Entrepreneurship Report: Venture Typology, Economic Impact, and Traits

This report provides a detailed analysis of entrepreneurship, covering various types of ventures including small businesses, scalable ventures, and social enterprises. It examines the impact of micro and small businesses on economic growth, highlighting their role in job creation and market innovation. The report also delves into the characteristics, traits, and skills of successful entrepreneurs, offering insights into the motivations behind entrepreneurial endeavors and the influence of personal background and experience. Furthermore, it explores the similarities and differences between different entrepreneurial ventures, providing a comprehensive overview of the entrepreneurial landscape and its contribution to society. The report emphasizes the importance of entrepreneurship in fostering economic development and encouraging individuals to pursue business ventures.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of ventures and its typology..........................................................................1
P2 Similarities and differences between entrepreneurial ventures.............................................2
TASK 2............................................................................................................................................4
P3 How micro and small businesses impact on the economy.....................................................4
P4 How important small businesses and business start-ups will contribute to the growth of the
social economy............................................................................................................................6
TASK 3............................................................................................................................................7
P5 Characteristics, traits and skills of two successful entrepreneurs..........................................7
P6 Aspects of entrepreneur personality act as a motivation.......................................................8
TASK 5..........................................................................................................................................10
P7 Background and experience may hinder or foster entrepreneurship...................................10
CONCLUSION..............................................................................................................................11

INTRODUCTION
An individual or person who plan, create and accomplished numerous of business
activities as well as come up with innovative ideas in order to gain maximum profit is known as
a entrepreneur. Their major objective is to serve society with their creative ideas by fulfilling
needs or desires of entire community (Schaper, 2016). This assignment is mainly based on
various types of entrepreneurship and its ventures which plays a major role in developing
economy of a nation by implementing various impressive thoughts. Major objective of this
project is to encourage individual or current youth towards becoming an entrepreneur by giving
example of successful business men's. Along with this, overall life style and quality of two
famous personality is also outlined in this assignment for getting encouraged towards this
profession as well as act as motivational tool for various persons. Additionally, report also
highlight major contribution of small, medium size or large organization in development of
world economy.
TASK 1
P1 Different types of ventures and its typology
Entrepreneurship : It is a powerful and essential process which helps in building up the
economy of the nation in proper way. In this the individual set their business and different
operation exercises to accomplish monetary benefit with a specific end goal to get higher
accomplishment at the commercial centre. Business is a procedure under which an individual or
number of person carrying out investigation, outline and dispatch an imaginative item to fulfil
the necessities of clients with point of gain immense measure of benefits (Flamholtz and Randle,
2012). Number of entrepreneurial endeavours can be comprehended by following focuses: Small business entrepreneur:- These are illustrious as the business visionaries who work
on little level and whose measure of benefits are for the most part little as thought about
extensive business undertakings. For example; Beautician, woodworkers, circuit testers,
markets, handyman and so on go under this. Because of their imaginative business
thought these sort organizations extensive number of financial speculator. Large company entrepreneurship:- Enterprises which execute business exercises on
huge level and produce immense measure of incomes consistently is gone under this.
Business choice and exercises of these organizations get influenced by different elements
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exist in business condition, for example, variety in necessities of clients, innovation,
rivals and some more. Along with this, organizations falls under this category perform on
universal level which help nation in procure outside trade which contribute in keep up the
financial development of country. These business visionaries construct and begin
business exercises with a creative thought (Drucker, 2014). Scalable ventures:- These are one of the new pursuits in market and begin with the
vision to change the world by offer imaginative and one of a kind highlights of item.
These kind of business people don't have or experience a formal procedure of enlistment
and they frame a coordination with bank to get money related help. They contract
splendid specialists for dealing with their business operations and utilize compelling plan
of action for extend business operations. Rate of profitability under these kind of
endeavours is high.
 Social enterprise: Entrepreneurs which complete creation process for deliver an
imaginative item to give answer for social issues are known as social business
visionaries. Improve a general public a place is the principle point of these kind of
organizations instead of make benefits.
Kind of different entrepreneurial typologies Research business visionary: Enterprises who do a considerable measure of research
exercises before performing a business operations is known as research business men's
(Kirzner, 2015). These kind of ventures love to find out about new things and ideas. They
do research to define a powerful methodology for business exercises. Copycat business person: As per this type, enterprises comprehended by name that these
sort of organizations break down a thought of a fruitful business person and duplicate a
similar plan to begin their business operations and to make progress. Determined entrepreneur:- These sort of business visionaries are inverse from the
copycat association. Overall exertion are finished by these organizations to accomplish
development and to win tremendous measure of benefits. Accomplished entrepreneur:- Firms who bring out business exercises and proceed with
all exercises of enterprise to accomplish its foreordained objectives and destinations is
gone under this. Essentially primary point of these sort of business visionaries is to make
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an inheritance and to accomplish a similar they complete different research (Barringer,
2012). Serial business visionary: This kind of individual work their business with new and
imaginative thoughts in which they generally tries to create greater productivity. They
enter at marketplace for working their business however they give their everything duties
of exercises to someone else for working and in addition maintaining the business in
successful way. Social business visionary: The primary point of this kind of representatives is to enhance
way of life of the nearby individuals. For this they give better administrations to the
neighbourhood individuals and furthermore give better answer for resolving the issues in
viable way. Female business person: A female individual who work and control all the business
exercises is called as ladies business person. In this action they take activities to work
their business with a specific end goal to accomplish greater productivity. Alongside this,
the administration experts additionally specified that a female business visionary have
ability to maintain their own business since they having 51% enthusiasm at their capital
which is higher from the male business person
 Male business person: In overall world quantity of male are proprietor of the business as
opposed to females. They go out on a limb to work their business and furthermore
effortlessly in place with all sort of people groups to set their business. They produce
greater benefit by working their business everywhere level.
P2 Similarities and differences between entrepreneurial ventures
In today's scenario due to introduction of new ideas or strategies various firms are
coming up with distinct of business in order to gain maximum benefits by satisfying customers
needs or demands (Bosma and Levie, 2010). In fact, various types of ventures are available at
marketplace with numerous of motive for attaining specific goals or objectives. Hence,
maximum number of similarities and differences are identified between numerous of
entrepreneur venture available at European marketplace which is highlighted as under:-
Male entrepreneurs (similarities) Female entrepreneurs (similarities)
Male business visionaries have capacity to deal They are also having quality to work their
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with all the working exercises of the business
in successful manner
business exercises to create greater gainfulness
in suitable way.
Difference Difference
Male business people are more forceful as
contrast with female.
Men's are always ready for encountering
various business risk and furthermore
orchestrate every one of the exercises in
successful way.
Female are more pleasant and furthermore
collaborate their representatives at the work
environment.
They are best sparks in which they effortlessly
impact their representatives towards the work.
Comparison between scalable and social enterprise:-
Similarities Differences
1.) First and foremost sameness between these
two venture is that both of them provide goods
or services for resolving issues of individuals
or overall society.
2.) Both of them are conducting investigation
programmes so that they can determine the
essential features of items whatever customers
desired in a final offering of an association.
3.) These two types of entrepreneur believe in
making world better or impressive destination
to live by making various efforts.
1.) Social business are established for
betterment of entire society by making various
societal plans or strategies. On the other hand,
major objective of scalable enterprise is to seek
a large market share in a minimum time frame.
Hence, it has been understood that number of entrepreneurs are available at marketplace
which are mostly different from each other because of their roles and responsibilities towards
overall society (Dacin, Dacin and Matear, 2010).
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TASK 2
P3 How micro and small businesses impact on the economy
In today's modern era, small and micro business play important role in develop if the
economic growth. These type of business easily capture large market share by providing
innovative products and services in market place. It also provide better job opportunities to the
local people in which they improve their living standard which directly impact on economic
growth of the country in most effective manner.
In present scenario, SME is one of the important aspect for the economic because it easily
develop their economic condition in positive manner. In this process there are three type of
section comes under SME are as follows:
Micro business: It is very small business in which an individual operate their activities at very
small scale for their benefits. In this very few employees are working for achieving all the
financial benefits.
Small business: This type of business comes under the certain criteria in which an individuals
operate their business activities in small where they define the min purpose of improving overall
economy growth by providing innovative products. It include small number of employees for
operating their activities.
Medium size: This type of business is depend on slow and steady growth with the support small
business. The main aim of medium size business is to earn more revenue and maintain the
bridging gap between small and large business.
Similarities Differences
1.)First and foremost sameness between these
both enterprise is that these two are focussing
on generating maximum revenue. Along with
this motive is to acquire maximum return on
their investment by fulfilling the demand of
desired customers (Welter, 2011).
2.) Both the business are accumulating data,
facts or figures from its target market so that
1.) One of the major difference between these
two types of ventures are is that small
enterprises operate their business on localized
level or distribute products to general public.
Whereas large enterprises believes in dealing
with national clients as well as foreign.
2.)Minimum amount of capital is required
while establishing small business. On contrary
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they get succeeded in identifying impressive
features or characteristic of final goods.
3.) These two entrepreneurship believes in
coming up with unique creativity for seeking
the attention of desired customers.
to this, large amount of fund is necessary
before conducting large business because it
consist of various activities and need to
maintain their standard to meet the demand of
foreign clients.
3.) Role and responsibilities of managers
working in a small business are assigned by
simple work whereas head of the large
enterprise requires high skilled knowledge for
accomplishing complicated work (Morris,
Kuratko and Covin, 2010).
4.) Small business acquired minimum profit
whereas large enterprises believes in
generating maximum revenue in order to gain
high return on their investment.
5.) Firms having small association are having
very short term vision or mission but large
companies believes in implementing long term
projects to attain their vision or mission of
longer time period.
Private business: This type of business operate by private person and groups with the aim of
attaining better success at market place. It does not issue as well as traded their share on stock
market. They directly issue their share in initial public offering.
Sole proprietorship: This type of business operate by single person and not bound any legal
authorities. In this individual responsible for any debt and surplus and also take decision about
their business activities.
Partnership: This type of business in which many individual who comes together for running a
business with the aim of achieving overall profitability. In this all the losses and profits shared in
all members because all are bound in partnership deed. All partners sign an agreement in which
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they are liable for sharing all the profits and losses. They also share liabilities and share equal
manner.
Small and micro business play importation role because they having high rate of growth
which helps in inviting as well as attracting large number of participative. These type of business
directly impact on development of the economy growth because they provide innovative and
quality services to society in order to fulfil their needs (Storey, 2016). Along with this, it also
provide better job opportunities to local people which aid in enhancing their living standard. For
this government also play important role because they provide support to improve their operating
process in order to earn foreign exchange in international level. In this, the main impact of micro
and small business on the economy of the country are as follows:
Illustration 1: Micro and small business employment
(Source: Lisa Dougherty Choux, 2014)
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 Impact on local people: One of the best advantage of small and micro business enterprise
for local peole is to that they provide better job opportunities to their employees and also
make innovative products by undertaking various researches (Bridge and O'Neill, 2012).
Small business provide more than 60% employment opportunities in UK which directly
contribute in overall development of the country. Impact on national and international economy: In this, micro and small business
provide better services to their customers which directly impact on their community. In
this they offer quality services to their potential customers in order to generate more
revenue.
 Impact on region: Small business enterprise operate their operational activities in
different regions and provide them quality services in order to get their satisfaction and
improve their living standard (Bhachu, 2017).
All these are important aspect which directly impact on the economy growth of the
country. It not only provide better opportunities but also offer new and quality service to their
customers in order to get their higher satisfaction level. Along with this, small business also
provide better training and development programs to their employees for increasing their skills
and knowledge which helps in enhancing overall profitability of the company in appropriate
manner.
P4 How important small businesses and business start-ups will contribute to the growth of the
social economy
Brexit: It is one of the popular term which is related with the EU. In UK, 23 June 2016
approx 52% people contribute in voted. Apart form this, on 29 march, government of UK raise
articles fifty. In this situation UK were separate from EU in which they face various threats are
as follows:
 Headquarters transferring
 due to collaborative nature, they never trust on limits.
 Skills gap is biggest threats.
 Non partnership define more risk.
Small business and start-ups directly impact on the economy growth of the country by
providing better job opportunities to local peoples so that they improve their living standard. In
recent time various small business are working in UK for development of the country. In this
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small business enterprise also set their positive impact which directly contribute in social
economy growth by providing better services to their local peoples. It also helps in increasing the
GDP rate of the country in order to maintain economic sustainability. One of the best advantage
of small business enterprise is that they provide better support to the large scale organization. In
this context the small business are backbone of the economic growth because they provide better
services to their local people which directly impact on living standard of the people (Ellis,
2011). There are some important of small business in economy growth are as follows:
 Small business enterprise helps in maintaining the better relationship with buyers. With
the helps of this they easily interact with their customers in order top provide them
quality services (Grégoire, Corbett and McMullen, 2011).
 This type of business are more flexible in nature so that they respond quickly and also
changes take place within the organization.
 It define innovative services to their customers in order to get their higher satisfaction
level.
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(Source:- UK Digital Strategy, 2017)
TASK 3
P5 Characteristics, traits and skills of two successful entrepreneurs
Every successful entrepreneurs having their specific qualities which helps them in
dealing all kind of situation also positively improve their performance. All skills and
characteristics are totally different form other managers. In this process Bill gates and Mark
Zuckerberg are successful entrepreneurs in the world. Both having their specific skills and traits
which helps them in achieving better results in appropriate manner. Along with this there are
some characteristics of Mark Zuckerberg are as follows: Hard working: It is one of the best and important characteristic of the person which helps
in becoming a successful person in effective manner (Schaper, 2016). Without hard-
working nobody can chive their target. So that it is important factors that should be
include in the activities. Mark Zuckerberg is hard working, they put their strong efforts
for completing their work which see in their success.
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Illustration 2: UK Digital Strategy