Importance of Start-ups and Small Businesses for Growth of Social Economy

Entrepreneurship & Small
Business Management

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Analyses different types of entrepreneurial ventures and relation with typology of
entrepreneurship..........................................................................................................................3
P2: Explore the similarities and differences between entrepreneurial ventures.........................5
TASK 2............................................................................................................................................6
P3: Interpret with the use of relevant statistics and data to evaluate how small businesses and
micro impact on economy...........................................................................................................6
P4: Determine importance of start upsstart-ups and small businesses for growth of social
economy......................................................................................................................................9
TASK 3............................................................................................................................................9
P5: Traits and skills of successful entrepreneurs........................................................................9
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindsetmind-set.................................................................................................................11
TASK 4..........................................................................................................................................11
P7: Examine how background and experience can foster entrepreneurship.............................11
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
The world is turning dynamic and new venture are important for growth of economy.
Entrepreneurship is the concept of starting a new business. There is huge risk in starting a
business. In this report there is discussion related to business individual that started with new
idea and are successful today. For a person who wants to become entrepreneur it is important to
get ready for challenges and to take risks. (Choi and Park, 2017). Entrepreneur is important for
the success of economy as well. Deloitte is taken into consideration to complete this report as it
provides consultancy service to small business and new entrepreneurs. There is discussion
related to various entrepreneurial ventures and their relation with typology of entrepreneurship..
The similarity among various with typology of entrepreneurship ventures is also discussed in the
report. There is discussion related to significance of small businesses in social economy. The
characteristics, skills and traits of a successful entrepreneur are also part of this report. In the end
of the report there is discussion in relation to various aspects of the entrepreneurial personality
reflect entrepreneurial motivation and mind set.
MAIN BODY
Analyses different types of entrepreneurial ventures and relation with typology of
entrepreneurship.
Entrepreneurship is a new idea that is converted into business. They are beneficial for te
economy as they contribute to GDP of the nation. That is why tell for economy for its
development that there is serious new start up and entrepreneurs. It is vital to know about the
various types of entrepreneur that at present the environment. The different types of
entrepreneurial venture are mentioned below:
Small business entrepreneurship: As it is a new businesses that starts at small scale. It is seen
that there are various issues faced by the person and he is not ready to take large risk (Gimmon,
Yitshaki and Hantman, 2018). This can be analysed that small business entrepreneurship are the
people that take less risk but start their own business. They also contribute to the GDP of
economy and work hard to convert their small business idea into big business firm. Examples to
this venture are hairdressers, consultants, Local grocery stores, plumbers, and small boutiques.

Large company entrepreneurial venture: The business is started with large number of
employees and have complex organisational structure. The person is ready to take more risk and
want to survive for longer period of time in the market. There is requirement of huge investment
and there are more employees. (Pinkovetskaia and Nikitina, 2019). Large company
entrepreneurial venture contribute more than small business to the economy.
Scalable start-up entrepreneurship: In this type of entrepreneurship the person believes in
changing the world by their capacities. They conduct proper resarch and face various
uncertainties in the market. They also require capital to start the business they borrow money
from venture capitals. They also hire employees that are talented individuals that help to run the
business successfully.
Innovative entrepreneurship: It is the next type of entrepreneur that focuses on creative and
innovative ideas. The thought is converted into business venture. They conduct research and find
out the needs and requirements that are present in the market. They then convert the idea into
reality (Dana, Ratten and Honyenuga, 2018).
There are different types of entrepreneur. It is important to know about all of them. It is
up to the person which type of business venture the individual wants to choose as per the skills
and capabilities.
Typologies of entrepreneurial venture:
Typologies is the term that is used to differentiate the various types of entrepreneur on
the basis of plan, structure, style, etc. It is important to understand the types of typologies and
take decision. The various typologies that will help the person to become successful are
mentioned below:
Aggressive growth ventures: It is a venture that focuses on new and innovative idea.
They focus on working according to the advanced technology. They plan to stay in the market
for longer time duration (Coulibaly, Erbao and Mekongcho, 2018). Their aim is to achieve
growth and success by using the latest technology. They always try to focus on expanding the
business at global level. This involve scalable and innovative entrepreneurship.
Lifestyle ventures: The main focus of these entrepreneurs is to serve the needs and wants
of customers. They keep the customers as priority. It is seen that there are less humans needed in
this type of venture. These are the one that establish small, social and large business.