Impact of Different Types of Ventures on the Economy

B11269
Entrepreneurship &
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................4
1.1 Impact of different types of ventures on the economy......................................................4
1.2 Similarities and differences between entrepreneurial ventures.........................................5
Conclusion.................................................................................................................................10
PART 2..........................................................................................................................................11
2.1 Characteristic traits and characteristics of successful entrepreneurs that differentiate them
from other business managers:..................................................................................................11
2.2 Demonstration by examples about the ways background and experience can hinder or
foster entrepreneurship..............................................................................................................12
2.3 Exploring and examine different lines of argument relating to entrepreneurial
characteristics:...........................................................................................................................13
2.4 Analyzing the characteristics skills, traits and motivational drivers of entrepreneurs with
the example of Tom and Elizabeth............................................................................................13
Conclusion.................................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
This project report covers two tasks 1 and 2. First task covers impact of different types of
ventures on the economy of the country. Decisions are taken by higher authorities like CEO,
COO and CFO or board of members. Owners are the promoter of business who gets fixed
amount of reimbursement for transferring rights and authorities to members of company. Owner
or sole proprietor finds it easy and necessary to start with centralized structure of commanding.
All the major and minor decisions are taken by owner; all the commands and control of
employees and resources done from central point. At the initial stage; when not much assets are
invested and only small money is blocked into market; it’s not difficult for easily shutdown the
business for any failure in core idea implementation. Additional to this both contribute in the
form of small and large proportion of tax to the government. Both utilizes resources for
converting into liquidity and increases per capita income of economy. Second part of the report
is based on two case studies which will explore scope of entrepreneurship; traits and
characteristics of each type of entrepreneurs.

PART 1
1.1 Impact of different types of ventures on the economy
Entrepreneurship: It is an effort to build own business empire with generation of profit.
Entrepreneur is an owner of business, who establishes company with the objective of
making profit from it. Overall entrepreneurship is the process of launching, designing and
driving a new business with limited resources. It is also described as capability and ability to
create, manage and run business venture associated with many risk with the objective of
earning profits (Zimmerer and Scarboroug, 2005).
Types of ventures:
Local: According to survey report in US 99% of all organizations found as a small
businesses and employs about 50% of total workers. They contribute 25% in gross
development product of economy. Therefore local ventures are those which operate within
specified zone or have fixed area to operate due to their small scale of resources. Some of
the examples are small proprietors, electricians, vendors, plumbers and consultants.
Social: These types of ventures are specially worked for society rather than for their
personal interest. Their main objective is to serve people and fulfill their needs; not to just
earn profits. For example small NGOs groups, trusts and special committee (Gibb, 1996).
Global: These types of ventures not only operate at domain level but have branches in many
other countries and currency exchange impacts its transactions. They provide value not to
single country but more than one country as well. For example McDonald, KFC, Hamburger
and BBC news channel.
Impact of different ventures on the economy:
Local ventures:
Impact locally: Local ventures or small ventures impact economy locally through reducing
unemployment; as more people who don’t get any job starts their own business with having