , easily motivate to employees
and also have risk taking . innovative ideas but they face some family problem that peoples not
give permission to do business such in this condition they not perform well and doing business
so in this type of condition family support and background important and leaves businesses
ideas. They also want to doing busies but thither family and background do demotivate and they
explain about risk related to it then this condition they not perform. But in second case pother
person not have qualities of business but their family member and background do business and
motivate to them start new small business is good for them in this condition they stared their
bushiness but in future that person not exceed because in businesses experience and knowledge
do impact. but their family member or other person do help in taking risk , give support in that
condition doing bushiness is very easy. . in this condition doing business is very easy and they
have to quality of taking risk and succeed because experience person easily give they guidance .
Business is required and deepens on the experience and family background . Because every
parents want to their son and daughter is join their family business and help in in expand it in
that condition almost person join . But impact do on those not related to this background
because they have knowledge but face money provably in that condition they are demotivate. It
is totally deep and on the taking risk and develop self. Some person not have quality but they
want to do businesses then they stared their on level and learn about facing critical condition.
so in that type of condition doing is very easy but taking risk quality , have ex0p-erince and
financial condition is very important. So best and develop business is fully depend on
background and experience (Storey, 2016).

CONCLUSION
In this report concluded that different types of entrepreneurs venture these are life style
entrepreneurial venture, high growth venture ,social venture. And smaller profit . In research
explain so much effect on micro and small business on UK environment. In this report define to
give contribution micro and small level business on UK economy and it is described by they
graph and type of key entrepreneurial personality maintain. an entrepreneurial motivate to the
other such type of characteristic, trait skill should available in an entrepreneurial and describe
they difference between they a business manager and entrepreneurial. In this report give they
how to a personable background and experience can hider or foster entrepreneurial.

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Online
The state of business Britain. 2016. [Online]. Available through:
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and-no-staff-firms-on-the-up-graphic>