Entrepreneurial Ventures: A Study of UK Businesses

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Entrepreneurial Ventures
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Table of Contents
LIST OF FIGURES.............................................................................................................................3
INTRODUCTION............................................................................................................................. 4
LO1.................................................................................................................................................5
1. EXAMINING TYPES OF ENTREPRENEURIAL VENTURES AND COMPREHENSIVE
EXPLANATION RELATE TO THE TYPOLOGY OF ENTREPRENEURSHIP..........................................5
2. EXPLORING KEY DIFFERENCES OF SERIAL ENTREPRENEURS, INTRAPRENEURS AND
OWNER MANAGERS.................................................................................................................. 8
3. DEFINING PUBLIC AND CORPORATE SECTORS AND INVESTIGATING VARIETY OF
ENTREPRENEURIAL VENTURES.................................................................................................. 9
4. EXAMINING THE SCOPE, DEVELOPMENT AND GROWTH OF ENTREPRENEURIAL
VENTURES................................................................................................................................ 10
LO2............................................................................................................................................... 12
1. INTERPRET THE RELEVANT DATA IN ACCESS TO MICRO AND SMALL BUSINESSES HAVE
SIGNIFICANT IMPACT ON UK ECONOMY.................................................................................12
2. DEFINING SOCIAL ECONOMY AND HOW SMALL BUSINESS START-UPS ARE VITAL IN
GROWTH AND DEVELOPMENT TO SOCIAL ECONOMY OF UK..................................................14
3. EVALUATING THE DIFFERENCES BETWEEN SMALL, MEDIUM AND LARGE BUSINESSES...16
4. EXAMINE HOW SMALL BUSINESSES HAVE AN IMPACT ON LEVELS OF ECONOMY...........17
LO3 & LO4.................................................................................................................................... 18
1. DETERMINE THE CHARACTERISTICS TRAITS AND SKILLS OF SUCCESSFUL ENTREPRENEURS
AND DIFFERENTIATE WITH BUSINESS MANAGERS..................................................................18
2. ASSESS HOW ASPECTS OF ENTREPRENEURIAL PERSONALITY REFLECT MOTIVATION AND
MINDSET BY EXPLORING AND EXAMINING DIFFERENT LINES RELATING TO ENTREPRENEURIAL
CHARACTERISTICS....................................................................................................................20
3. ANALYSING THE CHARACTERISTICS TRAITS, SKILLS AND MOTIVATIONAL DRIVERS OF
SUCCESSFUL ENTREPRENEURS................................................................................................ 22
4. EXAMINE AND EVALUATE THE DIFFERENT ENVIRONMENTS THAT HINDER AND FOSTER
ENTREPRENEURSHIP................................................................................................................23
CONCLUSION............................................................................................................................... 24
REFERENCES.................................................................................................................................25
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LIST OF FIGURES
Figure 1 Growth of small and large business entrepreneurship..................................................10
Figure 3 micro, small, medium, large businesses in the UK.........................................................12
Figure 2 contribution of businesses in the UK.............................................................................13
Figure 4 McClelland's Motivational Needs theory.......................................................................20
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INTRODUCTION
This report carries the introduction of entrepreneurship and various entrepreneurial ventures
and includes the explanation of topologies in context to The ThirdWay Group, it is office
designs, architecture, furniture and development-based company. It was founded in the year
2009 and has a staff of 140 members.
This report also carries the differences between intrapreneurs and entrepreneurs as well as
owner-managers. It will include the demonstration and investigation of the public and
corporate sector and also with the development, scope and growth of the entrepreneurs.
Meanwhile, the report will also emphasis on micro businesses, social economy for the business
startups significant to growth and development and their impact on the UK economy.
This report will also evaluate the differences in small, medium and large enterprises by using
relevant statistic at different levels of the economy includes local, regional, national etc. with its
impact. This report will also consider the characteristics and skills of the entrepreneur and by
exploring and examine the mindset of an entrepreneur will reflect the personality on his
entrepreneurial motivation. In the end, it will evaluate the environments that raise or impede
entrepreneurship.
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LO1
1. EXAMINING TYPES OF ENTREPRENEURIAL VENTURES AND
COMPREHENSIVE EXPLANATION RELATE TO THE TYPOLOGY OF
ENTREPRENEURSHIP
As a trainee consultant at The ThirdWay Group, According to Storey (2016),
Entrepreneurship is well-defined as the sequence of stages which involves designing,
administrating, launching and planning a new corporate venture and the study of how new
businesses are created and processed. It has been described as the dimensions and willingness
to develop, establish and accomplish a corporate venture with its risks and profit making.
According to Chrisman (2015), an entrepreneur is a person who runs a small business rather
than doing a job or working as an employee. He is the person having new ideas, innovation
skills and source of new goods and services for business procedures. The entrepreneur is
capable to identify the commercial possibilities of the innovation and organizes the talent,
capital and other resources that fit innovation into commercially practical innovation.
TYPES OF ENTREPRENEURIAL VENTURES AND THEIR RELATION WITH THE TOPOLOGIES:
These are divided into 4 main types of ventures:
Small business entrepreneurship:
Small businesses involve consultants, carpenters, hairdresser, grocery stores etc. these
businesses established and runs by an individual or minimum team of 2-4 members with family
members or local employees (Burns, 2016). Such trades are scarcely profitable and expected to
meet the needs for living life instead of growing up towards luxury life. In a small business, the
capital is subsidized via funding or friends or personal savings, family or loan for small
businesses (DeSantola, 2017).
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Scalable start-up entrepreneurship:
This start-ups' entrepreneurship is recognized with the vision of accomplishing higher
achievement and brings modification to the world. Such scalable business ventures draw
attention towards investments from financial investors which include venture investors and
emphasis on greater, best and brighter personnel that will support in the business growth.
Large company entrepreneurship:
Large businesses are the ventures that raise through offering innovative and new alternatives
around the essential products to observe the changes within the market due to change in
technologies, legislation and regulations, customer preferences etc. (DeSantola, 2017).
Social entrepreneurship:
This entrepreneurial venture creates new innovative products and services to solve a social
problem and need. Social entrepreneurial ventures set an aim to serve the society rather than
achieving own profit. The companies are for a hybrid, for-profit or non-profit companies.
TYPOLOGIES OF ENTREPRENEURSHIP WITH RELATION TO DIFFERENT ENTREPRENEURIAL
VENTURES
Various authors have proposed different topologies of entrepreneurship on a different basis. At
present there are mainly three topologies of entrepreneurship these are:
Lifestyle entrepreneurs:
This is an individual who produces a professional with the purpose of modifying their private
lifestyle and not for the intension of increasing profit (Burns, 2016). They live their life online
and not having their physical location as they don’t need it because they manage their business
via laptop and internet connection.
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Intrapreneurs:
An intrapreneur is an employee who develops and creates new tasks by generating innovative
ideas or project for the business. The intrapreneurs must access the resource and capabilities of
the established business (DeSantola, 2017).
Serial Entrepreneurs:
A serial entrepreneur is a person who continuously arises up to start a new business with new
ideas. The serial entrepreneur starts a company and plays an important role for the day to day
functioning of the company (Burns, 2016).
Owner-manager:
Owner-manager owns and manages the entrepreneurship effectively. The profit motive and
financial risk are high (Burns, 2016).
Thus, the above topologies can relate with the types of business ventures and for higher
instance, the intrapreneurs support large business and scalable ventures support to develop
growth. Owner-manager supports to higher profit whereas lifestyle supports to their life.
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2. EXPLORING KEY DIFFERENCES OF SERIAL ENTREPRENEURS,
INTRAPRENEURS AND OWNER MANAGERS
The key differences between intrapreneurs, entrepreneurs and owner managers
BASIS SERIAL
ENTREPRENEURS
ENTREPRENEURS OWNER MANAGERS
CATEGORY Business Business Business
DESCRIPTION Entrepreneur runs to
start a new business
with new ideas
(DeSantola, 2017)
Intrapreneurs behave
like an entrepreneur
while working in a
large organization
Owner-manager owns
and manages the
entrepreneurship
effectively
RESOURCES It has the source to
gather the capabilities
and resources from
outside
It has the capabilities
and resources of the
company (DeSantola,
2017)
They have resources of
the business to manage
them properly
TASKS It has to deal with all
the tasks whether small
or large
It has a broader vision
for a well-known
company, it does not
deal with small things
Managers have to
manage the resources
and the entire
management
RISKS High risk involve Low risk involve Moderate risk involve
EXAMPLES Well known serial
entrepreneurs are
Donald Trump, Sheldon
Adelson and many more
This includes Google,
Intel, 3M and many
more
This includes the senior
executive, project
directors and many
more (DeSantola, 2017)
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3. DEFINING PUBLIC AND CORPORATE SECTORS AND INVESTIGATING
VARIETY OF ENTREPRENEURIAL VENTURES
Public sectors
Public sectors are part of an economy composed of both public enterprises and public services.
It includes government services and public goods which include law enforcement, military,
infrastructure such as bridges, public road, water supply, telecommunications etc. (Stiglitz and
Rosengard, 2015).
Public sector entrepreneurship is the area of enquiry and its study proposes dimensions that
are the civil–political service agent, economic facilitation and regulation, and commercial
market participation. These proportions are based on the different characters plays by public
sector entrepreneurship is trying to deliver public value to its people. For example public
services, banks, infrastructures, education, health inspection, government departments etc.
Corporate sectors
Corporate and business sectors are part of the economy made by many companies. This
includes primary, secondary and tertiary sectors which include that primary sector producing
raw material, secondary sector carrying out for manufacture, and tertiary sectors provides sales
and services.
Corporate entrepreneurship is a set of innovation and growth and the process which is used to
develop business, goods and services or practices inside of an existing business to create value
and generating revenue growth (Stiglitz and Rosengard, 2015). There are three components
include people, process and place which enable corporate entrepreneurship. For example, the
successful corporate entrepreneurship examples are Facebook, Apple, Google Inc. etc.
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4. EXAMINING THE SCOPE, DEVELOPMENT AND GROWTH OF
ENTREPRENEURIAL VENTURES
Here examining the scope, development and growth of various entrepreneurial ventures:
Small business entrepreneurship
Small business entrepreneurship provides good scope for the growth of entrepreneurial
actions. It is the opportunity for an entrepreneur that he has scope in selling services rather
than manufacturing any product by this the entrepreneur can develop his skills and achieve
better results in small business (Matthews, 2015). This is the reason for the growth of a small
firm with greater productivity and low labour turnover.
Figure 1 Growth of small and large business entrepreneurship
(Source Matthews, 2015)
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Large company entrepreneurship
Large companies’ innovations push themselves into territories, entice consumers and reassure
stakeholders which help the large company entrepreneurship in its growth and development.
Developing markets' tasks and restrictions can provide insights toward innovations with a
global appeal by large companies (Matthews, 2015).
Scalable start-up entrepreneurship
The scalable startups' entrepreneurship has a high scope as they set their vision towards the
large or new market for the company as well as the development of customers through a
transition of the company (Matthews, 2015). The entrepreneurship draws attention towards
the financial investors which include venture investors and emphasis on greater, finest and
brighter employees which will support in the business development and the growth.
Social entrepreneurship
Social entrepreneurs’ scope includes massively towards the change and innovation in the
inclusive variety of fields which includes health, education, enterprise development and the
environment (Dees, 2017). Social entrepreneurship devotes their time to pursuing social
problems and issues such as improvement in poverty. Due to this, it enhances the growth and
development of entrepreneurship.
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LO2
1. INTERPRET THE RELEVANT DATA IN ACCESS TO MICRO AND SMALL
BUSINESSES HAVE SIGNIFICANT IMPACT ON UK ECONOMY
The business start-ups and entrepreneurial ventures are progressively contributing to
commercial development and growth. In the UK the industrial and manufacturing centers are
destroying and now providing enough job prospects in most major sectors of industries such as
manufacturing, steel, coal mining etc. (Storey, 2017)
The business sector has become more focused on cutting the job services and in increasing
benefit in the UK, which resulted in an increase in a number of self-employed persons. The
main reason for increasing business startups is decreasing in job offers and job security and
dissatisfaction of employees.
In the year 2018, micro businesses have increased with 96% Although most of the industries in
the UK employment less than 10 people, this kind of corporate only accounts for 33% of employ
and 21% of revenue. There are more than 250 employees in large businesses and large
businesses are 8000 in numbers (Loader, 2018).
Figure 2 micro, small, medium, large businesses in the UK
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