Report on Kinds of Business Ventures

Entrepreneurship and Small
Business Management
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Table of Contents
Introduction......................................................................................................................................2
P1: Provide an introduction to the report by examining different types of entrepreneurial ventures
and explaining how they relate to the typology (different types) of entrepreneurship....................3
P2: similarities and differences between different types of entrepreneurial ventures.....................4
P3: assess relevant data and statistic to illustrate the impact micro and small business has on the
economy...........................................................................................................................................6
P4: explain the importance that small businesses and business start-ups on the growth of the
social economy................................................................................................................................7
P5: what makes a successful entrepreneur and explore whether entrepreneurs are born or made
and whether entrepreneurship skills can be learned over time........................................................8
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.............................................................................................................................................8
P7: Examine, using relevant examples, the factors that hinder or foster entrepreneurship.............9
Conclusion.....................................................................................................................................10
References......................................................................................................................................13
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Introduction
Entrepreneurship can be defined as the process of designing, launching as well as running a new
business venture. It has further been described as the capacity as well as overall willingness to
undertake the management of a business venture as well as risks so as to make a substantial
amount of profit (Adebisi, Azeez and Oyedeji, 2016). Increasing the entrepreneurial activity in
any nation produces employment opportunities for the residents. It further gives a chance
towards the best utilization of knowledge and expertise possessed by the person which can be
employed so as to gain revenue and income source (Bruton and et.al., 2015). The focus of
present report is thus on understanding the different kinds of business ventures and
distinguishing between them in terms of similarities and differences that exist between them.
Focus will also be given on statistical facts about its impact on economic activity at local,
regional, national and global level. The last section will deal with assessment of entrepreneurial
mindset as well as examine a different environment that fosters or hinders the process
entrepreneurship.
P1: Provide an introduction to the report by examining different types of entrepreneurial ventures
and explaining how they relate to the typology (different types) of entrepreneurship.
The different kinds of entrepreneurial ventures and their relation to typology have been discussed
in below mentioned sections;
Small business entrepreneurship – These include small businesses such as grocery stores, travel
agencies, carpenters, consultants etc. that is a run by a person or group of them. Local employee
or the entire family is hired for doing the job and many of them make a bare amount of profit.
Their definition of success is in terms of feeding the family or indulging in small luxuries such as
travel and not to make profit or take over the industry. Further, they do not have scale to attract
venture capital and funding is done through family, friends or small business loans. With respect
to UK economy, there is a presence of around 5.2 million small businesses that account to 48
percent of employment opportunity as well as 33 percent of private sector turnover (THE
REPORT ON SMALL FIRMS 2010-2015, 2015). Hence there level of working may be small
but they still make a good amount of impact on the economy.
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Scalable Startup Entrepreneurship – these entrepreneurs are the one who starts the business with
an aim to change the world and they also attract investment from investors as well as venture
capitalists by hiring the best and brightest. They continue to search for business model which is
repeatable and scalable. These are generally the risk takers and can earn increase their revenue
sources without any sky high incremental costs. With respect to UK economy, startup firms are
booming in number and since the year 2011, the annual startup rate has increased from 440600
to 581173 in 2014.
Large Company Entrepreneurship - these are large sized companies that grow tough innovation,
new product, and service offerings and work as per change in consumer taste; new technology,
legislation, competition among others (Shepherd, 2015).
Social Entrepreneurship – These are the innovators that focus on creation of product and service
so as to solve the problems and social needs. But their major goal is to make the world a better
place to live in and not to focus on market share or create wealth for the business owners.
Recent times have seen a huge flourishment in the social entrepreneurs of the UK whose number
is around 70000 and it employs about 1 million people. There is a huge acceleration in overall
growth and more than half of them are under 5 years old (Grene, 2015).
P2: similarities and differences between different types of entrepreneurial ventures
Small business
entrepreneurship
Scalable
Startup Entrepreneurship
Large
Company Entrepreneurship
Social
Entrepreneurship
Roles They provide
different kinds of
jobs to millions of
people.
They create more
employment opportunities
than Small businesses and
also contribute towards
economic dynamism through
innovation and competition.
They bring big ideas in the
economy (Adebisi, Azeez
and Oyedeji, 2016).
To remove the problem of
unemployment form the
economy and ensure towards
proper use of resources.
They further act as a source of
government revenue in form of
taxes and help in development
of basic infrastructure and
agriculture.
These play the role
of change agents by
working on the
mission to create and
sustain social value
(Schaper and et.al.,
2014).
Charac Independently Created newly and recently May or may not be May or may not be
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