Entrepreneurial Ventures: Types, Skills, Impact on Social Economy

This report provides a comprehensive analysis of entrepreneurial ventures, exploring various types such as sole proprietorships, public limited companies, partnerships, and franchises. It examines the similarities and differences between these ventures, highlighting the balance between personal and professional advantages and the demanding nature of entrepreneurial work. The report assesses the impact of micro and small businesses on the economy, discussing free, arranged, and mixed economic systems, as well as the effects of fiscal and monetary policy. Furthermore, it identifies the characteristics, traits, and skills of successful entrepreneurs, differentiating them from business managers, and reflects on how entrepreneurial personality influences motivation and mindset. Finally, the report examines how background and experience can either hinder or foster entrepreneurship, emphasizing the importance of continuous updating and adaptation in the business environment. Desklib offers a wealth of resources, including similar reports and solved assignments, for students seeking to deepen their understanding of entrepreneurship.

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Small entrepreneurial venture
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Table of Contents
Task 1..........................................................................................................................................................3
Examine different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship........................................................................................................................................3
Explore the similarities and differences between entrepreneurial ventures...............................................4
Task 2..........................................................................................................................................................5
Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro and small
businesses impact on the economy.............................................................................................................5
Explain how important small businesses and business start –ups will contribute to the growth of the
social economy............................................................................................................................................6
Task 3..........................................................................................................................................................7
Determine the characteristics, traits and skills of successful entrepreneurs, which differentiate them
from other business managers....................................................................................................................7
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set. 8
Task 4..........................................................................................................................................................9
Examine, using relevant examples obtained through your mini-research, how background and
experience can hinder or foster entrepreneurship.....................................................................................9
References.................................................................................................................................................12

Task 1
Examine different types of entrepreneurial ventures and
explain how they relate to the typology of
entrepreneurship.
There are various types of organizations with various supporting structures and purposes. They
are arranged in light of the legitimate structures and developments; they are as per the following:
Sole Traders: The organizations which are possessed by a solitary proprietor. They are the sole
proprietor and director of the business. It is a typical pattern in the U.K. In addition, these types
of entrepreneurial ventures have only one owner who has all decision making authority.
Public limited Company: The organizations that are keep running with as relationship of
shareholders from the top managerial staff. In addition, these entrepreneurial ventures are
isolated into open and privately owned businesses. Organizations of Public limited don't propose
their part to the general group. Besides that, the shareholders have similar managerial power to
take decisions(Kourdi, 2009).
Partnership: When a small business is claimed by at least two proprietors that is known as
Partnership entrepreneurial ventures. Here they impart the profits to each other for working
composed. Every one of the courses of action of the business should be marked by both the
accomplices. In addition, both partners have equal decision making power in partnership
entrepreneurial ventures in small business.
Franchise entrepreneurial ventures: It implies when somebody has the specialist to utilize a small
business demonstrate for a specific time negotiate, that recognized as Franchise. Now a
sympathetic approach should be marked between the principle organization and the approved
individual(Tracy, 2017).
An idea that can be used for profiting is famously known as a small business idea.
Entrepreneurial ventures arrangements are more concerned with the service or result of a small
business that can be obtainable for moneys. Other than that, a plan for small business is the main
turning point in the method of building up an entrepreneurial venture. Apart from that, every
single fruitful business began as a thought of somebody. Therefore, the majority of the business
plans exist in conceptual frame of entrepreneurial ventures. Along with that, a favorable business
idea must have a few attributes, for example, relevant concept, uniqueness, creativity, and
gainful over the clear core interest of small entrepreneurial ventures. Thus, the adequacy of a
small business concept incudes main points to a great extent on how the creative the thought is
executed. In addition, the use of standard appropriation or generation strategies in the worldwide
market is also innovative for small entrepreneurial ventures. The techniques should be composed
in a way that has once in a while been embraced some time recently and the whole business
framework could be enhanced.

Business Opportunities: On the other hand, a business opportunity is a demonstrated idea that
produced consistent pay in small entrepreneurial ventures. A small business opportunity can be
all around recognized by meeting the accompanying criteria:
It must consume a low level of responsibility hazard.
It must take high gross edges.
The startup capital attempts must be sensible and inside the degree of what an entrepreneur can
stretch.
It must achieve victory back the principal amount wage between twelve to thirty-six months.
A businessperson should have the quality and point of confinement expected that would drive the
business to accomplishment(Hollett, 2017).
It must have possible phenomenal salary for small entrepreneurial ventures.
The energy rate of an entrepreneur for the small business must be high.
It must continue updating with time.
The critical contrast between a business thought and a business opportunity is that a
businessperson can offer a business opportunity however the specific individual can't offer a
thought. In this way, it can be presumed that the speculators put resources into business
endeavors and openings however not in business thoughts.
Explore the similarities and differences between
entrepreneurial ventures
Beginning a small entrepreneurial venture is an engaging and conceivably genuine prospect. A
small entrepreneurial venture may likewise have dangers and instabilities. At any rate whether an
entrepreneur is beginning his or her own specific business or restricting an affiliation, research is
important to rattle off the advantages and downsides that most identify with the firm. Scribbling
down the realities helps an entrepreneur be sensible about his or her business' odds of survival.
As appeared by the Small Business Management, seven out of ten new organizations will last no
under two years. Be that as it may, just a fourth of those will have the future to last no under
fifteen years(Phillips and Phillips, 2016).
Similarities One of the official reasons somebody begins a business is to get individual and in
addition proficient advantages. With another business, an entrepreneur has the variability to pick
the workplace, hours and work pace. Introduction of an organization comparatively addresses a
specific kind of versatility. Furthermore, the individual may feel free by the hindrances
experienced when working for another, containing bungle or a set number of positions inside an
organization. In addition, it gives an entrepreneur the capacity to search for after a mission in
light of his or her interests. While setting up a business can appear, from every angle, to
overwhelm, the potential for monetary achievement. An article of 2009 distributed in USA
Today alluded to research that watched that self-rulingly used businesspersons were four

conditions more inclined to be investors than those in common manager master parts(Anastasi,
2010).
Differences While another business venture can fortify, it is also a requesting interest. The hours
an entrepreneur set for himself or herself may develop exponentially as the individual attempt to
get the organization off the ground. As exhibited by the 2005 Wells Fargo/Gallup Small
Business Index, old control of a standard individual may have had a forty hour work week;
entrepreneurs can work around fifty-two hours seven days. These numbers can increment around
the time of your opening. An entrepreneur additionally needs to buy protection and one of a kind
central focuses that were likely given or financed by his or her past manager. Surrendering those
inclinations can be expensive. Do whatever it takes not to have a poor supposition of the bother
that runs with wearing many tops(Guinnessy, 2004).
In a specific working environment, distinguishing proof of group flow and understanding the
negative or positive outcomes helps an entrepreneur to foresee and fabricate group execution.
The word group building progression is worried with the connections between the general people
who are talking together in a gathering setting. Besides that, group building flow can be
considered in business settings, in classroom settings, in volunteer settings and also in social
settings. The way a group associates can be enhanced in a few ways. An entrepreneur not just
needs to make elements with respect to the working of a group additionally needs to make
upgrades to future advantages. There are preparing projects to go to, and there is test one can
take to find out about the correspondence style of someone in particular. Therefore, it will help
the group to finish their destinations and focuses of the business much as a director
administrators numerous players in a symphony for the generation of a mixed sound(Gallo and
Cappuyns, 2015). One of the least difficult strategies to enhance group building progression is
for at least one colleagues to get the opportunity to deal with the talks. Other than that,
psychological combination is required by a group to work consistently on the individual qualities
of a group. It is critical to take in the significance of undertaking relationship adjust for keeping
up a manageable group execution. In addition, conclusion of group's test, execution openings and
qualities is critical to give a beginning stage and an objective for the accomplishment.
Task 2
Assess and interpret relevant data and statistics in your
mini-research, to illustrate how micro and small
businesses impact on the economy.
There are distinctive sorts of economic structure that nations have received to utilize their assets.
These give an extraordinary system to the organization in dispensing their required assets. The
three economic frameworks are:
Free Economy System: The Free economy of market is partitioned into appropriation and
generation of services and merchandise happen done by the gadget of permitted markets
coordinated by an allowed esteem framework(Schroeder, 2015). Request and Supply are the key

variables of which controls cost in the free economy. The Chinese economy has been utilizing
this economy since 1970's, and now it has turned out to be one of the biggest economies on the
planet.
Arranged Economy System: This economy assumes a part in controlling generation,
dissemination, and utilization. Planned economy is the place an economy framework is arranged
and overseen by the legislature of a nation. It is heartlessly productive at the miniaturized scale
level. For instance, arrangement of China as overall medicinal services is made on focal
readiness, which has for the most part been swapped by wellbeing confirmation programs.
Mixed Economy System: This framework is between the free market economy and arranged
economy. This sorts of economy speak to an accomplishment adjust between social objectives
and individual activities. Thus, mix economy can be claimed by both open division and a private
segment. Government assumes a vital part in this sort of economy. Thailand, Singapore,
Indonesia and India utilizes Mixed Economy System(Little, 2012).
Explain how important small businesses and business
start –ups will contribute to the growth of the social
economy.
Effect of Fiscal and Monetary Policy
Monetary Policy: Sometimes an administration conforms its level of consumption to impact and
show a state's economy which is called Fiscal Policy of Economy. It alludes, how the
organization utilize the financial backing to stamp economic development. Financial policy is
utilized as a part of a few conditions. It offers path to a nation’s economic target for small
businesses.
Financial Policy: The wellspring of cash in an across the country economy is called Monetary
Policy. It is kept up by expanding financing costs, changing various cash banks of small
businesses. These arrangements are finished by the national bank. Financial policy is the use of
consideration rate and the level of the cash provided to accomplish an economy. These rates of
intrigue are set by the administration of small businesses(Omrane and Fayolle, 2011).
Other than that, there are numerous celebrated and rumored small businesses are now governing
the whole market. The structure of market is aggressively is synchronized with different sorts of
promoting components which are interrelated with the behavioral approach of the person. Thus,
every single business division, for example, retail industry incorporates request and production
network management. Likewise, the management of small businesses needs to give careful
consideration to the necessities of their clients. In other sense, the interest for the clients' should
be meet by the organization. With the assistance of inventory network management, small
businesses like retail industry ready to satisfy the requests of the clients through viable store
network management. Other than that, there are distinctive sorts of market structures are
influenced by the value estimation and basic leadership procedure of small businesses. In this
manner, diverse sorts of market structures are talked about beneath for better understanding:

Culminate rivalry: Many reports affirmed that market is including merchants offering similar
items. All affiliations are comparatively appropriate, and no scene of quality is impressive. Aside
from that, plant firms spectate this resistance since items are hard to be isolated and chances of
small businesses are free in this market course of action(Bjerregaard and Lauring, 2012).
Restraining infrastructure: This market has a solitary merchant and a broad number of buyers.
Also, beat players keep the section of various small businesses, and they impact the business by
isolating items. On the opposite side, the cost is isolated that that kept lower than the typical cost
for new areas. Hence, the small businesses can beat their opponent in advertising segments by
applying these systems.
Oligopoly: This market contains couple of small businesses that control the business, in any case,
includes partial contention due to the proximity of two or three buys and couple of shippers of
the items.
Duopoly: The market where only two small businesses exist to charge the business is named as a
duopoly. In addition, it relies on upon either the quality or various items, the resistance between
both the organizations are measured that pass on equivalent items in the market. Pizza Hut and
Dominos is the best instance of for duopoly(Hwang and Chung, 2016).
Task 3
Determine the characteristics, traits and skills of
successful entrepreneurs, which differentiate them from
other business managers.
An effective entrepreneur takes consistent work and unfaltering quality on the grounds that,
unspeakably, no business-startup pixie mysteriously shows accomplishment on private attempts
and their proprietors. Developing these qualities requires a one of a kind aptitude set and several
tips to begin. Energy, dauntlessness and a motivational point of view have a tendency to
disconnect gainful business visionaries. Other than that, best business visionaries take after
relative cases and have comparative focal qualities. The fundamental fixings to end up noticeably
an effective entrepreneur are depicted underneath: A couple of online articles and passed on
books claim to know the question of accomplishment in business, be that as it may, generally,
they come down to a comparative authentic center intrigue(Melton, Iles-Smith and Yates, 2008).
A man should make an arrangement before beginning any small businesses. The individual
should peruse fruitful organizations. He or she should take in the abundance of information that
has been given by effective entrepreneurs, for example, Steve Jobs. The individual should take
the identities from entrepreneurs, for example, Shark Tank(Melton, Iles-Smith and Yates, 2008).
In addition, the individual must gain from others. The learning incorporates the systems executed
by effective entrepreneurs. The individual needs to spend a few years on a firm to gain from
others. In straightforward words, a guide is required. The individual should likewise take in the
mix-ups so that he or she can maintain a strategic distance from it in future.

To wind up noticeably a fruitful entrepreneur, a man should manufacture a notoriety. Brandi
Bennett expressed that keep a blog on the very much facilitated site as opposed to telling the
group is a quick procedure to construct trust and additionally aptitude. A status is urgent to
keeping up the picture of the individual before people.
For instance, the group of Steve Jobs comprises of high talented representatives and individuals.
A human asset administration group is expected to select qualified specialists from the sides of
the world. An impeccable group is expected to proceed with the business. A fruitful entrepreneur
wins his or her high image an incentive subsequent to making a solid group to lead the whole
business.
The qualities of effective Small entrepreneurial ventures are recorded underneath:
Adaptable: Amidst the method toward getting a business off the ground and even after, issues
have a tendency to show up. Energy, learning and time are required to convey an independent
company to its ideal frame. Also, individuals in business are adaptable in managing these crimps
and discovering workarounds as required. They don't permit inconveniences to shield them from
meeting their objectives(Conference 2015: Building your core strength, 2014).
In fact Aware: Plus, the use of email, cell phones, and programming alongside sites can make
working an exclusive business more gainful and beneficial. Powerful business visionaries utilize
progression arranges that can help them and swear off sitting idle and cash on choices they
require not issue with. With the vast majority of the advancement open to business visionaries,
most are on any event in truth watchful, if not skilled.
Proactive: Successful entrepreneurs are down to earth in nature. Likewise, they have
development, and they are set up to utilize it to help their business. They filter for chances to
overhaul their relationship, for representation, acknowledging organizations or propelling things
that permit their business to ascend out of the confinement. They are in addition open to
conditions that can help them form their present business into new zones.
Fiery: Usually, the hours are longer, and the affirmations are more definitive as a business
visionary when performed diversely about filling in as a specialist for another person. With the
vast majority of the commitments of keeping up a private meander, proprietors must have an
unordinary state of noteworthiness. Business masterminds must are set up to give an additional
exertion in all conditions since it's their exceptional cash and notoriety on hold.
Self-Governing: Aside from work for another person, they require control of their future. They
don't look to others to pick. Part of the reason individuals begin a business is a delayed
consequence of their longing to act dependent. Thus perhaps, they settle on choices in isolation.
They comprehend that the method for their future is, to a boundless degree, inside their control.
Assess how aspects of the entrepreneurial personality
reflect entrepreneurial motivation and mind-set.
Basically examine and assess the entrepreneurial procedure through which business thoughts
might be assessed. An entrepreneurial strategy is worried with a few elements by which business

thoughts can be assessed. An entrepreneurial procedure can be characterized as the strategies
taken for setting up another undertaking or an organization. Most importantly, an entrepreneur
needs to make solid associations with applicable accomplices, clients, speculators, contracts et
cetera. Subsequently, amid huge workload, they wind up plainly accommodating and spares a
great deal of time, diminishes dangers and cost. The group should frame them without existing
connections. It requires investment, and there is a risk of having the capacity to frame them by
any means. Also, access to clients is critical for the business arranges. The entrepreneur can
make arrangements as indicated by the purchasing practices of the clients. On the off chance that
an entrepreneur can't get enough client advancement meet inside a sensible period then it, will be
that considerably harder and take that any longer to begin.
At third, energy is required to make business thoughts. An arrangement of exercises needs
development and change require energy. In the event that the individual can illuminate the issues
amid beginning of business, then it can be presumed that the individual is enthusiastic about his
or her business. Each entrepreneur confronts hard and time to expend while beginning an
organization. The entrepreneur needs to invest more energy with the clients to think about their
attributes and make arrangements likewise to it. At fourth, the aptitude set is required, and for
that, a human asset administration division is required where the human asset chief will enroll
talented and learned people in the organization. Skillset plays to the quality of the group and
execution hazard is decreased.
Finally, a considerable measure of cash is required to begin a business. The entrepreneur needs
to discover a financial specialist who will consent to put resources into the firm. For that, the
entrepreneur needs to indicate substantial reasons and benefit opportunities to the financial
specialist so that he or she concurs surprisingly.
Task 4
Examine, using relevant examples obtained through your
mini-research, how background and experience can
hinder or foster entrepreneurship.
Degrees to which SME meets the targets of its distinctive partners
Partners straightforwardly or in a roundabout way are the invested individuals related with the
organization. They go about as the most vital gathering of individuals. Inward and External
partners for SME resemble proprietor, representatives, shareholders, clients, makes, and
providers.
Internal Stakeholders: A business should be conveyed forward by a gathering of energetic,
excited, committed individuals, who are devoted to bringing quality greatness and results can be
found in all operations inside the organization. That is the reason interior partners assume a
noteworthiness part for business. As per this, everybody gets proportional chance to create or
development for the organization.

External Stakeholders: External partners incorporates clients, providers or speculators. They can
be impacted by an organization, however they are not the individuals from it. SME does not
advance their service or items since they have straight declaration with the buyers. Purchasers
are known as the tried and true wellspring of an organization's promoting.
SME put their stocks to return to their partners, as there is a sure weight by battle and media to
conform the subjects like kid work or wages. According to ETI report 2009, 'SME expected to
acknowledge viable improvements in utilized conditions, and profound respect for representative
benefits by meeting with exchange unions, providers, client and governments. These activities o
past its provider evaluation program.''
Stakeholders Explanation Objectives
Employees
The most significant bunch
of stakeholders who
achieves all the company
works and ensures suitable
supply of products in the
market.
The objective of SME is
provided they job security
and satisfaction by paying
them according to their
performance.
Suppliers
The ones who supplies the
goods and services of the
company in the market.
The company ensures to pay
a fair deal to the suppliers so
that both the parties do not
arise to any grievances and
work smoothly.
Customers
They are the ones for whom
the company works and
thus, fulfilling their
requirement is the most
important agenda of the
Providing quality products
at fair prices to create
demand and satisfaction of
the customers is the
objective of SME.

company.
Workers
Workers are the key players
who create value for
products, and they deal with
the suppliers and
manufacturers.
CSR policies were
introduced in SME to ensure
health and safety works of
the workers and improving
the quality of living
standards.

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