Entrepreneurship: Types of Ventures, Economic Impact of Small Businesses, and Characteristics of Young Professionals

This article explores the different types of entrepreneurial ventures, their economic impact, and the characteristics of young professionals in entrepreneurship. It also examines how different components of an entrepreneur's personality may influence their ambition and attitude, and how knowledge and experience can both impede and promote entrepreneurship.

Entrepreneurship

Contents
INTRODUCTION...........................................................................................................................................3
MAIN BODY..................................................................................................................................................3
Entrepreneurial venture types and their associations with typology......................................................3
Analyze similarities and differences between entrepreneurial ventures.................................................3
Analyze, evaluate, and visualize the economic effect of small and micro-businesses.............................4
The significance of small and new companies in the development of the social economy.....................4
Examine young professionals have characteristics and talents that set them apart from other
corporate leaders....................................................................................................................................5
Examine how different components of an entrepreneur's personality may influence their ambition
and attitude.............................................................................................................................................6
Examine, using pertinent instances, how one's knowledge and experience may both impede and
promote entrepreneurship......................................................................................................................6
CONCLUSION...............................................................................................................................................7
REFERENCES................................................................................................................................................8

INTRODUCTION
The technique of establishing, constructing, and launching a business is known as
entrepreneurship, and even the official in charge of such an activity is known as the
Entrepreneur. Personnel are responsible for, and very often more than, personal earnings or
liabilities, along with own primary need. Such companies begin as little businesses and grow to
dominate the global market. Relative to the amount of funding available, they can be classified
as scalable, small, cooperative, or large organizations. Entrepreneur manages their businesses
only for the sake of profit, which necessitates analyzing consumer needs and opportunities and
placing these to excellent use throughout order to stay profitable.
MAIN BODY
Entrepreneurial venture types and their associations with typology
Its focus on technological innovations that provide people with more job opportunities and so
contribute to economic growth. These report looks at the parallels and contrasts among
associated with entrepreneurial initiatives, as well as how they relate to entrepreneurship
classification. The above analysis also considers the importance of a creative mindset and the
economic impact of micro businesses (Dana, 2017).
Survival Venture: This group of professionals is dedicated to assisting businesses in surviving in
a financial system by ensuring that their cost and schedule assessment criteria are met. To
compete effectively, businesspeople employ a variety of strategies, such as reducing sales
volumes, dismissing employees, or compromising the number or quality of items they offer.
Lifestyle Entrepreneurs - All of those are individuals who start a business not to improve their
lives but to generate income. These small businesses are usually enthused about their work and
think that they'll be recognized specifically for outstanding accomplishments (Faisal, Jabeen and
Katsioloudes, 2017).
Analyze similarities and differences between entrepreneurial ventures
Similarities

Any project that aspires that evolves seems to have a unique set of qualities. This might be
argued that there were some elements which appear to be universal including all types of
company endeavors. A successful prospective businessman's primary aim is to stay competitive,
which could be done through prosperity and proper distribution of resources.
Differences
Financial possessions, such as invested assets, relatives, and supporting friend's company
activities, are used by many enterprises.
Businesses get funds by taking out a mortgage from one of these banks or financial institutions
and repaying the amount with interest.
Companies have a wide financial need, even when they have been concentrated on corporate
expansion.
Analyze, evaluate, and visualize the economic effect of small and micro-businesses.
Smaller businesses work hard to bring to just the nation's rapid economic growth.
Microenterprises produce additional employment then medium and large scale firms, according
to this study. As microenterprises grow, they demand additional employees, which results in
employment creation inside the economy. Firms manufacture greater income than small,
moderate, and big enterprises, and they add to any nation's economic progress. Companies
recruited unemployed especially in different enterprises to bring their talents and expertise for
using, which would have been beneficial for a country like the United Kingdom, it has a high
youth unemployment (Hansen and et. al., 2020).
The significance of small and new companies in the development of the social economy
The phrase "market economy" refers to a commercial environment in which firms operate as per
a range of social customs, customs, and values. This same entire economic framework comprises
of large corporations like associations, cooperatives, credit unions, as well as others that share
similarities like democratic participation, reachable involvement, incorporating organizational
culture only with greater good, and going to contribute profit margins to ecological sustainability
or the greater good. Companies owners are becoming a more important part of the economic

structure because provide reintroduce work opportunities for the unemployed, companies can
obtain a livelihood.
Examine young professionals have characteristics and talents that set them apart from
other corporate leaders
Basis Zuber and Mohsin Issa. Sir Philip Green
Trait  Both Issa twins are always
on the lookout for new
ideas, plans, and tactics that
really can allows
management grow and plan
for greater success.
 'These businesspeople give
guidance in order to better
grasp market conditions,
operate better effectively,
and implement necessary
modifications (Kwilinski,
Dzwigol and Dementyev,
2020).
 Sir Philip Green is a strong
believer with doing specific
tasks, especially utilising
and do approaches, and
exhibits numerous qualities
that identify a powerful
president, along with an
improvement in product
quality and the right impact
of information
Skills  Both siblings are known
because having kind and
friendly aptitudes, which
inspire employees to follow
directions.
 Individuals have the
qualities of a great
leadership and motivate
someone because of their
effective communication
 The company owner is very
worried about his company's
performance and
development.

and determination to
achieve customers.
Entrepreneur Managers
 The businessman is now in responsible
for overseeing something from an
organization's processes since they are
continuously fearful of complexities
even though with their capital
expenditure has been at danger.
 This same investor focuses on the
development and advancement of one‘s
company, but instead entrepreneurs
attempt to hide the dominant position
feasible to accomplish this objective.
 Workers are getting rewarded also for
duties for which they have been hired,
and supervisors are responsible for
monitoring the activities that were
assigned to staff.
 Management focused on the smooth
running of their sections and aim for
positive adaptation as an objective.
Interpretation of statistics for showing impact of micro and small business on the economy
Business organization plays crucial role in development of economy and organisation focuses on
providing maximum contribution to economy. There are three types of business which are
mentioned below such as:
Small- This type of business consists of less than 50 employees and having revenues of 5 million
dollars. Such firms have major on economic development as it is generating high revenues for
economy.
Medium – Such type of business employs more than 50 employees and generates revenues
between 5 million pounds to 22 million pounds.
Large – Such type of business employs more than 250 employees and generates more than 22
million pounds.

Small and medium enterprises have its impact on national level and regional level as such kind
of enterprises contributes in growth and development of economy. Business can determine need
of economy and need of people which belongs to society (Naudé, 2017).
Examine how different components of an entrepreneur's personality may influence their
ambition and attitude
Dedication to education, confidence, bravery, taking any risks, and opportunity grabbing are
critical talents and dispositions which an entrepreneur will have to assist create a positive
mentality and renewed excitement for activities to be performed out. Whenever an individual
shows a good mindset about something, one gets motivation and accomplishes faster progress,
helping him better enhance overall talents. Entrepreneurs demonstrate self-rewards that are
related to the capacity to remain conscience and undisturbed by the obstacles they face in the
career.
Examine, using pertinent instances, how one's knowledge and experience may both impede
and promote entrepreneurship
Every individual reacts from either a diverse set of circumstances; some have access to a large
amount of life's conveniences, and some don't. Many of them come from areas where they can
truly inspire and motivate people to attain desired objectives. Numerous factors may impact how
each notion that originates in a person's mind is implemented. That level of knowledge that a

person holds assists people in coping with difficulties that they may encounter in their
operational activities including in company. That aspect of insecurity is indeed impacted by a
person's education experience (Ratten and Jones, 2018).
CONCLUSION
As per the results of the study, people with entrepreneurial activities motivating factors and
characteristics are those who strive to create goals and achieve declared objectives. An
businessman for a forward developer who contributes to economic growth and wealth by
providing community work via emerging innovations and enhancing current programmes.
Likewise, more focus should be given on expanding with new and existing technology, since this
will allow social development to flourish.

REFERENCES
BOOKS AND JOURNALS
Dana, L. P., 2017. International entrepreneurship research: how it evolved and directions for the
future. International Journal of Entrepreneurship and Small Business, 30(4), pp.477-489
Faisal, M. N., Jabeen, F. and Katsioloudes, M. I., 2017. Strategic interventions to improve
women entrepreneurship in GCC countries: A relationship modeling approach. Journal of
Entrepreneurship in Emerging Economies.
Hansen, and et. al., 2020. The future is in the past: A framework for the Marketing-
Entrepreneurship Interface (MEI). Journal of Business Research, 113, pp.198-208
Kwilinski, A., Dzwigol, H. and Dementyev, V., 2020. Model of entrepreneurship financial
activity of the transnational company based on intellectual technology. International Journal of
Entrepreneurship, 24, pp.1-5.
Naudé, W., 2017. Entrepreneurship, education and the fourth industrial revolution in Africa.
Ratten, V. and Jones, P. eds., 2018. Transformational entrepreneurship. Routledge.