Entrepreneurship: Types, Opportunities, and Impact on Economy

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Different types of entrepreneurial ventures and typologies...................................................3
Similarities as well as differences between entrepreneurial opportunities.............................4
Entrepreneurial ventures in corporate as well as public sector............................................5
Scope, growth as well as development of various of entrepreneurial ventures......................5
TASK 2............................................................................................................................................6
Relevant data and statistics depicting impact of micro and small businesses on economy...6
Importance of small businesses and start-ups in the growth of an economy.......................8
Differences which small, medium and large businesses bring to economy...........................9
Impact of small business on various level of economy..........................................................9
TASK 3..........................................................................................................................................10
Characteristics, traits and skills of the entrepreneurs...........................................................10
Different aspects of entrepreneurial personality reflecting motivation and mindset...........11
Different line of argument relating to entrepreneurial characteristics..................................12
Characteristics, skills, traits and drivers for successful entrepreneurs.................................12
TASK 4..........................................................................................................................................12
Effect of background and experience on entrepreneurship..................................................12
Link between various entrepreneurial characteristics and influence of their personal
background ..........................................................................................................................13
Influence of background and experience positively and negatively....................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneur is a person who comes with the new innovation in order to develop a business
and also take the risk required to carry on the business so that they can earn profit from it. The
idea is the starting point of an entrepreneurship which is then generated and a process is planned
in order to convert the idea into a business (Schaper and et. al., 2020). The following report
consist of description of a number of various entrepreneur ideas. The relevant data is also
mentioned in this report regarding small and micro businesses. There is also a study of two
entrepreneurs who have developed businesses. Report also consists of decision and discussion on
how background, upbringing, characteristics and so on affect the decision making of an
entrepreneur.
TASK 1
“Entrepreneurship refers to the capacity as well as willingness to develop, organise and manage a
business venture along with any of its risks to make a profit”
“An intrapreneur is a part of the existing organisation who works for the organisation and does
not have the authority to take decisions independently.”
Different types of entrepreneurial ventures and typologies
The opportunities and innovation which are used to run a business are called
entrepreneurial ideas. Entrepreneur takes high risk so that they can gain profit. There are
different Ventures through which entrepreneur and start their business which are mentioned
below:
Large company entrepreneurial venture- These companies usually include the products which
are already present in market. Any new product brought in by these companies are related to
their already existing product in the market. The use various technologies and latest innovations
so that the unwanted and unrecognised needs of customers can be fulfilled. Some of the
examples of such companies are Google, YouTube, Microsoft and so on.
Small company entrepreneurial venture- Small companies are those ventures which recruit non-
governmental employees. They usually work in order to fulfil the everyday requirement of
people. These companies require very low capital to start a business. And they usually borrow
their capitals which can be easily paid off to the profits earned by them. Carpenters, plumbers,
consultants are various examples of such Ventures.

Scalable entrepreneurial venture- Global ventures come in market with various new ideas and
innovations. They want to bring revolution and changes in the world. The aim of these ventures
is very big and high. They need skill and very well experienced and trained employees for their
business. They are working towards convenience of customer and through this their enormously
earning profits. Online shopping and various applications developed online are some of the
examples of scalable Ventures.
Social entrepreneur real venture- social ventures bring in products and services which are
dealing with various issues in the market (Hodgetts and et. al.,2018). They want to make the
world a better place to live and also bring in peace in world. they include profitable as well as
non-profitable organisation as well as a hybrid of both of these organisations in order to serve the
public. The safe. Trust is one of the examples of such venture which produces syringe that can be
reused. They have successfully provided their product in market to a number of hospitals who
cannot afford expensive treatments.
Similarities as well as differences between entrepreneurial opportunities
Similarities
The major motive and objective of all the organisations of entrepreneurial typology is to provide
the market place with new and innovative products. They aim at fulfilling the needs of customers
which wee not identified earlier.
Differences
Risks- The risk involved in a small business enterprise is very low but there is a lot of
competition as there are number of same size organisation present in the market. As scalable
start-up enterprises take investment from the financial investors and that amount is used to run
the business therefore the amount of risk in this business is very high. They have a constant
pressure to return the invested amount by investors through achieving profits and higher sales. It
is seen that risk involved in large entrepreneurial business are medium because such businesses
are managing high volume of sales due to their brand values which they have gained throughout
their life. The risk involved in social entrepreneurial business is not very high because they are
usually supported by government and public because their vision is to develop the society.
Employees- The employees in small entrepreneurial organisation do not exceed 50. The number
of employees in scalable start up organisation is highly based on the structure and size of the
organisation. Employees in large entrepreneurial organisation can be more than hundred. The