Entrepreneurial Ventures: Types, Impact, and Characteristics

This report delves into the realm of entrepreneurship and small business management, examining various types of entrepreneurial ventures, including social enterprises, large-scale enterprises, scale start-ups, and small business enterprises. It explores the similarities and differences between lifestyle, serial, male, and female entrepreneurs, highlighting their unique characteristics and approaches. The report analyzes the significant impact of micro and small businesses on the economy, emphasizing their role in job creation, economic growth, and innovation. Furthermore, it identifies the key characteristics, traits, and skills that contribute to entrepreneurial success, providing insights into the factors that can either hinder or foster entrepreneurship. The report concludes by summarizing the critical aspects of entrepreneurial ventures and their contribution to economic development.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examine different types of entrepreneurial ventures........................................................3
P2 similarities and differences between entrepreneurial ventures.........................................5
TASK 2............................................................................................................................................7
P3 micro and small businesses impact on the economy.........................................................7
P4 small businesses and business start –ups will contribute to the growth of the social
economy.................................................................................................................................8
TASK 3............................................................................................................................................9
P5 Determine the characteristics, traits and skills of successful entrepreneurs.....................9
P6 Personality of entrepreneur act as a motivational tool...................................................11
TASK 4..........................................................................................................................................12
P7 Background and experiences which can hinder or foster entrepreneurship....................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Small business organisation are increasing in ratio now a days because everyone wants to
bring their own business in market (Anderson, Drakopoulou Dodd and Jack, 2012) . These are
fully controlled and managed by sole traders, private firms as well in this less number of peoples
are working for achieving goals and objectives of business. Private or small organisation help in
growth of economy of particular nation. Mainly such enterprises come in market with some
innovative or new products and services. Although the person who introduce such organisations
are known as entrepreneur and they are the risk taken as well innovative. In this assignment,
different types of entrepreneurial ventures are explained with their role and characteristics. As
well effect of micro and small business on economy along with their importance in economic
development. Apart from this, different elements related to entrepreneur are also explained.
TASK 1
P1 Examine different types of entrepreneurial ventures
Entrepreneurial - An entrepreneur is person who start and run business with minimum
amount of resources as well bring something innovative or creative in market area. They are the
individual person who is risk taker because without any risk there is no chances of growth and
development in business. Entrepreneur must have to analyse market in proper manner,
customers needs and wants. After that proper planning must be done so that their will be no
chances of any hazards in between.
Entrepreneurship – It is important part of economy because of this economic
development and growth take place. Entrepreneur are the person who is self motivated, action
oriented and proactive person who easily take decision related to business by their own. Mainly
decisions are related to the innovation or invention of products and services which is important
for survival in market. When an entrepreneur come in market with its entrepreneurship this will
generate employment opportunity for several people of particular nation. Thinking of the same
must be out of box so that they can attract or grab large number of customers from market area.
Some key entrepreneurial venture Social enterprises – Such business are mainly focusing on social services they always try
to fulfil needs and wants of customers by offering them best quality of goods and
services. Thus, they are focusing on social values and society along with this they are

doing welfare by meeting expectation level of customers. The main objective of these
enterprise sector is that they conduct their activities in order to serve society and make
their life effective and appropriate. Large scale enterprises – Operation level of large scale organisations are big they are
operating in big segment for effectual development in business. In these type of
enterprises mainly growth take place because of new innovation, or launching new
variety of goods and services in market area. The objective of this type of venture is to
offer products and services to customers and retain their business for long time duration. Scale Start-ups – In these individual person come in market with some innovative
thoughts and idea with the long term vision (Bailetti,2012) . Main motive of entrepreneur
is to attract large number of customers as well investors also so they can raise their
capital. Work day to day working they hire candidate who are capable and well skilled
for running business in effective manner. The objective of respective venture is to
conduct their business and earn profitability so that they retain for long duration at their
potential marketplace. Small business enterprises – In such enterprises one or more than that people comes in
market with their various resources, objectives, resources and plan for starting their own
business. Main motive of small business is profit maximisation for generating more and
more revenue. This includes general stores, carpenters, travel and tour agency, parlours
etc. as per the data of United Kingdom it has been founded that there are 5.7 million
small business approximately. For running business they generally involve their family
member so they money will not go out and raise living standard of own family member.
For introducing business fund is collected from friends, family, financial institutions and
banks. These type of business venture are generally operating their operations as well as
functions at small scale and their profit earning is also less as comparison to large
business enterprises.
Relation with typologies of entrepreneur
Below mentions are different types of entrepreneurs and their relation with typologies: - Female entrepreneurs: These types of ventures are started or operated by female because
they are capable of taking risk and managing entire working of business. Most popular
and big example of the same is Oprah Winfrey who is a successful entrepreneur in film

production sector. These entrepreneurs are more creative and patient as comparison to
other business venture owners.
 Social entrepreneurs: Such enterprises can be profit or non profit both because they are
focusing on sustainable organisation (Carlsson and et.al., 2013). These type of
entrepreneur bring transformation and innovation in the field of health, education,
enterprise and environment development. Best example of this is Bill Drayton who is
founder of Ashoka. These peoples are mainly operating their business in order to serve
the society so that peoples leave their life effectively and appropriately.
P2 similarities and differences between entrepreneurial ventures
There are several differences and similarities between entrepreneurial ventures.
Description of all these are given below :-
Lifestyle Venture Serial Venture
Similarities Similarities
 These type of entrepreneurs believes in
investing their money in area which
have cut-throat competition. So they,
can form their market image easily.
 Such entrepreneur have confidence on
their innovative or creative ideas for
producing unique goods and services.
For satisfying customers needs and
wants.
 `Entrepreneurs have trust on own self
that they are performing in well
manner. Which will result in success
and stable growth.
 They always try to bring new or
creative products and services in
market. That will generate high amount
of revenue and profit maximisation.
 Serial venture entrepreneur are curious
in nature they always focus on bringing
new ideas and invention in market
which was not existing.
 Their plans are always unique or
distinct from others (Colombo And
et.al., 2012). As well create something
new which can attract large number of
customers easily.
 For gaining competitive advantages
entrepreneur try to modify their
existing goods and services or try to
bring something new in market.
 They use promotional and advertising
tool and techniques for creating
demands in customers. For this there is
requirement of proper planning as well

for this entire process they invest huge
amount.
Differences Differences
Major difference which has been founded in
both the entrepreneur is that, they invest huge
amount of money for gaining competitive
advantages and also for creating demand in
market.
Whereas, on the other site individual person
work hard for gaining competitive advantages
and several other opportunities. This can be
possible by innovation and creativity in their
existing goods and also in bringing new. Such
entrepreneurs are focusing on producing such
products which is unique and distinct from
others and can satisfy customers. The same
generally sell their business to other people for
continue it and they move on another area.
Male entrepreneur Female entrepreneurs
Similarities Similarities
 Male entrepreneur are high risk taker in
nature because they think that they
have capability of bearing any type of
losses and uncertainty while operating
any organisation.
 They think that their capabilities or
ability are enough for decision taking
of entire business (Dennis2011). Apart
from this confident about their
innovative and unique ideas.
 Female entrepreneur are multitasking
and can perform several tasks in
particular time period. This results in
proper management of entire business.
 They are also able to handle various
task in particular period along with this
they have capability of running
business alone and accomplish goals
and objectives.
Differences Differences
Male entrepreneurs make them strong when
decision taking times comes and do hard work
Whereas, women entrepreneurs can handle
customers in better manner compare to male

for improving performance of organisation.
They always try to build good image in market
area for wealth maximisation and business
growth. Their main focus is on generating high
profit and revenue.
because they are polite in nature. Along with
this they have several other qualities also
which will help them in managing business
more effectually due to their multitasking
nature. Although, they can manage their
personal and professional life separately in a
particular time period.
TASK 2
P3 micro and small businesses impact on the economy
Micro and small business both gives their wide impact on economy of particular nation.
These business are those which is introduced with the motive of generating high amount of profit
and wealth maximisation. In small enterprises there are few number of employees who are
working such as 5 to 8 including owner also who are responsible for its management and day to
day activity for generating profit which will be share among them according to individual person
ratio. An person who want to start business they generally use their resources or personal
property and take loan from financial institution or banks. In this situation if business will fail
then they will success a lot in situation of using personal assets. On the other hand, if enterprise
will success then they will generate more revenue for running their organisation (Hansen and
Hamilton, 2011). Thus, micro and small business are contributing high amount in economy
development because they come with several innovative and creative goods because of this
living standards of people are increasing. Such increment results in economy growth and
enhancement in GDP (gross domestic production). Apart from this small business providing
employment opportunities to people of particular nation and reduce poverty and unemployed
ratio.
Moreover, small organisations are supporting in various other segments also for
improving financial condition of economy and also in development of economy. It is also helpful
in increasing GDP of nation because they come with some innovative and new goods in market
for generating revenue. Thus, these start-ups are supporting in economic development and
growth by investing more amount. Micro business are mainly contributing in three ways such as

providing opportunity to particular person for innovation and creativity, financial independence
and employment opportunity. In the time of Brexit, small business affected most because of their
critical market condition and modification in policies, rules and regulation. These situation affect
market condition of United Kingdom and companies who are working in their business
environment. Several entrepreneurs and business man faced problems in the duration of
European Union Separation. Modification which take place are increase in Tax rate, legal
policies and code of conduct. Brexit element gives impact on several business operations like
goods and services production, recruitment and selections procedure and several other segments.
Below mention are some criteria that assists in understanding micro and small-business impact
on the economy are as follows :
 Impact on national economy – small enterprises contribute in growth of nation's GDP
so that economy can be developed. Along with this entrepreneurs also support in increase
export and decrease import in the nation like tax rates, custom duties and several other for
generating economic growth.
 Impact on local - These also support in locality development also because new ventures
support, encourage and give reason to citizen and government for adopting local
products. Furthermore, they also motivate individual to start their own business which
can create employment opportunities to the people of that particular nation.
 Regional Impact – These support in regional development because by introducing an
new business infrastructure can be improved in better manner (Meyer,2011). Mainly start
ups always help in development of community or society by creating healthy and safe
environment so regional can be developed.
These are major factors shows that how an entrepreneurship venture impact economy of a
country at local, national and international level. Along with this company manager also need to
develop those strategies and plans which leads to enhancement of local, national and
international economy.
P4 small businesses and business start –ups will contribute to the growth of the social economy
Start ups and small business are contributing from their side for the growth and
development of economy of United Kingdom. There are several situations which is created at the
time of Brexit because these circumstances mainly create complexities for new enterprises as
Brexit which means British and Exit From European Union. At the situations, each and every

organisation is in confusion for taking decisions related to business expansion, because it is
creating many hurdles for every entrepreneur. Government of United Kingdom has given several
rules and regulation for start-ups and small business after Brexit because they are contributing in
development of economic condition. Apart from this government is providing funds to start ups
with minimum interest amount so individual can set their business and assist in growth of
economy as well provide employment opportunity to population of country. There are several
rules, regulation and policies are formed after Brexit for small business which proves that they
are small part of economy which is help in development and growth. Below mention are some
ways through which economic growth take place:
 Small business is producing goods and services keeping in mind of cost that they must be
in cheap cost. So that they will fulfil need and wants of customers as well their better
quality can increase their consumption ratio also. But after Brexit, entrepreneurs feel
relax from inflation rate which has been decreased (Yallapragada and Bhuiyan,2011).
 Start-up increase infrastructure facilities in regional areas and health as well safe
environment also.
 These provide employment opportunities to several peoples which decrease
unemployment and poverty ration in economy.
 Government of United Kingdom support in equality between male and female, this says
that there should be equal rights to male and female both for starting their organisation.
 They assist in maintaining clean and green surrounding which help in growth of
economy.
Through these factors it can be determine that small and medium entrepreneurs help a
country in various ways such as it provide effective products and services that are required
by society as well as it will generate employment opportunities which help in improving
living standard of peoples.
TASK 3
P5 Determine the characteristics, traits and skills of successful entrepreneurs
An successful entrepreneur have some qualities which make them more efficient. Their is
need of some skills, traits and characteristics for running an organisations and achieving its goals
and objectives. Risk taking is nature of entrepreneur and they always think big to bring some

innovative products and services in market. Because without risk and uncertainties there is
success in future as well growth and development (Neck and Greene,2011). They always do
some innovation in existing or bring something new in market through their talent and control
overall working of enterprise in effective manner. Many entrepreneur are there is business
environment who started from lower level but now they are successful and controlling large
organisation. It is said by some one that entrepreneurs are not made they are born. But in against
of this some expertise says that no they can be made by gaining some qualifications and
knowledge. An person become perfect entrepreneur by gaining several skills, learning, ability,
educations and training so they can build or introduce successful organisation in market area.
There are many person who started their venture but now they are successful entrepreneurs.
Some of them are given below:
 Bill Gates – He is most successful entrepreneur in the world and richest person also as
well he is founder of Microsoft Company. This organisation is worlds biggest
Computer software enterprise. Net worth of their enterprise in $79 billion approx. when
business started by them is an small organisation but now he becomes an person who
brining new products in market related to software and bringing updation in existing.
 Steve Jobs – He is the person who introduce Apple company in market (Williams and
Shaw,2013). Their success journey of Apple is inspirational and motivational for young
generation that is how they set their organisation. Steve Jobs was going through
financial problem so that he dropped his college and then after this Jobs and his friend
launch an Apple computer organisation that changed consumer electronic industry.
Now their net worth of association is approximately $8.3 billion.
So, it is needed to have some distinct qualities and skills for managing and controlling an
organisation in proper manner and also in increase profits. Hard worker : For becoming successful person in life there is need of hard work and
ability of handling critical situations in working. Entrepreneur are the risk takers so they
are always ready for facing any kind of situations and circumstances and don't get afraid
of it. They continue do hard work until their success or achieving goals and objective for
them day and night don't matter. Motivation : In an entrepreneur motivation is an important trait which is required
(Scarborough, 2016). They must be self motivated and passionate towards their work this

results that they perform their activities without feeling bored. Their main focus in on
development and growth of business. Risk taker : This is the main which is required in entrepreneur because without risk and
uncertainty no one can gain success in business environment. Surrounding in which
organisation exist is dynamic in nature which brings several modification for enterprise
and give wide impact on its working. For these situations there is requirement of adopting
suitable strategies and favourable decisions.
 Flexible and dynamic : Business environment is flexible and dynamic in nature so the
person who is working in this surrounding must be adjustable in dynamic as well flexible
situations. Many situations can be arise in environment which need adjustable nature of
every individual who are working in it. For example, in the case of Brexit which occur
suddenly and affect business organisation in many ways. Thus, entrepreneur must be well
prepared for facing all these situations and should adopt changes which take place for
growth of business.
P6 Personality of entrepreneur act as a motivational tool
Personality of individual explain about their nature and that they have quality of
entrepreneur or not as well it also shows ability of particular person that they can perform any
business activities or not (Thomason, Simendinger and Kiernan, 2013). There are various
element that assist in determining the personality that required for influencing mind-set and
motivate to other people, some of these components are given below:
 Extraversion – It is important in personality of entrepreneur that they should be out
spoken so they can share their, idea, thoughts, views and opinions without any barriers as
well with full confidence. This is important in business for every one that they can share
their problems and issues. Individual get motivate or encourage with this nature of
entrepreneur.
 Agreeableness – In this, it is needed that individual have to focus on goal and objectives
of organisation to achieving these there is need of positive working atmosphere. For
accomplishing aims and targets it is necessary to motivate employees and also maintain
good relationship with staff members (Schaper And et.al., 2014).

 Conscientiousness – these people are more goal oriented in their ambitious, motives in
their efforts at work place and it is in their nature that they feel more comfortable when
they are well prepared and organised for accomplishing goals and objectives.
 Openness to experience – An entrepreneurial is risk taker so in the personality of any
entrepreneur it is required that they must have ability of facing any situation that can be
risky or not. This is important because business environment is dynamic in nature several
modifications taken place in their surroundings which gives their direct impact on
working of business. Thus, in individual it is important to have such qualities that they
can face such modifying elements in effective manner and achieve pre determined goals
and objectives in better manner.
Throughout the analysis it has been understood that personality aspect of successful
entrepreneurs is encouraging others in various manner and somehow few individual get
motivated to become an entrepreneur. One of the most prominent example is Mark Zuckerberg is
a top most player and believes in acquiring more or more risk for gaining high range of profits.
Thus, it shows one of the unique personality of entrepreneur that motivate others to try some
risky situations for gaining high range of competitive advantage. Along with this, maximum
number of individuals are identified which are getting inspired by top most leaders such as;
Nelson Mandela is also one of the best leader because of his creativity and unique way of
thinking various concepts.
TASK 4
P7 Background and experiences which can hinder or foster entrepreneurship
Starting a new business is not easy task because there are several circumstances which
comes in between while introducing an enterprise. There are several problems and situations
which can be faced by businessman and they come out from many barriers which gives impact
on operations and day to day activity of business. Qualification, skills, knowledge and
background of particular person play important role in making them successful entrepreneur.
These all are important factors if it is not founded in individual then for him/her is difficult to
become a successful entrepreneur (Storey,2016). Because there are many activities which is
required qualification in particular area such as decision making, choosing target customers,
financial decisions and so on.

Experience involve several situations which has been faced by individual person in their
past. In the investment if an individual has faced any loss in past then they will always scared in
entire life while doing any investment activity. Same again, if a person gone through the
situations related to fraud incident in preceding life then it will make trouble for that person to
trust on somebody easily. So, if it is considered then they will not capable to form good
relationship with people. Background as well as experience of an individual impact on them in
both manners positive and negative.
Every individual is having their own experience and background through which either
they get motivated or discourage to do some business activities. For example; Simon Cowell is
belong from musical background and real estate as his mother was dancer whereas father was
engaged in property dealing activities. It shows that, this leader was inspired by her mother and
become one of the most successful entrepreneur of musical industry. Through this, it has been
assessed that background plays a very crucial role in encouraging an individual towards specific
profession. On the other hand, it has been analysed that sometime background or experience
encourage a person towards great achievement like; if a person have face poorness in their
childhood age then they can definitely aim to grab market opportunities for gaining maximum
profits. It shows that past experience is also motivating others to attain certain goals or targets in
a defined time frame.
CONCLUSION
As per the above discussion it has been concluded that entrepreneurs are those who take
risk and come up with several innovative and creative products as well services in market area.
Their main motive is to attract large number of customers and generate high amount of ratio. In
this report, various types of entrepreneurial venture with their typologies such as small business,
serials, male and female all these assist in development of economy of particular nation. After
Brexit, business affect because of modification in rules and regulation for small business. Apart
from this it explain several skills and characteristics of successful entrepreneurs.

REFERENCES
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