Unit 09: Entrepreneurial Ventures

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 Table of Contents
Introduction............................................................................................................................3
Task 1.....................................................................................................................................4
Different types of entrepreneurship with examples...........................................................4
Scope of entrepreneurship and its advantages...................................................................5
The personal characteristics and traits of entrepreneurs....................................................6
Sources of entrepreneurial ideas........................................................................................7
Entrepreneurial mindset and impact on economic growth.................................................8
Role of SMEs in the economy and job creation.................................................................8
Government support to SMEs............................................................................................9
Differences between intrapreneurship and entrepreneurship.............................................9
Conclusion............................................................................................................................11
Bibliographies......................................................................................................................12

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Introduction
Entrepreneurs are people who recognize a profitable opportunity and actively pursue it.
Identifying a gap in the market, creating a product or service to fill it, and then running a
successful business. The term "entrepreneurship" is used to describe a wide range of
endeavours, not limited to the launch of a new company, and it encompasses a diverse set of
industries. When existing businesses adopt cutting-edge technologies and adapt to their
customers' wants and needs, they can thrive and even thrive. One of the many positive
aspects of entrepreneurship is the stimulus it may provide to an economy in terms of both
new capital and new employment opportunities. Entrepreneurs are also agents of positive
social change since they are best positioned to create new and better products and services in
response to people's demands. Entrepreneurial inspiration can come from anywhere,
including the entrepreneur's personal experiences, formal education, chance meetings with
other business professionals, or even a trip to the library.

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Task 1
Different types of entrepreneurship with examples
The process of developing a new business or improving an existing one while maintaining a
proactive and solution-oriented frame of mind is what we mean when we talk about
entrepreneurship. The characteristics of the company, the demographics of the target market,
and the perspective of the entrepreneur cater help differentiate one type of entrepreneurship
from another (Anand, 2016). The following are some examples of common types of
entrepreneurial endeavours that may be found in the United Kingdom.
Small Business Entrepreneurship: The establishment of new businesses to cater to the
requirements of a particular community is an example of entrepreneurial behaviour in the
context of small businesses (Anmol, 2016). The fulfilment of the neighbourhood's
requirements is essential to these businesses' prosperity. An example of entrepreneurial spirit
in the form of a tiny British company may be seen in the form of a neighbourhood grocery
store that is run by the store's owner.
Social Entrepreneurship: The practice of business aimed at improving society by
addressing issues such as poverty, inequality, and the deterioration of the natural environment
is called social entrepreneurship. Socially conscious businesspeople want to find companies
that will be successful over the long run and appeal to a wide audience (Barclay, 2018). The
Eden Project, located in Cornwall, is a thriving social enterprise that acts as a model for the
promotion of sustainable lifestyles and campaigning for the protection of the natural world.
Corporate Entrepreneurship: The process of initiating new businesses while working for
an already existing company or organization is referred to as "corporate entrepreneurship,"
and the phrase "corporate entrepreneurship" is used to characterize this practice. In the
majority of businesses, employees that have an entrepreneurial mindset are the ones who
come up with new potential sources of revenue. Because it has expanded into seemingly
unrelated fields such as finance, telecommunications, and healthcare, the massive grocery
store chain Tesco, which is based in the United Kingdom, is an excellent example of
corporate entrepreneurship.
Serial Entrepreneurship: The act of beginning multiple new businesses at the same time is
an example of serial entrepreneurship. Those who have what's known as a "serial
entrepreneur" mentality are continually looking for new business concepts to implement
(Eliza, 2017). Richard Branson, the founder of Virgin Records, Virgin Atlantic Airlines, and
Virgin Galactic, provides a fantastic illustration of British serial entrepreneurship.
Scalable Start-Up Entrepreneurship: The Practice of Entrepreneurship on the Dimension
of a Start-Up Entrepreneurship that is scalable refers to the process of establishing a new
company to achieve quick expansion as a primary goal. To get off the ground, new
businesses with the potential for quick expansion need significant money and time (Gross,
2013). Monzo, a digital bank based in the United Kingdom that first opened its doors in 2015
and now counts more than 4 million customers, is a fantastic illustration of scalable start-up
entrepreneurship.
There are an infinite number of diverse types of entrepreneurial endeavours, each of which
comes with its own set of characteristics, challenges, and opportunities for gain. Business
owners who want to be successful in their endeavours should first educate themselves on the
many types of business ownership available to them.

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Scope of entrepreneurship and its advantages.
Entrepreneurship encompasses a wide range of activities and is not confined to any one
particular field. Entrepreneurship is the act of seeing a potential gain for one's firm and then
making the necessary moves to make that gain a reality (Jarvic, 2020). Entrepreneurship
covers a wide range of activities, some of which are:
Developing new products or services: Business owners frequently prioritize research and
development of novel goods and services to address the ever-evolving demands of customers
and the marketplace.
Creating new markets: By spotting unmet needs and filling them with innovative solutions
or by generating pent-up demand for fresh goods and services, entrepreneurs can forge a path
to profitable new markets.
Employment opportunities: New ventures, by their very nature, necessitate the hiring of
managers and other administrative help to ensure their success.
Business expansion: Entrepreneurship can help the economy expand by developing novel
goods and services, spawning the creation of new employment opportunities, and boosting
overall productivity.
Social impact: Entrepreneurship has the potential to make a positive social impact by
resolving societal problems and bettering people's everyday lives and communities (Kaiser,
2020).
The advantages of being an entrepreneur include:
Independence and adaptability: Entrepreneurs can set their hours and pursue their own
goals, which often results in higher levels of job satisfaction.
Innovation: New products, services, and technology are the result of an entrepreneur's drive
to think outside the box and come up with novel solutions.
Control over business decisions: The ability to make swift adjustments in response to
shifting market conditions and to act in the best interest of the company is a key advantage of
being an entrepreneur.
The high potential payoff: If an entrepreneur's venture is successful, he or she stands to reap
substantial financial benefits.
Improvement of oneself: Entrepreneurship can be a great way to better oneself by forcing
one to learn and adapt to new situations and circumstances.
Entrepreneurship is multifaceted and beneficial on many levels. Entrepreneurs play a crucial
role in society and the economy by launching new companies, introducing novel goods, and
expanding existing ones.

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The personal characteristics and traits of entrepreneurs
Those who are successful in the business world have developed a particular set of character
traits that are crucial for recognizing opportunities and making the most of them when they
arise. These traits include the ability to think strategically and act decisively (Kharban, 2014).
The following is a list of some of the most common qualities and traits that successful
business entrepreneurs have:
 An intense interest in the accomplishment of one's business endeavour and readiness
to persevere in the face of adversity are the primary motivators for entrepreneurs.
 Entrepreneurs are risk-takers who can recognize potential threats and try to mitigate
their effects.
 Entrepreneurs are creative and inventive individuals because of their ability to
conceive novel ideas and fill gaps in the market.
 Visionaries are entrepreneurs because they can see both where they want to take their
firm and how they want to get there.
 Entrepreneurs are resourceful because they understand how to get things done despite
having a limited number of resources available to them.
 Entrepreneurs are characterized by a strong work ethic, a high level of self-
motivation, and an acute awareness of how to allocate their available time.
 Entrepreneurs are characterized by their agility to respond quickly to shifting
conditions and their willingness to pick themselves up and try again after
encountering failure.
 Entrepreneurs have strong communication skills, which enable them to persuade
potential investors, business partners, and employees to buy into their ideas and goals
for the company.
 Entrepreneurs have a strong eye for the desires and needs of their target market, and
they work very hard to satisfy those wants and needs.
 Entrepreneurs have an open mind and are continuously searching for methods to
enhance their business processes and tactics. They are also agreeable to new ideas and
critiques.
These traits and attributes are not always innate, but they can be developed and refined
through experience, guidance, and study (Klassen, 2015). Successful entrepreneurs rely on
these traits and attributes to capitalize on business opportunities, innovate, and add value for
their customers, stakeholders, and society as a whole.

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Sources of entrepreneurial ideas
The life experiences of the entrepreneur themselves, rigorous market research, or even just
casual industry observation can all be sources of inspiration for new business ideas. The
following locations serve as sources of motivation for many entrepreneurs:
1. Direct engagement: The inspiration for an entrepreneur to create a product or service
may originate from a personal experience with a problem or from the realization of a
need in the market. Direct involvement can also emerge from the recognition of a
market need.
Example: Shaun Pulfrey, the inventor of the Tangle Teezer, developed the idea for a
revolutionary new hairbrush when he was working as a hairstylist (Prasetya and Sianturi,
2019). He saw that traditional hairbrushes caused discomfort when used on snarled hair, so he
devised a brush with specifically curved bristles that could quickly detangle hair without
tugging or snagging it. His invention was called the Tangle Teezer.
2. Market research: Market research is something that business owners could choose to
perform to discover unmet requirements, gaps in the market, or emerging trends.
Example: After observing a rise in the number of people interested in eating more
healthfully, the founders of Graze, a company that provides delivery of nutritious snacks and
is based in the United Kingdom, recognized a demand in the industry for a straightforward
and nutritious snack delivery service (Singh, 2015). After that, they developed a plan for their
firm and launched their product, which quickly established itself as a favourite among
individuals who placed a premium on their health.
3. Observing Industry Developments: Maintaining a watchful eye on the sector might
help one identify openings for innovative and disruptive opportunities.
Example: The co-founders of Airbnb, Brian Chesky and Joe Gebbia were in San Francisco
for a design conference when they became aware of the city's significant shortage of
accommodation options that were also affordable. Airbnb was founded as a peer-to-peer
housing network to pose a threat to the traditional hotel industry. The company does this by
linking travellers with locals ready to rent extra rooms in their homes.
4. Networking and Collaboration: Collaborating and networking with other business
owners, mentors, and industry experts may be a great way for entrepreneurs to find
fresh sources of motivation and ideas for their companies.
Example: Richard Reed, Adam Balon, and Jon Wright, the founders of Innocent Drinks, all
met one another at Cambridge and saw a chance to fill a niche in the market with healthy, all-
natural beverages. Richard Reed, Adam Balon, and Jon Wright created Innocent Beverages.
Innocent Beverages, a rapidly expanding firm that places a focus on ethical and
environmentally responsible methods of operation, was launched as a result of their attempts
to establish a business strategy with the assistance of a mentor.
Entrepreneurs can draw motivation from any number of sources, including their own
experiences, research into existing markets, observations of current trends in their industry, or
even group discussions with other industry professionals. The ability to identify unmet needs
in a market, think creatively about how to meet those needs and provide customers and other
stakeholders with concrete advantages are essential to the success of an entrepreneur.
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Entrepreneurial mindset and impact on economic growth
An entrepreneurial mindset refers to a particular set of attitudes and behaviours that enable an
individual to identify and pursue opportunities for innovation and growth. This mindset
involves a willingness to take risks, a focus on problem-solving, and a commitment to
continuous learning and improvement.
Individuals with an entrepreneurial mindset can have a significant impact on economic
growth by creating new businesses and products, generating employment opportunities, and
driving innovation in various sectors. They can also contribute to the development of new
markets and the growth of existing ones.
Moreover, an entrepreneurial mindset is not limited to business owners and entrepreneurs, it
can also be beneficial to employees of all levels within an organization. Adopting an
entrepreneurial mindset can help individuals to identify new opportunities, take ownership of
their work, and become more innovative and proactive in their roles.
Overall, an entrepreneurial mindset can have a positive impact on economic growth by
promoting innovation, creating jobs, and driving development across various industries.
Role of SMEs in the economy and job creation
Small and Medium-sized Enterprises (SMEs) play a significant role in the economy of any
country, particularly in job creation and economic growth. SMEs are defined as companies
with fewer than 250 employees, and they are often considered the backbone of many
economies around the world.
The role of SMEs in job creation cannot be overemphasized. They contribute significantly to
employment opportunities in many countries. According to the International Labour
Organization (ILO), SMEs account for over 60% of all jobs in the world. They are often a
source of job creation in both urban and rural areas, contributing to the reduction of
unemployment rates.
SMEs also contribute to the economic growth of a country. They often operate in sectors that
are critical to the development of a nation's economy, such as manufacturing, agriculture, and
services. SMEs provide goods and services to larger companies, which helps to create a
vibrant business ecosystem. They can also stimulate innovation and drive competition,
leading to increased productivity and economic growth.
Moreover, SMEs often have the potential to be more flexible and responsive to market
changes than larger corporations. They are better able to adapt to market conditions and
customer needs, which can help them to remain competitive and grow.
In addition to job creation and economic growth, SMEs also contribute to the social and
economic development of a country. They often operate in local communities, providing
employment opportunities, and contributing to the development of infrastructure and social
services.

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Government support to SMEs
There are several ways that the government can support the growth of SMEs in a country,
some of which are:
1. Access to Finance: One of the major challenges that SMEs face is access to finance.
The government can support SMEs by providing access to affordable finance through
loans, grants, and other financial incentives.
2. Simplify regulations and administrative processes: Complex and burdensome
regulations can be a significant barrier for SMEs. Governments can simplify
regulations and administrative processes to make it easier for SMEs to operate and
comply with regulations.
3. Access to Markets: The government can provide SMEs with access to local and
international markets by creating opportunities for them to participate in trade fairs,
exhibitions, and other promotional events. The government can also help SMEs to
access e-commerce platforms, which can provide them with access to a wider market.
4. Training and Capacity Building: The government can provide training and capacity-
building programs to SMEs to help them develop skills in areas such as management,
marketing, and finance. This can help SMEs to improve their performance and
competitiveness.
5. Tax incentives: Governments can provide tax incentives to SMEs such as tax
exemptions or tax breaks for certain types of investments, which can encourage SMEs
to invest and grow.
Differences between intrapreneurship and entrepreneurship
1. Definition: An entrepreneur may start a new business venture such as a tech start-up
or a restaurant chain. In contrast, an intrapreneur may develop a new product line,
implement a new process, or create a new business unit within an existing
organization.
2. Ownership: Entrepreneurs typically own their businesses, such as Elon Musk owning
Tesla and SpaceX. Intrapreneurs, on the other hand, work within an existing
organization and do not own the business. For example, an intrapreneur at Google
may develop a new product or service within the company, but they do not own
Google.
3. Risk: Entrepreneurs take on more risk than intrapreneurs, as they are starting a new
venture from scratch and have no guarantee of success. For example, Mark
Zuckerberg took a risk when he founded Facebook as a college student. In contrast, an
intrapreneur at Apple may have more resources and support from the company to
develop a new product, which can help to mitigate some of the risks.
4. Resources: Entrepreneurs often have to source their funding and resources, such as
venture capital or loans, while intrapreneurs may have access to resources and support
from their organization. For example, an intrapreneur at IBM may have access to the
company's research and development team, as well as funding from the company to
develop new technology.
5. Innovation: Both intrapreneurs and entrepreneurs are focused on innovation, but
intrapreneurs work within an existing organization and may have more constraints
and limitations in terms of the scope of their innovation. For example, an intrapreneur

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at Coca-Cola may develop a new flavour or product line within the company, but they
are limited by the company's brand and image.

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Conclusion
In conclusion, business owners play a critical role in fostering economic growth and
technological innovation, yielding numerous benefits for their communities and the economy
at large. A broad definition of entrepreneurship includes both the creation of new ventures
and the growth of existing ones. Entrepreneurs are essential to the growth of a prosperous
economy because they are the ones who identify and fill gaps in the market for new and
improved products and services. Inspiration for new enterprises can come from anywhere,
including the entrepreneur's own experiences, research into the market, examination of
industry trends, and brainstorming sessions with other business owners and professionals.
Entrepreneurs are successful because they can see and take advantage of opportunities in the
market, come up with novel solutions to issues, and provide real value to their customers and
other stakeholders.

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Bibliographies
Anand, G. (2016). Development of a Conceptual Framework for Entrepreneurship
Development Process. International Journal of Product Development, 6(2), p.190.
Anmol, A. (2016). Enhancing the product development process through a sequential
approach. Part I: product design. International Journal of Product Development, 4(1/2),
p.146.
Barclay, I. (2018). Traits of an Entrepreneur: part 2. Improving the process of new product
development. R&D Management, 22(4), pp.307–318.
Brigenza, D. (2016). Scope for business and entrepreneurs in the UK. International Journal
of Cultural Property, 12(01).
Eliza, E. (2017). Advantages of Star-ups. The Journal of World Intellectual Property, 18(5),
pp.245–269.
Gross, K. (2013). An Examination of Clothing brands in the UK: Comprehensive Investment.
Family and Consumer Sciences Research Journal, 39(1), pp.2–17.
Jarvic, J.C. (2020). Business in the UK: How immigrants are contributing to the economy.
Journal of Product Innovation Management, 24(2), pp.188–190.
Kaiser, U. (2020). Product Innovation and Product Innovation Marketing: SSRN Electronic
Journal, 123(33).
Kharban, K. (2014). Determinants of business: UK Chronicles. Journal of Product
Innovation Management, 8(3), pp.223–224.
Klassen, L. (2015). Classifications of Business Entrepreneurs. International Journal of
Product Development, 16(2), p.95.
Prasetya, Y.E. and Sianturi, J. (2019). Customer repurchase intention in a service business: a
case study of car repair service business. Management and entrepreneurship: trends of
development, 2(8), pp.18–34.
Singh, N. (2015). Perspectives and challenges for entrepreneurs. International Journal of
Product Development, 5(1/2), p.4.

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