Report on Entrepreneurial Ventures, Typologies, and Impact Analysis

This report delves into the realm of entrepreneurship and small business management, exploring the diverse landscape of entrepreneurial ventures. It begins by defining entrepreneurship and entrepreneurial typologies, differentiating between established companies, social ventures, and high-growth firms. The report analyzes the similarities and differences between various entrepreneurial ventures, including lifestyle firms, social enterprises, and aggressive growth firms. It also examines the characteristics, traits, and skills of successful entrepreneurs, the impact of background and experience, and the importance of small businesses in the social economy. The report further assesses relevant data and statistics to illustrate the impact of micro and small businesses on the economy, and highlights the entrepreneurial mindset. The report covers diverse topics like the types of the entrepreneurial ventures and it relates to the typology of the entrepreneurship, the similarities and differences between entrepreneurial ventures, the analyses of the characteristics traits and skills of the successful entrepreneur for differentiating different business managers, and the aspects of the entrepreneurial personality reflects the entrepreneurial mind set.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
1. The different types of the entrepreneurial ventures and it relates to the typology of the
entrepreneurship...........................................................................................................................1
2. The similarities and differences between entrepreneurial ventures. .......................................4
3. Interpret and assess relevant data and statistics for core and small business impact on
economy.......................................................................................................................................6
4. The importance of the small business and business start-up the growth of the social
economy. .....................................................................................................................................7
5. The analyses of the characteristics traits and skills of the successful entrepreneur for
differentiating different business managers.................................................................................8
6. The aspects of the entrepreneurial personality reflects the entrepreneurial mind set. ..........10
7. Background and experience can hinder or foster the entrepreneurship................................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is a term refers to the process of designing, running and launching a
new business. This type of business is conducted by the entrepreneurs. It also shows the
willingness and capacity for developing, managing and organize the business ventures along
with the risk in order to generate the profit and revenues (Kirzner, 2015). This report will study
the types of entrepreneurial ventures and also relate to the typology of the entrepreneurship. This
study will observe the similarities and difference between entrepreneurial ventures and all the
interpret and assess the relevant data and statistics for illustrating the micro and small business
impact on the economy. It also highlighted the key aspects of the entrepreneurial mindset and the
different environments that foster or hinder entrepreneurship.
1. Types of the entrepreneurial ventures and it relates to the typology of the
entrepreneurship
Entrepreneur: A person or individual who set the business or businesses or also taking
the financial risk towards the hope of profit and success. Entrepreneur is an individual which is
working as an employee and also it runs and found the small business which assume all the risks
and also all the reward of the risks. It is commonly seen as the new ideas, seen as innovator,
goods, services and producer or business. It plays a key role in the economy. These are the
people who has the skills and initiative which is necessary to anticipate the future and current
needs for bringing the new good ideas for to the market. The fame is to continue the
opportunities of growth. It is important for economy because as an entrepreneur it acts as
coordinating agent in the economy of the capitalist. Entrepreneur refers to the person who bring
new ideas and innovation for setting up a business it has the power and willing to take the risk of
implementing the ideas and also take the responsibility as a leader in the organization (Dees,
2017).
Entrepreneurship: It is a set of activities which has been conducted at the time of
setting the business activities. It is a process of launching, designing and running the new
business which is often in the terms in initially small business. It has been refereed as the
willingness and capacity for developing, managing and organizing the ventures of the business
which is along with many risks in order to make the profitability. Entrepreneurship basically
focuses on the running and launching the business. It involves so much of high risk at the time of
launching the business.

1.1. Entrepreneurial typologies
There are types of entrepreneurial typologies which is defined as follows:
 Established company: it has been a challenge for establishing the business when it is
trying to make the plans for building the marketing plans. For example, Tesco is a
multinational groceries and supplying the chain of the supermarkets. The size and scope
of the Tesco relates to the extent of the markets where it sales the products and services.
The activities of the organization is a element of the fundamental strategies. There are
6,569 numbers of location shops across the world and there are 460,000 employees
working with the organization and net profit and revenue of the Tesco is 57,491 million
(Kuratko, 2016).
 Small size social ventures: Social ventures are undertaken by the firms or the
organizations which has been established the social entrepreneur which seeks to provide
the systematic solutions for achieving the social objectives and sustainable. Small
entrepreneur ventures are independently which is only focuses on the profitability of the
business. For example, funeral care is a service which has provided on the small level to
the social sectors such as it already establishes the dates, locations and times of
visitations, memorial services and funerals.
 Large size social ventures: in large size social ventures it more complex and highly
oriented rather than small size ventures. It needs high rate capital for establishing the
business and there are lots of employees working with the organization. For example,
NHS is an emergency and urgent health care services which has been provided it helps
their customers by providing the medical benefits in lower rates. NHS required large
number of employees working with them and also it needs higher rate of capital for
running the organization.
 High growth firms: It means the growth of the company is raising day by day. It crosses
all the boarders of peers of the broader economy in the market. From high growth rate it
increases the revenues and profitability. For example, google place their image in the
market with their higher rate of revenues from which it increases their profitability and
image of the company in the market. It is in the list of the higher growth firms where the
potential and power of the company has been showed.

Enterprise: it defined as the project which is undertaken especially with the bold and
complex one. It is another word for generating the profit for the business but it is often associated
with the entrepreneurial ventures. It is a business or small business which has ability to thinking
of the new and effective thing which has been done, it is a word which perhaps the business
more importantly because it describes as someone actions for showing the initiative of taking the
risk and investing and ruining the business(Burns, 2016).
1.2. Entrepreneurial ventures
It is basically focused on providing the services of advisory to early and middle stage of the
organization. It also works with that companies which having the troubles and which is
refocusing on the models of the business and also which is finding the exit. The role is depended
on the various stages of the organization. It also considers the small business. Entrepreneurial
ventures will invest in one or more individuals or teams, groups with so many expectations for
bringing up the business or financial gain. Entrepreneurial ventures are created on the basis of
the demand of the markets and also lack of the supply in the targeted market. The types of
entrepreneurship ventures:
Lifestyle firms: The lifestyle firms are the firms which has been set their business and
runs it by the founders of the primarily with the objectives and aims for sustaining the particular
level of the income and also provide the foundations from it enjoys a particular lifestyle. This
types of firms is depended upon the personality, heavily founder of the skills, energy and
contacts of the business. Such as Zara is one of the leading brand company of fashion retail store
which provide huge variety of the clothing for men’s and women’s.
Social enterprises: social enterprises company which applies for the commercial
strategies for maximum improvements in social, financial and environmental well-beings. It
involve the maximizing impacts of social which alongside the revenues of the external
shareholders.
Aggressive growth firms: aggressive growth of the mutual fund which invest on the
objectives which seeks to high level of capital which has gain potential among the stocks of the
growth, the stocks of the company is expected the faster rate in the relation for the overall stock
in the market.
Public sector entrepreneurship: the public sector entrepreneurship is relatively to the
enquiry of the new area. It refers to the new ideas of the public policies with the initiatives for

generating the greater economic prosperity for transforming the status of the economic
environment which is more conductive for economic units and engaging the innovative and
creative activities in the face of the uncertainty.
Difference between entrepreneur, intraprenuer and owners manager
Entrepreneur Intraprenuer Owners Manager
Entrepreneur is the leader of
all eh operations and it is
free.
It is an employee and it takes
the initiatives changes within
the concern by the people
working in the organization.
Owner manager is person
who own the business and
also manage it.
Entrepreneur is person who
takes the risk and operate
the business.
Intraprenuer is a person who
is paid the remuneration
according to the growth and
success of the business.
it makes the large profits and
run the business effectively.
2 .The similarities and differences between entrepreneurial ventures
It is basically focused on providing the services of advisory to early and middle stage of the
organization. It also works with that companies which having the troubles and which is
refocusing on the models of the business and also which is finding the exit. The similarities and
difference between aggressive growth firm, social enterprises, public sector enterprises and
life style firms;
 Strong willed entrepreneur: Each and every entrepreneurial such as survival, lifestyle
and aggressive growth firms has to started with so much strong willed because
entrepreneurs is always stand for achieving the success and growth it is important to have
the strong mind people in their sales and entrepreneurship. Frequently individuals who
does not follow the rules and regulations as other persons which has been referred to the
difficult and stubborn (Storey, 2016).
 Creative idea: it is necessary to have the creative ideas for all the types of firms such as
lifestyle, aggressive growth firm, social enterprises and also public enterprises because it
needs to start the business with new and creative ideas is important for every business for

having the creative ideas and also the new innovations which can be implemented by the
company because of creative ideas it achieves success and growth in the market and also
retain the customers.
 Creating a brand name: it is one of the main similarity for all the firms like lifestyle
aggressive growth firm, social enterprises and also public enterprises firms because it
helps to all types of ventures in making the brand name in the market. it is necessary for
creating a brand name where the enterprise can research about the targeted audience and
competitors as well. It is important to choose the right and attractive name which looks so
much good and also retains customers easily and it is important to apply the brand across
the business and also evolve for growing.
 Constant innovations: its important for all the types if entrepreneur ventures like public
enterprises, social enterprises, lifestyle firms and also the aggressive growth firms for
making the constant innovation because from new innovation it affects the manufacturing
of the firms. it is a process for generating the innovations and taking actions for the
process of innovation. It is a type of modern meaning where all the new ideas, creative
thoughts, new imaginations in the form of new device and methods. It means the constant
innovation which does not change according to the time and modern methods (Burns, and
Dewhurst,2016)
In this steps of the entrepreneur ventures are quite similar in some ways such as
ventures are used for achieving success and growth of the firm and which help for
establishing the business like creative set of ideas, constant innovations.
Lifestyle
MAX
Social enterprises
NHS
Public sector
Tesco PLC
Annual growth
rate
MAX is lifestyle
firm where its
annual growth
rate is 450 million
items and
products has been
produced per year
over 13+billions.
NHS is a social enterprise
and its annual growth rate
and budget is around 116.4
billion.
Tesco PLC is one of the
public sector and the
growth rate of the Tesco is
2.1% from 2.4% in
previous years. The net
income of the Tesco is
1,208 million and the
revenue cost is 57,491

million.
Technology
investment
MAX is using
technology
strategy where it
adapting new
tools and involves
big data for
making new
fashion trend
clothes and
retailer managed
outpace to its
direct
competitors.
NHS invest on the mobile
technology toolkit resource
where customers can
download and invest toolkit
where it involves all
resources and download all
the resources.
Tesco PLC digitally
transformed the customers
experience, model of
business and operating the
models in business through
the technology
investment(Cooper and
Folta, 2017).
Managerial style MAX has been
adapted
transformation
style for
encouraging
employees and is
expected
entrepreneurial
culture.
NHS follows an academic
philosophy where it
adopted modern managerial
style for improving the staff
and employees
Tesco PLC has been
adapted democratic
managerial style which is
already know n as the
participant leadership style.
This styles for motivating
employees and from all that
it provide better service to
the customers.
Organization
structure
MAX has been
adapted multi
divisional
organizational
structure.
NHS has been followed a
Hierarchical structure.
Tesco PLC has been
followed a hierarchical
structure which mainly
focuses on different
departments of the
Business.

3. Relevant data and statistics for core and small business impact on economy
Micro business: It is basically defined as the small business employing and for having the
balance sheet over the less turnover than the certain amount. It means a business less than 10
employees about has been operated on a very small scale of business (Cedar and Badulescu,
2015). Micro business has 99.9% were small and medium sized 96% employment level 33%, the
turnover is 21%in the year 2018. In the small business enterprises the business employees small
number of workers and it does not have the high level and volume of the sales. Such type of
enterprises is basically private owned and operated the sole of the proprietorship, corporations
and partnerships of the business. The main reason behind people turning towards the traditional
9-5 jobs or stating its own personnel ventures. Predictable, UK has the highest ratio of the small
business enterprise which was calculated as per the 1000/- residents in every region of the
country. The overall business population has been increases in 2018 is 1.4 million employing the
business and also 4.3 million non-employing businesses.
Small business: small business enterprises are those where employees 0-250 range of
employees. It also consists of the micro, small and medium size enterprise. There are 5.3 million
small business start at the end of the year 2018 businesses of small business enterprises which
are 99.3% of all the private sector business and of the UK and it also created 8802000
opportunities for their employment total employment in small business was 16.3 million for
micro business, 4083000 of small business and 3399000 for medium business. Such employment
increases the opportunities for setting the living of standards of the workforce. It has generated
the turnover over 1994 billion pound every year which is 52% of the total revenues (Scheldt and
Valencia, 2018). Out of which 808 billion pounds belong to the micro business, 590 billion
pounds belongs to the small business and 595 billion accounts for the medium of business. The
embarking of the small business performance has been contributed in the growth of the GDP of
the UK economy. The annual turnover is of SMEs was 2.0 trillion,52% of all the private sector
turnover. It has generally proved that to be engine of the economic development and facilitating
the equitable distribution of the income in UK(Storey, 2016).
micro and small business impact the economy by contributing to the local economies for
bringing up the innovation and growth to the society and community at the time of establishment
of the business and critically contributing in the growth of the economy for all the new jobs. The
data which has been collected from the small business and micro business such as;

Small business Medium
business
large firms
Employment 28.00% 12.00% 40.00%
Turnover 33.00% 14.00% 53.00%
Assets growth 99.30% 0.60% 0.10%
(Source: Statistical data of small and medium scale enterprise in UK)
(Source: Statistical data of small and medium scale enterprise in UK)
Illustration 1: Statistical Data of Small and Medium scale enterprise in UK

4. The importance of the small business and business start-up the growth of the social
economy.
Social economy: social economy is formed by the rich enterprise of the diversity, such as
cooperativeness, associations, social enterprises, organisations and sharing of the common values
and features, primary of the individuals and also the social objectives over the capital(Quarter,
Mook and Armstrong, 2017.).
Social enterprise: It is and organisation which applies the strategies of commercial for
maximising the improvements in social, financial and environmental well -being. It also involves
maximising the social impacts alongside for external profits for external shareholders and it can
be structured for the non-profit and profit for taking the form of the mutual organisation, co-
operative, a disgraded entity. It has both the goals of business and social goals (Holzmann and
et.al., 2017).
Corporate social responsibility(CSR): It is a model of self regulating and an approach
for contributing the sustainable development for delivering the social, economic and
environmental benefits of all the stakeholders. CSR is a term which refers to the concept of
practices and definition.
Importance of small business and business start-ups to the growth of the economy.
 Culture of the company
 Clearly defined roles
 cash flow
 Consistent team quality
 Costumers happiness
There are some importance which has been defined below;
Creation of the employment:- it create the opportunities and jobs for the employment
such as local authorities pays very special attention to employment and jobs opportunities within.
More and more, it involves opportunity of the employment clauses in their tendering contracts
and procedures. It alongside the groups with the local marketers and stakeholders for responding
the effective major concern for providing the apprenticeship and skills enhancement, training and
development for the creations of the job schemes. It also makes proactive contribution for the

clubs of the entrepreneur for promoting the initiatives which helps to drive the local growth for
creating the jobs (Collier and et.al., 2016).
Innovation: innovation is one of the most important part of the business which refers to the
creative thoughts, new ideas, new imaginations etc. it often viewed as the better solutions for the
meeting the new requirements, existing needs of the market and also the unarticulated needs of
the customers. This types of innovations take place through processes, technologies, services and
effective products. Innovation term refers to the piratical implementation on the inventions.
Innovation is type of the adoption and production, exploitation and assimilation for the value
added in the economic. It is both outcomes and process.
Meeting social purpose: social purpose is a process of the statutory construction for
declaring the statute which should not be constructed in the way for violate normal societal
goods and values. This term of legal is article of the stub. Within the context of the law, it is a
type of the scheme for declaring things at right time. It means to find the purpose of the brand
that the aligning at good and also the needs of the users. Social purpose goes further and it
expands the users for focusing on the look that brand can solve the issues of societal affects on
employees lives (Chatterjee and et.al., 2017).
social enterprises, social economy, CSR which helps in regulating the business and on the
other hand There are so many importance of the small business and business start-up the
growth of the social economy which has been explained through the points and shows the
culture and process of starting the new business.
5. The analyses of the characteristics traits and skills of the successful entrepreneur for
differentiating different business managers
Characteristics of the successful business entrepreneurs for making them standout
Entrepreneurial ventures begin with the start-up of business and it is rewarding and challenging
path.
Curiosity: It one of the extremely common for the success of the entrepreneurs. It should
always keep in mind that the strength of the company and individuals has the ability to see the
things with the fresh perspective. It also examines the accomplishments and lives of the business.
Commitment: While creating a passion which leads to start the business, commitment
for keep going the end allowing the business for commit about business decisions. It is one of the
most important for the successful entrepreneur of the business.