Entrepreneurial Ventures: Types, Impact, and Significance in Social Economy

This document discusses different types of entrepreneurial ventures, their interrelation with typology of entrepreneurship, and the impact of micro and small businesses on the economy. It also explores the significance of small businesses and startups in the success of the social economy. The document provides insights into the characteristics, skills, and traits of successful entrepreneurs.

Entrepreneurial
Ventures

Executive Summary
Entrepreneurship is an activity of realizing a new ideas and thought into real context
by starting a venture. There are a lot of types of venture such as social, small, large can be started
by entrepreneurs. Each and every venture is different with each other. Further, micro business
and small entities play a significant role in growth and development of social economy.
Entrepreneurial practices are highly affected with characteristics, traits, experience, background,
motivation and mind set of entrepreneurs.

Table of Contents
INTRODUCTION.......................................................................................................................................4
Activity 1.....................................................................................................................................................4
TASK 1.......................................................................................................................................................4
P1) Discuss different kinds of entrepreneurship ventures also explain their interrelation with typology
of entrepreneurship..................................................................................................................................4
P2) Similarities and difference between entrepreneurial ventures...........................................................6
TASK 2.......................................................................................................................................................7
P3) Depict impact of micro and small business over economy through appropriate statistics and data...7
Activity 2.....................................................................................................................................................9
P4) Discuss significance of small business and start ups in success of social economy.........................9
TASK 3.....................................................................................................................................................11
P5) Characteristics, skills & traits of successful entrepreneurs..............................................................11
P6) Discuss the way in which aspects entrepreneurial personality depicts entrepreneurial mindset &
motivation..............................................................................................................................................12
TASK 4.................................................................................................................................................13
P7) Discuss how experience and background can foster and hinder entrepreneurship...........................13
CONCLUSION.........................................................................................................................................14
REFRENCES............................................................................................................................................15

INTRODUCTION
Entrepreneurship is an activity under which a new enterprise and business is started based
on an innovative idea. Main aim of entrepreneurship is to earn substantial amount of profit
margin and bring something new & innovative in market place. Entrepreneur needs to have the
capability to undertake risk with an aim to get success and growth in current competitive market
place (Chernopyatov and et. al., 2018). The present report is based on two entrepreneurs like
Elizabeth Gooch and Tom Mercer. Elizabeth is a female entrepreneur who is founder of EG
solutions PLC and Tom Mercer is owner of a food venture named as Moma Foods. Different
types of entrepreneurial ventures, difference and similarities in different ventures has been
covered in the report. Further, it comprises attributes, skills and traits of above mentioned
entrepreneurs along with the background and experience of entrepreneurs.
Activity 1
TASK 1
P1) Discuss different kinds of entrepreneurship ventures also explain their interrelation with
typology of entrepreneurship
Large company entrepreneurial venture: These companies are generally operated at
large level and provide goods & services to large number of audience. It is analyzed that large
companies generally work at international level where they serve to domestic as well as
international audience. Large companies have main aim to earn higher amount of profit margin.
Google, Apple, Microsoft are some examples of large entrepreneurial ventures.
Scalable entrepreneurial venture: These ventures are based on innovation and creativity
with an aim to bring unique products in market place. Here, enetrepreuers undertake appropriate
steps in order to convert the thoughts in real context so that creative products can be provided to
society (Ratten, Dana and Ramadani, 2017). Apart from this, qualified employees are also hired
by entrepreneurs for helping them in business activities. Twitter, Face book are some examples
of scalable entrepreneurship.

Small business entrepreneurial ventures: Less amount of resources and funds are used
for starting small business units. There are ample of companies that are working at small scale so
it is important to carry out some innovative and creative ideas for ensuring long term growth &
sustainability of small business units. These are started with own savings or borrowed money
from friends, family and more. Apart from this, angel investor, venture capitalist also helps small
firms in order to grow & sustain. Government also aids small ventures by providing necessary
subsidies, grants and other assistance. For instance, small bakery shop, plumber are some
examples of small business units.
Social entrepreneurial ventures: Main aim of social ventures is to serve the society in an
efficient manner. Main aim of these ventures is to maximize social growth and well being. Here,
entrepreneurs put a lot of efforts for upliftment and well being of society (Gill, 2017). Apart from
this, they work for bringing positive changes within society which are beneficial for the whole
society. For this purpose, social entrepreneurs develop quality products within a price range
which can be easily afford by customers. In this regard, there are various social companies such
as safepoint trust and more are working in order to provide better services to individuals.
The above discussion depicts that various entrepreneurial ventures have been started with
different aims such as earning profit, ensuring social growth, well being of society and more. In
this regard, various entrepreneurship typologies are mentioned as under:
Aggressive growth ventures: Main aim of majority of business ventures is to bring
innovation and creativity in market place. New business ventures are started with an intention of
earning large amount of profit and building positive image of business within market place.
Lifestyle venture: These ventures are started for improving standard of living of
individuals by offering them quality products and services. These entities can be started with
lower amount of investment and resources (Kim, ElTarabishy and Bae, 2018).
Manages growth ventures: These ventures are undertaken a lot of activities for business
enlargement and expansion. Here, entrepreneurs put significant efforts to expand business at
international level so that they can target to huge number of domestic as well as international
audience.

P2) Similarities and difference between entrepreneurial ventures
Difference between entrepreneurial ventures
Small business Large business
 Small entities are initiated with lower
investment and resources with the main
aim to earn tremendous profit margin
for business owners.
 Small business is initiated as well as
run by single business owner who is
also responsible to keep an eye over
each and every activity and take all the
necessary business related decisions for
further betterment and growth.
 Small entities function at small scale
generally within a particular region or
country. These entities aim to serve
local audience significantly.
 Large venture are operated at wide
level with enormous amount of
investment and resources. Apart from
business owners there are a lot of other
people also work in large companies.
 Large companies work as per proper
structure where decisions are taken in
systematic way with the consent of all
relevant parties. Structure of large
entities is generally based on
partnership firm and companies.
 It is stated that large enterprises work at
international level in order to serve
domestic as well as international
audience in significant manner.
Similarities between different business ventures
In present challenging environment, there are ample of venture initiated by individuals in
order to convert their ideas, thoughts, and opinions in real context. Main aim of each and every
business unit whether it is large or small is to earn substantial amount of profit margin. Profit is
the main reason of starting and running a business entity. Success of a business entity is also
measured in terms of profit and returns, it is earning. Apart from this, new entrepreneurial
venture are initiated in order to bring innovation and creativity at market place. Each and every
new venture irrespective of investment size, scope has a major aim to introduce unique &
creative products in market place in order to improve standard of living of people within society.

In addition to this, risk is a common factor in business which is faced by each and every business
personnel’s whether working at large or small scale. Without risk, it is not possible to earn
significant amount of profit margin. In addition to this, entrepreneurs also aim to provide quality
products & services to customers for betterment of whole society in an efficient manner.
With above discussion, it is analyzed that there are several business ventures working at
different levels and also differ in terms of size, scope, resources and more. However, these
ventures have similarity in terms of purpose, aim, services and more.
TASK 2
P3) Depict impact of micro and small business over economy through appropriate statistics and
data
It is analyzed that micro and small business play a crucial role in economic growth and
success. These business entities generate new opportunities and also help in growth of economy
by contributing towards GDP and economic growth of country.
Impact of micro business:
In UK, there are several companies working at micro level and also significantly
contribute towards economic development. These entities enhance supply of products & services
in market place which further improve standard of living of people. Apart from this, micro
entities also work for providing quality goods & services to customer so that they get a quality
life. Apart from this, micro business also significantly contributes towards GDP growth which is
crucial for development of whole economy. Majority of business units in UK are fall under SME
category. In UK, there is nearly 5.7 million business entities are being operated in which most of
the business units are micro entities (Golkar Fard, 2019). It is analyzed that micro entities work
with strength of 1 to 10 employees and can be start with lower amount of investment. This
feature is helpful in terms of generating employment opportunities within country.

The above graph states impact of micro organizations over economy of UK which is mentioned
as under:
 Here, these units contribute nearly 19 % in GDP of country which further leads the nation
towards growth and development.
 Small units contribute 24 % in overall economy of UK which is really significant and
play a crucial role in driving positive outcomes.
Impact of small entities:
Small business units are considered as the significant part of economy of UK which put
great impact over whole economy. These entities do not require higher amount of resources,
funds and other equipments and can be easily initiated with fewer formalities. It facilitates
people to start new business which further generate a new source of income. Apart from this,
small entities are based on new & innovative ideas through which unique products are introduced
within society. However, majority of small business units are not likely to survive for longer
period of time in UK. Bur still, hold a significant role in economic growth and success. There is
requirement to adopt necessary measures by government authorities for development of small

business entities. Hence, small business units play a crucial role in ensuring growth and
development of economy of country.
The above graph shows that SME generates huge employment opportunities within UK
which will help in improving living standard of individuals within country in an efficient
manner. It is also analyze that SME also contributes in terms economic growth and generation of
employment opportunities.
Activity 2
P4) Discuss significance of small business and start ups in success of social economy
Social economy is pertaining to bring enhancement within society in order to ensure
societal well being and development. In social economy, major emphasis is on upliftment and
development of society (Firkin, Dupuis and de Bruin, 2018). In this regard, various social
entrepreneurial ventures, nonprofit organizations are working at different levels of society. Here,
main focus is over societal development rather earning profit margin for which quality products

and services are provided to individuals. Important of small business units in social economy is
mentioned below:
Increase job opportunities: Unemployment has become an emerging challenge for a lot
of countries which put a negative impact over economy. New ventures are considered as a great
source of employment generation which further help people in living a better life. It is monitored
that small business owners hire competent and fresh talent in order to bring innovation in
business. Therefore, they provide opportunity to young and fresh talent to show their skills and
enrich in career by gaining suitable amount of experience. This experience will further help them
in getting new opportunities of career development.
Innovation: Startups introduce innovation and creativity in market place which is
imperative in order to enhance quality & standard of living of individuals (Ratten, Ferreira and
Fernandes, 2017). Here, innovation is considered as the main foundation of each and every
startup which helps in differentiating between startups. Main aim of entrepreneurs is to bring
creativity and innovation in market place for upliftment of whole society in an efficient manner.
Entrepreneurship development: It is analyzed that small units have the potential of
business expansion & enlargement which further turn them into a large venture. Inspiration is
really important for starting a new business. Examples of successful entrepreneurs also
encourage other individuals in order to take the steps in order to make career within same field.
By this way, small entities motivate young people to introduce new and innovative ideas and put
utmost efforts for realizing it in an efficient manner.
Promoting research and innovation: Research and innovation plays a crucial role in
growth of economy of a nation. Research is helpful in introducing new concepts that will bring
unique products & services for betterment of whole society. Apart from this, innovation is
important for starting a new startup and business. Hence, startups significantly promote research
and innovation that is further helpful in growth of social economy.

TASK 3
P5) Characteristics, skills & traits of successful entrepreneurs
Elizabeth Gooch Tom mercer
Skills Delegated: An entrepreneur
needs to have dedication and
passion towards set objective.
Elizabeth is highly dedicated
and passionate about work
USP( Uniqueness): It is
analyzed that Elizabeth has
unique and creative ideas
which will help in creating
differentiation in market place
(Mäkimurto-Koivumaa and
Belt, 2016).
Influencer: Tom mercer is
great influencer who has the
ability to influence other team
members efficiently.
Curiosity: It is important for
an entrepreneur to have
curiosity to learn new things
which is also important for
gaining popularity in current
competitive market.
Characteristics Money Minded: Main aim of
each and every startup is to
earn higher amount of profit
margin. Here, Elizabeth is
money minded entrepreneur
who has started business
venture with an aim to earn
substantial amount of
profitability.
Passionate: It is an imperative
characteristic in order to keep
a person focused and
dedicated towards set goals. In
present scenario, Tom Mecer
has great passion about set
goals which will make him a
successful entrepreneur in
future period of time.
Traits Innovation: Innovation is the
foundation of startup without
which it is not possible to start
as well run a business entity in
successful manner. Innovation
is important to bring unique
products and services in
Innovation: In this regard,
Tom Mercer develop an
innovative idea under which
he provides quality food
services to customers in order
to meet with their needs &
requirements in timely manner

market place. Elizabeth is
considered as an innovative
entrepreneur who is providing
consulting to business clients
with the help of advance
technology.
(Sar, 2017).
The above discussion shows that there are various characteristics, traits, skills which is
required to present in entrepreneurs so that they can perform entrepreneurial task effectively.
These attributes are considered as a crucial part of overall personality of entrepreneur and also
differ then from others.
P6) Discuss the way in which aspects entrepreneurial personality depicts entrepreneurial mindset
& motivation
Elizabeth Gooch: Elizabeth is a well known female entrepreneur having rich experience
of working in corporate world. She has great passion and dedication due to which she not only
dreamed but also realized those dreams in reality with hard work and continuous efforts. She has
gained tremendous success as an entrepreneur and now acts as a role model of other females who
also aspire to be an entrepreneur. Elizabeth has received award and recognition for her work and
the innovation she has brought in the society. She started her career with HDFC which is a
renowned bank (Lumpkin, Bacq and Pidduck, 2018). After serving to Bank for longer period of
time she switched in one of the consultancy companies. Elizabeth was very focused from starting
of her career resulted she started own consultancy firm named as EG solutions within UK. With
the optimistic attitude she faced all the obstacles coming in the path of success and eventually
generate turnover of 600000 euro.
Tom Mercer: Tom mercer started a food based startup based on innovative idea in order
to meet with requirements of customers within UK. Main idea behind this startup is to provide
healthy food to people so that they get a healthy and long life (Santos, Neumeyer and Morris,
2019). Tom mercer was working in a private company but always has a thought to start
something of his own. During initial days, he faced ample of hardships but with his assertive
attitude, he faced all the difficulties and gain success. With consistent efforts, Tom got success

and now has a staff of more than 25 individuals. They are offering services at different locations
of UK and known for the innovative & unique business idea.
TASK 4
P7) Discuss how experience and background can foster and hinder entrepreneurship
For becoming a successful entrepreneur, it is also important to have support of family,
friends and acquaintances (Matlay, 2016). It is stated that experience and background are the two
aspects which put a profound impact over entrepreneurial setting.
Elizabeth Gooch: She has a rich experience of working with a well known bank and
consultancy firm which helped her throughout the entrepreneurial journey. Due to this
experience, Elizabeth is able to provide best possible consulting services to clients. Elizabeth
brought up in a humble background and was not privilege to get all the necessary resources but
she has courage, passion to do something different which helped her significantly in order to gain
success. Here, experience of Elizabeth really helped her to run the business venture successfully.
Tom Mercer: Tom owns a management degree and do not belong from an entrepreurial
background. Rather, he faced a lot of challenges in early stage of life which prepared him in
order to face future difficulties in an efficient manner. He always keeps a positive approach in
life which proved beneficial during entrepreneurial journey. Tom mercer did job in the field of
management domain which helped him in preparing plans, strategies and organizing activities in
proper and systematic manner.

CONCLUSION
It is analyzed with above mentioned information that entrepreneurship is a crucial activity
which is related with starting a new venture based on innovative & creative ideas. There are
different types of entrepreneurial ventures which are initiated with different purpose. Further,
small business units also put a significant impact over economy. There is discussion regarding
characteristics, traits of entrepreneurs along with the impact of their background and experience.

REFRENCES
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