Entrepreneurship & Small Business: Ventures, Traits & Economic Impact

This report provides a comprehensive analysis of entrepreneurial ventures and small business management, focusing on different types of ventures such as large companies, scalable ventures, small businesses, and social entrepreneurial ventures. It compares and contrasts these ventures, highlighting their similarities and differences in terms of meaning, examples, objectives, profit generation, and resource needs. The report also examines the impact of micro and small businesses on the economy, emphasizing their role in providing employment, driving economic development, and contributing to various sectors. Furthermore, it evaluates the traits, characteristics, and skills of successful entrepreneurs, exploring how experience and background influence entrepreneurial success. The document concludes by underscoring the importance of entrepreneurial ventures in enhancing the standard of living, fostering innovation, and achieving organizational goals, with a final note that Desklib provides past papers and solved assignments for students.

Entrepreneurship & Small
Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1) Explain the different types of entrepreneurial ventures with relationship of various
typology of entrepreneurship......................................................................................................4
P2) Comparison & differences between kinds of entrepreneurial ventures...............................6
TASK 2............................................................................................................................................8
P3) Analysis the data in order to how micro and small businesses impact on economy............8
P4) Describe the importance of small business and start-up which are helps to growth of the
social economy.........................................................................................................................11
TASK 3 .........................................................................................................................................12
P5) Evaluating various traits, characteristics and skills of an entrepreneur.............................12
P6) Examine the various aspect in order to entrepreneurial personality which result as
motivation. ...............................................................................................................................14
TASK 4 ........................................................................................................................................14
P7) Evaluating experience and background affect the entrepreneurship..................................14
CONCLUSION.............................................................................................................................15
REFERNCES.................................................................................................................................16

INTRODUCTION
Enterpriser or entrepreneur plays vital role in order to developing new ideas, plan which
refers to started their own ventures. It including providing innovative products and services to
customer due to fulfilling the needs and wants of customers. It involves conducting proper
market research which result as to know about the customer taste, preference and market trends
accordingly providing products and services so achieving customers satisfaction level. They are
focusing in new ideas and plan and then converted into reality which are helps to achieving
organisation goal and objective of company (Vuong, 2019). The report is about the case study of
the two great personality which name is Elizabeth Gooch and Tom Mercer both are launching
new venture and delivering best services to customers. The paper consist is different ventures as
well as skill, trait and characteristics of entrepreneur in order to successfully run their business
activity and achieving organisation goal and objective of company.
TASK 1
P1) Explain the different types of entrepreneurial ventures with relationship of various typology
of entrepreneurship.
There are ample numbers of entrepreneurial ventures which are operate in order to brings
new ideas and plan. It including planning for business accordingly formulated strategies because
it helps to operating business activity. It is process which refers to individual take higher risk due
to conducting business activity. There are four kinds entrepreneurship ventures which are
established to earning profit so discussed below.
Large company entrepreneurial ventures-: This is the first form of ventures in order to
enterpriser established business so brings that products and services which are already existing at
marketplace. This kind of products and services entrepreneur brings them because they easily
increasing sales because customers already familiar with the products as well as they easily
gaining competitive advantages and enhancing profitability of company (Sorenson, 2018). It

involves they provided that products and services so on that basis satisfying the needs and wants
of customers.There are ample numbers of entrepreneur ventures which are mentioned below.
Scalable entrepreneurial ventures-: It includes various plan and idea regarding to
establishing ventures so developing new strategies in order to achieving organisation goal and
objective of company. They are pre-planned all the business activity and then converting into
reality so accordingly brings new idea and planning regarding products and services. It including
various process which refers to hiring and recruiting those individuals who are capable and able
to performing business activity. There are various examples such as Microsoft, Apple,
Instagram.
Small business entrepreneurial ventures-: This is another form of ventures in order to
they are establishing at marketplace and the main aim to earning profit as well as achieving
organisation goal and objective of company. It includes analysed the requirement of customers
and accordingly serves the best services to customers. In addition to this, it involves small
businesses which are operating with family, friends and relative at marketplace. This kinds of
business model such as which are conducting small business activity like plumber, carpenter and
many others (Schaper, 2016). It included they are operating small scale business which main aim
to increasing profit.
Social entrepreneurial ventures-: It including this kinds of ventures which are serves to
society and community as well as including both profitable and non-profitable business models.
They main motive to serves the best service to customers and enhancing standard of
living. In addition to this, it involves hospital and clinic which providing various services for
patient because it helps to individual in order to providing best services or treatment which result
as safe point trust.
This form of business organisation plays crucial role because under that various kind of
typology and they affected the enterpriser decision making process. It including ample numbers
of business typology which are mentioned below.
Aggressive growth ventures-: It is the first typology which including advanced
technology which refers to developing innovative products and services for customers because it
helps to enhancing profitability and productivity of company. It involves main aim and purpose
of the organisation in order to developing healthy relationship with customer and retaining at
longer period of time which are impact on the success and growth of business (Sakhdari, 2016).

Lifestyle ventures-: This is another kind of typology which main aim to fulfil the
requirements of customers and focusing business operation in order to conducting smoothly
which helps to attaining objective of company. Along with, they cannot hiring and recruiting
ample numbers of employees because they operating with business function in small numbers of
workforce (Ngoasong, 2018). This kinds of business ventures operating in specific space
because it is lifestyle ventures.
Managed growth ventures-: It including this type of enterprises refers to focusing on
business activity and the main aims to earning profit which helps to expanding their business
operations at large scale. This kinds of business ventures they are hiring and recruiting skilled,
able, and capable employees which performed the business functions effectively and efficiently
so and this ventures focusing to developing innovative products and services so fulfil the needs
and wants of customers.
Survival ventures-: This is business enterprises which refers to they focusing needs and
wants of customers and providing wide range of products and services which result as enhancing
standard of living as well as achieving success and growth. They providing wide range of
products and services for customers.
P2) Comparison & differences between kinds of entrepreneurial ventures.
It refers to various entrepreneurial ventures which main aim to establishing business in
order to earning profitability and developing brand image at marketplace. It involves requires
huge amount capital and cost which are helps to starting their business operations and activity so
accordingly conducting market research in order to know about he customers taste, preferences
and market trends of customers. It involves organisation analysed the external factors which
including political, economical, technological and many other factor which directly impact on
business profitability. It refers to government imposed various barriers, rules and regulation so
enterpriser adhered to follow such rules as economical factors affect the business profitability
because tax rate and interest rate of country affect them. In the market place there are ample
numbers of competitor present so successful entrepreneurial developing strategies and gaining
competitive advantages. Enterpriser take risk because they establishing new venture so essential
they are flexible to take risk (Nyström, 2020). It includes they are set their goals and objectives
accordingly hiring and recruiting capable and able individual they perform business activity
effectively and efficiently and helps to enhancing profitability and productivity of company.

Differences Scalable
entrepreneurial
ventures
Large
entrepreneurial
ventures
Social
entrepreneurial
Meaning It including refers to
those ventures which
establishing ventures
in order to main
motive such as
implementing new
ideas, plan and
thought (Matalamäki,
2017).
Large ventures refers
to those business
organisation which
refer to providing new
products and services
for customers in order
to gaining competitive
advantages as well as
enhancing profitability
and productivity of
company.
This kinds of business
model refers to main
aim serves to the
society and fulfil the
requirement of
customers effectively.
Examples Instagram, Facebook,
twitter and Mc
Donald's etc.
Samsung, LG, Apple,
Microsoft and many
others
Red Cross, save the
life and many other
cancer foundation.
Objectives The main objectives
and purpose refers to
providing innovative
ideas and changing
them as well as serves
across globe.
It involves refers to
sustain at marketplace
which are helps to
enhancing profitability
as well as resources in
order to smoothly run
the business
operations (Hastuti,
2020).
The main objective
and goal of this kind
of venture refers to
earning profit through
raise their fund on the
basis of their
performing various
activities and events at
marketplace which
help to sustain
business in the market.
Similarities Scalable Large Social

entrepreneurial entrepreneurial
ventures
entrepreneurial
Profit It is process which
refers to innovation
and developing new
technology which help
to raising profitability
and productivity.
It involves they are
generating profit
which refers to
conducting research
activity on that basis
know about the
products and service
and helps to increasing
profitability (Gedeon,
2017).
The main aim for this
ventures not earning
profit only but
providing best services
for customer in order
to fulfilling the needs
and wants of
customers.
Need This kind of business
enterprises refers to
hiring those individual
who are capable to
performing business
activity effectively and
efficiently.
It involves refers to
those candidate recur
eating which are
skilful and
knowledgeable
because it is valuable
resource of an
organisation.
It including requires
advanced technology
and resources which
are essential in order
to easily serves to
customers (Gangadhar,
2018).
Therefore, it including difference and similarities between various kinds of business
organisation so this all are important for economy and country success and growth depends on
this factors. On the basis of that comparison between various ventures as well as fulfilling the
needs and wants of customers and help to achieving organisation objectives and goals. It
involves various kind of similarities which included most of organisation main aims to earning
profitability and gaining competitive advantages. It refers to enterpriser operating business so
they are ready to take risk because ample numbers of hurdles in the market which are helps to
enhancing standard of living as well as providing employment to many individuals.

TASK 2
P3) Analysis the data in order to how micro and small businesses impact on economy.
Each and every business plays important role in order to great contribution towards the
economy of country. It consider as various business activity which refers to driven the economy
of country well as helps to fulfilling the needs and demands of those people who survive and
providing the standard of living. It is process which refers to contribution in development of
other sector such as social, technological, agriculture and many others. Small and micro business
model plays vital role in order to country development and driven the economy such as
providing employment and many others which are mentioned below.
Micro business-: It including refers to those business which refers to limited size of
employees and they are operating business activity a small scale so profit is limited. It involves
various functions, activities and operation so they are not hiring specialized person which are
specific experience on the particular field but they hiring those candidate who performed all
kinds of business activity (Fellnhofer, 2017). There are ample numbers of example such as
computer service like cyber cafe, event planning and computers and photo state shops and many
others. It including they are more risk because many kinds of hurdles are faced by entrepreneur
such as low profit, competition and demand and supply affect the business ventures. It involves
increasing large customer base on that basis enhancing profitability and productivity of
company.

 Micro business capturing huge market share of UK in order to providing carious goods
and services.
 They providing various products and services in order to satisfying the needs and wants
of customers.
 Availability of various products and services in order to enhancing to customer base and
generating revenue and profit.
 In country's economy of UK which helps to easily access the large market size.
Small business-: It refers to those form which are owned by single individuals so it main
motive and purpose to enchaining profitability and productivity of company. They accordingly
formulated new strategies which are helps to achieving organisation goal and objective as well
as gaining competitive advantages. It is refers to accruing market share which result as growth
and survive for longer period of time (Dvouletý, 2017). It involves they are hiring the 200-500
employees in order to operating business activity and operations. It including various distribution
and channel are involved which result as small business are available at marketplace so ample
numbers of intermediaries on that basis reach the products and services to customers. All the
activities are performed effectively and appropriate manner so smoothly run the business.

On the basis of above graph which shows that small business provides great contribution
towards the economy which refers to.
 It includes more impact on profitability and productivity of organisation because they
provides employment of ample numbers of employees.
 It is process which refers to enhancing level of competition in order to easily movinf
products and services from one place to another (Cramer, 2016).
 It involves various progress and performance which result as improving the effectiveness
of ventures as well as development of country's economy. On that basis ventures
followed the market trend effectively and efficiently so performed in effectively and
efficiently.
P4) Describe the importance of small business and start-up which are helps to growth of the
social economy.
Social economy refers to combination of to enterprises such as private and public sector
so it impact on economy as well as individual person such as norms, rules, regulations and
guidelines regarding the values, beliefs and attitudes towards the products and services. It
involves providing wide range of products and services in order to enhancing standard of living
in the society (Boudreaux, 2020). It is refers to enhancing profitability and productivity of
company as developing brand image at marketplace. It includes organisation operates their

business both national and international level so it affect the social economy which developing at
longer period of time time.
Four pillar in a social economy:
Mutual-: It is process which refers to essential pillar of the social economy so it
providing various products and services so which helps to satisfying the needs and wants of
customer so which are impact on social economy in order to earning profitability and
productivity of company.
Foundation-: Foundation refers to those which are non-profitable ventures such as main
motive to providing various facility to customers in order to fulfil the needs and wants of
customers. They are enhancing their providing through conducting various activities and events.
Charities-: It is process which refers to help in growth and development which including various
group of person so focusing on different part of economy (Bedi, 2017).
Associations-: It is form which refers to shows the relationship between the different individual
and business venture. It involves different kinds of Co-workers, friendship, employees and many
others. The main aim and purpose to enhancing profitability and gaining competitive advantages
which are discussed below.
Innovation-: When new ventures were establishing so they providing various kinds of
benefits so it is focusing on innovation in order to developing new products and services so it
impact on large numbers of customer. It involves which are providing various products and
services so easily analysed the requirement accordingly formulated strategies and satisfy the
needs and wants of customers. In addition to this, it providing various kinds of products and
services which result as enhancing profitability and productivity of company. The new start-up
establishing unique products in order to attracting large numbers of customers (Balachandra,
2019). With the help of that enhancing growth and development of country's economy. It is
process which result as achieving organisation goal and objective of company.
Employment opportunities-: It is process which refers to new venture established at
marketplace so they are opened the job opportunities for ample numbers of individuals which are
helps to reducing unemployment rate of country. Along with, it is process which providing
chance to ample numbers of individual who are capable and able as well as organisation easily
achieving the goal and objectives of company. It involves refers to enhancing national income a
s well as accruing large market share.

Decline in poverty-: When new business ventures operating business operations so
providing various job opportunities and wide range of products and services so it helps to
standard of living (Al-ali, 2019). This helps emphasizing reducing poverty country's economy
and accordingly serves the best services to society and community.
TASK 3
P5) Evaluating various traits, characteristics and skills of an entrepreneur.
Every and each individual refers to enterpriser have different skills, nature, attitude and
behaviour. It is process which refers to all this functions and characteristics are depend of
entrepreneur which directly impact on business operations.
Skills Elizabeth Gooch
Delegated-: It is process which
refers to they are enthusiastic
and dedicated towards the
work and become successful
entrepreneur (Hastuti, 2020).
They are assigned the work to
their employees and then listen
problems of employees.
Uniqueness-: It is person
which including doing
particular job and work so in
very attractive manner as well
as creative personality.
Tom Mercer
Influencer-: A person who is
effective and effectively taking
decision regarding the
business and great influencer
in order to easily influencing
ample numbers of employees.
Curiosity-: It is personality
which refers to excited to
know about the new things and
creativity so exploring new
opportunities across the world.
Characteristics Money minded-: Mostly
ventures established to earning
profit so Elizabeth Gooch is
money minded personality
accordingly taking new
advantages.
Passionate-: It is person which
are passionate towards their
profession and work and they
are ready to take risk.
Traits Innovation-: This kind of Innovation-: It is great