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1. Developing Entrepreneurial skills

2. Table of Contents
Introduction..................................................................................................................................... 1
PART A- Presentation .................................................................................................................... 2
Introduction................................................................................................................................. 3
Different types of an entrepreneurial venture and different types of entrepreneurship.............. 4
Similarities and differences between the different types of entrepreneurial venture.................. 6
The scope, development, and growth of different entrepreneurial ventures............................... 9
Investigate the scope, development, and growth of different entrepreneurial ventures in both the
public and corporate sector ....................................................................................................... 10
PART B- Report Section 1 ........................................................................................................... 12
Interpreting the data collected, assess the impact of micro and small businesses on the economy
................................................................................................................................................... 12
Explain the importance of business start-ups and small business to the social economy supported
by appropriate examples ........................................................................................................... 18
Evaluate the differences between small, medium, and large business and the contribution they
make to the different levels of the economy (local, regional, national and international) by
applying relevant data and statistics ......................................................................................... 19
Section 2- Understanding Entrepreneurs ...................................................................................... 21
Illustrate the characteristics and traits of entrepreneurship and the enterprises........................ 21
Explore different lines of arguments for entrepreneurial success and impacts of situational and
motivational factor.................................................................................................................... 22
Assess the relations among entrepreneurial personality, motivations and mindset.................. 23

3. Analyze how background and experiences hinder or foster entrepreneurship skills giving
contrasting examples critically providing their positive and negative influences on successful
entrepreneurship........................................................................................................................ 24
Conclusion .................................................................................................................................... 25
References..................................................................................................................................... 26

4. 1
Introduction
Entrepreneur generates new ideas and turns this new idea into a business organization.
Entrepreneurship creates new business organizations and plays a vital role in the economy of a
country. The entrepreneur brings innovative and creative product products to the market. Their
organization can be large or small. But every kind of organization contributes to the economy of a
country (Burns and Kippenberger, 2016). Entrepreneurship is increasing in the UK. Every year
almost 20 million job opportunities are created by small to the large organization in the UK. They
also contribute by 78% GDP in the economy of UK. This assignment will be discussed on the
various kind of entrepreneurial ventures, their contribution to the economy, and the impact of the
small, large, and medium organizations in the economy.

5. 2
PART A- Presentation

6. 3
Introduction
Entrepreneur venture refers to the kind of organization that focuses on the innovative and creative
idea and turn this idea into a business venture (Ubani, 2021). Entrepreneur venture like to take the
risk and deal with an unknown challenge. Entrepreneur venture looks forward to the growth of the
business and gains market share.

7. 4
Different types of entrepreneurial venture and different types of entrepreneurship
Entrepreneurs create different types of organizations based on their creative and innovative idea.
It also depends on the capital size, resource availability for creating an entrepreneurial venture.
The details are given below.
Small Business Entrepreneurship
Entrepreneur creates this type of business venture with limited capital and limited resources. They
don’t tend to turn their business organization turns into a large one. They don’t seek outside
business investors. The Entrepreneur invests capital in the business and manages their business on
their own. They get the full profit from the business and bear the full loss also. Liberis, Uinsure,
MyHRToolkit, etc. are an example of small business entrepreneurship in the UK.
Scalable Startup
This type of business venture relying on a fully new business idea. The entrepreneur generates a
creative and innovative idea from scratch and turns this idea into a business venture (Sahlman,
2019). Most of the time this kind of entrepreneurship looks for outside investors and various types

8. 5
of resources. This entrepreneurship wants to grow in the market and try to get the market share.
Example: Hassle.com, Sendmybag.com, Bizzby.
Large Company
Generally, this type of venture establishes by a known large company. The company can launch a
new business section in their organization with a new business idea. The company provides
necessary resources to the business section for launching the business idea successfully. Tesco,
Unilever, Glaxo Smith Kline create this type of business section in their organization.
Social Entrepreneurship
This type of business venture set up the entrepreneur for social wellbeing. Their main target is
solving a problem for society through their products (Jähnke, 2017). They don’t seek profit by
selling their products rather than they want to turn the world into a better place. Beam, Cracked It
is a social entrepreneurship venture in the UK.

9. 6
Similarities and differences between the different types of the entrepreneurial
venture
Similarities between the different types of the entrepreneurial venture
points Small Business
Entrepreneurship
Scalable Startup Large Company Social
Entrepreneurship
Products Earn profit by
selling products.
Earn profit by
selling fully new
creative
products.
Produced a wide
range of product
brand and sell
them.
Provide products
by fullfiling the
social needs.
Ownership Single
entrepreneur run
this venture.
Single or
multiple
entreprneurs run
this business
venture.
The shareholders
is the owners of
this business
ventures.
Single person or
an ogrnaization is
the owners of this
ind of business
venture.

10. 7
Contribution This business
venture
contribute in
GDP with small
amount.
This business
venture also
contribute in
business venture.
This business
venture generate
huge amount of
GDP and job
opportunity.
This business
venture contrinute
in social
responsibility.
Differences between the different types of the entrepreneurial venture
point Small Business
Entrepreneurship
Scalable
Startup
Large
Company
Social
Entrepreneurship
Objectives This type of
organization may
This type of
organization
This type of
organization
The main focus of
this kind of

11. 8
not have a specific
goal.
generates a new
kind of idea.
wants to gain
market share as
much as
possible.
organization is
social wellbeing.
Risk This business carries
a very low size risk.
Here the risk is
very high
because the
product is fully
new and the
investment is
very high.
In here the risk
is medium.
Because large
companies have
the financial
ability.
Here the risk is low
because they get
financial support
from the donator
and government.
Legal
structure
It mainly follows the
sole proprietorship
business structure
(Burns and
Dewhurst, 2016).
It establishes
corporations
and limited
partnerships.
It needs to deal
with a very
complex
structure. It may
be a private or
public
organization.
It established its
organization based
on the trustee.

12. 9
The scope, development, and growth of different entrepreneurial ventures
Scope
Organization objectives vary by ventures by ventures. Different kind of ventures selects a different
kind of objectives. For this reason, it also affects the scope. The entrepreneurial ventures generate
new ideas. Then they turn this idea into business ventures. So, they can earn profit and gain
sustainability in the market. Example: Small, large, medium, social business venture.
Development
The entrepreneurial ventures need or develop their business ideas and policy. They need to focus
on the investment and develop their products according to the demands and needs of the customers.
Example: Organizations are now mainitaing online page, website for interacting with the
custoemer directly. Because people are spending a lot of time in online.
Growth
The growth of entrepreneurial ventures is based on the quality of the products. The organization
can attract a huge number of customers by providing quality products and gain satisfaction from

13. 10
the customers (Teune, 2019). So, it can increase the profitability of the organization and grow the
organization. Example: The Unilever company expanding their bsuienss all over the world. The
rowing rate of business is very high.
Investigate the scope, development, and growth of different entrepreneurial ventures
in both the public and corporate sector
Public sector
The government manages this kind of organization. They invest a large amount of money in this
organization and provide a quality product to the customers. this type of organization doesn’t focus
on profitability (Bean and Hussey, 2018). In this sector the organization focus on social wellbeing.
Example: Water, electricity, Power, Public administration organization.
Corporate sector
In this sector, an individual or public company run their business. They prepare a marketing
strategy and deliver a quality product to the customers. Their main target is gaining profit from the
market and sustain in the business. Small business entrepreneurship, scalable entrepreneurship set

14. 11
up their organization in this sector. Example: Facebook, Unilevr, Proctor & Gamble, very kind of
private and sole proprietorship business venture.
ean . and ussey . . . th ed. ondon ublications.
urns . and e hurst . . . th ed.
ondon ac illan ducation i ited.
ähnke . . . th ed. iesbaden pringer
ach edien.
ahl an . . . th ed. oston ass. ar ard
usiness chool ress.
Teune . . . th ed. e bury ark alif. age ubl.
bani . . . nd ed. a ergne uke unna bani.

15. 12
PART B- Report Section 1
Interpreting the data collected, assess the impact of micro and small businesses on
the economy
Micro Business
Microbusiness is a small size of business. In this business there very few employments. Generally,
it has less than 10 employees. It invests with a small amount of capital and very limited resources.
The micro-business venture generally operates its business in the local area. Example: lawn and
landscaping companies, street vendors, carpenters
Small business
A small business refers to the sole proprietorship, partnership, or privately owned corporation.
This type of business can manage by the owners (Perman and Scouller, 2017). This type of
organization has less than 100 employees. The owner can get full profit or profit can be divided
between the partners or shareholders. Example: manufacturing and mining, wholesales, retail, and
service.
Impact of Microbusiness on the economy
The differences kind of impact of the micro-business on the economy of the UK and Canada is
given below.

16. 13
Figure 1: Number of employees in Canada (Campbell, 2018)
Figure 2: Number of employees in the UK (Mort, 2020)
From these statistics, it shows that Canada has more than 5 million micro business in the country
which is the 45% of total business. On the other hand, the UK has more than 6 million micro-
businesses which is 99% of total business.

17. 14
Figure 3: Business statistics in the UK (Mort, 2020)
Figure 4: Business statistics in Canada (Campbell, 2018)

18. 15
These statistics show that in the UK there are 1105 businesses can be found per 1000 residents.
Most of the businesses are in London 1134 business per 1000 resident. Northern Ireland has the
fewest businesses. They have 148 businesses per 1000 residents. In Canada there are 397
businesses can be found per 1000 residents.
Impact of Microbusiness on UK economy
IMPACT ON GDP: Microbusiness has a great impact on the GDP of the UK. More than 21% of
GDP comes from micro-businesses.
FOREIGN TRADE: In wales, micro-business earns 8.83% and per business, turnover is £452,287
in foreign trade. UK total earn £726,855 from per business.
REDUCING UNEMPLOYMENT: London earns the highest employee turnover. The amount is
£221,526 which earn by a single employee. The wales have the lowest employee turnover. The
amount is 110,219. In total UK a single person earn £199,658 in this industry.
INNOVATION AND GROWTH OF ECONOMY: In 2019 UK has 211,000 micro businesses.
But in 2020 it increases to 1.16 million micro-businesses.
ANY RELEVANT OTHER STATISTIC: The real estate sector is a fast-growing business. It
increases by 12.17% from 2019 to 2020. The micro business contribute in charities £20 billion in
2019. This industry also contribute in the environmental protection by giving £10.5 billion in
2020.

19. 16
Impact of Small business on the economy
Figure 5: Small business industry in the UK (Mort, 2020)
In 2020 UK has 4.5 million small businesses. 15% of a service business can be found here. The
retail business contributes 9% of the total business. This industry has a total of 79% employment
and 71% turnover in the overall business industry.

20. 17
Figure 6: Small business industry in Canada. (Campbell, 2018)
In Canada, the cultural industry has the largest amount of market share. It contains 10.6% of the
market share. The service and goods production industry contains 8.6% of the market share. The
lowest market share 2.9% contains the accommodation and food service industry.
Impact of small business on UK economy
IMPACT ON GDP: In 2020 the small business generates a total of £4.34 trillion for the economy
of the UK. Total 99.3% of business industry is in the sector.

21. 18
FOREIGN TRADE: The SME industry generates 30% foreign income. It generates £3.8 trillion
in the economy of the UK.
REDUCING UNEMPLOYMENT: In the UK total of 16.8 million employees are currently
working in the small business industry. Their turnover is £2.3 trillion.
INNOVATION AND GROWTH OF ECONOMY: The business with no employees is increasing
in the UK business industry. The growth in this industry is 93.9% since 2000.
ANY RELEVANT OTHER STATISTIC: In the UK in 2019 almost 390,000 new businesses birth.
But 25000 business venture also death in this year. In 2019 business birth rate was 13% and the
death rate was 11%. Ths small business contribute in charities and environmental protection
eventually £15 billion and £12 billiom in 2020.
Explain the importance of business start-ups and small business to the social
economy supported by appropriate examples
Define Social economy
The social economy is a section of the economy. It is also a part of social science. It focuses on
the relationship between social behavior and the economy. It indicates that how a social group
reacts within a society. It considers outside of the mainstream economy and environment.
The importance of small business
Turn over
The small business generates to generate a huge level of turnover for the UK economy. In 2018
small businesses generate £2.0 trillion turnovers for the UK economy (Brave, 2019). SME is
contributing 99% in the total business of the UK.
Employment figures
Small business is now creating a lot of job opportunities all over the UK. IT creates 16.3 million
job opportunities in 2019. 59% of the job is coming from this industry.

22. 19
Growth
The amount of small business is rising in the UK. Though BREXIT is a big issue for the UK,
appears that 50% of new business will start in 2021.
Evaluate the differences between small, medium, and large business and the
contribution they make to the different levels of the economy (local, regional,
national and international) by applying relevant data and statistics
Small business
It refers to the privately owned organization. This organization only can contain less than 500
employees and it can invest less than 20 million and generate up to 1 million turnovers from the
business.
Medium size business
This organization is larger than a small size organization. This business contains 500 to 2000
employees and invests less than 50 million. It also can generate less than 5 million in a year.
Large size business
The large organization contains at least 5000 employees and it generates 1.5 to 2 billion turnovers
in a single year. It is a very complex and potential business venture.
The differences among them
Small business Medium business Large business
The owner manages the
business.
Owners and professionals
manage the venture.
A professional person
manages the venture.

23. 20
Family member contains the
equity.
Equity held privately. Equity is held by the
shareholders (Banks, 2017).
Informal business structure Informal and formal combine Formal business structure
Limited growth Growth is faster than SME. The growth rate is excessive.
The business operates in a
specific area
Businesses can expand in
many regions.
Business expands in many
markets.
Contribution of the businesses
Local economy
Business organizations hire people from the local area. So, it can reduce unemployment. The
business hires low-skilled people with low salaries. In the UK business organization creates more
than 25 million job opportunities every year.
Regional economy
Business organizations launch new kinds of products by using the creative idea. It can solve
problems for a specific region. In UK, London and the southwest region launch 1015 businesses
per 1000 residents.
National economy
99% of the national GDP of the UK comes from business. It also generates 4.3 trillion turnovers
every year. The creative and innovative idea helps the economy of a country to grow rapidly.
International economy
UK business ventures are operating in other countries also. They are expanding their business all
over the world. In 2020 the UK get a 5.8 trillion turnover from foreign trade.

24. 21
Section 2- Understanding Entrepreneurs
Illustrate the characteristics and traits of entrepreneurship and the enterprises
local entrepreneur
Ishaan Malhi is a UK-based entrepreneur. He founded Trussle an online-based mortgage broker
agency. In 2015 he founded this company. It was the first online-based mortgage broker company.
His company uses the algorithm for finding out the best mortgage products for the clients. This
algorithm analyses more than 11000 products and 90 different lenders. His company is growing
very fast. His vision is to save 15 billion unnecessary payments for the customers. From this
discussion, it shows that Ishaan Malhi is a risk-taker. He is a knowledgeable and experienced
person. Because he has a bachelor’s degree in econo ics and orks in private and public mortgage
and real estate companies.
Global entrepreneur
Mark Zuckerberg is a USA-based entrepreneur. He is the founder of Facebook. He founded
Facebook in 2004.by using people can connect (Foley, 2017). People can share their thought.
Facebook has a net worth of $117.8 billion. For founding Facebook, he took a very big risk. He
excelled at his university for two years. But his determination keeps his going. He is also
innovative and creative. Because Facebook was a new idea in the world.
Social entrepreneur
Grameen bank is a world-renowned social enterprise. This bank was founded by DR. Muhammad
Younus in Bangladesh. For the Grameen bank, he won the Nobel peace prize in 2006. He found
this bank for the poor and rural people of Bangladesh. He is the inventor of microfinance. The
bank gives a small number of loans to poor people at a low cost. That’s hy the creditor can
develop their financial situation. Dr. Muhammad Younus was passionate about his job. He also
maintains business ethics and deals with the critical time for success. He also lead his company
and achieve to the mission of the organization. So, an entrepreneur should have the leadership
quality.

25. 22
Explore different lines of arguments for entrepreneurial success and impacts of
situational and motivational factor
The reason entrepreneurial get the success
Ishaan Malhi is getting success from his business venture. Mark Zuckerberg has already
established himself as a media magnet and successful entrepreneur all over the world. DR.
Muhammad Younus get the Nobel prize for his activities. the above discussion shows that they all
get success in their business sector. There is some reason for success.
Their strength
They know their strength. They know about what they know and how they can use their
knowledge. Ishaan Malhi knows economics and mortgage. So, he founded the mortgage business
venture. DR. Muhammad Younus was a student and professor of economics so he launches the
microfinance business. Mark Zuckerberg was a student of the IT section. So, he gets success in
the online business.
Acting
These entrepreneurs generate the idea from scratch. So, whenever they get the idea, they act
quickly. They didn’t ait for the anybody or right ti e (Cartwright, 2019). They work on their
idea and establish the idea eventually.
Focus
They don’t lose focus on their activities. They all face some critical time when they launch the
idea. Mark Zuckerberg was expelled from his university for his action. DR. Muhammad Younus
has no financial ability but still passionate about his idea. For this reason, they get success in the
end.
Situational and motivational factors impact their entrepreneurial success
To get success the entrepreneur needs to determine his activities and self-motivate themselves.
The entrepreneur generates a new idea. But they need to develop this idea to cope with the

26. 23
situational factor (Cartwright, 2019). To motivate themselves the entrepreneur, prepare a plan,
objectives, goals for their idea. When an entrepreneur finds out how they can implement their idea
in the business venture and how much they can return from their venture it helps them motivate
them. Bringing new products and self-recognition also works as a motivation factor for the
entrepreneurs.
Assess the relations among entrepreneurial personality, motivations, and mindset
Entrepreneurial personality impacts entrepreneurial motivation and entrepreneur’s
mindset.
A successful entrepreneur contains some specific personality traits. These traits have a huge impact
on motivation and mindset. The entrepreneur needs to energetic. He should turn his idea into action
as soon as possible. Otherwise, another business venture can start with the same business idea
which can demotivate him (Gordon, 2018). A cooperative person shares his thought with another
person and assist. By involving the activities, the person can get creative and innovative ideas. The
person should carry out his responsibility attentively. So that he can gain his mission and vision.
The person also should have emotional stability. It helps him to determine his objectives.
The relationship among entrepreneurial personality, motivations, and mindset.
The entrepreneurial personality trait, motivation, and mindset depend on each other. A confident
person can pursue his dream. Pursuing a dream motivates the person. A determined person can set
his mindset for a specific objective. To gain the objectives the person makes a plan, strategy, and
manages the activities of the plan. The entrepreneur not only works for money but also creates the
idea of self-recognition. It also helps the person to motivate himself. The organized person
prepares a detailed plan for his activities and performs the activities one by one. Mr. John is a
specialist in medicine. He is looking for set up a new business ventures. His business venture is
based on the online. Thorugh the online he can give treatment to the patient. By his treatment
people can recover from disease. So this can give him a mind satisfaction. For this reason. It
motivates him to continue the business venture.

27. 24
Analyze how background and experiences hinder or foster entrepreneurship skills
giving contrasting examples critically providing their positive and negative
influences on successful entrepreneurship.
Examine two examples of entrepreneurs where family background, educational background,
or experience helped them to become an entrepreneur
From the mentioned entrepreneurs they all get success by implementing their ideas. But they
generate the idea and get resources for implementing the idea from various sources. These sources
are known as family background, educational background, and experience.
If we look at Ishaan Malhi, we can see he has Bachelor’s degree in Economics from Bristol
University. He was also practicing an entrepreneur idea before. He also works as an employee in
15 different mortgage and real estate company in all over Europe. So, he gets the theoretical
knowledge from his achelor’s degree and practical knowledge from work life. For this reason,
he launches a successful business venture.
On the other hand, Dr. Muhammad Younus come from a third-world country. At that Bangladesh
was a very poor country. He also came from a very poor family. So, he knows the financial
struggle. He gets his bachelor's and master's degrees in economics from Dhaka University and
Middle Tennessee State University. He was also a professor of economics. So, it clearly shows
that his early life struggle, work experience, and education motivate him to launch microfinance.
Two examples of entrepreneurs where family background, educational background or
experience hindered or failed them to become an entrepreneur.
MR. Robinson comes from a rich family and gets an education from the IT section. He knows the
software, hardware, and online. But he has no work experience. He tries to set up an IT firm. He
has all the resources because of his financial ability. ut he didn’t get success. ecause of lack of
work experience. His education only helps him to launch the business but it didn’t gi e the
knowledge of how he can manage the business.
Mr. Jack comes from a middle-class family. He gets a diploma in law. He also works in the various
law firm. He has the experience how to handle a case. For this reason, he starts an online law firm.

28. 25
He suggests to the clients online. But he fails to continue the business due to a lack of resources.
is financial capability asn’t good so he couldn’t gather the essential resources. So, he fails in
the business.
Conclusion
The small business is the backbone of the economy in the UK. Every year new kinds of business
startups are establishing in the UK. Small business is creating a lot of job opportunities. They
generate a huge amount of turnover for the economy (Burns and Kippenberger, 2016). The small
business also contributing to the GDP of the UK. They are generating turnover in and outside of
the UK. The entrepreneurs start a new business with their creative idea. They launch new business
ventures by small, medium, or large size. The government needs to focus on the business industry
so much. Every year so many organizations lose their business venture due to proper assistance.
So, the UK government gives some extra benefit to the business ventures.

29. 26
References
• Banks, I., 2017. The business. 4th ed. Bath: Paragon.
• Bean, J. and Hussey, L., 2018. The Public Sector. 5th ed. London: HB
Publications.
• Brave, c., 2019. Small business. 8th ed. Atlanta, Ga.: Georgia State University
Business Press.
• Burns, P. and Dewhurst, J., 2016. Small Business and Entrepreneurship. 4th ed.
London: Macmillan Education, Limited.
• Burns, P. and Kippenberger, T., 2016. Entrepreneur. 5th ed. London:
Macmillan London.
• Campbell, J., 2018. Canada year book. 5th ed. Ottawa: Statistics Canada.
• Cartwright, R., 2019. The entrepreneurial individual. 8th ed. Oxford, U.K.:
Capstone Pub.
• Foley, J., 2017. The global entrepreneur. 3rd ed. United States: Jamric Press
International.
• Gordon, R., 2018. Personality. amsterdam: Routledge.
• Jähnke, P., 2017. Social Entrepreneurship. 5th ed. Wiesbaden: Springer
Fachmedien.
• Mort, D., 2020. UK statistics. 3rd ed. Brighton: Bloomsbury.
• Perman, R. and Scouller, J., 2017. Business economics. 5th ed. Oxford: Oxford
University Press.

30. 27
• Sahlman, W., 2019. The entrepreneurial venture. 6th ed. Boston, Mass.:
Harvard Business School Press.
• Teune, H., 2019. Growth. 5th ed. Newbury Park, Calif.: Sage Publ.
• Ubani, L., 2021. The Entrepreneur. 2nd ed. La Vergne: Luke Umunna Ubani.