Different Types of Entrepreneurial Ventures and Typology of Entrepreneurship

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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