Entrepreneurship in the UK: Ventures, Impact, and Traits

This report provides a detailed analysis of entrepreneurship, focusing on the UK context. It begins by defining entrepreneurship and exploring different types of entrepreneurial ventures, including small businesses, scalable startups, large company ventures, and social ventures, and their relationship t...Read More

ENTREPRENEURSHIP

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and their relationship with typology of
entrepreneurship..........................................................................................................................3
P2 Similarities and differences between entrepreneurial ventures.............................................4
TASK 2............................................................................................................................................6
P3 Impact of micro and small businesses on the economy.........................................................6
P4 Importance of small businesses and business start up contributing into the growth of social
economy......................................................................................................................................6
TASK 3............................................................................................................................................7
P5 Characteristics, traits and skills of a successful entrepreneur that differentiates them from
other business managers..............................................................................................................7
P6 Aspects of entrepreneurial personality reflecting upon entrepreneurial motivation and
mind-set.......................................................................................................................................8
TASK 4..........................................................................................................................................10
P7 Background and experience that either hinders or fosters the tact of entrepreneurship......10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
A succeeding entrepreneurship is referred to have a considerate role in the enhancement
of nation's overall economic growth. It is with a due involvement of some successful
entrepreneurs who believes in a prosperous development of the business with promising agendas.
It however needs them to possess certain impelling characteristics that includes a visionary
approach accompanied by some speculative missions and a strategic plan to implement the same
(Bae, Qian, Miao and Fiet, 2014). The below report is based upon a similar context of
entrepreneurship and its impact on the small scale businesses. It is with a leading consideration
of the start up businesses in UK where their qualities of their entrepreneurs will be discoursed
over here. It will however initiate with a foremost differentiation of distinct entrepreneurial
ventures by linking it to dissimilar typologies of entrepreneurship. It is with a fundamental
consent of determining a factual contribution of small size and start up businesses in the
economic status of countries like UK.
TASK 1
P1 Different types of entrepreneurial ventures and their relationship with typology of
entrepreneurship
Entrepreneurship is duly defined to be a process of scheming, introducing and operating a
new business set up that typically initiates as a small business enterprise reflecting a start up
venture. They however involves the process of offering goods and services by together
considering some other procedures of firing people, etc. However, the individuals who
commence a new business set up are duly termed as entrepreneurs where the capacity of
entrepreneurship is duly measured by the willingness to create and administrate the established
with risks earning profits (Boh, De-Haan and Strom, 2016). It is where entrepreneurship is duly
referred to be a fundamental trait of distinguished opportunities by together assessing them in the
best possible way to decide that what opportunities must be employed by framing new proposals
for the targeted set of users. This gives an elementary idea to the entrepreneur to either launch a
new industrial firm to make a proper utilization of the wealth generated by them. There exists 4
distinct type of entrepreneurial ventures to operate into the current era of business that are as
discoursed below: Small business ventures- These type of businesses are mostly owned by the small
entrepreneurs where they themselves operate its undertaken activities. It mostly involves

grocery stores, consultants, travel agencies that are usually being operated by their own
family members. It is where these businesses are mostly believed to operate with a
leading motive of earning profits. Scalable start up ventures- They have a pivotal motto behind setting up a new business
establishment with a prompt vision to change the world with some creative ideas
(Carland, Carland and Stewart, 2015). For this, they are mostly apparent to hire the most
proficient workforce with a prompt vision of upgrading their business as well. Large company ventures- Such type of organisations are usually established with a
relatively high investment of capital resources with a finite life cycle. Herein, they duly
consider the tact of innovation as a way of offering new goods and services to the users
where it is usually done to higher their satisfaction level. This in turn postulates them to
undertake new technological measures by adhering to the legislative norms that in turn
creates a pressurised state on the contenders to opt for disruptive innovation.
 Social ventures- These organisations are with a prime motive of contributing the society
by fulfilling their realistic needs and demands by proposing newer services to them that
meets their exact requirements (Davidsson, 2015). These are generally designated as non
profit organisations with a leading focus on creating a better world.
Additionally, all of these are directly related to the typology of entrepreneurship that
specifies that varied entrepreneurship companies are duly connected with the above classified
forms. Herein, a major categorization is among the small scale and large scale businesses where
the small scale businesses involves small entrepreneurs with a major agenda of generating profits
by commencing a small size business (Gorgievski, Ascalon and Stephan, 2011). Where it is
thoroughly being managed by the family members and other known bodies. Large scale
businesses on another hand are more concerned with capital investment with a major agenda of
increasing their earnings to attain more number of profits. For which, they mostly refer to
acquire a high return from the consumers on their offered goods and services.
P2 Similarities and differences between entrepreneurial ventures
There exists various entrepreneurial ventures that are being established in UK and are
proven to be highly beneficial for a developmental growth of its overall economy. There exists
several entrepreneurial ventures that are either small business owned by any local entrepreneur,
or a global entrepreneur to running a large scale business or the social ventures (Kirzner, 2015).

All of these ventures has certainly similar and dissimilar from one other where the similarities
among all of these are to contribute in the overall economic development of the nations like UK.
Also, all these business organisations are correspondent to one other with a fundamental
objective of engaging into progressive activities by undertaking varied innovative practices.
Apart from this, there together exists certain dissimilarities among all of these ventures
with a special context of small scale organisations and social enterprisers. It is where in a small
scale business, the owners are mostly evident to raise funds and capitals by borrowing small
loans from their friends and family members. Wherein, the social enterprises are mostly
benefited from governmental aids by acquiring the funds from the governmental bodies to
further serve the community in their growth (Link, Siegel and Wright, 2015). This together
indicates another such unalike dimension where they are having a distinct agenda behind the
establishment of their business. It is where all the small scale, scalable and large scale businesses
are more considered with a prompt acquisition of profits. Whereas, the social ventures operates
with a distinct consideration where they are not that concerned about generating more number of
profits by covering huge market shares and revenues. They are rather solicitous about creating a
visionary world by meeting the societal requisitions on time.
There together exists some other distinctive points to address the dissimilarities among all
these ventures. It is however with a specific consideration of business entrepreneurial venture
and social enterprises where this distinction has been done on the ground of value creation. It is
where the business enterprises are mostly concerned about delivering quality products by fixing
a contending price of their offered goods and services (Neck and Greene, 2011). On contrary to
this, the social entrepreneurial ventures are more engaged in the creation of social values and for
which, they duly refer to deliver proper services by creating an economic value as well. Yet
another dissimilarity among both these enterprises is where the business entrepreneurial ventures
are more likely to spend huge sum of money to perform their marketing activities. Where it is
usually done to effortlessly offer their products and services to the consumers by generating
awareness in them. However, the social enterprises are much likely to focus on the use of organic
measures by undertaking conventional practices of marketing to communicate with a large set of
users and reach them easily.

Following are the similarities and dis-similarities in between entrepreneurial ventures
Basis Similarities dis-similarities
Small-business The main similarities in
between all ventures is that all
the ventures work for ensure
long term growth and work
with the innovation. All the
entrepreneurship are mainly
focused on developing,
designing, different types of
products and services in order
to earn profits
Under this type of
entrepreneurship main focuses
of entrepreneurs is to earn
profit and limited to a
particular area only.
Scalable start up ventures- This types of venture mainly
focuses on the new idea and
work towards changing the
world.
Large company ventures- In this type of venture
company mainly focuses on
the high capital and their main
aim is use of innovation.
Social ventures Social entrepreneur is that
person which focuses on
developing such type of
product and services which
assist to society for solving
their problems.
TASK 2
P3 Impact of micro and small businesses on the economy
The micro level businesses often recognised as small scale businesses in UK are proven
to make a positive impact on the economic development of the entire nation. Although, they are
likely to make less contribution as compared to the large scale organisations who generates more
profits and revenues (Schaper and et. al., 2014). They are still regarded as the key contributors of

the nation where they are much likely to generate immense employment opportunities. It is on
the basis of an actual research statistics where such small scale organisations have factually
lessened down the state of unemployment in the nation. In addition to this, such micro level
businesses are together making a positive impact on the business establishments by significantly
contributing their generated shares and revenues into the local economic system.
It is however being done by adopting varied innovational practices as a way of thriving
the society into a prosperous direction where they can easily refer to correspond with such
creative outlook. Also, a raised level of employment in the nation by the small scale
organisations is also referred to be the most contributory factor. It is where they are likely to
employ those individuals who are not given such prompt opportunity by the large scale
enterprises (Storey and Greene, 2010). It is mainly on the basis of a conducted survey that has
clearly proven 95% of market coverage by such small business enterprises with a mere existence
of large scale organisations by 5%. Herein, it is together composed of yet another factual
determination where 50% contribution is being done by the small scale businesses into the world
gross value where they are duly considered as the pioneers of this entire world representing a
contemporary era.
P4 Importance of small businesses and business start up contributing into the growth of social
economy
It is on referring to a prime intervention of Brexit in UK where it has duly replaced the
regulative norms of EU. It has negatively impacted upon the economic status of the nations like
UK by together impacting upon their businesses. It is where numerous businesses have duly left
the market because a negligent employment opportunity. It is after such inconsiderate incident,
Brexit was mainly focussed upon setting up newer business establishments by encouraging the
start up businesses to bring make some favourable contribution in the economic status of UK
(Agbim, 2013). It is where such small scale businesses were duly authorised to operate within
their own regions as a way of fulfilling the realistic needs and demands of their domicile people.
It is thus with a fundamental consideration of evolving the economic status of UK, such small
scale businesses where duly licensed to enter into the market. Below are the considerate
prospects in which the small scale organisations have made a vast contribution from their
existence-

 Employment- It is the most significant contribution of the small scale businesses where
the start ups have duly enhanced the scope of employment in the nation. This has in turn
positively impacted upon the economic development of the nation where they are duly
providing vital number of opportunities to the society with a special context of employing
the young aspirants. It is where such an enhanced rate of employment in UK with more
start up businesses are duly enabling advanced opportunities of employment.
 Income- A principle existence of such small scale businesses within the economic system
of UK is also contributing in the attainment of a well developed society. It is however in
association to a raised level of employment where it has together enhanced the income
level of a large set of individuals (Berglund, Johannisson and Schwartz, 2012). It is
where the start up businesses recognised at a small scale level is mainly contributing in
the development of social economic system. It is usually done by maintaining the
financial gain of the individuals to whom they are referring to serve within an adopted
market setting.
TASK 3
P5 Characteristics, traits and skills of a successful entrepreneur that differentiates them from
other business managers
There exists distinct capabilities of entrepreneurs that duly differentiates them from the
business managers. It is on the basis of some factual achievements of various entrepreneurs who
have duly transformed the entire world with some major revolutionary measures. This is in
context to two such successful entrepreneurs namely Mark Zuckerberg and Steve Jobs where
both of them have bought a technical revolution in the world (Burns, 2010). Mark Zuckerberg
being an internet entrepreneur have duly focussed upon transforming the world by the launch of
Facebook which is now known to be a leading social networking site. Through which, a large set
of audience may hereby refer to interact with each other. Another successful entrepreneur called
Steve Jobs on another hand have come up with a transformation in the field of smart phones and
computers by introducing laptops and several such items. He was duly placed in the position of
CEO in a renowned enterprise named Apple Inc. that is duly occupied in the launch of smart
phones, personal computers, Ipad and Ipod, etc.
Following are the traits and characterises of successful entrepreneur.

The main characteristic of successful entrepreneur is that they are fully passionate and
determined through which they can achieve their businesses tagetes easily. These characteristic
also help to them for setting long term goals.
Another characteristic which is posses by the entrepreneur is that focuses on innovation and new
ideas. This skill help to them for making their products more innovative and also they can meet
the requirement of society.
It thereby reflects some efficient qualities of an entrepreneur that duly differentiates them
from the business managers where below are those distinguished characteristics, traits and skills
of both-
Entrepreneur Business Manager
 An entrepreneur is largely emphasised
on the establishment of a start up
business by involving varied innovate
practices so as to effortlessly obtain the
market shares (Chittithaworn, Islam
and Yusuf, 2011).
 The entrepreneurs are together
benefited with a prompt attitude of risk
taking with a creative mind to pursue
some innovative practice into the
business for an easy generation of
profits.
 However, the business managers are
duly focussed on the control of their
undertaken functional activities that in
turn lead to the accomplishment of their
stipulated organisational goals.
 Business managers are only acquainted
to manage the daily operational tasks to
control their routine organisational
functions (Ebert and et. al., 2014).
P6 Aspects of entrepreneurial personality reflecting upon entrepreneurial motivation and mind-
set
Personality is considered as the important aspects of the each entrepreneurs and it is totally
different from the skills and characteristics. Personality of individual are derive from the
individual's lifestyles culture and upbringing. Following are the different dimension OCEAN
acronym.

 Openness: it is refers to the culture, originality and experiences of individual
experience to adopt the changes
 Consolidation- it main to achieve and develop a tendency so that aim for
attainment could be done.
 Extroversion-It involves energy positive emotions so that desired results could be
attained.
 Accommodation- Further, it involves the tendency to be compassionate rather
such suspicious
 Neuroticism- it helps to individual in developing experience and overcome with
unpleasant emotion easily.
An entrepreneur is an individual who themselves tend to initiate, design and operate a
business with a prime support of one's own skills and attributes that in turn assists them to
effectively perform the tact of entrepreneurship. It is basically in support of such efficient
capabilities that in turn helps them to effect other entrepreneurs as well, who are together
working at a global level (Jaskiewicz, Combs and Rau, 2015). It thus involves such effective
personality traits that supports them to attain a progressive position in the market where
practicality has a foremost position over here. A practical approach to operate the business
together set them as an ideal example in front of others where he upcoming entrepreneurs
together gets motivated by their ideas. It is with a factual instance of two such leading bodies in
the world namely Mark Zuckerberg and Steve Jobs where they are being represented to be the
two most popular entrepreneurs of this contemporary era. It is where they exist with some
proficient qualities that easily motivates others as well.
This is for instance to specify about Mark Zuckerberg who have been recognised as a
sensational entrepreneur where he was the first to launch the famous social media networking
site called Facebook. Where till date, Facebook is depicted to be one of the most considerate
platform that socially connects people all across the world (Lee-Ross and Lashley, 2010). With
the help of which, people can easily share their photographs by together referring to do video
calls with one other as a way of interacting with each other. There together exists certain leading
determinations of Mark Zuckerberg where he is always referred to carry out a disciplined work
with innovative skills and a committed outlook for its completion that in turn inspired the entire

world. Where, he initiated with his own business set up at a very young age and subsequently
became a successful entrepreneur.
Steve Job on another hand is together referred to be a successful entrepreneur where he
together believes to guide people with his work oriented strategies. Where, he is together entitled
to have a passionate outlook towards his work. Both of these entrepreneur presents a successful
example of entrepreneurship by laying a base for empowering others to set up their own business
(Longenecker, Petty, Palich and Hoy, 2013). It is where they have duly expressed a light of
passion towards the interest of entrepreneurs by positively impacting their mindsets to operate in
a work oriented mode. In context to which, they are well-advised to follow their own set of
interests that in turn inspires them to succeed towards a progressive agenda.
It is where a large set of individuals are duly encouraged by the decision making attribute
of the entrepreneurs that in turn assists them to effectively handle the overall business operations
with greater level of efficiency. Beside this, an integral determination is together required to get
effective resultants at the end. It is basically in accordance to such successful entrepreneurs
where one should possess a passionate personality to undertake expeditious decisions for the
firm (Sampaio, Thomas and Font, 2012). It must be with an active level of interaction among the
organisational bodies with impelling communication procedures with proper disciplinary
measures for a timely accomplishment of their targeted aims. Additionally, it has been assessed
that an effective entrepreneurial personality tends to support the individuals representing
themselves as entrepreneurs to undertake risky assumptions to easily engage into innovative
practices. This in consequently supports them to meet out the altering requirements of their
clients and users that often keeps on changing
TASK 4
P7 Background and experience that either hinders or fosters the tact of entrepreneurship
In the entrepreneurship there are different types of factors which such as education,
family, and experience that helps in fostering entrepreneurship so the desired results could be
attained. For example, entrepreneurs educational and culture background is also make impact on
their entrepreneurship skills. Zuckerberg possess effective past background that shows that his
skills and capabilities are effective in order to foster entrepreneurship
It is on the basis of above obtained facts and findings that evaluated distinct skills and
abilities of an individual that in turn impacts on their undertaken mindsets to a great extent. It

also makes and equivalent effect their personalities to become a successful entrepreneur and
achieve success in such contending set of market (Shepherd, 2015). There exists several such
factors that directly tends to foster the tact of entrepreneurship among the individuals
representing as entrepreneurs that duly involves their background, active number of skills with
an increased level of experience. However, there together exists some counter factors that may
largely hinder the tat of entrepreneurship in the individual that involves any sort of fiscal or
social barrier.
Although, it is significant for the individuals to become a successful entrepreneur where
they are firstly required to possess certain effective skills that in turn supports them to assure a
proper plan to initiate with a succeeding business (Zucchella and Magnani, 2016). Wherein, with
a prior assistance of such proficiency, they can refer to carry an effortless market research so as
to create a prompt business plan with a guaranteed growth in the future. It is thus to affirm a
successful business ahead, administrative skills plays a crucial role over here where it firstly
focusses upon an effective utilization of resources where an entrepreneur can easily set up their
business.
Beside this, another encompassing feature of managerial abilities is to administrate the
overall arrangement of organisational resources for a timely completion of their undertaken goals
and objectives. This in turn reflects a fostering trait of entrepreneurship in the individuals where
this together involves yet another fostering element of individual background (Vandenberg,
2009). This is or instance to relate it with the family background of the individual's who are
referred to have an innovative tact to perform several activities, then this will definitely impact
the individual as well. By which, the individual representing an entrepreneur will also refer to
take risky measures to perform the business activities in an innovative way. This will in turn
assists them to foster themselves with a reinforced business and combat the prevailing
competitive environment in the market. It is thus with the help of an inventive individual
background, an entrepreneur can refer to frame effective decisions in business.
However, there together exists certain negative factors that directly hinders into the
progress of an entrepreneur. It is with a leading concern of attaining a stabilised financial state
whose absence may greatly obstruct a start up business where finance is referred to be a foremost
requisition to come up with a progressive set up. It thus plays an essential role in almost all sort
of small size businesses for an effortless accomplishment of organisational goals and objectives

(Link, Siegel and Wright, 2015). Apart from this, a socio-cultural gap is together referred to be a
leading barrier in a start up business that in turn makes a negative impact on the tact of
entrepreneurship. It is where successful businesses are required to be developed by carrying out a
prompt market research. This in turn necessitates the entrepreneurs to have a vast knowledge
about the ongoing trends of a market where different marketplaces are relied upon distinct
preferences of customer.
CONCLUSION
Entrepreneurship being a leading concern of almost all sort of small size organisations
looks upon the way in which the businesses are remarkably being handled by their respective set
of entrepreneurs. An analogous consideration has been summarised in this report in four major
parts. Wherein, the foremost section has referred to determine distinct type of entrepreneurial
ventures by relating them to the typology of entrepreneurship. It has been done by together
comparing the sameness and dissimilarities of the identified entrepreneurial ventures. Another
section has precisely discussed on the impact of small and micro level businesses on the
economic status of UK. It has been done by together ascertaining their significance in
contributing to the overall growth of the nation. Next, some pivotal attributes of a successful
entrepreneur has been analysed as a way of distinguishing it from other business managers where
a prospective personality of entrepreneurs have been discovered to play a chief role in motivating
them to have an optimistic mindset. Lastly, the report has discoursed upon the background and
experience of the entrepreneurs that either hinders or fosters their tact of entrepreneurship to a
large extent.

REFERENCES
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