Detailed Analysis of Entrepreneurial Ventures: Report for University

This report analyzes various entrepreneurial ventures, including small businesses, scalable startups, social entrepreneurship, serial entrepreneurship, and female entrepreneurship. It explores the typology of entrepreneurship, examining similarities and differences between different venture types. The report assesses the impact of small businesses on the economy, particularly in the context of post-Brexit social economy growth. It delves into the characteristics, traits, and skills of successful entrepreneurs, reflecting on entrepreneurial motivation and mindset. Furthermore, it examines different environments that foster or hinder entrepreneurship, considering the effect of background and experience. The report emphasizes the importance of innovation, market competition, and the role of entrepreneurs in driving economic growth and societal welfare, referencing key concepts and models of entrepreneurship.

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Entrepreneurship and Small Business Management
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Contents
Task 1:..........................................................................................................................................................3
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial............3
P1: Carry out a mini research to examine various kinds of entrepreneurial ventures and explain how
they relate to the typology of entrepreneurship.....................................................................................3
P2: As part of your research investigation, explore the similarities and differences between
entrepreneurial ventures.........................................................................................................................6
Task 2:..........................................................................................................................................................9
LO 2: Assess the impact of small businesses on the economy.....................................................................9
P3: Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro and
small businesses impact on the economy................................................................................................9
P4: Explain how important small businesses and business start –ups will contribute to the growth of
the social economy after ‘Brexit.'..........................................................................................................11
Task 3.........................................................................................................................................................13
LO 3 Determine and assess the key aspects of an entrepreneurial mind-set........................................13
P5 Characteristics, traits, and skills of two successful entrepreneurs....................................................13
P6 Aspects of the entrepreneurial personality, reflect entrepreneurial motivation and mindset.........15
Task 4.........................................................................................................................................................16
LO4 Different environments that foster or hinders entrepreneurship..................................................16
P7 Effect of background and experience of entrepreneurship..............................................................16
Reference ..................................................................................................................................................19

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Task 1:
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial
P1: Carry out a mini research to examine various kinds of entrepreneurial ventures and explain
how they relate to the typology of entrepreneurship
Entrepreneurship is defined as the way of carrying out the business through which which
individual who is planning to start new or unique venture so that high profits could be earned.
Therefore, such an individual is termed as entrepreneur and the venture is termed as
entrepreneurial venture. Following are the different ventures within which entrepreneur could be
engaged in such as-
 Small business entrepreneurship- Such type of venture is termed as unique or
innovative entrepreneurial venture that influences individual towards firm. Therefore, it is
essential for person who is planning to start such a venture need to identify the market
competition because there are various similar businesses already existing in market. For
instance, it involves businesses such as grocery stores, barber shop, plumbers, travel
agency etc. All such people need to be highly skilled and thus involve innovative idea
and process within their business that would help them to earn high profit and influence
more number of people towards firm (Agarwal and Braguinsky, 2014). In UK carrying
out Small business venture is significant and thus government provides opportunity to
such people in terms of providing them funds so that business could be launched easily. It
also helps in encouraging the entrepreneurs so that stated goals could be attained. Main
typology involves is that it helps individual to earn high profits in regard to feed the
persons involved in family.
 Sealable start up entrepreneurship- Moreover, such type of entrepreneurial venture is
concerned with innovation and thus it results in attracting more number of investors who
focus upon pitching for their favourable business idea. Thus, it provides opportunity to
entrepreneur to get high investment and raise brand image of their venture in future.
However, the idea needs to be unique so that it could get more number of pitches to get

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
launched. Such venture possesses the typology that they aim to provide innovation and
different innovative products or services so that clients could be attracted towards firm.
 Social entrepreneurship- Moreover, such entrepreneurial ventures helps in providing
social services to community so that their welfare could be done. Thus, such venture is
carried out for not attaining profit and while benefiting the society (Asoba and Tengeh,
2016). The typology that it is being categorized in the form that society could be served
effectively and efficiently.
 Serial entrepreneur- Such entrepreneurs are future oriented and always look forward to
start a new venture so that unique products or services could be provided to customers.
The typology is that they have innovative features for future development of the business.
 Female entrepreneur- While, such entrepreneur is focused upon expanding the business
in international market and thus they are different from male entrepreneurs because they
possess effective management skills (Bates, 2011).
 Lifestyle entrepreneur- Further, such entrepreneurs are focused upon future
development of firm and thus obtain risk handling capacity.
Wander is a making society that starts the need of collaborating among the new business-master
minded newcomers and future business visionaries. It is particularly vital that the need of the
financial change is a climbing point of view that wants to endeavor the movement in the division
of self-declared and making business bodies be it little scale or massive. The entrepreneurial
progress is an essential section of which depends on the target motivation for driving
neighborhood headway, exhibit day change, and time of business. It is to be viewed as that the
specialists as seeds of the movement of the firm and in this manner, alongside growing up
attested capitals, it gives an enormous open portal for the other standard subjects to get into work
that further outcome in the change of the economy of the nation. The per capita pay, the way of
life and pay get-together of the Association increments with the augmentation in the mechanical
progress of the country by the technique for the significant business change.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
An Entrepreneur is a person who begins and maintains a business with constrained assets and
arranging, assessing every one of the dangers and prizes of his or her business wander. The
business thought is normally another development, item or administration, as opposed to a
current plan of action.
Entrepreneurial ventures require the ambitious individual to organize capital, crude materials,
fabricating areas and gifted workers important to create a decent or offer an administration.
Advertising, deals and appropriation are other vital perspectives which are controlled by the
business visionary.
An industry visionary is a word that is gotten from the French dialect, a verb "enterprendre,"
signifies 'to embrace.' Enterprises are attempted by business people, and the procedure of
creation is named as the enterprise. The rationale of business visionaries is to discover something
new and imaginative submit to its type of business for serving better and producing higher
benefit potential outcomes alongside going out on limb elements.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Figure 2: The four model of corporate entrepreneurship
(Source: Wolcott and Lippitz, 2007)
Entrepreneurial attempts are revolved around the organization's guiding for the mid-sort out and
early masterminded associations. Meandering expects to reveal out in danger zones and
entrepreneurial ventures like this, relates to the way that businesspeople chance their odds in the
open market and do fundamental needing to make their attempt survive and turn out effortlessly.
The essential inspiration driving reviewing the particular sorts of efforts help to conform and
recuperate arrangements of activity and change in the business targets. The lifestyle and structure
are the key components on which the company stand and consequently, the change of the general
business managers. The piece of the attempts vacillates with the period of the association and its
money related position.
Private company for the most part manage known and built up items and administrations,
Entrepreneurial Ventures are for new creative offerings
SBs go for constrained development and proceeded with gainfulness while EVs target fast
development and high profitability returns
Private companies manage known dangers; Entrepreneurial Ventures bring profound jump with
heaps of obscure dangers
Position.
EVs by and large effect economies and groups in a huge way, which likewise brings about a
falling impact on different parts like occupation creation. Independent companies are more
constrained in this viewpoint and stay bound to their own area and gathering.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
The latest couple of decades have been a growing and dynamic time for the change of the
business endeavor, and thus, in this manner, it is necessary to investigate the field of pertinent
reaches. Total brokenness is the term that venture guaranteed. Creation and headway are the soul
prospect of the business that develops the workplaces for the advancement of the economy and
change of the business segments and current division with the help of new advances and related
social affairs. Entrepreneurial methodology and activities offer climb to new market and level of
sectoral execution of contemplations that rouses the headway of the business meanders in
different structures and with different perspectives. There is the corporate undertaking that leads
the market and has different centrality. Organizing the sorts of agents, we can portray an
extensive variety of types of them like innovative business visionaries, reflecting industry
visionary, Fabian business visionaries, meander business visionaries and social business
visionaries.
P2: As part of your research investigation, explore the similarities and differences between
entrepreneurial ventures
The possibility of the market system and improvement of large businesses have progressed and
changed over the span of late decades and to highlight the refinements of the different
entrepreneurial attempts. The activities of entrepreneurial techniques are to meander activities
and progression for an establishment of the primary things and organizations. The qualifications
and comparable qualities of the entrepreneurial attempts can be communicated and researched
recollecting the assortments of the examinations and perspectives of the differing business
visionaries. The creative, entrepreneurial meander tries to develop new progressions for the
things and markets. These incorporates the outlining and furthermore finding new things to make
assets of creative instinct who creates and evaluates the market openings. Tolerating the perils is

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
an essential bit of the hands of this original sets out to assess the likely outcomes of the system.
Research of materials matters in any movement and projection works that empower the
researcher, here the business visionaries to aggregate a not too bad learning of the market and
their needs. The social business visionaries are the most creative casing that progressions the
diverse informative, get ready and human resource fields into beneficial yield keeping in right
issues and headings. This structure not simply energizes the advancement of the economy game
plan of the country Moreover in prosperity, rights and condition change of the worker and
diverse individuals. This sort of large businesses managers the dejection alleviations really and
extend their objective to do change with the energy of business practices to beat the routine
drawbacks.
The upgraded culture of the human culture has any impact and conflicts in the thriving and
change of the societal managers. Regardless, the entrepreneurial section tries to keep with or
without these matters and focus on the modification of the business and hopes to convey each
one of the particles of society and progress. The advancement organization has extended the
obstacles of the gathered variety of requests that fuse structure of science, humanism, geography
and cerebrum research of the obliged joining of the field and its learning. The progression of the
commercialization and advancement does not have any impact on the collection of the attempts.
However, the closeness passes on a mutual goal for all and that makes an absolute assurance of
the force of this matter. The corporate activities of business fuse distinct periods of the decision
of essential organizing and presentation of the imaginativeness that uses frames, organizations,
things, and headway. There are four models of business as described by Wolcott and Lippitz
(2007). The undertaking is isolated by two estimations that are resource expert and different
leveled ownership.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Following are the differences and similarities within the entrepreneurial ventures such as- Size and structure- It is assessed that size of small business is considered as crucial factor
because being a small business it is essential for firm to meet the needs of its customers.
As compared to large firm it is essential for SME to provide unique quality goods so that
more number of clients could be attracted. For instance, any entrepreneur planning to
start retail venture than they need to understand the concept adopted by Tesco and Asda
as they are big players within retail market. Thus, identifying their concept it helps SME
to adopt innovative idea so that success could be attained. Further, within sealable start
up venture the size and structure does not really matter because at initial start up its idea
to start the venture (Bruening, Strazza, Nocera, Peek-Asa and Casteel, 2015). Aims and objectives- There is another differences that lies within aims and objectives of
different entrepreneurial ventures. Thus, social entrepreneurship possess the opportunity
to make life better and thus improve the revenue of firm. On the other hand, sealable start
up venture helps in providing innovative ideas and thsu earn high profit an market share
within long term. Thus, it could be assessed that there are great similarities and
differences in terms of aims and objectives to provide high quality products and services
to customers (BURNS, 2011).
 Sources of finance- There is another difference in the form of obtaining finance within
different types of entrepreneurship. Therefore, it is essential for entrepreneurs to arrange
for funds so that business could be expanded in market. While comparing it with social
entrepreneurs they are focused upon welfare of society and do not earn profits. The main
similarity is that they need to posses unique concept so that desired results could be
attained.
Lifestyle ventures or businesses similarities Serial entrepreneurs ventures
similarities
Needs human resource management team to
recruit skilled employees
Needs human resource management team
to recruit skilled employees
Have innovative features for future
development of the business
Have innovative features for future
development of the business
Have risk capacities Have risk capacities
Differences Differences
Lifestyle entrepreneur’s focus more in the life Serial entrepreneurs focus on the ideas and

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
rewards provided to people that enjoy and have
the passion for what they are doing.
strategy to start a new company and then
see it through and play an important role in
the regular functioning of the new
company.
Female entrepreneur businesses
similarities
Male entrepreneur businesses similarities
Females looks forward to expand their
business in the international market.
Females looks forward to expand their
business in the international market.
Turnover is less than hundred million but
more than fifty million
Turnover is less than hundred million but
more than fifty million
Differences Differences
The entrepreneurs are females The entrepreneurs are male
Encompass approximately 1/3rd of all
entrepreneurs internationally.
Male entrepreneurs are more than females
internationally.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Task 2:
LO 2: Assess the impact of small businesses on the economy
P3: Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro
and small businesses impact on the economy
It can be assessed that micro and small businesses possess huge impact upon economy
and thus it is essential for firm to contribute towards growth of nation. However, it helps firm to
improve the economic condition of country. Also, it is essential for business to obtain clear
vision so that desired objectives could be attained. Large organizations contribute high economy
so that set targets could be attained. Businesses are classified within micro, small and medium
sizes on the basis of its employment structure and capital owned by firm. Private businesses
possess effective nature of earning high profits while sole proprietorship obtains the nature of
having single owner and thus do not obtain any financial statement so that it could be evaluated
later (CARTER and JONES-EVANS, 2012). While, partnership business means that there are
different partners working towards earning profit. Each and every partner possess equal right and
responsibility so that both profit and loss could be distributed equally. Due to decline of UK
economy it affects SME and thus it is the main reason due to which operations of firm got
affected. Following are the different impacts of SME upon economy such as-
 Contributing through employment- It is one of the main strength of SME that it helps
in employing more number of workers. Thus, various people got employment due to
small businesses operating in the country. While, big organisation provide more number
of employment as compared to SME because there only 250 employees could be
employed (Catanzaro, Messeghem and Sammut, 2015). While, there is no such limit in
large businesses. On the other hand, micro organizations are those businesses that provide
employment to people more than that of SME but less than large size firms. However,
such employment rate proves to have significant impact upon the economy in the form of
GDP of country. For instance, in the year 2014 UK was having approximately 5.2 million
SME.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
 Economic impact- It assesses that SME plays a significant impact upon business as it is
essential for firm to improve the economic growth of nation. However, in order to bring
innovation within the country it is essential for firm to help in growing the economy so
that they could easily compete with other businesses. Further, such firms prove to be
highly effective because it helps in providing employment to number of people
possessing innovative and creative ideas. Similarly, large businesses also impacts the
economy of country in the form that it provides large number of employment and thus
helps in growing the UK economy faster. For instance, recession in 2008, SME helps in
overcoming the recession from the country and thus provide growth and development in
the country (DOWN, 2010).
 Flexibility with changing scenario- It could be assessed that economic stability of UK is
been fluctuating with the change in environment and thus bring rapid changes in the
businesses so that desired results could be attained. Here, it could be assessed that
differences is being identified within micro, small and large businesses. As SME are
those that changes with the alteration taking place in the environment as well as with the
change in needs and wants of customers (GRIFFITHS and WALL, 2011). While, large
business it is not possible because of high investment required within firm. Thus, at the
time of recession, SME obtains the capability to make high profits and remain stable
within economy.
 Revenue of sector- Through reviewing the UK economy it helps in identifying that SME
helps in generating 46% of revenue that shows that such firms are playing crucial role in
order to enhance the economy of UK. While, large firms face issues because they require
huge investment and thus it affects their working.
Free organizations have a higher plausibility of dissatisfaction than the large business. People get
perplexed given this failure. Nevertheless, some independent organizations survive and grow as
well. That is the reason the little ventures are known as the improvement driver of an economy of
a country. In the making countries, independent organization managers are referred to as the
most flourishing business (The E-myth Revisited, 2014). It does work, rouses people in new