Entrepreneurial Ventures and Typologies: A Comprehensive Analysis

Desklib provides solved assignments and past papers to help students succeed.

Entrepreneurship and Small Business
Management
Student Name:
Student ID:
1

Table of Contents
Introduction......................................................................................................................................4
Activity 1.........................................................................................................................................5
An examination of the different types of entrepreneurial venture and an explanation of how
they relate to the typology of entrepreneurship. A detailed discussion of the similarities and
differences between entrepreneurial ventures. Also include an investigation on the diverse
range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in the
public and corporate sector. A critical evaluation of the scope, development and growth of
entrepreneurial ventures...............................................................................................................5
An interpretation and assessment of relevant data and statistics to illustrate how micro and
small businesses impact the economy. You should also include an evaluation of the
differences small, medium and large businesses make to the economy by using relevant data
and statistics. An explanation of how important small businesses and business start-ups are to
the growth of social economy and a critical examination of the impact of small businesses on
different levels of the economy (local, regional, national) and in an international context........8
Activity 2.......................................................................................................................................11
The characteristic traits and skills of successful entrepreneurs that differentiate them from
other business managers and an assessment of how aspects of the entrepreneurial personality
reflect entrepreneurial motivation and mindset. Also, examine and explore different lines of
argument relating to entrepreneurial characteristics and include an analysis of the
characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by
specific examples.......................................................................................................................11
An examination of how background and experience can hinder or foster entrepreneurship (use
relevant examples), leading to an analysis of the link between entrepreneurial characteristics,
the influence of personal background and experience to specific successful entrepreneurs. A
critical evaluation of how background and experience influence entrepreneurs, both positively
and negatively, by comparing examples....................................................................................12
Conclusion.....................................................................................................................................14
2

Reference List................................................................................................................................15
3

Introduction
Entrepreneurship can be defined as the procedure of starting one’s own business. It includes
various stages like devising, establishing and operating a fresh organisation. People owning these
organisations are known as entrepreneurs. Small business management along with
entrepreneurship aids the entrepreneurs to learn various skills as well as competencies such that
the organisation can be established adequately. Proper management is necessary so that the
obstacles that the organisations face can be mitigated. The assignment has been based on a global
business consultancy firm that is known as “Make it Work”. In order to give proper advices to
the clients the examples of J.K. Rowling and James Dyson has been used.
In the assignment, various kinds of entrepreneurial ventures have been investigated along with
the explanation of its relation with the typologies of entrepreneurship. The traits as well as
attributes of entrepreneurs who have been successful have been evaluated along with their
difference with the business managers.
4

Activity 1
An examination of the different types of entrepreneurial venture and an explanation of
how they relate to the typology of entrepreneurship. A detailed discussion of the similarities
and differences between entrepreneurial ventures. Also include an investigation on the
diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in the public and corporate sector. A critical evaluation of the scope,
development and growth of entrepreneurial ventures.
The typologies related to entrepreneurship have been explained below:
 Individual entrepreneurship: Individual entrepreneurship is when a small and medium-sized
organisation is started in order to earn profit. A lifestyle entrepreneurship can be taken as its
example in which strategies are devised and implemented so that lifestyle can be enhanced.
Its examples are start-ups, acquisition, franchise and others (Pavlova, 2017).
 Corporate entrepreneurship: Corporate entrepreneurship can be defined as the measures of
innovation that are taken in an organisation so that a variety of products as well as services
can be offered to the customers just as in case of intrapreneurship. Its examples are joint
ventures, franchise partnership with private as well as public organisations and others.
 Public sector entrepreneurship: Public sector entrepreneurship is all about the ideas of
innovation along with creative decisions that are taken by influence such that the services
that are provided can be expanded as well as modified. Its examples can be the latest
developments that are taking place in terms of integration of private as well as public firms
and others.
The various ventures of entrepreneurship have been explained below:
 Start-up: The organisations that are newly established are known as start-ups. Its example
can be establishment of a restaurant or hotel in the United Kingdom or establishment of new
firm of construction.
 Franchise: Franchise can be stated as a concept that is based on marketing that is adopted by
the organisations such that it can expand itself. In this case, a franchisor uses models of
business, brand along with the rights that are required in order to sell the commodities and
5

services that are branded to the franchises. Franchise can be conducted by the individual
entrepreneurs along with corporate entrepreneurs. Its example can be franchise of Dominoes,
car dealership of Toyota and others.
 Acquisition: Acquisition can be defined as the process of purchasing other businesses that is
already running. This does not include the process of starting a business all over again.
Corporate entrepreneurs can initiate such ventures easily. Its example can be the process of
purchasing any salon or plumbing firm and others (Barringer, 2015).
 Joint Venture: This includes the integration of two organisations that are well established.
This includes corporate entrepreneurs along with public entrepreneurs however in certain
cases they may seem to be against each other. Its example can be the electronic firm Sony-
Ericsson that is formed by the integration of Sony and Ericsson.
 Latest development: This aids to add worth to the industries that are prevailing along with
the projects for the organisations that are either run by the corporate entrepreneurs or public
sector entrepreneurs. Its example can be the addition of worth to the fresh projects of
Mercedes.
 Partnership between private and public firms: This is the integration of public and private
firms. Its example can be the integration of private and public firms in the United Kingdom
that have devised plans to construct hospitals, schools and others.
The relation between various typologies and ventures of entrepreneurship has been explained
below:
 Franchise: Franchises are taken up by corporate investors as well as entrepreneurs.
 Start up: The start ups have been taken up by individuals as well as entrepreneurs.
 Joint Venture: Joint ventures have been taken up by entrepreneurs of public sector as well as
entrepreneurs of corporate sector.
 Acquisition: Acquisitions have been taken up by individual proprietors as well as
entrepreneurs of commercial or corporate sectors.
 New development: New developments have been taken up by corporate ventures as well as
individuals and firms of public sector.
 Public and private firm partnership: The private as well as public firms run such firms at the
same time cooperatively.
6

Entrepreneurship typology
Corporate Individua
l
Public
Entrepreneurial venture
types
Franchise  
Start-up 
Joint venture  
Acquisition  
Partnership among public as well
as private firms
 
New development  
Table 1: Relation between various typologies and ventures of entrepreneurship
(Source: Created by the learner)
Similarities and differences between entrepreneurial ventures
The similarities among various entrepreneurial ventures have been discussed below:
 The organisations have risk as the most common factor among them as the threats that the
organisations face are related to finances and many others.
 Various ventures of entrepreneurship are based on innovations, creativity and fresh concepts
such that fresh projects can be taken (Kellermanns et al., 2016).
 The enterprises are established by people who have varying visions and out-of-box thinking.
The dissimilarities among various entrepreneurial ventures have been discussed below:
 Lifestyle ventures: The organisations that are operated by from households so that personal
needs can be carried out effectively are the lifestyle ventures. The SMEs are also included in
lifestyle ventures that are established by the proprietors without any vision of expanding
further.
 Smaller earning ventures: In such businesses maximisation of profit is the most important
aspect and mainly emphasizes on making up for a simple life without any motto of expansion
(Dutta and Folta, 2016).
7

 High growth ventures: Such ventures are such that the investors are attracted to make
investments as the projects as well as business impress the investors. These organisations
have a vision of increasing profit by expanding the organisation in the market through
devising strategies that are innovative.
The range, development as well as growth of various entrepreneurial ventures are augmenting as
in the present era people are ready to make investments on new ventures. The youth in the
present generation are more interested to start their own organisations rather than taking up a job.
Innovations have become a primary goal of the entrepreneurs thus the scope as well as growth of
the organisations is augmenting along with the latest developments.
The difference between public and corporate sectors has been explained below in the table:
Particulars Public Sector Corporate Sector
Driving Force Political Forces Market Signals
Profit Social welfare Profit oriented
Work Culture Political resources Management
Table 2: Difference between public and corporate sectors
(Source: Burns, 2016)
An interpretation and assessment of relevant data and statistics to illustrate how micro and
small businesses impact the economy. You should also include an evaluation of the
differences small, medium and large businesses make to the economy by using relevant
data and statistics. An explanation of how important small businesses and business start-
ups are to the growth of social economy and a critical examination of the impact of small
businesses on different levels of the economy (local, regional, national) and in an
international context.
The small and micro organisations influence the economy on a large scale as they are responsible
for generating opportunities of employment largely. In case of huge organisations it has been
noticed that they have been crumbling down in terms of their size, structure and market. This has
resulted in their operations to be outsourced thus creating more scopes for the growth of the
small organisations. As per reports the micro and small organisations create about 60% to 70%
8

opportunities of employment. Such organisations are of huge importance in terms of economic
growth of a country as they make huge contribution in augmenting the GDP of a nation.
The impact of SMEs on the economy of UK based on regions has been listed below:
Figure 1: SMEs in diverse regions of UK
(Source: Rhodes, 2019)
London: In case of London it can be observed that 99.8% of the SMEs in the United Kingdom
are from London thereby giving employment to about 49.8% people in the city.
East of England: The rate of turnover is 366,346 million pounds in East of London as it has
about 1134 businesses thereby generating more opportunities of employment.
The importance of small businesses and business start-ups on the development of social
economy has been illustrated below:
 The SMEs play a crucial role in the growth of the economy of a nation as it aids to enhance
the productivity of the nation.
 The SMEs create several opportunities of job that in turns aids to increase the standard of
living of people (Businesscasestudies.co.uk, 2019).
 The organisations focus on innovation that in turn aids to offer something new to people
thereby enhancing the lifestyle of people and increasing the competition in market that in
turn further boosts creativity in the market.
9

 The SMEs also play a crucial role in the development of healthier personal relationships with
the vendors, clients as well as staffs thereby enhancing the social bond among people.
 The SMEs make a big contribution such that the issues as well as problems can be resolved
in an effective way provided the SMEs are flexible.
The influence of small businesses on diverse levels of the economy has been discussed below:
 Local: SMEs bring about innovation at local level thereby stimulating growth of the
economy at a local level. The SMEs also provide opportunities of job for people thereby
aiding them to earn their living.
 Regional: The SMEs operate in a way that flexible environment can be provided to people
and creating various opportunities of employment thus making huge contribution in the
economic growth of nations (Storey, 2016).
 National: On a national scale the SMEs aid to open new fresh markets, create employment
opportunities thus driving the growth of the nation.
 International: On an international level the SMEs aids to create jobs, increase GDP of the
nations, provide services as well as export goods thereby stimulating the growth of
international economy.
10

Activity 2
The characteristic traits and skills of successful entrepreneurs that differentiate them from
other business managers and an assessment of how aspects of the entrepreneurial
personality reflect entrepreneurial motivation and mindset. Also, examine and explore
different lines of argument relating to entrepreneurial characteristics and include an
analysis of the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples.
The difference between entrepreneurs and managers has been explained below in the table:
Skills Entrepreneurs Managers
Role Proprietor of the organisation. Staff of the organisation.
Risk Bears financial risk Does not bear risk
Function Start an organisation and expand
it
Level operation of firm
Reward Revenue generated Salary or wage
Drivers Innovation Protecting existing affairs
Table 3: Difference between entrepreneurs and managers
(Source: Created by the learner)
The various aspects that affect the mindset and motivation of entrepreneurs are:
 Zeal: The zeal that the entrepreneurs have makes them work hard thus influencing the
decisions they make.
 Motivation: The love for work that the entrepreneurs have motivates them to execute better.
 Creativity: The entrepreneurs are innovative so that better services and products can be
offered to people (Jabeen et al., 2017).
 Risk-takers: The entrepreneurs do not hesitate to take risks thus making sure that new
services are offered to people for their welfare.
 Optimism: The entrepreneurs are optimist and do not lose hope when the face failure thus
making them successful.
11

The examples of successful entrepreneurs are J.K. Rowling and James Dyson who posses such
characteristics that makes them successful and different from others. J.K. Rowling is courageous
as well as adaptive. She is a person is social and motivates others in achieving their aims. She is
a passionate writer and focussed on making sure that the readers are entertained by reading her
books (Knowstartup.com, 2016). She has faith in herself that is she is confident. She is
responsible, strong-willed and disciplined. She is resilient, dreamer and active with her ideas.
According to J.K. Rowling being materialistic is not the key to personal happiness.
James Dyson has a vision for long term and focuses on innovation. He has the ability to take
risks and does not fear to face failures. James Dyson has the tendency to motivate his employees
to take risks and has confidence (Entrepreneur.com, 2012). James Dyson is not terrified when he
faces failure instead he works on figuring out proper solutions for the issues. As an entrepreneur,
James Dyson focuses on innovation such that better services can be offered to people. He thinks
that life is a mountain of issues that can be solved so he enjoys that and works harder when he
faces continuous failures.
An examination of how background and experience can hinder or foster entrepreneurship
(use relevant examples), leading to an analysis of the link between entrepreneurial
characteristics, the influence of personal background and experience to specific successful
entrepreneurs. A critical evaluation of how background and experience influence
entrepreneurs, both positively and negatively, by comparing examples.
The background as well as experience of entrepreneurs affects their success as it influences their
knowledge and beliefs. The experience gathered by the entrepreneurs influences their decisions
thus determining the future of the organisation they run. The support that the entrepreneurs get
from their peers and family members affects their decisions thus influencing the growth and
development of the organisations. The background as well as well as experience of the
entrepreneurs can either foster or hinder the growth and development of the organisations as it
affects the decisions of the entrepreneurs with respect to the firms.
The relation between background, experience and characteristics of entrepreneurs has been
explained below:
12