Entrepreneurial Ventures: Macroeconomic Impact and Mindset Analysis

This report examines entrepreneurial ventures, focusing on their impact on economic growth and development. It begins with an introduction to entrepreneurial ventures and their characteristics, including the entrepreneurial mindset. The report then delves into the macroeconomic impact of micro and small businesses, providing data and statistics on their contribution to job creation, local community investment, and diversity. Furthermore, it evaluates the differences and similarities between public and corporate entrepreneurship, comparing their objectives, focus, innovation approaches, and risk-taking behaviors. The report concludes by summarizing the key findings and emphasizing the significance of entrepreneurship in fostering economic development and innovation. The report also references various sources to support its claims.

Entrepreneurial
Ventures

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Assignment 1- Entrepreneurial Ventures and Entrepreneurial Mindset..........................................1
Task 1 and Task 2............................................................................................................................1
Assignment 2- Macroeconomic Impact of SMEs and Entrepreneurship ........................................1
Task 3 ..............................................................................................................................................1
P5 Explain relevant data and statistics in relation to how micro and small business impact the
economy at different level......................................................................................................1
Task 4 ..............................................................................................................................................3
P6 Evaluate the differences and similarities between public and corporate entrepreneurship.3
CONCLUSION................................................................................................................................5
REFERENCES ...............................................................................................................................6
Online.....................................................................................................................................6

INTRODUCTION
Entrepreneurial venture refers to as a company that places opportunism and innovation at
their heart in order to produce social value or economic. It contribute to economic development.
Helps in creating a creative problem skills. (Dees, 2018)This innovation is a way of doing things
that helps make their operations different from regular small business. Marks and Spencer is
leading brand in British that brings contemporary style that includes great value food, clothing,
quality and home-ware at great value to customers across globe. Its headquartered in London,
United Kingdom. In this report there is a study related to scope of entrepreneurial venture and its
traits and characteristics. Lastly there is also an explanation regarding entrepreneurial mindset
with their characteristic and skills. In this report there is data and statistics related to micro and
small business venture impact on economy at different level. Lastly there is a discussion about
differences and similarities between corporate and public entrepreneurship.
MAIN BODY
Assignment 1- Entrepreneurial Ventures and Entrepreneurial Mindset
Task 1 and Task 2
(Covered in PPT)
Assignment 2- Macroeconomic Impact of SMEs and Entrepreneurship
Task 3
P5 Explain relevant data and statistics in relation to how micro and small business impact the
economy at different level.
Micro and small business venture has huge impact on the economy. Small business,
entrepreneurs and start-ups are the most important influencer on economic growth and
development. They represent more than 90 per cent of job opportunity and creates 60 to 80 per
cent new jobs in economy. (Small businesses, big contribution, 2018) There are over 30 million
people in US which are representing 99 percent of business in country. There is 58 per cent of
respondents that are willing to leave their current jobs profile to start their own venture. Hence,
this is important as big business those are dominating the stock market and those are small
business & start-up that are keeping economy moving.
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 Small business are creating new job opportunity in market that rives country' economic
development and growth. As they are increasing competitors in market. Start-up business
are able to innovate new technology that are more faster than usual bulky system, hence,
they are changing the thinking and behaviour of country.
 Small organisation has are also operating locally. That give a strong preference in order
to hiring local people. (Adanan, Turan and Johan, 2021) As for the big corporation
generally move into new territories with their business in places. Hence, this can improve
population and drives new job growth in region as small businesses are doing.
 Small business venture are more of flexibility. As anyone can now start their own new
venture. This allows them into more diverse form of function, culture and which increase
their potentiality against big corporations. As greater the diversity the greater economy
will be easier for country to stand against tough situations.
The importance of small business venture in local community is rooted for buying and selling
with their friends. As there are various benefits from shopping locally. The government refers
small business as an independent industry as they have over 5000 employees. There are several
positive impacts from micro and small business venture such as.
 Job creation- There are over 90% organisation with paid employees. As thy creating
around 10 million new jobs while big corporation are creating over 5.6 millions new jobs
in economy. Small-businesses are the incubator for employment and innovation. As they
are also contributing in country's economic. (Atallah, Bousmah and De Fuentes, 2021)
They are more likely to develop new technology through patent. Small-businesses are
also producing around 16 times more new patent per employee than big patenting
organisation.
 Keeps money in community- Micro venture are generating more revenue which is
taxable through the community. This might need to pay to local taxes of property.
Generally these funds are used to support local services. Small business have a huge
impact on community through providing services and goods to big business in such areas.
Micro venture will need to rely on other local business for their supply chain or other
services.
 More diversity- Diversifying workforce on another area small-businesses as comapre to
corporate venture. It better reflect the diversity of US population than large companies.
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There is over 38% per cent small business that are owned by women. 9 per cent are
owned by veterans. (Bogatyreva, Laskovaia and Osiyevskyy, 2022)Around 14 per cent
small business venture are owned by people of different race colours.
 Greater local community investment- Along the role of small business in economy, as
it also through taking into consideration impacts on community from small-businesses.
Since, a healthier and happier populations is more on the productive and innovation side.
They are also tend be to more donate to local community than bigger competitors.
Task 4
P6 Evaluate the differences and similarities between public and corporate entrepreneurship.
Corporate entrepreneur Public entrepreneur
Objectives This generally requires
flexibility and freedom in
order to pursue projects
without being slow down in
bureaucracy that includes
motivation, goal orientated but
are influenced through the
characteristic of corporate.
This generally refers to as an
individual which is motivated
by achievement and power
those are ready to undertakes
purposeful activity in order to
maintain and initiate of one or
more public sector company
not on just constrained through
profits.
Focus This usually focus son
orientations and innovative
activities that involves
services, technology,
development of new products,
competitive postures,
strategies and administrative.
(Etemad, Gurau and Dana,
2022)That helps in
concentrating on internal and
This aim in order to create a
value for citizens through
bringing together unique
commination of private and
public resources that will
exploit social opportunity and
learns in term of use of
external forces to initiate and
achieve internal changes.
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external environment.
Innovation Corporate is a system which
enables and encourage every
individual in order tot use
creative processes that will
enable them to apply new
invent technologies that can
help in order to plan,
purposeful and deliberate in
terms of level through
innovative activities that are
desired to instigations.
Public enterprise are
entrepreneurial in a way that
they they risks with an
opportunistic towards actions
in order to consciously
overcoming every political
obstacles and bureaucratic of
their obstacles in their face of
innovation. (Perez-Uribe,
Salcedo-Perez and Ocampo-
Guzman, 2018)
Opportunity It generally pursue an
opportunity that are
independent of every resources
that currently in control. After
doing new things and
departing from customer in
order to pursue opportunity
In this they use every possible
opportunity in order to
distinguish their leadership
style and public entrepreneur
which form a norm to public
sector in order to understand
business and also support the
opportunity for enterprise
development and growth.
Risk-taking There is moderate risk taking
and recognize that risks are
related to career.(Salcedo-
Perez and Contreras, 2018)
There are calculated risk taker
and it takes relatively large
organisation risks without
taking it personal risks.
Character and skills Self-confident, strong belief
system that helps in
manipulating the system with
strong technical or product
knowledge and good
Self-confident, strong political
skills and high tolerance for
ambiguity.
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managerial skills.
CONCLUSION
From the above report it is concluded that the entrepreneurship has a huge scope and
huge impact on economy growth and development. From the understanding traits and
characteristics of entrepreneur it helps identifying various benefits that they are offering. From
understanding entrepreneurial venture and there scope it help better understanding of it related to
economy development. From the brief explaining from entrepreneurial mindsets it helps
understanding the behind mind to become successful entrepreneurs. From understanding better
of mindset of entrepreneurs with the help of there characteristics and skills regarding it helps
understanding of entrepreneur mindsets. There are some huge impacts economy from micro and
small business venture. As there are various benefits and some positive outcomes from
entrepreneur ventures at many different level. Lastly from discussion of difference and
similarities between corporate and public entrepreneur it helps understanding them better with
various aspects related to entrepreneur.
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REFERENCES
Books and Journals
Adanan, N.Q.A., Turan, F.M. and Johan, K., 2021. Industrial Sustainability Policy and
Standards-Related on Management Discipline of SMEs Industry in Malaysia: A
Conceptual Framework. In Recent Trends in Manufacturing and Materials Towards
Industry 4.0 (pp. 25-32). Springer, Singapore.
Atallah, G., Bousmah, I. and De Fuentes, C., 2021. Previous intrapreneurship experience as a
determinant of entrepreneurial activity and performance. Economics of Innovation and
New Technology, pp.1-18.
Bogatyreva, K., Laskovaia, A. and Osiyevskyy, O., 2022. Entrepreneurial activity,
intrapreneurship, and conducive institutions: Is there a connection?. Journal of Business
Research, 146, pp.45-56.
Dees, J.G., 2018. The meaning of social entrepreneurship 1, 2. In Case Studies in Social
Entrepreneurship and Sustainability (pp. 22-30). Routledge.
Etemad, H., Gurau, C. and Dana, L.P., 2022. International entrepreneurship research agendas
evolving: A longitudinal study using the Delphi method. Journal of International
Entrepreneurship, 20(1), pp.29-51.
Perez-Uribe, R., Salcedo-Perez, C. and Ocampo-Guzman, D. eds., 2018. Handbook of research
on intrapreneurship and organizational sustainability in SMEs. IGI Global.
Salcedo-Perez, C. and Contreras, A.C., 2018. Financial instruments for small and medium
enterprise sustainable growth: Strategies for Latin American emerging economies.
In Handbook of research on intrapreneurship and organizational sustainability in
SMEs (pp. 276-293). IGI Global.
Online
Small businesses, big contribution, 2018 [Online] Available through;
<https://www.dailypioneer.com/2018/columnists/small-businesses--big-contribution.html >
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