Entrepreneurship and Small Business: Types of Ventures, Skills of an Entrepreneur, and Impact on Economy

This report discusses the various types of entrepreneurial ventures and their impact on the economy. It covers small, large, and social businesses, as well as the skills required for an entrepreneur and the importance of start-ups. The report also includes the OCEAN model and profiles of successful entrepreneurs Jeff Bezos and Bill Gates.

BUSINESS

INTRODUCTION
Entrepreneurship is a process by which individual or a
group of people exploit a commercial opportunity by
bringing new innovative ideas in the market. Basically
it means starting of your own a new business. The
entrepreneurs are known as the source of new ideas
and bringing them into market and innovating the old
ideas with new ones(Baker, T. and Welter, F., 2017).
This report includes the various topics such as types
of entrepreneurial ventures and how they are related
to typology, difference and similarities of different
entrepreneurial ventures. Interpret and assess relevant
data explaining how small businesses

TYPES OF VENTURES
 Small business entrepreneurship- The small scale
business represents the majority of Indian
entrepreneurial ventures
 Social entrepreneurship-In this type of
entrepreneurship the entrepreneurs identify any kind
of social problem and come with a solution to that to
create a social value in the society.
 Large company- The huge companies with the
defined life process are categorised in the large
business entrepreneurship. These companies sustain
because they develop and innovate the new products
in market these companies offer a different variants
of its core product.

DIFFERENCES
Small business
entrepreneurship
Large company
entrepreneurship
Social entrepreneurship
These are the
businesses started with
a short term goal. For
example grocery shops,
milk booth, small
boutiques .
These are the large
companies starts with
long term goal by
innovating the old ideas
with new . For example
amazon
These are the non profit
organisations to help the
society in any kind of
problem and take care
of the well being .

IMPACT OF SMALL BUSINESS ON
ECONOMY
 Export- The small and medium sized businesses plays the important role in united
kingdom economy , influencing the level of economic growth and the balance of
payments exports have become a bigger share of national income because of
lower transportation cost, globalisation, economies of scale and tariff barriers.
 Employment opportunities- The small businesses create a group of skilled and
semi- skilled workers to support future industrial and business expansion the
country. Currently these businesses employs around 16.3 million people,
contributing to the 60 percent of the jobs in United Kingdom.
 High turnover- The small businesses can adapt the changes more quickly because
they are more customer oriented and also understands the needs of the local
community . According to the data it is said that these businesses is a key to
increase the country productivity.

IMPORTANCE OF START-UPS
 Economic contributions- The start ups are able to create 1.9 million of jobs with
some of the smallest firms.
 perfect competition in the market- The start-ups companies are the most
dynamic economic organisations because they provide competitiveness in the
economic system.
 Bringing the value of productivity in the society- The small businesses and the
start-ups changes the value of the society and helps in bringing a new mind set
based on knowledge and creativeness. As it is seen that the population is
increasing and people

SKILLS OF AN ENTREPRENEUR
 Opportunity recognition- The successfulness of any start-up starts with the great
idea . The entrepreneur should be able to recognize the opportunity on the right
time and which are unique and gives a competitive advantage .
 Passionate- this is the most important skill required for the entrepreneurs. They
need to be passionate in what they are doing
 Creative- Entrepreneurs shares their creative idea to be successful in the market.
This skill should be there for becoming an entrepreneur and they have to think out
of the box .
 Decisive- This requires the ability to making quick decisions . Entrepreneurs
should have have this skills because it is very important that the goals of the start-
up is clear. In case of managers they cannot take quick decisions as they need to
consult from the other

OCEAN MODEL
 Openness to experience- This trait concentrates on the imaginations and insights. it
concerns with the personality of an entrepreneur that what is how they think outside the
box and willingness to do something new.
 Consciousness- This trait is described as tendency to control the impulses and the act in
socially acceptable ways. Bill gates was high in conscientiousness and his mindset was
totally changed at the time of school and had leadership qualities
 Extraversion- This personality is seen in the entrepreneurs which means that they are
comfortable to talk to anyone and are extroverts They are socially active and enjoys the
parties and socialising with the other people
 Agreeableness- This kind of personality in a person means the person is well liked ,
respected and sensitive to the needs of the others
 Neuroticism- This trait is related to the confidence and strong emotional stability and
general temper of an individual.

JEFF BEZOS
 Background- He was born in 1964 in New Mexico.
From the childhood he has love for the computers and
studied computer science and electrical engineering at
Princeton university. He was interested in how things
work and at a very small age he turned his parents garage
into laboratory and rigging electrical contraptions around
his house.
 Experiences- He was a different personality which made
him today a successful entrepreneur. He introduced the
biggest e-commerce platform Amazon. He said without
risk no one can be successful . He just has a philosophy
of trying new things whichever comes it mind . Some
will failures will be leading you to success.

BILL GATES
 Background- He was born on 28 October,1955 in
Seattle, Washington. his family was living in the sand
point area of Seattle but that was damaged by a rare
tornado when bill gates was 7 years old . His parents
wanted him to pursue his carer in law. He was bullied
at the time of his school by the other children . His
interest and hobbies were totally different
 Experiences- At the age of 14 he converted an Intel
processor into a traffic counter with one his school
friend and earned $20,000 each for themselves. After
this one of his friend talked about dropping out of
Harvard and travelling to new Mexico to develop an
interpreter of the basic programming language.

CONCLUSION
From the above discussion it is concluded that being an entrepreneur is not easy. It
requires various skill sets that are different from the managerial skills. There are four
types of businesses small, large and social. The small business impact the economy in
the various aspects. It can be at national, regional and local level. The start-ups and
small business provides opportunities and impact the economy. It contribute to the
local government in paying taxes,. Also it brings the values of productivity in the
society. Entrepreneur requires various skills such as they need to be passionate and
decision.

REFERENCES
 Conrad, J., 2019. The Big History Project and colonizing knowledges in world
history curriculum. Journal of Curriculum Studies, 51(1), pp.1-20.
 Dinh, L.T.N., Karmakar, G. and Kamruzzaman, J., 2020. A survey on context
awareness in big data analytics for business applications. Knowledge and
Information Systems.62(9). pp.3387-3415.
 Farinha, L., and et.al., 2020. Social innovation and social entrepreneurship:
discovering origins, exploring current and future trends. International Review on
Public and Nonprofit Marketing.17(1). pp.77-96.
 Frisch Aviram, N., Cohen, N. and Beeri, I., 2020. Wind (ow) of change: a
systematic review of policy entrepreneurship characteristics and strategies. Policy
Studies Journal. 48(3). pp.612-644.