Different Types of Entrepreneurial Ventures and Their Impact on Economy

This document discusses the different types of entrepreneurial ventures, including large companies, scalable ventures, small businesses, and social ventures. It also explores the impact of micro and small businesses on the economy, as well as the importance of small businesses and startups in the growth of the social economy. The document provides data and statistics to support the discussion.

Unit 9

Table of Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1) Different types of entrepreneurial ventures along with their relation with typology of
entrepreneurship......................................................................................................................................3
P2) Similarities as well as differences between different entrepreneurial ventures..................................5
M2) Discuss different range of entrepreneurial ventures to demonstrate understanding of
entrepreneurship in public and corporate sector......................................................................................6
TASK 2.......................................................................................................................................................6
P3) Assess data and statistics to demonstrate the impact of micro and small business on economy........6
P4) Discuss importance of small business and startups in growth of social economy.............................8
M2) Evaluate difference between large, medium and small enterprise with appropriate data and
statistics...................................................................................................................................................9
TASK 3.....................................................................................................................................................10
P5) Discuss different traits, characteristics and skills of successful entrepreneurs................................10
P6) Discuss the way in which entrepreneurial personality reflect entrepreneurial motivation and mind
set..........................................................................................................................................................12
M3) Explore different lines of argument in relation of entrepreneurial characteristics..........................12
TASK 4.....................................................................................................................................................13
P7) Discuss relevant examples to depict how background and experience can foster or hinder
entrepreneurial practice.........................................................................................................................13
M4) Analyze association between characteristics of entrepreneurs and the influence of their personal
background and experience with specific example of successful entrepreneurs....................................13
CONCLUSION.........................................................................................................................................15
REFRENCES............................................................................................................................................16

INTRODUCTION
Entrepreneurship is an activity that is associated with risk taking to bring new as well as
innovative ideas among customers. It is undertake by entrepreneurs with an aim to earn
substantial amount of sales and profitability. They take higher risk to ensure sustainability of a
new venture in competitive market place (Hoppe, 2016). In the current report two entrepreneurs
such as Elizabeth Gooch who is a lady entrepreneur and founder of EG solutions PLC. The
another entrepreneur is Tom Mercer and known for a food venture called Moma foods. The
current report comprise different types of entrepreneurial ventures along with difference and
similarities in different ventures. Apart from this ,skills, attributes, traits of above mention two
entrepreneurs have also been discussed in the present report. Lastly, impact of background,
personal experiences on promoting entrepreneurship have been also included in the following
report.
TASK 1
P1) Different types of entrepreneurial ventures along with their relation with typology of
entrepreneurship
Large company entrepreneurial venture: These companies work at large level by
providing a lot of products and services to customers. Here, large companies generally operate at
international level to serve global audience in significant manner. There is huge investment
require to operate this kind of companies. Main aim of large organizations is to earn substantial
profit margin by providing quality services and products to customers. For instance Google,
Apple, Amazon are some large companies which are working at global level.
Scalable entrepreneurial venture: Under this, innovative approaches are used by entrepreneurs
in order to bring innovation and uniqueness in products. They undertake effective actions to
convert the ideas and thoughts in reality. They also take assistance of competent individuals for
further growth and success of business. For instance, Face book, Twitter, Instragram are some
renowned examples of this kind of entrepreneurship venture (Badulescu and Badulescu, 2016).

Small business entrepreneurial ventures: These kinds of business units are started by
individuals with lower amount of investment and resources. For this, it is imperative to have
some creative as well as innovative ideas so that there are higher probabilities of sustainability.
These ventures are undertaken to develop risk taking abilities in individuals. Here, entrepreneurs
take necessary money generally from friends, family and acquaintances to start business. Now,
there are some other options such as angle investors and venture capitalist are also present in
market who funded small business with an aim to earn substantial profit in future. Small bakery
shops, plumber, carpenters are some example of small business venture.
Social Entrepreneurial venture: It refers to the venture that has been started with an aim
to serve the society. Main aim of these individuals is to maximize societal growth and upliftment
by undertaking necessary business functions. They put efforts to bring some positive and
necessary changes in society. For this, social entrepreneurs work to provide quality products to
customers at lower price in order to enhance their living standards. There are some social entities
like safepoint trust which are working to provide better health services and treatments to
individuals (Welter, Baker and Wirsching, 2019).
Therefore, there are several entrepreneurial ventures that have been started with different
aims such as earning profit, facilitating social wellbeing and more. Different typologies of
entrepreneurship are mentioned below:
Aggressive growth ventures: It is stated that majority of business ventures undertake
innovative and unique methods with an aim to provide better services to customers. New
ventures are generally started with an aim to earn substantial amount of profit margin by
providing quality products and services to buyers.
Lifestyle venture: These entities are operated with an aim to provide quality services to
customers in order to enhance their living standards. There is lower investment is done in these
kind of entities.
Manages growth venture: Here, these kind of ventures are initiated for exploring
business at wide level (Donckels and Miettinen, 2019). In this, entrepreneurs work to expand
business at international level so that they can target domestic as well as international audience
in an efficient manner.

P2) Similarities as well as differences between different entrepreneurial ventures
Difference between entrepreneurial ventures:
Small business Large business
 It is stated that small business is started
by individuals with lower funds and
resources. Main aim of these ventures
is to earn substantial profit for business
owner.
 Here, business is controlled as well as
managers by single owner as per own
needs and requirements (Loarne-
Lemaire, Maalaoui and Dana, 2017).
 Generally, these kinds of venture are
operated at domestic level to serve
domestic audience as they do not have
more resources to expand business.
 In large business, there are a lot of
individuals are involve in business so
that all the business activities can be
performed in an efficient manner.
 Under this, business and decision
making process is controlled by all
business partners as they have right to
take part in business functions in an
efficient manner.
 Large business ventures works at
international level in order to cater the
needs of global audience that is vital to
earn substantial amount of profit
margin.
Similarities among entrepreneurial ventures:
It is stated that there are ample of business ventures are undertaken with different aims.
However, they differ in terms of size, scope , investment and other aspects but there are a lot of
similarities in ventures. All the new ventures irrespective of their size, investment generally
stared with an aim to take risk and bring something new & innovative in market place. While
initiating a business venture, it is often consider by entrepreneurs that they want to bring
something unique and creative among audience. There is always an innovation takes place
through entrepreneurship (Sozuer, Altuntas and Semercioz, 2017). In addition, they wish to earn
substantial amount of sales and profit margin to ensure long term growth and success of
business. Further, they focus to provide to quality products & services to customers to satisfy
their needs and requirements in significant manner.

Therefore, there are ample of differences as well as similarities in different business
ventures irrespective of size, scope, investment and other factors. These ventures can differ in
terms of purpose, finance, resources and more. On other side, there can be similarities in terms of
aims, services and more.
M2) Discuss different range of entrepreneurial ventures to demonstrate understanding of
entrepreneurship in public and corporate sector
Public Sector Entrepreneurial venture: These business ventures are undertaken with an
aim to maximize public benefits. Main aim of these ventures is to enhance societal wellbeing and
upliftment. Here, social entrepreneurship is initiated to develop different strategies to maximize
overall societal benefits.
Corporate sector entrepreneurial ventures: It includes different business ventures such as large
small and more. Main aim of these ventures is to earn potential profit margin and bring higher
innovation and creativity at market place.
TASK 2
P3) Assess data and statistics to demonstrate the impact of micro and small business on economy
Impact of Micro business:
It is stated that there are a lot of micro organizations are working within UK. These business
plays a crucial role in overall economic development by expanding supply of necessary products
at market place. Main aim of these companies is to provide quality products and services to
customers with an aim to enhance their satisfaction b level. It is monitored that most of the
business entities in UK come under SME category (Baker and Powell, 2019). There are over 5.7
million organization are prevailing within country out of which nearly 96 % are micro business
entities who are working with a strength of 1 to 10 employees. Apart from this, it is easy to
undertake a micro busi9ness as it does not required higher investment and resources. So, micro
business has become a crucial choice of people of nation. In addition, these entities also play a
crucial role in improving employment opportunities so that more and more people of UK get a
job and will be able to live a better life style. By this way, these entities are putting several
positive impacts over business.

Through above graph so helpful to drawn necessary information in regards impact of SME over
economy of UK that is mentioned below:
 It is sated that Micro entities nearly provides 19 % contribution in the growth and
betterment of whole economy of UK.
 On other side contribution of small business ventures are measured as 24 % in overall
economy of UK. So, these entities play a crucial role in determining growth and success
of economy of UK.
Impact of small entities:
It is monitored that small business are considered as the backbone of economy of UK as
it puts significant impact over the whole economy. There are not more resources such as funds;
human resources are required to undertake small business (Dressler, 2020). In addition, small
business facilitates higher innovation and creativity by bringing new ideas and thoughts in real
practices. However, it is analyzed that nearly 55 % of SMEs in UK are not likely to survive for
more than five years. So, it is vital for government of UK to adopt necessary measures so that
small business can grow an flourish. Therefore, contribution of small business ca not be ignore in
the growth and enlargement of overall economy of UK.

With above graph, it is analyzed that SMEs provide ample of employment opportunities
to individuals of UK that will lead overall economy towards higher success and growth. In
addition, it is sated that small business are contributing very high in terms of business growth as
well as employment generation.
P4) Discuss importance of small business and startups in growth of social economy
Social economy is concern with improving societal well being and growth. There are a lot of
activities are undertaken in social economy to ensure overall development and upliftment of
society. For this purpose, there are a lot of non profit as well as social ventures are taking place
with an aim to enhancing societal growth and development (Landström and Harirchi, 2018).
Main aim of these entities is not to earn profit rather improving living standard of people by
providing them quality products and services at lower price. Significance of small business &
start up venture in regards of social economy are given as under:
Increase job opportunities: In current time, unemployment has become a major issue at
global level. Start ups not only bring innovation but also generate ample of job opportunities that

will allow individuals to significantly contribute towards society as well as whole nation. It is
sated that small businesses often hire fresher candidates with creative approaches as they do not
have necessary funds to hire experience and highly knowledgeable candidates. By this way, they
provide an opportunity to fresher’s and new candidates to develop appropriate skills, knowledge,
expertise while working that will help in further growth and success.
Innovation: It is monitored that start ups often bring a lot of innovative and new ideas at
market place. Here, innovative business ideas are the foundation of each and every startup. Main
focus of entrepreneurs is to provide highly innovative as well as creative products and services to
customers which will improve their living standard in significant manner. So, these type of
ventures highly focused to bring great creativity as well as innovation at market place so that
individuals can use these products to get a better & enhanced life style. These approach will help
in overall growth and development of economy (Cochran, 2019).
Entrepreneurship development: Small business ventures have that potential of growth
and expansion that can easily turn a small venture in large entity. Here, inspiration plays a crucial
role in developing entrepreneurship. If, there are some examples of such small entities that have
attain higher growth and success then other individuals will also inspire with this. Also,
encourage to come up with an innovative and creative approach. So, small entities and startups
also play a significant role in development of entrepreneurship within country.
Promoting research innovation system: It is stated that there is a lot of research is done
before undertaking a small business and start ups so that entrepreneurs can bring some new and
creative products in market. On other side, this is also helpful in encouraging as well as inspiring
to other young personnel in order to undertake innovative business ventures to ensure growth and
development of economy (Solomon, Alabduljader and Ramani, 2019).
Therefore, small business and start ups are crucial for societal well being and
development. These entities generates employment opportunities, facilitate innovation &
creativity that is vital for overall development and enhancement of economy.

M2) Evaluate difference between large, medium and small enterprise with appropriate data and
statistics
It is sated that there is nearly 5.6 million business entities in UK and business in private
sector increases with 3.5 % every year. As per one of the report, there is nearly 35600 mediuj
size enterprises and 7700 large business organizations have been started in 2019. There are more
than 250 workers are appointed in a large entity. On other side, there is approx 10 to 50 people
work in a small and medium company. So, there is huge difference between small, large and
medium entities that are working within country.
TASK 3
P5) Discuss different traits, characteristics and skills of successful entrepreneurs
Elizabeth Gooch Tom mercer
Skills Delegated: To be a successful
entrepreneur, it is vital to have
great delegation that is present
in Elizabeth as she is highly
delegated towards work and
believes to meet with
predefined deadlines to
complete work in time.
USP( Uniqueness): It is stated
that business ideas and
thoughts of Elizabeth is
completely unique which
differs her from others
Influencer: He posses great
skills and have overcome with
several difficulties so people
are highly influenced with his
personality.
Curiosity: In order to become
a successful entrepreneur, it is
imperative to have eagerness
and curiosity to learn new
things that is present in
respective entrepreneur.
Characteristics Money Minded: Elizabeth has
been working in different
companies and switch the job
for improving earning and
growth. Finally started own
Passionate: It depicts that
passion is crucial for
entrepreneurship as it
continuously encourage the
person to do something to

business to earn substantial
profit margin.
attain set goals. Here, Tome
mercer is highly passionate
towards his goals that will
help in improving
performance.
Traits Innovation: For each and
every entrepreneur, it is
imperative to be highly
innovative and creative so that
they can sustain in market for
longer duration. Here,
Elizabeth undertake a creative
idea to provide better services
to customers.
Innovation: Here, ideas of
respective entrepreneur is
highly innovative as he
thought to start a food startup
that is highly unique and
innovative and will help to
provide better experiences to
customers.
Comparison between entrepreneurs and business managers
Basis Business Managers Entrepreneur
Meaning They are responsible to keep
control as well as manage
different organizational
activities to attain predefined
business objectives un
stipulated period of time.
On other side, an individual
who undertake a new venture
with innovative and creative
ideas, thoughts is known as
entrepreneur.
Objective Main aim of manager is to
complete task in predefined
deadlines to accomplish set
goals and objectives (Schaper,
2016).
Main objective entrepreneur is
to bring higher innovation and
creativity among customers in
order to improve their living
standard.
Power of authority Managers have limited power
which allow them to manage
On other side, entrepreneurs
are business owners so have

different organizational
activities in an efficient
manner
right to take different business
decisions to ensure growth and
success of venture.
Therefore, there are some traits, characteristics are required to present in each and every
entrepreneur which are essential to ensure their success in market. With these characteristics,
they are able to undertake different business activities in an efficient manner.
P6) Discuss the way in which entrepreneurial personality reflect entrepreneurial motivation and
mind set
Elizabeth Gooch: It is sated that Elizabeth is a lady entrepreneur who has break the
stereotype prevailing in society that a women cannot be a success entrepreneur. She is
considered as one of the successful female entrepreneur in UK who has become inspiration for
other females. She has been started working at very early age and switch the company in order to
get better experience and knowledge (Baker and Welter, 2017). After gaining relevant expertise,
she decided to use her potential for own success. For this, Elizabeth started EG solutions without
taking assistance of any other person and manages to earn substantial turnover of £600,000. She
always focuses to provide better services to clients thus nominated as one of the best female
entrepreneur within country.
Tom mercer: Tom mercer is considered as one of the innovative entrepreneuer who
realized the scope of new business idea and execute it in an efficient manner. The idea of
respective entrepreneur is based on importance of healthy food for living a better life. But, it was
not easy to execute this ideas as he had to face several hardships in order to get acceptance from
society. For this, he worked round the clock and associate with other people in order to
implement the idea inn real world. Now, Tom has staff of 25 people and 10 stalls with which
they are providing services to customers. By this way, he has become a role model for other
individuals within country
M3) Explore different lines of argument in relation of entrepreneurial characteristics
It is sated that all the entrepreneurs have some personal traits and characteristics which
differ them from others. These traits are inherent in personality of an individual and play a

crucial role in their growth and success. For being s successful entrepreneur, it is imperative to
have certain characteristics such as innovation, risk taking ability, courage passion and more.
Without these, it is not possible to be a successful entrepreneur. It is analyzed that both the
entrepreneurs such as Elizabeth and Tom mercer have these abilities that will ensure their future
success and growth.
TASK 4
P7) Discuss relevant examples to depict how background and experience can foster or hinder
entrepreneurial practice
It is sated that personal experience as well as background plays a crucial role in
developing as well as flourishing entrepreneurial practices. It can be understand with the
following examples:
Elizabeth Gooch: She has gained experience by joining a suitable job at very early stage
in career. She has started professional career with HSBC and then moved towards another
company in order to gain rich experience in the field of consultancy services. Then, she started
her own business named as EG solutions. Initially, the company was providing consultancy and
training over operations management. During this, previous experience helped Elizabeth in
providing better services to clients (Barnard, Pittz and Vanevenhoven, 2019).
Tom mercer: Tom mercer belongs to a humble background having degree in
management with Cambridge university and working as a management consultant. From
starting, he has a dream to come up with some innovative business ideas. This passion helped
him to put consistent effort in order to ensure success of business. He has faced several obstacles
at initial level of business but his consistency, passion allowed him to attain the predefined level
of success. Now, Tom mercer is successfully handing his startup named as Moma with strength
of 25 employees.
With above sated examples, it is monitored that previous experiences as well as
background play a major role in ensuring success and growth of entrepreneurial venture.

M4) Analyze association between characteristics of entrepreneurs and the influence of their
personal background and experience with specific example of successful entrepreneurs
It is analyzed that all the entrepreneurs have some specific characteristics which are
crucial to differ them from others. In current scenario, Elizabeth Gooch and Ton mercer both
have some characteristics such as innovation, passion towards business and more which resulted
success and growth of their business ventures. They have past experiences in relevant fields,
support of friends and family that helped them to convert the business idea into reality.

CONCLUSION
It is concluded that entrepreneurship is an activity that is associates with generation with
new and innovative business ideas at market place. There are different kinds of business ventures
such as large, small, social and more can be undertake by entrepreneurs to meet with different
aims and purpose. Discussion has been carried out impact of small, large as well as medium
business on growth of economy with the help of statistics and data. It is concluded that all the
entrepreneurs have some traits, characteristics which differ them from others along with this their
background as well as personal experiences also put a great impact of entrepreneurial practices.

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