Entrepreneurship and Business Enterprises: Types, Similarities, Contrasts, and Economic Impact

This report discusses entrepreneurship and business enterprises, including types, similarities, contrasts, and economic impact. It also covers the significance of small enterprises and start-ups in social economic growth and the extent of entrepreneurship as defined by a local entrepreneur, a global entrepreneur, and a social entrepreneur.

unit 9

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Different kinds of business enterprises that link to entrepreneurship typology...........................3
The similarities and contrasts among entrepreneurial venture....................................................5
The distinctions between business endeavours............................................................................6
Assess appropriate facts and statistics to show the economic effect of micro and small
companies....................................................................................................................................8
Significance of small enterprises and start-ups in social economic growth................................9
The extent of entrepreneurship as defined by a local entrepreneur, a global entrepreneur, an
social entrepreneur.....................................................................................................................10
Traits and skills of entrepreneur and business manager ...........................................................11
Entrepreneurial personality reflects the drive and thinking of entrepreneurs............................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship refers to the process where individual performer multiple task for
new business development and facing many challenges, risk for creating profit and develop
their individual other people growth. Individual entrepreneur who face various issues
because they develop and expands business with unique and creative idea, and they
responsible for overall business activity and performance (McMullen, Brownell and Adams,
2021). So many entrepreneurs develop business for new entrepreneur expansions well
because they provide services to small enterprises. Business and company has multiple work,
and they require new entrepreneur for their small services its common aspect. Deloitte is all
above professional services consultancy organization. They provide services to small and
medium enterprises who require professional expertise in particular field. They provide
services like tax, accounts, legal, audit etc. This report will provide information about how
many types of entrepreneur, and they have different opinion about new start-up and
entrepreneur is key essential aspect for reduction of unemployment rate in country, how their
mind set and motivation influences by the multiple factors.
MAIN BODY
Different kinds of business enterprises that link to entrepreneurship typology
Entrepreneur:
Individual who wants to start new business with innovative idea is called as entrepreneur.
They have great sense about multiple areas which require for business plan, faces multiple risks
like financial, self-respect, family forces and many more, But they have potential to set effective
goal accomplishment (Williams, and et,al., 2021).
Entrepreneurship:
Entrepreneurship individual who set new business and implement requires business
activities, and they have power to expand new start-up with effective manner. They usually
believe in development of new goods and services ion the market.
Entrepreneurial venture:
Entrepreneur venture concept refers to that when company or firm pursue innovation,
expansion, new opportunities for generates profitably and success for particular task. Examples
like social, imitator, large company, small company entrepreneur and many more (Wimalasena,
and et.al., 2021).

Enterprise:
Enterprise is term which refers to the business organization who gain profit and provide
employment and contribute their profit for economic stability. It beneficial to improves quality of
people and it also helpful for national income as well.
Typology of Entrepreneurship:
Entrepreneur has many qualities, like growth expansion, independent, strategic maker,
risk takes etc. Overall activities of business performance the effective analyse and develop with
proper knowledge. Typology refers entrepreneur analyse multiple aspect, operate business
activity and develop passible solutions for any business relate problem.
Types of Entrepreneurial Venture
Entrepreneurial venture mainly focuses on new product and innovative goods and
services production. Because this type of entrepreneur has potential to manage risk and external
forces (ASEMOKHA and VESIN, 2021).
Survival Firms:
Survival firms venture always start to build their business effective, and they develop
new activities on continuous basis. Multiple entrepreneur believes in combine new firm’s
development. In the survival form entrepreneur develop innovative things for improvement in
company's activity.
Lifestyle Firms
Life style firms when entrepreneur develops new start-up activity for their effective
lifestyle maintain. They mainly develop their business plans according to their likes and
preferences and making money for their own personal life. And most of the entrepreneur develop
business for few years only consider their own lifestyle maintain but after some time if they have
potential them to develop and grow their business activities as well (Klimas and Czakon, 2021).
Social enterprise
Social entrepreneur implement their new start-up and their major purpose is to create
effective environment development. They develop cafes, classes, where individual reduce their
mental stress, and they mainly believe in expansion of good environment. They not consider in
profit maximization they believe in maximizing healthy environment.

The similarities and contrasts among entrepreneurial venture
Similarities in different entrepreneurial venture like social entrepreneur and profit
generates entrepreneur both gave different opinion and thought process. Social entrepreneur
mainly finds opportunities, and they consider maximizing good environment first. But the other
almost entrepreneur start new business for profit generate and sources of income (Klimas and
et.al., 2021). Small business entrepreneur and medium business entrepreneur also has differences
perception and activity because small entrepreneurial venture develop their business activity with
limited employee and medium entrepreneur has good amount of employee so management of
both enterprises requires different rules and regulation, risk, financial aspects are also different.
Strong-willed entrepreneur
This type of entrepreneur mainly considers and develop their business set up with the
new idea, and they analyse external factors with proper manner. And they have potential to
resolve any unwanted problems. Strong willed entrepreneur mainly develop the business set up
like medium business because of their financial stability and support expansion of effective
entrepreneur also require god knowledge and proper idea about resource management as well.
Creative idea
Almost every entrepreneur when they thought about new start-up they firstly prefer that they
have generate and implement creative idea business set-up because it is the only option to
survives in the competitive market (Fisch and Block, 2021). And creative idea definitely
beneficial for the improvement in quality of business.
Constant Innovation
Long term business expansion requires constant innovation because this is the only option which
improves the business quality for future. Almost every individual wants some changes in
their life so if entrepreneur consider this activity it highly influences the people attraction
towards with this activity.
Creating a Brand name;
Entrepreneur has to focuses on their brand name because innovative and creative brand name
directly attract the attraction towards wit the large number of audience. Entrepreneur when
they create name for their product branding they have to consider their culture aspect
because individual more attract when they use this word in daily lives.

The distinctions between business endeavours
Life Style Managed
growth
Aggressive
growth
Managerial style Entrepreneur develops
business for manage their
lifestyle and improve
quality of life.
Mainly believes
in manage growth
with the
expansion of new
things.
It reflects the
growth when
entrepreneur want
higher returns of
capital.
Annual growth Rate Satisfy with good return
amount and mainly focuses
on their lifestyle
improvement.
Develop customer
management
strategy and
develop attraction
towards with the
new customer
engagement.
Entrepreneur
consider and
wants higher
growth because
entrepreneur
invents large
amount of money
in the business.
Technology
Investment
They mainly prefer
technology advance and
their overall activities and
services totally depends on
the technological tools.
Develop
technology
advance for
services in the
competitive
market.
Use technology
advance for long
term growth and
for survives ion
the competitive
advance market.
Organization Structure Small business structure
with individual
entrepreneur.
Small, medium,
large every
organization
entrepreneur
implement.
Multiple people
engagement with
large amount of
investment for the
business activity.
Managerial skills They personally reward and Skills to analyse Management of

motivating them. multiple
approaches for
employee work
improvement and
develop their self-
knowledge as
well.
multiple resource
with proper
strategy and
develop
innovative things
for survives in the
risk situation.
Entrepreneur
orientation
Improve the knowledge and
provide services with
effective manner.
Improves the
quality of
business
performance with
analysis of new
opportunity.
Higher capital
return, huge
investment with
the idea of
innovative
product
expansion.

Assess appropriate facts and statistics to show the economic effect of micro and small companies
Micro business:
Micro business entrepreneur develops their own strategy, and they believe in provide
services with existing product and very less entrepreneur develop innovative product for profit
generate. There anally income is not higher, but they mainly consider their individual satisfaction
(Hindle and et.al., 2021).
Small business:
Small enterprises there has few employees for business activity performance and
Multiple They privately owned corporation, individual or partners develop this type of business
they mainly provide their services in daily need product of customer. Ad customer satisfaction
and specific goal achievement is the major aspect of this business.
Economic impacts of micro and small enterprises:
Small business enterprises effectively influence and its beneficial for improvement in
economy because small business entrepreneur develop new business, and they hire and select
employee for productivity and business activity. It's mainly beneficial for reduce unemployment
rate of the country, because small enterprises require human resource for managing various
activities like product sales, marketing, operational and many more. That is the reason small
business generates effective profitably in the country and it improves the quality of nations
economy.
Micro business not highly beneficial or the economy because individual only gain profit
for their satisfaction and this type of entrepreneur and business capital is not higher and their
annual turnover also very limited. So equality in the business is that both the enterprises wants
profitability and improve quality of lives. Also, both the enterprises also influence the large size
organization because small and micro business entrepreneur provides services in lower cost then
large organization services.

Significance of small enterprises and start-ups in social economic growth
Social economy:
Social economic is the combination of new start-up of business and b economic activities
which improves the country economic condition which the proper satisfaction of their customer.
So social economic beneficial for multiple aspect when business require solution for particular
challenge group or multiple people have potential and various idea for solution and it's also
helpful to analyse and research about the audience and costumer requirement (EZE, and
UCHENU, 2021).
Importance
Creation of employment
Business start-ups and small business firms mainly influence the new employee
engagement and individual focuses on the profit generate and develop their lifestyle. It very
useful that individual engages with the new business and it reduces unemployment and improve.
Small enterprises always believe in engage new employee for generate their profitability but the
indirectly it improves the quality of individual and generate works for people who those require
money for their life expenses.
Innovation
Individual when start new business they firstly analyse audience behaviour, and they
analyse which things people like the most and which things product can influence the people
attraction towards with the business. So analysis of this factor entrepreneur develop innovation in
product and services expansion.
Local improvement
Every individual has potential, and they feel for their expectation that they become
successful in the future, and they gain amount for their life. So when one individual attracts with
the particular product they also buy the same product a work for the particulate goals. So mainly
it improves the thought process and useful for individual motivation and work performance for
effective life. The social economy directly affects effectively with the help of small and new
business start-up expansion the country (Aagaard, Saari and Mäkinen, 2021).

The extent of entrepreneurship as defined by a local entrepreneur, a global entrepreneur, an
social entrepreneur.
An entrepreneur is someone who begins a growing venture and carries the bulk of the
risks while earning the most of the rewards. The process of launching a business is referred to as
entrepreneurship. Entrepreneurs are usually characterised as trailblazers, offering innovative
ideas, goods, activities, and business procedures. Entrepreneurship is described as the ability and
willingness to establish, structure, and manage a business, with all of its hazards, in order to
profit. The most apparent manifestation of entrepreneurship is the formation of new businesses.
Entrepreneurship scope:- A small-scale business has a lot of potential for growth in
level of innovation activities. An entrepreneur could generate income and also have a lot of
alternatives by offering services rather than producing a product. If the company is small, the
entrepreneur will be able to get greater results. As a result, small firms have higher output,
profitability, and lower labour turnover. Start - ups in the small and medium scale enterprises can
be roughly divided as follows: manufacturing industry, agro - based industries, and service
industry.
Local entrepreneurship has a good prospect as an economic development approach for rural
communities whose economies are stagnant or decreasing. However, aspiring entrepreneurs
frequently lack understanding about how to turn their ideas into reality, and communities
frequently lack the cultural infrastructure needed to support entrepreneurs' success. In rural areas,
educational programmes that encourage entrepreneurship can be quite beneficial. James Dayson
design a vacuum cleaner with cyclonic separation, a vacuum cleaner designer. Dyon Ltd, his
own company, was founded by him. He also ventured into other cutting-edge technology, such
as hepa-filtered hand dryers and bladeless fans.
Global entrepreneur:- Someone who "seeks out and executes new and innovative
business operations across national lines" is referred to as a global entrepreneur. Exporting,
licencing, launching a new retail location, or acquiring another venture are examples of these
activities.”like Murray Newlands started his career as an attorney in England, but he quickly
realised he had different business ambitions. His foray into developing enterprises began with a
marketing agency and swiftly progressed to web and technological businesses. Newlands has
founded, grown, and sold a number of enterprises during the last decade. Murray is currently the
CEO of Sighted, an online invoicing company, and Chatty People, a chatbot company. He's a

great speaker, thought leader, writer, web and online networking video personality, investor, and
mentor in his spare time.
Social entrepreneurs enumerates the assistance of companies in the development of
creative concepts with large-scale social and environmental effect. Social entrepreneurship
blends the excitement of a social purpose with the enterprise image of discipline, innovation, and
determination. Many social entrepreneurs establish whole new enterprises, relying on innovative
and often hazardous ways to provide solutions, which may involve the creation of new goods and
services. Some establish well before social enterprises that are related to their hobbies and
desires. like Alex Stephany is the founder of Beam, a crowdsourced financing platform that
provides career training to homeless individuals in London. Alex, a company owner, became
more upset and saddened by the growing number of unemployed individuals and resolved to take
some action. In partnership with charitable organisations, Beam works with its members to build
a new career before launching their campaign. Beam continues working with individuals after
they have finished the program on topics such as resume writing and interview prep.
Traits and skills of entrepreneur and business manager
Traits:- Entrepreneurs with a strong desire to succeed are extremely motivated. It's
critical to adopt this mindset and be able to convey motivation to a potential employer. as
Deloitte strives to be the best they do, from assisting new entrepreneur in realising their goals to
making a positive impact on society and maximising the performance of the employees. This
motivation inspires deloitte devotion and humanity, which pervades all they do. must be
enthusiastic about whatever entrepreneur do at work. Employers desire employees who can think
beyond the box, no matter what field they work in. They want to hire people who can not just
complete tasks but also think of new methods to do things. Persuasiveness can help the person
become a better negotiator, giving an advantage while pursuing a prized task, increase, or
advancement. Successful entrepreneurs maintain one eye on the broader picture at all times, and
this capacity can help entrepreneur perform better at work. Strategic planning is at the heart of
vision.
A businessman is someone who starts a company based on an existing concept and sells products
and services to clients. A successful businessman must possess boldness and tenacity. There may
be some first setbacks and failures. the chances that present themselves and turn them into

profitable enterprises He must make decisions quickly because any delay on his side will assist
the rival.
Skills:- Although certain individuals are naturally entrepreneurs, others need specialised
skills to establish and operate a successful business. These qualities influence entrepreneurial
success. Entrepreneurs have acquired both skillset. Capabilities such as communication,
dilemma, and decision-making aid in the growth of a business, whilst skillset such as accounting,
advertising, and personal finance are required for operating and managing a company.
Entrepreneurial proficiency needs practise as well as a targeted learning method. Critical
thinking is a business talent that involves critically analysing data and drawing a sensible
conclusion. It aids entrepreneurs in assessing an issue and devising a rational solution. One of the
most important entrepreneur skills to master is the ability to take controlled and intelligent risks.
Employees that have an entrepreneurial attitude are never afraid to take risks because they know
that measured risks lead to significant achievement. Any businessman can benefit from a basic
understanding of economics and Organizational performance is inextricably connected to strong
managerial abilities. A company's reputation and image play a vital influence in determining its
success. Businessmen that engage in corruption or use dishonest methods will not be able to
survive in the long run. As a result, a businessman must be honest in his dealings.
Entrepreneurial personality reflects the drive and thinking of entrepreneurs.
Entrepreneurs influence economic advancement, job creation, and the creation of
products that benefit the globe. To be a successful entrepreneur, one actually think far beyond
and create concepts that are extraordinary. Anyone may have a new concept, but the
entrepreneurial challenge is to transform it into a lucrative business. An entrepreneur must be
inventive, communicative, and highly driven in order to be successful, whilst being both
prepared to hazard and failures.
Entrepreneurs that are successful must have a positive attitude and approach. for
example, Steve Jobs and his iPhone. Edison invented the light bulb. The Wright Brothers and the
aeroplane That neither of these able to introduce would have been possible without a healthy
dose of creative daring. The most entrepreneurs are those who can convince others. Persuasion is
a strong weapon that may assist you in bargaining, closing a business, or obtaining a better price
on your goods. Furthermore, because they are inspirational leaders, persuasive individuals are
good employers. One of the most essential entrepreneurial characteristics is intrinsic motivation,

which indicates that entrepreneurs are self-motivated rather than relying on others to inspire or
hold them accountable. Those who operate their own businesses are, on average, tenacious in
their pursuit of success. They've poured their passion, perspiration, and emotions into their
business, and many may have even put their lives on the line to get it started. The individual's
motivational drive is fueled by the notion there is a lot at stake. Whenever an entrepreneur starts
a business, they hopes it will be a big success. Indeed, success is wonderful, but failure is where
we should grow and learn. The essential to learning from past mistakes is to genuinely
understand from them and appreciate them so they develop instead of destroy the entrepreneur.
Never giving up is one of the most fundamental elements to business success. An entrepreneur
will get through the difficult times with perseverance. Strive to achieve goals with tenacity.
they'll get there with perseverance and tenacity; it just won't happen overnight. OCEAN
personality dimension. OCEAN - Openness, Awareness, Extroversion, Agreeability and
Neuroticism — are commonly referred to the Big Five traits.
Openness:- Individuals that are open to new experiences are unorthodox, inventive, and
intellectually curious. They like originality and are open to new experiences, which allows them
to be creative and inventive. Because ES is founded on creativity, originality, and the ability to
think up new ideas, there is a strong link between this personality feature and ES.
Conscientiousness:- Conscientiousness is a complex personality trait characterised by
goal-oriented behaviour, reliability, and orderliness. Organization and efficiency are qualities
shared by providing a quality. High performers are much more likely to pursue out better and
fresh solutions, as well as to be hardworking and persistent. Dependability and orderliness also
relate to a dedication to standards and rules, as well as an individual's ability to plan and organise
their lives.
Extroversion:- Extroverts are enthusiastic, cheerful, aggressive, energetic, sociable, and
eager to try new things. Introverts, on the other hand, enjoy alone, are humble and quiet, and
engage in minimal social engagement. When beginning a new firm, entrepreneurs may expect to
have extensive contact with the company's internal and external partners. Extraverted
entrepreneurs build strong networks to obtain access to outside resources.

Agreeableness:- A cooperative individual is sympathetic, kind, trustworthy, sympathetic,
obedient, and empathetic, whereas a nasty person is suspicious, egocentric, self-centered,
distrustful of the motives of others, and manipulator. Previous study on the effect of
cooperativeness on ES has produced conflicting results.
Neuroticism:- Emotionally stable people are peaceful, self-assured, panic-free, and even-
tempered. Anxiety, worry, impulsivity, aggression, fragility, and self-consciousness are all
common traits among neurotic persons. Entrepreneurs face a variety of difficult situations on a
regular basis.
CONCLUSION
The most crucial parts of any economy are entrepreneurship and small company
management. They benefits each other since good entrepreneurship is necessary for effective
business management. Entrepreneurs are important to the economic growth of a country. As a
consequence of their enthusiasm and inventiveness, entrepreneurs make an influence on the
business environment by establishing new company units and employment. Entrepreneurship has
lately been established in the public sector, albeit with limitations on taking risks and discovering
new business opportunities. A wider diversity and variety of entrepreneurial businesses is desired
and beneficial since it will benefit people of different origins and educational status.

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