Entrepreneurship Report: Venture Types, Economic Impact, and Skills

This report delves into the realm of entrepreneurship, examining various types of entrepreneurial ventures, including small businesses, large companies, and social enterprises. It differentiates these ventures based on their purpose, scope, and scale. The report analyzes the economic impact of micro and small businesses, highlighting their role in job creation, improving living standards, and contributing to economic growth. It explores the characteristics, traits, and skills of successful entrepreneurs, focusing on aspects of personality that reflect entrepreneurial motivation, and how background and experience can influence entrepreneurial success. The report provides insights into the similarities and differences between entrepreneurial ventures and the typologies of entrepreneurship such as lifestyle enterprises and growth firms. The document provides a comprehensive overview of the entrepreneurial landscape and factors contributing to business success.

ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship................1
P2 Similarities and differences between entrepreneurial ventures.........................................3
Task 2...............................................................................................................................................4
P3. Interpretation of statistics for showing impact of micro and small business on the
economy.................................................................................................................................4
P4. Importance of small and start-ups in the growth of the economy....................................5
Task 3...............................................................................................................................................6
P5 Characteristics, traits and skills of successful entrepreneur..............................................6
P6. Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation....8
Task 4...............................................................................................................................................9
P7 Background and experience can hinder or foster entrepreneurship..................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurs are the individual who generator new idea into reality so that they can meet the
the increasing demand of the large population and also generate high profitability. These
entrepreneurs can opener new venture or a small and medium size business which provide
support in the economy. These are the backbone for economy as they contribute in increasing the
GDP and the profitability. They can generate new job opportunities by which the local people
can enhance their living standards (Barringer, 2020). This report will based on determining the
different types of ventures and topologies and also determine the differences and similarities in
the various business ventures. Moreover, the report will also analyse the importance of small
ventures and new startup which contribute in the growth of the social economy. This also analyse
the characteristics, redson skills of the successful entrepreneurs. It also covers the internal
aspects which reflect the motivation and mindset that how their experience and background can
boost the entrepreneurship within the individual.
Task 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship.
These are the people to generate a new idea and responsible for forming a new business in
order to generate higher profitability and growth in their business. Ventures are the business
which are set up by the entrepreneurs so that they can live their life comfortably and these
ventures have their own purpose. There are different types of edible Avengers which are
differentiated on the basis of their purpose scope size and services.
Entrepreneurial activity
It refers to the activities in which the business generates their values by creating the
economic aspects. These are the activities which is associated with creating a new idea which
can enhance the growth of the venture. The unique Idea converted into reality by providing the
quality product and services to their prospective customers so that they can enhance the
employment opportunities in the local area by which the company can generate higher
profitability and growth.
Different type of ventures
Small business: These are the type of Ventures where limited number of employees,
capital and operations. Main consideration of this venture is to generate the profit on the return
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of their goods and services. Such ventures can form the partnerships for sole proprietorship as
they are in segment which provide product and services to the neech market. The main purpose
of this business is to early profit and such type of business has less than 50 employees and they
generate the revenue of €2 million. Few examples are Clarasys, Orion electrotech Ltd. Etc.
Large company: these are the type of business which I have no limits and their business
operations, size, scope and employees. This business provider better services to their prospective
customers and their main consideration is to expand their business in the international market
which require huge amount of money so that they can run their business in an smooth manner.
This business can sustain in the market for a longer period of time and also have the ability to
change. Examples are Morrisons, M&S etc. (Bakeman and Hanson, 2019). That is the private
firms and National health services are public sector organisation.
Social enterprises: these are the type of organisation which is home with the purpose of
doing social welfare. Such busienss are not profit oriented organisation as they focuses on
providing the better opportunities to the local people so that they can improve their living
standards. Business contribute on the development of the economy by providing various
opportunities to the local market. Some examples of the social enterprises are Save the children
etc.
Typologies of entrepreneurship
These are the typologies which are related to the development of busienss so that the
business can make the best efforts by which they can get effectiveness. Some typologies are
given below:
Lifestyle enterprise: these are the type of enterprises which is operating their business in
order to enhance the standards of the local people as this business are focuses on providing the
various job opportunities to the local people and also offering the various product and services to
the people which makes the social venture.
Growth firms: Deserve the type of venture which is conducting their business with the
consideration of earning the maximum profit and revenue this venture focuses on innovative new
idea by which they can enhance their profitability and productivity of the company in the large
market. These idea satisfy the needs and wants of their potential customers in order to get a
better results from the sale of their product and services. These firms comes under the small and
large ventures.
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These are the type of topologies and ventures which are incorporated in order to provide
the high living standards and the better life to the individual. These are the people who provide
contribution in the development of growth of the economy for which they are running the
organsiation.
P2 Similarities and differences between entrepreneurial ventures
The similarities and difference between the entrepreneurial ventures are as follows:
Differences
Basis Small business Large company Social
entrepreneurship
Scale These are the type of the
venture which is
operating their business
on small scale and using
the low investment.
These are the type of
business which is
operating their business
with sufficient amount of
funds and offering the
quality products and
services.
These are the types
of the ventures
which are form in
order to provide the
business to the local
people.
Purpose The main consideration
of this business is to earn
their living so that they
can have the better life.
Such business are formed
in order to generate the
higher profits by getting
the new idea in their
business.
The main
consideration of the
business is to
improve the living
standards of the
society.
Characteristics Such ventures require low
investment and generally
having the low
interference of the
government.
These are the business
which require huge
investment and also have
full interference of the
government.
Such business
required the money
as they are operating
their business in
order to satisfy the
needs of the local
people.
Similarities
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Basis Small business Large business Social enterprise
Meeting the needs These are the venture
whom main
consideration is to
meet the requirement
of the local people.
These business are
formed in order to
satisfy the local people
but at larger scale.
These are the ventures
which is operating
their business in order
to satisfy the needs of
their customers.
Society upliftment They are providing the
various job
opportunities so that
they can contribute in
enhancing the living
standards.
These provides the job
opportunities to the
individuals as well as
innovative items
which can satisfy their
needs for living life
properly and
comfortably.
Thee provides their
services to the people
so that the improve
their living standards
and the society.
Task 2
P3. Interpretation of statistics for showing impact of micro and small business on the economy
The organsiation plays an important role which contribute in the development of the economy.
This helps in providing the development of infrastructure and schools etc. In order to develop the
economy. There is a huge impact of the economy on the business of the country and different
types of business are given below:
Small: These are the type of business where the business is operating different operations
with more than 50 employees and generate the revenue of €5 million. The company contributes
its low scale of profit ratio as they are generating the more revenue and employment for the
nation but at small scale.
Medium: These are the type of busienss which is operating their business with less than 250
employees but more than 50 employees. They generate the revenue of €5 million but less than
€22 million. These are the business which is providing various development opportunities and
the higher level of employment to the people so that they can satisfy the needs and wants of their
potential customers.
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Large: these are the type of business which is working with more than 250 employees and
generating the revenue of €22 million. Such businesses are highly impact in the development of
the economy as they are offering various job opportunities to the large number of people in the
national and the international market.
Impact of SME on economy
Local impact: These are the type of micro and small business who is a direct impact on
the local economy they are offering the various product and services to the local people so that
they can fulfill their needs and wants. This type of business are formed by analysing the
changing demands of the people by which the business can also understand the purchasing power
in order to provide the product accordingly. They are also offering the various job opportunities
so that they can enhance the living standards and the lifestyle of the local economy.
Illustration 1:
Role of Start-ups and Small Businesses
P4. Importance of small and start-ups in the growth of the economy
GDP of the nation has the huge impact on the economy as they contribute the higher share
of their profit to the Small business and the new start-up business. These small business offers
the various job opportunities which create the positive impact on shaping the growth of the
economy. In the United Kingdom, there is a large number of small ventures which is impacting
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the growth of the economy. The Government of the UK is also provided that various type of
supports to the small ventures so that they can meet their financial requirements and also get at
the relexation in various legal process. There are some factors which is describing the
importance of small Ventures in the growth of the social economy:
Job creation: new startup business and small ventures are offering the various job
opportunities to the workforce so that they can enhance their living standards and there are also
supporting the local people by offering various job opportunities. When the company is offering
a quality product at affordable prices this increase the competition in the large market and also
benefit the local people of the nation.
Improve living standards: small businesses and start contributing on and on various job
opportunities that individual can meet their needs and wants in their budget. Providing the
deserving income will helps the enhancing in their living standards.
Economic growth: when a new start ups or small business offer various job
opportunities that makes capable to pay the tax to the government which results in increasing the
financial health of the country. This will make them motivated and influenced so that they can
offer the job opportunities by which the small business can helps in improving the living
standards of the company which is contributing in the economic growth of the country.
It is observed from the discussion that the contribution from the small business in the news
that help the economy get success there also providing innovative ideas for which the source of
income can be increased with results in improved in the living standards of the individual by
offering various opportunities so that they can meet their needs and requirements.
Task 3
P5 Characteristics, traits and skills of successful entrepreneur
There are various entrepreneurs who is having the Unique skills characteristics which
convert the ordinary people into successful entrepreneurs. There are two entrepreneurs taht have
gained the huge success and growth in their career as they are having the set of skills and
abilities. This makes the individual person different from others and it is said that an individual
person can be successful if they are having a attitude characteristics skills and traits that is
explained as follows:
Characteristics
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 Self belief and hard work: What is the important characteristics by which the
entrepreneurs can perform their work effectively. The characteristics helps the both
entrepreneurs like Elizabeth Goach and Tom Mercer, they are carrying their work with
huge self confidence and also the individual to take the better decisions for the success of
the business. They are very hard working and determination towards their work and
attaining the specific goal. This makes differentiate from the other and as their having a
hard working qualities and self living decisions.
 Passion: it is the common characteristics of the individual when they are doing any
specific take, they must be passionate for the specific work so that they can attain their
desired goal in an defined manner. With this characteristic, both the entrepreneurs like
Elizabeth Gooch and Tom Mercer, they both are focusing on their work on regular basis
in order to achieve their desired goal characteristics them different from other business
manager as many manager loose the patience while working for long.
Skills
 Leadership: It is the skills which is necessary for the entrepreneurs in order to develop
the innovative ideas so that they can solve the various work related problems. This helps
the Elizabeth Goach and Tom Mercer, to lead the team in an effective so that they can
guide their subordinates to take the better decisions in order to acheive the desired goal
with proper hard work and dedication. This makes them different from the other guidance
so that they can attain the desired goal in an effective manner.
 Innovative thinking: It is the skill which makes the entrepreneurs so that they can take
the innovative decisions by which they can take the good command on the various
factors. Through this skills, Elizabeth Goach and Tom Mercer is becoming successfully
and they are able to resolve the various problems that is arising at the workplace. This
helps in overcoming for getting the desired goal in the success of an business ventures.
Traits
 Disciplined: it is very important for the entrepreneur for their success so that they
maintain the balance between the personal and professional life in order to get the
effective results in their working. This traits makes the Elizabeth Goach and Tom Mercer
by which they can get the focus on their goals without getting distracted with the other
things.
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 Confident: this is important for the entrepreneurs so that they can take the better
decisions for getting the success of the company. Elizabeth Goach and Tom Mercer are
very confident by which they are creating the various new opportunities so that they can
get the better results in establishing the good brand image in the market. This trait make
them the individual different from the other manager so that they can get the huge
confidence in the huge decision making.
P6. Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation
Entrepreneur are having the various aspects like trait and skills that make them different
from the other person. These how the factors which help the individual to motivate and influence
their mind set by which they become successful. These factors directly effects the motivation and
the mindset of the entrepreneurs by which they become successful. OCEAN model can be used
for reflecting the motivation and the mindset of the individual. The various aspects of this model
is explained as follows:
Openness: this aspect is associated with adventure, idea and emotion of the individual.
This reflects the curiosity and the creativity of the entrepreneurs which is helpful in making the
better vision for the company. This also helps in making the new things and also helps in
handling the various challenges.
Consciousness: it is related to the reliability and flexibility which stated that and
economists to focus on their goals rather than involving in the and productive things so that they
can attain their desired goal in an effective manner.
Extroversion: the entrepreneurs must energetic, assertive, talktive and be social so that
they get influenced and motivated. This will help in maintaining the good relationship with the
staff members so that they can attains the desired results. It helps in getting the desired results
with the help of effective working of the employees.
Agreeableness: this is stated that the entrepreneur must be cooperative and trustworthy
so that they can have the better coordination and the corporation with the employees. This also
helps in getting the better results in maintaining the better relationship with the employees. This
also helps the entrepreneur to take the valuable. Feedback and suggestions from their employees
so that they can improve in their working.
Neuroticism: This is related to the anxiety, fear, worry and jealousy in which entrepreneurs
response in the negative situation. The entrepreneurs must avoid such elements so that they can
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give equal treatment to their employees. With the help of this elements, the entrepreneurs can
maintain the good relationship with their employees and also able to establish the good working
environment.
Task 4
P7 Background and experience can hinder or foster entrepreneurship
Entrepreneurs are running their business as they are offering the best products and services to
their potential customers. The experience and background of entrepreneurs which helps the
individual in getting the effective working of their employees so that they can guides their
business towards the success (Akehurst, Simarro and Mas‐Tur, 2019). The experience and the
background of the both the entrepreneurs enable them to become the successful which is
explained as follows:
Elizabeth Goach
Background: Elizabeth Goach started working in HSBC Bank and later one year, she left
the job I started working in the consultancy firm. Then she left the firm again and collected the
small amount of money from their family and friends. Gradually, she collected €1,000 with their
family and friends so that they can start their new ventures. The company is providing the
consultancy and training services related to the operations management. She is having a lack of
communication skills and gathering the required information so that they can get enhancement in
their productivity and profitability so that they can get the changed their services. This is the
technique so that they can get the effectiveness in their working. Then she contacted to Rodney
baker- bates, CEO of Prudential financial services and recruit him as the position of the chairman
of the company. Later she is running their business by doing more investment so that they can
attract the more investors.
Experience: she started working but initially facing various problems like insufficient
funds, not getting support from the family and friends. She managed various issues and
determined for the growth of the company. She is also not getting the support from the father and
not getting financial support too. His father told her to join the new job instead of running the
business venture. Later she got the support from the Rodney baker-bates which is giving the
various ideas for develment of software and investing in their services.
Tom Mercer
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Background: Tom Mercer got graduation from Cambridge University. Tom also having
the experience of working as a management consultant in the Bain and Co. That is based in
London. When they are working under different companies. They are getting the new idea of
starting business. When they are going to regular work, he noticed that there are people who are
suffering problem in getting breakfast. Then he got the idea for starting his new business and
started the blending the health drink that includes smoothies and oats.
Experience: Tom is having the experience of working as the city worker but they
struggles of people in getting the breakfast. He often goes to work late and think of the idea for
the products and he got the idea, he used to cut the fruits himself at night and keep them in the jar
and sell them in the morning. He used to sell their products at railway station so that they can
understand the demand of their product and provide them according to the sale.
CONCLUSION
It is concluded from the above report that entrepreneurs are the individuals who are having
an integrated set of skills by which convert their Idea into reality in order to satisfy the needs of
their potential customers. There are different types of small business large business and social
enterprises which are related to the top colleges of entrepreneurship. The small business form
helps in providing the various job opportunities and also contribute in the GDP of the country by
onion hi profitability. There are various skills and characteristics which are required for a
successful entrepreneur.
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