Different Forms of Entrepreneurial Ventures and Typologies of Entrepreneurship

This document explores the different forms of entrepreneurial ventures and typologies of entrepreneurship. It discusses the similarities and differences among entrepreneurial ventures within the organizational context. It also analyzes the understanding of entrepreneurial ventures in both public and corporate sectors, and evaluates the scope, growth, and development of entrepreneurial ventures. Additionally, it interprets relevant statistical data assessments used by micro and small enterprises impacting the business environment, and highlights the importance of small businesses in the social economy. Finally, it evaluates the differences between small, medium, and large enterprises with financial statistics.

Unit 9

Table of Contents
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Task 1...............................................................................................................................................4
P1 Different forms of entrepreneurial ventures and typologies of entrepreneurship............4
P2 Differences & similarities among entrepreneurial ventures within organisational context6
M1 Analysis of understanding entrepreneurial ventures in both public and corporate sector8
D1 Critical examination of entrepreneurial venture scope, growth and development...........8
Task 2 ..............................................................................................................................................8
P3 Interpretation of relevant statistical data assessments used by micro and small enterprises
impacting business environment............................................................................................8
P4 Importance of small businesses in social economy.........................................................10
M2 Evaluation of above small medium and large enterprise differences with financial
statistics................................................................................................................................10
D2 Critical analysis of small businesses on different level of economy within international
context..................................................................................................................................10
P5 Characteristic traits and skills of successful entrepreneurs which differentiate them from
other business managers.......................................................................................................12
M3 Appropriate strategies to improve competitive edge and market position....................12
D3 Traits, skills and motivational drivers of successful entrepreneurs by specific example13
P6 Aspects of entrepreneurial personality reflect entrepreneurial motivation along with mind-
set..........................................................................................................................................13
P7 Examine using relevant example how background along with experience can hinder or
foster entrepreneurship.........................................................................................................14
M4 link between entrepreneurial characteristic and influence of personal background and
experience to specific successful entrepreneurs...................................................................15

D4 How background and experience influences entrepreneurs, positively and negatively by
comparing and contrasting examples...................................................................................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship is a process of determining opportunities for starting up new business
for improving existing business standards. This activity include production of additional
economic units to get profitability as well as construction of new ideas. Management if
commercial enterprise by estimation of risk factor with rise in profits is also involved in
entrepreneurship concept. There are various small businesses enterprises such as Broad Sword
Event House, a British corporation that deals with event designing. There are various activities
included in event management that consist of Branding, theming, digital content creation,
filming with editing and organising event etc. Below report showcases various similarities &
differences between various type of entrepreneurial ventures and example of successful
entrepreneurs. Respective assessment also show impact and importances of SME enterprises.
MAIN BODY
Task 1
P1 Different forms of entrepreneurial ventures and typologies of entrepreneurship
Entrepreneurs are those individuals who believe in generating new ideas for starting up
new venture or modify existing business with dynamic change in organisational environment.
There are different form of entrepreneurship adapted by enterprises discussed below:
Small businesses: This form of entrepreneurship is most suitable for entrepreneurs who
want to accomplish short term goals or have fewer resources in starting up new venture. These
form of start-ups are mainly controlled and monitored by sole proprietors or small group of
owners tat can be both family, team or partners of respective firm (Le Dinh and et. al., 2018). In
context with Broad Sword Event House, have set up offices in nearby locations of London,
United Kingdom immediately reach out or contract customers who want their services.
Profitability gained from such form of organisation is generally low as it has a niche market with
specific small consumer base they target upon. Financial assistance is commonly generated by
Broad Sword Event House in form of venture capital, bank loans, property lenders, event
managers and external inventing stakeholders etc.
Scalable Venture start-ups: This form of entrepreneurship undertakings start on a
nuclear level with short investment. These form of organisation aim at starting up as a small
business and leading to scalable business on large scale in future. Investors provide financial

funds to such businesses based on their concept idea behind formation of firm. Organisations
main purpose behind starting such business is huge profitability. Technology and operations
oriented firms generally adapt such form of entrepreneurship.
Social entrepreneurship: These form of entrepreneurship ventures main objective is to
create social awareness among society people as well as accomplish societal goals. Such
enterprises consist of both profit and non- profit types leading to a social change towards wealth
productivity (Piñeiro-Chousa and et. al., 2020). In context with Broad Sword Event House,
social managers have undertaken several campaigns to bring a positive change in society. Topics
therefore include pollution control measures, improvement of environmental problems, racial
justice, gender equality, supporting underprivileged people etc.
Large scale business: These are some of well established traditional corporations in
industry who have excellent brand image as well as good reputation in eyes of consumers in
market. Therefore, these entities mainly focus on modifying their business as per consumer
requirements. Since these organisations don't have problem of allocating resources, they have
sufficient capital to bring huge changes such as adopting of new technology, launch of new good
or service in existing product line.
From above types of entrepreneurship Broad Sword Event House sues small scale
business venture to accomplish their goal objectives. With rising short term goals of enterprise
such as marriage ceremonies, concerts, filming series, occasional events etc. various small
business entrepreneurship tactics are applied with creative ideas & innovation. Event managers
of chosen firm use various themes to bring a rise on productivity and profitability in business.
Entrepreneurship typologies
Typologies are defined as study of classifying various objects into specific categories. In
context with selected small enterprise, typologies are differentiated into various forms of people,
religions, symbols etc. The categories are created based on allocation of similar characteristic
individuals. In field of entrepreneurship typologies are categorise into four basic classifications
that are :
Survival undertaking: These are surviving businesses within marketplace striving to beat
competition. This category consist of enterprises that do not earn huge profits yet are struggling
to be stable in industry completing basic financial requirement of business (Sinapi, 2020). Main
purpose behind starting such venture is to sustain in private sector in long run. Significant

features of this form of entrepreneurship undertaking are utilisation of scarce resources, cost
control, employee firing, less motivation among workforce and employment freeze etc. due to
law facilities in working environment of business. Micro enterprises are an example of such
entrepreneurship typology.
Lifestyle entrepreneurship: This form of typology deal with increasing quality standard
leading to perpetual growth of business. These are those companies who are wealthy enough to
fulfil financial objectives that includes maintenance of quality products, providing god salary to
employees as per their performances, invest in new technology that can enhance work and
manufacturing processes.
Controlled development category: Enhancing growth rate of organisation is main
purpose of such typology ventures (Baker and Welter, 2017). Businesses under this category
prefer expanding their product portfolio with exploring different sectors of market. Medium
scale organisations come under such typology undertakings. These firms mainly do not just focus
upon increased profit margins but also keep into consideration risk factor. Therefore, these
entrepreneurship venture measure all factors that can cause losses with minimizing risk as much
as possible.
Dynamic growth change entrepreneurship: These enterprises are risk takers who believe
in adapting new technologies, procedures and products raising innovation. Main characteristic of
this undertaking category is large amount of investment. Main objective of enterprises coming
under this classification focus on company culture growth, development of businesses by
exploring different market sectors, hiring of talented professionals or skilful employees.
P2 Differences & similarities among entrepreneurial ventures within organisational context
Form of enterprises Similarities Differences

Small versus large enterprises  Main aim of both large
& small entities is to
provide quality
products to customers
helping them enhance
productivity and
profitability.
 Improvement of good
as per customer
requirement is key
priority of both type of
business (Dou and et.
al., 2019).
 Large scale enterprises
have good amount of
investment to allocate
required resources for
customer satisfaction
as compared to small
scale businesses.
 Small firms are
dependent on financial
institutions as well as
manual labour whereas
large entities have
access to advance
technologies that can
replace human resource
easily.
Social versus scalable
enterprises
 Both form of
undertaking purpose is
to bring a positive
change in society with
providing appropriate
solutions to arising
issue sin market
industry.
 Both form of business
prefer investing in new
thoughts and ideas
rather than resources.
 Societal enterprises
main aim to to solve
society problems with
non- profit motive
whereas scalable
enterprises find case
behind problem to
bring change with
earning good profits.
Lifestyle versus survival
entrepreneurship
 Objective of both form
of organisation is to
 Lifestyle undertaking
focus on bringing up a

provide financial help
other firms with better
innovative ideas of
start-ups.
new concept or
innovative thought in
marketplace whereas
survival enterprise lay
emphasis on
sustainability of
business in long run.
M1 Analysis of understanding entrepreneurial ventures in both public and corporate sector
The above classification of various entrepreneurship types and their typology help
businesses grow in public as well as private sector. Small business organisations are useful for
large corporations as they can easily acquire them in managing large operations. Since SME's
play a significant role in enhancing British economy these small businesses help in creating a
social change in society as whole. Above assessment also show various differences & similarities
of entrepreneurial typologies helpful for entrepreneurs to start up new venture.
Public sector is the one which is only focused on any specific type of products whereas,
corporate sector is focus on many products brand. Both are able to produce different services
along with products for getting high profit by selling their products in market. Product and
services are there developed according to the desire and requirement of customers.
D1 Critical examination of entrepreneurial venture scope, growth and development
Importance of entrepreneurial venture start-up is helpful for economic development and
success growth of market industry. In relation with selected firm, managers create appropriate
strategies that help them identify which form of business they should commence with. Small
scale entrepreneurship is useful as it help in fulfilling short term goals or project of organisation.
These ventures are also useful for optimum utilisation of scarce resources and new idea
innovation in economy.

Task 2
P3 Interpretation of relevant statistical data assessments used by micro and small enterprises
impacting business environment
Small businesses in UK have a major role in contributing towards growth and
development of economy as whole. In order to establish a successful small scale enterprise,
organisations carry on various business activities adding up-to financial growth and prosperity of
country. Around 4.1 million small scale firms are established in United kingdom that directly or
indirectly contribute towards raising GDP of country by approximately 6.1 percent. Small start-
ups raising consistently provide good employment opportunities to professionals in corporate
sector.
Interpretation:
Following graph represent scenario after implementation of Brexit which denotes boost
of micro firms in country by 88.2 in contrast with GLLCP (Balachandra, 2019). The number
therefore became 0.6 percent more high. Moreover, small scale businesses and medium
enterprises are changing together simultaneously leading to growth of business in economic
sector.
Portion of small scale entrepreneurship ventures in United kingdom\
It has been observed in previous year 2020, there were around 5 million small scale start-
ups in UK. Financial wealth is important for every economy as these small scale businesses are a
foundation of British economy. Around three fifth of population is employed because of these

new small scale venture businesses. Growth of such enterprises may fulfil half of employment
needs in future with strengthening British private sector at large. Some of important
contributions by small ventures to British economy are mentioned below as follows:
Employment to country people: Small businesses in country hire employees and workers
at large scale that is more than 16.3 million people in Britain. It has been observed that 60
percent of workforce needs is fulfilled with generation of additional 2 million job opportunities
sin near future (Nyadu-Addo and Mensah, 2018). This has helped economy with balancing its
financial position positively resulting in growth of corporate sector.
Advancement of innovation & technology: Since new venture come up with new ideas ,
they bring technological changes within private sector making work processes easy. This leads to
innovation in past performances of traditional businesses bringing overall development in British
society. Technological advancement therefore represents country economic development
towards rest of global nations.
It is important for British economy to create specific policies & guideline that can be
followed by small business enterprises in future to bring more growth in private sector.
P4 Importance of small businesses in social economy
British economy have faced a fall in financial stability of economy after enforcement of
Brexit which consisted of EU and UK separation nationwide. That is why, government
determined that there is high need of enhancement and progress in small scale business industry.
Therefore, in order top have a stability in economy micro enterprises started originating at high
pace tackling economic downturn.
There are various importances of small and medium enterprise development in economy
that follows with employment opportunities, technological up-gradation and innovation taking
place (Ramadani and et. al., 2019). Around six percent of business sector is operating inn small
businesses within economy contributing a large portion to British citizens. Youth of country is
mainly focused by such enterprises to participate in business projects. Also businesses with new
technology or innovative concept are represented internationally across world keeping an edge
over other organisations in economy.
M2 Evaluation of above small medium and large enterprise differences with financial statistics
From above graphic analysis, it has been observed that small and medium organisations
are central support to economy. The statistics above classify that small businesses provide

economic development, technological enhancement, job employment and social integration at
broader level. At last, it has been concluded that micro firms with small entrepreneurship firm
play a significant role in British market economy impacting environment in both negative &
positive aspect.
Small companies are the one who have about 9 employees in their business whereas in
the medium business there are about 250 employee and more than 250 employees are there in the
large businesses.
D2 Critical analysis of small businesses on different level of economy within international
context
The statistical data shows economic conditions in UK after Brexit leading to fall in prices
& demand. In order to deal with such circumstances, small businesses play an important role
towards development and progress internationally. Entrepreneurship ideas when started up in
form of new venture are representable globally leading economy to enhance its GDP and import-
export business.
P5 Characteristic traits and skills of successful entrepreneurs which differentiate them from other
business managers
There are different characteristics of entrepreneurs like persuasiveness, risk tolerance,
flexibility etc. in which some of them are discussed further in detail. Qualities of founders of any
business is one of main key factors which are responsible for success of business. In this, there
are different business activities like production, inventory, distribution etc. are depends on
founders quality. As per their quality, entrepreneurs is able to run their business effectively and
also create an example in society.
There are different qualities are possessed by entrepreneurs, while considering Mohsin
Issa and Zuber as an example. Both are brothers and founders of EC Group, who are running
multiple petrol station along with different take away coffee and fast food outlets in Europe,
Australia and United states (Adobor, 2020).
Vision- Entrepreneurs have the ability two keep their eye in present as well as future. In
this, they work in present to get in future and to how height they want to take their business. Issa
brothers previously ran a garage business, but they were able to interpret that this is not right to
take their dreams and aspiration to full fill. So, they went for first petrol station in year 2001, and
now they are having more than 500 stations which are evidence of their successful business.

Versatility- This means have different qualities with different types talent in one
individual. Entrepreneurs such as Issa brothers need such qualities to meet challenges in
business. This make them achieve high profit and helpful in establish coordination and to
motivate employees.
Risk tolerance- Without risk there in no large profit and in relation to this, risk comprises
danger along with opportunities both. Issa brothers took risk in opening take away coffee and
fast food outlets even when there was so much competition there in market (Ali, 2018).
M3 Appropriate strategies to improve competitive edge and market position
Invest in deeper customer relationship- This one is an effective strategy in relation to get
better competitive edge in marketplace. This is able to get better sales of their product due to
having better relationship by fulfilling according to need of customer.
Pricing- This one is an effective strategy which is there can help in getting better
competitive edge by selling product at reasonable price or less than that which competitors can't
sell their product at same price with same quality.
Innovative strategy- This strategy which is able to attract high level of customer base
which is there for sales of product and can have better development of product which should be
highly valuable for customer (Haugh, 2016).
D3 Traits, skills and motivational drivers of successful entrepreneurs by specific example
Vision, varsity and risk management are able to motivate someone which can applied and
able to give successful result which are there for entrepreneurs. Issa brothers have sued these
skills and motivational drivers which helped them to get a successful entrepreneurs in UK. Such
like that there are many entrepreneurs examples are there all over the world who have uses there
traits,skills and motivational drivers and became successful entrepreneur.
P6 Aspects of entrepreneurial personality reflect entrepreneurial motivation along with mind-set
Personalities like Issa brothers have leaves high impact on other people. Each and every
entrepreneurs who run their business have some specific qualities which are there can help to get
their business on success. Issa brother have made and example for other people to follow their
dream and work hard for it.

Openness- This is one of the ability which is there can create difference in living of life
and help in learning many new things. There are also many of things and skills which can be
learned to get better in their business.
Agreeableness- This is the ability which have different qualities of social behaviour like
compassion, trust, cooperation and empathy. In context to Issa brother, they generally agreeing
and able to coordinating with their employees, colleagues and with friends and family which is to
gain trust of others (Kebaili and Al-Qahtani, 2017).
Extroversion- This is the quality of talkativeness, socialisation, greeting them honourably
are some of qualities which falls under category. According to Issa brother, these are the
qualities which are able to learn and think about good and bad experience which are there in
between learning and there should be learning from these mistakes and to grow better
observation and creating better skills in individuals.
Conscientiousness- These are the features which includes living peaceful, organised,
healthy and thoughtful style. In context to this, Issa brother have always follows these which is
for getting better lifestyle with better organised and different set of schedules. These can be seen
in their speeches, action and in their writing which is able to make focused and calm.
Like this manner, vision and thought are able to create successful entrepreneurs such as
Issa brothers which reflect in their action along with decision and to help in motivating others.
P7 Examine using relevant example how background along with experience can hinder or foster
entrepreneurship
Entrepreneurs are the person who are able to generate and innovate new ideas which can
be successfully converted into reality as a business. Success of entrepreneur is empowered by
their family background, their interest or by their experiences. There are two entrepreneurs who
are selected to explain about how background and experience can hinder or foster
entrepreneurship.
Elon Musk
Family background- Elon Musk is an American entrepreneur who born in Pretoria.
Mother was Canadian model and did different jobs to support her family. Elon father were an
engineer and having bother and sister in South Africa. Elon got bullied in 15 and due to this
learned wrestling and karate (Sandybayev, 2019).

Interest- Elon was highly interested in innovation which is to invent something new. At
age of 10, got interest in computer at after two years sold his first gaming software. In 1995, he
launches his first Zip2 corporation. In present time Musk have different companies like Tesla,
Space X etc. Mask sent his first Falcon 9 rocket to space and became first private company who
sent their rocket in space.
Experience- Due to skill and knowledge Musk played very important role in
entrepreneur like. Due to this, he have faces different situation and challenges as an entrepreneur.
This made him confident and creates different new ideas.
Peter Jones
Family Background- Peter was born on 18 march 1966 in England. Got separated form
his wife which make him very strong which help in facing difficulties in future. Due to having
two children from first wife he fought for their parental right. Currently living with wife and five
children in Buckinghamshire.
Interest- Jones had made his own computer at age of 16 of his own brand. Due to having
high interest in investment, this made him younger investor of BBC. His interest made him a
successful entrepreneur.
Experience- Jones stated in an interview that when his computer business failed then he
got forced to give his care and home and needed to move back to his family. This incident made
him more confident and then after he opened an cocktail bar. His past experience taught him to
face challenges (Welsh and Shamah, 2018).
M4 link between entrepreneurial characteristic and influence of personal background and
experience to specific successful entrepreneurs
Both of entrepreneur learn from their past and with family background which made them
force to learn and innovate something which can able to change their condition. Thus, they went
for entrepreneur and got successful too. They influences many people to become an
entrepreneur.
There is high impact of personal background on the entrepreneurial characteristic which
is there by due to having family background like having businessmen in family can help to get
mindset like business and like this there are many background such as motivational speaker,
leadership skill, communication skill are able to help in the entrepreneurial characteristic.

D4 How background and experience influences entrepreneurs, positively and negatively by
comparing and contrasting examples
There are different examples of entrepreneurs which are able to show how background
and experience influences entrepreneurs positively or negatively.
Elon Musk influence people by their lifestyle and the way of their thinking which is able
to made anyone to be an entrepreneur. This made everyone to think positively in each and every
situation instead of thinking negatively.
Peter Jones life was very stressful which influence people not to give up when there is
any chance and to work hard on their goal. This made everyone think positively which can
motivate to work on their aim. This positive thinking influence many people to focus on their
aim instead of getting depressed and thinking negatively (Olugbola, 2017).
CONCLUSION
From above discussion, it can be concluded that there is need to understand the business
opportunities which are there able to identify different business. There are different range of
ventures types which might be considered as entrepreneurial and learnt about the impact of small
business on economy of country. There is some discussion about scope and growth of
entrepreneurial ventures along with this there is similarities and differences between
entrepreneurial ventures. The above report conclude various forms of entrepreneurship ventures
that organisations adopt to start up new businesses. There is some description about importance
of small businesses and start-ups. This report also consist of information regarding traits, skills of
successful entrepreneurs which reflect entrepreneurial motivation along with mind-set. There are
some evaluation by using example that how background and experience can hinder or foster
entrepreneurship. There is also analysis of link between entrepreneurial characteristic along with
how background and experience influences entrepreneurs in positive and negative manner.

REFERENCES
Books and Journals
Adobor, 2020. Entrepreneurial failure in agribusiness: evidence from an emerging
economy. Journal of Small Business and Enterprise Development.
Ali, 2018. Determinants of female entrepreneurs growth intentions. Journal of Small Business
and Enterprise Development.
Haugh, 2016. Linking social entrepreneurship and social change: The mediating role of
empowerment. Journal of Business Ethics, 133(4), pp.643-658.
Kebaili and Al-Qahtani, 2017. Barriers of entrepreneurial intention among Qatari male
students. Journal of Small Business and Enterprise Development.
Olugbola, 2017. Exploring entrepreneurial readiness of youth and startup success components:
Entrepreneurship training as a moderator. Journal of Innovation & Knowledge, 2(3),
pp.155-171.
Sandybayev, 2019. Impact of effective entrepreneurial leadership style on organizational
performance: Critical review. International Journal of Economics and
Management, 1(1), pp.47-55.
Ramadani, V., and et. al., 2019. Beekeeping as a family artisan entrepreneurship
business. International Journal of Entrepreneurial Behavior & Research.
Nyadu-Addo, R. and Mensah, M. S. B., 2018. Entrepreneurship education in Ghana–the case of
the KNUST entrepreneurship clinic. Journal of small business and enterprise development.
Balachandra, L., 2019. The improvisational entrepreneur: Improvisation training in
entrepreneurship education. Journal of Small Business Management, 57, pp.60-77.
Dou, X., and et. al.,, 2019. Outcomes of entrepreneurship education in China: A customer
experience management perspective. Journal of Business Research, 103, pp.338-347.
Baker, T. and Welter, F., 2017. Come on out of the ghetto, please!–Building the future of
entrepreneurship research. International Journal of Entrepreneurial Behavior & Research.
Sinapi, C., 2020. Cultural and creative entrepreneurship: towards a paradigmatic
proposal?. International Journal of Entrepreneurship and Small Business, 40(2), pp.171-
191.
Piñeiro-Chousa, J., and et. al., 2020. Innovation, entrepreneurship and knowledge in the business
scientific field: Mapping the research front. Journal of Business Research, 115, pp.475-
485.
Le Dinh, T. and et. al., 2018. Towards a living lab for promoting the digital entrepreneurship
process. International Journal of Entrepreneurship, 22(1), pp.1-17.