Entrepreneurship: Ventures, Typologies, and Economic Impact Report

This report provides an in-depth analysis of entrepreneurship, exploring various entrepreneurial ventures and their typologies. It examines the differences and similarities between lifestyle ventures, serial entrepreneurs, social enterprises, and female and male entrepreneurs. The report discusses the impact of micro and small businesses on the economy, including their classification, local, regional, and national impacts. Case studies of EG Solutions and MOMA are referenced to illustrate these concepts. The report also delves into the relationships between different venture types and their typologies, providing a comprehensive overview of the entrepreneurial landscape and its significance in economic development and job creation. The report highlights the importance of small businesses in the UK and their contribution to employment and economic growth. It also explains different types of entrepreneurial ventures and its relation with the typologies.

Entrepreneurship

INTRODUCTION
Entrepreneurship is a very innovative concept which is going on in the market since a very
long time. Here, basically a business is started by single person with the support of a creative
idea on the basis of which they strive to gain competitive advantage in the market. It has also
been noticed that little and average sized organisations have a share of more than 95% in the
market area in various countries (Dennis Jr, 2011). This is a very profitable situation for the
country as well as through this the economy development of the country will also takes place and
employment will also be generated. In this report, two case studies will be discussed. One is
related to Elizabeth Gooch who founded EG solution and another one is of Tom Mercer who is
the founder of “MOMA”. Here, various types of entrepreneurial ventures will be discussed and
its relation with the typologies. Along with this, the effect of small and large enterprise,
contribution of small business in the economy will be discussed.
TASK 1
P1 Different types of entrepreneurial ventures and its interrelation typology of entrepreneurship
An Enterprising business can be defined as a mixture of risk, success, failure in relation to
the activities which are being conducted in the company. It should not be mixed with small
business as both them are different from each other. This is working very effectively and helping
the company in earning large amount of revenue as well.
Entrepreneur –
She/he can be a person who is the main owner of the business and are doing their business with
the limited resources they are having. They are the ones who had the innovative in their mind
and now they have converted them into reality (Fassin, Van Rossem and Buelens, 2011).
Therefore, they are only the financiers, investors and risk takers etc.
Types of Entrepreneurs – There are various kinds of entrepreneur. These are as follows:
 Serial Entrepreneurs – These are the entrepreneurs who likes to take challenges on a daily
basis. Once their one business is established in a proper manner then they delegate the
responsibility to some responsible person and start working in other businesses as well.
 Social Enterpriser – These are the kind of entrepreneurs who develops their own
organisation with the aim of solving the issues of society and bringing a social change in
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the society. They don't have an aim of earning profit and rather they focus on solving the
problems on society.
 Female Entrepreneurs – These are the kind of business which is run by the women
entrepreneurs mainly and these are chiefly belong and directed by women and are
obligated for developing 51% of employment.
Concept of Entrepreneurship – This can be referred as a procedure in which a new business is
planned, designed and yen finally launched in the market. At the initial level, it is of small size
but it will have the capability to take a big form in the market. The people who start this business
are being called as the entrepreneurs (Gorgievski, Ascalon and Stephan, 2011).
Central Project of Enterpriser – The different forms of Enterprising projects are as follows:-
Small-business Entrepreneurship – As per the reports collected by a leading company,
it was ascertained that there are approx more than 6 million small sized companies that are
working in UK. It normally includes all the small businesses that are running in the society like
the grocery stores, consultancy offices, internet cafes etc. The people who are running this kind
of business are having their own investment in this and they are also taking whole risk all alone.
Scalable Entrepreneurship – This kind of entrepreneurship is found very rarely in the
market because it is being formed by those entrepreneurs who are having a strong idea with
themselves. They have a vision to do a new innovation win the market and bring changes in it.
Their only task is to convince the investors to invest into their idea.
Social Entrepreneurship – These are the kind of ventures which is just started so as to
provide benefit to the society from the products they will be producing. Like Patanjali products
are being created with a sole purpose to provide benefit to its users.
Relation of ventures with Entrepreneur Typology –
All these types of ventures are having some connection with one another like scalable
entrepreneurship is connected with the lifestyle ventures and social entrepreneurship is having
their connection with managed growth venture (Hall, Daneke and Lenox, 2010).
Types of Topology -
Lifestyle Ventures – These are the type of businesses which provides immediate profits
to the company. These ventures are started just to earn a proper living and here mainly the
entrepreneur generally like to work alone.
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Survival Ventures – These are the type of businesses which is started just to earn their
daily wages so that they can survive in the society. It is generally a small business which is being
run by the local retailers. ex- Grocery store, internet cafe, barber store etc.
Managed Growth Ventures – These are the kind of ventures which is being run by the
smart entrepreneurs which knows how to grow their business and earn more amount of profit as
well (Islam and et. al.,2011). The people who are investing in this process knows that their
money will be utilized in a proper manner and then they will make money from here as well.
P2 Similarities and Difference between entrepreneurial ventures
Entrepreneurship can be considered as a combination of creative ideas which is
implemented by taking lots of risk in the business environment since the competition is very
huge in the market. Here, the entrepreneur is having the responsibility to manage all the activities
which is being taken place in the company so that growth and development can be achieved by
them in the market area. Since there are so many types of entrepreneurial ventures which are
present in the business environment so an entrepreneur is required to study all of them before
start conducting their activities then only they will be able to choose the best one for their
company. The similarities and differenced between all these types of entrepreneurial ventures are
as follows:
SIMILARITIES Lifestyle Ventures Social Entrepreneurs
 These types of ventures
do not conduct their
business with the aim of
earning profits.
 These are the type of
companies which have
started their business
from the ground level.
 The main aim of these
kind of ventures is to
just provide benefit to
the people living in the
society.
 The entrepreneurs here
also start their business
in a small scale so as to
get connected with
people.
DIFFERENCES Lifestyle Ventures Serial Entrepreneurs
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 . These kinds of
companies are doing
their business with their
own funds and they are
not taking any kind of
benefit.
 They do not prepare any
kind of strategic plan for
their business as they
have passion towards
their business which
helps them in
conducting the business
in a proper manner.
 They don’t have a
proper place to do the
business and they
conduct it as they way
they want.
 These are that kind of
entrepreneurs that
depends on the investors
funds so as to run the
business in more
effective manner.
 They also have their
strategies prepared
which they implement
when the correct
situation arrives.
 These kinds of business
are being conducted
from a particular place
so that they do their
operations in a proper
manner.
 They have started this
business by having a
proper aim in their
mind.
SIMILARITIES Female Entrepreneurs Male Entrepreneurs
 Women are considered
to have more focus
when they perform their
operations of business.
 These entrepreneurs are
considered as very much
creative as well as
 They are also having
passion towards their
profession through
which they strive to
achieve the goals and
objectives in an
effective manner.
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innovative in their
operating activities.
 These kind of
entrepreneurs are
considered to have
leadership skills in their
work through which
they perform their work
in more effective
manner.
DIFFERENCES Female Entrepreneurs Male Entrepreneurs
 Females are considered
as deep thinkers so they
normally take much
more time to take
decisions.
 They give more
importance to quality of
product then quantity.
 They generally doesn’t
take much time in taking
their decisions and thus
are also regarded as
quick thinkers.
 They give more
emphasis to earn more
amount of profits and
thus they use the
resources in an effective
manner so that the cost
of production gets
decreased and
profitability gets
increased.
TASK 2
P3 Assessing and interpreting the impact of micro and small businesses in economy
CLASSIFICATION OF BUSINESS: In an environment there are various kinds of businesses
are being conducted. These are being classified as under:-
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Micro Enterprise – This can be termed as a venture which will consist of one owner . The total
no. of employees who are operating in the company should be between 0-9 and all these will be
working under the proprietor. Here are various kinds of smaller standard companies which were
being started by the youth or the women themselves (Drucker, 2014). It is also be considered as a
type of venture which is not adopted in usual circumstances and here the owner can function
according to their own particular aptitudes and abilities. There are about 5.3 million small scale
companies going on in UK (Lee-Ross and Lashley, 2010).
Small Business – This is a type of business which is being operated by various kinds of
individuals whose main aim is to gain profits. These operators scope here is 0-500 as it were.
Each new pursuit which is begun is incorporated into the independent venture just and
subsequently it is the fundamental motivation behind why there are in excess of 6 million private
companies in UK. These organizations are in charge of making 64% of new occupations over the
most recent 20 years.
Medium Size Business - These are the organizations which is neither classified under private
venture and nor in substantial organizations. It is some place in the middle of and thusly there is
no official definition endorsed for it . In any case, it is determined that in such organizations , the
no. of workers ranges from 250 to 500.
As per the case study, it can be stated that Elizabeth was doing their operations as a small
company but later on they developed their business and are now operating s a big company in
UK.
Impact of economy on SME'S – The impact of small-business on economy can be in following
ways:-
 Local affect – The SME's are strongly affecting the nearby organizations as they are
having extremely supportive in giving work to the general population . They are having a
constructive effect just as they center around enhancing the personal satisfaction of the
general population living in the public arena (George and Bock, 2011).
 Regional Impact – The effect of SME's on locale is that here they get the upside of
settling on results of their decisions and keeping their preferred costs also. They by and
large knows the decisions of the clients and in this manner make items according to that
as it were.
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 National Impact-The effect of SME's on country is that they help in building up the
economy by opening an ever increasing number of organizations and along these lines
making more employments. Through therefore more cash will be produced in the
economy and the nation will wind up rich.
P4 Contribution of small businesses and start-ups in growth of social economy
BREXIT – It can be termed as a British Term which is shortened from "British Exit". This is a
prominent statement which is utilized to examine about the planned retraction of UK from the
European Union (Gorgievski, Ascalon, and Stephan, 2011). This procedure was started from
walk 29 2017. here, the general population of Britain voted in favour of a British Exit and the
executive of Britain was not for it and in this manner when the choice came , the PM surrendered
from his post. It is considered as a begging to be proven wrong subject on the grounds that after
this the new PM is presently attempting to break the generalization in the EU arrangement after
Brussels.
Impact of small-business on social economy of UK are:-
Economical and Societal Improvement – Little organizations are named as a monetary
fireball of the nation. It is noticed that inside Sme's , here are presently 5 million of these
organizations in UK. These are in charge of making in excess of 15.2 million occupations in UK
which is a leading optimistic element for UK.
Betterment on ethnical safety – Social security is a consider that aides advancing salary
strength particle the economy of UK. It helps through the economy by giving them an unfaltering
salary which they lost because of retirement, inability or passing. Its effect is significantly more
in the economy and isn't simply till the adjust of instalments.
Effect on revenue and taxes – The effect of income and duties in UK is extremely solid since
they are making more employments in the economy due to which more wage is created in the
nation. On the off chance that pay will be there then the general population will likewise need to
pay assessments and in this way the nation will have the capacity to gather more measure of
charges. There is an immediate connection amongst income and duties as though there will be
increment in income at that point there will be increment in salary too.
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TASK
P5 Characteristics, traits and skills of successful entrepreneurs
Successful entrepreneur are those who start their business with just a small idea but have
the capability to make it big in the market (Ligthelm, 2010). They don't have nay resources
when they start their business and that is why they understand the importance of each and every
resource. They are smart and intelligent and this the main reason that they make effective
strategy for the company through which they try to achieve profitability for the company in the
market. The three main factors that come in their way while conducting activities are risk, profit
and innovation (McGowan and et. al. ,2012). If the entrepreneur win these factor then no one can
stop the to achieve success in the market and set up for long period of time as well. As per the
case study given , the two famous entrepreneurs that will be mentioned here are Elizabeth Gooch
and Tom Mercer. They both started are very successful in their life and are running their
business in a very effective and efficient manner. It is believed that everyone have their skills
and traits that make them different from others. The skills and traits of these entrepreneurs are as
follows:
Basis Elizabeth Gooch Tom Mercer
Company type She is the founder and CEO of
EG Solutions, a small
company which is doing
business of selling operation
management software.
He has founded his own
business named as “MOMA”
foods. This is a kind of
business in which the
entrepreneur sells healthy
breakfast to the people who
orders their food from various
restaurants early morning,
Early struggle Earlier she worked in HSBC
bank but later on she started
her own business named as EG
solutions. For this, she
borrowed around £1,000 from
her family.
Fir starting this business, he
had to stay up all night to do
preparation of making
smoothies and then go the
stations to sell it and then after
all this he has to go to office as
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well where he was working as
a management consultant.
Key success factor This is the only company that
guarantees return on
investment and their effective
strategic planning helped them
in gaining an effective position
in the market.
The key success factor
attached with this entrepreneur
was that he is very hard-
working,. He had a dream and
he had the courage to follow it
even though he had a secure
job in hand.
The Traits required to become flourishing entrepreneur:-
 Big confidence, passionate and determinative towards work which raise their growth and
development.
 Extremely progressive and creative so that they can grab all the opportunities which is
present in the market.
P6 Aspects of entrepreneurial personality in reflecting entrepreneurial motivation and mind-set
It is believed that the two entrepreneurs which were discussed above are having various
types of special traits and characteristics because of which they have attained this position in the
market (Neck and Greene, 2011). The main element behind success of the business was that they
did not give up. The continued to struggle with less amount of resources. Attributes of these
person classified under five aspect are stated below:-
Openness to experiences:- It is believed that if the company wants to achieve new
heights in the market then they will have to come up with new and creative ideas so that they can
attract customers towards themselves. This can be done only by those individuals which are
having skill to think something new anytime.
Conscientiousness:- Under this, it is specified that if the person is having passion
towards their business then they will be able to achieve their aims and objectives in effective and
efficient manner.
Agreeableness:- Here, it is believed that the the entrepreneurs are having excitement to
learn new and innovate things then they will be able to do their business in a proper manner.
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Through this, they will be able to develop their business in a proper manner and in correct
direction as well.
Neuroticism:-Since the person who is conducting their business is also a human being
then it is required to be understand that they will be affected with the factors and changes that are
taking place in the business environment (Nga and Shamuganathan, 2010).
TASK 4
P7 Factors that foster or hinder entrepreneurship
There are so many factors that are present in the business environment which are having
positive or negative impact on the companies. It is considered as very important for the
companies to interpret the background and experiences that are attached with the entrepreneurs
while they are conducting their operations. But sometimes it creates a hindrance for them so it is
necessary for them to identify it before hand (Preuss, 2011). The factors are as follows:
Personal background:- Under this, the following things are required to be considered
like rituals, religion, customs and belief. These are the factors which are having connection with
the entrepreneurs and sometimes it comes in their way of doing business.
Personal experiences- There are many times that the entrepreneurs have faced various
rejection in the past due to which hey have launched their confidence which comas in their way
while doing their business once again, so , it is very much necessary for the to avoid these factors
and focus on the future because then only they will be bale to do their business in a proper
manner.
Personal skills:- It is very much necessary for the entrepreneurs to have particular skill in
order to perform their work in a proper manner and if that skill is not present in them then it will
be very much difficult for them to do their business effectively.
Personality factor:- Entrepreneur must posses such skill and ability in personal that
allow them to think out of the scope which result in good outcomes and profitability in their
business line (Sahut and Peris-Ortiz, 2014).
CONCLUSION
As per the above assignment, it can be ascertained that entrepreneurship is a very crucial
concept which is being prevailing in the society . Entrepreneurial venture can be defined as a
mixture of risk, success, failure in relation to the activities which are being conducted in the
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