A Comprehensive Report on Entrepreneurial Ventures and Economic Impact

This report provides a comprehensive overview of entrepreneurial ventures and their significance in the business world. It begins by defining entrepreneurship and small business management, followed by an exploration of various types of entrepreneurial ventures, including small scale, scalable, large scale, and social enterprises. The report then delves into the typologies of entrepreneurs, such as female and male entrepreneurs, highlighting their characteristics and approaches. A key section compares and contrasts different entrepreneurial ventures, identifying similarities and differences. Furthermore, the report evaluates the impact of businesses, particularly small and micro businesses, on the national, international, and social economies, using UK economic data as a case study. The analysis covers the contributions of these businesses at different economic levels, emphasizing their role in job creation, economic growth, and social welfare. The report provides a detailed analysis of entrepreneurial activities, their impact on the economy, and their importance in the business landscape.

Entrepreneurship and
Small Business
Management

INTRODUCTION
Entrepreneurship is a process of creating a new business venture and bearing various kind
of risk to gain huge profit. Whereas, a person who always formulates new enterprises by facing
different types of issues for the better development in future is known as entrepreneur. As per the
current scenario every type of business like large or small have to be entrepreneurial in order
survive at marketplace. Entrepreneurial spirit can be understood through innovative ideas and
risk taking factor as it is much crucial portion of a state cognition to change necessary factors in
business for achieving competitive global market. Along with this small business management is
the part of an organisation of an entrepreneur's resources in order to meet family and their overall
business goals. Therefore, owner of businesses are always responsible for managing any aspects
for their organisation. This assignment will covered number of venture that can be advised as an
entrepreneurial. After this it evaluate the impact of tiny business on the economic system
(Audretsch and Caiazza, 2016). At last, key features of an entrepreneurial outlook and evaluation
of various environments that adoptive and obstruct entrepreneurship will get explained.
PART A
TASK 1
Types of entrepreneurial ventures and its typologies:
Entrepreneurial ventures are those ventures who have opportunities to think about
innovative ideas to make unique products and services for existing business at marketplace.
These sort of ventures generally make high returns with higher level of uncertainties. Together
with, these includes sort of activities in business from small to large scale organisations. There
are different form of entrepreneurial speculation, those are described beneath:
Small scale enterprise: It is a small scale business concern which is operated by sole
owner to meet desired goals. Whereas, proprietor only has two workers that is also relative or
family members (Ahmad, 2015). Therefore, operating scale of this sort of business are very
small. For example this type of business entities can be grocery stores, brokers and so on.
Scalable enterprise: As per this an entrepreneur brings innovative ideas which is not
used by another person before in order to meet customers needs and demands. Owners of these
sort of enterprises after developing successful business and create new things. Some example of
these sort of firm are Facebook, Amazon and so on.
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Large scale enterprise: It consist large organisations which generally deals with so
many activities and operations in a single time. These sort of firms have different or unique
infrastructure in order to develop lots of job opportunities for people. These firms also make
innovative small projects to reach organisational goals. They always try to bring unique or
attractive products in order to maintain customer's base. Apple, Samsung can be the example of
these type of firms.
Social endeavour: The purpose these sort of firms is to fulfil consumers needs and not to
achieve profit. These firms earn better profit but they invests their fund in order to provide better
facilities to their customers to achieve desired goals or objectives. These enterprises comes under
the Hill Holt Wood, Cafédirect etc.
These sort of firms always do good work to make their business environment better.
Therefore, they plays very important role with different typologies which directly influence
entrepreneurs to make good decisions (Cumming and Zahra, 2016). There are some typologies,
are explained below:
Female Entrepreneur: This kind of entrepreneurs are known as the stable entrepreneur.
These sort of entrepreneurs associated with huge losses so that they are not able to take any kind
of risk. Along with this they always end up by offering small scale firms and make decision
accordingly. For any loss they blame themselves. So that the scope is quite large of this
typology, according to this an entrepreneur can make appropriate and capable to develop unique
things for the betterment of future. Moreover, it will helps these type of firm to increase their
overall growth at marketplace. That's why typologies and entrepreneurs are interrelated with
each other to gain better profits.
Male Entrepreneur: These sort of entrepreneurs are always able to take risk and they
are mostly young in age that's why they are able to manage any difficult situation effectively.
These kind of entrepreneurs end up with large scale enterprise and take risk to making higher
profits towards the firm. For any losses they blame market forces. Scope of this typology in
relation with entrepreneur is very wide, on the basis of this an entrepreneur can easily develop
innovative ideas and able to share their views with another person in business (Bryson and
Daniels, 2015). Therefore, it is much essential for future growth.
Therefore, these type of typologies plays very crucial role within assorted sort of
entrepreneurial ventures to develop effective business environment.
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Similarities and Differences between entrepreneurial ventures:
There is several kinds of entrepreneurial ventures who can easily exist in the marketplace
and operate their overall business activities in order to earn profit or welfare of the society.
Together with they they also have few similarities and differences as well. Few of them business
entities are small scale business, large scale, scalable and social.
Differences:
Small scale enterprise Scalable enterprise
 Start ups always comes from the unique
ideas and thoughts by deep studying on
particular topics. All ideas are copied or
stolen from business scenario as well.
 On the other side start ups are those set
up which comes with the specific
purpose to accomplish basic desires of
customers such as food, clothes and so
on (Belz and Binder, 2017).
 These sort of businesses are mainly
concerns about unique ideas which is
effectively unique and innovative.
 The main aim of these sort of ideas to
exist in market for long period of time
by developing creative society with
their brand new products and services.
Large scale enterprise Social enterprise
 Large scale business enterprises always
works on ample scale of market with
250 around employees. They always
concentrates on their fair earnings and
selling huge products in the market
without giving in the wellbeing of
society.
These endeavour are prepared for the single
aim or generally contributes in the welfare of
society. These sort firms does not work for the
earnings in fact the main motive of these
businesses is to offer job opportunities by
rising realistic standard of people.
Start-ups enterprise Large scale enterprise
These firms are the recently organised business
concern firms with small premises and also
work at small level. They generally have
around 10 people who work with them.
Therefore, main motive of these enterprise is to
This type of business have already exist within
the business organisations. They works on
large scale by having 250 employees in firm.
Main motto of these business organization is to
gain huge profit direct selling their product at
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being innovative things in society for better
existence at marketplace.
high price it will increase their presence in
market.
Similarities:
Few similarities within entrepreneurial ventures such as small scale enterprise, large
scale enterprise and social enterprises, explained below:
 Small, large and social enterprises are those that always contributes within the social
welfare and also meliorate living modular of people by giving lots of job opportunities to
people (Burrows, 2015).
 All three organisations exist at marketplace in order to get lots of profit. The main reason
is beyond their beingness is to take in huge profit by which they can helps people to
improve their living standard appropriately.
 Other similarities between three of them is to satisfy customers needs and wants by
focusing on their appropriate choice and preferences accordingly.
Examples:
 According to Public Sector, all these enterprises will be helpful for them. This is because
when people will get job opportunities from these sort of firms then they can make their
future bright and able to gain lots of profit within the organisation. It will also helps
society to learn something new and improve their standard living of people.
 According to Corporate Sector, it is a part of economy which is improvised by
organisations. With the help of social scale level these type of sectors can bring
innovative things and able to provide better facilities to people. It helps firm to survive
for long period of time at marketplace.
TASK 2
Impact of businesses on the national and international as well as social economy:
Small and micro business firms are very little in size and work with fewer than 60
candidates at marketplace (Galloway, Kapasi and Sang, 2015). These sort of business always
works on tiny scale level by mortal expanse with precise little bit amount. Whereas, micro
business endeavour are also very much small and works with only 5 workers. These type of
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business operated by sole proprietorship as well as on the basis of partnership. Therefore, it
develop job opportunities for people within the particular nation. According to an entrepreneur,
they operate these type of firm in order to improve living standard of people and giving them full
support and their family as well. By following this strategy they can easily fulfil basic needs or
demand of their consumers. Apart from this, they think that firm's growth and profit based on the
customers as they accomplish their needs. Along with this, SMEs are also contributing huge
portion for the better development of country in which they work properly by bringing
innovative ideas at marketplace (Fayolle, Verzat and Wapshott, 2016). Therefore, they always
gives better opportunities to people and provide them better facilities to increase overall living
standard of people.
For example: At the time of BREXIT, UK economic system faced lots of challenges and
fall to exist in marketplace from European Union. This is because worth of their vogue is
attenuated and they faced so galore trouble for better survival at marketplace. So at that time
small and micro system in UK are only one who have helped them and handle every tough
situation under the government rules and regulations.
Source: Impact on small businesses, 2017
According to the above applied mathematics data there is few version in order to interpret
the overall effort of SMEs within the UK frugality:
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Now it can be observed from the above data that micro businesses contributing around
20% on the overall economy of UK. Whereas, small businesses are giving 23.4% which is very
large portion of the economic system (Rauch and Hulsink, 2015).
There are briefly explanation of these enterprises contribution at various economic levels:
Social economy level: Micro and small business entities offering employment chance for
pink-slipped people within UK. It mainly involves in small activities such as carpenter, saloon,
travel agency, artist and so on. It is offering training and motivational programmes for people
along with provide particular income as per their work. For example: Suppose if a small
construction firm named as Cilo working in UK and giving their contribution for future growth
of country through GDP by selecting knowledgable people and removing poverty from social
economy level.
International economy level: According to this level, medium enterprises works at large
level in order to bring innovative things to improve overall growth of society. Therefore, main
purpose of this level is to determine overall demand of people and try to give them accordingly.
National economy level: It is the largest level wherein, both micro and small business
entities contributing equally. They always put their on overall effort in order to make their
society better. Along with they provide lots of job opportunities to people at national level. For
the better development of country they always eliminate poverty from their environment and
contributing in import and export within the UK. They also try to encourage people nationally.
Therefore, it is much essential to offer higher contribution within the service sector at national
level with the market share of 80%. it will enhance economy growth positively.
PART B
Evaluate and access the key traits, skills and capabilities to become a successful entrepreneur.
To become a successful entrepreneur, person possess some distinctive skills ad
characteristics that are different from a normal human being (Ramadani and e. al., 2017). There
are some key characteristics and skills which helps them to bring new idea or think process to
give one of best life to other people in order to remain always competitive in business
environment. Here in respective report there are some key skills and capabilities by choosing two
entrepreneurs:
Peter Jones:
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Jones is a British businessperson, businessman and a great television personality by keep
interest in areas of real estate, leisure and media and other sectors too and one of prominet TV
personality by originating famous shows Dragon's den and American television series. Here are
the some rare skills and characteristics of Peter Jones which build a distinctive image to become
a successful entrepreneur:
Characteristics of Peter Jones:
There are some characteristics of Peter which are very much important to remain always
competitive in marketplace by build distinctive products and services:
Passionate:
Peter Jones very much passionate towards achieving something great in their life from
the childhood (Kassean and et. al., 2015). In order to he tried various ventures and find out
opportunities in many fields to reap out important opportunities. In context of Peter has always
great vision and mission, in order to they invest in various ventures by opened a cocktail bar and
then computer business and kinds of series of businesses for accomplishing goals and objectives
in proper manner.
Innovative thinking:
Innovative thinking is very much important for an individual to bring something new in
marketplace after accessing needs and wants of consumers. As mentioned above he involved in
kinds of businesses and started working in age of 28 to bring something big and innovative in
marketplace by exploring the key areas of improvement for the well being of masses.
Team player:
Teamwork always gives better collaborative efforts for obtaining specified mission. With
the assist of effective team work an individual can easily finish their work before time and able
to coordinate with each an every people within group. According to this concept Peter Jones is
the best originator of team who consider team as priority in order to achieve appropriate
organisational their specified mission (Petkovska, 2015).
Problem solving:
It consist different types of method by which an individual can find solutions for their
appropriate problems. Some of these techniques are generally used in artificial intelligence,
philosophy, computer science, mathematics and so on. He has lots of knowledge and always able
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to handle their each and every issues in relation with work. With the help of this they also able to
help every people who are not able to resolve their issues so that he is a successful entrepreneur.
Skills of Peter Jones:
There are some key skills of Peter Jones that are as follows:
Confidence:
Confidence is very much potential for an individual to build faith in the work and
attributes that are major component to achieve success. In context of Peter Jones He always
believes on oneself and contribute one of his best efforts in kinds of businesses in which
involved. Peter opened cocktail bar by after inspiring from Tom cruise and occurs series of
losses during that time. In that series he never fed up with failures of life but also keep
confidence on his works and potentials (Hoogendoorn, 2016).
Communication:
It is the best to way to interact with people in a different ways. It is much essential for
every entrepreneur in order to gain good attainment in a short period of time. Good
communication always attracts people and influence them to achieve their target successfully.
Therefore, it is known as the best skill of an entrepreneur by which they can motivate people and
also encourage them in context with Peter Jones, he always believe in communication and he
think that with the help of communication they can inspire lots of people and able to convey their
ideas to each and every person.
Richard Branson:
Richard Branson is a British enterprise tycoon, capitalist and altruist, founded Virgin
group in year 1970s which coordinates 400 companies of kinds of fields. there are some skills
and characteristics of Richard that are as follows:
characteristic of Richard:
Never believes in comfort Zone:
Richard never believes in comfort zone and always fond of taking risk to remain always
competitor n the marketplace. The major factor behind his success that he constantly involve
himself in daring task to test potentiality. By taking huge risk when founded Virgin group by
entering into market as an direct competitor of British Airways. So it can be said that he never
rely on comfort rather than self reliance (How Richard Branson went from high-school dropout
to billionaire entrepreneur, 2019.).
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Risk taker:
It is the best characteristic of Richard, by having this character he can easily solve any
issue in their business. With the help of this he can get lots of opportunities in order to gain better
results for future. By this, he is always encouraged people about risk taking factor among the
management (Vilcov and Dimitrescu, 2015). It is helpful for them as well in order to give huge
support to their business firm and give them better output efficiently.
Skills of Richard Branson:
Open to change:
Richard constantly open to change his views or perspective that are one of crucial
demand of market and ready to approach any problem which hinders in attaining goals and
objectives. In order to he always provide assistance to their employees also to happily accept
changes to give one of their best efforts.
So it can be said that Peter Jones and Richard Branson have potential skills and characteristics to
become one of successful entrepreneur.
How different characteristics of the entrepreneurial personality reflect entrepreneurial motivation
and mindset.
Reflected attribute of successful entrepreneurs Peter Jones and Richard Branson lead
their overall success, for more understanding of their success OCEAN model will taken to
properly interpret, given below:
OCEAN Model
It consist few kind of attribute traits that all are helpful to identifying responsibilities that
can be allotted to a particular individual (Storey, 2016). There are five areas of this model are
given below:
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(Source- Ocean Model, 2019)
Openness: This level refers to the creativeness of man-to-man and gives suggestion
about different goods and services which was formed through these businessperson within the
form of curiosity. Both entrepreneurs got higher rank in this level.
Conscientiousness: It provide good suggestions to entrepreneurs they how they will
manage or organise their overall work. Therefore, in this both entrepreneurs applied effective
strategy to organise overall activities of business (Zahra and Wright, 2016).
Extraversion: According to this entrepreneurs can be connected with another person and
has to adjust both type of nature like introvert and extrovert. So that, both are introvert in their
quality from their childhood so that it can take time to link with another group.
Agree ability: It mainly focuses on the power of persons to make trust on people easily.
But it takes time to get in touch with different people. According to both entrepreneurs, as they
are introvert in nature so that they can easily agree on the concept.
Neuroticism: This stage concerns about emotional stability of an individual in relations
with their depression issues. According to both entrepreneurs, they are helpful and easily able to
communicate with other people. So that they termed as successful entrepreneur or got high
ranked.
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Illustration 1: ocean model, 2019

How experience and prospect Impede or adoptive entrepreneurship.
To acknowledge about factors which impede or foster factors there are various types of
forms which can shows that background and experience is much essential for a particular person.
It consist different types of elements which can make a person successful or it can demolish
them. In context with, both entrepreneurs, they have hinder impact on their entrepreneurship
elements. There are different types of elements, those are mentioned in beneath:
Level of Education: This is very important to determine individual's capableness for
better evolution of an system. By having huge cognition within the different subjects make them
successful and they can easily find out their problems in a easiest way. At the same time in the
case of Richard Branson they have formed vast business firm in order to foster their overall
background.
Nationality: Culture plays an effective role in order to develop proper mind set of an
individual. As both entrepreneurs are very good and both have different types of business with
good success. Therefore, always support each and every activity in their region and encourage
people to achieve organisational goals appropriately. With the help of this nationality they can
influence other people in a different ways and make them attractive in front of other
organisations so that they can reach at higher level or able to get huge success effectively.
The influence of individual's background and experience affect to become entrepreneur in critical
manner.
To become a successful entrepreneur there are various factor which directly affect on
their performance in both positive and negative manner. Here are the some factors which hinders
or foster performance of both entrepreneurs are as follows:
Family background:
Family background is one of significant factor which contributes towards to become a
flourishing entrepreneur of an individualist. In context of Peter he belongs from the economically
sound family and his father owned a small business, since teenage he interested to follow his
father's footstep (Welter and et. al., 2017). On other hand Branson life in early childhood
consisted with struggles, as his father due to some health issues failed in entrance exams of Eton
college several times which insist him to take some steps. His whole family insisting careers in
law but father not interested in same profession after observing interest of little Richard in
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business. So it can said that family background is one of potential factors which can both hinders
or foster to become a successful entrepreneur.
Education:
Education is significant factor which assist to an individual to achieve characteristics to
become a flourishing entrepreneur. as it is important factor contributes towards new ideas and
beliefs. In context of Richard he was the dumbest person at school as he struggled with Dyslexia
by hard time keeping with his classes but he always perceived as his source of strength ( How
Richard Branson went from high-school dropout to billionaire entrepreneur, 2019). People who
suffered from respective disease often excel for that they love and passionate for. As his passion
and support of family helps him to far reaching effect to become a business empire.
Social network:
Social network is very much important for an individual to reach at large no. of people by
understanding their wants and concerns. In context of Richard Branson whose family was in law
occupation which foster to create long and consistent network of people by evaluating their
needs and wants. The another entrepreneur Peter Jones is one of most social person and always
interested to mingle with people in order to build healthy contacts with people (Walsh and
Cunningham, 2016).
So it can be said that family background, networking and education is one of the
important factor which hinders or foster to become a successful entrepreneur by reap
opportunities or to eliminate hindrances to execute well in order to remain always contending.
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CONCLUSION
As per the above report it has been analysed that entrepreneurship plays an important role
in order to developing new and a small scale enterprises. In this assignment there are different
types of entrepreneurs with their typologies, scope, growth and development. This report also
discussed about similarities and differences between entrepreneurial ventures by which they can
meet business goals and able to fulfil employee's demands and requirements on time. With the
help of large and small organisation entrepreneurs can make their future better by providing
different job opportunities to people so that they can get satisfaction accordingly. Small and
macro enterprises are always necessary for employees in order to achieve desired goals. Apart
from this there are various characteristics traits and skills has been discussed which shows the
motivational drivers of successful entrepreneurs. At last entrepreneurial personality always
influence other people and company's members and inspire them to achieve their goals
accordingly.
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Online:
How Richard Branson went from high-school dropout to billionaire entrepreneur, 2019.
[Online]. Available through. <https://money.cnn.com/2018/04/26/news/companies/richard-
branson-rebound/index.html>.
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