Introduction:

Entrepreneurship is the basic process of taking any risk to start any business. There is no alternative to taking any risk if one wants to succeed in a professional career by engaging in business activities. Normally, entrepreneurship is related to the activities that are generally inaugurated by an entrepreneur. So, it can be said that what an entrepreneur does is known as entrepreneurship (Baum, et., al., 2007). To earn profit and make financial changes are the main motive of entrepreneurship. Entrepreneurship is also a theoretical practice for gaining success from the overall business activities. In order to perform a smooth operation, an entrepreneur has to be very aware and sincere for operating services and actions. There are differences in activities regarding the organization as the ventures can be varied according to the natures. The author in this report is going to discuss the entrepreneurial ventures and the related functions.

P1 Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship.

There are variances of entrepreneurial ventures. Mainly at the initial stage, entrepreneurs want to engage in business activities so that the entrepreneur’s cam is able to derive financial security. However, the question is arisen in what kind of business the entrepreneurs have to be engaged in. In order to start a business, various things are required (Baum, et., al., 2007). Basically, every entrepreneur has its own values and strategies in order to perform the business. There are specific strategies that every entrepreneur contains for the placement of approaches. To start the business, entrepreneurs have to understand and make proper plans. According to the plans, the required elements have to be coordinated and engaged. Strategies have to be implemented properly to achieve the business's purpose (Brockhaus, 1980). It can be denoted that almost all the entrepreneurs are seen to start a small business to gather experience. The knowledge and experience gathered from start-up businesses help entrepreneurs to get engaged in large business processes. And it is known to all that small business has gained the most popular among all the businesses. The role of small business is very significant. In a country, small businesses are the most seen organizations. As a result, small business is playing a great role in creating employment opportunities.

In the business world, many entrepreneurial ventures are visible. Several types of entrepreneurial ventures are:

Small business entrepreneurship: Small business entrepreneurship is one of the most popular entrepreneurship in the world. This type of business is operated and controlled by the owner, and other members' availability is unnecessary (Brockhaus, 1980). Most entrepreneurs like to start small business entrepreneurship because of the ease of the process and fewer legal activities obligations. The business owner does not need to be worried about starting the business as the legal obligations are not strict (Baum, et., al., 2007). Also, to start small business entrepreneurship, the entrepreneur does not need to gather a lot of money as the required capital is also low. So, entrepreneurs like this type of business a lot. There is the independence of operating the business. The owner has the privilege of enjoying all the revenues, and at the same time, the owner has to be liable for the losses as there is no other person to be forced. The entrepreneur can apply all the skills and knowledge independently to succeed in the business.

Scalable start-up entrepreneurship: Scalable start-up a business certain type of entrepreneurship denotes that the business will be performed as a certain business model. Innovation is seen in this type of entrepreneurship. Several entrepreneurs like to engage in scalable start-up entrepreneurship (Baum, et., al., 2007).

Large company entrepreneurship: Large company entrepreneurship is operated by some entrepreneurs who want to offer large scale production and earn more profits. Basically, this type of organization needs much capital, and the legislative process is also strict.

Social entrepreneurship: Social entrepreneurship is basically operated for placing social develo6. These types of organizations are basically voluntary organizations that serve the societies in order to improve the condition. Social entrepreneurship does not have the purpose of earning profit.

Female entrepreneurship: This type of entrepreneurship is related to the name itself. Females are the front persons to operate this type of business. All the projects, plans, and so on are performed by the females. There is a lot of female entrepreneurship seen in the business world now (Brockhaus, 1980).

Serial entrepreneurship: Some entrepreneurs operate and monitor more than knee business at a time. This type of entrepreneurship is known as serial entrepreneurship. The purpose of operating serial entrepreneurship is to earn more profit and improve the entrepreneurs' financial condition.

P2 Explore the similarities and dissimilarities between entrepreneurial ventures.

As there are many entrepreneurial ventures, both similarities and dissimilarities are seen. The similarities and dissimilarities are here:

Lifestyle entrepreneur and serial entrepreneur:

Differences: Instead of focusing only on earning a profit, lifestyle entrepreneurs focus on changing their lifestyle. Thus this type of entrepreneurs mainly determines strategies so that the entrepreneurs can innovate to change and derive financial transparency. One of the best examples of a lifestyle entrepreneur is Pat Flynn. This entrepreneur is very honest and transparent to bring new innovations to society (Baum, et., al., 2007). This lifestyle entrepreneur is always ready to exchange ideas and views with others. The serial entrepreneur is the type of entrepreneur who has more than one business and runs both the businesses simultaneously. Michael Rubin is a successful serial entrepreneur who has internet and sports business.

Similarities: Though there are some differences between lifestyle and serial entrepreneur, the similarities that both types of entrepreneurs want to bring change in the society and offer employment opportunities.

Male and female entrepreneur:

Differences: The basic difference between make and female entrepreneurs is that one is male, and another is female. Other differences can be seen as the facilities getting by the entrepreneurs. Though earlier there were some difficulties faced by the women entrepreneurs, it has been lessened already. In many countries, especially in developing countries, women are getting more support from the government. The government supports women's engagement and participation in the outside workforce so that women's rights can be protected (Baum, et., al., 2007). On the contrary, the world has seen many male entrepreneurs globally, and most of the male entrepreneurs have been successful over time. Donald Trump is a successful male entrepreneur who is now the Honourable President of the USA. JK Rowling is a successful women entrepreneur from the UK.

Similarities: There are several similarities between male entrepreneurs and female entrepreneurs. Both types of entrepreneurs want to bring financial improvement for individuals and society. For societal and economic development, both male entrepreneurs and female entrepreneurs have been working equally.

M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both the public and corporate sectors.

Public sector: Basically, public sector ventures are operated and controlled by the government of the country. In order to bring societal and economic development, the public sector is regularly monitored and funded by the government (Baum, et., al., 2007).

Corporate sector: Unlike the public sector, individuals own the corporate sector. The management, controlling system, and so on are operated and run by the individuals. The main purpose of the corporate sector is to earn a profit.

D1 Critically examines the scope, development, and growth of entrepreneurial ventures.

As there are several entrepreneurial ventures, the scope and development are also determined differently. There are diversified plans and procedures for each type of entrepreneurial venture. All the ventures want to grab the most number of consumers by providing high-quality services to gain satisfaction (Brockhaus, 1980). In an organization, whether what type of venture it is, many departments have to be coordinated with each other to perform the needs of the consumers. Thus each venture wants to provide better services to the consumers. All the organization departments have to be coordinated with improved actions to derive significant organization development and growth.

P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses in the economy.

Though large organizations ensure large scale productions and services, small business organizations grab more consumers and markets by providing quality products and services. Most new entrepreneurs want to start a small business to derive experience (Baum, et., al., 2007). Such an experience can be used for future purposes in terms of engaging in a large business organization. It can be said that small and micro business organizations play a great role in the country's economic development. In the UK, the number of micro and small business organizations is quite a lot, increasing day by day.

There have been performed economic surveys from time to time to determine the actual position of the economy. Recently, in the UK, a survey has been performed to understand micro and small organizations in the economy (Burns, 2008). The survey has shown that there are more than 4.5 million small and micro business organizations in the UK. It is certainly acknowledgeable that small and micro business organization has grabbed the lion’s share in the market economy. In the UK, the approximate percentage of small and micro business organizations is 97%. As a result, it can be said that micro and small business enterprises play a great role in the UK economy. The growth of the GDP of the country is largely attributed to the role played by small and micro business enterprises. Many people are getting the opportunity to get employment due to small and micro business enterprises (Markman, et., al., 2001).

It has been found that micro and small business enterprises export their own products in other countries and help to obtain foreign currency. Thus this type of enterprise plays a great role in developing the economic condition of the country.

The employment opportunity is also strengthened by the micro business. A lot of people are getting engaged in this type of enterprise. The survey shows that approximately 48% of employment opportunity has been created by the small and micro business in the UK. Thus the small and micro business plays an important role in creating employment opportunities (Burns, 2008).

Micro, small, and medium business organizations, are divided according to the employee numbers. To form a micro business, the number of employees should be less than 10, whereas to form a small business, the number of employees should be ranging from 1p to 49 employees. And to form medium employees, the number of employees should be ranging from 50 to 249 (Markman, et., al., 2001).

It is also denoted that organizations can be segmented as private, sole proprietorship, and partnership.

Private sector organizations are formed by some individuals, according to the law, to earn a profit.

A partnership business is formed by some partners to earn and maximize profit under the partners' contractual relationship.

Another business organization is a sole proprietorship which is formed by a single owner. All the revenues and losses are carried by the owner.

P4 Explain the importance of small business and start-up business to the growth of the social economy.

The importance of small business and start-up business to the growth of the social economy is very significant. In the UK, the growth of small and start-up business is very attractive. It can be easily acknowledged that the actual economic development can be largely attributed to the small and micro-business growth. There are many new entrepreneurs who get engaged in small and medium enterprises (Bonnett, 1991). This process helps the entrepreneurs to gather initial knowledge about the business. So, the scope of establishing a large business can be enlarged. There are great scopes for obtaining surplus profit by small and micro businesses because of the necessity of the products that are served to the consumers. In the UK, the economy is greatly influenced by small and micro businesses (Markman, et., al., 2001). As several employees perform activities and services under small and micro business enterprises, it is very helpful for the country to increase employment opportunities. Day by day, small and micro business enterprises are on the rise, and this flow enhances the country's employability. Thus the issue of unemployment can be addressed and at the same time can be solved properly. It also strengthens the revenue eating system to the government. The government can also get more taxes from such type of enterprise. Thus start-up business enterprises are doing a great job by performing a lot of services to several sectors. The entrepreneurs are greatly motivated and inspired to get engaged in a start-up business. Thus start-up business is playing a great role in the economy.

The significance and importance of start-up business are:

v Societal development

v Economic development

v Creating employment opportunity

v Earning foreign currency

It has been found in a survey that the employment opportunity that the start-up business is creating is very significant.

The recent burning topic in the UK is the BREXIT issue. Like other medium and large organizations, a start-up business is also going to be affected a lot. It has been found by the author that there are more than 15000 small and medium enterprises in the UK. And the influence that those enterprises are playing for the economy in the UK is very significant (Burns, 2008). Due to the BREXIT issue, start-up enterprises are going to be affected a lot. To handle the pressure and maintain the situation, all the start-up business organizations have to be coordinated and bring proper skills and approaches to solve the issues that can be faced.

M2 Evaluate the differences between small, medium, and large businesses make to the economy, applying relevant data and statistics.

In the UK, there are small, medium, and large organizations. All the organizations have already obtained a specific number of customers who received the share in the market. However, at present, it has been found that small and medium enterprises are going rapidly in the UK. As a result, the market growth of small and medium enterprises is better than large employees (Bonnett, 1991). Large organizations have some benefits though in the case of large scale production which paves the way of earning more profit. However, small and medium organizations are also earning revenues sufficiently and bringing proper innovations.

D2 Critically examine how small businesses have an impact on different levels of the economy (Local, regional, national) and in an international context.

At present small and medium enterprises are competing significantly with large organizations. There are different levels of the economy and both small and medium enterprises are doing a great job for innovations (Bonnett, 1991). Small businesses are bringing more products regularly like large organizations. Even small business organizations are engaged in exporting additional products to other countries that are paving the way for earning foreign currency. All the small business organizations from local, regional, and national are having a significant impact on different levels of the economy.

P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers.

Entrepreneurs are seen to take risks to start a business so that it can be helpful to determine effective financial advancement. But in order to succeed, there are some certain characteristics that every entrepreneur must-have. These are here:

Risk-taker: An entrepreneur has to be risk-taker. The ability to start the business by taking the risk of having losses determines the strength of the entrepreneur.

Innovative: A successful entrepreneur must be innovative. New ideas, new plans, new products, and so on must be brought by the entrepreneur.

Goal-oriented: A successful entrepreneur must be goal-oriented.

Knowledge: To be a successful entrepreneur, the entrepreneur has to gather effective knowledge.

Motivator: A successful entrepreneur must be a motivation to own self and to others.

Confident: A successful entrepreneur must be confident about the activities.

Self-belief: To be a successful entrepreneur, the entrepreneur must have a belief.

There are some skills that an entrepreneur must determine and derive. These skills are such as communication skills, negotiation skills, leadership skills, and so on.

P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set.

To start a business, an entrepreneur must gather proper knowledge. The entrepreneur must derive an effective mind-set that the business has to be formed. Without having proper motivation, it would be impossible for the entrepreneur to get success (Bonnett, 1991). The entrepreneur must gather proper motivation. The needed motivation can be derived from family, self, friends, society, and so on. The entrepreneur has to bring new ideas so that society can benefit.

Proper motivation can be derived from the following ways:

Culture: An entrepreneur has the inborn culture of taking risks that force the entrepreneur to get engaged in the business

Self-motivation: And entrepreneur can be self-motivated to enter into the business world.

Family motivation: The members of the family can also motivate the entrepreneur.

M3 Explain and examine different lines of argument relating to entrepreneurial characteristics.

An entrepreneur has to contain the characteristics to manage the business properly. Proper plans must be made by the entrepreneurs to handle all the functions of the business as a collection of money, gathering employees, implementing plans, and so on. The entrepreneur has to be strategic to make proper approaches.

D3 Analyse the characteristic traits, skills, and motivational drivers of successful entrepreneurs supported by specific examples.

Mr. John Keath is a successful entrepreneur. The entrepreneur operates the business of a restaurant. Mr. John has effective management skills as the employees are very obliged to the organization to serve better services. The employees are very pleased with the leadership skill of Mr. John (Burns, 2008).

Conclusion:

Entrepreneurs are the frontmen of a country as the economic development of the country is largely dependent on the proper process done by the entrepreneurs. The risk is taken by the entrepreneur’s outcomes the effective economic result (Bonnett, 1991). With determined actions and policies, entrepreneurs can bring innovations to the country. Here the entrepreneurs can get engaged in a start-up business as such business can derive effective knowledge for establishing a large business in the future.

References:

Baum, R.J., Frese, M. and Baron, R. (eds.) (2007) The Psychology of Entrepreneurship. New Jersey: Lawrence Erlbaum Associates, Inc.

Bonnett, C. (1991). “Who wants to be an entrepreneur? A study of adolescents interested in a Young Enterprise scheme”, Journal of Economic Psychology, Vol.12, pp. 465-478.

Brockhaus, R.H. (1980). Psychological and environmental factors which distinguish the successful from the unsuccessful entrepreneur: A longitudinal study. Academy of Management Best Paper Proceedings, pp.368-372.

Bull, I. and Willard, G.E. (1993) “Towards a theory of entrepreneurship”, Journal of Business Venturing, Vol.8 No.3, pp.183-195.

Burns, P. (2008) Corporate Entrepreneurship: Building the Entrepreneurial Organization. 2nd eds. Basingstoke: PALGRAVE MACMILLAN.

Littunen, H. (2000) “Entrepreneurship and the characteristics of the entrepreneurial personality”, International Journal of Entrepreneurial Behavior & Research, Vol. 6, No.6, pp. 295-309.

Markman, G.D., Balkin, D.B. and Schjoedt, L. (2001) “Governing the innovation process in entrepreneurial firms”, Journal of High Technology Management Research, Vol. 12, No.2, pp.273-293.

McClelland, D.C. (1965) “N. Achievement and entrepreneurship”, Journal of Personality and Social Psychology, Vol.1, No.4, pp.389-39.

UNIT 9 Entrepreneurship and Small Business Management BTEC-HND, UK