Explore and illustrate the range of venture types that might be considered entrepreneurial

This document explores and illustrates the range of venture types that might be considered entrepreneurial. It includes a mini research on various kinds of entrepreneurial ventures and explains how they relate to the typology of entrepreneurship. It also explores the similarities and differences between entrepreneurial ventures.

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Entrepreneurship and Small Business Management
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Contents
Task 1:.........................................................................................................................................................3
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial...............3
P1: Carry out a mini research to examine various kinds of entrepreneurial ventures and explain how
they relate to the typology of entrepreneurship........................................................................................3
P2: As part of your research investigation, explore the similarities and differences between
entrepreneurial ventures..........................................................................................................................5
Task 2:.........................................................................................................................................................8
LO 2: Assess the impact of small businesses on the economy.....................................................................8
P3: Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro and
small businesses impact on the economy.................................................................................................8
P4: Explain how important small businesses and business start –ups will contribute to the growth of the
social economy after ‘Brexit.'................................................................................................................10
Task 3........................................................................................................................................................12
LO 3 Determine and assess the key aspects of an entrepreneurial mind-set..........................................12
P5 Characteristics, traits, and skills of two successful entrepreneurs.....................................................12
P6 Aspects of the entrepreneurial personality, reflect entrepreneurial motivation and mindset.............14
Task 4........................................................................................................................................................15
LO4 Different environments that foster or hinders entrepreneurship.....................................................15
P7 Effect of background and experience of entrepreneurship................................................................15
Reference...................................................................................................................................................18

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Task 1:
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial
P1: Carry out a mini research to examine various kinds of entrepreneurial ventures and explain
how they relate to the typology of entrepreneurship
Wander is a making society that starts the need of collaborating among the new business-master
minded newcomers and future business visionaries. It is particularly vital that the need of the
financial change is a climbing point of view that wants to endeavor the movement in the division
of self-declared and making business bodies be it little scale or massive. The entrepreneurial
progress is an essential section of which depends on the target motivation for driving
neighborhood headway, exhibit day change, and time of business. It is to be viewed as that the
specialists as seeds of the movement of the firm and in this manner, alongside growing up
attested capitals, it gives an enormous open portal for the other standard subjects to get into work
that further outcome in the change of the economy of the nation. The per capita pay, the way of
life and pay get-together of the Association increments with the augmentation in the mechanical
progress of the country by the technique for the significant business change.
An Entrepreneur is a person who begins and maintains a business with constrained assets and
arranging, assessing every one of the dangers and prizes of his or her business wander. The
business thought is normally another development, item or administration, as opposed to a
current plan of action.
Entrepreneurial ventures require the ambitious individual to organize capital, crude materials,
fabricating areas and gifted workers important to create a decent or offer an administration.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Advertising, deals and appropriation are other vital perspectives which are controlled by the
business visionary.
An industry visionary is a word that is gotten from the French dialect, a verb "enterprendre,"
signifies 'to embrace.' Enterprises are attempted by business people, and the procedure of
creation is named as the enterprise. The rationale of business visionaries is to discover something
new and imaginative submit to its type of business for serving better and producing higher
benefit potential outcomes alongside going out on limb elements.
Figure 2: The four model of corporate entrepreneurship
(Source: Wolcott and Lippitz, 2007)
Entrepreneurial attempts are revolved around the organization's guiding for the mid-sort out and
early masterminded associations. Meandering expects to reveal out in danger zones and
entrepreneurial ventures like this, relates to the way that businesspeople chance their odds in the
open market and do fundamental needing to make their attempt survive and turn out effortlessly.

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The essential inspiration driving reviewing the particular sorts of efforts help to conform and
recuperate arrangements of activity and change in the business targets. The lifestyle and structure
are the key components on which the company stand and consequently, the change of the general
business managers. The piece of the attempts vacillates with the period of the association and its
money related position.
Private company for the most part manage known and built up items and administrations,
Entrepreneurial Ventures are for new creative offerings
SBs go for constrained development and proceeded with gainfulness while EVs target fast
development and high profitability returns
Private companies manage known dangers; Entrepreneurial Ventures bring profound jump with
heaps of obscure dangers
Position.
EVs by and large effect economies and groups in a huge way, which likewise brings about a
falling impact on different parts like occupation creation. Independent companies are more
constrained in this viewpoint and stay bound to their own area and gathering.
The latest couple of decades have been a growing and dynamic time for the change of the
business endeavor, and thus, in this manner, it is necessary to investigate the field of pertinent
reaches. Total brokenness is the term that venture guaranteed. Creation and headway are the soul
prospect of the business that develops the workplaces for the advancement of the economy and
change of the business segments and current division with the help of new advances and related
social affairs. Entrepreneurial methodology and activities offer climb to new market and level of
sectoral execution of contemplations that rouses the headway of the business meanders in

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different structures and with different perspectives. There is the corporate undertaking that leads
the market and has different centrality. Organizing the sorts of agents, we can portray an
extensive variety of types of them like innovative business visionaries, reflecting industry
visionary, Fabian business visionaries, meander business visionaries and social business
visionaries.
P2: As part of your research investigation, explore the similarities and differences between
entrepreneurial ventures
The possibility of the market system and improvement of large businesses have progressed and
changed over the span of late decades and to highlight the refinements of the different
entrepreneurial attempts. The activities of entrepreneurial techniques are to meander activities
and progression for an establishment of the primary things and organizations. The qualifications
and comparable qualities of the entrepreneurial attempts can be communicated and researched
recollecting the assortments of the examinations and perspectives of the differing business
visionaries. The creative, entrepreneurial meander tries to develop new progressions for the
things and markets. These incorporates the outlining and furthermore finding new things to make
assets of creative instinct who creates and evaluates the market openings. Tolerating the perils is
an essential bit of the hands of this original sets out to assess the likely outcomes of the system.
Research of materials matters in any movement and projection works that empower the
researcher, here the business visionaries to aggregate a not too bad learning of the market and
their needs. The social business visionaries are the most creative casing that progressions the
diverse informative, get ready and human resource fields into beneficial yield keeping in right
issues and headings. This structure not simply energizes the advancement of the economy game
plan of the country Moreover in prosperity, rights and condition change of the worker and

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diverse individuals. This sort of large businesses managers the dejection alleviations really and
extend their objective to do change with the energy of business practices to beat the routine
drawbacks.
The upgraded culture of the human culture has any impact and conflicts in the thriving and
change of the societal managers. Regardless, the entrepreneurial section tries to keep with or
without these matters and focus on the modification of the business and hopes to convey each
one of the particles of society and progress. The advancement organization has extended the
obstacles of the gathered variety of requests that fuse structure of science, humanism, geography
and cerebrum research of the obliged joining of the field and its learning. The progression of the
commercialization and advancement does not have any impact on the collection of the attempts.
However, the closeness passes on a mutual goal for all and that makes an absolute assurance of
the force of this matter. The corporate activities of business fuse distinct periods of the decision
of essential organizing and presentation of the imaginativeness that uses frames, organizations,
things, and headway. There are four models of business as described by Wolcott and Lippitz
(2007). The undertaking is isolated by two estimations that are resource expert and different
leveled ownership.
Lifestyle ventures or businesses similarities Serial entrepreneurs ventures similarities
Needs human resource management team to
recruit skilled employees
Needs human resource management team to
recruit skilled employees
Have innovative features for future development
of the business
Have innovative features for future
development of the business
Have risk capacities Have risk capacities
Differences Differences
Lifestyle entrepreneur’s focus more in the life
rewards provided to people that enjoy and have
the passion for what they are doing.
Serial entrepreneurs focus on the ideas and
strategy to start a new company and then see
it through and play an important role in the
regular functioning of the new company.

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Female entrepreneur businesses similarities Male entrepreneur businesses similarities
Females looks forward to expand their business
in the international market.
Females looks forward to expand their business
in the international market.
Turnover is less than hundred million but more
than fifty million
Turnover is less than hundred million but more
than fifty million
Differences Differences
The entrepreneurs are females The entrepreneurs are male
Encompass approximately 1/3rd of all
entrepreneurs internationally.
Male entrepreneurs are more than females
internationally.

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Task 2:
LO 2: Assess the impact of small businesses on the economy
P3: Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro
and small businesses impact on the economy
Free organizations have a higher plausibility of dissatisfaction than the large business. People get
perplexed given this failure. Nevertheless, some independent organizations survive and grow as
well. That is the reason the little ventures are known as the improvement driver of an economy of
a country. In the making countries, independent organization managers are referred to as the
most flourishing business (The E-myth Revisited, 2014). It does work, rouses people in new
groups, and makes pay. Autonomous organization attempts have affected the small-scale
economy of many producing countries by offering reassurance to social and political quality.
Privately owned business managers are one of the core strategies for money related advancement
of a nation. Autonomous wander managers have a higher plausibility of duty towards a GDP,
diminishment in dejection, etc.
Planning: The central part of the system is planning the set of tasks that are to be performed by
the employees including the time scheduling for executing their performance to achieve the
goals.
Organizing: The step post to the planning comes organizing by the leaders and the managers to
assign the jobs to the employees. This action is considered to be the second most important part
of management. A good sense of organizing and proper allocation of tasks help the company to
achieve their goals.

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Influence: Influencing is the essential part of management that is associated with creating
mental support and balance for the employees and motivates them to work. A good leader
motivates their employees to bring yield in the ultimate productivity of the company that is
increased.
Control: The managers and leaders monitor the performance of the employees and tally them
with their previous working styles to bring out their performance graph and influence them to
work more.
Privately owned business is known as the self-ruling, self-worked managers. It is not
overpowering as the large ones (Tsuruta, 2016). Autonomous managers meet special gages of
size as for yearly receipts and laborers. Private wander is managed by proprietors or part-
proprietors personalized. According to some present surveys, there is a nonattendance of formed
verification as for quantifiable duties gave by free wander managers. Autonomous managers are
incorporated into all kind of business zones (Impact of understanding bundling on private
wander concerns, 2009). The accomplishment of an independent wander depends on upon the
earth in which they work. Some outside and internal factors impact the achievement of a free
organization and its impact on the economy. Inside components are those which are controlled
and thought to be picked inside the affiliation. For instance, Lack of talented work, inefficient
organization angles, particular issues, et cetera. Despite the fact that the outside factors are those
which are related to the small scale economy, for instance, political, social, budgetary, natural,
precise and legal (Murthy and Paul, 2016). These are the outer parts as they can't be controlled.
These factors choose the execution of a privately owned business tries (Murthy and Paul, 2016).
In the earlier years, in the region of 1980's and 1990's, there was two or three free wander tries in
Tanzania which was making due to nonattendance of capital, present day advancement and

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skilled work (Sihler, Crawford and Davis, 2014). Nowadays, the execution of the privately
owned business has extended on account of better credit workplaces, get ready and distinctive
open entryways. These managers now drive the advancement of the economy of Tanzania. On
the other hand, 87% of the associations in Nigeria fills in as little attempts. These uses around
half of the working force contributing up to half to its present day yield. The economy in the
non-oil some portion of Nigeria has created by 9% from 2003 to 2009 close by tip top in
gathering, agribusiness, media transmission and solid minerals regions (Bruening et al., 2015).
P4: Explain how important small businesses and business start –ups will contribute to the growth
of the social economy after ‘Brexit.'
At the beginning of 2016, it was to be assumed that "Brexit" would impact UK's medium-term
fiscal prospects. Regardless, more than 8% trusted Britain's economy would be benefitted after
"Brexit" (Asoba and Tengeh, 2016). According to a couple of pros, private managers ought to be
more gainful. Most of the greatest relationship of the world started their experience as
autonomous managers with a few yearnings. They made due with the help of a stable economy,
access to the capital and right people. Regardless, as demonstrated by the diagrams, it is a little
rate of firms who survived and experienced this kind of advancement. The national monetary
interest helped those new organizations to vanquish the troubles. The consequences of poor cash
related and business direction can explain for privately owned businesses. Cash is the best
approach to advancement for autonomous. It is extremely vital for their flourishing (Sihler,
Crawford and Davis, 2014).
The business venture is on the extension by starting late. Regardless, there are a couple of
burdens moreover. Free wander managers require a particular level of market data. At present,

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various countries on the planet are experiencing headway. This process is possible due to the
duties made by nearly nothing and medium managers. Autonomous organizations can make
money related and social advancement. Free ventures are thought to be the most necessary area
of the governing body together with microfinance foundations. In the globalized period, privately
owned businesses have a higher shot of advancement, as it will incorporate neighborhood
suppliers and wholesalers. It backings and lifts new interests (Asoba and Tengeh, 2016). The
constraints ought to be restricted. Managing a free wander is not the same as managing the
greater ones. Organization of an autonomous wander managers depends on the open resource.
Privately owned business managers are far to go if they are in the right condition.

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Task 3
LO 3 Determine and assess the key aspects of an entrepreneurial mind-set
P5 Characteristics, traits, and skills of two successful entrepreneurs
Entrepreneurs are responsible for the risks that they are taking, and self-motivation which helps
to resolve all the crisis issues of business. Entrepreneurs play a significant role in economic and
technical development. Generally, entrepreneurship starts with an action, which concerns the
foundation of business. It also affects business performance. Quantitative development is
characterized by the size of the business. These are related to the quantitative ones to accomplish
business goals (Rajagopal, 2014). Some experts have defined entrepreneurship as a professional
and systematic activity. There are two sub-concepts of entrepreneurship such as value creation
that is aimed at the results of entrepreneurship and innovation, uniqueness and growth which is
focused on the characteristics of entrepreneurship. Uncertainty, risk, creative opportunism and
complementary managerial capability should not be ignored in entrepreneurship. The
entrepreneur should act as a leader, which cause creative destruction. An entrepreneur should be
able to undertake any risky investment. According to some experts, the characteristics of an
entrepreneur are: able to make independent decisions, be autonomous, to have a quick changing
and insecure environment, success oriented, being a good organizer and manager, being
persistent, knowledgeable, easy acceptance power of new information (Nambisan, 2016). A good
entrepreneur should have some collective behaviours such as accumulation of resources,
production of goods, identifying the business opportunities, setting up a business, promoting the
products and services, responding to the environment as well as society and government.
As an example, Mark Zuckerberg is a famous entrepreneur, who takes a salary of only one
dollar. He is one of the renounced computer programmer along with internet expert in the world

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and also has a part in Facebook, which is a most active social networking site. Having an
unbelievable vision, Zuckerberg can grow a business into an amazing level. He is also a good
leader who recruits the best employees to achieve the business goals. Zuckerberg became the
chief executive as well as chairman of Facebook in April 2013. Zuckerberg motivates his sub-
ordinates by rewarding them within the organization. His vision was clear with a persuasive style
of management. These qualities helped Zuckerberg to take higher risks in his entrepreneurial life
and to create a different level of his business. Another example would be Steve Jobs who is the
founder and CEO of Apple Inc. This American entrepreneur was widely recognized as a
charismatic and design-driven pioneer of the personal computer revolution. Jobs was also a good
leader. His leadership and management principles were based on the needs of behaving with
people with great respect. His delegates are also responsible for the daily operations of the
organization. Jobs had always been treated his employees as significant team players. He had an
effective management power which helped him to take crucial decisions for his business. Steve
Jobs was a very ambitious person with biggest ideas. Unfortunately, he passed away in 2011, but
his footsteps are following by his employees as well as the organization. Now Apple has become
the most popular brand in the world of technology.
Comparing Mark Zuckerberg with Steve Jobs both is having few distinctive qualities between
them. Their leadership and vision were very clear. Both of them have motivated their employees
by rewarding them and satisfying their needs. Both Zuckerberg and Jobs have recruited best
people to get succeed in the world of business. Mark Zuckerberg is very passionate about his
goals and ambitious too. Steve Jobs had qualities like constancy, patience, creativity and
practicality. Zuckerberg and Jobs are excellent in taking risks and in accomplishing their goal.

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They have always been analyzed the feedback they got, and both of them learned from their
mistakes to become the most successful entrepreneurs.
P6 Aspects of the entrepreneurial personality, reflect entrepreneurial motivation and mindset
A business person with a high inner locus of control trusts they can get things going in their
association. Each firm has a market-arranged hierarchical culture whose business person has a
high inside locus of control. It will be more tuned with their inventive and development thoughts.
There is a positive connection between inward locus of control and enterprise conduct.
According to some recent studies, what happens within an organization depends upon the
behavior and controllable by an entrepreneur’s actions. Personality characteristics seen in
entrepreneurs are the high need for achievement. On personality, I took several entrepreneurial
tests. Nature is very important to the success of the entrepreneur. Most successful entrepreneurs
are observed to have the personal inner drive that sustains their innovations and pursuit of
achievement as well. Due to a good and efficient personality, an entrepreneur can be competitive
without any fear. Most of them strongly believe in themselves and confidence in their personal
capacity to bring change. A person will be prone to competition if he is in business.
Entrepreneurs are open for criticism and advice. Entrepreneurs learn from those criticisms and
accomplish the needed changes to bring success in their business (Agarwal and Braguinsky,
2014). Communication is also very important for a business to run successfully. If an
entrepreneur is good in communication, then he can handle his consumers as well as his
stakeholders and other business counterparts. Another aspect of entrepreneurial personality is to
have the ability to take risks at some stages. This quality of an entrepreneur determines how they
would handle challenges. Marketing is an essential aspect of entrepreneurial personality. As
marketing is crucial for any business, hence an entrepreneur should be aware of all the recent

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marketing trends and strategies (Stokes, Wilson and Mador, 2010). Leadership test was also
taken to prove the leadership potential of an entrepreneur, as it is another tool of entrepreneurial
personality aspects. An entrepreneur should be a good leader to achieve success in the business.
The reflection of the business was very significant to me as an entrepreneur. Through this
assignment, I could be able to go through the details of business. It was possible for me to unfold
the hidden challenges and recognize the way to meet those challenges. This also helped me to
understand the theoretical and practical implementation of the concerns of business. I also got to
figure out my strengths and weaknesses through this assignment. As the strengths and
weaknesses have been recognized, it would be easy to make the right decision to overcome the
challenges of the business. Entrepreneurship is also vital for word economy. Major problems can
be solved with the help of creative thoughts and innovativeness of an entrepreneur. I discovered
myself about entrepreneurship. It will help me to accomplish the business ideas.
Task 4
LO4 Different environments that foster or hinders entrepreneurship
P7 Effect of background and experience of entrepreneurship
The business environment is responsible for the operations of business. Business environment
can be healthy or unhealthy. If all the conditions are favorable for the growth of business, then it
can be considered as a healthy environment. Unfavorable conditions for a business operation are
known as an unhealthy environment. Business and Environment interact with each other. The
success of an enterprise depends upon the economic system of that region. An organization has
to manage to the conditions in the industries. No organization can ignore the situation around it.
Hence entrepreneurs should know the different aspects of the environment they are working in.
Several attempts should be made to influence the environment to make it favorable to

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entrepreneurial activities. A successful entrepreneur is that who adjusts to the environment as
well as modifies the environment to work comfortably (Special Issue ofJournal of Social
Entrepreneurship, 2012).
There are some key aspects of a business environment. The aspects are; legal, economic,
political and sociocultural. Aspects of an environment.
Economic environment:
This is one of the most important aspects of the business environment as this section deals with
the financial structures of a country, trade, agricultural and transport segments. This setup
discusses the growth of economic structure of a country and also describe the condition in which
a business is going to start their business. With the help of such understanding, the company can
determine the payment structure for the employees and their working structure.
The business and the growth of the company depends on the economic structure and the growth
of a certain country. However, the better economic standard leads a company to determine how
the company can run their business in a certain state and the payment that they will provide to
their employees within the organization.
According to many types of research, it is visible that the privately owned companies are
depending on the goals of gaining profits and improving the economic state of the company.
However, on the other hand, the society owned companies are always focused on the community
benefits when the corporation will benefit the society. In this way, the economic structure of a
country or state always differentiate the business organizations by their activities.
Legal environment:

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Every region has a particular legal structure. Efficient managerial performance must follow the
necessary laws. Management should try to understand what should be the right law and how they
can be obeyed. The government should also make some changes in their structure of law to make
the environment business ready. There are different business laws in all the countries. This
includes foreign collaboration, industrial disputes, and social security benefits, etc.
Political Environment:
The political structure of a region cannot be ignored. Managers and entrepreneurs should
understand the political culture of the region they are working in. Public opinion is also crucial
for a business to run successfully (Bates, 2011). Entrepreneurs should take public opinion during
the operations of their business.
A complex and varying combination of financial, institutional, cultural and personality factors
determines the nature and degree of entrepreneurial activity at any time. The personal
backgrounds of the entrepreneurs are determined mainly by the environment in which they are
determined largely by the environment in which they are born and brought up and work. The
interaction between an entrepreneur and his environment is an active process.
Finally to conclude this assignment was all about the entrepreneurs who created a new record
around them. Each entrepreneur has their unique characteristic that helped them to make a
successful entrepreneurial career in their whole career. It also explains their life history and
management style. An individual should have the qualities like leadership, motivation, risk-
taking, self-confident and goal oriented. The qualities of great entrepreneurs have mentioned on
this assignment. I hope it can help the readers to understand the details of entrepreneurship.

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