Different Types of Entrepreneurial Ventures and Typology of Entrepreneurship

This document discusses the different types of entrepreneurial ventures and the typology of entrepreneurship. It explores the similarities and differences between entrepreneurial ventures. It also interprets statistics to show the impact of micro and small businesses on the economy.

UNIT 9. ENTREPRENERUSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and typology of entrepreneurship....................1
P2. Similarities and differences between entrepreneurial ventures............................................4
TASK 2............................................................................................................................................6
P3. Interpretation of statistics for showing impact of micro and small business on the
economy......................................................................................................................................6
P4. Importance of small businesses and business starts-ups in growth of social economy........9
TASK 3..........................................................................................................................................10
P5. Characteristic, traits and skills of successful entrepreneurs................................................10
P6. Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation .....11
TASK 4..........................................................................................................................................12
P7. Background and experience can hinder or foster entrepreneurship....................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneur is defined as an individual who initiate their new business idea while
undertaking risk in order to develop a new business venture. These individuals are termed as an
innovator as they formulate unique business offerings in order to serve society with best.
Entrepreneur aim towards increasing economic growth of a nation with their innovation.
Entrepreneurs in the provinces of United Kingdom significantly offer their contribution towards
increasing overall nation economy (Akehurst, Simarro and Mas‐Tur, 2012). Entrepreneurship in
UK is consider as strongest pillar of economy that majorly contributes in all segments. Tom
Morris and Chris Dawson significantly make their presence in Top 100 Entrepreneurs in Britain.
This has been identified that, both of these British Entrepreneurs strongly marked themselves as
emerging and successful entrepreneur within UK and provide effective inspiration to other
ambitious entrepreneurs. Present report include formative discussions on different range of
entrepreneurial ventures. Along with this, wide range of entrepreneurial venture is also being
discussed in their report. Further in this report numerous range of entrepreneurial typology is
included in this report. In addition to this, in this report importance of starts-ups ventures and
small scale organisation along with their overall contribution towards economy of nation is
covered in this report. Lastly, this report include experience and background of entrepreneurs
that duly foster or hinder entrepreneurship.
TASK 1
P1. Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurs now a days provide significant benefits to both nation as well as
individuals. In this they these entrepreneurs provide community and individuals with great
employment opportunities and higher standards of living to individuals. Entrepreneurship is
mainly termed as an economic activity that involve development of business venture as to further
generate value and wealth from them. In an entrepreneurship process continuous investigation is
required as to identify new as well as unique ideas through which satisfaction to customers can
be offered. Small scale business organisations as well as starts-ups play significant role in
increasing economy of all nation as a whole. With the help of taking advantage of ground-
breaking innovations entrepreneurs can effectively able to undertake revolutionary measures
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within marketplace. Some certain range of entrepreneur is being defined below that are further
divided into 2 different segment:
Public sector:
Organisations within public sector are mainly get managed, owned and controlled by
government institutions as well as authorities. Entities those who perform their services in public
segment offer products as well as services that are mainly related to healthcare, eduction,
transportation, safety and more. In this sector organisations mainly aim towards effectively
satisfying needs of individual and further increase their standards of living in best effective
manner.
Corporate sector:
Entities operating their functions in corporate sector are mainly managed, owned and
controlled by private entities and individuals. In this organisations involved significantly aim
towards increasing profitability at great extent while offering satisfactory services to consumers.
It has been identified that corporate as well as public sector organisation are divided into various
ventures. Some of the certain ventures are being mentioned below:
Scalable Start-up Entrepreneurial Ventures:
In scalable start up entrepreneurship individuals mainly engage in their own scalable
business ventures as to offer qualitative services and products to customers. With this, they aim
towards making significant increase in organisation profitability level. In addition to this, it has
been evaluated that starts-ups mainly get encouragement from government as to effectively
influence innovation as well as creativity.
Large Company Entrepreneurial Ventures :
In order to initiate business functioning in large sector there is a need of large
funds. In addition to this, it has been evaluated that, there is a need of additional funds on
specified time period basis as to increase market holding capabilities. Main motive of large
companies is to significantly make expansion of their geographical business as to earn
profitability at great extent. For example, Tesco and M&S conduct their functioning in large
scale entrepreneurship as to serve large base of consumers in best effective manner and gain
more economic growth in domestic and international marketplace.
Social Entrepreneurial Ventures:
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Organisations those who offer their business services in social entrepreneurship sector
significantly aim towards providing welfare and social development to community and
individuals (Hall and Wagner, 2012). It has been identified that these enterprises are mainly
perform their functioning in order serve society and community in best effective manner. Save
the Children and Oxfam are some organisations those who perform their functioning in social
entrepreneurship sector.
Small Business Entrepreneurial Ventures:
Organisations within this sector need small capital investment to conduct their business
operations. In this form of sector entities have main motive which is to offer satisfactory
offerings to customers and gain income for livelihood. Orion electrotech Limited operate their
functioning in small business sector and offer well effective services to customers. Small scale
entities mainly perform their operations in construction and manufacturing sector and provide
significant aid to large scale organisations.
Typologies of entrepreneurship
Within entrepreneurship ventures there are numerous form of typologies that are
included. Main aim of this is to significantly make increase in overall profitability of business.
Mentioned below there are some significant typologies is provided:
Growth firms:
Entities within growth firm mainly conduct their functioning as to increase their overall
profit generation ratio. In this, entrepreneurs of growth firms undertake advantage of new
business ideas in order to make significant rise in overall profitability and productivity. Further
this has been identified that, by taking use of new idea growth firms significantly aim towards
offering satisfaction to needs and well as demand of consumers as to effectively ensure more
sustainable growth and profitability.
Lifestyle Enterprise:
Entrepreneurs those who conduct their functioning in lifestyle enterprise as to provide
products and services to community and individuals in order to make significant increase in
lifestyle and living standards of individuals. Main motive of these entrepreneurs is to offer
significant job opportunities to individuals those who mainly belong to local segment.
This has been evaluated that all the typologies of entrepreneurship are mainly associated
with each other in order to operate their functioning in order to make significant rise in overall
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profitability of business as to contribute effective contribution overall economic development of
a nation.
P2. Similarities and differences between entrepreneurial ventures
Differences
Basis Small business Large company Social
entrepreneurship
Scale of
measurement
Organisations within
small scale segment
mainly perform their
functioning by taking use
of small fund ratio.
Organisations those who
conduct their operations in
the segment of large scale
undertake use of large
base of funds as well as
resources as to conduct
their functions in best
effective manner.
Entities those who
perform their
business operations
in this segment
conduct their
functioning to
satisfy needs of
individuals at local
level.
Aim Entities within small
scale mainly offer their
organisational offerings
as to effectively provide
satisfaction to consumers
at small scale.
Main aim form which
organisation conduct their
functioning is to
significantly increase
overall profitability of
entity in best effective
manner.
Social
entrepreneurship
mainly engage in the
operations of
providing
satisfaction to
customers with an
aim to make
significant increase
in their living
standards (Kelley,
Singer and
Herrington, 2012).
Characteristics Companies those who As to operate This has been
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perform their functioning
in small scale segment
basically operate their
business functioning by
taking advantage of
limited set of resources.
organisational offerings in
large scale organisations
need resources, raw
material, labour etc. in
best effective manner. For
this there is need of large
base of funds.
evaluated that
money is one of the
most important
aspect for an social
enterprises. Further
this has been
evaluated that
government offer
significant support
to these organisation
as to make them
provide effective
satisfaction and
welfare to
individuals.
Similarities
Basis Small business Large business Social enterprise
Assemble the
requirements
Main motive of
organisations within
small scale segment
aim towards fulfilling
demands and needs of
customers at local
scale in order to offer
them immense
satisfaction.
Large scale business
entities also perform
their functioning to
satisfy wants to
customer’s at large
scale.
Social enterprises offer
services to fulfil needs
of local individuals by
satisfying their needs
in best effective
manner.
Society upliftment Organisations those
who perform their
operations in this
sector mainly aim
Entities who conduct
their organisational
operations in large
industrial sector have
Industries that are
involved in social
enterprises
significantly aim
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towards increasing
living standards of
individuals at great
extent (Carsrud and
Brännback, 2011).
main motive to serve
customers at large
scale and increase
overall profit earning
capacity at significant
manner.
towards offering
immense level of
satisfaction of
individuals as to
increase their standard
of living.
TASK 2
P3. Interpretation of statistics for showing impact of micro and small business on the economy
It has been identified that United Kingdom is largest economy in which major
contribution are being contributed by small and micro scale entities. It has been identified,
according to the Department of Business, Innovation and Skills (DBIS), in 2015 micro as well
as small scale organisation effectively contribute towards offering job opportunities to
individuals. Further this has been evaluated that 15.6 million job has been created by these sector
that not only increase living standards of individuals but also increase employment rate of nation
in international market. Along with this, it has been identified that, small and micro scale
organisations effectively contribute in innovation and growth (5 ways that start-ups are
important to the UK economy. 2016). It has been identified that small scale organisation provide
contribution in local level that automatically generates high growth rate in national economy.
Small:
It has been identified that entities those who conduct their operations in small scale sector
are duly allowed to have less than 50 employees at their organisational workplace structure. In
addition to this, they are not entitles to earn revenue of not more than £5 million. Further this has
been evaluated that small scale entities are considered as backbone of an economy. As they
create number of job opportunities to that significantly increase living standards of individuals.
In addition to this, it has been evaluated that SME play key important role of an economy as
create number of opportunities for nation (How do small businesses affect the economy? . 2020).
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Medium:
At medium level entities those who are involves are allowed to recruit employees that
range between 50-250. Further this has been identified that these entities are allowed to generate
revenue between £ 5 million - £22 million. Main aim to entities those who conduct their
functioning in this is to offer effective satisfaction to consumers as to effectively satisfy their
needs as well as demand in a well defined manner.
Large:
Organisations those who perform their business functioning in large sectors are entitles to
have more than 250 employees within organisational work place structure. In addition to this
large scale organisations are mainly allowed to generate revenue about more than £22 million. In
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addition to this, it has been evaluated that entities those who are engaged within this sector offer
large scale employment opportunities to individual that automatically generate high growth of a
nation (Ramadani, 2013).
Impact of SME and Start-Ups on economy
Local impact:
This has been identified that small and micro level business organisation significance
have impact upon nation economy in a number of ways. Further this has been evaluated that
these organisation accomplish demands and needs of consumers in a significant manner as to
offer satisfaction to services and products at great extent. In addition to this, this has been
evaluated that these organisations effectively offer job opportunities to local individuals as to
make significant increase in country economic growth prospects.
Illustration 1: Role of Start-ups and Small Businesses
(Source: The Role of Start-ups and Small Businesses in Today’s Economy, 2018)
Regional impact:
By passing many years, it has been determined that micro and small level business
organisation significantly contributes in regional economic conditions performance (Berglund,
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Johannisson and Schwartz, 2012). With the help of their contribution major issue related to
unemployment has been reduced that further lead nation towards more economic growth and
development. With their significant contribution in employment, per capita income of individual
increasing on continuous basis that increase regional stability of nation in many different ways.
National impact:
It has been analysed that government play significant role as to foster starts-up culture.
With the help of this governmental support there is a significant impact of micro and small level
business organisations upon national economic growth (Hall and Wagner, 2012). In addition
with this, with having unique and innovative ideas these organisations increase national stability
at international marketplace. In addition to this, as per according to the report, it has been
analysed that 15.7 and more than individuals are being employed by micro and small scale
business organisation that increases per capita income level of individuals that foster Britain's
economic conditions.
Economic growth:
This is as essential aspect that has been contributed by small and micro scale
organisations. This has been identified that these organisation effectively contribute towards
increasing overall growth of a country. Further this has been evaluated that, these organisation
not only provide job opportunities to individuals but also satisfy individuals with the help of their
unique offerings as well as ideas. It has been evaluated that small and micro scale organisation
hold significant place in marketplace of UK as there are almost 80% of marketplace in all
industrial sector that has been covered by small and micro level organisations.
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Small and start-ups business role in social economy:
Small and start-ups business is the backbone of any economy. In United Kingdom both of
these business segments play significant role to fulfil social daily life and business demand of
country in an effective manner. In this country small scale and start a business is integral parts of
community that help people with an aim to get profit while serving other individual. There are
more than 50% of small business and start-up owners those who effectively full fill demand of
society in return of money. With the help of small scale and start-ups business individuals get
products and services in a quick and easy manner. In United Kingdom there and number of small
and start up business like cloth store, cyber cafe, petrol pump, beauty salons, Primary Health
Care Centre, grocery store, private and public working stations, computer institution, electronics
shops, legal consultant, sweet shop, accountant, operator services they not only fulfil needs of
consumers but also support large scale organisation and government by providing number of
employment opportunities for skilled as well as unskilled individual (Kelley, Singer and
Herrington, 2012). SMEs contributed to 51% of all turnover generated by the private sector in
2018 in UK. In addition with this has been identified start-ups and small scale business
significantly impact upon economic aspect of a nation, as with their contribution that is a
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significant growth of country in international market in terms of employment. Government of
United Kingdom effectively support start-ups and small scale business as they create more jobs
and belt in nation and encourage and improve living standards of individual by working in rural
areas in order to satisfy the community. It significantly increases overall Gross Domestic Product
(GDP) of country and generates more revenue domestically.
P4. Importance of small businesses and business starts-ups in growth of social economy
Small business and business start-ups scale organisation effectively contribute towards regional,
national and local economy in a significant manner. Industries those who are performing their
operations in small and micro sector aim towards satisfying needs of individuals with qualitative
offerings. In addition to this, it has been identified that small and micro level organisation are
termed as backbone of United Kingdom as they effectively covered almost all industrial segment
of country. Further it has been evaluated that, these organisations serve their customers with
great creativity and innovation (Carsrud and Brännback, 2011). It significantly increase nation
brand image in international market.
In addition to this, this has been determined that in order to increase growth of small and
micro scale organisation government of United Kingdom provide different types of benefits to
these entities that are mainly related to export facilitates, tax rates etc (Glaeser, Kerr and Kerr,
2015). With the help of this government can effectively increase organisational brand image in
regional, national as well as international marketplace at great extent.
Job creation:
It has been evaluated that Small business and business start-ups organisation provide job
opportunity in a nation by contributing up to 16.3 million people in employment sector. This has
been evaluated that, small and micro level entities effectively allow individuals to increase their
standard of living by offering them numerous job opportunities (Bridge and O'Neill, 2012).
Further it has been determined that, nearly in all segment small and micro level business
organisation conduct their functioning. It mainly cover over 60% of UK private-sector. By
conducting their operations in all the segment both of these organisation offer significant
employability opportunities that will further lead towards making significant increase in overall
net income level of individual.
Improve living standard:
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Small business and business start-ups organisation effectively provide job opportunities
to individual at local and national scale in provinces of UK. This has been evaluated that these
entities play significant role in increasing economic growth of nation in a significant manner.
Further it has been evaluated that by contributing towards job employability these organisations
significantly increase living standards of individuals (Eriksson and Rataj, 2019). Thus, as per the
above mentioned discussion it has been identified that these organisations effectively contribute
towards offering significant growth sustainability to a country that further allow them to enlarge
their market holding captivity in both national and international marketplace at great extent.
According to the above mentioned discussion this has been evaluated that, Small business
and business start-ups organisation effectively contribute their contribution in national economy
of UK (Eriksson and Rataj, 2019). Further this has been evaluated that these entities not only
increase living standards of individuals but also benefit nation to raise their market holding
capacity at international marketplace.
TASK 3
P5. Characteristic, traits and skills of successful entrepreneurs
In according to present scenario, there are two entrepreneurs namely Tom Morris and
Chris Dawson whose skills, traits are being defined below:
Characteristics: Passion: This is an essential characteristic that has been hold by an entrepreneurs.
Further this has been evaluated that by having passion a person can effectively increase
their growth sustainability for long period of time. By taking advantage of passion Tom
Morris and Chris Dawson effectively perform their operations. As it allow them to
overcome even tensed situations in best effective manner. Self-belief and hard work: Tom Morris and Chris Dawson perform their operations with
hard work and self belief. This effectively allow them to develop a sense of confidence
among them. In relation with manager, this has been identified that in some certain
situations manager does not posses belief upon their decision making.
Skills: Innovative thinking: This is most essential skill that allow both the entrepreneurs (Chris
Dawson and Tom Morris) to perform their desirable set of goals and targets in well
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effective manner. While in relation with manager innovative thinking skill is not being
posses by them as they restrict any change in organisational structure as well as
strategies.
Traits:
 Confident: Tom Morris and Chris Dawson both conduct their operations and activities
with the help of effective confidence. With the help of this they effectively generate new
and well as effective ideas that further allow them to gain more significant opportunities.
With the help of this skill both entrepreneurs effectively perform their activity of decision
making in best effective manner.
P6. Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation
In order to evaluate the motivation of entrepreneurial mindset set, utilization of big five
trait theory can be effectively done (Bakeman and Hanson, 2012). It is defined as OCEAN
model. Mentioned below all the essential element is being defined:
Openness: As to ensure effective success it is important for entrepreneurs to posses the
trait of openness. With the help of which they can effectively able to maintain balance among
adventures and emotional at a workplace structure.
Conscientiousness: This trait is defined as one of the most essential aspect with the help
of which entrepreneurs can perform their operations with more flexibility.
Extroversion: This trait entrepreneurs to formulate effective interaction with individuals
in order to duly maintain formative relationship with employees.
Agreeableness: In order to attain success for business it is very important for
entrepreneurs to develop trust with staff. It will be beneficial for them to motivate the employees
to be agreed on all the decisions which are taken by them for betterment of organisation.
Neuroticism: As per in accordance with this skill, it is essential for an entrepreneur to
undertake neutral decision making even in complex situation. This will allow them to resolve
grievances of staff in best effective manner.
According to the above evaluation it has been identified that both Tom Morris and Chris
Dawson get motivated due to impact of different types of personality and characteristics as with
the assistance of openness’s they maintain formative balance between work and emotion. It helps
them to stay motivated towards their work and perform their roles and responsibilities with more
effectiveness. While on the other hand, Conscientiousness drive both of the entrepreneurs to
13

change their mind set and become a successful entrepreneur, as it stimulate them towards
conducting their work with more effectiveness and flexibility. In addition to this, Extroversion
motivated them to maintain a positive and efficient relationship with their employees that
enhance their leadership skill in an effective manner. Along with this Agreeableness stimulated
both of the entrepreneurs to develop positive trust on their employees which acts as most
important element. Lastly Neuroticism allows both Tom Morris and Chris Dawson to overcome
even complex situation with great easiness. Thus, according to the above discussion it has been
identified that with the formative assistance of all these characteristics and personality aspects
entrepreneurs changed their mind to become a successful entrepreneur.
TASK 4
P7. Background and experience can hinder or foster entrepreneurship
It has been identified that most of the entrepreneurs believes that experience as well as
background play key essential role. Mentioned below certain experiences and background of
Chris Dawson and Tom Morris is being defined below:
Tom Morris:
 Back ground: Tom Morris was born in Feb 1954. Tom father has six children and was
involved in the business of retail. This effectively motivate Tom towards establish his
own business.
 Experience: According to the analysis of Tom Morris it has been identified that his
parents was engaged in business of retail as belongs to working class. This effectively
encourages and motivated Tom to do innovative things.
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 Education: He completed his graduation from University of North Carolina at Chapel
Hill, Yale University. Due to this high intelligence he encouraged towards innovative
ideas. He also developed effective traits and well as skills in his gradation period that turn
out be a turning point for him to emerge himself as a successful entrepreneur in future.
Chris Dawson:
 Back ground: Chris was born in the year 1952. Christopher Fredrick Dawson presently
operates their functioning as The Range a discount retail business chairman.
 Experience: Chris Dawson at starting stage engage in the activity related to market
trader in Plymouth City. This has been identified that Dawson use of sale seafood along
with his father. Currently this has been signified that he is a billionaire and owner. He
sold seafood from the back of a van with his father, and later started his own venture
selling perfume and jewellery from a suitcase. This is a turning point that encouraged his
innovative skills and drives him to be a successful entrepreneur.
 Education: Chris Dawson completed his graduation from Plymstock School. During his
school days Chris was significantly influenced towards creativity and innovation. This
traits and skills influenced him towards emerged as an successful entrepreneur.
CONCLUSION
As per the above mentioned report, this has been concluded that entrepreneurship is
mainly defined as a process in which entrepreneur undertake risk in order to conduct their
functioning in best effective manner. In addition to this, there are different types of
characteristic, skills and traits that are required by an an entrepreneur to perform their roles as
well as employability. Further this has been evaluated that there are wide range factors that
significantly impact upon economic growth of a nation. With the help of entrepreneurial
activities entrepreneur aim towards providing significant increase in their living standards.
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