Exploring Different Types of Entrepreneurship

This assignment delves into the diverse world of entrepreneurship, examining various types such as international entrepreneurship, born globals, social entrepreneurship, and intrapreneurship. It draws upon academic sources to define these types, analyze their characteristics, and highlight their significance in the contemporary business landscape. Students are expected to demonstrate a thorough understanding of the nuances and applications of different entrepreneurial models.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Types of entrepreneurial ventures and typologies................................................................3
P2 Characteristics, role of various ventures................................................................................5
P3 Impact of micro and small business on economy system......................................................7
P4 Importance of small business and business start-up's in the growth of social economy.......9
TASK 3..........................................................................................................................................10
P5 Skills, characteristics and traits of entrepreneurs.................................................................10
TASK 4 .........................................................................................................................................11
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.......................11
P7 Contribution of background and experience to hinder and foster entrepreneurship............12
CONCLUSION..............................................................................................................................13
REFRENCES ................................................................................................................................14

INTRODUCTION
In United Kingdom, small business industry employs half of employees and more, in the
nation which is aiming to identifying the management and controlling such business organisation
in comparison of larger enterprise. An entrepreneur play a wide role in the development of
nation's economy. The enterprise of small business entirely controlled and operated through
individual organisation, private organisation, sole traders in which less worker function for
meeting the objectives and desired outcome in effective way (Ács, Szerb and Autio, 2011). The
majorly use innovative and creative products and services in the huge marketplace. In this report
the study of various types of entrepreneurial ventures and distinct typologies would made along
with influence of small business on economical system, regional, national and international
market. This will also evaluate the encouragements and impact of background and experience on
the entrepreneur decision-making.
P1 Types of entrepreneurial ventures and typologies
Entrepreneurship: This is the major economical part of United Kingdom. An
entrepreneur are the individual who is able to function their business operations and able to
determine the business activities according to the competitive market in order to meet the
outcome in effective way. They agree with equal probability of risk and success of organisation
before starting he venture. It is fundamental for an entrepreneur to take the venture as a risk and
this can help them in meeting the outcome in effective manner.
Entrepreneurial: It is consider as an activity that need to design in effective way for
getting over from such elements. Such stages are majorly solicited with the business start-up and
in the mid of process, owner require to evaluate the entire promotional sources. It lead to that use
of planning of organisation and available things in order to predicting longed services and
products to the clients. There are several aspects for understand danger, cost and other factor of
organisation.
There are various types of ventures that an individual can adopt in effective way. These
have been sorted according to requirements and purpose of business. Here are mentioned some
them:
Entrepreneur Venture
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Lifestyle Venture: These types of entrepreneur are more likely to fund or invest their
capital asset where they will trade and develop their business in competitive style. These prefer
in-depth analysis along with the services and goods according to consumer demands. It will
support their revenues stability for managing and owning their work for business operating in
efficient way. In these venture, it contain some limitation and mass worker amount. The major
drawback of this venture is complicated process for meeting the large economical market and
business.
Managed Growth Venture: This venture seek for the stability management in
development and able to function according business model. The reinvestment are taking places
for producing new products, improvements in facilities enlargements, location, worker and
highly localised and powerful bands that are improved within a limited time frame. The
requirements of business is to moderate the things which is offered for rapid business growth. It
will lead them for managing owners and monitoring the enterprise in effective way.
Survival Venture: These venture types are most common that help an individual for
assisting organisation at the surviving time. In the new business market, organisation has the
chance for promoting services without market to make any competition as well as help in
rendering the services that can aid an individual in survival (Andersson, 2011).
Aggressive Growth: These entrepreneur are referred to the investors of advancements and
the creative and innovative technologies have been introduced by them. These long for gaining
huge growth and revenues amount along with funds. Such business firms are more likely to
formulate their unique products and innovation for meeting the desired consumer. These are
often successful as public like more modified and advanced technologies.
There are various typologies of entrepreneurial venture which is mentioned as below:
 Private Entrepreneurship Venture: Some organisation are owned by private owner in
United Kingdom. Such organisations have the single venture or one possession that
render owner for creating food benefits and evaluation what they need.
 Scalable Start-up: The higher authorities and small level managements come under it.
Such businesses are those who form their enterprise in specific market niche through
investing in this. They can deal in huge market but still linked their services with general
public.
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 Large Entrepreneur Company: These are majorly concentrate on the large scale
products as well as aims high level of individuals. These are often with good finance as a
potential tool for business surviving (Bhachu, 2017).
 Social Business Enterprise: These can be profit oriented or non-benefit oriented, Such
organisation are formed for satisfying wants and desire of consumer demands. Such
organisation does not maim to meet benefits and focus over solving social issues. These
work in regard of solving social issues and global problems in order to enhance the living
standard of people.
P2 Characteristics, role of various ventures
Ventures Differences Similarities
Small & Social
entrepreneurial
1. Small ventures in business form
their enterprise to earn living and
gaining maximum benefit. On the
other side, social venturer seek for
solution of global or social issues
and conflicts which the world is
facing in their surrounding.
2. Social venture aims to make the
entire world a better place to live
whereas small business aim to
increase their individual benefits
or profits.
3. Small business venture
objectives is to earn benefits
through dealing with services and
products whereas the social
entrepreneur aims for meeting
satisfaction and better social
condition through solving major
issues among people.
1. Both of entrepreneurial styles
believes in creating more disruptive
and innovative products or policies
for meeting their determined
outcome.
2. Social as well as small enterprises
major aim is to merchandising
products and services to clients.
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Large & Scalable
entrepreneurs
1. Scalable entrepreneur includes
limited resources and expenditure
whereas large enterprise consist of
proper unlimited resources and
revenues.
2. Scaleable businesses adopt new
innovative ideas for assisting in
the business activities whereas
large organisation or enterprise
work with investors and sponsors
for funds.
1. Both types of entrepreneurial aims
to cater destructive change in trading
system and structure of business.
2. The main motive of such ventures
are to meet maximum amount of
profitability through performing
several functions.
Lifestyle venture &
Serial
entrepreneurial
1. In the venture Lifestyle, such
businesses does not merge with
the mall business organisations
whereas serial ventures seek for
the opportunities to expand their
business in market ( Bozeman,
Fay and Slade, 2013).
2. Lifestyles ventures support
organisation with numerous
services and assets which is linked
with comfort whereas the serial
entire long for the distinct ideas,
thoughts which are helpful in
smooth functioning of the
operations of business.
1. Both of these ventures aims over
performing business activities in
different market.
2. Both of these believes in adopting
ideas and good products for the
activities of business.
Female & Male
entrepreneurial
1. Male entrepreneur can easily
make decision-making and able to
face different situation whereas
female entrepreneurs are more
1. Both of these entrepreneur are
ambitious and hard working when
its come to meeting objectives and
goals.
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sensible and emotional when it
comes to decision-making.
2. Male entrepreneur's business is
mainly focused over cost and
economy whereas female
entrepreneur business is more
concentrated over making quality
and social contribution.
2. They contain equal skills and
knowledge level which determine
their traits and characteristic.
P3 Impact of micro and small business on economy system
Small Business: These will consist of partnership business, sole traders, association and
organisation where aggregate amount of worker function the operations of enterprise in order to
meet the set target and goals. In this organisation, there are approx. 50- 2500 worker approx. who
operate the activities for a longer time frame.
Micro Business: This is a sort of venture that include an organisation introduced on the
micro market level that can employ huge worker amount for meeting target. Such organisation
will increase the fair benefits along with major three owners which can help in meeting and
managing entire work (Bruni, Gherardi and Poggio, 2014).
Medium Business Size: In this type of organisation that include more than 300 worker
within the organisation which require huge amount of benefits that can help in meeting revenues
and income.
Nature and Characteristic of Sole, Private and Partnership
 Private: Private organisation are those business entities which is owned and functioned
by specific individual or person who help in sharing the organisational benefits and
doesn't distributes the market share among people. Such organisational venture contain 2-
50 shareholder that are willingly invest their funds. Such business enterprises require
proper administration and managements of function and operations of enterprise as well
as such activities are often established for meeting the huge amount of benefits to
relatives and friends. Sole Traders: The sole trading business is functioned by an individual person who
majorly operate the operations and liable for benefits and losses of capital, structure and
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entire decision-making of organisation. These have to document every single activities
and manage organised structure of market for effective administration of enterprise.
Owner of organisation are liable for decision-making procedure that incur in marketplace,
There are several risk types in these sort of organisational present sole business benefits
which has to organise and manage performed by one person.
 Corporation: These kind of organisation of business are formulated through complying
legal structure which is mainly followed by stakeholders. Every stakeholder owns their
right on organisation's benefits and decision-making with each and every share of
organisation they have bought. These are larger organisation which provide most amount
of taxes in a nation like UK. These entities need a legal process which they comply on the
association steps in creative way. These consist of individual liabilities who purchase the
organisational share.
There are various market level which have been impacted by small business that directly
impact on the nation's economny.
Local Impact: The UK small business is rapidly and positively influencing the business
of nation providing support to the organisational activities. More than 96% are employment is
rendered by small businesses in UK through contributing the huge amount as the tax payment.
This was the only cause that have helped UK in developing after the financial crisis and
recession. More than 64% jobs are provided to local areas and its citizens through the small
businesses. Local market is ugly influenced by small businesses and start-ups as this determined
the local trends of marketing, products and promotion of services and products along with help in
increasing each individual's standard of living. This can be clearly claimed that most of the
young adult of UK is working on small enterprise or initiating for new business after Brexit in
which the state is contributing larger part through supporting them (Choi and Majumdar, 2014).
Regional Impact: Small and Macro business enterprise are directly affecting the
merchandising and marketing style of regional market in United Kingdom in distinct ways. The
challengers and industrials of business are engaged in the different concepts of marketing which
sets the criteria of trading in the local and regional market. This is helping the country in coming
over lack of unemployment among the adults or youth of United Kingdom through assisting
innovative and creative methods of working in specific ways. Thus, it directly influence the
various situations of business of nation's system and economy.
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International and National Business: Start-ups and Macro business organisation is
crucial for growth and development of nation's economy so as UK's. It avail domestic market in
commercing services and help in increasing individual's living standard of UK people. This is
stated that more than 25 million jobs opportunities in United Kingdom is rendered by small
companies and more than 1.6 million have get the employment opportunities. In the entire
nation, there are more than 50 youth who perform the job in private industry that can aid in
developing corporate funds of work of the country. England is one of the major elite country so
as United Kingdom is also developed. Tax policies are helping in overcoming from recession
and unemployment from UK at the time of crisis and nowadays.
P4 Importance of small business and business start-up's in the growth of social economy
Brexit: This is the important term which is established after the exit of Britain from
European union. This will be happen as per the consultancy of the UK authorities on 23 June
2016. There are many adverse of impact of Brexit on the market of UK. To re-establish their
market government of UK takes various steps and promotes the small business and start-up's to
build their business operations effective. The major benefits are derived by the UK government
like Large employment opportunities, increased flow of income, more FDI etc. This will large
impact on the development of economy (Hall, Sheehan and Silvestre, 2012).
Importance of small business and Start-up's
There is large number of importance of small business and start-up's in the development
of economy which are mentioned below:
Importance Small business Start-up's
Improvement in economy There is huge impact of the
small business ion provide the
employment opportunities UK.
It provide almost more than
60% jobs for the individuals of
UK.
This includes the process of
starting the new business and
become self dependent and
provide employment
opportunities to other
individuals. This provides
opportunity regarding earning
more income and improve
their life style. This will helps
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in improvement of the
company of UK by providing
more income by way of higher
taxation.
Higher tax income Small business of UK has the
highest contribution in the
economic growth in form of
tax income by production of
high tax products and
generation of the large tax
income form the individuals as
they provide 60%
employment.
The main aim behind the
starting new business is to
remove the situation of
unemployment in country and
provides good life style. This
will have large impact on the
motivation of the other
individuals to start their own
business and contributes in the
growth of economy.
TASK 3
P5 Skills, characteristics and traits of entrepreneurs
Entrepreneur is the manager or owner of a business who form the business risking
financial capital in hope of benefits along with risk of failure. Each entrepreneur contain some
specific skills, traits and knowledge which help them in building the empire of success and
catering change in the working system. Such as, there are two entrepreneur i.e. Tom Hank and
Elizabeth Blake. Here are the required traits, skills and abilities of these two entrepreneur: Hard-working: Elizabeth Blake is performing in effective way in order to meet her
determined organisation objectives. The have quality of decision making along with the
success gaining ability of organisation in nation. This is necessary to have an
entrepreneur this attribute for making proper and specific decisions for meeting the
desired objectives (Ireland and et. al., 2013). Risk-taking: Both of the entrepreneur have the ability to deal with small and large risk
that incur in organisation for improving various efficient strategies. They have taken the
risk for better and smooth functioning of organisation's operations.
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 Motivation: An entrepreneur is the individual who inspire entire worker for performing
the functions of organisation in effective way. One should have a stimulating personality
for making certain judgements.
Elizabeth Blake and Tom Hank, both of these entrepreneurs are successful entrepreneurs
who are modifying and developing their terms and plans in order to meet the desired productivity
and profitability.
Skills and Attribute: Communication Skills: This is very fundamental which can aid in meeting the factors of
marketing and maintaining effective price suppliers. They should manage various distinct
types of promotional functions and marketing methods in adequate manner. This can aid
in stimulating and encouraging employee for meeting desired objectives and goals. Decisive Personality: An entrepreneur like Elisabeth Blake and Tom Hank have decisive
personality so that they can make the judgements on instant basis
 Determination: These entrepreneurs should be determinant to manage the growth and
success through reducing barriers and hurdles from organisation so as Elizabeth Blake
and Tom Hank are (Madhok and Keyhani, 2012).
Both of entrepreneur have good attribute and skills which have good skills and attribute
in order to make the decision-making in effective way.
TASK 4
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset
There is huge reflection of the entrepreneurial personalities in the motivation of the
individuals of country and helps in change their minds regarding start their own business
activities. For this purpose, Government of UK prepare large number of policies and procedures
to promote the small business activities and start-up's so, they can remove the adverse effect of
Brexit. Linnet tax policies and subsidies are provide by government to start-up's to promote their
business operations. Elizabeth Blake and Tom Hanks are two entrepreneurial personalities which
have extraordinary business skills. There is huge contribution of these skills in motivation of the
individuals to start their own business and contributes in development of the economy and
society of UK. Contribution of such skills in motivation of individuals are define below:
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 Hard working: It is the important skill which is possess by both entrepreneurial
personalities. This will contributes in the motivation of other individuals to work hard
and get success and become the role model like them.
 Full of passion: This is another important skill which includes the passion regarding
their profession. This will motivates the other persons that identify their special skills and
choose it as profession as it helps them to fulfil their dreams and contributes to become
successful entrepreneur.
 Risk taking nature: As every business activities are attached with some kind of risks
which hinders the functions of entrepreneur. But their risk taking ability and effective
decision making power in difficult times helps them to get success. This will prove as the
motivating factor for the individuals that risks are integral part of business and their
stability and calmness helps in tackle such situations effectively.
Ocean theory
This theory includes five important dimensions which are mentioned below:
 Openness: This includes about maintenance of transparency among the different
functions and finish their work with the helps of innovation. This provide opportunity to
achieve their tasks (Parker, 2011).
 Conscientiousness: This includes such person whom have the qualities of hard working
and provide emphasis only towards their functions. This will plays an vital role in
motivation of subordinates by providing support of supervisors.
 Extraversion: This includes about the possession of important quality of communication
by the entrepreneurs. This will have huge impact in attainment of better coordination with
their employees and provides solutions regarding their problems. This supportive
behaviour of entrepreneurs contributes in development of performance of employees.
 Agreeableness: This includes about having the skills of problem solving, cooperative and
trustworthy. It provides flexible nature to entrepreneur so, they can prepare their policies
as per such changes.
 Neuroticism: This includes about having positive attitude while dealing with the persons
which are suffering from anxiety and emotional problems. This motivates them to
maintain good employee relation.
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P7 Contribution of background and experience to hinder and foster entrepreneurship
Background and experience are two important factors which not only provides support in
providence of their business function but also adversely affects in their decision-making ability.
So, background and experience has two fold actions which helps in success of organisational
activities and sometime also hinders the growth. This will depend upon the entrepreneur that
how uses such background and experiences in future.
Contribution of background and experience in foster growth of entrepreneurship
There is huge contribution of background and experience to provide support in the
growth activities of organisation and improvement of the skills of entrepreneur which is
mentioned below:
 Flexibility: Past experience of the business operations helps in identification of the
factors which affects business activities and change their policies according to that.
 Better decision-making: Experience helps in enhancement of the decision-making
power of the entrepreneur. This helps in ensuring past experiences and forces while
makes their decisions.
Contribution of background and experience in hindrance of growth of entrepreneurship
Impact of experience in hindrance of the growth of organisation and minimising the
innovation among entrepreneur is define below:
 Less innovation: Entrepreneur has to face bad and good phase while performing their
business functions. Sometimes bad experiences removes the innovation from the
entrepreneur in performance of their duties (Priem, Li and Carr, 2012).
 Risk taking ability: Bad experience also affects the skill of risk taking among the
entrepreneurs. Due to the lack of such skill in performance of their business functions
slows down the growth of business.
CONCLUSION
This can summon from the above report that the enterprise of small business entirely
controlled and operated through individual organisation, private organisation, sole traders in
which less worker function for meeting the objectives and desired outcome in effective way.
There are various types of enterprises which vary according to purpose and consequences. Each
entrepreneur contain some specific skills, traits and knowledge which help them in building the
empire of success and catering change in the working system. There are various types of impact
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that small business and start-ups have on the regional, local and international market which
affect the economy and market of a nation.
REFRENCES
Books and Journals
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Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge.
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Bruni, A., Gherardi, S. and Poggio, B., 2014. Gender and entrepreneurship: An ethnographic
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Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
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Online:
Jelena Djurkic.,2013.Different types of entrepreneurship: What’s best for your business?
[online].Available through.<https://www.marsdd.com/news-and-insights/different-
types-of-entrepreneurship-whats-best-for-your-business/#other-authors> .
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