Typology of Entrepreneurship - Doc

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship................1
P2 Similarities and difference between entrepreneurial ventures..........................................3
TASK 2............................................................................................................................................7
P3 Relevant statics and data related with impact of small businesses on economy...............7
P4 Importance of small businesses as well as start-ups for growth of social economy.........8
TASK 3..........................................................................................................................................10
P5 Characteristics and traits of successful entrepreneurs.....................................................10
P6 Entrepreneurial personality reflect entrepreneurial motivation and mind-set.................11
TASK 4..........................................................................................................................................13
P7 Background and experience can foster and hinder entrepreneurship..............................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is a very important part of any economy, a country cannot rely on
service class for its growth as well as development. The real growth can only come when there
will be entrepreneurial mind-set among the people and they will be able to do business by
fostering innovation and growth within the country. Entrepreneurs plays a very crucial role in
building an effective environment of businesses and innovation within a region. For Example, In
US Silicon Valley is a place which is regarded as a heaven for the entrepreneurs. There are
different types as well as character of the entrepreneur but the ultimate aim of all those is to
pursue a venture with an ultimate aim i.e. is to be profitable and successful in the longer run.
Under the current report various topics regarding the entrepreneurship will be discussed which
would include fundamental motivation behind setting up this report is to characterize diverse
sorts of entrepreneurial ventures and their association along with various typologies (Blackburn,
Hart and Wainwright, 2013).
The project covers the idea that how miniaturized scale and private company impact on the
social economy of UK. This venture additionally incorporates the key angles to entrepreneurial
viewpoint and condition that cultivates or prevents the business enterprise. The current case
study is rated to Joe woods who is a successful entrepreneur and has been doing business from
last few years successfully, He has been able to manage his IT business Successfully. A proper
discussion will take place regarding his capabilities and the kind of traits that he possesses,
which helped him in achieving the level of success he wanted.
TASK 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship: It is the path toward making something imperative through their
progression which help being produced of successful set out to gain high advantages. Of course,
business enterprises are the blend of land, work, resources and income to make high gauge of
advantages. It totally depends on the point of confinement and limit of agent to investigate
promote, risk everything and make technique for individuals to give their things and
organizations to general populace of country.
Intrapreneur Entrepreneur Manager
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An Intrapreneur is on a
managerial position in a big
company and he is given
necessary liberty to take
decisions with regards to
money and investments. Thus
an Intrapreneur is just like an
Entrepreneur but he does not
invest his own money within
the business.
An entrepreneur is an
individual who invest money
by his own and takes all the
risk with relates to venture. He
is the one who will be
responsible for all the success
as well as failure of the
venture.
A Manager is a person who is
employed in the business on a
salary basis and is not
concerned with the success or
failure of the venture as such.
He receives his salary
irrespective of the growth of
organisation.
Entrepreneurial Venture: It is started by the entrepreneur for the purpose of owning a
business venture and achieving personal success in the longer run. Advantage is the base for
same through which social monetary esteem is made. They can be of both the sizes little and
medium and huge organizations (Storey and Greene, 2010).
Types of Entrepreneurship
It is essential for an organisation to determine the capacity and willingness to develop,
organize and manage to an organisation venture along with any of its risk to make a profit. In
economics, entrepreneurships used to combine with land, labour as well as natural resources that
can earn profit for the company. In this usage, an entrepreneur, it is vital to manage all the
activity that are differ substantially relies on the types of an organisation and creativity involved
in their overall business operations. There are various types of entrepreneurship that is based on
building high scalable business in very quick period of time. Some of them are discussed
underneath:
Type of Entrepreneurial venture:
Small-business firm: The private business venture is for the most part claimed secretly
by individual for maintaining in the market and acquiring benefits. They satisfy the business
sectors require by giving quality products at viable costs. They centre around being predominant
in the market because of presence of substantial rivalry. For Example: Restaurant, Bakery and
retail store (Bridge and O'Neill, 2012).
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Social Enterprise: These venture is devoted for the advancement of the general public.
Every one of the exercises are done with the perspective of helping individuals in need and
upgrades their supportability.
Large Enterprises: These are the substantial partnerships having a predefined of
structure and arrangements in the venture. The representatives are coordinated towards a shared
objective. The attention is on misusing the market openings and procuring high benefits.
Scalable Enterprises: These are enterprises carrying large scale of business operations
and have keen interest in acquisition of other firms. The endeavours either can make items and
go into business sectors or can obtain a current firm.
The above mentioned types of entrepreneurial ventures are based on fulfilling the needs
and demand of people at market place and the major focused area of the firm is to attaining high
growth and success at market place through gaining more profitability.
Type of entrepreneurial typologies
Life style Ventures – When an entrepreneur use his/her lifestyle for earning money then
it is considered as lifestyle venture. They mainly concentrate on pursing their passion instead of
earning profit.
Survival Ventures – These types of businesses focus on attaining decent amount of
revenue so they can survive in the industry. They understand that organisation is not in a
situation where they make plans about growth. Activities like hiring, constructing long terms
plans are avoided by this these ventures.
Managed Growth Ventures: When business enterprises concentrate only on one thing
i.e. profit and expansion of organisation, then it means they are a managed growth venture. They
try to expand their business in an aggressive way so they can meet their long term targets.
(Carland, Carland and Stewart, 2015).
P2 Similarities and difference between entrepreneurial ventures
In every business organisation, both of us with small businesses, there is always a bit of
confusion among the terms small owners and entrepreneur. Both of them is having small
business impacts, but they have various styles of leaderships and thoughts on overall operating
their business. They are critically crucial for business to perform their role in order to increase
the economies of scale. The valuable difference is discussed below:
Types of Enterprises Similarities Differences
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Life Style and a serial
Venture
 The most common
difference among both
the venture is that they
work effectively at the
same point of time.
 Purposes of serial
business visionaries is
to gain high advantages
from their different
business limits.
 They are different from
each other from the
point of view of the
character of both the
business enterprises.
 A lifestyle Venture is
created for the purpose
of doing business not
as a job but for the
purpose of fulfilling the
desires of the
entrepreneur. Serial
Enterprise on the other
hand is created for the
purpose of meeting the
daily needs and wants
of an entrepreneur and
employees of the firm.
Type of enterprise Similarities Differences
Small v/s large business
enterprises
 Similarities amongst
small and extensive
occupational venture is
that the two firms
attempt distinctive kind
of business activity to
build benefits. Main
point of the two
 Primary distinction
amongst Small and
substantial business
undertakings is that
independent company
firm execute its business
and different business
activities on small and
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associations is to better
fulfil the requirements
of its clients (Carland
and Carland, 2015).
 Both association
execute distinctive sort
of research keeping in
mind the end goal to
known well about their
objective clients and to
realized what are the
highlights which must
be there in items to
hold clients for
significant lot of time.
 Both association begin
their business task with
a special and
imaginative thought
which pulls in huge
number of speculators.
local level of nation. Then
again substantial business
association execute their
business exercises on
huge and global level and
gain more measures of
benefits as contrast with
private company
associations.
 Small undertakings
require little finances and
money related assets to
execute business
exercises while expansive
business organizations
require more measure of
monetary assets to
execute business
exercises in a compelling
way.
 Part of supervisor of
independent company
Enterprises is
straightforward as he
needs to chief the
business tasks on local
level. Opposite of this,
part of administrator is
exceptionally mind
boggling of large
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undertakings. Because of
enhancement of business
exercises in various
nations director handle
greater duty and weight.
Social v/s scalable business
enterprise
 Comparability amongst
social and versatile
business undertakings
is both firm offer and
execute different
activity to offer
exceptional and
imaginative items to its
objective market.
Fundamental focal
point of the two
ventures is to take care
of the social issues of
their objective market.
 The two organizations
initially distinguish the
necessities of its clients
and after that execute
the creation procedure
to satisfy extraordinary
prerequisites of its
clients.
 Principle focal point of
social undertaking is to
contribute in social
advancement of society
by offer them answer for
their issues with or
without benefit. Be that as
it may, then again
adaptable undertaking run
different exercises just to
build the measure of their
benefit.
 Adaptable firms do
different endeavours
keeping in mind the end
goal to catch a bigger
piece of the overall
industry in least time. On
the inverse of this social
do different endeavours to
just take care of the issues
of people and to improve
the world a place
(Carraher and Paridon,
2015).
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TASK 2
P3 Relevant statics and data related with impact of small businesses on economy.
Small enterprises Medium Enterprises Micro Enterprises
It refers to those firms which
are having an employees of
less than 50 and is having a
turnover of under 10 Million.
It is those organisations which
are having less than 250
Employees and a turnover of
less than 50 Million.
These are those organisations
which are having less than 10
employees and a turnover of
less than 2 million.
The small and medium estimated organisations are a noteworthy supporter of the
economy of a nation. Small and medium size organisations are effective in providing
opportunities to the people of society and helps in developing the economic condition of a
country. Everybody knows about the shortage of employments in economy and in such
circumstances these business wanders go about as occupation give in this manner raising the
standard of individuals in a nation. As per The Forum of Private business, the SME's have
represented almost 15.2 million occupations in the nation which is 33% of the aggregate work.
The organizations convey a huge positive effect on the GDP of a nation. SME's were the person
who helped the economy of UK after Brexit remain out of subsidence in the market. The division
of the SME by the legislature is as per the following:
Category Employees Turnover
Micro Less than 10 Under 2 million
Small Less than 50 Under 10 million
Medium Less than 250 Under 50 million
The above order is done based on degree and size of activities. The miniaturized scale
undertaking work at a local level in this manner giving the employments to individuals and
raising their principles and these organizations convey a minimal contrast in the GDP of the
nation. There is a blast in the small scale undertakings in the nation as they are at exhibit 5
million in number. The local business limits to a specific area and it has a critical effect on the
economy (Fassin, Van Rossem and Buelens, 2011). This report implied to the way that rate of
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independent work and 19% of the aggregate turnover of the nation, which can be through giving
work to individuals and getting a specific level of productivity. The medium-estimate
undertakings are the one which utilize around 250 individuals and have a turnover of 50 million.
Illustration 1: Role of small business enterprises in
UK
(Source: Role of Small Business Enterprises in United Kingdom, 2016)
These rising enterprise are considered as the power of the nation which create benefits in
attaining growth and development. The economy of United Kingdom represents 99% of the
aggregate organizations in the nation. Creating business open doors for most extreme populace.
However, the opposite side to it is that they don't keep going long over 10 years. There is a need
of government to utilize tax reductions and monetarily maintainability for these endeavours to
have a noteworthy effect on the economy of the nation.
P4 Importance of small businesses as well as start-ups for growth of social economy
Small Business: Small business refers to those business that are having a specific amount
of capital already invested and is doing business in the market for a specific period of time.
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Start-Up's: It refers to the idea which is just launched and has taken a physical shape, a
start-up can be started from even 100 dollars or pounds, it is started by an entrepreneur for the
purpose of achieving personal excellence.
BREXIT: Brexit takes place when United Kingdom decided to quit the European union as a
member and this had a considerable impact on the workings of various section within the
country, which includes Entrepreneurs as well, their way of working has changed considerably
because of amendments in the concerned laws and regulations.
Social economy: It is basically taken to be a third sector of capitalist economies that
district from the private and public sector. The social economy is considering by the overall
collection of various social aims and objectives that varies as organisation make it up effectively.
Example, a person class in society relies on total money he makes from their its entire business
operations.
Social enterprises: It is an organisation that applies commercial strategies to increase
modification in financial. Social and environmental well-being. It would also allow people to
tackle social issues, improve individual life chances and support communities and assist the
environment.
Social entrepreneur: A social entrepreneur is an individual that pursues noval
application which would have the potential to deal with community based issues. These
individuals used to take all kind of risks and make efforts to develop positive environment in the
society by their own initiatives.
Business exercises of different Enterprises to a great extent influence the economy of that
country. Extension of business exercises of little ventures guarantee financial improvement and
the other way around. As of now, number of independent venture endeavours are there which are
working in United Kingdom. These organizations execute all exercises with imagination which
increment comfort the level of local natives. This assist a nation in looking after economy.
Undertakings who execute their business exercises on worldwide level get influenced by
different components exist in business condition (Hatten, 2012). All things considered, private
company new companies are the person who help nation in keep up financial level. Further,
these offer work to countries which are near and increases the overall Standard of their life of
life. Further, they offer assortment of items to their objective markets which help in tackle their
issues. Not just this, these organizations likewise offer consultancy and bolster administrations to
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huge ventures so they can execute huge task in a powerful way. These ventures are the person
who do investigate to recognize the highlights which must be there in organization's item to
better fulfil the necessities of its clients. Because of working on a small level these organizations
offer included items at reasonable costs to its objective market. Increment chances of business
abatement and help in dispose of destitution from country. Essentially private company
endeavours assume a part of spine in social advancement of country.
TASK 3
P5 Characteristics and traits of successful entrepreneurs.
Each business visionary is related to a specific arrangement of abilities which are
fundamentals in making a business effective.
Oprah Gail Winfrey is extraordinary compared to other case of an effective business
visionary. A multitalented lady who is a host, maker, media proprietor and a humanitarian.
Originated from an unassuming foundation turned into the main ever dark female newscaster. At
the point when expelled from the situation of reporter filled in as low profile at a few media
stations. At exhibit the total assets of her is around 3.1 billion USD.
Mark Zuckerberg is one of the famous entrepreneur as well as co-founder of innovative
social media site called as Facebook. He attended Harvard university along with his team mates
decided to launched his application. (Lautenschläger and Haase, 2011). He tends to one of the
effective and youngest entrepreneurs that can become one of the great success in the little career.
There are various specific characteristics of Mark Zuckerberg that are mentioned below:
Characteristic of entrepreneur are:
Confidence: Every leader has certain start somewhere and for Zuckerberg he entered into
their world with great DNA. It has been learned through his time and his start was a primary
building block to his rise.
Risk Taker: beyond any doubt higher the hazard, higher the pickup. Playing safe was not
an approach to accomplish something which merits recollecting. Being fruitful or unsuccessful
comes later initial step is to get into that and perform with maximum capacity.
Planning: Planning assumes a pivotal part regardless of what field or teach it is.
Arranging centres around how to accomplish a specific position in life which is wanted by the
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business visionary. Viable arranging is essential while accomplishing goals with constrained
assets.
Creativity: Creativity characterizes achieving an errand in an exceptional way. There
were other social stages when Facebook was developed yet it was the means by which
imaginatively Zuckerberg made so it took the world with storm.
Traits of Successful entrepreneur are:
 Certainty is one the characteristic that is for the most part found in business visionary.
Whatever errand they pick they are sure that it will yield victories.
 They are energetic in what they do. The errand picked by them is to their greatest
advantage and put central core to it.
 The fruitful business visionaries are great directors. They are equipped for dealing with
the time, assets and openings in a skilful way (Martin, McNally and Kay, 2013).
 The business person is bold on the off chance that they put stock in something they will
follow it regardless!
It is no more a mystery that business people can be made an individual simply need to
discover his/her territories of intrigue and with the correct adjust of certainty and inventiveness a
man can succeed. The ascent of business visionaries in the nation can be watched and it is just
conceivable by making them mindful of the open doors that lies in the market.
Under this case, Joe Woods is an extremely calm as well as composed. Entrepreneur who
has been successful so far within the tasks that has been undertaken by him. He has been able to
successfully set up an IT Business from last two years that itself depicts the kind of traits that he
possesses which help him and his company in the future.
P6 Entrepreneurial personality reflect entrepreneurial motivation and mind-set
Inspiration is the factor which urge people to acknowledge distinctive sort of difficulties
which help in get constructive outcomes. To wind up effective it is exceptionally basic for
business visionaries to have these identity characteristics as a part of their identity. Group of
individual assume a major part fit as a fiddle to considerations of a person. An individual learns
social standards and essential information from his relative. Characteristics of relatives, culture
and religion contribute a great deal fit as a fiddle to identity of a person. Further, training level of
individual likewise help fit as a fiddle to method for his reasoning. Advanced education
encourages individual and support him in go for broke (Stokes, Wilson and Wilson, 2010).
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Without inspiration and uplifting outlook a business person cannot make progress. Inspiration
urge ventures to execute complex activity in a powerful way which help in better fulfil the
requirements of clients and ate a similar time give number of long points of interest to
organization. Entrepreneurism can be practiced through effective learning ability. It is
experiential. It has been seen that a person cannot learn anything unless they have any
experiences. Most of the entrepreneurs are different mind-set that used to contribute to their
success. The mind-set might have to do with their personality or sometimes even with the field in
which they have been chosen their work. Things can always be different as they person is having
only innovate mind. He can easily be transform their career into new direction. The compelling
elements are:
 Family childhood assume an imperative part in building up a mentality of the individual.
Both the identities originated from a modest foundation. Their folks have attempted to
shape them in the way that they can satisfy their wants. Family esteems, conviction and
childhood helps in moulding of a person.
 Way of life is indispensable in building up the mentality and inspiration. Oprah
originated from a poor family subsequently a battle was there to bring home the bacon.
This spurs a man to buckle down and to prevail throughout everyday life and to satisfy
their fantasies.
 Culture is characterized as an arrangement of qualities and convictions which are
important in getting down to business a person.
 Social connection is critical in entrepreneurial inspiration. The instrument of influence
can be successfully examined. The apparatus of correspondence is another approach to
impact the entrepreneurial attitude. These effective business visionaries lead classes and
interface with developing business visionary and guide and bolster them monetarily
(Olusegun, 2012).
 Individual inspiration is accepted to be the most urgent segment for creating
entrepreneurial mentality and inspiration. In the event that the individual wishes to
accomplish something and energetic about it then he will have the capacity to do as such.
The accomplishment of these business visionary goes about as a spark to accomplish
something in life than a 9 to 5 work.
For the purpose of examining the traits, the big five models have been used, these are as follows:
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 Openness to experience – In every organisation, individual that like to learn new things
and enjoy latest experience usually score maximum in openness. It consists of traits such
as insightful and imaginative and a large range of interest.
 Conscientiousness – All the people that is having a high range of conscientiousness are
mostly reliable and prompt. It consists of certain traits such as organized, methodic and
other associated facts.
 Extraversion – As per this personality trait used to get their energy from within
themselves. It consists of energetic, talkative and assertive. Experiencing more emotional
states and feeling good about oneself and the world.
 Agreeableness – Under this model, an individual is having high level of agreeableness in
a personality test is usually warm, tactful and friendly. Basically they optimistic aspects
of human nature and get together with other people.
 Emotional stability – It is another effective aspect that is related with the person’s ability
to remain stable and calm in any kind of situation. On the other hand, who is high in
neuroticism has always be tendency to easily attract towards negative emotions.
TASK 4
P7 Background and experience can foster and hinder entrepreneurship
Procedure of business get influenced by number of components. Foundation and
beneficial experience of individual likewise assume a major part in this. At the point, when
individual has a positive past affair then this empower the individual and rouse him about future
exercises of business. This outcome in positive results and encourage the procedure of business.
Positive experience increment fearlessness and spur him to viably deal with all exercises of
business. Inverse of this, negative experience diminishes resolve and fearlessness of person
which influence the exercises of business in antagonistic way. It is extremely fundamental for
business visionaries to comprehend that achievement and disappointment are simply
consequence of procedure of enterprise. If there should be an occurrence of disappointment
business person ought to realize what the mix-ups he done and ought to learn not to do likewise
in future. If there should be an occurrence of positive experience and business person should
attempt, make it more powerful (Schaper and et. al., 2014).
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Encourage some in conceived qualities of individual additionally influence the action of
business enterprise. Different components which influence the dispositions and conduct of
people incorporates his childhood, individual attributes, budgetary condition and instruction.
Every one of these elements give last shape to the identity of a man and influence his procedure
of deciding. Positive experience consequently upgrade the adequacy of procedure of business
enterprise and negative experience influence the same in negative way. To end up fruitful all
endeavours must be finished by business visionaries to make the positive experience more
compelling and in the event of negative experience he ought to distinguish the oversights and
should make an effort not to do likewise in future. Along these lines business visionaries can
accomplish set and wanted outcomes.
The entrepreneur that has been discussed in the current case is Joe woods, his background
was quite humble still he has been able to think beyond box and has done necessary hard work to
achieve what he did today. He has also encountered some of the various legal conflicts which has
hindered his growth in the IT Business as well as sector. These conflicts were related to legal
issues faced by his venture and other regulations etc.
CONCLUSION
From the above given report it has been concluded that business enterprise is another
basic part for the economy. Business visionaries are the individual who is capable and planning
and dealing with a financial action. Business visionary will their inventive reasoning improves
the item to make something of significant worth. The independent venture and business help
constitute 99% of the exclusive economy of the nation. However, there is distinction amongst
business people and supervisors. Business people are the person who help in supporting the
undertaking in satisfying the targets and part of supervisor is limited to completing the work out
of representatives. The administration strategies are ideal so an ever increasing number of
individual’s approach with their thoughts of working together. There ought to be sufficient
business people so everybody is utilized and ascend in the economy of UK. It is very important
as well to make sure that right kind of policies are being framed by the government that will
allow people within the country to innovate and do entrepreneurship very easily.
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REFERENCES
Books and Journal
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Carland, J. W. and Carland, J. C., 2015. A model of potential entrepreneurship: Profiles and
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