Entrepreneurship Types and Business Success

This assignment delves into the diverse landscape of entrepreneurship, examining different business types such as micro ventures, startups, established firms, and those focused on high growth. It categorizes businesses into typologies like survival firms, lifestyle businesses, managed growth companies, and aggressive firms to highlight their operational differences. The study emphasizes the crucial role of micro and small businesses in national economic development and job creation. Furthermore, it analyzes the characteristics, skills, and motivations of successful entrepreneurs like J.K. Rowling, while also exploring local, international, and social entrepreneurship within the UK context.

ENTREPRENEURSHIP
AND SMALL
BUSINESSES
MANAGEMENT

Executive summary
The present report has covered types of entrepreneurial venture and types of typologies
which is related to entrepreneurial venture. It reflects similarities and difference between
entrepreneurial ventures and also shows some relevant data of small and micro businesses impact
on UK economy. The current report has discussed successful entrepreneurs, small businesses,
start up businesses, characteristic traits, skills and motivational drivers of successful
entrepreneurs which is different from managers. This report was discussed about three successful
entrepreneurs.

Table of Contents
INTRODUCTION...........................................................................................................................2
P1 Different types of entrepreneurial ventures that relate to typology of entrepreneurship........2
P2 Similarities and difference between entrepreneurial ventures................................................4
P3 Small and micro businesses impact on economy within relevant statistics and data.............8
P4 Importance of small businesses and business start up to growth of economy........................9
P5 Characteristic, skills, traits and motivational drivers of successful entrepreneur that is
different from other business manager......................................................................................10
P6 Entrepreneurial personality reflect entrepreneurial mind set and motivation......................12
P7 Background and experience hinder or foster entrepreneurship............................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
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INTRODUCTION
Entrepreneurship is heart of each and every business, large organization started out small
business control or lead by businessman. Entrepreneurship sequence is designed to build
businessperson skills step by step. The present report is based on different types of
entrepreneurial ventures and also explain their relation with different types of typologies. This
study clarifies the differences and similarities between entrepreneurial ventures and also explain
SME's businesses affect on UK economy (Dew and et.al., 2018). It justifies importance of start
up businesses and small businesses in growth of social economy. Moreover, this study shows
characteristic, skills and motivational drivers of successful entrepreneurs which is different from
business manager. This report explains entrepreneurial personality reflect entrepreneurial mind
set and motivation and also justify successful entrepreneurs background, experience that foster or
hinder them.
P1 Different types of entrepreneurial ventures that relate to typology of entrepreneurship
Entrepreneur- Entrepreneur is someone who practices initiative by managing business
to take benefit of any opportunity. In other words' entrepreneur is a person who take any venture
decision and decides how, what and how much of services and products will be manufacture. A
person takes many risks to run a business in marketplace known as risk taker. Entrepreneur
controls and monitors business functions and activities.
Entrepreneurship- It is the procedure of launching, designing and running new or
existing businesses, which is often a small business. The people who make these businesses are
known as entrepreneurs. It has been described as willingness and capacity to organize, develop
and managed a business along with many risks in order to make money.
Entrepreneurial venture- A person or individual who outset and run their business with
limited planning and resources and is responsible for overall rewards and risks of her/his
business venture.
Enterprise- The enterprise is business or firm, often medium and small ones, it is a task,
a willingness to take on new tasks, an undertaking venture. New start up business is an example
of enterprise, someone taking opening to start new business is known as enterprise.
Types of entrepreneurial ventures-
 Small size social venture- The majority of ventures in today's world is still small
businesses, in UK many organizations are small businesses and they employ 50% of all
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non governmental employees. They are generally just profitable, but they make money
only to balanced living standards and support their families. For example, Funeral care
is considered in small size social venture, they operate over than 1,000 funeral homes and
is the biggest funeral director in UK. In addition to their funeral home operations, they
run repatriation facilities; cemeteries and crematoria etc.
 Established organization- The company that is established as a mean for achieving
outlined business objectives has been refereed to as well established firm (Schimmer,
Geschuhn and Vogler, 2015). Established companies mostly run their business
individually, for example, TESCO is well developed company, operate their business
activities and functions effectively.
 Large size social venture- Large firms through sustaining creation or innovation, offer
new goods that are different around its core product. Large companies manufacture their
new products in order to meet or fit with changing consumer needs and modern
technology. For example, NHS is considered as large size social business venture, they
serve their services in many countries for the purpose of improving health of people's.
 High growth companies- High growth firm is any organization whose business
generates high revenue and significant positive cash flows. High growth and succeed
firms earn profit more than the other companies which maximize at significantly quicker
rates than all over economy. For example, Google is well developed and the most
successful company in the world. They serve their services at worldwide and earn profit
more and more rather the another.
Types of typologies-
 Survival firms- Medium size companies and non subsidiary small firms is included in
survival organizations. Survival firms provide basic support for businesses-person and
her/his family. Funeral care is one of the survival firm that may or may not be formally
registered and have very few assets.
 Lifestyle companies- Lifestyle ventures is a business run and set up by its founders
basically with aim of sustaining specific level of income. They provide better services to
their customers and earn profit and enjoy specific lifestyle. TESCO is considered in
lifestyle firm because they manufacture clothes and other products according to current
trends.
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 Social enterprise- Social firm is a company that utilize commercial strategies to increase
improvement in social, financial and environmental well being. NHS is performed for
well being development and improvement.
 Managed growth firms- Those companies who are growing faster than their competitors
and broader economy is called managed growth firms. Google is an American
international technology organization that is specialized in internet related products and
services.
P2 Similarities and difference between entrepreneurial ventures
Bases of
similarities
Small size social
venture
Established
organization
Large size social
venture
High growth
companies
Funding from
some venture
capitalist
Small size
venture run their
business and
serve service with
the help of
collecting funds
from their friends
and families
members. They
also gathered
funds from other
business capitalist
or money
investors.
Well established
companies take
funds within any
difficulty
situations or for
the purpose of
expand their
business.
Large size
venture funding
from banks and
investors which
helps to achieve
their desired goal
and business
objectives.
High growth
firms or business
ventures
implement new
high tech
technologies in
their business
which required a
lot of financial
budgets. Thus, for
new high tech
technologies, high
growth firms also
take some loans
from banks just
like large size and
other companies
do.
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Creative ideas Small business
does some
creativity and
create new ideas
in business to
make it successful
in marketplace
just like the other
firms.
Established
companies also
create creative
ideas which is
very essential for
business growth.
Large size
organizations
often creates new
ideas and
manufacture
products
according to it.
They offer
customers
different or
unique products
with the help of
creative ideas.
With the helps of
making creative
ideas these types
of venture will
grow more and
more rather the
others and place
business at high
platform.
Strong willed
entrepreneur
In small size
venture person or
business owner
have strong
willed power that
help to build
business and
make them able
to serve services
effectively.
Well established
companies also
run with the help
of strong willed
and minded
person.
Large size
organizations
generate high
revenue and
increase profit
because of strong
minded person
who make ideas
or take decision
as business
growth.
High growth and
successful
companies work
effectively and
perform at high
level because just
like the another
ventures they also
create new ideas
make perfect
plans Via strong
minded person.
Constant
innovation
Small size
ventures in some
extent does
innovation in
their business
Established firms
invest few of
money to
implement new
technologies in
Large size
ventures
continually
innovate
something new
Just like the other
ventures high
growth companies
also does
continual
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under their
budgets.
business just like
small size
business.
because they have
good financial
budgets.
innovation but
they have high
financial budget
more than the
another ventures.
Differences Between entrepreneurial ventures-
Bases Survival Life style Manged growth Aggressive
growth
Managerial focus Survival firms
focus on growing
their business
more than now.
Small or survival
companies earn
profit just to
fulfill the basic
needs.
Life style firm
also need to grow
business, but their
focus is to earn
money.
Managed growth
companies such
as Google focuses
on earn profit and
expand their
business at
international
level. Their
managerial focus
is different from
the other business
ventures.
Aggressive
growth companies
focus on using
new technologies
in their business
and improve
products quality.
Managerial skills Small size
ventures take
good decision it is
one of their
managerial skill
which helps to
grow and earn
profit because
they do not have
Lifestyle venture
are willingness to
learn something
new and different
from the others.
These types of
ventures does
some creativity in
their business as
Effective
communication is
one of the
managerial skills
which is essential
for business
growth. Large
size companies
perform including
Aggressive
growth
organizations
motivate workers
for enhance their
performance
which helps to
increase profit
and generate high
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funds much than
another ventures.
compare to small
size businesses.
effective
communication
because with the
help of this they
can find out the
best solutions
rather than small
organizations.
revenue.
Sources of
finance
Small size
venture take
funds from their
family and
friends.
On the other side
lifestyle venture
do not collect
funds from
friends they take
loan from
business
investors.
Managed growth
organizations
gather funds for
business growth
and earn profit
via bank loans
and make
agreement based
on partnership
which is one of
the best source of
funds used by
large firm rather
than the others.
Aggressive
growth
organization
gather funds via
partnership and
investors who
invest money for
new technologies
and upcoming
things.
Technology
investment
Small ventures do
not implement
any technology in
their business
they only create
some ideas.
Life style venture
such as TESCO
invest money in
technology
because they need
to fulfill the
needs of
customers.
These types of
companies invest
a lot for
implementing
new technologies
such as Google
always come up
within new
They invest
money in new
technologies as
the purpose of
rapid growth in
marketplace
rather than the
others.
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technologies
because they
invest a lot as
compare to
another
entrepreneur
ventures.
`Organization
structure
Small ventures
does not have
large business
structure. They
just have the flat
organization
structure.
Hierarchical
structure refers to
life style venture
because they
considered in
large ventures.
As compare to
other ventures
managed growth
such as Google
organization
follow
hierarchical
structure which
reflect their
business
operations
efficiency.
Divisional is one
of the
organization
structure followed
by aggressive
growth company
which is quite
different from the
another
entrepreneurial
ventures.
P3 Small and micro businesses impact on economy within relevant statistics and data
Micro businesses- It is usually defined as small business employing only nine people in
firm or less. In other words non domestic customer is defined as micro ventures because they
employ less than 10 workers and has a one-year turnover or balance sheet. Medium size
companies contribute 47% of revenue to UK economy, they play role as boosting productivity of
business, but still need support to enlarge their business in marketplace and increases impact. In
UK small business run effectively and hire less qualified people in firm which helps people to
survive their lives. Medium size organizations provide good offer to people's which help to fulfill
the basic needs of their lives. They contribute for improving UK low productivity as much higher
than the another country after Brexit. Medium size firms hire new people and give good salary
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which is quit good enough for them. They do not contribute as much as than small business but
still be beneficial for economy growth.
Small businesses- Small businesses are backbone or back support of UK economy,
opening new markets, driving growth and create jobs therefore its contribution is important
rather than the another. In UK there are 5.6 million small businesses run effectively and start new
business more and more. They consistently grow as compare with past few years, small ventures
give high contribution in economy growth. They accounted for 99.3% of all the private sector
businesses at beginning. Small businesses offer 16.3 million job or employment opportunities to
economy which helps to maintain their living standards. SMEs earn more than £2.0 trillion and
generate high profit revenue. After Brexit people will face many difficulties in their lives they
will not be able to fulfill their basic needs, small businesses support at this moment they hire new
and low qualified individual. They make some innovation in their business which is beneficial
for business expansion. With the help of innovation they offer the best services and products to
customers which helps to generate revenue and increase profit. High profit means good salary
that balance lives of people in economy more and more.
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Illustration 1: SME's Contribution
(Source:SMEs in the UK, 2017)

P4 Importance of small businesses and business start up to growth of economy
Important of small businesses-
Small businesses contribute to economies by bringing innovation ad growth to social
economy in which ventures is established. They also support stimulate or local economic growth
by offering the best employment opportunities to each individual who may or may not be
employable by biggest firms. 27 million Small businesses in UK generate 50% of GDP, they
contribute to growth. They work in several essential areas of socioeconomic and economic
development. After Brexit many people loss their jobs and face issues or difficulties to survive
their lives. SMEs is ones who helps to overcome people within impact of Brexit and play
important role as life saver (Hillary ed., 2017). They offer people a lot of employment
opportunity and helps to survive in lives and make them able to fulfill the needs of their families.
Small business will be able to develop good consumer relationship which is one of their key
benefit, they generally lean staffing that is as advantage for them. They are important for
economy growth which in results effect economy is huge. They are quick because small business
adopt changing marketplace situations and goods innovation quickly
Businesses start up importance in growth of social economy-
Start up ventures may be small organizations but they play important role in growth of
social economic growth. They create jobs more which means high employment and more
employment reflect as improved economy. Start up businesses mainly focuses on creating their
image in marketplace better than the others in which they make all the efforts and manufacture
innovative products and services with the help of employees or group of people. Not only that,
new businesses also contribute to UK economic dynamism by prodding invention and injecting
competition. Innovations is one of the main driving force of start up ventures behind economic
development and improvement and also increase productiveness in knowledge based society.
They are very important for economic growth and development of nation or any country.
P5 Characteristic, skills, traits and motivational drivers of successful entrepreneur that is
different from other business manager
Entrepreneurial mind set define particular state of mind which orientates human conduct
towards businessperson outcomes and activities. Individual with this mind set are often draw to
innovation, opportunities and new value creations (Huggins, Prokop and Thompson, 2017).
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Entrepreneur need to find out the best or new marketplace for their existing goods and services
which increase profit margin of business.
Growth mindset, business, dreamer mindset etc are considered in types of mind set.
People with Dreamer mindset have the capability to think big and dream big. These people love
to believe that every thing in the world is possible to gain or achieve. People with dreamer mind
set have ability to bring up with incredible visions for better future. Business mind set is one of
the best mind set personality. Person with business mind set love to offer services or products to
customers and help change the world. Growth mindset is one of the most amazing and
wonderful mindset, individual with this mindset have feeling and drive to grow more and more
than the others in marketplace via business, they always improve itself. They like to challenge
themselves and perpetually being good or better than yesterday.
Entrepreneurial mind set is important for business growth and success, with the help of
appropriate mind set people run their businesses effectively and achieve goals.
Characteristic of successful entrepreneurs-
 Self motivation- it is one of the best characteristic of successful entrepreneur, when
someone need to succeed in business and need to be able to push themselves, it means
he/she has self motivation characteristic. With the help of this characteristic person will
grow more and more and plan to keep moving business towards success.
 Risk taker- In business it is important to take risk, successful entrepreneur know that
thing. Successful businessperson always ready to take risk and work effectively under a
lot of pressure, which is one of the another characteristic. Passion- Successful businessman are passionate about work and need to perform
effectively in business world. People with passion characteristic mainly focuses on their
services, products and missions.
Differences between characteristic traits, skills of manager and successful entrepreneurs-
Bases Manager Successful entrepreneurs
Characteristic Manager is a person who take
some decision in firm nothing
more than it, they have limited
power which they can use at
some extent. Manager
But successful entrepreneur
will be able to take any
decision in business without
any discussion with its peers.
They have the authority to
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effectively communicate with
their staff members.
make plans, guide people how,
who will perform in
workplace.
Skills Manager solve problems with
the help of getting suggestions
via higher authority. They will
be able to find out the best
results in some level.
Successful entrepreneur solve
the problems but work harder
than manager of any firm.
They will be able to listen
employees issues which create
difficulties in its performance
and then make the final
decision.
Motivational drivers Good salary package, rewards
based performance, incentives
are included in motivational
drivers that motivate a
manager.
But as compare to manager,
successful entrepreneur
motivational drivers is much
higher than manager. Business
opportunities and expansion
process is considered as
successful entrepreneur
motivational drivers.
Some people agreed that successful entrepreneurs was more made than born. 5%
entrepreneur is born with innate abilities, on the other side 95% person are made by own life
experiences. They learn different types of characteristic within surviving period of their lives,
such as J.K Rowling, she is the author of much loved series of seven harry potter novel ( Kim-
Soon, Ahmad and Ibrahim, 2016). They get inspiration from her past lives in which they face
many problems and difficulties, thus after all these happen she still overcome and grow more and
more consistently.
P6 Entrepreneurial personality reflect entrepreneurial mind set and motivation
Big five personality traits known as OCEAN model, which is based on common language
descriptors.
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Openness to experience- Successful entrepreneur always be ready and curios to work or
perform effectively. It reflects degree of mental curiosity, preference and creativity for novelty.
J.K Rowling complete their education in St. Michale's primary school, they like to learn
something new or different in their lives. Openness traits has been shows in JK Rowling when
she was young teenager and her aunt gave her copy of Jessica Mitford's autobiography, after
reading the book she feels that they can write a novel.
Conscientiousness- It defined tendency to dependable and organized, reflect self
discipline, aim for achievement and like planned more than spontaneous nature. J.K Rowling is
conscientious about her work which helps to write their novel such as series of seven harry
potters.
Extroversion- High extroversion is often detected as attention, domineering and selling
something new. J.K Rowling is seeking to find out the new things she tries to identify something
different which helps during wiring novels.
Agreeableness- J.K Rowling is cooperative and compassionate women, she trusts and
helps other people in their lives. She is single parenthood and divorce lady, she survives in its
lives and change failure situation as liberating.
Neuroticism- The tendency to experience unpleasant emotions such as anxiety, anger,
depression etc. J.K Rowling face difficulties in her live but still she fights and know become
great author of Harry porter novel part seven. After her failed marriage, she was jobless with
dependent child, but she allows her to concentrate on writing and develop confidence that she
can do anythings.
P7 Background and experience hinder or foster entrepreneurship
Local entrepreneur- James Dyson is a British entrepreneur, founder of Dyson Ltd. He
is best known as inventor of Dual cyclone bag less vacuum cleaner. His father died of cancer
which is one of the reason that inspire him and helps to make a successful entrepreneur in UK.
He is specialized in manufacture or designing vacuum cleaners and other electronic products.
International entrepreneur- Richard branson is one of the successful international
entrepreneur in UK. He is the CEO of Virgin group and controls more than 400 organizations in
nation or all over the world. He is involved in number of failed business ventures such as Virgin
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cars, cola etc. he attempts to work harder rather than now and know become successful in
business world.
Social entrepreneur- Mohammed Mamdani is considered as social entrepreneur in
UK, he is a British Muslim social businesseperson and activist (Wang and et.al., 2016). He starts
their career at the age of 18 in voluntary sector, he is a good students and learner. He is one of
the inspirational example of younger people who can do some good work in communities. He
inspire within their career via learn form experience in their lives.
CONCLUSION
The present report discussed about small, large, established, and high growth business
ventures. It has been concluded survival firms, lifestyle firm, managed growth companies and
aggressive firm as typologies which helps to run business effectively. This report discussed about
the similarities of ventures which almost same and run business within the same purpose. But on
the other side they all have some differences based on many things. The current study discussed
that micro and small businesses contribute in economy development and growth of nation. It also
discusses that small and start up businesses provide job opportunities to people and increase
employment more than others. Furthermore, this study discussed characteristic traits, skills and
motivational drivers of J.K Rowling and some factors that hinder or foster their career. At in the
last this report discussed local entrepreneur, international and social entrepreneur in UK.
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REFERENCES
Books and Journals
Dew, N. and et.al., 2018. Microfoundations for New Market Creation: Differences Between
Expert Entrepreneurs and Expert Managers. International Review of
Entrepreneurship.16(1).
Hillary, R. ed., 2017. Small and medium-sized enterprises and the environment: business
imperatives. Routledge.
Huggins, R., Prokop, D. and Thompson, P., 2017. Entrepreneurship and the determinants of firm
survival within regions: human capital, growth motivation and locational
conditions. Entrepreneurship & Regional Development.29(3-4).pp.357-389.
Kim-Soon, N., Ahmad, A.R. and Ibrahim, N.N., 2016. Theory of planned behavior:
undergraduates’ entrepreneurial motivation and entrepreneurship career intention at a
public university. Journal of Entrepreneurship: Research & Practice, 2016, pp.1-14.
Klotz, A.C. and Neubaum, D.O., 2016. Article Commentary: Research on the Dark Side of
Personality Traits in Entrepreneurship: Observations from an Organizational Behavior
Perspective. Entrepreneurship Theory and Practice.40(1). pp.7-17.
McMullen, J.S. and Bergman Jr, B.J., 2017. Social entrepreneurship and the development
paradox of prosocial motivation: A cautionary tale. Strategic Entrepreneurship
Journal.11(3).pp.243-270.
Schimmer, R., Geschuhn, K.K. and Vogler, A., 2015. Disrupting the subscription journals’
business model for the necessary large-scale transformation to open access.
Wang, J.H and et.al., 2016. The contribution of self-efficacy to the relationship between
personality traits and entrepreneurial intention. Higher Education.72(2).pp.209-224.
Online
SMEs in the UK. 2017.[Online] Available through :
<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium-
businesses-in-the-uk>
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