Unit 9 Entrepreneurship Report: Ventures, Impact, and Mindset Analysis

This report provides a comprehensive overview of entrepreneurship and small business management, examining various types of ventures, including small businesses, large companies, and social enterprises. It explores the differences and similarities between these ventures, analyzing their scale, purpose, and characteristics. The report investigates the impact of small and medium-sized enterprises (SMEs) on the economy, highlighting their contributions to local and national economic growth. Furthermore, it delves into the significance of startups and small businesses in job creation, improved living standards, and overall economic development. The report also discusses the key characteristics, skills, and traits of successful entrepreneurs, including self-belief, passion, leadership, innovative thinking, discipline, and confidence, providing insights into the entrepreneurial mindset and its influence on business success.

ENTREPRENURSHIP AND
SMALL BUSINESS
MANAGEMENT

INTRODUCTION
Entrepreneur are the persons who execute the course of work for the creative set of the idea
that will transfer them into authenticity through which they can meet the request of the
population in respect to produce high set of productivity (Alsos and et. al., 2020). They are the
backbone of an economy who is functioning the several sectors of the businesses in respect to
produce high term of the revenue and job chances. Hence, the individuals who have the
standards. Entrepreneur can start small and medium size business of management in respect to
help the global field of the economic growth of the nation. The following report will evaluate the
different types of venture and their topologies along with the similarities and differences in
entrepreneur venture. In respect to know the impact of internal and small business on the
economy, the report will the clarification of delimited statics. Hence, it is also explaining the
implication of small business and startup to the development of social economy and will also
discuss the aspects and the traits and several set of the abilities of an effective entrepreneurs.
Lastly, this report will analyses the different aspect of entrepreneur which reflect their influence
& mindset and also evaluate how background and working experience can affect the
entrepreneurship.
Task 1
P1
Entrepreneurs are the individual who established the new business venture for or providing
their product and services to the customers in exchange of money. Entrepreneurship Ventures are
the business which is certified the individual so that they can get high profitability to live their
life comfortably. Such ventures has their own purpose this being set by their entrepreneurs.
Entrepreneurial activity
It refers to the process of business in which the venture standard their value by doing
economic tasks and these are related to the unique idea which can help in growth and
development of the firm. Such unique ideas can converted into reality so that they can offer
better product and services to their customers and also help in developing various employment
opportunities for the local people of the country where the businesses are currently operating.
Different type of ventures
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Small business: These are the type of venture which is having limited capital employees
and having small operations. Such ventures formed by generating profit by selling their product
and services offered by the venture. The purpose of the business is to earn profit and livelihood.
Less than 50 employees who are working in such organisation with the net worth of €2 Million.
Such organisation operating their business on small platform and some examples includes Orion
electrotech limited, Clarasys etc.
Large company: these are the business which is operating their business on larger
platform and do not have limits and their various operations number of employees and
their size. Search organisation also expand their business into international market and
they require huge investment for operating their various department in an appropriate
manner. The firm can sustain in the competitive market due to having user experience
and the ability to accept the change. Some of the examples are Morrisons and Tesco.
Social enterprises: these are type of business which established for the welfare in the
society. The form develops new idea by which they can used for the growth and
development of the society and the businesses having huge scope in order to provide
better employment opportunities to the local individual so that they can enhance their
living standards. Some examples are save the children etc.
Typologies of entrepreneurship
Lifestyle enterprise: the association which are formed with the consideration of in
ancient the living standards of the local people and this form provide various job
opportunities as well as quality product and services to the people of that region which
comes under social venture.
Growth firms: the organisation which is based on generating higher profitability and
revenue comes under these firms. The entrepreneur try to innovate new ideas by which
we can enhance their profitability and productivity in the target market. Unique idea can
help in satisfying the needs and wants of their potential customers by which they can
improve the results from their product and services which comes under small and large
associations.
P2
Differences
Basis Small business Large company Social
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entrepreneurship
Scale The venture which are
operating their business
on small scale by using
limited amount of money
is called small business.
The type of organisation
which is required huge
amount of money in order
to run their operations
effectively on the larger
scale is called large
company.
These are the
business which is
operating with the
consideration of
satisfying the needs
of the society.
Purpose The main consideration
of small business is to
earn their livelihood for
living their life happily.
These organisations are
formed with the aim of
generating higher
profitability by
introducing innovative
idea.
Such organisations
of made for the
betterment of local
people by which
they can enhance
their living
standards.
Characteristics This business need
limited resources for
operating their business
and also includes low
level of government
interference
This type of business
require huge investment
and resources such as
employees and also having
high government
interference due to large
operations.
These forms require
money in order to
operate their
business for the
welfare of people.
Similarities
Basis Small business Large business Social enterprise
Meeting the needs Small business are
formed in order to
meet the needs of their
local buyer's.
They perform their
operation at larger
scale so this satisfied
and needs of their
customer on huge
They are formed in
order to support the
local people and
satisfy their needs and
wants.
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level.
Society upliftment These are the
organisation which
provide job
opportunities to the
local people by which
they can ensure good
life of the individual
There providing
various job
opportunities as well
as the quality product
in order to satisfy the
needs of the
individual.
They are providing
their services to the
people so that they can
contribute in their
quality life as well as
the highest standards
of the society.
Task 2
P3.
Various types of business contribute major part in the development of the economy so that
the nation must develop their infrastructures and schools in order to get higher contribution to the
economy. The business organisation majorly impact the economy and three types of businesses
are given below:
Small: the type of business that are operating their operations with less than 50 workforce
in order to achieve their goal and having the revenue of minimum 5 million. Their impact
on the economic development at small scape and generative limited revenue and
employment opportunity.
Medium: these are the type of business who is working with more than 50 workforce but
less than 250 and earn the revenue of 5 million and more. This is also impact in the
economic development and also providing use employment opportunity and on if you meet
the needs and wants of their potential customer generating high profit.
Large: these are the organisation which is operating their business on a larger platform
with more than 250 employees in generate the revenue of approx 22 million. They are
providing various job opportunities in the national and international level in order to
contribute in the economic development of the country.
Impact of SME on economy
Local impact: The micro and small business that have an impact on the local set of the
economy as they are offering several set of the goods and their facilities in respect to fulfill the
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requirements of the local individual. Such sort of business is recognized by measuring the desires
and needs of the individuals by which they might understand the buying behaviour in respect to
provide the goods and facilities accordingly. They are also providing various job opportunity to
the local individual in order to improve their living standards and lifestyle.
Illustration 1: Role of Start-ups and Small Businesses
P4.
Gross domestic product of the nation get use contribution from the small business and
enterprises and new startups firms for their growth and development. United Kingdom, there are
many small business enterprises which is having use impact on the growth of economy. The
Government of UK is providing support to such businesses in meeting their financial
requirements as well as various legal consideration. There are some points which enlist the
importance of small business in the growth of the social economy which are given below:
Job creation: new Ventures and startups create use employment opportunities in order to fulfill
the requirements of their workforce by which they can support the local people of the country in
order to enhance their living standards.
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Improve living standards: when the individual can get a good job while having small business
in new startups in the country so that they can meet their needs and wants with affordable
budget. This also helps in increasing their living standards.
Economic growth: small business startup generate huge imcome by providing quality product
and services to their potential customer at fair prices. This will help them in meeting tax to the
government by which taken increase the financial health of the nation.
LO3 and LO4
Power point presentation
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NOTES-There are many entrepreneurs in the United Kingdom who is having specific skills
characteristics which can make them different from the ordinary people in order to be a
successful entrepreneur. There are two entrepreneurs which helps in achieving the growth and
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success in their career due to having the particular attributes and skills. It clearly has a sort of the
difference from their executives and hence it might be said that workers will become effective
only if they can have the particular aspects, traits and skills that are discussed below -
Characteristics
 Self-belief and hard work: it is significant characteristics by which the entrepreneur can
effectively perform their tasks and this can help both the entrepreneurs in order to carry
out their work by having self-confidence that also assist them in taking effective decision
for the success and growth of their venture. This can differentiate them from the other
manager by having specific attributes in their working.
 Passion: it is an important characteristics why with taken continue their work without
any hurdle. Both the entrepreneurs like Elizabeth Goach and Tom Mercer can effectively
photo change on their work in order to achieve their set target. This characteristics also
help them to differentiate from the other business manager who lose their patience by
heavy workload.
Skills
 Leadership: it is the skills which is needed for delegating and directing the employees
for their desired goal. This is skill exists in Elizabeth Goach and Tom Mercer so that they
can support their employees in order to guide them for achieving the organisational goal.
 Innovative thinking: it is the necessary skill which help in generating innovative ideas
for meeting the competitive advantage in the market and both the entrepreneurs are
successful as this has all the problem arises at the workplace in an appropriate manner.
Traits
 Disciplined: It is an essential term for the businessperson to maintain their personal and
professional life and this trait that are presented in Elizabeth Goach and Tom Mercer
through which they stay concentrated on their set goals without getting distracted from
the set of the actions.
 Confident: it is the important threat which must be there in the entrepreneur in order to
take effective decisions for the success of the company. Both the entrepreneurs are
confident due to their innovative idea which help them in gaining positive outcome and
good brand image of the company.
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NOTES- Entrepreneurs having certain characteristics, traits instills by which can effectively
attain their desired goal and differentiate them from the other people. The factors shows the
entrepreneur motivation and the mind set which important to the entrepreneurship by which they
can become successful in their organisation. OCEAN model is being used for understanding the
entrepreneur motivation and their mind set and they are having 5 aspect which are enlist below:
Openness: is the aspect related to the respective idea of the person that can reflect that the
creativity & the curiosity help in taking the better and effective solution to their business.
This also helps in solving various challenges arises at the workplace.
Consciousness: it is related to the reliability & flexibility in which stated that antigram
must be focused on their objections instead of involving in the activities in order to achieve
their goals.
Extroversion: this shows entrepreneurs must talkative assertive and socially gathered in
order to motivate their employees why with taken maintain good relationship with the
other staff in order to retain high-performance working.
Agreeableness: it is stated that entrepreneur require to be cooperative and trustworthy so
that they can operate with their employees so that they can maintain the trust among the
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employees which can leads to make good relationship with them. Entrepreneurs can take
the ideas and solutions from their employees in order to improve their productivity.
Neuroticism: this is related to the frustration jealousy worry fear anxiety etc. In which
kinder gulab react negatively to the various situations. They must avoid such elements in
order to Instagram equality at the workplace and positive working environment to their
employees.
NOTES- Entrepreneurs operate their venture in order to have higher profitability by providing
product and services to their customers. The experience & the background of the interview helps
in getting good commands in their working by which they can move towards growth and higher
success. The experience in the background of two entrepreneur e.g. Elizabeth Goach and Tom
Mercer make them successful individual which are given below.
Elizabeth Goach
Background: Elizabeth Goach has started employing in HSBC Bank at the age of 18 &
after one year, joint & eventually started working in the consultancy company. From there, she
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left the firm again & collect the money with the help of their friends & family. she collected
around €1,000 in order to start their own venture. Afterwards, she started giving training
services consultancy to the computer operating financial services but she is having lack of skills
like gathering information for improving their profit ad revenue. So she changed their services
with the software air & contact to the CEO of Prudential financial services, Rodney Baker-Bates
and hire him for the job position of chairman in the company. Moreover she also running your
company in the market for investment in order to connect with more investors.
Experience: she has started her venture but also faced various problems like insufficient
fund not getting support from their friends and family. But somehow she manage to handle such
issues and evaluate the growth for a business. Later she hire the Rodney Baker-Bates who has
given the idea with the development of software instead of giving consultancy services. See also
attract potential investors so that they can get huge investment but faced a loss in the year of
2007 on the same time somehow she managed and overcome all the loss and run their
organisation in an appropriate manner.
Tom Mercer
Background: Tom Mercer is a graduate from Cambridge University and has the
experience of working as a management consultant in the Bain and Co. That is situated in
the London. They have worked in various companies but you always think about the
unique Idea by which we can start their own business. While going to their work
regularly, he noticed that people have various options for their dinner & lunch but not
having good options for breakfast. He get idea for starting their own venture and opened
that in 2006 by offering health drinks in which they includes oats & smoothies. The
business have gained speed and company is having more than 25 employees in their
business.
Experience: Tom is having the experience of working as a certain worker by which he
knows the struggle of the individual in having healthy breakfast while going to their
work. He often goes to work late & think of new idea for their product in their business.
In the eventual time, used to cut the fruit by themselves at night and keep them in the
bottle for selling them in the morning. See also sold as product Alwar railway station for
evaluating the demand and requirements of their buyer in order to offer the product
accordingly.
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With the experience and background of both the entrepreneur, they will come
successful in their business and overcome the various failure and problem so that they
can stay focused and positive for the growth and development of their business. Due to
their continuous focus, we can achieve the positive result in success of their business in
the market. Both the entrepreneur left several issues throughout their life and learn from
their issues in order to resolve the various issues in future.
CONCLUSION
It is evaluated from the above report that entrepreneur are the individual who convert Idea
into reality in order to satisfy the needs and wants of their potential customers. There are various
types of venture such as small large and social enterprises that are related with typologies of
entrepreneurship. Startups and small companies are providing various job opportunities to the
country by which they can improve the living standards of the individual. There are different
skills characteristics and traits of the individual which is required among the entrepreneur in
order to become successful in their venture.
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