Entrepreneurial Ventures and their Impact on Economy

Unit 9 Entrepreneurship and
Small Business Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Analyse different types of entrepreneurial ventures and explain how they are interlinked
with typology of entrepreneurship..........................................................................................3
P2 Explore similarities and differences between entrepreneurial ventures............................5
TASK 2............................................................................................................................................6
P3 Interpret & assess relevant data along with statistics in order to illustrate how micro and
small business impacts on economy.......................................................................................6
P4 Explain the significance of small business and business start-ups for growth of social
economy.................................................................................................................................9
TASK 3..........................................................................................................................................11
P5 Identify characteristics, traits and skills of successful entrepreneurs and differentiate them
from other business mangers................................................................................................11
P6 Assess how aspects of entrepreneurial personality reflects entrepreneurial motivates and
mind sets...............................................................................................................................13
TASK 4..........................................................................................................................................14
P7 Examine various environments that foster or hinder entrepreneurship...........................14
CONCLUSION .............................................................................................................................14
REFERENCE.................................................................................................................................16

INTRODUCTION
Entrepreneurs are those individuals who look forward in order to manufacture valuable
products and development of economic activity by determining products its process along with
market segments. In which there are various types of entrepreneurship based on types of business
and motivational aspects (Burns and Dewhurst, 2016). These entrepreneurs discovers demands
and needs of consumers to satisfied them. The present report is based on ASDA company. This
firm was established by two entrepreneurs Zubir and Mohsin Issa, in age of 48 and 49 with the
single petrol forecourt. This report includes various forms of entrepreneurial ventures with
typologies. Additionally, difference and similarities among entrepreneurial ventures is described.
Further, a discussion about affects of small and micro entrepreneurs as well as larger business on
local and national economy is covered. Skills traits and characteristics of entrepreneurs is also
cover. At the end an analysis of various environment which foster and hinder entrepreneurship.
MAIN BODY
TASK 1
P1 Analyse different types of entrepreneurial ventures and explain how they are interlinked with
typology of entrepreneurship
Entrepreneurial ventures relies to deliver their services to business entities of middle
level. As well as aids business firms to foster something innovation and unique at market. This
creates opportunity for business units and assist them to gain desired goal within small time.
Additionally, this raise economic values and social recognition also (Burns, 2016). In context of
this there are various kinds of entrepreneurial ventures which are as follows:
On the basis of size
Small scale business: These types of business units basically entity by single entity in
small area and carry out all operations independently. The sole proprietors posses all expense
and loss along with they are itself responsible for any loss. Carpenters, small stores are the
examples of such kind of venture.
Large scale business: This ventures conducts business operations at large scales for
making more money. B&M, Marks and Spencer, ASDA are the example of large scale ventures.
They manufactures wide variety products and offers several services to consumers. As well as
have huge number of consumers base. These types off firm operates their business at

international level and have more than 250 employee in their firm for the effectively execution of
business operations
Medium: These are those types of firm which consist 50-250 number of employees
within firm. All decision would be make by the senior executives. They are those firm which
operates at national level but not at international level.
On the basis of purpose
Social Enterprises: These types of enterprises operates for the welfare of society. Such
types of of company build for utilising the resources within society that includes peoples
building equipments and finding proper way to utilised them for the fulfilment of social needs.
Survival firms: Such types of ventures works hard to get strong position and stability in
market for longer period. They faces so many issues & difficulties that are related with the profit
earning. The revenue generation of survival firm is limited by which they can only full fill their
basic needs. Grocery stores, bakeries etc. are the examples of this venture.
On the basis of growth
Growth ventures: They set up ventures with the aim of growth and entrepreneurs. As
well as for getting a larger market share and wish to capture more market for longer period.
Lifestyle firms: This is another type of entrepreneurial ventures, in this company carry
out several task or operations which are related with the high-profile. Generally they run their
operation in order to full fill their passion along with consumers and rise the living standards.
Small retailers like SGS product is the example of lifestyle ventures (Goffee and Scase, 2015).
Scope, growth, development and its relations with typologies of entrepreneurship
As time passes growth and development of entrepreneurial ventures is raising
continuously. Development of ventures is related & depended with the typology. There are
mainly types of typology such as small business owners- managers, family business owner-
mangers, self employed, micro enterprises owners-mangers and so on. The main reason of
development and success of these typologies are entrepreneurs. For instance male entrepreneurs,
make their more efforts and potential for the growth & development and that give positive out
come in term of finance. Additionally they posses ability to task risk and effective decision
within given time frame. Further, female entrepreneurs are more concerned and relies to carry
out bushiness activities effectively for the enhancement of growth. From above discussion it has