Different Types of Entrepreneurial Ventures and Their Impact on the Economy

This report discusses the different types of entrepreneurial ventures and their related typologies. It explores the similarities and differences between entrepreneurial ventures and the impact and importance of micro and small businesses on the growth of the social economy. It also examines the characteristic traits and skills of entrepreneurs and how background and experience can hinder or foster entrepreneurship.

Business
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TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 Different types of entrepreneurial venture and the way they are related to different typology
.....................................................................................................................................................3
Related typology of entrepreneurial ventures..............................................................................4
P2 Similarities and difference between entrepreneurial ventures................................................5
LO2..................................................................................................................................................7
P3 Impact of micro and small business on economy...................................................................7
P4 Importance of small and start-up business in growth of social economy...............................8
LO3..................................................................................................................................................9
P5 Characteristic traits and skills of entrepreneurs......................................................................9
P6 Entrepreneurial aspects personality reflect motivation and mindset....................................10
LO4................................................................................................................................................11
P7 Background and experience can hinder or foster entrepreneurship.....................................11
CONCLSUION..............................................................................................................................12
REFERENCE................................................................................................................................13
2

INTRODUCTION
Business refers to activities of distribution of various products and services among
customers so that it can earn sufficient amount of profitability and market share. Individual takes
risks to start new business through brining new ideas so that people can be motivated to choose
particular products for satisfaction of their needs. There are various types of business on basis of
purpose, size of operation and number of activities that need to be performed by particular
enterprise. This report has explained about different types of entrepreneurial ventures and related
typology of entrepreneurship. It has also discussed about similarities and difference between
entrepreneurial ventures and impact, importance of micro and small business on growth of social
economy. It has also determined about various characteristics, traits and skills of entrepreneur
and the way background and experience hinder or foster entrepreneurship.
LO1
P1 Different types of entrepreneurial venture and the way they are related to different
typology
Entrepreneur planned to undertake various business activities by incorporating various
associated risk so that specific profit can be earned by organisation. There are various types of
entrepreneurial venture such as private, public and voluntary that is explained below:
Private Enterprise: There are many organisations that are owned and controlled by single
individual or two, more partners to offer different products and services and satisfied needs of
customers beyond their expectancy. Such as ASDA is a private organisation in UK that deals in
clothing, home care products, food and personal care in order to meet needs and demand of large
number of people so that maximum profit can be earned (Boeker and et.al, 2019). Private
enterprise are established and operated in highly competitive environment with highly skilled
employees, technology so that unsatisfied needs can be fulfilled and company can get
differentiate positioning. It bring continuous innovation in products or method of delivering
services so that new customers can be added to existing one for achievement of firm goals.
Therefore, private enterprise main motivate is to more profitability through retaining
customers satisfactions for overall success of enterprise.
Public Enterprise: These types of organisation can subscribe its share to general public in
order to raise capital for smooth operation and development of enterprise. Public
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enterprises are managed by shareholders that are elected by public so that requirements of people
can be fulfilled at reasonable rates. For Example: Tesco is a large public enterprise that operates
in retail industry with main purpose to provide better customers experiences through offering
qualitative products at reasonable rates. Public organization also grow at slow speeds as their
main motivate is not to earn profit rather than to serve the best products and services to local
people for increasing their living standard and economic growth (Wales and et.al, 2019).
Therefore, manager of Tesco planned to bring economic of scale so that demand of most of
the people in UK can be fulfilled at reasonable rates.
Voluntary: It is types of organization that is mainly established to provide services or support to
people that have finance or resource to live better lifestyles. There are large numbers of
enterprise in UK approx 165,800 that are established and operated for social benefits such as
Action for business limited was established in1992 in order to support economic development
and social cohesion therefore firm have limited market share, capital for making life of people
better. Thus it can be stated as non-profit organization that is introduced by some member of
individual of organization for economic growth and welfare of individual that are living in
particular society.
Related typology of entrepreneurial ventures
Social enterprise, high growth firm and high tech firm are different typologies that
are related to entrepreneurial ventures such as:
High Tech firm: It included companies or enterprise that uses high and innovative technology
in order to manufacture and deliver qualitative products and services to end customers. Company
that changes its technologies as per demand and needs of customers is able to gain competitive
positioning and build strong brand image in mind of people. Such as large organisation or
private firm that have lot of capital, resources to use innovative technologies for satisfying needs
of people in best possible manner.
High growth firm: These are firm that wants to grow and expand its business at high speed
through adding more and more customers so that sales volume and profitability can be increased.
Such as Tesco in order to grow and expand its market share have reduces cost of production and
bring economic of scale so that maximum individual can be influenced to buy products of Tesco
over other competitors (Nijssen, 2017). Various promotional activities and innovation helps in
effective growth, establishment of strong brand image in mind of customers. Therefore, it
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includes both private and public companies that are established to grow its business operation so
that large number of people needs can be fulfilled.
Social enterprise: It is enterprise that is operated for social cause and welfare of individual so it
has limited number of resources, capital to provide better and qualitative services to people.
Therefore social enterprise ensures well being of individual that are living in society by
providing various services and products to them thus helps in raising living standard of people.
Small profit: these are enterprise that is established to provide limited amount of products and
services to earn sufficient profit margin for family member and itself. Therefore Small enterprise
operates on small scale with limited number of individual.
P2 Similarities and difference between entrepreneurial ventures
There are various differences and similarities between entrepreneurial ventures such as
Lifestyle venture, small profit and high growth ventures that can be understood as follows:
Basis High growth
ventures
Lifestyle venture small profit
Objectives: On the other hand
high growth firm has
objectives to earn
maximum market
share and profitability
by rendering best and
qualitative services to
people that are staying
across worldwide.
Growth is main
objectives. (Chen,
Chang and Pan,
2018).
Objective of
Lifestyles venture is
to maximise its
invested fund through
effectively satisfying
needs of customers by
brining continuous
innovation.
Small enterprise have
objectives to survive
and grow in market as
have limited resources
and capabilities to
fulfil needs of
customers.
Scale of operation: It have unlimited
scale of operation as it
is established to grow
in market through
Lifestyles ventures
can also expand its
business across
worldwide to meet
Small have small or
limited resource,
employees that are
working for earning
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fulfilling customers
requirements.
demand of various
individual that are
living in different
countries. So it also
have large market
share to earn
maximum
profitability. (El-
Awad, Gabrielsson,
and Politis, 2017).
profit and smooth
operation of business
in particular industry.
Decision making: In growth enterprise
Top management or
people that have
invested money in
business have
authority to make
crucial decision for
business.
The owner or partner
make all crucial
decision of firm so
that it can get
competitive
advantages.
Individual and family
Member takes all
crucial and important
decision of small
enterprise for smooth
operation of business.
Similarities between High growth ventures, survival and small are as follows:
Management: High growth ventures, survival and small need to be effectively managed so that
various resources such as physical, human and capital can be arranged for smooth run of
business and achievement of particular objectives (Jones and et.al, 2018). All these organisation
gives importance to effective management so that resources can be effectively utilised, wastage
of time, resources and efforts can be reduces for overall growth and success of business for
which it has been established.
Marketing and sales operation: Entrepreneurial venture need to perform marketing and sales
activities so that individual or public can be aware of products and service in which particular
company deals (Joshi and Anand, 2018). Marketing manager of High growth ventures, survival
and small formulated effective marketing for promotion of products and services to large number
of people and satisfaction of their needs for attainment of their respective goals.
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LO2
P3 Impact of micro and small business on economy
Small scale enterprise employees less than 250 employees and have limited resources and
capital to meet needs of specific group of individual. On the other hand micro business are small
shops or stores that are owned and managed by individual and its family with having employees
ranging from 0-9 so that requirements of customers can be fulfilled.
It can be illustrated that micro and small business are very crucial for effective growth
and success of UK as it generates large amount of employment for local people so that they can
live better lifestyles. There are 5.7 million SME in UK that makes 99% of business in the
country and 5.4 million micro enterprises that employee 0-9 individual thus contributed towards
increasing GDP of country (What Are SMEs and Why Are They So Important for the UK
Economy, 2019). Small and micro business has effectively contributed towards overall turnover
of economy through providing part time and full time employment to number of individual.
Impact of micro and small scale enterprise on economy can be illustrated through following
information:
Economic growth: Small and micro business are backbone of any healthy economy as they
generates wide varieties of employment opportunities and contribute towards increasing total
revenue of economy (Shepelev and Khokhlova, 2016). Therefore it can be stated that micro and
small business are important for UK as contributed in increasing overall productivity and
performance of enterprise in economy.
Generation of employment: Around 16.3 million people are employed through SME thus it can
be illustrated that it has contributed towards 60% of generation of employment opportunity
across UK. Every year it created approx 2million job for people so that they can live better live
thus facilities equal distribution of wealth and income among individual.
Turnover: As per one of study 51% of turnover is generated by SME enterprise so through
continuous development of innovative and creative products need of different individual have
been satisfied and company have gained competitive advantages (). Total turnover have
increased in UK due to continuous increase in number of small and micro business in UK
economy.
Competition: Small and micro business can easily accept different environment changes such as
recent taste and preferences of customers in order to earn limited amount of profit for family
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members. 99% of company belong to SME industry therefore they contributed towards
development of new innovation so that needs of different individual can be meet can firm can
earn sufficient amount of profitability.
P4 Importance of small and start-up business in growth of social economy
There are various reasons for which small and micro enterprise are importance for social
economy such as increase in competition, innovation, revenue and turnover of economy. Small
and micro business of UK contributed towards growth and development of social economy of
UK through enhancing living standard of individual. Therefore various importance of Small and
Start up business are as follows:
Local hiring: Small and start-up business hires individual that belong to local communities or
geographical location of particular country for performing specific task (Alonso and Bressan,
2016). Most of the big enterprise hires individual form cities that have highly skilled and talent
employees so such small scale business contributed towards generation of employment for local
residents.
Turnover: It can be stated that small and start up business contributed towards keeping
economic strong and healthy through generating sufficient amount of turnover so that overall
objectives of firm can be achieved. Small businesses have highly contributed in turnover of
private sector through enhancing their sales volume and profitability.
Diversity: It is another point that state importance and value of small and start up business for
economy as they are flexible and ever changing. Company adapt various culture, tradition of
different people that are work in the enterprise so that they can effective work and provide
qualitative services to end customers.
Competition: Small and start-up enterprise helps in increasing competition within economy thus
forcing other organisation to enhance their products and services to attract maximum customers
(Brown Mariah How Important Are Small Businesses to Local Economies, 2018 ). It can also
be illustrated that small or start up business brings new ideas in order to meet unsatisfied wants
of diverse individual that are living in particular society.
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LO3
P5 Characteristic traits and skills of entrepreneurs
The characteristics of successful business entrepreneurs are creative, goal oriented,
inquisitive, independent which enable them to bring out higher dynamic working pattern
for higher active working patterns for longer working hemisphere. The goal-oriented
working patterns enable them to bring out higher dynamic working patterns with larger
innovation and dynamic working patterns which enable them to get higher results within
their career for longer working hemisphere. Goal oriented entrepreneurs are highly
professional to bring out best working paradigms within the working hemisphere where
the intentionality is highly professional and to bring out higher working patterns for longer
time periods. The skilled and traits are highly important to pertain various new
determinants for longer scale development , for higher profitable working outcomes and to
bring on keen synergy of work ethics among subordinates and employees.
The best entrepreneurs are highly inquisitive and independent for bringing before nay new
generation of ideas for further progression in development of functional strength for higher
effective decisions and to pertain onto best working fundamentals. Entrepenuers work as one of
the most developed functional strength with strong determination of goal-oriented to bring on
innovation, continuous creativity and strengthened business position along with continuous
evolving working patterns to bring on strengthened working patterns.
CHARACTERSTICS OF BUSINESS ENTREPENURS:
 CRETATIVE: Entrepreneurs work with high creativity and zeal of new ends into
functional parameters of business to gain high competitive marketing and to
promote wider synergy through which profitability and goodwill can be developed
onto new levels.
 GOAL ORIENTED: Entrepreneurs are highly goal oriented and focused with high
diverse goals to bring on new synergy of promotional work avenues and to pertain
onto new profitability paradigms through which scope can be developed for
technical advancement.
 INQUSITIVE: Entrepreneurs are highly inquisitive at work for bringing forward
new reflective energies with synergy of continuous innovation, developed focus
through which wider profitability can be highly attained for longer period.
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 INDEPENDENT: Entrepreneurs are independent in their working styles which
enable us to analyse how definite working goals can be examined and to bring on
new synergy of innovation for higher productive outputs.
The business traits and skills of entrepreneurs which enable people to become stronger
when establishing their long term business within the set criteria, which leverages best
determinants onto which higher goals can be fragmented. These skills and traits are highly
influential and functional to bring on long term larger gaols which will enable to gain stronger
larger profits, goodwill among consumers while starting their business and determine how
consumers markets can be segmented based on various prerequisites. The skills and traits can be
analysed as follows (Aziz and Rowland, 2018).
1. The passion and willpower to bring in more active hard work is one of the first parameter
through which higher vision can be developed further by entrepreneur which will enable to
differentiate from other business managers. Passion for innovation and creativity within actions
to build strong business is one of the biggest paradigm onto which larger goals can be built for
attainment, and is also highly important to attain stringer fundamentals to work for higher
technical performance metrics. Passion to built new ideas and creativity within all parameters
are the foremost principle of entrepreneur through which they gain higher attaining gaols which
make them highly effective to bring on stronger working paradigms.
2. The entrepreneurs are charismatic and powerful to lead the business teams and various other
business functions which are taken under his leadership to bring in positive synergy for gaining
stronger working paradigms. The leadership is one of the best paradigm which enables to bring
on positive synergy and technical viability within the scenario onto higher values. Entrepreneurs
are known to bring on strong working paradigms where the correct management skills and
reflective working parameters are highly effective to work onto more rational innovation with
the changing functional scenario (Balmaceda, 2018).
3. The entrepreneurs have skills of working with dynamic arena with strong time management,
higher reflective working vision and productive element to bring on positive factors of business
into its enterprise. The relative working paradigm enables on gaining higher functional strength
which can be seen onto larger parameters with the continuous new innovation and diversity
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along with changing paradigms of time. Specific changes coming into customers preferences
are dynamically worked onto bigger levels with various new reflective working paradigms
through which subordinates and employees are motivated and leaded into new directions.
P6 Entrepreneurial aspects personality reflect motivation and mindset
The entrepreneurial aspects within personality reflect motivation and mindset to bring on
stronger working fundamentals, positive motivation and high working technical advancement
within all working scenarios (Durkin and Gunn , 2016).The entrepreneurial personality works as
one of the foremost factor to bring on motivation within teams and higher reflective working
mindset through which stronger working outputs are developed for long term viable positions
and to attain stronger working aspects. More the courage and innovation within their business
skills higher is the technical advancement within their enterprise along with quick paradigms
which factor onto growth for larger creativity and advancement. The positive synergy within
entrepreneurial skills are highly effective to bring on larger scale services paradigms and to yield
onto higher innovation and new diverse creativity within their performance metrics to attain
higher vision and larger goodwill of actions. These factors can also be analysed onto how the
business is developed further with the passion and creativity within their skills, complete
innovation and functional efficiency within various segments. Entrepreneurs outlook and
working standards towards work and motivation among employees to bring on higher creativity
within all roles, services enable us in bringing higher innovative mindset for larger profits and
goodwill among consumers (Jain, 2019).
The entrepreneurial aspects and the personality are largely reflected with motivation and
mindset with which they work onto larger technical advancement, complete actions of bringing
resources within business scenario and to lead onto higher keen synergy of positive working
paradigms. The personality has long impact on motivating the team employees and for bringing
higher yield of profits along with strong synergy of technical advancement within actions for
higher business goodwill. Entrepreneurs who are highly professional to bring on continuous
changes with changing business world and to develop onto new rational factors for gaining
strong fundamentals with new factors have stronger larger gaols and higher business success.
The business functional paradigms are focused to bring on stronger reflective synergy of higher
effective business positions and work onto higher dynamics to gain into high yield of
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entrepreneurship factors. The longer vision and rational factors to bring onto higher paradigms to
develop strong rational creativity among various goals through which larger creativity which will
gain onto more dynamics within the business arena for long term scale development. These
factors enable us to analyse how rationally the skills, traits and reflective paradigms impact the
vitality with which actions are coming onto action for larger focused working platforms.
Personality have an leading positive impact on the working fundamentals within the
entrepreneurial factors for gaining stronger working paradigms and to yield onto more developed
rational keen synergy within all team department employees. The vision along with strong
leadership positively builds on new rational factors through which higher keen developed profits
can be attained onto bigger paradigm (Kayode, Jabor and Mohamad, 2019).
LO4
P7 Background and experience can hinder or foster entrepreneurship
The background and experience of entrepreneur can hinder or foster the entrepreneurship
factors on long terms and also positively or negatively impact the relative development onto
bigger paradigms, the effect of which is highly dynamic to bring on stronger fundamental yield
of new synergy. The positive background and experience in an entrepreneur works as strength
and one of the biggest factor of relative synergy which will enable to gain onto more stronger
innovation at work with higher business goals. The background can be understood as study, high
school experiences and the reflective factors which are built onto new technical factors to gain
on higher goodwill among customers (Pardo-Garcia and Barac, 2020). More the experience of
working in business, larger are the goals and result to be attained in future to bring onto higher
productivity which will enable to yield onto new rational working paradigms and to gain
stringent demands into business. Any bad experience in past can hinder entrepreneurship onto
larger levels onto higher paradigms as it not only impacts the goodwill of business scenario
negatively but also lowers the factors of bringing on stronger innovation within all scenario. The
background and professional experience also includes how there are various metrics of higher
vision development, knowledge to use new ideas and ideologies to bring diverse fundamentals at
work. The positive synergy of these factors to build on new rational energy of innovative ideas
which foster the business development onto bigger levels for gaining stronger creativity within
the set paradigms of working standards in an enterprise.
Real life examples of entrepreneur life history can be seen from Marc Zuckerberg where the
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working patterns of him to bring on larer synergy of creative, passion thinking has been
successful in gaining longer strengthen position within keen focus and longer position into world
business scenario. He was dropout of his college years which made hims struggle in beginning
and focus to bring on longer working outputs , funds collection and to potentially leverage higher
working pardigms through which it can be analysed that entrepreneur past and working history
does impact highly among employees also . The Facebook today is one of the biggest company
operating its wide operations worldwide under the leadership and vision of Mark Zukerberg who
has been one of the biggest influencer, entrepreneur to bring on inspiring young minds for
gaining higher outcomes pertaining longer working dynamics and viable positioning within all
paradigms .
Jack Ma is one of the biggest successful entrepreneur, founder of Alibaba who has built one of
the best e-commerce business with strong determination, high focused synergy of business mind,
leveraging potentiality of higher dynamic strong working styles which has motivated to work on
continuous innovation. His story of success is one of the biggest inspiration for millions around
the world where he has inspired many people globally to build up own business, use
determination and higher synergy of transmission for gaining competitive development and
higher technical advancement for longer effective building of goals.
Oprah Winfrey is one of the most powerful lady and highly popular American talk show
host, media executive and one of the world biggest philanthropist who has profoundly
inspired millions around their world with her personality, courage and high motivation
delivered from her shows and speeches. Her childhood spent was widely highly struggling
where she faced wide challenges to cope up with various losses and to develop wider scope
for rationally bringing forward her skills and talents in use.
The past experience also includes various factors an entrepreneur goes in personal life
and its profound impact onto professional career formats where any lack of motivation of vision
to develop new ideas within business cane negatively bring downfall into Enterprise success
parameters (Saptono, 2018). For example J.K. Rowling one of the biggest writer, entrepreneur
and philanthropist to inspire millions across the globe experienced various factors of negative
outplay in life where the synergy of rational development brings on higher innovation within
business scenario. She has faced various problems and downfall in her personal relationships
which had impacted her abilities to use creativity and skills to bring on new ideas and activities
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within the professional career for longer time. These factors enable us to analyse how rationally
new ideas along with passion, vision and keen energy to bring on new changes can effectively
bring on new entrepreneurship success avenues for the business development and how any past
downfall can lead into negativity hinders growth of business factors.
CONCLSUION
This report can be concluded with the explanation that there are various entrepreneurial
ventures relating to typology factors which enable to build strong place into business world for
longer working dynamics, along with the conclusion that there are various similarities and
differences between them. The various relevant data and statistics of illustrating how small
business has positively impacted UK economy onto vivid parameters for gaining stronger
paradigms and higher business value are concluded with various examples and the importance of
small business and start-ups. The report has concluded how small businesses, new enterprises
play an active role to bring on new changes within economy onto various parameters and how
large diversity is established vividly for the growth factor of world economy. The report also
concludes various skills, factors of traits within the entrepreneurs will enable in building strong
impactful positions in their professional working paradigms and how the past experience factors
impact the positions of business, to hinder or foster within the set dynamic factors of business in
world. Any negative or positive experience done within the past has massive impact on future
success parameters, to keenly bring marketers close to customer’s factors and to reflect onto
growth factors (Sousa, 2018).
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Brown Mariah How Important Are Small Businesses to Local Economies, 2018, [Online].
Available Through :<https://smallbusiness.chron.com/important-small-businesses-
local-economies5251.html#:~:text=Small%20businesses%20contribute%20to
%20local,be%20employable%20by%20larger%20corporations.>.
What Are SMEs and Why Are They So Important for the UK Economy, 2019, [Online].
Available Through:<https://labs.com/what-are-smes-why-are-they-so-important-for-
the-uk-economy/#:~:text=SMEs%20are%20generally%20thought%20to,the%20private
%20sector%20in%202018.>.
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