Entrepreneurial Ventures and Typology: A Comprehensive Analysis

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Entrepreneur and Small Business
Management
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INTRODUCTION......................................................................................................................3
TASK 1......................................................................................................................................4
P.1, M.1 Different types of entrepreneurial ventures and its relationship with
entrepreneurship typology......................................................................................................4
P.2, D.1 Similarities and differences between entrepreneurial ventures................................6
TASK 2......................................................................................................................................9
P.3, M.2 assessing the impact of micro and SMEs on the economy......................................9
P.4, D.2 Describing the importance of start-ups and small businesses in developing growth
of social economy................................................................................................................10
TASK 3....................................................................................................................................12
P.5, M.3, D.3 Assessing the skills, characteristics and traits of a successful entrepreneur. 12
P.6 describing the way personality reflects the entrepreneurial motivation and mindset....13
TASK 4....................................................................................................................................15
P.7 ways trough which entrepreneur’s background and experience fosrter and hinder the
entrepreneurship...................................................................................................................15
CONCLUSION........................................................................................................................16
REFERENCES.........................................................................................................................17
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INTRODUCTION
Small business and entrepreneurship plays a crucial role in increasing the growth of the
country and in increasing the skills and knowledge of the business effectively. The report will
include entrepreneurial ventures types and its relationship with typology of entrepreneurship
and differences and similarities between entrepreneurial ventures. The report will analyse the
influence of micro and SMEs on the economy and the importance of start-ups and small
businesses in developing growth of social economy. The report will include a presentation
which will highlight the characteristics, skills and traits of a successful entrepreneur. It will
also include the way personality reflects the motivation of entrepreneurial and mindset and
entrepreneur’s background and experience foster and restrict the entrepreneurship.
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TASK 1
P.1, M.1 Different types of entrepreneurial ventures and its relationship with entrepreneurship
typology
Entrepreneurship: It can be termed as the inclination or ability to explore, manage and
organise a new business with all the risk that are linked with the business in the operations to
generate profits. Simply, starting a new business by a person is entrepreneurship.
Entrepreneur: he is an individual who is capable enough to manage and run a new business
with all the risk associated with it. An entrepreneur manages all the business activities and
takes the profit of the business.
Types of typology
In regards of the entrepreneurship, it can be said that there are various typology of the
entrepreneurship which are described as below:
Corporate: It is the procedure which in a new product, develop or a new business in the
organisation. This type of entrepreneurship is important in creating the value and more
revenue through the action of entrepreneurial (Skoggard, 2016). Employee support the
management to become an entrepreneur in for making changes in management structure. It is
known as innovation concept and increase the business growth.
Individual: In this entrepreneurship, an individual manages and run all the business activities
individually without and help of administration of peers. The individual has to bear all the
risk, losses and profits alone. He/she is also accountable to build and execution policies to
start business in small investment.
Public sector: It is an effective method which leads the national, local, and regional
government bodies to support and increase the self-employed entrepreneur in starting their
business which contributes in the economy. This entrepreneurship worked for the welfare of
society and development of the area and helps in delivering value. It enhances the concept of
innovation in society in starting new business and transfer economic status in to valuable
economic entities.
Entrepreneurial Ventures
There are different types of entrepreneurial ventures which are described below:
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Start-ups: In this type of venture, an individual and entrepreneur comes up with an
innovative idea of starting a new business. Such business is initiated by the person to grow
the business as scalable business with the new idea. These are the new venture with the goal
to make the business model which can address the issues and needs of the market efficiently.
Public-private-partnership: It is cooperative planning between two or more than two
private and public sector enterprises. These ventures are comparatively for long-term in
nature. In this venture, the management is of public sectors and private investment for the
particular time period (Bruton, Ahlstrom and Si, 2015). It is mainly for particular purpose
which includes aims and development of the country.
Acquisition or joint-venture: In these ventures, an individual and entrepreneur start or
expand their business activities through acquisition. It assists in increasing image in
marketplace and increases the customers through attracting new business contracts.
Entrepreneurial Ventures and entrepreneurship typology relationship
The relationship between entrepreneurship typology and entrepreneurial ventures that is
associated with the purpose and aim of the entrepreneur. The typology of the
entrepreneurship includes various types of entrepreneur which use the mechanism of business
to manage different activities in market environment.
Entrepreneurial business life cycle
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Figure 1 Entrepreneurial business life cycle\
It can be said that there are three main stages that is involved in entrepreneurial business life-
cycle which includes Break-through, maturity and birth. In the first stage, the entrepreneur
executes new and innovative ideas for the new business. The next step in the business life
cycle of entrepreneurship is the launching and introduction of the services or products to
establish the business in the competitive marketplace. The last stage is the maturity stage
which indicates that new business is well established in marketplace and is ready to finish for
exit.
P.2, D.1 Similarities and differences between entrepreneurial ventures
There are different entrepreneurial ventures that posse’s similarities and differences which
are based on different aspects and elements.
Table 1 Differences between different ventures
Basis Life-style venture High-growth business Small-profit venture
Growth Different stakeholder’s
benefit decides the growth
and development of this
venture.
These ventures formulate
different plans, strategies
and policies in order to
promote the business
activities and earn profit.
The market share and
profit earning is the
basis of the
development and
growth this venture.
Influenc
e
The society lifestyle
impact this venture as the
High growth and profit
margin influence the
This venture is owned
by the individual
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profit are generated in
large amount.
operation of such venture. privately and their
earnings are low as
compared to other
ventures.
Scope The skills and knowledge
to attain this profit is the
scope of such businesses.
The scope of this
business is depends on
the product development
and new innovations
(Calic and Mosakowski,
2016).
The scope of this
venture is the goal to
develop the economic
condition of the nation.
Income The owner of the business
is accountable to keep
track of the business
operations and recording
of the income statement.
In these ventures, the
obvious year’s income is
being compared with the
recent income to ascertain
the income growth.
Income of these
ventures is high which
are depends on the
promotional and
marketing activities.
Similarities between these ventures
Apart from the differences, these ventures have various similarities. The entrepreneur of tall
these ventures operates their business operations in different situations as per their operations
of business for the growth and development of the ventures in market. The business ventures
operate by within the budget. These ventures prepares budget for the different business
activities, they control and manage their expenses in order to enhance their financial
performance. In addition this, maximum utilisation of the resources is the aim of all of these
ventures. Despites of having different in operations activities, all these ventures have similar
goals of increasing the growth and profit of their business.
Intrapreneurship: Intrapreneurs are the entrepreneur who possessed different skills such as
self-motivation, competitive and personality characteristics. The entrepreneur avoids
investing the funds to mitigate the risk and losses (Williams and Vorley, 2015). But, the
Intrapreneur formulates various strategies and methods to increase their profits from the
business and to minimize the chances of losses.
Social entrepreneurship: these ventures are established mainly for the social welfare and the
economic development and of the society by adopting the methods of being environmental
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friendly. These ventures aim to determine the problems of the society and the citizens and
provide effective solution in order to overcome them.
Thus, the entrepreneurial ventures posses both differences and similarities in different aspects
which includes, scope, nature, growth, operations etc; It can also be accessed that these
ventures have efficient business practices and operations which is beneficial in fulfilling the
aim, purpose and objective efficiently.
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TASK 2
P.3, M.2 assessing the impact of micro and SMEs on the economy
UK post-referendum has impact the financial and economical condition of the country which
affected its businesses as well. The large size organisations will have to face the declinine in
profit due to imbalance between the mobilisation of employees and changes in import-export
tariff rates. In such scenario, the micro and small business will be very beneficial in order to
maintain the financial and economic stability of the country.
SMEs in UK play an important role in enhancing the economy of the country. That is why,
the small and micro business in UK is the spine of the UK’s economy. SMEs help in
maintaining the development and growth of the country through generating employment
opportunities (Castaño, Méndez and Galindo, 2015). The statistical data reflects that, SMEs
in UK constitutes more than 99% of the enterprises in the private sector. Data also shows that
the annual turnover of the small enterprises constitute around 51% of the total private entities
that are operating in UK. From the past decades, it can be seen that impact of the small and
medium businesses has been increasing. It is important for the growth and development of
three main sectors such as GDP, employment and manufacturing sector in UK.
The above graphical data, it can be seen that around 1.9 trillion sales revenue is been
produced by these organisations. The data reflects that small, micro and medium businesses
are contributing well in developing and maintaining the economy of the country. The main
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advantage of the economic development is the generation of employment opportunities for
the people. It can be said that SMEs businesses has taken 2nd position as reflects by the data
that is mainly contributing in development and growth of the country’s economic condition.
The impact of Brexit can be seen in this business and marketplace, however, the SMEs play
an crucial role in maintaining the employment and financial stability in the market. SMEs
provide employment to the local peoples that help in addressing the poverty issue and
maintain the increase of the GDP growth (Business statistics, 2019). These ventures are
important in bringing new creative and innovative products and services in market which
leads to increase the standard of living in effective manner.
Thus, SMEs in UK has both positive as well as negative impact on the development and
growth of economic condition. It can be said that, the positive impact of these business on
UK economy is that it assist in balancing the currency rates of country. They are important in
attaining the growth and development of economy that is beneficial for the country and
government in effective manner. However, scope of these businesses is not very wide.
P.4, D.2 Describing the importance of start-ups and small businesses in developing growth of
social economy.
Social economy: This economy is developed with different types of enterprises which
includes mutual, cooperatives, social enterprises that share the common features and norms
related to social purpose effectively.
Social ventures: these businesses are essential and are increasing the UK. These businesses
are operating for making profit for serving societies. The profit make by these businesses had
great impact on the environmental, social and financial well-being.
Corporate social Responsibility: This strategy is adopted by different organisation from
large to small businesses. It refers to responsibility of the organisation towards society,
economy and environment (Lortie and Castogiovanni, 2015CSR covers some of activities of
the social welfare that are conducted by the firms in private sector for cause of the society in
terms of donation, protecting and safe-guiding the health of the citizens.
SMEs and start-ups enterprise importance in development and growth of the social
economy
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The contribution of the micro and SMEs businesses is vital in improving and developing
economy of the country. This business helps in providing opportunities in order to
accomplish innovation, financial interdependence and employment opportunities in business.
These businesses are providing innovative and new products or services services to the
customers. These ventures help to provide employment to the local peoples that help in
addressing the poverty issue and maintain the increase of the GDP growth. These ventures
are important in bringing new creative and innovative products and services in market which
leads to enhance the standard of living in effective manner. This medium and small enterprise
contributes to the major sectors which are described below:
Employment: These businesses are providing employment opportunity to the large number
of local peoples which is essential in improving social economy effectively. It leads to
decline the unemployment and poverty level for improving people living standard and social
economy effectively.
Income: It can be said that increase in employment opportunity helps in reducing the
poverty issue which leads to the growth in GDP rate in UK. It also helps in increasing the per
capita income in country (Durkin and Gunn, 2016). Thus, it can be said that increasing the
income of the people is essential in maintaining and providing financial stability and social
benefits
Thus, these SMEs venture are plays an essential role in developing and maintaining the social
economy after the Brexit impact. It helps in providing several benefits for the improvement in
overall performance of the country for the economic development.
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TASK 3
P.5, M.3, D.3 Assessing the skills, characteristics and traits of a successful entrepreneur
Personal characteristics and skill: Characteristics are the attributes of the person which
helps in building a different personality. Whereas, skills can be understand as the ability and
capability of a person to complete a task or work with experience and knowledge.
Personal characteristics of entrepreneur: It can be said that every entrepreneur possess the
skills and characteristics which makes them different from others. Some of these
characteristics are passionate, honesty, leadership, self-confidence, being competitive, and
needs of achievement (Johnstone, 2016). These characteristics assist the entrepreneur to
enhance their motivation to attain the desired goals and aims.
Personal skills of entrepreneur: Personal skills of entrepreneur include communication,
management, and problem solving. These skills are effective for the entrepreneur to maintain
their different identity to make quality relation with others in the market.
Below presented the skills and characteristics of successful entrepreneur
J.K. Rowling: Rowling is one of successful entrepreneurs who are known for his fantasy
Harry Potter novel series. Rowling’s novel and film Harry Potter is one of the most popular
in the history which gives her the name and fame in business world. It can be said that she
possess a strong characteristics and traits. The traits and skills possess by J.K. Rowling are
described below.
Rowling is focused in her life towards her writing which is one of the essential traits of an
entrepreneur. She also possesses the characteristics such as passionate towards her work,
have self-confidence in her work and in herself. She also has the problem solving skills to
face any criticism and problems in life (Goffee and Scase, 2015). This characteristics and
skills have made her strong and successful in her career which leads her to be one of the
wealthiest citizens of UK.
Simon Cowell: He is a famous personality and a successful entrepreneur. He is an English
reality television judge, philanthropist, A&R executives, and business man. He has judges the
British reality shows such as Pop idol, X-factor and Britain Got Talent. Simon is the
principal, founder and chief executives of the British entertainment company Syco. The skills
and characteristics of Conwell are described below.
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