Entrepreneurial Ventures and Typology: A Comprehensive Analysis

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Entrepreneurship and Small Business

Table of Contents
Introduction......................................................................................................................................2
LO1..................................................................................................................................................3
Examine different types of entrepreneurial ventures and explain how they relate to the typology
of entrepreneurship (P1)..................................................................................................................3
Explore the similarities and differences between entrepreneurial ventures (P2).............................6
Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector (M1).......................................................8
Critically examine the scope, development and growth of entrepreneurial ventures (D1).............9
Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy (P3)..........................................................................................................10
Explain the importance of small businesses and business start-ups to the growth of the social
economy (P4).................................................................................................................................11
Evaluate the differences small, medium and large businesses make to the economy, applying
relevant data and statistics (M2)....................................................................................................12
Critically examine how small businesses have an impact on different levels of the economy
(local, regional, national) and in an international context (D2).....................................................13
Determine the characteristic traits and skills of successful entrepreneurs that differentiate them
from other business managers (P5, P6, M3, D3)...........................................................................14
Analysis of how background and experiences can either hinder or foster entrepreneurship,
providing specific examples to support your line of argument (P7, M4)......................................15
Conclusions that are drawn from comparing the different entrepreneurs, their backgrounds and
experience and the extent to which it has influenced them, Ensure to see that you can analyse the
characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by
specific examples (D4)..................................................................................................................16
Conclusion.....................................................................................................................................17
References......................................................................................................................................18
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Introduction
Entrepreneurship can be defined as the study that includes the techniques of starting a new
business (Dees, 2017). It also describes how any new business can be created. An entrepreneur is
a person who has a broad knowledge regarding the business plans and strategies, types of
product or service that consumer will purchase and choose the process of enhancing the sales of
the company etc. An entrepreneur must have supervision techniques, management skills,
creativity, problem-solving capacities and others. In the present study, global business
consultancy firm “Make it Work”, advises entrepreneurs like Bill Gates and Henry Ford on the
techniques of success with their experiments.
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LO1
Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship (P1)
Different types of entrepreneurial ventures are discussed below:
Small Business Entrepreneurship
Small business organizations generally do their jobs in order to make profits but the main motto
of generating profit is to help their families financially (Burns, 2016). Small business
entrepreneurship business is generally financed or supported by families, business loans and
friends (Burns, 2016). In the present time, in the world of business, small businesses have a
significant influence. Travel and tourism sectors, supermarket shops, repairmen, workers,
carpenters and others come under the small businesses. Orion Electrodes is the best example of
small business organizations.
Scalable Startup Entrepreneurship
For Scalable startup entrepreneurship, the businesspeople decided to start a new business
enterprise (Audretsch et al., 2015). The main motive of the entrepreneurs is that a proper
objective, mission and vision and uniques thinking can change the world’s environment. Scalable
startups are financed by business investors. The main aim of these types of entrepreneurship is to
choose the workers who are excellent and knows all the roles and responsibilities of the work
just to enhance the overall productivity of the company. Generally, startup companies follow
business models that are expandable in nature. Example of a scalable startup company is Yavli.
Large Company Entrepreneurship
In the case of large companies, the company owners try to incorporate new, advanced, unique as
well as innovative products so that the company can secure its position in the market for a longer
period of time. Moreover, the main motto of the company is to earn more profits so that they can
introduce trendy products and fulfill the needs of their customers. Oftentimes, the advancement
of technology also helps the companies for making unique products for their customers.
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Additionally, the large companies use their own management structure, they have particular
goals and aims, and most importantly they use own policies in order to execute the business
process. One of the biggest large company enterprises is the Apex Hotel.
Social Entrepreneurship
In the case of social enterprises, they are basically focused on providing social or charitable
service to society (Dees, 2017). Social entrepreneurship does not aim to make a profit. They used
to fulfill the basic needs and requirements of the people, so it is also known as a non-profit
organization. One of the best examples of non-profit or social entrepreneurship is Oxfam.
Typology of entrepreneurship
Growth and lifestyle firms
The main focus of lifestyle entrepreneurs is to make a profit for their own or individual income.
Actually, the lifestyle entrepreneurs are satisfied with the status of their present business and
they are reluctant to grow the external business. Whereas in the case of growth entrepreneurs,
they focus on expanding their business across the globe or they try to earn more profit by
expanding their business operations. Maximizing the overall growth of the enterprise is the main
motto of the growth firms. Even, they love to introduce various, unique as well as innovative
approaches and designs in order to increase business growth.
Profitable or Successful Entrepreneurship
As its name suggests, profitable companies manage marketing activities in order to enhance the
rate of profit. Apart from that, these companies also try to improve the value of the business in
the global market. Usually, this type of entrepreneurship has a well-developed management
team, who constructs precise goals, formation and introduces different policies in the work
environment.
Non-profit Entrepreneurship
Non-profit organizations generally work for society. They do not need any money or they do not
want to make any profit. The main motive of these types of organization is to provide support to
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the normal people and fulfill the needs of the people in the society so that they can spend a
quality life.
Public Sector Entrepreneurship
Public sector companies provide support to normal people in society via different services. For
instance, by providing transport, electricity, fire service etc.
Basically, workers needed in order to start a small business are around 100 (Volery and
Mazzarol, 2015). Whereas in the case of the micro organizations they need not more than 10
employees in order to perform the business operations. For medium-size organizations, (100-
1000) workers are needed in order to operate their businesses activities. The main motto of the
small-sized organizations is to make a profit by creating their unique lifestyles.
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Explore the similarities and differences between entrepreneurial ventures (P2)
There are many similarities among the entrepreneurs, owner-managers and the intrapreneurs are
discussed below.
 Entrepreneurs, owner-managers and the intrapreneurs all use their own as well as
innovative, unique business techniques and strategies in order to expand their business
(Read et al., 2016). Moreover, advanced and creative thinking helps the company in
order to construct the business process. In addition, these enterprises use innovative
technology and advanced techniques in order to enhance the overall growth of the
company.
 Entrepreneurs, owner-managers and the intrapreneurs always use strong learning abilities
which help the company in future in order to connect with the upcoming latest
innovations. Moreover, all the above-mentioned enterprises must have an in-depth
knowledge of business development.
 All the types of enterprises must have adaptability as well as extensibility. Moreover, it is
the responsibility of the company to manage a proper schedule to execute any work,
which helps the company in order to accomplish the work with the given deadline.
 Lastly, the enterprises must have complete knowledge regarding the market trends and
the needs of the customer.
Parameters Serial entrepreneur Intrapreneur Owner-manager
Meaning Serial entrepreneur
refers to the person
who has begun their
personal business.
An intrapreneur means the
person who works as an
employee in the company
(Cadar and Badulescu, 2015).
Owner-manager is
someone who has the
duty to maintain all the
activities that are
related to the business.
Plan The serial An intrapreneur is a corrective Owner-manager is a
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entrepreneur is a sort
of spontaneous
method.
program sort of formal
approach
Resources Resources used by the
serial entrepreneurs
are their own.
In the case of intrapreneurs,
all the companies provide all
the resources.
In the case of the
owner-manager
organisation provides
all the resources.
Company In the case of serial
entrepreneurs, the
companies are
established newly.
Companies are already
present in the case of
intrapreneurs.
In the case of owner-
managers companies
are already present.
Dependenc
y
Generally, all the
entrepreneurs are
individualistic in
nature.
In the case of intrapreneurs,
they are basically depends on
the company.
Owner-managers are
also the same as the
intrapreneurs. They
also depend on the
company.
Risk An entrepreneur takes
and handles all the
risks.
All the risks in the case of
intrapreneurs are taken by the
company.
The organization takes
all the risks in the case
of owner-managers.
Aim The main motive of
the entrepreneur is to
construct and expand
their business in the
market.
The main focus of the
intrapreneurs is to fulfil all the
aim and objectives of the
organisation and accomplish
the target in order to enhance
the overall growth of the
company.
Owner-managers aim
to accomplish the day-
to-day job with the
allotted time.
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Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector (M1)
The government controls and operates all the businesses which come under the public sector. In
the case, the government can be central, regional and state. Additionally, all the operation that is
associated with the business of the private sector organizations is managed and measured by the
owners of the private sectors.
Parameters Public sector Private sector
Goals It is the main motto or the aim of the
public sector is to provide necessary
services to all.
The main objective or aim of the
private sector is to achieve more
profit and increase the brand image
in the respective markets.
Promote
stocks
Public sector increases the stocks from
the income of the public like a penalty,
taxes, etc.
Private sector increases the stocks
by introducing the shares and the
loans taken for business.
Areas Public sector works in manufacturing,
education, health, agricultural, travel and
telecommunication, banking sector etc.
Private sectors work in different
sectors like educational sector,
technological departments,
banking and manufacturing and so
on.
Rules and
regulations
As it is operated by the government, so
all the rules and regulations are
appropriate or suitable for the public
sector. For instance the Equality Act.,
As the private sectors are not
completely coming under
government, so some of the rules
and regulations are applicable, for
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2010. the private sector.
Critically examine the scope, development and growth of entrepreneurial ventures (D1)
In the business market, various entrepreneurship companies have different opportunities in the
market. So, companies need to enhance their performance in order to sustain in the global
market. Apart from the performances, the company also improves their brand value so that it can
improve the status of the company. In order to maintain the satisfaction level of the customers or
in order to fulfill the basic needs of the customers the company has to offer best quality products
as well as services. In addition, the company needs to use advanced technology and offer a wide
range of products in order to attract customers towards them. If the companies are able to satisfy
the customer, then it will automatically increase the status and the brand value of the company.
In most cases, all the startup companies are not able to achieve success due to the lack of
innovative business ideas and improper management skills, and money.
9

Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy (P3)
Both small and medium-sized companies are playing a pivotal role in the field of business
operation. Both of them are participating in order to create a market and job possibilities. In the
present time, there is huge competition in the global market. If any organization wants to survive
then they have to show some unique features and a wide range of products for the general
people. Different business sectors have a different impact on business activities. The country,
UK has secured fifth place in views of GDP.
 In the UK, there are more than 5.7 million companies are running their own business.
 According to the report of 2018, almost greater than 6 million small business enterprises
are spreading their business in the market of the UK.
 Even the level of employment is constantly increasing over time. Around 20 million
workers are working for a microenterprise
Figure 1: Employment level of SMEs in the UK
Source: (Rizos et al., 2016)
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Explain the importance of small businesses and business start-ups to the growth of the
social economy (P4)
In the socio-economic field, both micro and macro organizations have made a huge influence.
All own strategies and innovative techniques in order to develop the business in the global
market. Moreover, the activities offered by the company have boosted up the economic condition
of the company. Moreover, they offer complete attention towards constructing and developing
their brand image. They mainly focus on the needs and requirements of the customers.
Microenterprise is built a proper way through which normal people can easily able to access and
use new as well as advanced technologies. Importance of the business operation is discussed
below:
 Customer’s needs and requirements are accomplished through small and medium-sized
organizations.
 By using the new as well as advanced technologies it helps the country to reduce the time
of the normal people.
 One of the most important thing in this advanced and fast-moving world is
unemployment, poverty etc. This is overcome by the micro and startup companies.
 Just because of the small and startup companies nowadays all the people across the globe
can lead a better as well as quality lifestyle.
 Most importantly, due to this small and startup companies, all the new stars get a chance
to rise which enhance the business environment.
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