Entrepreneurial Ventures: Types, Impacts, and Mindsets (BUS101)

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Entrepreneurship and Small Business
Management
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Table of Contents
Introduction.................................................................................................................................................3
LO1 Explore and illustrate the range of venture types that might be considered entrepreneurial................4
P1 Examine different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship......................................................................................................................................4
P2: Explore the similarities and differences between entrepreneurial ventures.......................................5
M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector.........................................................................6
D1: Critically examine the scope, development, and growth of entrepreneurial ventures........................7
LO2: Assess the impact of small businesses on the economy......................................................................8
P3: Interpret and assess relevant data and statistics to illustrate how micro and small business impact on
economy..................................................................................................................................................8
P4: Explain the importance of small businesses and the business start-ups to the growth of social
economy................................................................................................................................................10
M2: Evaluate the differences small, medium and large businesses make to the economy, applying the
relevant data and statistics.....................................................................................................................11
D2: Critically examine how small businesses have an impact on different level of the economy (local,
regional, national and in an international context).................................................................................12
LO3: Determine and assess the key aspects of an entrepreneurial mindset...............................................13
P5: Determine the characteristic traits and the skills of successful entrepreneurs that differentiate them
from other business managers................................................................................................................13
P6: Assess how the aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset..................................................................................................................................................14
M3: Explore and examine different lines of argument relating to entrepreneurial characteristics.........15
D3: Analyse the characteristic traits, skills and motivation drivers of successful entrepreneurs,
supported by specific examples.............................................................................................................16
LO4: Examine the different environments that foster or hinder entrepreneurship.....................................17
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P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship....................................................................................................................................17
M4: Analyse the link between entrepreneurial characteristics and the influence of personal background
and experience to specific successful entrepreneurs..............................................................................18
D4: Critically evaluate how background and experience influence entrepreneurs, both positively and
negatively, by comparing and contrasting examples..............................................................................19
Conclusion.................................................................................................................................................20
Reference...................................................................................................................................................21
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Introduction
The entrepreneurship and small medium enterprises are becoming a hugely popular subject to
have the discussion As it took the trending place in the business world to contribute to the
national income and more export. The SMEs is taking place to get merged with the MNCs or
getting retained in order to increase the existence in the market. The entrepreneurship is also a
trending topic in order to increase employment in the country.
In this study, the entrepreneurial skills and highly advanced techniques are identified that how
the business managers and entrepreneurs use these skills to increase the efficiency and
effectiveness of their business. It is becoming the engine growth of the economy of the country.
It has been mentioned in this study that how the business manager and entrepreneurs can utilize
these management approaches and skills to expand and globalize. Hence, the skills and
approaches are important to implement in business.
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LO1 Explore and illustrate the range of venture types that might be considered
entrepreneurial
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship
The ventures of entrepreneurship are taking place to make the business wider. As the SEMrush
solutions in their functional areas are getting most significant and hold sustainability to develop
the skills and abilities in their workforce. The industries are required to abolish their guidelines
and principles in order to compete with their rivals. The entrepreneurial ventures are as follows:
Small medium enterprise: The entrepreneurial ventures work effectively in this area because
the managers and these businesses incur one time investments. Hence, SEMrush solutions are
required good decision making, proper selection of resources, location, inspection of business
environment, technology and location. The SMEs need the entrepreneurial ventures out of the
box to become successful (Morris, et. al., 2018).
Public sector industries: It shows the innovations and implementation on a large platform as the
cabinet crew did. Moreover, this public industry evolves many entrepreneurial ventures to
become the retained public sector and make wider the business. Cabinet crew edit their services
and make the copyright & patents to build up the goodwill.
Private sector industries: There are many organizations in the private sector which need
improvement with the help of ventures. As same the Francop industry also implemented the
entrepreneurial skills to become stable such as adequate coaching, pursuing opportunities,
innovations, establish value and organizational behavior.
Large scale Enterprise: The large industries also pursue entrepreneurial skills in order to
globalize their business. In the event of making their business familiar with everyone, The
London Challenge went through different ventures to improve their management styles such as
clean technology, pursuing an opportunity, market research, a welcome of capital investors and
sufficient investment.
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P2: Explore the similarities and differences between entrepreneurial ventures
The different types of ventures that were stated above are Small Medium Enterprises, Public
Sector Enterprises, Private sector enterprises, and large scale enterprises.
Similarities between the mentioned entrepreneurial ventures:
One of the common similarities between all these ventures is that they all are providing some
kind of facilities and products which are helping the society and market. Another similarity
between these ventures is that they all are trying to expand their business and area of the market
so that they can reach to maximum people out in the world. The similarity between private sector
business and large scale enterprises is that they have their main focus on making money and
profit (Lubberink, et. al., 2018).
Differences between the mentioned entrepreneurial ventures
The private sector business and small medium enterprises are mostly the same but public sector
industries are different from private sector industries in various aspects. The main focus of public
sector industries is on providing better services for the public rather than making the profit. But
in the case of private sector industry, they only focus on making the profit and expanding the
business. The public sector industries are supported by the government but private sector
industries are owned by a person or more, in which the government doesn't have to do anything
with it. Both public and private sector measure their profit but the unit of measuring is different.
The public sector industry measures by counting the benefit of services provided to society and
in the private sector, they measure by counting profit made by industry for stakeholders. Small
Medium Enterprises don't have so much investment budget like large scale enterprises. The
range of small-medium enterprise is also very small but large scale enterprises spread their
business globally (Morris, et. al., 2018).
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M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and corporate sector.
In the diverse range of entrepreneurial ventures, the listed ventures are public sector industries,
Small Medium Enterprises, Large scale Enterprises, and Private Sector enterprises. They all are
different in various ways like small medium enterprises do their business in a limited small
region or city but the large scale enterprises do their business on the global level.
In the case of public and private sector industries, both of these ventures help in creating a good
economy of the country. And these both ventures have one common motive of reaching
maximum people so that their services are used by more persons. The number of production of
products and the level of services all depends on the requirements of the people in the market.
Both private and public sector industries innovate new things according to the need of things in
society so that they can help people by solving their problems (Chron, 2019).
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D1: Critically examine the scope, development, and growth of entrepreneurial ventures.
All the ventures mentioned above have different scope, development, and growth. The scope of a
small-medium enterprise is very small and limited to a particular area. Growth and development
of SMEs are also very slow and cannot be determined. The scope of public sector industries is
large and can cover the whole country. The growth and development rate in this venture is large
and fast as it is supported by the country. In the case of Private sector industry, the scope
depends on the value in market and society. The growth and development can be fast and slow
depending on the situations. Large scale enterprises have a very large scope as they trade
globally and cover many countries. The growth and development are also very high as compared
to all the other ventures.
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LO2: Assess the impact of small businesses on the economy
P3: Interpret and assess relevant data and statistics to illustrate how micro and small
business impact on economy.
Micro and small business industry have an important place in the economy of UK. Following are
some data and statistics that will help in knowing the impact of small and micro business on the
economy of UK:
 According to Merchant Savvy (2018), the percentage of small and micro business was
about 99.9% in the total number of 5.7 million businesses of UK in the starting of year
2018.
 About 51% of the overall turnover of UK business generated by these small and micro
businesses.
 SMEs are also doing great in providing jobs in UK as they are providing employment to
60% of the population of UK who have employment. The numbers of people who are
getting employment from these small and micro businesses are 16.3 million.
 For making a good economy of UK, about 74% of these small and micro enterprises are
working in service industry.
 The role of SMEs in the total turnover of all the private sector in UK was about 52%,
that was £2 trillion (smallbusiness, 2015).
 Also, the number of businesses in the SMEs is increased as the working population of the
UK started their own business. There are about 1.4 million businesses that have
employees and 4.3 million businesses are run by the owner only.
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Source: (Merchantsavvy, 2018).
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P4: Explain the importance of small businesses and the business start-ups to the growth of
social economy.
It can be said that the small businesses and the start-ups are the foundation for the growth of the
social economy development. These start-ups come with new ideas and innovation that helps the
people of society in different ways. They provide products and services that solve the problem of
society. Because of these small businesses and start-ups, the economy of the country and a
particular region remains stable. They work for satisfying the needs of the community and
society. Along with doing business, these normal start-ups hire people from society. This will
help in creating job opportunities and employment for unemployed persons
(Businesscasestudies, 2019). They are important for the government as they pay taxes to them.
These taxes paid by the small business will further help in providing various public services to
the people of society. Their contribution to the government by paying taxes helps the
government to make a better society.
Because of these start-ups, the economy of the country is improved and it will help in increasing
the GDP. Along with this, they help in raising the standard of living of the people in society.
Their creativity and innovation help in making a product famous in worldwide. This helps in
trade of products in and exporting the product outside the country. It will result in income of the
country and crating better relationship with other countries (Yesgrowth, 2014).
The start-ups and small business help in giving identification to the regions which are unknown
to the other regions and states. They will also help in increasing the competition in the market as
they can compete with other large industries by their quality of product and services. It will help
in maintaining a balance in the market and society.
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M2: Evaluate the differences small, medium and large businesses make to the economy,
applying the relevant data and statistics
All the businesses make difference in various ways that will add values to the economy and the
society of the country. These businesses added value to the economy of UK and society by
increasing the employment and the GDP. By the help of small and medium businesses, about
16.3 million of the working population of UK got employment in year 2018. This number of
employees covered 60% of the population of private sector. The total turnover of these small and
medium businesses in year 2018 was £2 trillion (smallbusiness, 2015), this was 52% of the
overall turnover of the private sector. The large businesses also contributed to giving
employment and expanding their business globally. Total 5.7 million businesses were started in
the year 2018 which was 99.9% of the overall business numbers of the UK. Because of the
increasing number of start-ups and small business, the numbers of businessmen were increased
and the numbers of employees were decreased. Numbers of business with employees were 1.4
million and the numbers of owners were 4.7 million in 2018 (Merchantsavvy, 2018).
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