Entrepreneurship Project: Venture Classification and Economic Effects

This report delves into the multifaceted world of entrepreneurship, exploring various venture types such as small business entrepreneurship, scalable start-ups, large company entrepreneurship, and social entrepreneurship. It examines the similarities and differences between these types, including comparisons between lifestyle ventures and serial entrepreneurs, as well as female and male entrepreneurs. The report further analyzes the significance of micro, small, medium, and large businesses, highlighting their economic impact at local, national, and international levels. It also discusses the influence of Brexit on the UK economy, particularly focusing on how micro and small businesses contribute to employment, improved living standards, and increased GDP. The report provides a comprehensive overview of the key aspects of entrepreneurship, its diverse forms, and its role in economic development.

ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1............................................................................................................................................1
P2............................................................................................................................................3
TASK 2............................................................................................................................................4
P3 ...........................................................................................................................................4
P4 ...........................................................................................................................................5
TASK 3............................................................................................................................................7
P6............................................................................................................................................8
TASK 4............................................................................................................................................9
P7 ...........................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is an eminent part for the growth of an economy. It is a process of
starting up a company which will be based on any idea or concept. They mostly look for
opportunities for a start-up and propose plan to solve issues. Entrepreneurs engages their
consumers into a better manner and paves the path for some fresh and innovative ideas for new
enterprise. Their intention is to bring towards the development of community (Ackermann,
2012). They need to identifies opportunities, use of available resources in correct direction and
drive progress. Their objectives is to develop economy by using resources in appropriate manner
and improve the overall performance and enhance the production of a business firm.
This project brings highlights on various kind of enterprising venture and its
classification, similarities and distinguishing between entrepreneurial ventures. It also covers
micro and small business that brings an impact on the economy and its importance to bring
effects on Brexit. This brings an outline on characteristics, attribute and ability of successful
personalities and also involves their background or experience which can obstruct or enhance the
business.
TASK 1
P1
An entrepreneur is a risk taker who possesses skills, knowledge and ability to grab
opportunities with a hope of succeeding, rather than failing. Generally, most flourishing
businessperson are self- encouragement.
The entrepreneurship is a inventive process and tries fresh procedures instead of
following regular processes. This is an ability to respond creativity. It is a determination action
that emphasis advanced degree of achievement and execution.
The entrepreneurial venture refers to a business organization who tackle the risk and
condition while using new and fresh ideas exploitation creativity and innovation for generating
income and social economic conditions (Blackburn, Hart and Wainwright, 2013). The key
ventures that entrepreneur will engage are described as:
 Small business entrepreneurship: This type of entrepreneurship includes small
organization such as travel agents, consultant, grocery stores and other related businesses.
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They are the ones who run their own enterprise and hire local people or their family
members.
 Scalable start-up entrepreneurship: According to this type of entrepreneurship venture,
these are a company that are able to expand their business on the arrangement of funds.
Generally, they can scalable their start-up company to large scale or bring it to small
scale of business. It manages according to entrepreneur’s perspective. Also, their focus is
on scale requirements that helps them to expand their business.
 Large company entrepreneurship: This entrepreneurship has a limited existence cycles.
Most of them increase through sustainability, introducing fresh goods with some different
about their set goods. They prefer modification in customers’ flavours, upgraded
application, challenger and many more. Social entrepreneurship: In this entrepreneurship, they focus on developing goods and
services which can resolve the needs and problems related to social environment. The
aim of this type of business person is to form healthier space, and not to take securities
industry or to develop financial condition for the owner. These can be charitable, or
earnings or both.
Relations with typologies of entrepreneurship
The typology of entrepreneur is mentioned below:
 Serial entrepreneur: In this typology, the businessperson generates an innovative
concept to establish fresh business venture. They take on this challenge repeatedly and
once a specific business is established, an entrepreneur delegates their responsibilities of
running its operations and change to other ventures.
 Female entrepreneur: This entrepreneurship involves women who organise all factors
of production, provide employment and undertake risks (Bridge and O'Neill, 2012). They
handle economic uncertainty that is incorporated while running a business enterprise.
 Social entrepreneur: In this typology, they mainly take initiatives on developing
products and services to resolve social issues. The purpose of this typology is to make
better place, not to take shares or generate money. It may be for earning more, charitable
or both enterprise.
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P2
Lifestyles venture similarities Serial entrepreneurs venture similarities
 In case of lifestyle venture, it focuses
on the investors to invest funds in their
business.
 Under this, they work to attain goals
and generate revenue to maximise their
profits by focusing on their lifestyle
(Schaper and et. al., 2014).
 Under serial entrepreneur venture, this
also focuses on the investors to arrange
funds for their business.
 In case of serial entrepreneur, they build
a rough business plan and implement on
the basis to achieve their targets on
time.
Difference Difference
 This type of venture is used to improve the living standard of people for their personal
motivation. Basically, it focused on their lifestyle and living standards.
 In lifestyle venture, they often run out of household.
 They provide flexibility in hours,
meeting, places and attire.Their purpose
is to continue with existing business and
starts with new venture. Once a
business is developed, they delegate
responsibilities and switch to other
business venture. Also, it focuses on
innovation and increase the profitability
of a firm.Here, they run out from
specific commercial office (Shane,
2012).They have particular working
hours to work.
Female entrepreneur business similarities Male entrepreneur business similarities
 Female entrepreneur is independent to
perform their tasks.
 They get support from their family,
friends, spouse and many others.
 Male entrepreneur is also independent
while choosing their operational
field.They also get support from their
close friends, family members, spouse
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and others.
Differences Differences
 Generally, female are goal achievable
while performing their task (Stokes,
Wilson and Wilson, 2010).
 In case of women, networking seems to
be more about building relationships
and establishing community.
 Under female entrepreneurs, they are
weak as compare to male
entrepreneurs.
 In case of female entrepreneurs, they
are more financially conservative and
follow t facts, and also do not have big
dreams about massive growth like men
do.
 Whereas, male entrepreneur are job
satisfaction person.
 Generally, men are not interested in
doing networking, hence they call it as
mate ship.
 Although, men have stronger growth
plans as compare to women.Under male
entrepreneurs, they have their big
dreams and focus on the growth of their
business as compared to women
(Welter, 2011).
Therefore, similarities and differences support in understanding types of entrepreneurship
and deviations as well as their nature of businesses for adopting suitable strategies as per
requirements to a business organization and maximize their profits (Bruton and Ahlstrom, 2010).
This helps them in differentiating various kinds of typologies in proper manner.
TASK 2
P3
Micro businesses and start-ups are crucial part in the development of wealth in a country.
They come from different types of backgrounds; each has particular intellectual for pursuing
self-business. This kind of enterprise operates within a specific region that do not influence the
competition within its area.
 Small business is a company that employs fewer than 100 employees or below it. These
are self- dependent owner and run a business firm that has restricted size and in income
calculate on the type of factory.
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 Medium business is a business firm less than 250 group and the yearly turnover not
overreached to €50 million or whose total yearly balance sheet does not overstep €43
million.
 Large business is an enterprise that has greater than 500 employees and has a yearly
ratio greater than 1.5 billion euros and a balance sheet total of more than 2 million euros.
Micro businesses generally improve the livelihood of individuals by employment
creation. Job opportunities creates self- reliance, increase self-esteem of individuals, and also
train their employees to improve their technological skills (Burns, 2010). The benefits of fast
growing and high impact companies such as ensoft and wiser assists to grow micro and small
business. It is observe that several methods of micro businesses to provide support for improving
opportunities to gain economical self- dependency, motivate for innovative ideas and increases
job possibilities.
The major factors that bring an impact on the economy are mentioned below:
 Local impact: This aspect involves local area, region or particular locality to improve
region . This increases job creation, improves infrastructure, roads, dams and many more.
It enlightens the backward regions by providing facilities to employees and improves the
living standards of individuals while working into micro and small business. By setting
up of these kind of businesses into rural area, it will help in to develop overall area.
 National impact: While introducing small businesses, it will assist in growing economy
of a nation that will enhance the working conditions of workers. This will create job
opportunities for domestic people while starting up of these businesses and increase the
growth rate that improves the living standard of people (Chittithaworn and et. al., 2011).
This also helps to simulate the stock market of capital to issue an initial public offering
and increases stock that are accessible to large investors and results in economic growth
by providing employment opportunities to people who may not be employable by larger
corporations.
 International impact: Globalisation has an impact on modern life, and this will assist in
net benefits to economy around the world. It includes foreign direct investments that
increases to great extent. The technological innovation will increase competition, along
with, sustainability development also plays an eminent role in the growth of an economy
which will reduce the barriers and inefficiencies in a business environment.
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This will assist in to bring a positive impact on the economy by developing and increase
in the local, national and international level (Cowling, Liu and Ledger, 2012). It assists in
determining various opportunities by the nation and able to increase their business and bring
sustainability into the business world.
P4
Brexit stands for “British exit”, mentioned to the UK's decision in June, 2016 poll to exit
the European Union. With this, employment, the cash-flow into the nation get more effectual.
Brexit affects UK as well as other countries economy. This situation outweighs the consequences
on an economy. It results in largest decrease in the value of pounds in a global market which
happen in last thirty years. But this increases the unemployment rate of nation as many person
entering in UK for job because they think opportunities increases in a country. Brexit faces
reduction in the foreign investment of a country because of higher trade costs and their
fluctuations. Small and micro businesses help in development of society’s economy up to large
extent. The value of micro businesses and start-up will contribute to the development of social
group after Brexit.
These described under below:
 Employment opportunities: Small businesses help to generate revenue and also to hire
employees. This creates jobs and supports community through increasing the attribute of
life and overall standard of living. It assists in providing employment to large number of
people which big business are not able to provide after Brexit. Many small growing
enterprise render employment to people on a small scale (Dennis, 2011). By increasing
employment, it will helps in growing and enhancement of skills and knowledge which is
related to their organisation.
 Rise the living standard: Small and micro business assists in improving living standards
of an individual by increasing employment that will bring a positive outcome on an
economy. By increasing job opportunities, people will increase their living standard as
well as creation of wealth, comfort, and availability to a certain socio-economic and
demographic area. This includes equal protection legal laws.
 Increase the GDP: This aspect helps in measuring growth rate of a country. Gross
domestic product includes economic output of a nation. By improving related factors
such as increasing employment opportunities, rise living standard of an individual,
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innovation among employees and so on. This assist in enhancing small and micro
business production that will bring currency stabilization of a country.
 Reduction in poverty: By introducing new business into market, as a result in reduction
of poverty and able to creates job opportunities for an individual. This helps in increasing
the level of an individual and develop confidence among people (Down, 2010). By
creating employment, this will encourage people to work and develop their knowledge.
 Social amenities: By developing country GDP, it will encourage to provide basic
facilities that are to be rendered in nation. This helps in to keep their country’s hygiene
and bring a positive aspect to control over disease factor. As a result, it increases the
economy of a country.
Therefore, small and micro business helps in to boost their economy growth of a country
and helps to creates employment opportunities, improve social security for people of the nation
or particular region. This also enlightens social amenities, reduce poverty and rise living standard
of an individual.
TASK 3
P5
Entrepreneurship is an individual who recognize needs in the market and perform to
complete it. They conduct operational activities with a less funds business through funding their
transaction by their personal wealth or request monetary resource from an individual, friends and
family members (Fassin, Van Rossem and Buelens, 2011). This also includes different
component such as assembling of land, labour, capital and other substantial for creating wealth
for their enterprise. Managers and entrepreneurs both play a paramount part in the business
community. Many of them have same characteristics, but some are different which exists when it
comes to the basic traits.
The two successful entrepreneurs are:
Richard Branson is the founder of Virgin Groups. The main declaration is he was a risk
taker, as business person are always ready to take risk. According to him, risk brings enormous
possibility for the enterprise as well as for their individual development of a businessperson.
Main traits of Richard Branson are explained as:
 Risk taker: Every employer wants to grow their business that involves risk and change
when pursuing with new clients. They are ready to dive deep into uncertainty, or to adopt
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various strategies for favourable decisions to make a suitable way to overcome from
problems.
 Motivate: For a successful entrepreneur, they should be self- motivated while performing
their tasks individually and manage their work according to situations. This helps them to
build their self- confidence and bring enthusiasm to everything they do in their business.
 Team work: It is the greatest strength of Richard Branson encourages in team work, as
he knows how to build a better team and able to develop good relations with the people
(Hall Daneke and Lenox, 2010). They assist and guide them in proper direction to
manage their team as well as business.
Steve Jobs is the co-founder of Apple Computer Inc. He was a computer designer and
corporate executive at initial stage. He had a concept of manufacturing personal computers at
reasonable rates which can be easily affordable by common people. Moreover, he want to
establish largest comp[any of the same idea within his early twenty age. Steve Jobs is considered
as most creative person in American technology.
The characteristics and traits of Steve Jobs are defined below as:
 Innovative: For a successful entrepreneur, they should be innovative and their creativity
to develop revolutionary products such as Steve Jobs. He created an affordable computer
for people such as MAC book, Ipod and many more.
 Hard work: An entrepreneur believes in themselves and is devoted to their task. They
concentrate on their belief in idea may become hurdle, but are temperament to work hard
and resist the odds that makes them flourishing entrepreneur (Ligthelm, 2010).
 Focused: For a successful entrepreneur, he tend to be contrary when it comes to their
general intention in an enterprise. They are afraid mainly with their indispensable
element to start up a business. Steve Jobs focus on what can be done to work with their
innovative idea.
Hence, from the above context, they helped in guiding, assisting and supporting in
accomplishing objectives. This brought highlights on how to achieve targets through hard work,
determination, motivation, risk taking, innovation, being focused for the goals and able to engage
teamwork to obtain their goals.
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P6
There are different elements that constitute into a prospering entrepreneur and involves a
knowledge to innovate, create and apply new enterprise ideas and acquire dynamic leadership
and management skills. There is a interconnection between the business person attribute towards
enterprising need and mind-set. The individuals who start up in an environment of innovation
and freedom have shown salient attribute of leadership and management.
There are five personality traits that are described below:
 Openness to experience: In this type of personality trait, people who enjoys arts and new
presence may possesses leadership skills, identify to experience with positive expressions
(Nga and Shamuganathan, 2010). Richard Branson have this kind of ability while
performing their tasks. This assisted them to experience new things and came up with
new ideas related to their objectives.
 Conscientiousness: This refers to those people who are able to arrange their things and
are capable enough to keep going until they achieve their objectives. This type of
personality trait is possessed in Steve Jobs as he is hard working, dependable and not
afraid while taking risks for their business. These kind of people go ahead and find
themselves in their leadership positions.
 Extroversion: This type of personality is outgoing or must have high degree of
sociability; therefore, they make friends easily, take charge, are always busy while
achieving their objectives. These characteristics are possessed in Richard Branson
(Preuss, 2011).
 Agreeableness: This aspect people are trustworthy, honest, tolerance power. Richard
Branson possess this type of trait, that helps in to attain their goals and consider loyalty
an important part. Entrepreneur are the person who do not compromise with their dreams
as well if something come about their passion they can easily get agree with that.
 Neuroticism: This kind of personality includes negative emotions, sadness, and other
related terms. If in profession of entrepreneur some pessimistic things come they get
distract from their target which may give wide impact on their working.
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