Entrepreneurial Ventures in the UK: Analysis and Report for Business

This report provides a comprehensive overview of entrepreneurial ventures, focusing on the UK context. It begins by defining entrepreneurship and exploring the scope of such ventures, including various types like large corporations, small-scale businesses, social entrepreneurship, and micro ventures, with examples like the Airdri Group. The report then delves into the traits and characteristics associated with entrepreneurship, such as work ethic, passion, creativity, self-motivation, risk-taking, and continuous learning. It further analyzes the similarities and differences between entrepreneurial ventures and the traits of entrepreneurs within those ventures. The report also examines the entrepreneurial mindset, its importance, and the skills and characteristics associated with it, including self-efficacy, locus of control, and a growth mindset. The report then shifts to the impact of micro and small businesses on the economy, comparing them with medium and large businesses. It concludes by discussing public and corporate intrapreneurship, its benefits, and its contribution to competitive advantage in organizations.

Entrepreneurial
Venture in the UK

Table of Contents
INTRODUCTION...........................................................................................................................1
CHAPTER 1....................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Scope of entrepreneurial ventures.....................................................................................1
P2 Traits and characteristics associated with entrepreneurship.............................................2
M1 Similarities and differences between entrepreneurial ventures and the traits and
characteristics of entrepreneurs in those ventures..................................................................4
TASK 2............................................................................................................................................5
P3 Entrepreneurial mind-set...................................................................................................5
P4 Skills and characteristics associated with an entrepreneurial mind-set.............................6
M2 The ways in which the entrepreneurial mind-set can be encouraged and what it can bring
to a new venture......................................................................................................................7
D1 Entrepreneurial ventures the traits, characteristics and mind-set associated with
entrepreneurship.....................................................................................................................8
CHAPTER 2..................................................................................................................................10
TASK 3..........................................................................................................................................10
P5 Relevant data and statistics to relate how micro and small business ventures impact the
economy at different levels..................................................................................................10
M3 Relevant data and statistics to compare the differences between micro-, small-, medium-
and large business and their impact on the economy...........................................................12
D2 Impacts of different businesses on different levels (international, national, regional, local)
of the economy using appropriate data and statistics...........................................................13
TASK 4..........................................................................................................................................14
P6 Discuss the differences and similarities between public and corporate intrapreneurship14
M4 Explore the benefits of intrapreneurship and its contribution to competitive advantage in
organisations.........................................................................................................................14
D3 Evaluate the use of intrapreneurship and the benefits it can bring to organisations......14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship can be explained as the ability of an individual to develop and manage new
Ventures successfully to earn desired level of profits. Entrepreneurship involves risks but
entrepreneurs take calculated risks so that their businesses can run smoothly and their goals and
objectives of attaining profit can be achieved (Basci & Durucan, 2017). In simple words
entrepreneurship can be explained as the ability of a person to take risks, create business, manage
them and convert ideas into reality. Airdri Group was established by experienced entrepreneurial
engineers Peter Phillips and Peter Allen in 1974 and it is headquartered in Oxfordshire, UK. The
following report will describe the scope of entrepreneurial ventures with the help of different
examples with various traits and characteristics of entrepreneurship. This report also velvets
differences and similarities between entrepreneur Ventures and traits and characteristics of
entrepreneurs in those Ventures. It describes an entrepreneurial mind-set and skills and
characteristics that help to develop new Ventures. Moreover, it discusses small and micro
Ventures and their impact on economies. It also describes public and corporate intrapreneurship
and its contribution for providing competitive advantage to the organisation.
CHAPTER 1
TASK 1
P1 Scope of entrepreneurial ventures
The scope of entrepreneurial Ventures many depends on their structure, location and size.
For example, a private family business is a good instance of micro enterprise, but a beauty salon
that has a small degree of corporate structure is considered a small business. Entrepreneurship is
mainly regarded as the activity of creating and developing a business for gaining profits
(Mcintosh, West, & Clarke, 2018). There are different types of entrepreneurship that deal with
transformation of innovative approaches for developing, organising and managing the resources
within organisations in such a manner that organisational goals can be achieved.
There are various entrepreneurship types that are elaborated below. Large corporations are those forms of entrepreneurship that mainly focus on achieving
higher levels of growth, development and sustainability in profits by creating such
services and products that tends to create competition in the market. These forms of
1

entrepreneurship Ventures have a life cycle that focus is on achieving greater level of
competition in the market. The success of large corporations mainly depends on the
product innovation and ideas of the business. Small scale business entrepreneurship mainly deals in a small market area that is local
or regional (Morris and et. al., 2016). The main examples of this form of entrepreneurship
are restaurants, super stores, general retail outlets, internet cafes, etc. that are formed by
few people or members who operate and manage the activities of business. Social entrepreneurship mainly focuses on creating such products and services that can
help to benefit the society and the people who are living in the community. These forms
of entrepreneurs are formed by a few members whose focus is on the welfare of society
and people where they live.
 Scalable or micro entrepreneurship are the Ventures that are developed for a dynamic
business environment and these entrepreneurship models and fishes on developing
quality and creativity for achieving higher level of profits in the business. This form of
entrepreneurship mainly focuses on achieving greater market share and the activities in
these forms of entrepreneurial Ventures are controlled, managed and operated by the
owners of the business with the aim of transforming themselves according to the needs of
the changing market.
P2 Traits and characteristics associated with entrepreneurship
The traits and characteristics that are associated with entrepreneurship are elaborated
below. Robust work ethics: An entrepreneur must have suitable work ethics because
entrepreneurs are the people who operate and manage the activities of the business
(Romero, &Errico, 2017). It is important for them to manage their work ethics of the
organisation. Entrepreneurs within the Airdri Group show sincerity towards their work
because the people at the workplace learn from their leaders. Passion for work: The work ethics and passion must be handled effectively and
efficiently by the entrepreneur because they work ethics and business have strong
relationship for maintaining a good positive entrepreneurship culture. Passion for work is
the most important factor that runs the activities of entrepreneurial ventures because
2

entrepreneurs constantly look forward to identifying opportunities and goals and work
towards it to achieve them. Entrepreneurs must have passion for their work because
without it they will end up losing everything in their business. Creativity: The entrepreneurial Ventures that achieve success and have a high brand
image are because of their creativity (Rotimi Oppong, &Oduro, 2017). Airdri group have
utilised various creative concepts and ideas in order to achieve greater level of success for
the organization. The entrepreneurs within the business develop unique business concepts
and ideas that can help to achieve better results within the organisation and help to
generate higher profits. Motivated self-starters: The self-starters are motivated to do new things that don't let
them down and they try to achieve greater effective results by taking calculated risks. The
entrepreneurs are encouraged to take initiative and lead themselves to achieve the desired
goals and objectives. The entrepreneurs of Airdri group are self-starters who focus on
achieving faster growth of business so that they can compete in the business world. Risk taking an easy going attitude: The entrepreneurs take calculated risks for achieving
better growth rates and envisaging high profits for the business. They do not fear failure
and will focus towards improving themselves by adapting changes for achieving pre
decided goals and objectives. The entrepreneurs of Airdri have an easy going attitude that
makes them comfortable to go with the flow and use opportunities in the way as well as
recover from the changes in the situation or handle the unfavourable conditions.
 Continuous learning is among the major aspects that entrepreneurs pose themselves. It is
necessary that you keep in your real Ventures are constantly learning new things and
adapting to the changes according to the time so they are not left behind (Stephen, &
Hart, 2018). It is important for entrepreneurs to learn new things and use those aspects in
the business so that they can stay competitive in the market. Entrepreneurship firms like
Airdri have adapted to the traits and dynamic conditions by learning new aspects in the
changing environment of the business.
M1 Similarities and differences between entrepreneurial ventures and the traits and
characteristics of entrepreneurs in those ventures
Venture Objective Role Characteristics
3

Large Corporations The primary targets of
this Venture are to
produce high ROI,
benefits and income
(Deakins and Scott,
2020).
These have developed
competitiveness in the
market. For this
reason, these
endeavour centre
around quality and
continuous
improvement.
These have a specific
life cycle and are
exposed to enormous
rivalry on the lookout.
Their prosperity relies
upon the development
in the item.
Saleable or micro
entrepreneurship
Their primary point is
to reach at the highest
point of the market
and secure the biggest
segment of the portion
of the overall
industry.
These kinds of
business venture are
coordinated by the
people who go about
as a pioneer. They
examine both inner
and outer qualities and
shortcomings within
the market to take full
advantage of
opportunities and
handle threats. These
business ventures
have an essential
strategy and business
model to accomplish
the shares of the
market.
These sort of new
businesses are
controlled,
administered, and
oversaw by the
founders and owners
themselves. They
target changing the
current market and
secure a bigger offer
on the lookout.
Small-Medium
Entrepreneurship
To receive the most
extreme rewards out
of the current nearby
and local market these
These businesses help
the labourers in
achieving the
specialized learning
These businesses
normally work in the
nearby and provincial
market and are owned,
4

enterprises are formed
(Schlepphorst and et.
al., 2020).
and experience. These
pioneering units are
answerable for
engaging the labour
force.
managed and
controlled by fewer
individuals. The
creation scale and the
functioning space are
little. The greatest
number of
representatives is 5 to
10.
Social
Entrepreneurship
By fostering the
compelling
administrations and
items, the general
public is being
benefited.
Being a capable
endeavour, the key
job is to give
advantages to
individuals, the
environment, ecology
or climate health, and
society welfare.
These can be non-
productive and can
help in serving the
general public and
natural environment
(Lee and Huang,
2018).
TASK 2
P3 Entrepreneurial mind-set
An enterprising mind-set is a bunch of abilities that empower individuals to recognize and
capitalize on valuable opportunities, survive and gain from misfortunes or failures, and prevail in
various settings. The mind-set of entrepreneurial thinking incorporates different commendable
qualities including the capacity to step up, adjust to change, track down savvy solutions and be
alright with risks and handling it effectively. People who have taken on this attitude consider
difficulties to be valuable opportunities for learning and growth (Moberg, 2021). They view
disappointment as an opportunity to learn and let vision, not seeking perfectionism, which drive
their activities. This perspective assists successful business entrepreneurs with settling on
brilliant choices and advance notwithstanding difficulties. The advantages of this entrepreneurial
5

mentality expand well beyond business venture. The capacity to learn from disappointment,
think imaginatively and recognize amazing opportunities can encourage progress in all pieces of
people's life, regardless of whether they do not plan to go into business. It is as significant, the
enterprising attitude and thinking can make individuals more versatile to the fast changes in the
present competitive market.
P4 Skills and characteristics associated with an entrepreneurial mind-set
In any mentality, it consists of five aspects: self-viability, locus of control, convictions
about our capacities, inspiration, and level of versatility (Maroufkhani, Wagner and Ismail,
2018). At the point when we endeavour toward an objective utilizing entrepreneurial mind-set, it
shapes these five aspects in the given ways. Exclusively believes self-efficacy: Self-viability connects with how we feel, think, rouse
ourselves, and act. Having high self-efficacy implies we trust immovably in our capacity
to explore life and accomplish our objectives. We are bound to accept difficulties are
amazing open doors we can vanquish; instead of potential entanglements we ought to
keep away from. Also, the more authority encounters we have, the more vigorous our
healthy identity adequacy becomes. High focus and control: Individuals with an outside method of control have profoundly
held (and for most oblivious) convictions that destiny, karma, conditions, or strong others
some way or another control the activities/events in their lives. Paradoxically, individuals
with an inner locus of control accept, "Assuming that if something is to be done, it
depends on me." People with self-adequacy will generally have an inward locus of
control. While confronting disappointment, Entrepreneurs with both an inside locus of
control and high self-adequacy centre around what they have some control over in the
circumstance and adjust their strategies to improve sometime later. Learning and Growth Mind-set: In the event where individuals have an outlook, they
accept their capacities are inborn and can't be changed (Marquis and Qiao, 2020).
Conversely, entrepreneurs of Airdri have a development outlook, they think of
continuous learning and knowledge set at a specific level and that continuously grows as
they achieve the desired or predefined ones.
6

 Internal Motivation: Working on something for the wellbeing of its own as opposed to
for outside rewards and motivation is the strongest type of inspiration. Extraneous
rewards really sabotage our inherent inspiration and encourage to improve our efficiency.
Naturally encouraged/motivated people will generally have more elevated levels of
commitment and mental prosperity. They likewise will quite often outflank the people
who are inspired by cash incentives, letter grades, or different prizes.
 Resilience is very high: Whether we decipher conditions emphatically or adversely can
intensely affect our capacity to endure. The people who are stronger are probably going
to have an illustrative style that is hopeful and positive.
M2 The ways in which the entrepreneurial mind-set can be encouraged and what it can bring to a
new venture
To foster an innovative mentality like an entrepreneur, an individual presumably need to
change their ongoing perspectives and thought processes (Amankwah-Amoah and Adomako,
2021). Beginning by distinguishing what parts of their ongoing attitude should be moved along,
then developing an arrangement to roll out those improvements in themselves. In addition
entrepreneurial mind-set can be created by improving the propensities or fostering the
mindfulness to remain into positive mentality. For instance, if individuals have any desire to be
more inventive, then they ought to make time every day for imaginative activities and perusing
creativeness. Or on the other hand to be stronger, they should rethink their mentality to see each
slip-up as an opportunity to learn. One more key aspect of the enterprising outlook is to learn
constantly. Thus, an individual could take business classes to additional upgrade their
enterprising reasoning. By making a dream and following up on it, could lead one step nearer to
thinking like an entrepreneurial person that provides better chances to improve functioning of the
business enterprise.
D1 Entrepreneurial ventures the traits, characteristics and mind-set associated with
entrepreneurship
Venture Traits Characteristics Mind-set
Large Corporations The primary targets of
this Venture are to
These have a specific
life cycle and are
These have developed
competitiveness in the
7

produce high ROI,
benefits and income.
exposed to enormous
rivalry on the lookout.
Their prosperity relies
upon the development
in the item (Deakins
and Scott, 2020).
market. For this
reason, these
endeavour centre
around quality and
continuous
improvement.
Saleable or micro
entrepreneurship
Their primary point is
to reach at the highest
point of the market
and secure the biggest
segment of the portion
of the overall
industry.
These sort of new
businesses are
controlled,
administered, and
oversaw by the
founders and owners
themselves. They
target changing the
current market and
secure a bigger offer
on the lookout.
These kinds of
business venture are
coordinated by the
people who go about
as a pioneer. They
examine both inner
and outer qualities and
shortcomings within
the market to take full
advantage of
opportunities and
handle threats. These
business ventures
have an essential
strategy and business
model to accomplish
the shares of the
market.
Small-Medium
Entrepreneurship
To receive the most
extreme rewards out
of the current nearby
and local market these
enterprises are
formed.
These businesses
normally work in the
nearby and provincial
market and are
owned, managed and
controlled by fewer
individuals. The
These businesses help
the labourers in
achieving the
specialized learning
and experience. These
pioneering units are
answerable for
8

creation scale and the
functioning space are
little. The greatest
number of
representatives is 5 to
10.
engaging the labour
force.
Social
Entrepreneurship
By fostering the
compelling
administrations and
items, the general
public is being
benefited
(Schlepphorst and et.
al., 2020).
These can be non-
productive and can
help in serving the
general public and
natural environment.
Being a capable
endeavour, the key job
is to give advantages
to individuals, the
environment, ecology
or climate health, and
society welfare.
9