Entrepreneurship Report: Theories, Nature, Importance, and Case Study

This report provides a comprehensive overview of entrepreneurship, delving into its core concepts, theories, and practical applications. It begins by defining entrepreneurship and highlighting its significance in economic growth, then explores various theories, including innovation, achievement, social change, and leadership theories. The report then analyzes the nature of different types of enterprises, using the Virgin Group as a case study, and discusses various entrepreneurial ventures, such as survival, lifestyle, managed growth, aggressive growth, and social enterprises. Finally, it examines the importance of entrepreneurship at the organizational, individual, and economic levels, emphasizing the role of successful entrepreneurs like Richard Branson and their contributions to the business world. The report aims to provide a holistic understanding of entrepreneurship, its diverse forms, and its far-reaching impact.

Entreprenurship in
business

Table of Contents
Introduction.........................................................................................................................................3
Main body............................................................................................................................................3
Q1 theories and concept of entrepreneurship.....................................................................................3
Q2 Nature of an enterprise.................................................................................................................5
Q3 Importance entrepreneurship to the organisation individual an economy at large........................7
Conclusion............................................................................................................................................9
REFERENCE....................................................................................................................................10

Introduction
Entrepreneurs are the person who individually create their own business, they take
most of their risk to enjoy higher rewards through the business. EntrepreneurNot only get all
the benefits but they also play key role an economy to grow by providing jobs, pay taxes and
contributes the local economy as well. They always come up with the new ideas that add
some value in customers life.
This report will identify the key concept and theories of the enterprise and
entrepreneurship. It will also Analyse the different nature of enterpriseAnd explain the type
of entrepreneurial ventures. In the end of this report well critically evaluate importance of
entrepreneurship to the individual, organisational and the large economy. this report will
explain through taking the example of successful entrepreneur from UK.
Main body
Q1 theories and concept of entrepreneurship
Entrepreneurship refers to the concept of managing and developing business ventures
in order to gain higher profits by taking some of the risk in this corporate world (Nguyen and
Pham., 2020). People who want to become a successful entrepreneur in their life the test take
risk and achieve success. It is necessary for every entrepreneurto have willingness for starting
a new venture.
It is in universal fact that entrepreneurship is an important factor and the development
of economy of the country. A persons who want to be become entrepreneur they takes Risk
and work underUncertainty. There are some theories and concepts that are introduced
different different authors that explain the nature and concept of the entrepreneurship.
Innovation theory
This territory was introduced by the Schumpeter And according to this beauty
entrepreneur is basically a innovator or the inventor And the combination of both introduce
the new product to the world. it is always necessary for an entrepreneur Toby innovator or
inventor so they can give something new to the world and it will help them to get success in
their life and they can show their presence all around the world. It can help them to achieve
their life goals Anne and they can also earn huge profit in their business.This combination of
theory can cover different different cases such as the introduction of the new product to the
customers are not yet familiar or of new quality of good. It is important for the entrepreneur

to be aware that the introduction of the new method of production, that one not yet tested by
experience in the branch of manufacturing concerned, which need bye no means be founded
upon our discovery scientifically knew an can also exist in a new way of handling community
commercially.
Need of achievement theory
This theory was developed by David and he concerned himself with the growth of an
economy and some of the factors that influence the economy. According to this Storey
entrepreneurs try to find the internal factors such as motivation of employment human values
that lead man to exploit some of the opportunities, it helps them to take advantages of
favourable trade conditions and This is why they give importance to the innovation
characteristics of entrepreneur role (Machmud., 2017). An Research studies on the routes of
physiological of entrepreneurship reveal that the higher achievements can be orientation an
insured the success of the person. But the concept given by the David are highly suspect and
one wonders how many of individuals who are just to have high an achievement could we
succeed an utilising it in a practises.
Theory often social change
This theory was introduced by Max weber who look the stand that entrepreneurial
growth and their development he's totally depend on the value system of society concerned.
Max opined That the spirit of higher growth often industry depends upon the technology they
are using an acquisition of the money an it’s rational use of productivity and how they are
multiplying the money. This element of industrial growth depends upon specific value
oriented individual. People who want to become a successful investors they should believe on
themselves and they should work hard toward their goals and their objective so they can be
successful and their business and they can achieve all what they want to achieve. It believe
make them provide strength and motivation to achieve something in their life. The
motivational force for the entrepreneur activities is given by the cleanest Ethics irrespective
of the cultural background, personality type of individual and social environment which they
live.
Theory of leadership
Entrepreneurs are owner often business so it is important for them to learn how to
lead there employees who are working within their organisation. It is necessary for the

entrepreneur to have leadership skill so they can lead effectively an create vision for the
people who are working for them. entrepreneurs who are successful in their life always have
a leadership skill in themselves that helped them to lead toward their success and they always
know what they are doing. I entrepreneur s have to show their ability And ability to manage
the things within a business. There are some leadership styles that can be used to buy
entrepreneur to be successful leader. situation leadership style can be useful for an
entrepreneur to lead effective. In this leadership style leaders change their leadership
according to the situation within a organisation. they have to find The best leadership style
that can be used during the current situation (Kim. and et.al., 2017). This leadership style can
be develop if the entrepreneur have knowledge of all other leadership styles then only they
can apply a situational leadership style to lead employees effectively.
Q2 Nature of an enterprise
Our business venture is inentrepreneurial enterprise that is opened by the
businessman to earn money or create money. Enterprise an organisations are sociotechnical
System of the people along with the things made by them self.
Virgin group
The Virgin group of companies is one of the largest organisation in all over the world
and this company was founded by the UK entrepreneur Richard Branson, Much of the
culture of the Virgin girl is influenced by some of the personal beliefs. An physiologies off
these groups founder Anne Richard is only person who is reason behind the success of an
organisation. The entrepreneur gives highly value to all the employees who are working there
an takes personal responsibility to ensure that their beliefs are installed among All of them
Richard has created these centralise structure within their workplace by giving their
employees a higher authority to take decision’s thereby and it helps big company to reduce
bureaucracy. Workers are encouraged to not always follow procedures on the national basis
Anne they increase them to think them themselves (Fairlie. and Fossen.., 2018). This group
include both profitable and not profitable ventures Anne there's some of the companies are
privately owned and they work too gain higher profits it means they are large organisations
but some of the part of Virgin group such as Virgin start up are not profitable companies.
They are helping entrepreneurs across the UK to start are they find them to scale up there
business. The Organism become delivery partner for the UK government start up business
loan company they were providing loans and finance both around 25,000 to 500 pound an

they also include advice and monitoring for the entrepreneurs to start their own business and
it gives them support to achieve success in their business. This setup programme it's
organised to support to start up business so the economy of the country can be improved and
business can be started. After one year at launches that uk's 1st equity based crowdfunding
accelerator programme called crowd boost.
Types of ventures
There are different different type of entrepreneurial ventures that can be chosen by the
entrepreneurs to start their own business. Here are explanation of all the entrepreneurial
ventures.
Survival ventures
Survival ventures are ventures in which entrepreneurs only on to survive and their life
First off it is very common in informal sectors an dissectors can include business that are not
officially registered in any kind of national account and they are not subject to the rules of the
contracts. There does not require any kind of licence, taxation an any kind of Labour
practises or inspection (Kraus And et.al., 2018). It can be opened by normal people who want
to earn limited money so they can live their life. For example- mini stores, And small retail
stores.
Lifestyle ventures
A lifestyle business is one that is geared toward supporting the owners income and
personal requirements rather than maximising their revenue. The main goal of this kind of
businesses are to create a sustainable life balance Ann leave their life effectively. their
profession is roaming the world and showing their lifestyle to the people and for that only
they get money. One of the best example of lifestyle venture are
Managed growth ventures
A managed growth ventures are the unique kind of businesses or entity that are
combined with the ongoing pursuit of opportunities and new innovations with a proper
efficiency Anne expansion with a control. this kind of ventures or business are only look for
to set goals and target not more than that. They tried to achieve those goals and when their
business accordingly. resources in this kind of ventures are limited and they also invest

limited within a business. small businesses are known as managed growth ventures and they
try to achieve set goals and targets in a proper and mannered way.
Aggressive growth ventures
The aggressive growth ventures are large business welcome national an international
level and they are having huge contribution toward the economic development of country.
Resources an capital of this venture is very high Anne they always look to expand their
businesses and grow rapidly in the industry where their operating their business. Aggressive
growth ventures are often disruptive businesses that charge society’s, markets and industries
first up although fewer in numbers they create this appropriate number of jobs, patents and
wealth in society and can enhance the global competitiveness of the nation (Abdulhaq.,
2016). Aggressive growth when just can generate higher returns for their investors but they
also represent a higher risk within a business
Social enterprise
Social ventures are non profitable enterprise’s that work toward developer of society
and health of the people. Entrepreneur do social work by taking the donations from bigger
organisation and they are the only source off running their business. They help people who
are physically unconscious our people who don't have family or anything similar situations.
They donate money or help them without taking money from them. Best examples of social
enterprise are NGOs who help people without taking fee from them. Social ventures are non
profitable enterprise’s that work toward developer of society and health of the people.
Entrepreneur do social work by taking the donations from bigger organisation and they are
the only source off running their business.
Q3 Importance entrepreneurship to the organisation individual an economy at large
Entrepreneurship play important role for the organization, individually and
economically at the large. It is necessary for the countries to motivate people to start their
own business or become a entrepreneur so they can help to grow economy they can support
themselves and organisation as well. There are some entrepreneurs like Richard Branson who
is the founder of Virgin group give their support toward all Individually, organisation an
economically.
Richard Branson (foun)

Sir Richard Branson is an case one of the most successful entrepreneur who is owner
or founder of one of the known group called Virgin group and right now this Virgin group is
controlling over more than 400 companies in different different fields. Branson came from
Poor family Anne he started his own business in age of 16. in ear 1970 Richard opened his
own Mail order record business and he operated chain of record store Called Virgin records.
After some time Branson change the name from Virgin records to the Virgin megastores.
During the 1980 the version brand was growing rapidly and with that Branson Atlantic.
(Machmud., 2017). In March 2000 Branson was knighted at Buckingham Palace for service
to entrepreneur, In year Richard become prominent global figure for his work him using
transport, and His good work toward the society. Richard was brilliant in a business that he
already showed when he was young and his own motivation make him successful in their
business. he belong to the poor family when he was just 16 still he start his own business and
make himself successful entrepreneur. Richard characteristics are that he is very confident, he
always take decision on time, have new ideas related to the business. He and he always find a
new way to doing a work and understand how he can provide satisfaction to the customers by
providing his own products and services.
Individually
Richard Benson his individually supporting himself an his family through their
businesses. Richard is an top businessman who is earning millions and billions of money. this
shows that entrepreneurship support individually for a person they can earn more than a job
can provide them. Entrepreneurs are owner of the business so they does not need to listen to
anyone Anne they can run business accordingly.
Organizational
Entrepreneurs not only set up the business but they are most important part of the
organisation and they have to look for the welfare and support their employees so they can
give their best and achieve companies targets and their goals. The entrepreneur gives highly
value to all the employees who are working there an takes personal responsibility to ensure
that their beliefs are installed among All of them Richard has created these centralise
structure within their workplace by giving their employees a higher authority to take
decision’s thereby and it helps big company to reduce bureaucracy. Workers are encouraged
to not always follow procedures on the national basis Anne they increase them to think them
themselves.

Economical growth
Entrepreneur has huge contribution toward the economy growth of the country
because they provide jobs opportunity’s to the people with the skill and no skilled both.
Businesses started by the entrepreneurs pay taxes and it is And it is used by government to
pass benefits to the local people and improve the infrastructure of the country (Abdulhaq.,
2016). Similarly, Virgin group also helping government by supporting the small
entrepreneurs within the UK. Virgin start up are not profitable companies. They are helping
entrepreneurs across the UK to start are they find them to scale up there business.
Conclusion
This report has been identified the key concept and theories of the enterprise and
entrepreneurship. It also has beenAnalysed the different nature of enterprise And explain the
type of entrepreneurial ventures. In the end of this report has been criticallyevaluated
importance of entrepreneurship to the individual, organisational and the large economy. this
report has beenexplained through taking the example of successful entrepreneur from UK.

REFERENCE
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components of business creation.
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models for the twenty-first century. International Journal of Entrepreneurial
Behavior& Research.
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of SMEs Moderated by Process Innovation. Archives of Business Research. 5(8).
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culture on supply chain management and business performance in chemical
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