Entrepreneurship: Types of Ventures and their Impact on Economy

This report discusses the different types of entrepreneurial ventures and their impact on the economy. It explores the typology of entrepreneurship, differences and similarities between ventures, and the scope and growth of entrepreneurship. The report also highlights the importance of small businesses and start-ups in driving social and economic growth, and provides relevant data and statistics on the impact of micro and small businesses on the economy.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................2
P1 Discuss the several ventures of entrepreneur in realtsion with entrepreneurship typology. . 2
P2 Evaluate the several difference along with similarities in the entrepreneurial ventures. ......4
M1 Diverse range in ventures of entrepreneur ijn order to have proper understanding in public
and corporate sector.....................................................................................................................4
D1 Critically have examination of scope, development along with growth in ventures of
entrepreneur.................................................................................................................................5
LO 2 ................................................................................................................................................5
P3 Discuss and interpretative relevant data along with statistics towards the impact on
economy in terms of ESME........................................................................................................5
P4 Small business importance along with business start-ups in order to have growth over the
social economy.............................................................................................................................7
M2 Differences between the small, medium and large enterprises along with relevant data and
statistics........................................................................................................................................8
D2 Critically have examination of the impact of small businesses on different levels of
economy in international context................................................................................................9
LO 3.................................................................................................................................................9
P5 Have the differentiation of business manger in terms of entrepreneur in Characteristics,
traits and skills.............................................................................................................................9
P6 Assess how entrepreneurial personality have the reflection over motivation and mind-set of
entrepreneur...............................................................................................................................11
M3 Explore and examine different lines of argument relating to entrepreneurial characteristics
....................................................................................................................................................11
D3 Analysis variation of characteristics trait along with skills and motivational drivers of
successful entrepreneurs ...........................................................................................................12

LO 4...............................................................................................................................................12
P7 with the use of relevant examples explain how background and experience can impact in
the hindrance and fosterer in entrepreneurship ........................................................................12
M4 Analysis link in between entrepreneurial characteristics along with having influence of
person background and its experience to specific successful entrepreneurs.............................13
D4 Critically evaluate how background along with experience influence entrepreneurs both
positive and negative with comparison and contraction...........................................................13
CONCLUSION..............................................................................................................................14
REFERENCEES............................................................................................................................15

INTRODUCTION
Entrepreneurship is termed as process in which new business run on small business with
designing, launching and running. People who creates businesses are known as entrepreneurs. In
other words, capabilities which develops, organises and manages in business to make higher
profit. In this regard, entrepreneurship pursuit with opportunity beyond resources that are
controlled by people
Present report is based on different kinds of entrepreneurial venture which is successfully
develop effectiveness. In this regard, Mckinsey & company also deal in entrepreneurship in
successful manner.
In this consideration, present report different kinds of entrepreneurial ventures and its
typology relate with successful entrepreneurship. Furthermore Moreover, report interpret and
assess relevant data and statistics which create impact on economy of micro and small business.
In addition to this, it analysis importance of small business and start-up business that make
growth of social economy. There are characteristics traits, skills and of successful entrepreneurs
which differentiate from other business managers. At last, examples provided which examine
how background and experience which can hinder and foster entrepreneurship.
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LO 1
P1 Discuss the several ventures of entrepreneur in realtsion with entrepreneurship typology.
Entrepreneurship: Entrepreneurship can be defined as the setting of businesses with taking on
financial risks with hope of profitability. This is because new enterprise getting opportunities
which encouraged entrepreneurship on large scale.
Differences between serial entrepreneurs, entrepreneurs and owner-managers
Serial entrepreneurs
Serial entrepreneurs are those who consist dynamic process for incremental wealth. The
company has the major objective of innovating something new to increase socio-economic
value. There entrepreneur are involved activity of Direct and total participation in innovation.
Intrapreneurs
Intrapreneurs are those who working within the existing organisation. They has the core
objective in order to have Enhancement competitive level of strength along with market
sustainability. There entrepreneur are involved activity in Direct participation that is more than
delegation of authority (Difference between Entrepreneurship and Intrapreneurship, 2019)
Owner manager
Owner-manager are those who owning business by themselves. They have main objective to
increase their profit There entrepreneur are involved activity in No participation and delegation,
only depends on employees.
Typology of entrepreneurship (as per size) Micro: In this type of entrepreneurship consist business at very low price. With this
aspect, product and services sells in local areas. Issoria is one of the micro
entrepreneurship business in UK that is change management consulting industry. Small: This type of entrepreneurship typology only run by owners and low numbers of
employees. In this regard, revenue not generated high but continuously focusing to attract
more customers so that products or services can be develop in large consideration. For
example, CafePod Coffee Co. is small size business which run with competitive spirit.
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 Medium: This kind of entrepreneurship business run with fewer than 250 employees. In
this context, Smith Brothers (Contracting) Ltd. is successful medium sized business
which is run by family of brothers.
Typology of entrepreneurship (as per purpose) Social enterprise: This kind of entrepreneurship assists to solve social issues with
delivering products and services to clients. Hence, they focusing to create better world for
several people with more profitability in society. For instance, goodwill industries .
 For profit venture: Profit venture business is considered for earning profitability. This
kind of venture invested by more than one individual with several expectations to bring
more financial gain. For example, Beacon capital is one of the profit venture.
Typology of entrepreneurship (as per sector) Corporate sector: Corporate sector business is the part of economy which is made up by
companies. This kind of enterprise is subset of domestic economy that exclude economic
activities of general government and serving for individual. For example, Tesco is one of
the corporate sector enterprise in UK.
 Public sector: Public sector enterprise undertaking commercial ventures by government
in which they charge fees for services. This type of business is fully owned by
government such as posts, railways, etc.
Typology of entrepreneurship (as per growth rates) Lifestyle: This kind of business set up with aim of sustain particular level of income. In
this regard, particular lifestyle followed by business person. For example professional
blogging, poets, journalists, etc.
 Growth firms: In this regard, growth of firms successfully developed to achieve and
boost more revenue to increase product sales and services as well. For instance,
expansion of new business.
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P2 Evaluate the several difference along with similarities in the entrepreneurial ventures.
Differences between different kinds of business ventures
Small business entrepreneurship are enterprise works to achieve less profit and growth. There
are not such structure goals so that they are not doing more efforts. The business is having risk
In this entrepreneurship business risk is lower because they work at small level. The number of
employee working are Employees are not more than 50. The structure is In this there is no
proper structure of company because it is run with sole proprietorship
Serial business entrepreneurship They are provide innovative products which helps to achieve
higher profitability for several investors . The business is having risk are very high in this kind
of business due to requirement of high financial investment for getting higher return from it
(Singh,and Gaur, 2018). The number of employee working Number of employees are depends
on structure and size .The structure generally depends on limited partnership.
Medium entrepreneurship This type of business have main aim to sustain in the market to
develop new products and services with using different strategies related with marketing
(Mueller. and Naffziger, 2015). The business is having risk is medium in this business because
larger business need to require brand value. The number of employee working be more than
1000. .The structure is more complex because this business can be both public and private.
Social entrepreneurship enterprise working for providing quality products and services to
develop place in better manner. The business is having risk is medium in this business because
larger business need to require brand value. The number of employee working Employee’s
numbers depends on size of the company. The structure is trustee based enterprises work.
M1 Diverse range in ventures of entrepreneur ijn order to have proper understanding in public
and corporate sector
In public sector firms, controlled exist among government in direct or indirect way.
Government is generally invest higher amount within the organisation. In this context, in UK
railways, posts, etc. firms perhaps their work with quality products and services for their
customers. They are not emphasis on earning much profitability instead of social welfare with
development. In addition to this, in corporate sector individuals people run their operations.
These kind of businesses develop their marketing strategies that provide level quality products
and services which increase profitability. For instance, Tesco is working with developing
strategies to gain competitive advantages.
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D1 Critically have examination of scope, development along with growth in ventures of
entrepreneur
As per Peroni, Riillo and Sarracino, (2016), every business perceive vision, objectives and
mission with several level ventures of entrepreneurs. On the basis of different scope,
organisation work to develop their products and services as per customer demand. Hence, they
will sustain for longer profitability (.Berisha and Pula, 2015). Mainly entrepreneurial venture
have to focus on more development with getting more investment with plan to increase products
and services with effective structure as current trends and demand. As critical examine, stated
that organisational structure need to develop it effectively so that business run with several
activities. Growth is depends on several kinds of entrepreneurial ventures’ products and services
quality. Therefore, scope is depends on meeting customer demand and requirement with
sustainable strategies.
LO 2
P3 Discuss and interpretative relevant data along with statistics towards the impact on economy
in terms of ESME.
In every business, micro and small business highly contribute to make economy strong.
Therefore, different numbers of businesses provide high revenue with selling several products
and services. This is because, micro and small businesses are continuously increasing that helps
to develop high revenue in the market . Small businesses generally contribute within local
economies of UK market. Therefore, it assists to have level of growth and development within
the community where small and micro businesses run. This kind of enterprise also stimulate
economic growth with employment opportunities towards people who are not employable in
larger corporations
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Figure 1 Share of small businesses
Source: Adeyeye, Ikupolati and Ndibe, (2018)
Small and micro businesses are innovative and export oriented which is concerned with
more ownership. After Brexit, there are several issues and problems occurred so that after some
time at micro level 18.9% businesses are worked. Furthermore, furthermore, 23.4% small
businesses working. Medium businesses are working 29.2% which is more than other enterprise.
Figure 2 Employment, turnover and small businesses
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Source: Ferreira, Ratten and Dana, (2017)
As per this graph, it has been analyse that in UK number of micro and small enterprises
mush higher than medium and large organisations. There are 37% turnover earning by small and
micro enterprises. Therefore, it helps to increase 48% employability in all over the UK market
Figure 3 Small businesses loans
Source: Audretsch, Heger and Veith, (2015)
In the banking industry, there is aggregate appears which is increasingly which made less
focused with small business lending. As a result, share of small business regarding loan in 1995
is about 50%, however in 2012 it is 30%. In addition to this, small business owners stated that
competition among banks for 2001is declined.
P4 Small business importance along with business start-ups in order to have growth over the
social economy
Social economy: Social economy is the social science which includes economic activities which
affects and shaped with processes of social aspects. With this consideration, it analyse progress
societies in term of local, regional and global economy. Social economy system of production,
allocation and distribution of several goods and services can be successfully delivered within the
society
Importance of small and start-up businesses
Small enterprise demonstrate opportunities within the communities. Running of small
enterprise includes taking more risks than the working for large consideration. With respect to
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maintain more growth in social economy, start-up enterprise highly influences in several
countries. Start-up enterprises develop their operations with innovative ideas towards products
and services which can be meet with certain requirements. In other words, sometimes start-ups
enterprises capture whole market at very few time. Very fast, they are worked to manage and
generate higher revenue at a short time. In this consideration, business need to provide higher
taxes which can assists to make growth of the company (Doktor and Bui, 2018) Apart from this,
running of an enterprise start-ups hire several people which assists to reduce unemployment
within the country. There are different start-ups which cannot demonstrate high salaries among
employees due to lack of capital . Lesser skilled staff members with limited salaries so that it is
also helpful in decreasing unemployment problems.
There are many start-ups also associated with several CSR activities which is related to
social, economic and environmental problems that increase brand value. In this process,
enterprises also provided education for people in rural areas and people due to poor background
of financial. . Beside this, there are more number of start-ups exists that are established within
several industries in UK which consist high contribution in GDP of a country.
M2 Differences between the small, medium and large enterprises along with relevant data and
statistics
In UK, there are several numbers of small of medium enterprises which is compared in
larger businesses. Small and medium sized enterprises that captured larger part in every industry
which contribute in UK economy (Davari .and et.al., 2018.). However, there is larger enterprises
mainly earn higher revenue with provide quality of products and services due to brand value.
Many of the larger businesses within UK which establishment in several nations that is helpful in
foreign currency earnings . In the larger enterprise, there are several operational activities which
employ several numbers of candidates which compared to other enterprises. Now a days,
organisation also spend higher amount in CSR activities within a nation.
Small and medium enterprises focus with providing innovative products to gain
customers with provide attraction which increase business growth. These enterprises also export
higher volume which employ more candidates in UK that diminish unemployment.
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D2 Critically have examination of the impact of small businesses on different levels of economy
in international context
Small businesses within UK create diverse effects within economy of a country at several
levels. At regional level, small enterprises also kind of enterprises with providing more quality
products and services to meet with demand of customers. With providing same quality products,
businesses majorly focusing on hire staff members with less amount of salaries because of
finance and employment people. Lesser skill set also compared to others that is helpful to reduce
unemployment. As critically analyse, argued that at national level in which enterprise expand
operations at different areas in country to enhance revenue. In global and international level,
many small businesses export their products and services which can be set up branches in several
nations . It is also helpful to earning foreign currency which contribute to make growth in a
country.
LO 3
P5 Have the differentiation of business manger in terms of entrepreneur in Characteristics, traits
and skills
Entrepreneurial mind-set: Entrepreneurial mind-set have specific state of mind that is develop
human conduct with entrepreneurial activities and outcomes. Individuals with entrepreneurial
mind-sets which is often drawn with several innovations, opportunities and new value
development (FHoogendoorn, 2016.). Entrepreneurial thinking also ability which demonstrate
things differently than rest of world. It is also important to easily develop and improved. Open
mind also increase learning opportunities that assists to grow in role. Different characteristics
traits and skills is also important for entrepreneurs which is set up with successful organisation
that increase growth as well. With setting up businesses, several procedures which needs that
considered with lack of capital in first.
Types of mind-set: The social mind-set: People who possess social mind-set love with hang among several
people, make new friends, explore new culture, etc. People who possess social thrives of
spending time with several people. There are several advantages with having social mind-
set such as find easier to make new people zone, possess great communication abilities,
etc. (Audretsch, Heger and Veith, 2015).
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 The growth mind-set: Growth mind-set is more wonderful and effective mind-set. People
those possess these kind of desires which drive to grow always to improve themselves.
Love challenging constantly being better which make more effective results (Gast and
et.al., 2017.). There are several advantages such as improving different areas in fast pace,
easier to put work needed to get success
 The business mind-set: Many of people possess this kind of mind-set to provide service
to people that help make changes in the world. Main advantages of this mind-set is
possess qualities that required to help other people. Hence, they are able to solve difficult
issues and problems
Importance of entrepreneurial mind set:
In whole business of entrepreneurship, there are several importance of mind-set that are
as follows: Thinking like an entrepreneur help in right from the beginning: Each entrepreneur
have successful plan for successful enterprise. Creating entrepreneurial mind-set assists
to think for what people doing and why. It aids in leading business successfully.
Therefore, taking risks make successful business operations to get succeed (Ferreira,
Ratten and Dana, 2017).
 Entrepreneurial mindset helps in other areas of life: Being willing to take risks also
helps to deal with failure. It demonstrate unique skill which is solely within the
enterprise. Incorporate entrepreneurial mind-set assists in minimizing importance of
failure and rejection (Ateljevic, and Pageeds., 2017).
Characteristics traits of successful entrepreneurs:
Different types of characteristics traits and skills assists for entrepreneurs to make
successful operations of the organisation . They consist different process so that in different
manner personal characteristics make success in organisation. Different characteristics are as
follows:
 Long goals and vision.
 Pursue good management skills which is related with resources, financial and human
resources .
 Ability to take several risks.
 Skills for generate new ideas.
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Skills of successful entrepreneurs:
 Communication skills which needed to interact among several range of persons like
customers, mediators, employees, suppliers, etc.
 Leadership skills required that is needed to make path for employees to accomplish
goals.
 Time management skills that is important to complete tasks and accomplish success
(Storey, 2016).
P6 Assess how entrepreneurial personality have the reflection over motivation and mind-set of
entrepreneur
Entrepreneurial of every individual is most important part in which business set up and
people motivated to have deal with several problems & risks that is associated within this.
Entrepreneurial include characteristics which helps individual to generate new ideas and
implement it to increase revenue Those ideas required to meet with certain demand and
entrepreneur need to work constantly to develop these ideas for sustainability (Simatupang,,
Schwab and Lantu, 2015). Every entrepreneur require ability to take certain risks so that they can
use all resources carefully. They have several responsibility to set the goals, mission and vision
for their business. Therefore, they develop strategies to accomplish it successfully .
Entrepreneurs need to identify opportunities which helps to increase their sales and more
revenue. As a result, they have required to self-motivate to get success in business operations
with managing risks related with it. Ultimately, it helps to accomplish goals and objectives.
M3 Explore and examine different lines of argument relating to entrepreneurial characteristics
In order to demonstrate characteristics of successful entrepreneur, there are several
similarities that make successful leader. In this process, entrepreneurs need to perform goals for
their organisation to deal with risks and make plans to accomplish those goals. Successful
entrepreneurs need to deal with several members such as investors, employees, distributors,
suppliers, etc. In addition to this, entrepreneurs need to make plan that allocate resources to
complete organisational objectives (Wu and Huarng, 2015) They require good management
skills to manage organisation and deal with conflict effectively.
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D3 Analysis variation of characteristics trait along with skills and motivational drivers of
successful entrepreneurs .
Ms Rana Harvey is one of the successful entrepreneur who is director of Monster Group that
is progressed with several skills and traits. She is more passionate and motivated to run their
enterprise. She runs enterprise so that they work effectively. She possess self-belief to maintain
discipline to accomplish work with proper tasks. She also set successful plan in future with
making strategies so that they deal with risks to run operations
In UK, there is another successful entrepreneur Zac Williams who is owner of GradTouch
that make successful support for students and provide consultancy services to the large enterprise
( Devece, Peris-Ortiz and Rueda-Armengot, 2016.). In this way, he get skilled employees. With
the help of good communication skills, they are getting more clients so that these ability set up
with business. In addition to this, with innovative ideas which can assist to find job with provide
by efficient staff members in the organisation . With the help of high motivation to deal with
successful management skills.
LO 4
P7 with the use of relevant examples explain how background and experience can impact in the
hindrance and fosterer in entrepreneurship
Personal background and experience of a person can create high effect on
entrepreneurship that can hinder or foster. It is also determine support from different people such
as family, friend, others. In this process, when one get support from different persons, then they
are motivated to set up whole enterprise. Support also increase motivation and risk taking ability
which can helps to foster entrepreneurship (Henry, Foss and Ahl, 2016.). Financial background
also influence risk taking ability so that start-up businesses run successfully. Personal experience
also helps in entrepreneurship (Piperopoulos, 2016). When experience is good than each person
can easily continue enterprise successfully.
 Local entrepreneur: Peter Jones is well known successful entrepreneur in popular BBC2
television Dragon’s Den.
 International entrepreneur: Richard Blain is international entrepreneur of Earth 1
which is UK’s private space sector. This company has constellation of that produce high
resolution images.
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 Social entrepreneur: Dr Stephen Hicks is another entrepreneur of who work with his
team which is work of Smart Glasses. This glasses are fitted with 3D camera that assists
to increase image in real time .
M4 Analysis link inbetween entrepreneurial characteristics along with having influence of
person background and its experience to specific successful entrepreneurs
Personal background and experience helps to individual to set up their successful. Ms Rana
Harvey is chemist which set up business that name Monster Group. With this process, plant set
and recruit employees with marketing strategies to deal with risks. (.Kuratko, Morris. and
Schindehutte, 2015.) She is more motivated so that in successful business program she possess
more experience with associate with other business process. She also taking future planning so
that financial management which work hard to run operations.
Zac Williams is successful owner of GrandTouch which provide services in the
organisation as consultancy services to get job among students. They are also self-motivated to
set operations and functions
D4 Critically evaluate how background along with experience influence entrepreneurs both
positive and negative with comparison and contrastion
The background and experience of every individual that can affect entrepreneurship in
positive and negative way. Ms Rana and William so that motivation that set up to continue to
solve problems and issues. They are getting more efficient support from several members to
motivate and run organisation. As per, argued that there are many organisation which cannot
survive for more time to make efficient team and lack of motivation to make more growth
(Karra, 2017) However, past experience is failure that create impact on entrepreneurship
negatively. On the other hand,when one has strong financial background and support that make
business effective.
CONCLUSION
From the above report, it can be stated that entrepreneurial venture consist important role in
increasing revenue and growth. Moreover, it determined different types of start-ups such as
micro, medium and many others. Furthermore, it summarised about there is more participation of
micro and start-ups. In this regard, there is major contribution of small and medium enterprise
assist to contribute larger part in creating value. In addition to this, larger businesses considered
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several operational activities so that they employ several number of candidates. Along with this,
it articulated about characteristics traits and skills of successful entrepreneurs.
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Online
Difference between Entrepreneurship and Intrapreneurship. 2019. [Online] Available through:
<https://iedunote.com/difference-entrepreneur-intrapreneur>.
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