Entrepreneurship: Ventures, Typologies, and Impact on Economy

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Various entrepreneurial ventures and typologies..............................................................3
P2 Similarities and differences between entrepreneurial ventures.........................................4
TASK 2............................................................................................................................................5
P3 Interpret data illustrating micro and small businesses on economy..................................5
P4 Importance of small business and start-ups for growth of social economy......................6
TASK 3............................................................................................................................................7
P5 Characteristics traits and skills of entrepreneurs and difference between entrepreneurs and
business managers..................................................................................................................7
P6 Aspects of entrepreneurial personality on entrepreneurial motivation and mindset.........8
TASK 4............................................................................................................................................9
P7 Background and experience hindering or fostering successful entrepreneurs..................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is ability of a person to innovate new ideas and turn it into business along
with risk attached to it. The major aim is to earn profit from the business. There are a number of
different typologies as well as entrepreneurship venture which are opted by a number of
entrepreneurs. There are also a number of different small, micro and large organisations which
are impacting the economy of United Kingdom (Smith and Kaminishi, 2020). The present report
also focuses upon various skills, traits and characteristics of entrepreneurs. There a discussion on
different background and experiences affecting entrepreneurship decision-making and business
activities.
TASK 1
P1 Various entrepreneurial ventures and typologies
There are a number of different type of ventures which are mentioned below:
Survival ventures: They are the small entrepreneurship businesses which start with a need to
fulfil their financial obligation. MOMA food is an example of such business which is running at
low operating cost in order to meet all its financial obligations.
Lifestyle ventures: These are the micro enterprises which focus on building a culture specific
entrepreneurship. Some of the example of such business can be small retailers like SGS products
working in United Kingdom.
Growth venture: Growth ventures are the ventures whose major focus is on expansion. They
focus on surviving in the market for a longer period of time. Examples for such organisations can
be large entrepreneurship businesses like virgin group.
Typologies of entrepreneurship are
Small business entrepreneurship: These are entrepreneurship started with small capital and
have family members as their employees. Grocery stores, travel agents, various internet, store
can be example of such business.
Scalable start up entrepreneurship: Scalable enterprises are those who start a business with a
vision to bring a change. Human resources required by these organisations need to be scaled.
Facebook is an example of such business.
Social enterprises: Social entrepreneurs are those who start a business in order to serve the
society. They look towards various social issues and solve them with their business. They can be

profitable, nonprofitable or a hybrid of both. World health organisation is an example of such
entrepreneurship.
Large company enterprises: These are the already existing businesses in market who come up
with a number of new innovation in their already existing products. Major motive of such
business is to capture market share and expand their business. Tesco, Unilever, Sainsbury are
examples of such business (Huezo-Ponce and et. al., 2020).
P2 Similarities and differences between entrepreneurial ventures
Similarities and differences between such businesses are mentioned below:
Similarities Survival venture Lifestyle venture Growth venture
Objectives They aim at
surviving in market
for a longer period
of time and bring
sustainable
development.
They also aim at
surviving for a
longer period of time
and run its operation
effectively.
Their major aim is to
focus on longer
period of time and
sustainable
development and
increase their profits.
Differences Survival venture Lifestyle venture Growth venture
Capital required They seek
investment from
family and friends.
They invest in
business with the
help of loans from
commercial banks or
financial institutions.
They already have
huge amount of
profit from which
they can organise for
investing in new
products or services
Flow of work Flow of work in
these organisations
are slow as they seek
for investment at
every level of
business.
The flow of work in
these businesses are
from top-level
management which
is governed by
entrepreneur.
The board of
directors are the top-
level management in
the business who
manage the flow of
work