Typology of Entrepreneurship: PDF

ENTREPRENERUSHIP

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and differences between entrepreneurial ventures.............................................3
TASK 2............................................................................................................................................5
P3 Relevant data and statistics in your mini-research and how micro and small businesses
impact on the economy...............................................................................................................5
P4 Important small businesses and business start –ups will contribute to the growth of the
social economy after ‘Brexit.......................................................................................................7
TASK 3............................................................................................................................................8
P5 Determine the characteristics, traits and skills of successful entrepreneurs, which
differentiate them from other business managers.......................................................................8
P6 Aspects of the entrepreneurial personality as discussed in reflect entrepreneurial
motivation and mindset...............................................................................................................9
TASK 4..........................................................................................................................................10
P7 How background and experience can hinder or foster entrepreneurship.............................10
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is considered as an activity which is operated as well as developed by
an individual with the purpose of establishing new business. It is one of the important aspect
which increase employment opportunities for local people. This directly contributes in economic
growth of the nation. An individual who come up with new and innovative ideas for running a
new venture is called entrepreneur (Yook and Jeon, 2014). They also have ability to take risk
with the hope of generating more profit within their business. Along with this, they also develop
and serve quality services to customers for creating value. It aids in improving living standard
and create social values. Current report is based on entrepreneurship and start-up which
contributes in improving economic growth . Report also includes different type of
entrepreneurial which relate with various typologies. In addition of this, similarities and
difference between different entrepreneurial venture is mentioned here. Micro and small business
impact on economy is also discussed. At last, skills and characteristics of two successful
entrepreneurs are mentioned in this project.
TASK 1
P1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship
Entrepreneur:
An individual who have ability to introduce new and innovative ideas for running a new
venture with the purpose of attaining success. They are also risk taker which help them in
generating larger profits within their business activities. In addition of this, they also have skills
and abilities to evaluate the current and future needs of market to attain customers satisfaction
level. With the help of this, they easily increase the chances of attaining success at market place.
Entrepreneurship:
It is an activity of designing and launching a new and small business with the hope of
generating huge profits. Mainly, it played a important role in developing as well as improving
economic growth because it intricate number of job opportunities for local people (Byun and et.
al., 2018). This will help in improving living standard of the people which directly contribute in
improving economic condition of the nation.
Entrepreneurial Venture:
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It can be defined as a business organization that includes innovation and opportunities
which directly contribute in producing economic and social value. Along with this, government
also give their support to enhance their overall growth. As it includes various type of
entrepreneurial venture which are as follows:
Small business entrepreneurship: Small enterprise refer to the business venture which is
operated by single person and group of individual for improving entire activities. Mainly, it is
small in size with the clear aim and objectives (Koe and Majid, 2014). In addition of this, it also
hires local and family members to run entire business activities. The main objective of this type
of business is to generate livelihood by taking family and financial support. It includes some
business such as travel agents, grocery stores and many more.
Scalable start-up entrepreneurship: These type of business come up with new and
innovative ideas into market with the aim of achieving higher success. Along with this, these
type of entrepreneurs introduce new ideas to transform their dream in reality. They run their
business with new target and sold to another business person to attain more profits in market.
Social entrepreneurship: This type of businesses operate their activities for providing
services to society with the aim of increasing and creating social values. Along with this, they
also focus on improving living standard of the society by providing them quality services as per
their needs and wants. It also refer to the non-profit organization in which the main focus of this
type of companies is to bring quality and health services in market so that poor people can easily
fulfil their basic needs and make their life healthy and safe as well.
Large scale entrepreneurship: These type of business organizations operate their
activities at larger scale with the aim of attaining higher sustainability in market place. In
addition of this, the main objective of this type of business is to make their brand image more
competitive at market. As a large business organization, owner of the company can easily raise
their funds from various sources like equity capital, venture capital, bank loan and many more.
With the assistance of this, company serve quality services to their large number of customers for
increasing their profitability level (Xiang, 2015).
Furthermore, various type of typologies is also linked with entrepreneurial venture which
may aid in determining entire activities of the business. All these typologies are as follows:
Copycat entrepreneur: This type of entrepreneur copying another successful business
idea with the aim of attaining success in less time period. In this, small business entrepreneurs
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are also relating with this category because they are also tries to attain success at market place by
copying other business activities and ideas.
Research entrepreneur: This type of entrepreneur focus on determining new market
needs for expanding their business activities (Minh-Chuong, 2015). In addition of this, they carry
out research with the aim of evaluating competition in market. They also likes to learn new and
innovative things to attain success. These type of entrepreneurs required huge investment for
carry out the research for determining market needs with the purpose of attaining competitive
advantage from its rivals.
P2 Similarities and differences between entrepreneurial ventures
Entrepreneurial venture are refer to the business which operate and execute by individual
and group of people for attaining success in market place. Along with this, it also includes risk
for converting into larger profits (Klotz, and et. al., 2014). Entrepreneurial venture require
limited find to operate business activities in effective manner. Mainly, environment of business
is dynamics as number of competitors are operate different functions for making their business
successful. On the other side, all these are some similarities and difference among
entrepreneurial venture. This can be understood by following points:
Similarities Entrepreneurial ventures
Small business and
scalable start-up
enterprises
Both ventures are operate their business at small scale and required
huge amount of funds. Along with this, they also take help of from
internal sources like, friends, family and many more. Both are focus
on quality services to generate revenue.
Large scale and social
entrepreneurial
venture
These type of entrepreneurial venture are operating their business with
the aim of delivering quality services to customers for improving their
living standard. Both are focus on creating social values and interest
for fulfilling customers’ needs and wants. In addition of this, social
enterprise is focus in serving quality services with the aim of providing
better satisfaction to customers. On the other hand, large scale
business organization are focus on satisfying customers’ needs by
providing them discounts with products and services (Barringer,
2015).
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Scalable start-up and
large scale
entrepreneur
Both type of entrepreneurial ventures is focus on expanding their
business activities for attaining success at marketplace. In scalable
start-up focus on developing new and innovative ideas for
transforming intro reality. This will increase the chances of attaining
success at market place (Burns, 2017). On the other side, large scale
business organization are also focus on attaining growth by developing
innovative ides within the business. With the help of this they easily
attain success.
Different between entrepreneurial ventures:
Social enterprise Scalable start ups
 These type of business are operating
their activities by bringing new and
innovative ideas to improve the living
standard by providing them quality
products and services.
 The main objective of social enterprise
is to create social values by delivering
quality services to poor people. This is
the main reason that the sustainability
of this organization is high in market.
 Mainly, social enterprise required huge
amount of funds to operate its
activities. In addition of this, fund is
available through donation and another
trustees.
 This type of business organization is
run by an individual by developing new
and innovative ideas for providing
quality services to customers for
attaining their satisfaction.
 Scalable start-ups are also required
huge amount of fund which to
established business activities.
 These type of entrepreneurship also
hire best and able worker to expand
their business activities (Allen, 2015).
Large business enterprise Small business enterprise
 This type of business is operating their
operational activities at larger scale as
they required huge amount of fund
 These type of business are operating
their activities at small scale with
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(Ross and Byrd, 2015).
 They can easily change their policies as
per market trends because they have
huge funds so that they easily improve
their overall performance level at
market place.
 They raise their funds form bank loan
and another financial institution to
operate their business activities in
effective manner.
limited fund and capital.
 Due to limited funds and resources they
does not change their policies and
strategies as per change in market.
 Mainly they raise their funds by taking
help from internal sources such as
friends, family and many more.
TASK 2
P3 Relevant data and statistics in your mini-research and how micro and small businesses impact
on the economy
Micro and small business are considered as a vital part of economy as it also impact on
economy growth of the nation. In UK, number of small business are implementing their activities
and also contributing in development of nation by providing various job opportunities for local
people with the aim of improving their living standard (Karadag, 2015). In context of small
business, having less than 50 workers to implement the business activities with the hope of
attaining growth in market place. Mainly, these type of business determine new and innovative
ideas for attaining success at market. They also focus on providing quality products and services
to its customers for fulfilling their needs and wants. It also helps in improving their living
standard.
Apart from this, small business organization also develop number of job opportunities in
UK in which local people easily enhance their standard and fulfil their basic needs. In this
context, entrepreneur also having various ideas to bring various advantages to improve their
performance level. As, government also provide their support to establish small business
activities to generating number of job opportunities for local people. This will make positive
impact on economy by reducing poverty within the nation.
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Small business organization: This type of business includes 50 employee's to execute
and implement operational activities in effective manner. The main aim of this type of business
is to expand their business and earning huge profitability by accepting all the market change and
trends. Along with this, they also serve quality services to its customers according to needs and
wants. It consists sole proprietor, partnership and many more small business. They also highly
impact of economy.
Micro business organization: This type of business small in size and having maximum
5 workers to operate activities. Mainly, it is operated by the family members with the aim of
earning livelihood.
Medium size business organization: These type of business organizations is focus on
selling quality and valuable products and services at affordable cost. With the help of this they
easily generate higher profitability at market place (Cooke and Downie, 2014). In addition of
this, the main aim of this type of business organization is to establish their positive brand image
by accepting all the market change and trends. Mainly, it includes less than 250 employees who
are engage with serving quality products to its customers.
Furthermore, Small scale business organization are played vital role in developing growth
of the nation by providing better services to the society. Approx 5.2 million SME's are operate
their function in UK. In this around 99% small business are includes 250 employees within their
business activities. In this context, there are some major impact of SME's can be understood by
following points: Local impact: SME's played vital role in generating approx 60% - 70% employment
opportunities for local people with the aim of enhancing their living standard. In addition
of this, it also positively effect the economy which contribute in enhancing the overall
growth of the nation.
 Regional impact: In UK economy, approx 5 million SME's are operate their business
with the hope of attaining success. In this context, they also use latest and innovative
technology with new ideas small and micro business are easily evaluate requirement of
various market segments. It help in improving living standard of the local people (Hill,
2015).
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(Source: The Role of Startups and Small Businesses in Today’s Economy, 2018)
 National impact: Small and start ups business are played an important role in developing
national and international economy. In the starting of 2016, the private sector business
contributes 99.3% in the growth and development of economy. Along with this 99.9%
were small and medium business which are create various job for people. In this, SME's
are include total employment is 15.7 million. It highly contribute in developing economy
of the nation.
P4 Important small businesses and business start –ups will contribute to the growth of the social
economy after ‘Brexit
Brexit is an act which impending withdrawal of the UK from EU. It provide various
advantages to integrated financial institution to small business organization to establish their
operational activities. In addition of this, small and start-up's are positively impact on the social
economy by increasing employment for local people. This will help in creating social values. In
UK, various number of companies are operate their business at small scale for attaining growth
level. As SME's are growing rapidly which improve economic growth of the nation (Albort-
Morant and Oghazi, 2016). Along with this, small and micro business organization are improve
their growth because number of entrepreneur are come up with their new and innovative ideas to
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Illustration 1: Role of Start-ups and Small Businesses

established new venture. This is the main reason that small and micro business organization are
rapidly take place in the economy. After Brexit, employment rate is also increased because the
UK government provide their support to the small business organization. As it includes some
importance of small and start-up's to the growth of the economy are as follows:
Increase employment: Both small and start ups are important for creating job
opportunities for local people in which they easily improve their skills and knowledge. With the
help of this, they develop new and innovative ways to operating new venture which may lead in
attaining higher success at market place (Marion and et. al., 2015). It also contribute in reducing
unemployment within the nation as it improve the economy growth of the nation.
Improve living standard: Small and start ups play vital role in improving living standard
of the local people by providing them job opportunities. With the help of this, they easily serve
quality services to people with the aim of fulfilling their needs and wants. It directly contribute in
enhancing their life style and make them able to established their new venture.
TASK 3
P5 Determine the characteristics, traits and skills of successful entrepreneurs, which differentiate
them from other business managers
Every successful entrepreneur has some specific skills and traits which differentiate them
from another business managers. They also try to put their best efforts with the aim of attaining
higher success at market place. In addition of this, entrepreneurs skills and characteristic are also
help in creating number of opportunities to operate their business in market place. In this context,
Giorgoio Armani and Steve Jobs. Both are successful entrepreneur and earn huge profit within
their business. They have major skills such as effective money management, risk taking ability,
leadership skills and many more. All these make them successful to attain success (Barrow,
Barrow and Brown,2015).Both entrepreneurs have extra ordinary capabilities which make them
different from another business manager. In addition of this, their education also improves their
skills and knowledge. In this context, there are some characteristic of both entrepreneurs which
make them different from business manager: Delegation: It is one of the important trait which refer to the ability to execute and
perform their work with delegation. Under this, both entrepreneurs perform their task and
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perform their functions as per continuous basis to attain their set target. As they are easily
take appropriate decision.
 Hard work and self belief: Both Giorgoio Armani and Steve Jobs have capabilities to
perform and work hard with the aim of attaining success. it also differentiate them form
another business manager.
Along with this, there are some major skills of both entrepreneurs which make them able
to attain Communication skill: This type of skills is one of the important for entrepreneurs
through which they can easily build positive and healthy relation with their workers and
customers as well. Mainly, it includes workers, customers, stakeholders and many more.
Both Giorgoio Armani and Steve Jobs have good communication skill as they encourage
and motivate their workers to perform well (Agrawal, Catalini and Goldfarb, 2014).
 Creative thinking: It is one of the important skill which help both entrepreneurs to take
right decision for attaining success. In this both are think all the typical situation with the
aim of taking favourable and appropriate decision. With the help of this, they can easily
attain competitive advantage by implementing new and innovative ways in market.
P6 Aspects of the entrepreneurial personality as discussed in reflect entrepreneurial motivation
and mindset
Every entrepreneur has personality which reflect the entrepreneurial motivation and
mind-set. It makes them differentiate from other business manager. Along with this, they able to
take initiative, risk ability and bringing innovation with their business activities to attain success.
They also ready to take risk and challenges with the hope of attaining competitive advantages.
Due to complexities, every business organization require appropriate skills and traits to execute
entire business activities in effective manner (Gathungu, 2014). In addition of this, important
skills and qualities are also important for entrepreneur to evaluate as it make their personality
better as compare to business manager. Every entrepreneur create and develop new ideas as
continuous basis for attaining success in market place. In this context, Big five trait model is also
important which help entrepreneur to effectively understand their knowledge for attaining
success. As it includes five trait model are as follows:
 Openness to experience: It is an effective trait model which defines that an entrepreneur
has to be creative, curious and imaginative so that they can easily provide quality services
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to their customers (Mathias, Williams and Smith, 2015). This will help them in capturing
customer’s attention as compare to its rivals.
 Conscientiousness: It is also an appropriate model which define that it important for
entrepreneur to attain persistent to attain set goals and objectives. This type of trait help
entrepreneur at the time of implementing as well as formulating appropriate policies with
the support of workers.
 Extraversion: This trait model define that entrepreneur needs to communicate their goals
and mission to their workers who are take part in the business activities. This will help in
attaining worker’s commitment towards the business activities and goals as well.
 Agreeableness: It is relating with personality traits in which entrepreneur should reliable
in nature so that they easily motivate and encourage their workers at workplace.
 Emotional stability: This personality trait define that entrepreneurs have to be mentally
and emotionally stable so that they can easily take right actions for improving the overall
performance of new venture. (Kirkley, 2016).
TASK 4
P7 How background and experience can hinder or foster entrepreneurship
Run a new business is not an easy task for all the entrepreneurs because it required
specific skills and traits like delegation, confidence and many more. All these are vital for a
entrepreneurs to operate their business activities. In this some skills are by born and some are
attaining through experience. In this context, both Giorgoio Armani and Steve Jobs are
successful entrepreneurs as they having great skills and past experience which help them in
attaining success. It also can hinder or foster entrepreneurship process. As there are some factors
that largely impact on entrepreneurship are as follows::
Family background: Both Giorgoio Armani and Steve Jobs has family support which
give them motivation to execute their business activities. As family encourage them to work hard
and attain success within their business. This is the main reason that both are successful
entrepreneurs.
Nationality: This factor put huge impact in the entrepreneurial process. It make easy for
entrepreneurs to effectively understand culture of the nation. Same nationality help them in
attaining better support from the customers and business person as well. This is the main reason
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that both Giorgoio Armani and Steve Jobs successful because they easily understand their
workers culture (Fatoki, 2014).
Experience: It is also an important factors that every entrepreneurs having their past
experience which directly impact on the entrepreneurial process. If their past experience was
good than they easily it helps in foster their entrepreneurship.
CONCLUSION
From the above mentioned report, it has been concluded that entrepreneurship is an
effective activity for launching and designing a new business with the purpose of attaining
success at market place. It also contribute in developing economic growth of nation. Along with
this, small and micro business are also played an important role in creating as well as developing
job opportunities for local people with the aim of improving their living standard. Skills and
traits like communication skill, strategic thinking and many more are also vital for entrepreneur
to develop their new business in successful manner. Apart from this, different factors such as
education, past background and culture of nation is also hinder or foster entrepreneurship
process.
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REFERENCES
Books and journals
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Byun, C. G. And et. al., 2018. A Study on the Effectiveness of Entrepreneurship Education
Programs in Higher Education Institutions: A Case Study of Korean Graduate
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p.26.
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Conceptual Framework. The Journal of Technology Management and
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Minh-Chuong, T., 2015. Relations Among Personality Traits, Market Orientation And
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Kirkley, W. W., 2016. Creating ventures: decision factors in new venture creation.Asia Pacific
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Gathungu, J., 2014. Entrepreneurial intention, culture, gender and new venture creation: Critical
review.International Journal of Business and Social Research. 4(2). pp.112-132.
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new venture creation and development. Kogan Page Publishers.
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ventures: An ethnographic study within the new product development process.Journal
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Albort-Morant, G. and Oghazi, P., 2016. How useful are incubators for new
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Cooke, J. G. and Downie, R., 2014. Launching a New Chapter in US-Africa Relations:
Deepening the Business Relationship. Rowman & Littlefield.
Karadag, H., 2015. Financial management challenges in small and medium-sized enterprises: A
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Online
The Role of Start-ups and Small Businesses in Today’s Economy, 2018. [Online]. Available
through:<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium-
businesses-in-the-uk>.
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