Unit 9 Entrepreneurship Ventures

UNIT 9
ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1. Various entrepreneurial ventures and their relations to typology of entrepreneurship......1
2. Exploration of differences and similarities between entrepreneurial ventures..................3
3. Presentation of statistical data of micro and small businesses impact on economy...........5
4. Contribution of small and medium businesses towards growth of economy after Brexit..6
5.Differentiating 2 successful entrepreneurs from other managers on the basis of their
characteristics and skills.........................................................................................................7
6. Examination of how background and experience hinder or fosters entrepreneurship through
examples.................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is the persistence of progression towards innovative ideas. An
entrepreneur has the ability to recognise and analyse opportunities, so that they are able to create
products and services that will satisfy their customers (Dees, 2017). It involves coming up with
innovations and taking risks in order to achieve success. There has to be creativity and flexibility
while using resources in an optimal manner, which is the very essence of entrepreneurship. This
report will go through various entrepreneurial ventures and their relationships to
entrepreneurship typology. It will explore the differences and similarities between them as well.
There will be a presentation of statistical data, that will help understand the impact of micro and
small business on economy as well as its contribution towards UK's social economy. This report
will also cover 2 successful entrepreneurs, their characteristics, traits and how they differ from
normal managers. At last, explaining how background and experience of entrepreneurs can affect
entrepreneurship will be done.
TASK 1
1. Various entrepreneurial ventures and their relations to typology of entrepreneurship
An entrepreneur has to assess the various types of entrepreneurial ventures before setting
up their business. It is a crucial step when deciding what kind of organisation has to be formed
and how it will be done (Scarborough, 2016). These are present in private and public sector, and
entrepreneurs can decide in which area they would like to start operations. Given below are the
different types of entrepreneurship.
 Micro entrepreneurial ventures:
Micro entrepreneurial ventures are those enterprises that have limited investments. Capital is
generally funded through personal savings or contributions from family. These consist of sole
proprietorships or partnerships and the owners act as managers. They employ less than 10
workers in their organisation and are more inclined towards labour (Burns, 2016). Operations are
done on a local basis and these consist of shop owners, plumbers and mechanics. They can grow
into small or medium enterprises once they have required financial resources available.
 Small entrepreneurial ventures
These entrepreneurial ventures are set up by those entrepreneurs that generate capital through
personal savings, loans from banks. Line of credit or government grants. They employ around
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50-100 workers and have assets less than £10 million per year. These are generally corporations,
sole proprietorships or partnerships (Barringer, 2015). For example, grocery shops, bakeries and
hair dressers are considered small ventures. They operate across cities and provide job
opportunities to local economy.
 Medium entrepreneurial ventures
Medium enterprises are invested through different sources of funding that include venture
capitalists, angel investors and loans from financial institutions. They have about 200-250
employees and generate a revenue of around £50 million. These corporations consist of
restaurants and legal service providers (Schaper and et.al., 2014). It has large scope for growth as
they operate across towns and cities.
Typology of Entrepreneurial Ventures
Large Entrepreneurial Venture:
Large organisations with revenues that exceed £100 million and generally consist of
corporations that manufacture goods and services at a big scale. They have long term goals that
help them to increase revenues and profits which ensures their success and growth. Their
investments are done by crowdfunding and venture capitalists. They operate internationally and
have more than 500 employees (Baum, Frese and Baron, 2014). Their contribution towards
economic development is high as well and they provide job opportunities across nations.
Social Entrepreneurial Venture:
Some entrepreneurs set up organisations that aim at benefiting the society. They analyse
various problems that are evolving around the country and use innovations to solve them. Their
products and services are created in such a manner that social issues are attended to and care is
taken of the environment as well. They collect funds through charities, donations and personal
contributions (Bruton and et.al., 2015). There is no profit earning motive and an example is
educational institutes. They grow and expand with time.
Scalable start up Entrepreneurial Venture:
There are entrepreneurs that have unique ideas and innovations, which they feel can
change the world. This is why they develop scalable start up entrepreneurial ventures. They
attract investors such as crowd-funders and angel investors, that allow them to manufacture high
quality goods and services for citizens of the country. They have employees who are motivated
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