Factors Influencing Entrepreneurship and Success Stories

Entrepreneurship and
Small Business
Management

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Part 1
P1:Types of entrepreneurial ventures
Entrepreneurship is an essential factor for the development of economic system.
Different types of entrepreneurial ventures have special purposes and business structures.
Besides that, starting up a new business venture is the best example of entrepreneurial
ventures (Baker, 2007). The intrapreneur and entrepreneur are different as entrepreneur is a
person who begin the new business with new plans and the intrapreneur is a person who
presents an employee and encourage innovation within the boundaries of firm. Along with
that, the entrepreneurial ventures are divided into some significant factors such as sole
traders, public limited, partnership and franchise entrepreneurial ventures. Each and every
type of entrepreneurial ventures is discussed below:
Sole traders: a single proprietor has owned this types of entrepreneurial ventures. In
addition, the sole proprietors have all power of attorney in their hands. Moreover, one and the
only sole proprietor has all decision making authority in this types of entrepreneurial
ventures.
Public limited company: with the help of governmental support and shareholders’
contribution, the public limited companies includes a top managerial performance. Along
with that, these types of entrepreneurial ventures are based on privately and state-owned
businesses (Bragg and Bragg, 2005). Moreover, the public limited entrepreneurial ventures
maintain professionalism and do not propose their private parts to a general group.
Furthermore, the shareholders have also decision making power in limited entrepreneurial
ventures.
Partnership: The partnership entrepreneurial ventures are termed as small businesses
which are handled by two different proprietors. Along with that, the annual gross profit is
divided into both partners of the partnership entrepreneurial venture. Moreover, both
proprietors and partners have equal decision-making authority or power in the entrepreneurial
venture in small business (Cooper and Vlaskovits, 2005).
Franchise entrepreneurial ventures: this types of small business can be defined as a
specialist takes the initiative to make collaboration with leading organisation and supply their
products and services. In other words, franchise entrepreneurial ventures mean an individual
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can negotiate and make thoughtful approach between leading organisation and approved
individuals (Drummond, 2009).
The above mentioned entrepreneurial ventures are included in the typology of
entrepreneurship. In addition, the roles and characteristics of micro, small and medium-sized
organisations are discussed. Along with that, serial entrepreneurs includes some important
traits and qualities which differentiate them from entrepreneurs and owner managers. A
successful serial entrepreneur is a true motivator and effective leader, and he/she has proper
vision to accomplish desired goals and objectives. On the other hand, a common entrepreneur
who might be involved with franchise entrepreneurial ventures has not motivational skills and
leadership qualities to the business successfully (Epstein et al., 2010). Moreover, the
managers have the specific role to play in an organisation and the managers just control and
manage operational processes according to the directions of the leaders of the business.
P2 Similarities and differences of various entrepreneurial ventures
Private limited entrepreneurial ventures: the private entrepreneurial ventures
belong to one proprietor who has all decision making power in own hand. In addition, the
private limited entrepreneurial ventures can be considered as sole trading (Hansen and
Christensen, 2014). Moreover, the major difference between private entrepreneurial ventures
and public entrepreneurial ventures are that private entrepreneurial ventures are controlled by
one proprietor, but public entrepreneurial ventures are controlled and managed by the
government. The similarity between these two entrepreneurial ventures is that the people who
are working inside the organisation have faith and trust in their leaders.
Public limited entrepreneurial ventures: the public entrepreneurial ventures are one
kind of partnership entrepreneurial ventures which includes two partners such as government,
shareholders and business owner (Hiriyappa, 2009). In addition, a significant difference
between public entrepreneurial ventures and social entrepreneurial ventures is that public
limited enterprises earn a good profit after each year, but voluntary limited or social
entrepreneurial ventures do not earn a good profit because they depend on trust agencies for
funds. In terms of similarities which is nothing expect the managerial scale of entrepreneurial
ventures.
Social enterprises: These types of entrepreneurial ventures are working for social
help, and the annual turnover of social enterprises is not very high due to many financial
problems. Talking about the differences between private entrepreneurial ventures and
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voluntary social entrepreneurial ventures are very clear such as private entrepreneurial
ventures have one proprietor, but the social enterprise has many decision making people. In
addition, a similarity is nothing between private entrepreneurial ventures and social
entrepreneurial ventures (Hollett et al., 2002).
M1:Demonstrating understanding of entrepreneurship in both private and public sector
The examples of various entrepreneurs across public,private and social enterprise can
be as follows-:
1)Philip Green-He is the current CEO of Arcadia Group. He purchased various clothing and
retail stores which in turn gave him a huge amount of profit and dollars/The main objective
was to earn bulk of dollars by expanding the business more and more.
2)Florence Nightingale-She was a social entrepreneur who was the founder of modern
nursing. She had made many efforts to enhance the hospital conditions in UK. The main
objective was to provide better facilities to the patients(Hollett et al., 2002).
D1:Examining the scope, development and growth of entrepreneurship ventures.
Since entrepreneurship allow the development and utilization of innovative plans and
ideas,maximizing the use of resources and developing managerial skills all these factors are
important for the economic growth of organization. This will also enhance the productivity of
organization.
P3: Micro, small and medium entrepreneurial ventures
The business structure and size is completely different in micro, small and medium
entrepreneurial ventures. Micro entrepreneurial ventures include little economic stability, and
few employees are working in the micro-entrepreneurial ventures. On the other hand, small
entrepreneurial ventures have bigger business structure and larger profit scale than micro-
entrepreneurial ventures. In addition, medium entrepreneurial ventures include limited
employees and customer including proper business structure and good probability (Hussey
and Ong, 2012).
Differentiation between domestic and international economy
Domestic Entrepreneurship International Entrepreneurship
Understanding the legal regulation for setting
and continuing business operation is easy.
Understanding international regulation of
business is time confusing and difficult.
Need no major advertisement and promotion understanding market and promoting
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