Report on Different Entrepreneurial Ventures and Typologies

This report provides a comprehensive overview of entrepreneurial ventures, encompassing various types such as small businesses, scalable start-ups, large company entrepreneurship, and social entrepreneurship. It delves into the relationships between these ventures and different typologies of entrepreneurship, including serial, social, and female entrepreneurs. The report analyzes the similarities and differences among these ventures, highlighting their impact on the economy through relevant data and statistics. Furthermore, it examines the characteristic traits and skills of successful entrepreneurs, exploring how personal background and experience influence their motivation and mindset. The analysis includes an assessment of the positive and negative impacts of background and experience on entrepreneurial performance, providing a detailed understanding of the entrepreneurial landscape. The report concludes with insights into the scope, development, and growth of entrepreneurial ventures, and how micro and small businesses contribute to the social economy.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT
Contents

INTRODUCTION...........................................................................................................................1
ASSESSMENT 1.............................................................................................................................1
P1 Different types of entrepreneurial ventures and its relation with typologies of
entrepreneurship..........................................................................................................................1
M1 Diverse range of entrepreneurial ventures for understanding entrepreneurship in public
and corporate sector.....................................................................................................................6
D1 Scope, development and growth of entrepreneurial ventures...............................................7
P3 Data and statistics to illustrate how micro and small businesses impact on the economy....8
P4 Importance of small businesses and business start-ups to the growth of the social economy
...................................................................................................................................................11
M2 Differences small, medium and large businesses make to the economy using relevant data
...................................................................................................................................................13
ASSESSMENT 2...........................................................................................................................13
P5 Characteristic traits and skills of successful entrepreneurs that differentiate them from other
business managers.....................................................................................................................13
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset 15
D3 Characteristic traits, skills and motivational drivers of successful entrepreneurs...............16
P7 Background and experience can hinder or foster entrepreneurship.....................................16
M4 Link between entrepreneurial characteristics and the influence of personal background and
experience..................................................................................................................................17
D4 Background and experience influences entrepreneurs, both positively and negatively......17
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19

INTRODUCTION
Entrepreneur is considered as an individual who starts his/her own business instead of
working under anybody as an employee. They have source of new and innovative ideas and
determine as an initiator (Drucker, 2014). An entrepreneur is accountable and responsible for all
the activities whether risk or other factors. Being an entrepreneur, it cannot be directly linked
with having equity stake in an organisation but it is related with showing leadership-related
points. Entrepreneur is commonly linked with entrepreneurship but both the elements are totally
different as entrepreneurship is more than financial gains. Thus, if entrepreneur is having
sufficient equity in a company than he/she can properly manage all its activities. For
entrepreneurs passion is the real drive that takes them to far and make them success.
Entrepreneurship is derived from a French verb i.e. entreprendre and it means “to
undertake”. Thus, it can be said that entrepreneurship generally focus on launching and running a
new business with lots of risk taking capability. Small business entrepreneurs help countries in
improving their economic strengths as they add some amount in gross national income.
Present report will include various kind of entrepreneurial ventures along with its relation
with different typologies. Not all entrepreneurial ventures are same so similarities and
differences will also be included for understanding the concept even more better. In order to
understand the impact of small business on the economy of nation, relevant data and statistics
will be analysed so as to understand things more properly. Furthermore, characteristics and skills
of entrepreneurs will be included in this assignment so as to know about the motivation and
mindset for operating their business (Scarborough, 2016). Background and past experience
always plays a crucial role in running a business as it can have positive as well as negative
impact on individual's performance. So, this was also analysed so as to know the mindset of an
entrepreneur.
ASSESSMENT 1
P1 Different types of entrepreneurial ventures and its relation with typologies of
entrepreneurship
Small business has put a great impact on the economy of a country and mostly positive
one. Entrepreneurial ventures are determine as the one that engage themselves in gaining
maximum profits and growth by using innovative and new strategic practices (Kirzner, 2015).
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Thus, entrepreneurs are the one who create these entrepreneurial ventures so as to pursue
opportunities that are provided by market area. These kinds of ventures can be found in every
sector whether small, medium or large. Therefore, some of the entrepreneurial ventures are
explained below in order to understand it in a better manner.
Small Business Entrepreneurship: Throughout the world small business entrepreneurs
are increasing in a large number and they run business which are independently owned and
operated by the person. In United Kingdom, number of small business entrepreneurship has
raised to around 5.7 million and all these companies are playing their role in increasing the
economic value of the nation (Kelley, Singer and Herrington, 2012). Most of the small
businesses include grocery stores, carpenters, plumbers, travel agents etc., Moreover; these
companies are operated with the help of family members and persons who are known. As
compared to other business entrepreneurship, its profit margin is relatively low and it is regulated
in order to fulfil the needs and wants & also to feed its family members.
Scalable Start-up Entrepreneurship: There are entrepreneurs works with a motive of
changing world with their vision so that people can gain greater opportunities. These businesses
are different from other and with the help of their vision they try to attract investors who can
invest some amount of money for executing business plan in a better manner. Without any
additional sky-high increment cost companies who are under scalable business can increase its
revenue. Therefore, scalable entrepreneurs have different vision and aim & their concept of
changing the world and making it a better place to live makes them unique.
Large Company Entrepreneurship: Large companies includes various life cycles and
these firms growth with the help of innovation such as providing new and latest products or
making different variants out of a single commodity (Parker, 2018). Therefore, their main
purpose of establishing this business is to gain maximum profits and for this company
manufactures goods and products according to the needs and wants customers. As a result, it will
assist firm in sustaining a better position for a longer period of time. Henceforth, organisation
should manufacture goods on a regular basis for new and existing customers.
Social Entrepreneurship: Under this, entrepreneurs who work with social responsibility
are included as they believe in upgrading the living standards of people. They are same as
scalable start-up entrepreneurship and work with a motive of changing the world so that it can be
made a better place for living. Therefore, social entrepreneurs look for all the social factors
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which needs to be considered so that lives of people can be improved who are living in the
society. Hence, they don't work with the motive of gaining maximum profits or creating market
share but to give services that are required (Bridge and O'Neill, 2012).
Typologies related to entrepreneurship:
Serial Entrepreneur: They are considered as the one who establish there business with
new and innovation idea so that business can be started. Serial entrepreneurs are different from
one another because first they think of fresh idea than run their business later give their business
to someone else and think of starting a different job. For example: Giles Palmer, who is the
founder and CEO of BrandWatch as it provides a social platform that connects different brands
with various market opportunities.
Social Entrepreneur: People who work under this are the one who have the potential of
resolving issues and problems that are related to society or have a huge impact on community.
Social entrepreneurs with their own concern take risk and show their initiatives of performing
activities which are beneficial for the society (Santos, 2012). For example: Gravity Light that
works with a responsibility of making life more easier as this organisation is replacing harmful
kerosene lamps with Solar Aid.
Female Entrepreneur: They have somewhat same characteristics like male
entrepreneurs and run their business single handily. Majorly, female entrepreneurs work for
social cause and they are very good in motivating its employees so that goals and objectives can
be achieved easily. Clara Baton founder of American Red Cross can be taken as one of the
example of female entrepreneur. Through her organisation she is improving the lives of people.
P2 Similarities and differences between entrepreneurial ventures
There are many entrepreneurial ventures who work with the purpose of gaining benefits
and providing services to its customers (Shane, 2012). This can include organisation such as
start-ups, social and public companies etc., therefore, similarities and differences of these
ventures are given below for better understanding:
Venture Similarities Differences
Male and female
entrepreneurs
 In order to run a
business effectively
both males and females
are capable enough in
 In relation to
differences, male
entrepreneurs take risks
in order to get higher
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performing their
activities so that
maximum profits can
be gained.
 They both are capable
enough in making
strategies related to
psychological and
demographic factors.
As a result, it enable
male and female
entrepreneurs in
making proper
decisions related to
their business
activities.
profit rates. In addition
to this, they are
compulsive in nature
and sometimes it can
creates problem for
them in dealing with
others. Rather than
high risk in business
male entrepreneurs
never hesitate in
investing large amount
of money in business
activities.
 Whereas female
entrepreneurs are very
calculative in nature
and before investing in
any kind of business
they look out and
collect proper
information so that
better decisions can be
made.
Small and Social
entrepreneurial ventures
 In both the
entrepreneurial
ventures employees of
the company
implement innovative
ideas so that firm can
provide better services
and facilities to its
 Small ventures
basically operate their
business so as to fulfil
the basic needs and
wants of its family
members.
 In terms of social
ventures they work
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customers. Thus, in
order to do this, it is
crucial that company
uses resources in a
better manner for
example: funds to be
used according to the
activities.
 Thus, it will help firm
in getting into a better
position in comparison
to other companies.
with the motive of
developing and
improving the lives of
people living in the
society or community.
Therefore, first they
look after what is
required in the society
and how needs and
wants can be fulfilled.
Scalable start-ups and large
entrepreneurial ventures
 Both scalable and large
work with the purpose
of providing products
and services as per the
needs and wants of
customers so that
demands can be
fulfilled.
 They have the attitude
of taking risk of and
challenges in order to
improve the status of
business. As a result, it
will assist company in
sustaining a better
position in the market
area. Other than this,
they tend to adopt new
and latest technologies
 Scalable Start-ups
entrepreneurs have a
unique nature and work
with an idea of
changing the world.
 Large entrepreneurial
ventures, for operating
its business have a
large amount of money
which help them in
executing their plans in
an effective manner.
This assist company in
delivering best quality
services which will
gradually increase
customer base.
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which can be beneficial
for them in operating
business in an effective
manner.
Lifestyle and survival
entrepreneurial venture
 They both work for
creating more and more
funds so that they can
have good market share
which will bit by bit
improve position of
company.
 Lifestyle ventures
operates its business
solely and they work
for their passion. For
example: travel
bloggers love to
explore places around
the world.
M1 Diverse range of entrepreneurial ventures for understanding entrepreneurship in public and
corporate sector
In this scenario, there have been an increase in the number of entrepreneurial ventures
and entrepreneurs as well. They possesses skills and knowledge which are important for running
business in an effective manner. Thus, they are known as innovators who develop new ideas
which can provide better results. Therefore, it can be said that entrepreneurs helps company in
increasing their revenues and economy as well (Bae and et. al., 2014). Entrepreneurial ventures
can be classified into various categories according to the work they want to perform. For
example: large business entrepreneurs work in order to get maximum benefits so they
manufacture goods according to the needs and wants of customers.
Public Sector: They are also known as state sector and are consider as an integral part in
enhancing the economy of the nation. Public sector can be classified into two i.e. public services
and public enterprise. Public service includes services like police, infrastructure, water supply,
and many more. Whereas public enterprise are basically owned by state and they are finance
themselves and for this, company sell its products and goods in order to do the same. So, it can
be said that public sector companies are operated for a commercial basis and firm that work
under this constitute a market share of 51 percent and major part are owned by regulatory bodies.
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For example: Educational institutions which are basically run and governed by government of a
nation (Decker and et. al., 2014).
Corporate Sector: Companies that come under this are integral part of the nation as
from there most of the revenues of nation are generated. Private firms that are regulated by
themselves and not by any government departments are included in this. For example: TESCO,
comes in the category of corporate sector as they earn for gaining benefits and getting into a
better position.
Small business Entrepreneurship: Companies that come under this are run and owned
privately by individual himself along with less number of employees. Thus, size of these
business are small and this can include workers less than 500. Small business entrepreneurs have
less sales as compared with other business ventures. Therefore, as per the sales and assets small
business can define their net profits (Bosma and et. al., 2012).
Medium business Entrepreneurship: In United Kingdom, the percentage of medium
business entrepreneurship are growing fast and they are contributing their money in generating
more and more revenues and increasing economy of the nation. It has been analysed that around
99 percent of businesses are occupied by these medium business. They not only generate money
but also provides job opportunities to other individuals and according to a study, medium
business has generated around 85 percent of jobs for people.
Large business Entrepreneurship: Companies that comes under this work with the
purpose of establishing themselves for a longer period of time and for this they manufacture
goods according to the needs and wants of customers. These firms conduct surveys and in order
to know about the perception of consumers so that better services can be provided. According to
the market scenario, large business make modification related to its strategies which enable them
in providing effective services (Venkataraman and et. al., 2012).
D1 Scope, development and growth of entrepreneurial ventures
Scope: Entrepreneurs are innovative in nature and they have a wide scope of expanding
its business various locations. This helps in developing and earning more and more profits for
their organisation. In addition to this, whether firms deal in small, medium or large scale these
entrepreneurial ventures have an opportunity of providing job opportunities to people. They have
specific aim and are very ambitious while doing their work which assist them in achieving their
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goals and targets. For example: As large entrepreneurial ventures has ample amount of funds
thus, they have a scope of establishing their business in areas where they have not expanded yet.
Development: Every company establish its business with the purpose of growing better
and better throughout the days (Landes, Mokyr and Baumol, 2012). For this, it is important that
company on a regular basis manufacture products that are of best quality and can be delivered to
its customers. This will increase sales and productivity of the firm and along with this it will
improve the GDP level of the nation as compared to other firms and will build a strong image of
country.
Growth of entrepreneurial ventures: Growth of a company can be measured according
to the sales and profitability they are gaining in a speculated period of time. Thus, on the basis of
different parameters growth of a company can be measured as a result, through this firm can
analyse in what field they have to work more for gaining maximum benefits. In terms of medium
enterprise they have less growth because of its less expansion. Whereas small business
entrepreneurial ventures are considered as the least growing business as they operate their
business in small level.
P3 Data and statistics to illustrate how micro and small businesses impact on the economy
Micro and small business are like backbone for United Kingdom as they are driving UK's
economy towards growth and it is opening areas for new companies and entrepreneurial ventures
who want to establish its business. In the year 2014, it has been estimated that over 5.2 million
businesses were established and 99.9 per cent were small business enterprises. Moreover, it is
important that company have proper knowledge about running business in an effective manner.
Other than this, company must ensure that workers are skilled enough and they must have tools
and technologies which are required for executing the plan (Onetti and et. al., 2012).
In relation with United Kingdom, small businesses have an impact on economy at
different levels as they contribute in development of economy. They provides employment
opportunities, helps in achieving financial independence, motivates innovation and increase
standard of living of peoples of nation. These businesses impact economy at the following three
levels:
Enterprise Employees Turnover
Small Below 50 Small enterprise have have a
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turn over which is not more
than 10 million pound
Micro Not above 10 As compared to other
enterprise they have a turn
over of less than 2 million
pound.
Medium Below 250 Medium business enterprise
don't have a turn over of 43
million pound.
Local level: This kind of businesses creates job opportunities to those who are
unemployed. They contributes in local economy by increasing innovation and attract new talents
who can implement new ideas and bring innovation in existing ideas. These businesses quickly
reacts to economic changes because they are customer-oriented.
Figure 1 Local Impact
Interpretation: From the above graph it can be evaluated that since 2009 there was an
increase in tech employment was there and till 2015 it has raised up-to +3.0 per cent which
means +198,156 jobs and these were because of small medium enterprise.
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