Entrepreneurship: Venture Types, Economic Impact & Mindset Analysis

This report provides an overview of entrepreneurial ventures and small business management within the UK economy, focusing on different venture types, their economic impact, and the entrepreneurial mindset. It examines various entrepreneurial ventures like small profit firms, lifestyle firms, and high-growth ventures, highlighting their roles, similarities, and differences. The report assesses the impact of micro and small businesses on the UK economy, using data and statistics to illustrate their contribution to employment, innovation, and GDP growth. Furthermore, it explores the traits, skills, and motivational drivers of successful entrepreneurs, differentiating them from other business managers. Finally, the report examines how background and experience can either foster or hinder entrepreneurship, providing examples to support the analysis. This document is available on Desklib, where students can access a wide range of study tools and solved assignments.

Entrepreneurship and Small Business
Management
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Table of Contents
Introduction................................................................................................................................4
LO1 Explore and illustrate the range of venture types that might be considered
entrepreneurial............................................................................................................................5
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.................................................................................................5
P2 Explain the differences and similarities between different types of entrepreneurial
ventures..................................................................................................................................6
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and corporate sector..........................7
D1 Critically examine the scope, development and growth of entrepreneurial ventures......8
LO2 Assess the impact of small businesses on the economy....................................................9
P3 Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy........................................................................................9
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy.....................................................................................................................11
M2 Evaluate the differences small, medium and large businesses make to the economy,
applying relevant data and statistics.....................................................................................12
D2 Critically examine how small businesses have an impact on different levels of the
economy (local, regional, national) and in an international context....................................13
LO3 Determine and assess the key aspects of an entrepreneurial mindset..............................14
P5 Determine the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers................................................................14
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset..........................................................................................................................15
M3 Explore and examine different lines of argument relating to entrepreneurial
characteristics.......................................................................................................................16
D3 Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples....................................................................17
LO4 Examine the different environments that foster or hinder entrepreneurship...................18
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship...................................................................................................................18
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M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs........................................19
D4 Critically evaluate how background and experience influence entrepreneurs, both
positively and negatively, by comparing and contrasting examples....................................20
Conclusion:..............................................................................................................................21
References................................................................................................................................22
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Introduction
In the given report there is a discussion about the various forms of entrepreneurial ventures
and the small business entrepreneurship that are part of UK economy. This report is prepared
considering the business scenario of a UK economy. In this, there is also covered an analysis
regarding the significance played by the small business sectors that helps in the development
and the management of business discussions. There are also involved the understanding
regarding the issues faced by the small business sectors. The relevant data and the statistics
are also covered in it to deal with the impacts of the small economies on the business growth.
Further, there is also involved the traits, skills and the drivers which help in motivating the
successful entrepreneurs in their business. This report is prepared to take into consideration
the Talent Plus which is a small business organisation in the UK.
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LO1 Explore and illustrate the range of venture types that might be considered
entrepreneurial.
P1 Examine different types of entrepreneurial ventures and explain how they relate to
the typology of entrepreneurship.
Entrepreneurs are small business sectors which are involved in the production of something
new and unique business (Kuratko, 2016). The proportion of small business sectors in the UK
is enhancing day by day. The various forms of entrepreneurial ventures are provided
thereunder:
Small profit firms: These are the firms which basically work with the motive to earn the
profit in order to lead and earn good lifestyle. There are involved various forms of the small
business entrepreneurs on the basis of typology which are craftsmen, opportunists with a
business vision to take the advantage of the increased opportunities.
Lifestyle firms: In this form, the firms and the entrepreneurs are such which develops the
business with a motive to earn a healthy lifestyle. In this form of lifestyle and the comfort
level of the entrepreneurs involved is very high. These take the form of grocery shops and
other such ventures
High growth ventures: These are the business which aims to start the business with an aim
to earn the profit. The basic aim is related to expansion and the profitability. The funds
available with these forms are adequate as they have a good reputation (Randolph, et. al.,
2017).
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P2 Explain the differences and similarities between different types of entrepreneurial
ventures
Roles Similarities and Differences
Lifestyle firm These are the firms which
play an effective role in the
management of the
effective styles.
This form of business ventures
is started by one or more
individuals with the same
motives and the aims.
The differentiation is in terms
of the level of comfort involved
by the business entrepreneurs.
High growth ventures The basic role of the high
growth ventures is to
maintain the steady profits
and the business expansion
in order to earn increased
profits (Mote, 2017).
The difference is involved in
terms of the collection of the
funds as these businesses have
easy accessibility to collect the
funds. The effective growth rate
is provided with 5 to 20 times in
a UK economy.
Small profit firms These are operated by such
form of a venture which
focuses on earning daily
operations of the business.
The operations of such business
are similar except the motive of
profitability and the expansion.
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M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and corporate sector.
The difference herein is provided in terms of the management of operations by the public and
the corporate sectors. The difference is available in terms of the ownership styles as the
private sectors are operated by the individuals with a profit motive while the public sector is
operated by the government with a motive of welfare (Mote, 2017).Hence it is provided that
the basic aim of such organisation is to serve the public interests and the welfares but not the
profitability. These factors help in the significant growth and the development of the
entrepreneurs in an effective manner.
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D1 Critically examine the scope, development and growth of entrepreneurial ventures
The scope of the entrepreneurial ventures is increasing day by day which helps in solving the
problems related to the unemployment (Shopify, 2017). Hence the increased ventures help in
the promotion of the employment opportunities in the business sectors. This helps in the
development and growth of the economy and also helps in reducing the chances of the risks
and the unemployment. The scope of these factors is very large and acts as one of the major
business contributors to the economy of UK.
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LO2 Assess the impact of small businesses on the economy
P3 Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.
It is analysed from the research that the small business sectors are continuously increasing
and developing. The graph mentioned below provides that there has been an increase in the
growth rates of the small business sectors in the UK. This enhancement helps in improving
the structure and the functioning of the economy of UK. This also helps in the development
of innovation which contributes to the enhancement of the competition level in the UK
economy. the growth in the year 2017 is 5.7 million which helps in
[Source: Champaner, 2017]
It is analysed that with the increased expansion of SME’s in the UK there has been a
significant increase in the employment rates which contributes to the growth and
development of a UK economy. The growth is enhanced with the newer developments and
the innovations in the number of ideas which helps in enhancing the growth and the
profitability.
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Source: Statistita.com (2017)
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P4 Explain the importance of small businesses and business start-ups to the growth of
the social economy.
Small business plays a crucial role in the growth of a social economy. The various forms of
impacts help in the assessment of the future growth which ultimately contributes to the
business goals. It helps in the development of various forms of the job offers and the ideas in
the business sector. Hence the importance of small business is provided thereunder:
 Small business plays a major role in the contribution towards the business turnover
and the growth. It also helps in the retention of the competitive scenario in the market.
The well-established community helps in the increased profit and the turnover
(Bianca, 2018).
 The increased business start-ups which are basically developed by the youths of UK
help in the development and expansion of the innovation plans and the ideas. The
benefits of these plans are attained by the business
 It is provided that the increased employment also helps in enhancing the standards of
living of the population of the UK sector which ultimately contributes to the GDP of
an economy.
 It is also treated as an indicator of the future growth and the opportunities that help in
increased competition and the number of opportunities (Bianca, 2018).
 It also helps in the development of education level among the youth population
regarding the level of work as the increased number of start-up helps in the motivating
the people to work something different and the unique. The increased motivation
helps in improving the level of working.
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M2 Evaluate the differences small, medium and large businesses make to the economy,
applying relevant data and statistics
The business economy and the sectors have major impacts on the operations of the economy.
The contribution of the small business in the UK economy is about 99% but on the other side,
the middle business contributes with a share of 90% in terms of the employment
opportunities. The increased opportunities help in the future expansion of the business sectors
and the growth. These also act as a major contributor to the business growth and also help in
the increased GDP growth. It is also analysed that the employment offered by the various
forms of SME’s in the UK is 16.1 million. This shows that the rate is 60% more than that is
offered by the private sector.
[Source: Champaner, 2017]
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