Entrepreneurship: Types of Ventures, Influence on Economy

ENTREPRENEURSHIP
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Table of Contents
Introduction......................................................................................................................................3
Task 1...............................................................................................................................................3
P1 Different entrepreneurial ventures and their relation to typology..............................................3
P2 Similarities and Differences of the ventures..............................................................................4
TASK 2............................................................................................................................................7
P3 Inspection of various research and relevant statistics data that illustrate the influence of the
small and micro businesses on the economy...................................................................................7
P4 The contribution of the small businesses and start-ups in the growth of the social economy
after the exit of Britain from the European Union...........................................................................8
Task 3.............................................................................................................................................10
P5 Distinctive Characteristics of Successful Entrepreneurs..........................................................10
P6 Reflection of Entrepreneurial Motivation and Mindset............................................................11
Task 4.............................................................................................................................................12
P7 The regions that specify the background experience, strengthening, and fostering of the
business on the relevant entrepreneurship.....................................................................................12
Conclusion.....................................................................................................................................13
Reference List................................................................................................................................14
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Introduction
The beginning of a new business is often referred to as entrepreneurship. It includes the
designing of the business, launching it and finally running the organisation. The entrepreneurs
have the capacity and urge of developing, organizing and managing a business venture along
with handling any kind of possible risks for making profits. The person who runs the enterprise
is called the entrepreneur and he is responsible for all kinds of operations of the business. The
person does not work as an employee but as a business leader who is skilled and innovative.
Entrepreneurship constitutes of leadership, team-building and management capabilities.
Task 1
P1 Different entrepreneurial ventures and their relation to typology
As stated by Autio et al. (2014), are several types of entrepreneurial ventures that include small
business venture, scalable start-up venture, large company ventures and social ventures. Small
business ventures refer to the enterprises run by an individual on his own. They hire people from
the locality or family as employees. They most run these in order to make profit to feed their
family. These small businesses get their funds from either friends or family of from small loans.
Examples of these businesses are carpenters, plumbers, grocery stores and so on. Scalable
entrepreneurs start their business with a vision of changing the world. Investments in these
enterprises are made from financial investors or venture capitalists. Such entrepreneurs seek
models of repeatable and scalable business. Scalable ventures always look forward to rapid
expansion. As stated by Drucker (2014), large company ventures have a definite life cycle. These
ventures regularly offer new products that revolve around their core products. New competitors,
technologies and changes in customer preferences influence them. Often the large size and
culture of a company makes it difficult to execute the disruptive innovation. Social ventures
mainly develop services and products that target at solving social needs and issues. Instead of
focussing on market share or increase wealth, such companies aim at creating a better world.
These types can non-profit, profit or hybrid organisations.
Each of these ventures is related to the typology of entrepreneurship. The typology includes
several entrepreneurs. Serial entrepreneurs are those who develop new ideas and businesses on a
regular basis. This is often related to the large-scale ventures as new ideas helps in expanding the
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business. Lifestyle entrepreneurs refer to the individuals who start business only with the aim of
changing the personal lifestyles instead of solely making profits. These are often related to small-
scale entrepreneurship and have greater possibility for success as the person is working for
intrinsic passion. Women entrepreneurship is closely linked to the economic growth and can
involve any kind of ventures. Women entrepreneurs for themselves create new opportunities.
Women also help the society by providing different kinds solutions to managements and other
business problems. However, they often face several challenges and are prone to endorse in
small-scale entrepreneurial ventures. Male entrepreneurship is the most common ventures all
around the world.
In the UK, male entrepreneurship dominates most of the leaderships of small UK companies; on
the contrary, women only constitute 6.4% of the board members (Ft.com, 2017). An example of
a successful serial entrepreneur venture of UK is ‘Gojimo’ run by the young George Burgess.
The business publishes different revision apps and exam preparation tools. Example of lifestyle
entrepreneur is ‘The Six Figure Mentor’ in UK. It is run by Stuart Ross and provides people with
a training program to get a greater free and flexible life. Different types of entrepreneurial
ventures are closely associated and related to the typology. However, each of the ventures is
somewhat similar and different from others, that will be assessed in the next parts of the
assignment.
P2 Similarities and Differences of the ventures
The entrepreneurial ventures are all-similar in terms of the practices and set up. Each venture is a
form of business and run by an individual. However, the aims, targets, challenges faced as well
as the scope of profits are different for each entrepreneurship. A detailed analysis of the
similarities and differences between the entrepreneurial ventures mentioned above will clear this
concept.
Similarities between male and female entrepreneurship- Both male and female entrepreneurs are
very hard workers and each has the potential to overcome the obstacles. Both type of businesses
look for greater opportunities and solutions. The businesses can get hold of new ideas or markets
and identify whether the new venture will be viable or not. Both businesses always focus on their
stakeholders and partners. However, there are certain distinctions between the two. As stated by
Baum et al. (2014), these include the styles of making decisions, ability to tolerate risks,
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