Types of Entrepreneurial Ventures Along with Their Typologies

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1............................................................................................................................................1
P2 ...........................................................................................................................................2
TASK 2............................................................................................................................................4
P3............................................................................................................................................4
P4. ..........................................................................................................................................6
TASK 3............................................................................................................................................8
P5............................................................................................................................................8
Mark Zuckerberg....................................................................................................................9
P6............................................................................................................................................9
TASK 4..........................................................................................................................................11
P7..........................................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is the process which help the individual who is an entrepreneur to
perform their business activities by running and operating their enterprises their own with the
help of implementation of innovative ideas in it. The entrepreneur must have the unique and
specific ideas to produce the innovative products for their buyers so that they can gain the
attention of more customers (Ahl and Marlow, 2012). Apart from this, the small business
management is the process where the size of the organisation is very small and the number of
employees are less. The present report will mainly emphasizes on the different types of
entrepreneurial ventures along with their typologies. The skills and characteristics of the famous
entrepreneurs are also been discussed in the report along with their past experiences. At last, the
skills which are to be needed in the personality of an entrepreneur are also going to be discussed
in the current report.
TASK 1
P1.
Entrepreneurship is defined as the creation of new business in marketplace and the main
objective of entrepreneur is to increase sales and profitability margins. There are basically four
types of entrepreneurial ventures that are described below-
Types of entrepreneurship
Small business entrepreneurship - Small businesses are run by individuals on their own risk.
There are various small business entrepreneurship like plumbers, electricians, travel agents,
internet commerce store front etc. The main reason for these entrepreneurs is to earn money for
their family and basic necessities.
Scalable Start-ups entrepreneurship – Entrepreneurs of this type starts business for making
profits. The vision of these individual is to make some innovation and bring changes in world.
The entrepreneurs of these businesses is to find new talents and recruit professional employees.
These employees have to find scalable business model.
Large company entrepreneurship- These businesses are run on a large scale. These businesses
are involved in manufacturing of product ad services according to taste and preferences of
customers. The main motive of these businesses is to gain competitive advantage in marketplace.
1

Social entrepreneurship- These entrepreneurs focus on social needs and demands of
customers. Social entrepreneurs provide products and services that help in solving social
problems of individuals. These are non profit, for profit or hybrid organisations.
Typology of entrepreneurship
The Skeptical Entrepreneur- These individuals have special capabilities like innovators,
builders, opportunists, specialist, etc. These people identify and analyse other businesses. These
individuals doubts success of other entrepreneurs (Barringer, 2015).
The builder entrepreneur- These individuals focuses on creation of own business. These
entrepreneurs believe in creation of new things because innovation will attract customers. These
entrepreneurs invest funds in innovation and commercialisation.
The specialist entrepreneur- A specialist entrepreneur is a person who is involved in building
of own business using capabilities, skills and abilities. These entrepreneurs have thorough
knowledge of their work and task. They are passionate about their work and helps in succeeding
and giving their best in whatever they do.
P2 .
Small and large entrepreneurs
Basis Small business entrepreneurship Large company entrepreneurship
Similarities  The main objective of small
business is to make profits and
success.
 Small companies produce
products that fulfil
requirements and demands of
customers .
 Small entrepreneurs provide
employment to many
individuals.
 The main objective of large
company entrepreneurs is to
attain goals and objectives
of the company in given
time frame.
 Employees are provided
professional training in large
companies for innovating
new products hat can attract
customers.
 Large business
entrepreneurs employs
workers and develops their
2

skills and help in meeting
future needs.
Differences  The main aim of small
businesses is to create profits
and helping their families.
 Entrepreneurs invests funds in
these business for setting up of
a new idea.
 There are less number of
workers who perform towards
attaining tasks and activities.
 Large company
entrepreneurs gain
maximum profits and
develops competitive
advantage.
 Large companies needs a
huge amount of fund to start
a business.
 There are many people who
are employed in these
companies.
Scalable and social entrepreneurship
Basis Scalable entrepreneurship Social entrepreneurship
Similarities  These firms are
categorised into
software applications
like Facebook, twitter,
Instagram, etc.
 The major aim of
scalable
entrepreneurship is
making profits and
increase sales of the
company.
 These entrepreneurs
develop opportunities
for enhancing
business for future
 Entrepreneurs of these
companies promote
their businesses on
social networking sites
such as, Facebook,
twitter, Instagram, etc.
 The main motto of
these companies is to
increase their level of
profits by satisfying
social needs of
individuals.
 These business faces
current challenges to
give better outcomes
3

challenges. and to achieve future
opportunities.
Differences  In this entrepreneurs
offers environmental
component and
accomplish
requirement and
demands of
consumers.
 They concentrate on
leadership team or
traits of leaders and
investing their funds in
business.
 They trust on tangible
and quantifiable
measurement of
performance which
involves, market
shares, financial
indicators, etc.
 Social entrepreneurs
focus on social needs
and wants of
individual. They do all
efforts to solve
problems related to
social factors.
 They generate funds
from individuals of
different sectors and
donates to charitable
institutions.
 These entrepreneurs
measure all social
changes and
performance.
TASK 2
P3.
Small and Micro businesses: Micro business are also known as the firm with their
annual sales or profit for the whole year including the owner of the company. This is a kind or
category of small business in which micro generate the several kind of industries that grow
besides the original foundation. Along with this in the world there are few general micro
businesses are involved in the computer science, event planning, accounting, house cleaning and
4

so on. According to this mainly micro business needed lot of skills in order to achieve targeted
goals and objectives in an effective manner. Whereas, small business are the same with as micro
business in order to achieve goals. Small business can be the type of any kind of firm in which
below 500 employees works together in the 1 organisation. Most of the time small businesses are
important which is important for the companies. That's why these are the benefited for the
employees in order to achieve their company goals and target effectively.
Small or micro business has large or positive impact on the every situation of economy.
They both contributes equally in order to develop growth in an effective manner. In this present
world, there are lot of individuals who operates their business in the micro or small industries.
Their employees are able to gain lot knowledge because both companies provides several kind of
training and development programme in an appropriate way. That's why these are important for
every business in order to gain competitive advantages in an effective manner.
(Source: SME Performance Review. 2018)
According to the above statistical data, it has been concluded that the employment
possibility in UK is maximising every year. According to the above graph, small and micro
business employees in the year of 2008 is 100. But after that it is enhancing at higher level in a
higher speed as shown in the above chart. As per this above data is showing scale form year
2008-2015. In 2015, the scale achieve to 140 which is larger than 2015. According to this way,
small and micro business or firms are heavily effecting economy in improvement and
5

development. Through this, the poverty level is reducing with the enhancing level of living
standard of people in attractive way (Bridge and O'Neill, 2012).
Now this can be said that according to the above analysation it has been concluded that both
micro or small business firms are very important for each an every organisation in order to make
stability in the growth of development. Therefore, there are benefit of micro or small business
firms, which is given below:
Adapting to changing climate: This is the important benefit in which small or micro business
of economy play a vital role as a customer oriented in an effective manner. They provide better
services to their customers in order to fulfil their demand and need in a appropriate way. Along
with this they do all efforts in order to make their customer's needs.
According to my personal opinion it can be said that small or micro businesses have very
wide impact on the economy in order to increase the development of the company in an effective
manner. On the other side according to the above graph it has been analysed that in 2008
employees from micro and small business was 100 only. But according to my analysation I
observed that after these circumstances the employment level has been increased at high level as
this also shown in the graph. Therefore, it has been concluded that small and micro business are
very much well for the people because in this employees can learn several things and also able to
enhance their working level effectively. So that the level of these businesses can also minimize
the level of poorness easily.
P4. .
Social economy: It is developed by the diversity of firm and companies like mutuals,
cooperatives, foundations, associations, social companies and so on. It also share common
features and values such as social objectives and primacy of the individual effectively. These
economies help in the society in order to develop good environment for people in a particular
way. These are also helps in making technological environment in order to run their business in a
easiest way.
Micro or small businesses are very much necessary for playing the role in order to generate
growth of a nation in all the social or economical aspects. They are very helpful in order to
attract large number of people in an attractive way so that people can enjoy their goods and
6

services at affordable cost. It will help them in making huge contribution for developing
countries economy. Apart from this, it also helps in making attractive currency for the several
nations. This also helps in making good employment in social economy which maximise the
huge amount of rate. This is because mainly business firms hire a employees which can work
together at low wages so that the production cost can be remain in low manner. For this both
firms small or micro firm hire employees from lower society and also those people who are
much not educated (Burns and Dewhurst, 2016). This will help them in order to make good work
force which cost very low and have very good skills in a corrective way.
Through this concept small or micro business firms can easily provide job opportunist for
every individual so that they can get highly motivated in a good way. As both firms giving jobs
to people and fulfil their demand in a positive way. In which all types of people can get job and
make their future happy so that these firms are very necessary for making good future in this
competitive are of environment. Along with this, earning money will help them in making some
improvements in their living standards and also gives some benefits to life style of them. This all
help these type of employees in getting opportunities, so that they can come equal to other
people of society (Jones, Coviello and Tang, 2011). That's why both term are significant for
making people educated or minded in this challenging world.
Turnover: It is important for all business start-up or small business this because it gives
chance to attain goals and objectives in a good manner. Along with this, small business
technology are mainly based on the country's economy which make them powerful. Wherein,
business start-up always behave like an enterpriser with in the marketplace for satisfying the
customer needs and they are also answerable for execute the business objectives as well as
customer requirements in a good manner.
Importance of small business:
Small business are very much essential in order to contribute give contribution in the
local economies by bringing development and innovative ideas to the community wherein,
business is formed. Small business also helps in making and creating economic growth by
offering the employment opportunities to all people who are not be employer through the huge
corporations. Therefore, small business are very much essential to all people so that they can
easily increase their working efficient in order to make everything good in the organisation.
7

That's why its impacted on the social economies through which they can achieve their targeted
particular goals and objectives in an appropriate manner.
Small and start up business:
These are the effective part of the society and also good for people in which interested
people can take initiate in order to start their new business and start up effectively. Therefore, it
influences other people in a positive way. It includes in different things which are given below:
Create employment- According to this aspect for launching and starting a new business
an entrepreneur has to take initiate in order to select higher skilled people within the
organisation. So that this can helps people in order to learn several ki9nd of skills like related to
their job, education. Create employment is good for people because it reduces the various
barriers from the organisation.
Local improvements- This is a kind of project which protects the organisation from
many environmental issues. It also provide benefits to the neighbourhood rather then the
municipality. It also improves the taxation rate in an effective manner.
TASK 3
P5.
Entrepreneurial mind set: An entrepreneur is a person or individual that can added the
value whether they develop something or they work for an organisation. Entrepreneurial mind set
depends on the anyone in order to take proper decision for their business or any start up
effectively.
Importance of entrepreneur:
entrepreneurs are the essential part of the every business because they can change world
wherein all people are living. For them it is very achievable in order to creating something for
people in an effective manner. They can improve the standard of living by using the different
things in order to gain competitive environment effectively.
Entrepreneurs are the self employees person who operate their business through their own
efforts. It is necessary for each and every entrepreneur to have have good characteristics, skills or
traits and also have effort to manage or control management business activities. On the other side
managers are also individual who are work in the under of leader's and their instructions.
Entrepreneurs are comprises with the managers as they have capability to control business by
8

own their work. In regards with two famous entrepreneurs of UK who take care their business by
good efforts (Burns, 2016). So that traits and skills or characteristics of two entrepreneur are
discussed, which are given below:
Mark Zuckerberg
He is a successful American technology entrepreneur and also a famous tycoon in the
business. He is also the founder of Facebook as well as known for co funding. According to
their own efforts and traits he managed or controlled whole information for their entire business
and make them successful globally.
Steve Jobs
He is a American business magnate and investor as well as a famous entrepreneur. He was the
co-founder, chairman and CEO of Apple Inc. He had lot of efforts in order to become successful
business tycoon in an effective manner. In regards with, few traits and characteristics of
successful entrepreneur is given below:
Characteristics
Believe: He is one of the entrepreneurial who believe in himself. It is necessary for each
entrepreneur to faith in themselves. They run their business by their own capability. Along with
this manage the company in order to follow leader's instruction for achieving desirable goals and
objectives in a good way.
Traits
Creativity: This is very important term for every entrepreneur in order to make successful
entrepreneur with lot of creativity. In is also essential for entrepreneur to have innovative mind
so that they can easily make or develop the product or goods with invented features that helps to
attract consumers in a positive way.
Skills
Self reliance: This is the most attractive skills for an successful entrepreneur by this they
dependable on their own work in an effective manner. Wherein, company's managers are not self
reliance.
P6.
Every individual who is an entrepreneur are having their own skills which help them in
attaining their goals and objectives in their business. The one can make use for their traits or
9

skills for enhancing their business growth and achieve the high success in the life of business.
There are some skills which is to be required in an personality of an entrepreneur, these are
outlined as below -
 Openness – The one who is an entrepreneur must be open minded and delightful in nature
so that they can easily attain their targets. The entrepreneur are very fond of learning new
things by which they can makes changes in their skills and can improve their pract9ocal
knowledge and can implement their skills in their working of the business and attain the
higher growth.
 Extraversion – This is the skills which tells about communicating and interacting more
with the peoples of the economy. This skills in an entrepreneur lead them to achieve great
success in their life and also this nature of interaction will help the one to attain more and
higher profits in the business (Choi and Majumdar, 2014).
 Conscientiousness – The one as an entrepreneur must have the proper knowledge and
sense of mind to think and make many innovative ideas, and then implement it in the
working of their business and attain the success.
 Need for power: It is the very well known term which was established by the reowned
psychologist David McClelland in the year of 1961. For this they think that can achieve
society like their people needs and wants effectively. Therefore, it reflects the
entrepreneurial personality effectively.
 Need for a control: It totally depends upon the people because it shows the requirement
of them and what they are thinking about their work and what they need to control in a
positive manner. With the help of this an entrepreneur can build their proper mind set in
order to control on the unnecessary aspects.
 Need for achievement: It is based on the people desire in order to accomplish the
knowledge skills, hogh standards or control in an effective way. According to this term
people can make those things by which they can make effective goals in a proper way. In
regards with entrepreneur they always make good strategy in order to fulfil the goals
effectively.
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TASK 4
P7.
It is the activity of designing, launching or initiating and runs business successfully. In
this people who always generate good ideas or thought in order to start business that is also
known as entrepreneurs. It is also identified the willingness or development of organizations in
the small or micro business sector with in the different kind of risk in order to earn profit in an
appropriate manner (Grégoire, Corbett and McMullen, 2011). Now it can be said that all sources
of new ideas that easily converted in to the successful product and services in a effective way.
Personality of any entrepreneur is based on their family background, and their experience. There
are different types of factors which influence the skills or ability of entrepreneurship, are given
below:
Education: This is the very basic factor which commonly influence the skills of
entrepreneurs. If an individual provide lot of knowledge or skills than it can affects other people
in a positive manner, so that they can easily start their business or new start-up. For example:
Mark Zuckerberg does not exist from computer science background but their parents are
psychiatrist and mother is doctor but apart from this he is attaining excellence in his piece of
ground on the other side Steve jobs belongs to the background where his father is machinist.
Steve jobs learned this type of things from their father and also started thinking of advanced or
innovative ideas and become the co beginner of Apple (Fayolle and Gailly, 2015).
Family background: It is the other significant factor that influence people's skills or
their ability to think. If an individuals comes from the challenging family then entrepreneur
should better understand the value of currency in order to take initiatives. This type of process in
learning creates lot of energy in the learning ability of employees in a good way. For example:
Mark Zuckerberg belongs from a well acknowledged family and their parents are well educated
which highly helps in making better understanding as compared to Steve jobs whose parents are
not much enlightened but still has modern mind and captured larger share in market by their
good ideas or thoughts.
Social networks: According to this if an individual are good in making relationship with
others than he is able to attain more and more experience on the behalf of social networking of
their family. As per this entrepreneur can earn from their family and their experience as well
which helps in making good relations with other people. In this individual are able to learn nre or
11

different things which all are connected with social network (Fisher, 2012). Mark Zuckerberg got
this significant in order to learn new things from their father and mother that will helps in
achieving the goals and objective in a effective manner.
In context to Jan Koum is a Ukrainian American successful entrepreneur as well as
computer programmer. He was the CEO and co founder of Whatsapp which is an application of
mobile was adopted by Facebook in the year of 2014 February. He was the successful
entrepreneur as well because he has the habit to encourage people in an effective manner. With
the motivated nature they worked so well in the organisation.
Education background: on his job carrier he was assigned to the new search engine at
Yahoo in order to inspect the whole security levels at the time of company systems and
advertising effectively.
Family background: He was born in the 24 february 1976, in Kyiv Ukrainian SSR, and
he was the only child for their parents. He lived very much simple life in the small village and
that was disrupted through the chaotic political environment effectively. So that he is not from
higher family but now he is very famous entrepreneur who was born in order to effective things
properly.
Therefore it defined the several concept of entrepreneur those are influenced by their
family background or experience as well. The affects of learning or experience motivate and
encourages the people in order to gain competitiveness in the current environment. Mark
Zuckerberg has also gave the example which refers the risk taking factor and also tell about their
family background and knowledge skills in an effective manner.
CONCLUSION
From the above mentioned report, it has been concluded that entrepreneurship is the
process of starting and running a business of their own and ready to bear all risk and maximise
the profits. Along with this the different types of entrepreneurial ventures are also been discussed
which will help them in the development of the nation and provide the welfare to the people of
society. In addition with this, there are many skills of an entrepreneur which has been discussed
12

above in the present report which will help them in attaining their business goals and also lead to
high success. Lastly, the history and past experience of the entrepreneurs will also help them to
improve their performance and motivate itself to attain more profits as compare to their past.
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