Entrepreneurship Report: Ventures, Economic Impact, and UK Growth

This report provides a comprehensive overview of entrepreneurship, analyzing various types of entrepreneurial ventures, including small business, scalable start-ups, large company, and social entrepreneurship. It explores the relationships between these venture types, highlighting their similarities and differences, such as the focus on profit versus societal welfare. The report further examines the impact of micro and small businesses on the UK economy, emphasizing their contributions to employment, adaptability, GDP growth, and exporting capabilities, particularly in the context of Brexit. It concludes by discussing the significance of small businesses and start-ups in fostering social economic growth by increasing employment, driving spending, promoting innovation, and securing financial support, ultimately contributing to the overall economic stability and advancement of the United Kingdom.

ENTREPRENERUSHIP

INTRODUCTION
Entrepreneur is a person who build their own business on the basis of their creative ideas
and innovative thinking. These small business enterprises help the country in improving their
economic growth. Business start-ups provide a job opportunity to the people so that they can
improve their living standard. Through this, the employment rate can be increased in the country
and that will lead towards the success (Drucker, 2014). An entrepreneurs can perform well in the
market by adopting some core competencies such as skills, knowledge, experience, beliefs and
attitude. Along with this, the overall wealth of the people can be enhanced through the business
start-ups. The present report is based on entrepreneurship which explain the different kind of
entrepreneurial ventures and how they are related to each other. Along with this, it focused on
the internal factors that affect the economy of the country. Further, it explains that how
background and culture of a person can affect their business.
TASK 1
P1. Different types of entrepreneurial ventures
An entrepreneur is the owner of their own business and it is their responsibility to set the
targets in order to earn more profits and revenues. They perform their operations so that overall
objectives can be accomplished in an efficient manner. Every person has their own set of skills
and knowledge and on the basis of these they will be able to improve their services at large scale
(Kirzner, 2015). There are different kinds of entrepreneurial ventures and their main aim is to
improve their position in the market. These are as follows:
Small business entrepreneur: There are many start-ups and small business organization
that are established in United Kingdom. Their main aim is to fulfil the needs of their customers
by proving them high quality and innovative products. There are some small businesses in the
country such as grocery store, agents, consultant and so on. In order to establish their new
business, an individual can take loan from the bank and financial institutes. Further, they can
hire employees from their family and they can conduct interviews in order to recruit the workers
from outer world.
Scalable start-up entrepreneurship: These types of entrepreneurs are visionary who can
sense the future and perform as per the situation (Welter, 2011). They recruit the best skilled

workers in their organization so that their overall performance can be improved. Along with this,
they can attract investors in order to get success in the market.
Large company entrepreneurship: These kinds of entrepreneurs perform their operations
at the large scale and follow a definite life cycle in an effective manner. They have number of
competitors in the market so they have to improve the quality of their products in order to
achieve the competitiveness.
Social entrepreneurship: These individual are more creative and innovative who perform
their operations in order to fulfil the needs of the society (George and Bock, 2011). The main of
these entrepreneurs is to increase the welfare in the society rather than to increase the market
share.
These different types of entrepreneurship are related to the typology of entrepreneurs:
The research entrepreneur: They believe in learning the new things so that they can
adopt the changes that are occur in the country. Through this, they will be able to increase their
skills and knowledge. After enhancing these core competencies, an entrepreneur establish their
business activities so that they can increase the satisfaction among all the customers.
The determined entrepreneur: These kind of people are more determined towards their
work and believe in success. For example, large company entrepreneurs and scalable
entrepreneur are very determined for this goals that they have to achieve in order to improve
their growth (Karlan and Valdivia, 2011).
The accomplished entrepreneur: These kind of people are go through all the stages of
entrepreneurs in order to accomplish their goals. For this, they conduct a survey in market so that
customer needs can be fulfilled.
P2. Similarities and differences between entrepreneurial ventures
There are some similarities and dissimilarities among all the entrepreneurial ventures
such as scalable, small business, social and large firm entrepreneurship. They all perform their
operations in an efficient manner so that overall growth can be improved. Social entrepreneurs
make a balance between the profits and societal values. On the other hand, other entrepreneurs
focuses on their growth and position in the market (Santos, 2012). Their are some similarities
and differences between these entrepreneurial ventures:
 The main goal of social entrepreneurs is to increase the welfare of the society rather than
to generate more profits. On the other hand, the aim of scalable start-ups entrepreneurs is

to increase the growth of the enterprise. So, these both perform their operations in a
different way.
 The similarities between these entrepreneurs is that they are focusing on their customers
so that they can fulfil their needs and expectations. They both perform their actions in
order to increase the satisfaction among all the people.
 Scalable ventures are providing the value to their customers so that overall welfare in the
country can be improved. But on the other hand, Scalable ventures provides innovative
and valuable goods to their consumers in order to sustain the competitive advantage in
the market.
 Large business organizations are using marketing strategies in order to attract the
customers towards their services (Dacin, Dacin and Tracey, 2011). Through these
promotional approaches, an entrepreneur will be able to create a strong base of their
service users. Apart from this, social entrepreneurial venture focuses on the word of
mouth marketing strategy.
 The researcher entrepreneur and determined entrepreneur both perform their operations
on the basis of their skills. Researcher believes in learning activities and on the basis of
learning they accomplish their objectives. On the other hand, determined person are focus
on their goals that these targets can be achieved.
In this modern technological world, there are many entrepreneurs who perform their
operations in different sectors. Most of them are using the concept of technological
advancements so that competitiveness can be achieved (Jones, Coviello and Tang, 2011). They
are performing their operations so that overall profits can be achieve and due to this the overall
economic growth can be improved. Along with this, some entrepreneurs conduct a survey in the
market so that they will be able to identify the needs of their customers. After examined these
demands, an individual establish their business and fulfil all the needs of their consumers.
TASK2
P3. How micro and small businesses impact the economy
Small and micro business organization give a positive impact on the economy of country.
There are approx 28 million start-ups in the country who help them in enhancing their
economical growth so that they can cover themselves from the impact of Brexit. Through these

small business enterprises, United Kingdom will be able to improve their GDP rate and that will
lead towards the success. There are some factors that play an important role in the growth of the
country such as: Employment: The state government of country focuses on the small business enterprises
so due to this employment rate get increased. Entrepreneurs are the one who provide this
opportunities to the people so that they can improve their living of standard. So, due to
this the economy get affected of the country (Shane, 2012). Small business enterprises
provide more jobs than the other large organizations. Adaptability: Now, entrepreneurs are the one who focuses on the technological field so
that overall performance can be improved. On the basis of the technological
advancements, small businesses can attract number of customers towards their services.
Through this, the country will be able to attract many investors so due to this economy
get enhanced. These technological advancements are adaptable for the country and they
will be able to enhance their position in the market than any other country. GDP rate get increased: These small business enterprise contribute to the country in
enhancing their GDP rate. These business organization provide the employment to the
people of the domestic market so through this they can help the country in enhancing
their GDP. When this rate is get enhanced then they will be able to attract many other
industries from the other country (Schaltegger and Wagner, 2011).
 Exporting: Small business organization help the country in enhancing their economy by
exporting the products to other countries. Through this, UK will be able to maintain their
relations with other nations so transportation become easy within different countries.
Through this, the economy of United Kingdom can be maintained at the particular level.
Small business organization impact the overall economy of the nation and through this all
growth of United Kingdom will get increased in an efficient manner. Through these start-ups, the
country can maintain their relations with other international markets that will be helpful for
nation and organizations. Through this all business firms can offer their products at the global
level so their brand image can also be improved.

P4. Explain how important small businesses and business start –ups will
contribute to the growth of the social economy
Small business organizations contribute to the growth of the countries economy after
Brexit. When UK get separate from European Union then due to this their overall economy get
influenced. So, government start focusing on the small business enterprises and provide them
fund so that overall job opportunities can be increased (Sarasvathy and Venkataraman, 2011).
These start-ups provide the innovative and creative products to their customers so through this
the overall growth can be improved. The importance of Small businesses towards the countries
economy:
Employment rate: After Brexit, the overall economic growth get reduced and due to this
number of jobs are get reduced so people will not be able to spend much. Government support
the start-ups so that employment rate will increased and growth of UK can be improved. These
companies help the nation in increasing approx 33% employment rate. Through this, the
disposable income of the people can be increased. Through this, people will be able to increase
their living standard.
Spending level: This is related to the income of an individual that if their income is high
then they will be able to purchase the products as per their choice. If employment rate will
increase in the country then due to this their salary will also increase and that will lead towards
the high disposable (Wiklund and et. al., 2011). This is beneficial for the organizations as
through this they will be able to generate more revenues and profits. For this, small business
enterprise has to identify the demand of their customer and supply the products as per their need
so that overall performance can be improved.
Innovation and technologies: When an individual establish their business in the country
then they focus on the innovation and technologies. On the basis of the technological
advancements the firm will be able to fulfil the demands of their customers in an efficient
manner so their overall satisfaction level can be increased. Along with this, these entrepreneurs
will be able to achieve the competitiveness in the market. So, in this manner the social economy
can be increased and this can attract other industries from the other country.
Financial support: After the separation, economy of UK is get decreased so
organizations will not be able to generate revenues and profits (Hitt and et. al., 2011)). So, state
government and banks support the small business enterprises by providing them funds. Through

this, the overall economic growth is get improved and firms will be able to increase their profits.
Further, Bank of England increase their interest rate so that people can deposit their money into
the saving account. So, through this the overall growth can be enhanced.
Small business enterprise help United Kingdom in improving their economy. After
Brexit, government start focusing on these start-ups so that job opportunities can be increased.
Companies offer quality and valued products to their customers by adopting the technological
changes so through this level of satisfaction among all the consumers can be increased. When
economy will get increased then competition get increased in the market.
TASK 3
P5. Determine the characteristics, traits and skills of two successful entrepreneurs
Entrepreneur is an individual who establish their business and perform operations so that
all customers will be able to fulfil their needs (George and Bock, 2011). There are some
entrepreneurs who perform social activities so that overall welfare of the society can be
enhanced. Apart from this, some business owners perform their activities in order to increase
their growth and generate more profits so that competitiveness can be achieved. Every person
has some set of skills and on the basis of that they will be able to improve their services. There
are two person who set a great example for the entrepreneurs one is Bill Gates and another one is
Mark Zuckerberg. Bill Gates is the CEO of Microsoft who provide latest technologies in
computers. On the other hand, Mark Zuckerberg is the CEO of Facebook who focus on the
connectivity among all the people of world. On Facebook people can chat, upload images and
video with their friends so that all people will be able to know about the different culture an
values of the different places.
These both entrepreneurs have their different characteristics and traits that make them
successful than any other business owner. On the basis of these, they will be able to gain profits
and revenues (Carraher and Paridon, 2015.). Along with this, these both offered quality services
and innovative products to their customers so they can create a strong base of customers. Some
characteristics of the Bill Gates and Mark Zuckerberg are: Vision: Bill Gates a visionary person who build strategies so that future goals can be
achieved. On the basis of this, he built a world's largest software company.

 Optimism: Optimistic person is a future oriented who perform their activities in order to
get success in the market. This characteristic make a person unique from others so
through this an entrepreneur can get high revenues. Judgemental about success: Every person should make a judgement about their own
success than only in this competitive world they will be able to achieve success in the
market (Gorgievski, Ascalon and Stephan, 2011). Along with this, an individual has to
measure their performance on a continuous basis then only they can lead their team and
overall performance can be improved. Focus: Mark Zuckerberg is a very much focused towards their goals and objectives as he
knew where he want to lead their organisation. In order to get future result, this trait must
be their in an entrepreneur. Transparency: Transparency should be their among all the team members of the
organization. Mark Zuckerberg follow this approach share their vision with their
employees.
 Risk taker and creative: This is the biggest characteristic of an entrepreneur that is to
take risk in order to maximize the profits. Through this, they will be able to establish their
operations with their creative ideas and thinking.
Manager and an entrepreneur has their own distinct characteristics and traits that can lead
them towards the success. Difference between the business manager and an entrepreneur:
 Entrepreneur is the one who start their own business venture by establishing the
organization on the basis of the goals. On the other hand, manager has to manage all the
operations within the organization (Henrekson and Sanandaji, 2014).
 An individual who start their own enterprise is the owner of their own business and
manager is just a employee of the established organisation.
 An entrepreneur will be able to get the rewards such as high profits and revenues. On the
other hand, manager get bonus and hike in salary as a reward.
P6. Reflect entrepreneurial motivation and mindset
An entrepreneur is the one who take risks in order to gain high profits and revenues. For
this, a motivation is required in the business owner then only they will be able to get success in
the market. They faced some challenges in the environment that are related to the capital,
investment, human resources, raw material and so on. So, entrepreneur has to make their

decisions so that overall objectives can be achieved and they will be able to sustain their
competitive advantage in the market. Along with this, an entrepreneurial motivation is related to
the high level of efforts that have to be put by an individual in order to achieve the overall
satisfaction of the employees and customers (Brück, Naudé and Verwimp, 2011). For example,
Mark Zuckerberg and Bill Gates are highly motivated towards their goals so they get success in
the market and through this they will be able to improve the brand image of their enterprise.
There are some factors that affect the motivation level of an entrepreneur. Some of the
internal factors are related to the desire, independent, background knowledge in the particular
field and son on. Apart from this, there are some external factors such as products demand,
government support and encouragement from other person. So, through these factors the
motivation level can be identified of an entrepreneurs. Further, an individual will be able to
perform better through these motivational factors.
Entrepreneurial mindset is related to the beliefs, values and attitude of an individual. On
the basis of these, a person will be able to establish their business so that overall performance can
be improved. For example, Bill Gates wants to make the world more technological so on the
basis of these he provides more Microsoft window to their customer. Apart from this, Mark
Zuckerberg wants to connect the whole world so he launch Facebook. Through this, people can
chat with each other and they will be able to about other people. So, every entrepreneur build
their business on the basis of their values and beliefs (Fassin, Van Rossem and Buelens, 2011).
An entrepreneur is a self motivated or self directed person who establish their own
business in an efficient manner. In order to perform well, they prepare an appropriate plan so that
overall performance can be improved. They are responsible for their own decision that are made
in the favour of the employees and customers. So, through this they can also improve their image
in the nation.
The performance of an entrepreneur is based on personality and these shows their ability
that how an individual will be able to perform better in achieving the goals. The motivation level
of a person is depend upon some of the factors of personality and these are as follows:
Openness to experience: This is based on innovation, creativity, art, ideas and so on. It
explains that to what extent a person is innovative and independent towards their objectives.

Conscientiousness: This shows the how much a person is hard-working, ambitious,
energetic and preserving. This is the best personality factors which can lead a person towards
success.
Extraversion: This is based on sociability, positive and assertiveness. High level of
extraversion shows that how much a person is focused on their goals.
Agreeableness: It is related to the extent to which an entrepreneur is helping to other and
how they can perform their operations in an efficient manner. The person who have law
agreeableness are more competitive an challenging.
Neuroticism: It is related to the extent to which a person is emotionally stable and how
they can manage their activities in an efficient manner.
P7. Examine how background and experience can hinder or foster entrepreneurship
Entrepreneurship is a kind of process or activity that is performed by an individual and
along with this they take some financial risks in order to maximise their profits. In order to
perform well, the motivation among all the people is necessary than only they can achieve their
objectives and goals (Brandstätter, 2011). If an individual is lack in self motivation then
strategies cannot be formulated in an appropriate manner and they will not be able to set the
targets. Along with these, the background and experience of a person can affect their
entrepreneurship and sometimes these acts as a barriers for a business owner. On the basis of
these barriers, they will not be able to get success in the market. Further, these experiences are
based on the minds of the people that how they take the things and in what manner they analyse
the situation.
Bill Gates is an entrepreneur who has interest in the computers and technology from their
childhood so they build their thinking and make worlds largest software business. Through their
background knowledge and experience, he will be able to get success in the market and make
their dream come true (Martin, McNally and Kay, 2013). On the other hand, Mark Zuckerberg
has some interest in the computers and he also make messaging application in his early stage of
life. Through this, he develop his interest in programming languages and launch Facebook so
that all over world can be connected to each other. So, background and experience can affect the
entrepreneurial activities of a person.
Core competencies of an entrepreneur is important to get success in the market. So, every
person should focus on their skills and knowledge because without these core competencies

goals cannot be achieved in an efficient manner. Along with this, a person can learn lot of things
from their past experiences and they can build some of the strategies so that they achieve success
in the market. If business owners are experienced then they can lead their organizations in an
effective manner in order to accomplish the targets. Further, they can make satisfy to their
customers and employees so that their overall performance can be improved.
There are some factors that hinder and foster the business of an entrepreneur. Some of
these factors are like education, family, social network, experience, gender and nationality. If the
background of an individual in education field is good then a person can establish their business.
Along with this, if social network is not good then business owner will not be able to perform
their business in an efficient. Family is an important factor which can highly affect the
performance of an individual. Apart from this, if an entrepreneur doesn't have any experience of
the market and their trends then they will not be able to establish their operations in an efficient
manner.
CONCLUSION
From the above carried out analysis it has been concluded that an entrepreneur is the
person who establish a business in the market by using their core competencies. These persons
are the risk takers who take financial risk in order to maximise their profits. Along with this,
small business enterprises contribute to the social economy of country. Through this,
employment rate, spending level of the people and job opportunities are get increased that will
help a country in improving their economy. Bill Gates and Mark Zuckerberg are the
entrepreneurs who get success through their traits and skills. Further, entrepreneurship is get
affected due to the background and experience of an individual.