Entrepreneurship Types and Development

This assignment explores different types of entrepreneurship, including social, small business, scalable ventures, and more. It analyzes theoretical frameworks like institutional theory and process theories that influence entrepreneurship development. Students are tasked with understanding these concepts and their practical applications in the context of business management.

Entrepreneurship
and small business
management

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
P1 Entrepreneurial ventures and their relation with various typologies of entrepreneurship 1
P2 Differences and similarities between entrepreneurial ventures.........................................2
P3 Influences of small and micro business on system of economy.......................................4
P4 Importance of firm start-up's and small business..............................................................5
PART 2............................................................................................................................................7
P5 Skills, characteristics and traits of entrepreneurs..............................................................7
P6 Entrepreneurial attribute effect their mind-set and encouragement..................................8
P7 Background and experiences can foster and hinder their working...................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is the process of designing, planning, coordinating, launching and
running new venture of business. It deals product and services of the concerned business. Before
starting any business, entrepreneur should interpret the possibilities of failure and success of
starting business organisation. Entrepreneur should analyse condition of market and its changing
style. Entrepreneur should take care of implementation of innovative ideas and thoughts in the
market (Bruton, Ahlstrom and Li, 2010). It should also take measures to fulfil unlimited demand
and desire of customers by the limited resource of concerned business. The purpose of this
analytic thinking is to identify the different types of projects and categorisation by understanding
the attributes of business. This will also give assessment of influence of business on national,
local, regional, and international regions. It helps to assess the purpose and experience to take
preventing and fostering the skills of entrepreneurship.
PART 1
P1 Entrepreneurial ventures and their relation with various typologies of entrepreneurship
Individual entrepreneur has executed business functions with resources which are limited
and make their company successful while managing risk.. Some plans of business cater new
inventions, productive, ideas and innovation working despite on existing business model
(Awogbenle and Iwuamadi, 2010).
Besides success stress and probability of getting failure, they learn from their experiences
and they themselves encourage to do new innovative work. Venture of entrepreneur is an
journey full of adventurous business which is administrated for business functioning with having
their resources limited by adjusting them according to the requirements. Some enterprise of
business are mentioned below as:
 Small business: Venture of business refers to every small firm which is owned by a
particular person. Purpose of this business is to earn for their living, spending in bills and
capable for indulgence making. Business consists of agents of travel, electronics, stores
of grocery, saloon etc. They manage assistance of finance with friends, family and loans
from friends for meeting the requirements. Scalable start-ups: Scalable business help in revenues meeting without any price where
they are incremental. Such risk are taken by an entrepreneur for venture development and
enterprise example is Bangalore, shanghai, silicon valley etc.
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Large organisations of entrepreneur: These organisations generate revenues of increments and
development which use their innovative description method for modifying and developing
sustaining market products.
Social entrepreneurship: They focus over betterments of social and world transformation as a
place of effective service (Desai, 2013).
Different types of ventures of business which are related to distinct typologies are mentioned
below: Survival venture: Enterprise of an small business are related with entrepreneur small
business which are mainly having a learning focus and aim of surviving. Lifestyle venture: The believes of ventures are developing and growing as per their
market and venture conditions by alternative strategies are made, structure and
objectives. Serial venture: They ventures are innovation seeker and ideas inventory, working styles
and methods help in managing industry with new thoughts, operational activities and
ideas of an enterprise.
 Female venture: It makes a women empower and supports society higher living for new
ideas communicating or society innovative.
P2 Differences and similarities between entrepreneurial ventures
Venture Similarities Difference
Small and social
entrepreneurial
1. Sorting of both ventures use
different innovative and
creative ideas for meeting their
determined results in a proper
manner.
2. Major aims of both
companies is giving services to
customers and selling
products.
Venture of a small business are
formed for attaining their
benefits maximum whereas
entrepreneur social aims of
segmenting, problem solving
and society problems.
2. Social venture solve
problems which are major and
country barriers for making a
place of work better.
3. Major objectives and goals
of social ventures is to serve
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the services distinct to persons
who are suffering from a
miserable conditions.
Large and scalable
entrepreneur
1. Both scalable and large are a
venture of entrepreneurial
which is aiming perception
and structure changes of a
market way and
merchandising.
2. Main motives of these
venture types are earning
many benefits out of functions
of several operated of
enterprise.
1. Scalable entrepreneur
contains resources and small
spending. Other hand
organisation which are large
contains loss and benefits are
exact.
2. Venture of scalable help
companies in sustaining and
improving their ideas.
Lifestyles and serial venture 1. Carrying same aims which
are implementing various ideas
of place of market business.
2. Both hard work and work
brighter for giving ideas
(Djankov and et. al., 2010).
1. Companies of lifestyle
business are not consolidate
with companies of small
business. Other hand venture
of serial seek for every
opportunities which are
possible and business growing.
2. Venture of lifestyle supports
assets and services for comfort
of human where on other side
venture of serial venture are
long for thoughts having
distinct and ideas help in
functioning of business
smoothly.
Female and male 1. Male and female both work 1. Entrepreneur which are male
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entrepreneurial for their desired objectives ,
both work hard and goals in a
proper manner.
2. Include knowledge and
skills equal.
are easily take their decisions
and on other side females
entrepreneur can face different
problems and handed
conditions consequences.
2. Entrepreneur which are
female are much sensible with
their work on making
decisions whereas male are
more ambitious.
P3 Influences of small and micro business on system of economy
Small business: It includes different kinds of association, sole business and partnership
where numbers of employees are low who function as per their goals and objectives for meeting
desired results. They include amount of employees 20-2000.
Micro business: These kinds of business are growing on level of very micro which are
able to includes amount of high employees among them. Organisations are sort attempts benefits
which are fair and results are desired for maintaining their whole work.
Medium sized business: In these kind of business companies they are having approx,
functions of 300 employees within a organisations and amount needed for benefits from incomes
and revenue.
Characteristics and nature of private, sole and partnership business
Private: These kind of companies are those organisations which are owned and functioned
individually as well as share personally of an market of enterprise (Drucker, 2014). These
ventures contains 50 shareholder approx are invested a high amount in their business.
Sole proprietor: These kinds of entities of business are formed by a particular person personally
who manage responsibilities of whole business their structure, functions and loss themselves.
Only individual people can hold impressibility are incurring in this type.
Corporation: Enterprises of business are owned by different shareholders which are having a
structure legislative and existence in a industry where they are working. Every shareholder is
having their share in companies which affect their making of decisions of companies as well.
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Start-ups of small business affects nation of economy and its markets in different ways which are
discussed below:
Local impact: UK after a Brexit period prefer and support more business which are small
and their start ups are a country of leading towards rapid growth and success. These companies
are changing successfully their trends, market structure and people interest while local markets
are managed of UK. Companies of local and their direct business impact on economy of an
nation are giving a large amount of tax while tax paying.
Regional impact: Micro and small business entities have major impact on market of UK
in many ways. Concept of regional marketing and various styles as per their concepts of business
which are small practices of an particular areas which are changing as per every region. Help in
meeting level of employment higher in UK after a period of recession. It is an impact of creating
on a system of national business as well as promotion of an ideas which are supportive.
National and international impact: Micro business and start ups play a very important
role in activities of domestic commercial and centres of international trade (Fayolle, 2013) . UK
market have their facilities rendered which changes employment more than 25 millions to
persons and more.
P4 Importance of firm start-up's and small business
Brexit: This is short form of word “British Exit”. It has come into existence on June,
2016 as per the judgement of authorities of United Kingdom. This is very famous issue which is
concerned with break down of European Union. The main motive was to implement the laws
and legislation of EU on whole market which is linked with United Kingdom. This is for
support the small business and starts up by providing occupational opportunity for state to
reduce the amount of tax. This will affect huge risk to political limitation and legislation
structure of nation.
There is difference between business start-ups and start up business according to their
values which take part in development and evolution of country are describe below:
Importance Businesses start-up's Small business
Economical factor and its
effects
It is important for the
management of organisation to
focus on to increase the
Small Business will help in
attaining the maximum
benefits to each organisation.
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opportunity of employment. It
is necessary for the country to
identify the element that in
market place. This area is
more important for the
organisation because it aids to
enhance the continuous growth
of country and also give
economical success to country.
About81% organisation get
proper support from start-up
businesses to improve their
performances.
In order to attain success and
growth of organisation of the
United Kingdom it plays an
important role in supporting
the organisation of United
Kingdom. More than 60%
employment raised by small
business organisation to the
people of country.
Conveniences in reduction of
employment and social
growth of employment
opportunity
Implementation of innovative
business can help to raise the
employment opportunities In
UK. It give in increment in job
opportunity which is
concerned with manage and
control the unemployment rate
of country.
Small business are the main
source of UK to implement
creative and new ideas in the
organisation. These ideas help
in development in processing
of products. And also aid to
enhance the quality of the
products.
Government income
increment through tax
This is concerned with the
recruitment of new worker
within the organisation which
is good for business to develop
and gain maximum advantage
which is very helpful for the
development of organisation.
It is small fundamental factor
of organisation which aids to
gain huge benefits to sale and
high rate of tax of product by
manufacturing them in the
state of country.
Economical and Social
Development
Organisation provide various
opportunities to people of
This is the main resource of
UK . Such business provide
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UK . It aids to reduce the
graph of employment. It aids
to enhance the standard of
living of the people.
lots of employment to people
of UK. About 98% private
sector and 60% public sector
create opportunities for
employment in UK.
Business starts-up and small companies pays an important in uplifting the economy of
nation, it also provide innovative techniques and ideas which supports them to growth and
development of the business firms.
PART 2
P5 Skills, characteristics and traits of entrepreneurs
Entrepreneur are the person who implement their innovative methods, ideas concepts
which are not implemented before. This is concern with introducing basic skills and traits of the
person who begin its entrepreneurial project. Taking examples of Mark Zuckerberg and Bill
gates. The qualities of these two entrepreneur are given below:
Hard Working: In order to attain goals and objectives Mark Zuckerberg work hard for the
organisation. These two entrepreneur posses good quality of decision making which aids to
explore and development of business in nation. This is very essential for the entrepreneur have
efficiency to take some important decision during meetings for attaining the important objectives
of the organisation.
Decision making and Risk Taking: Both entrepreneur are efficient in decision making with
some limitations during development of different strategies. These entrepreneur can start their
projects risk with the implementation of innovative technology for proper functioning of
business operations.
Motivational: An entrepreneur are the person who puts his efforts not only for growth of
organisation with various practices but also motivate the worker with their experience of new
ideas for the productive outcome. For this it is require to encourage and need proper guidance to
employee.
Skills and Attribute of the Entrepreneur Decisive Personality: It is important for the entrepreneur which help them to deal with
different factor concerned with marketing. They are capable of managing different types
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of marketing techniques and promotion in effective manner in order to attain goals and
objectives. Communication Skills: Entrepreneur determine goals and objective of the organisation
which help them in taking decision effectively for maximising the level of profits of
organisation. Determination: The entrepreneur are individuals who are determined for business to
achieve their objectives and also focus on the various types of obstacle and barrier related
to organisation. Zuckerberg and Bill Gates are giving appropriate direction which leads to
enhance the capability and development of the organisation.
 Opportunist: A good entrepreneur have better understanding for grab opportunity for
development of business firm which can benefits organisation for achieving their goals
and objectives.
Mark Zuckerberg and Bill Gates are efficient and successful leader of UK . They possesses
various skills and qualities for growth of the business firm. They are able to take effective
decision as per the requirement of organisation condition.
P6 Entrepreneurial attribute effect their mind-set and encouragement
The entrepreneur possess sound stimulation and mind set which help them to
development of various activities of business for attaining desire result in systematic way. Bill
Gates and Mark Zuckerberg have sound intellect and understanding which aids to take effective
decision -making of business organisation. They works on to improve quality of operations and
processes of organisation. They also take initiative steps to enhance quality of products. A
person have to maintain their culture , behaviour their lifestyle and traits for taking effective
decision making. The entrepreneur who have face with various problems and conflict,in their
past lives and business. They have capability to handle difficult situation in effective way. Brexit
is important decision for government of UK which inspire different businesses and give
opportunities of doing business within nation. This innovative business is aid country in creating
opportunity of employment. All entrepreneur have to determine certain risk in which they are not
able to succeed in the business operation. They motivate worker to tackle that particular failure
in order to repair them stipulated time frame. There may be different characteristics, nature and
traits but the methods have similarity in certain way:
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 Hard working: This is essential characteristic where the entrepreneurs accompanied
with different way for organising meeting in order to attain predetermine sales and
targets. These motivate employee for gaining appropriate outcome and increasing work
performances.
 Full of Losses: Mark Zuckerberg and Bill Gates bears good management skills. Besides
this both them have faced different issues like insufficient funds, resource, and time etc.
that led them to make complicated sacrifices for attaining their goals and objectives.
They motivate their employees by their transferring their experiences which aids to
achieve their gaols and target in effective manner.
P7 Background and experiences can foster and hinder their working
Entrepreneurship is a components which are fundamental depend entirely on capabilities
and skills of an entrepreneur as well as they meet details of education, personal experiences and
background etc. these components are having a major impact on abilities and power of single
which are given below:
 Family background: It is very important components which affect thinking way of
entrepreneur which if fully different from other once. Having high impression on making
decisions of particular person. Both Bill Gates and Mark Zuckerberg are having from a
different family with their backgrounds are distinct.
 Nationality: These components help in determining UK culture. Bill Gates belong to a
very different family created their own organisation and belong to a black health,
London. On other side Mark Zuckerberg was founder of a very famous social networking
site which is Facebook and enables in order to reach more and more people around the
world wide. Nationality factor always support him in order to do something new and
creative which never get perform by another other person (Rasmussen, 2011).
 Social network: It is very important components which impact directly on
communication and community system. Forms of networking are utilized with Bill Gates
and Mark Zuckerberg life in a effective manner. It involve fundamental and developing a
enterprise of an business. It includes family members, acquaintances and friends etc.
which style is contour decision making style of entrepreneur.
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 Education: Entrepreneur are highly impact on opinions and thoughts for making their
level of education of life are forms personality. It is a distinct wholly from a industry help
in manufacturing a new services and products in various styles.
Thus, it rely style, education, background of family, social network that how making of
decision by entrepreneur regarding opportunities are properly utilized (Neck and Greene, 2011) .
They are from a positive background, better making of decisions and more optimistic. On other
hand negative and worst background. Friends and family lead to a decision-making are worst of
an enterprise can create employees demotivation.
CONCLUSION
This has been determine from the mentioned report that small business organisation
plays a vital role in boosting the economy of the country various economical factor and giving
taxes. Brexit is most important decision which is taken by United Kingdom to give opportunity
to different small business to work in country. The roles of entrepreneur is very significant in
providing lots of employment to the people of UK. It aids them to implement their innovative
idea, their concept and methods which was not introduced earlier. It aids to development of the
business firms and creates lots of employment opportunities the people. It helps in raising the
standard of living of employee working in different organisation which was started by different
entrepreneurs. Although focusing over the probability of success and failure, entrepreneur
experience the lesson by their past lives and it help in motivate their employee to attain their
goals and objective of the organisation.
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REFERENCES
Books and Journals:
Awogbenle, A. C. and Iwuamadi, K. C., 2010. Youth unemployment: Entrepreneurship
development programme as an intervention mechanism. African Journal of Business
Management. 4(6). p.831.
Bruton, G. D., Ahlstrom, D. and Li, H. L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Desai, V., 2013. The Dynamics of Entrepreneurship Development Management: Planning for
Future Sustainable Growth. Himalayan Books.
Djankov, S., and et. al., 2010. The effect of corporate taxes on investment and entrepreneurship.
American Economic Journal: Macroeconomics. 2(3). pp.31-64.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Hlady‐Rispal, M. and Jouison‐Laffitte, E., 2014. Qualitative research methods and
epistemological frameworks: A review of publication trends in entrepreneurship.
Journal of Small Business Management. 52(4). pp.594-614.
Kiss, A. N., Danis, W. M. and Cavusgil, S. T., 2012. International entrepreneurship research in
emerging economies: A critical review and research agenda. Journal of Business
Venturing. 27(2). pp.266-290.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Meyer, G. D., 2011. The reinvention of academic entrepreneurship. Journal of Small Business
Management. 49(1). pp.1-8.
Neck, H. M and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Rasmussen, E., 2011. Understanding academic entrepreneurship: Exploring the emergence of
university spin-off ventures using process theories. International Small Business
Journal. 29(5). pp.448-471.
Online:
Different types of entrepreneurship: What’s best for your business?. 2013. [Online]. Available
through:<https://www.marsdd.com/news-and-insights/different-types-of-
entrepreneurship-whats-best-for-your-business/>.
4 TYPES OF ENTREPRENEURSHIP. 2017. [Online]. Available
through:<https://www.horsepower.ph/blogs/4-types-entrepreneurship/>.
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