Entrepreneurial Ventures and their Impact on the Economy

Unit 9 Entrepreneurship and
Small Business Management

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1. Different types of entrepreneurial ventures and their growth & development with relation
to typologies of entrepreneurship...........................................................................................3
P2 Similarities and differences among entrepreneurial ventures...........................................5
TASK 2............................................................................................................................................6
P3 Interpret and assess relevant data and statistics to illustrate how micro and small business
impact on the economy...........................................................................................................6
P4 Explain the significance of small business and business start-up towards growth of social
economy.................................................................................................................................9
TASK 3..........................................................................................................................................10
P5 Identify the characteristics, traits & skills of successful entrepreneurs that differentiates
them from other business managers.....................................................................................10
P6 Assess how aspects of entrepreneurial personality reflect entrepreneurial motivation and
mind-set................................................................................................................................12
TASK 4..........................................................................................................................................13
P7 Examine, using relevant examples, how backgrounds and experienced can hinder or foster
entrepreneurships..................................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurs are those persons who start-up their own business unit with the aim of gaining
higher profit quickly. They have capabilities to take high risk for sustaining in competitive
environment for longer period. They are basically those individuals who brings innovation and
make full efforts to gain desired objective (Burns and Dewhurst, 2016) The present report is
based on ASDA firm which is established by two entrepreneurs Zuber and Mohsin Issa. They
started their company with the single petroleum pump and now they have more than 5200 petrol
stations for this they both made so many efforts. The present report carried out discussion about
different types of entrepreneur’s ventures with typologies. Along with this the differences &
similarities in entrepreneurs ventures. Further discussion about small and micro entrepreneurs
along with large business on local and national economy. As well as traits, attitudes and
characteristics of entrepreneurs is covered. At the end, an analysis of different environment
which hinder & foster entrepreneurships.
MAIN BODY
TASK 1
P1. Different types of entrepreneurial ventures and their growth & development with relation to
typologies of entrepreneurship.
Entrepreneurial ventures accentuate the provision of their services to business entities
that are below the average level ((Dana, 2018). As well as this helps business units to carry out
some innovation and unique within market. This advances an opportunity to business individuals
and assist them to achieve their goal within stipulated time frame. Furthermore, it also helps in
increasing the economic values and social recognitions too. In which there are various forms of
entrepreneurial ventures as follows:
Classification:
There are many categories of entrepreneurships on the basis of size, purpose, sector and
growth which are mentioned below:
According to size:
Small scale business: Such type of entrepreneurial ventures are generally operated by the
single entity independently. The sole proprietor possess all expenses and losses along with
managing responsibility appropriately. These venture consist two-three number of employees.

Small stores, carpenters etc. are the examples of such type of business unit (Ferreira and et.al.,
2017).
Medium: Medium size enterprises are those which invest on machinery is more than 4
billion but less than 10 billion. Captify, john goods shipping etc. are the example of medium size
corporation.
Large: These are those unit which carries out their operation at larger scale and earn
higher profit. ASDA, Tesco, Marks and spencer and so on are the examples of large scale
business unit (Julien, 2018). These entrepreneurial ventures consist huge number of employees in
order to perform business unit in effective manner as well as offers large number of variety of
products to their consumers.
On the basis of purpose
Social enterprise: These organisation operates their business for the welfare of society.
For this they apply their commercial strategy to maximize improvements in finance, social and
environment.
Profit venture: These are blended with the social goal along with business goal for
remaining in competitive marketplace.
According to sector:
Corporate sector: Corporate sector are the part of economy or a subset of domestic
economy (Karabulut, 2016). It doesn’t not include those activities which are related with the
general government, private households and not profit company.
According to growth rate:
Survival firms: Such types of ventures operates their business function for getting
stability in market for longer period. It has been found that revenue of survival firms are limited
and that is not sufficient to full fill their basic needs (Ratten, 2016). Due to this they faces so
many problems and difficulties which are interlinked with the earning of profit margeins.as well
as due to scarcity of resources and profit they are not able to accomplish their goal on time.
Grocery stores, bakery shops are the examples of survival firm.
Lifestyle firms: These firms operates their business function which are related with high
profile. Lifestyle firm generally conducted their operations with the aim of full filling the
passion, of consumers as well as for improving their living standards. Example of these venture
are skin instructors, golf & tennis pro, tour guides etc.