Entrepreneurship Report: Venture Types, Traits, and Economic Role

This report provides an overview of entrepreneurship and small business management, focusing on different types of entrepreneurial ventures, including small businesses, scalable ventures, large company ventures, and social enterprises. It discusses the similarities and differences between these ventures and examines the impact of micro and small businesses on the UK economy, highlighting their role in job creation and GDP contribution. The report also explores the social economic system and the importance of start-ups and small businesses in its growth. Furthermore, it touches upon the skills, traits, and characteristics of successful entrepreneurs and how their experiences influence entrepreneurial activities.

Entrepreneurship & Small
Business Management

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1............................................................................................................................................1
P2 ...........................................................................................................................................2
TASK 2............................................................................................................................................4
P3............................................................................................................................................4
P4 ...........................................................................................................................................5
TASK 3............................................................................................................................................6
P5 ...........................................................................................................................................6
P6 ...........................................................................................................................................8
TASK 4............................................................................................................................................9
P7 ...........................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is consider as an effective human action and process of designing,
introduction and running a fresh enterprise with the aim of accomplish happening at industry. It
include new and innovative approach by implementing financial hazard for making larger
profitability. Mainly, entrepreneurship show a critical part in developing economic development
by generating higher returns and employment. It also support in rising surviving standardized of
living standard of localised group by providing them better occupation chances (Santos,
Neumeyer and Morris, 2019). Present study is effort to discussed about explanation of different
type of entrepreneurial venture and its categorization. In addition of this, similarities and
variation betwixt entrepreneurial venture is also mentioned in this report. It also consider the
discussion about impact of small enterprise on development of economic development of nation.
Furthermore, various skills, traits and characteristic of flourishing businessperson is discussed
that causing of attribute over their psychological feature and mind set. At last of project, how
experience and prospect of businessperson hinder or foster entrepreneurial activities is discussed
here.
TASK 1
P1
Entrepreneurial venture is refers to firm that includes invention and self-seeking for
developing social value and make economy more strong. In this regards, enterpriser is a person
who have ability and prospective to offering specific products to market by setting up a new
business concern with the hope of making higher profitability. Developing a new ideas and ways
are crucial for establishing a prosperous business. This is the reason that entrepreneurs take
higher risk to convert into higher returns. In context of this, there are various type of
entrepreneurial venture that direct their business in market to offer quality products and service
This will directly contributes in generating higher growth and sustain for longer period of time.
As following type of entrepreneurial venture mentioned below:
Small business entrepreneurial venture: It is based to the enterprising venture which is
operate by exclusive owner at small level with the aim of generating profitability. It includes
workforce that is 50 employees. Mainly, this type of entrepreneur hire local people, friends,
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relatives to operate their business. In this, tour operators, plumber, consultancy and many more
are the main example of this type of enterprise.
Scalable entrepreneurial venture: This kind of business are operate with the aim of
change the nation by delivering new and unique services to people. In this, businessperson
motion towards the various possibility that existing in the market and also run their enterprise for
availing all the opportunities that support in developing the uniqueness in market. In context of
this, once commercial enterprise get setup than they handover it to another person. After that
they move for further possibility in market place.
Large company entrepreneurial venture: This type of entrepreneurial venture is
operate at large level and also offering sustainable innovation. In this, firm provide unique
products and services to its customers to get their higher satisfaction. One of the primary goal of
this type of organisation is to attain larger market share making customers more satisfied with
quality products and services delivered by company. It contributes in increasing overall
profitableness level of organization at market.
Social enterprises: This type of entrepreneurial venture play a significant role in
developing economic growth. As company focusing on offering prime products in order to
resolution the challenges featured by society. It directly contributes in rising living standard of
people. Apart from this, social enterprise produce innovative products for the welfare of society.
It can be profitability or non- profitability company that focus on making economic condition
more strong.
P2
Similarities
Similarities Social Enterprise Scalable
Entrepreneurial
venture
Large company
Entrepreneurial
venture
Purpose This type of business
operate their activities
with the aim of
offering quality
products to make
changes within the
Scalable business
focus on making
changes in the nation
by offering unique and
best quality of
services. It also help
Large company also
produce quality and
unique products to
offer in market place.
The focus on attaining
competitive edge from
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world to resolve issue
of society.
people in improving
their living condition.
its competitors.
Level Social companies run
their business at lower
and small level to
make economic
condition strong.
Scalable company
operate their activities
at large level with the
aim of making
innovative changes in
the world.
This type of venture is
also run their business
at large scale in order
to capture larger
market share from its
competitors by
offering unique
products and services.
Difference
Social Enterprise Scalable Entrepreneurial
venture
Large company
Entrepreneurial venture
The main aim of operating
this business is to offer
services for welfare of
society.
This type of enterprise are start
their business with the hope of
improving living standard of
local people by providing best
and unique products.
Large business organisation
run their business for
generating larger profitability
level by serving unique
products.
For this type of enterprise,
there are different sources of
fund such as government,
donation, charity and so on.
With the help of this,
company can easily run their
business and serve welfare for
development of economy.
This type of business are
funding from personal saving,
loan from friends, venture
capital and many more. By this,
company can easily operate their
activities to provide support to
society and local people as well.
The main focus of this
business is to make customers
satisfied by providing them
best services as per their
needs and wants.
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TASK 2
P3
Micro business are that enterprise that function their firm in a very small scale. As it
definite as a small concern that employing nine employees and also having a balance sheet less
than a certain amount. Along with this, company also start their business with small amount of
capital. As some of the most effective and common example of micro businesses such as
childcare, house cleaning, event planning, computer services and many more. All these
enterprise are run their operational activities at very small level in order to set their positive
image. Micro business face some challenges which is related to the fewer resources, finance,
manpower and many more. In this regards, micro business is not only improve the quality of the
life for business but also add value to the local economy. It help in improving purchasing power
of people, improve income level and at the same time also create various job for local people. It
directly contributes in improving economic condition by developing their living standard.
Small business are independently operated firm that is very restricted in size and revenue
as well. This type of business has a small number of employee who perform for company to
attain their targets. Along with this, small enterprise also has less annual revenue and also serve a
local community or provide profits to the owner of the company in order to make it more
successful. Furthermore, company also display a clear set of identifying characteristic that set it
from their competitors like lower revenue and profitability, smaller teams of employees, small
market area, sole and partnership, Limited area of less locations and so on. In context of this,
some contribution of micro and small business in UK economy:
Small and micro business are limited in their operational activities but at the same time
company also put their huge effect over the profitable development. This type of business are
also recovering UK from the economic recession in different aspect. As it provide several job
opportunities to local people that help them in rising their living standard. It contributes in
devising economy strong. In this regards, there are some points that help in describing the actual
impact of small business over the economic condition of UK:
 As small businesses setting up their business at lower level in which they serve quality
products at lower price that help in fulfilling basic need of local people. At the time of
economic crises offered products are affordable and people can easily purchase. It may
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directly contributes in increasing income tax of government put positive impact over the
UK economy.
 Along with this, small business organisation also help in increasing GDP rate recession
that is approx 50% of the total GDP of country. It support in providing adequate fund to
the UK government that support in developing economic growth.
Small and micro business are the major foundation of UK economy as it help in
generating more value and at the same time also making a crucial contribution. In this regards,
there were 5.8 million business in the start of 2019 along with 0 to 49 employees. SMEs account
for three fifth of the employment and approx half of turnover in the UK private sector.
P4
The social economic system is defined as the rich variety of enterprises and organisations
that focus on the relationship among social behaviour and economics. It measures social norms,
ethics and code of conduct which determines the consumer behaviour and form the public buying
directions. It is supported on cooperative, not-for-profit and voluntary activities in a society
across national and international.
Four concepts of social economy:
Mutuals: It is a mutual enterprises which provides insurance and non-insurance services
and also controlled the associates which takes participate in its business firm administration. It is
a completing social safety schemes and a little amount of services in social economy. For
example, it involves charities, trade unions, insurance of mutuals, security interest societies and
so on.
Foundations: The social economy is settled by a wealthy variety of enterprises and
organisations such as associations, foundations and operational management. Its main objective
is to focus on capital and importance of a people in a society. For example, value of a person in
a society an their inequality which lead to enhance the productivity and creates unemployment
which approves to economic equivalence.
Charities: It provides the charities and society groups to carry together that supports the
community and maintain social capital. For example, it involves groups of a community, self-
groups within a society, credit unions, charities organisations.
Associations: It lead to results in the difficulty of social interactions among the
individuals in order to changes in social behaviour of an individuals. It is an activity which
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indicates NGO's for the disabled people to provide them productivity which able to achieve
social impact on overall society. For example, NGO, social enterprises and foundations. It could
results in the Association of Social economics that lead to provide services to disabled and
handicapped people.
Importance of start-ups on the growth of a social economy
An entrepreneur of an organisation introduces start-ups for the development of social
economy as well as enhancing productivity in a community. Start-ups businesses would evolve
vision and mission for the idea of a charity. It supports various foundations in providing facilities
for disabled people and not-for-profit organisation. This lead to improves people standard of
living that results in creating better opportunities for an individuals. It helps in positive changes
in overall members of a society. In assistance to this, foundations for the equivalence of people
which lead to increase in value of an individual.
Importance of small business on the growth of social economy
Small scale business supports the charities and foundations for success and future growth
for increasing the value in a society. It further involves creation of various job opportunities that
lead to enhance productivity of an enterprise. For instance, it improves performance of an
particular individual which depends on overall values in a community. Social economy emphasis
to attain creation of vision and mission of a community and a behaviour of people. It develops
the lifestyle of a people in such a way to enhance productivity of small scale enterprise.
TASK 3
P5
Businessperson are the individual who has ability to bring innovative ideas to produce
quality services to established their successful business. In this context, they also has various
skills, traits and characteristic that provide them support in attaining higher success at market
place by making their image different from others. Simon and Bobby Arora are famous and
successful entrepreneurs who are known by Arora bothers operate their discount home wares
chain B&M in which Simon, the Cambridge-educate ex-McKinsey man and Bobby has a maker
trader's nose for bargain and pricing (Tornikoski and Maalaoui 2019). Both are bringing
innovative ideas and passion that they includes within their business to make it more successful.
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In this regards, there are some characteristic, traits and skills that make them differentiate from
other business managers:
 Vision: It is important trait of Simon and Bobby Arora as they have ability to set clear
vision in their activities through which they can easily accomplish success at market
place. Simon and Bobby Arora operate discount home-wares chain in which they make
their operational activities more effective and efficient through which they easily increase
the possibilities accomplishing their targets.
 Leadership: Both Simon and Bobby Arora are best leader because they have ability to
lead their workforce without making them demotivated. In this they also take their
involvement at the time of providing them better leading. By this, workforce easily
execute as well as perform their allotted task in an organised way.
 Dynamic communication: Simon and Bobby Arora has this type of skill as they are
easily communicate with their various workforce at a same time. As they convey a well
worded, empathetic message that support in engaging workforce others in the process of
working in front of set goals and objectives of business. By this skill, both entrepreneurs
easily build teamwork within the business.
 Motivation: Simon and Bobby Arora are motivated towards their goals and targets as
they are also able in motivating their workforce in which they perform their task
effectively. In addition of this, they also motivate their workers by giving them benefits
as per their performance and also encourage them to take risk at the time of performing
their task.
 Independence: It is also consider as an important skill as Simon and Bobby Arora has
ability to keep their skills and knowledge current that is crucial for them to remain
themselves competitive. With the help of this, both entrepreneurs can make sharp
business judgements, solve complex problem, critical thinking and many more through
which they easily attain success.
Difference between entrepreneurs and business managers
Characteristics, skills and
traits
Entrepreneurs Business Managers
Vision Entrepreneurs have a clear
vision on which they operate
Managers does not develop a
vision as they get it from
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their business effectively. leader of the company and
perform accordingly.
Leadership Entrepreneurs are also leaders
as they lead their workers by
taking involvement. It may
help in making workers able to
take risk.
Managers are the person who
only manage employees
working activities at working
area.
Dynamic communication Successful entrepreneurs have
ability to communicate
dynamically with their team
members that support them in
reducing conflicts and issues
while performing task
activities.
Apart from this, manager
follow the strict protocol that
provide by top authority to
communicate with their team
members.
P6
Entrepreneurial attribute mention to the traits that includes human skills, motives, values,
characteristic that help them in making more experience and actions. Mainly, traits of a person
cause the mental and behavioural processes. Thus, it is essential for every entrepreneurs to have
effectual and attractive personality so that other people get easily motivated to take risk. In this
regards, they are required to determine as well as evaluate growth opportunities available within
the market. Appropriate characteristic and skills of entrepreneurs help in establishing a
successful business and at the same time also support them in dealing with challenges that arise
at the time of establishing their business (Vuong, 2019). In addition of this, entrepreneurs also
required to motivate their workers and other people to improve their mind set to become an
successful entrepreneurs. As there are some characteristic of successful businessmen such as
leadership, motivation, persistence, dynamic communication, independence and many more. All
these are play a crucial role in motivating other people to improve their ability to become a
successful entrepreneurs.
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In this regards, entrepreneurs has best leadership as they influence or lead their workers
effectively so that they do their task and activities. While leading them, entrepreneur also take
involvement in which employees feel more confident at the time of taking any kind of challenges
within their business (Barnard, Pittz and Vanevenhoven, 2019). Thus, people needs to motivate
by successful entrepreneurs and their characteristic in which they should tries to leading their
staff members by involving them in every task activities. It directly reflect their mind set and
motivation as well. Furthermore, motivation is also an effective characteristic of successful
entrepreneurs in which they have ability to motivate as well as inspire their team members to
accept challenges and make them able to improve the positive performance. By motivating
people, entrepreneurs can complete the task activities and at the same time also reflect their mind
set to become a best and successful entrepreneurs.
TASK 4
P7
Each and every successful entrepreneurs required best and impressive skills that help
them in attaining more success in their business. Mainly, it can be acquire from the family and
educational institutions through which they serve their innovative ways to execute their business.
In context of this, background and their personal experience also support them in taking effective
decision so that they can easily take risk and convert into higher profitability. As Simon and
Bobby Arora are the successful entrepreneurs who build their bargain home ware chain B&M
into a billion pound success story. Both have best experience and background that support them
in taking critical decision within their business and also established their successful business at
market (Suseno, Baimbridge and Su, 2019). Arora brothers are always ready to take risk and
also reducing the possibilities of arising any kind of conflict and challenges at the time of
running their business.
Simon Arora
Background:
 Simon Arora is a British billionaire businessman and CEO of the retain chain B&M.
 He was born in November 1969.
 He also worked as an analyse for McKinsey, 3i and Barclays.
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 In 1995, he went into business with younger brother Booby Arora and importing home
wares from Asia and also supply them to UK retain chain.
Experience:
 He studied low at Cambridge University.
 In 2017, Simon and Bobby Arora chased in £215m shares and also reduced their stake in
B&m by a quarter.
Bobby Arora
Background:
 He was born in January 1972.
 He is a British billionaire businessmen and trading director of the retail chain b&M.
Experience:
 Since 2005, he has been trading director of B&M.
Both entrepreneurs are more successful and also known by Arora brothers who run a
successful retail business with new and innovative ideas. They also learn from their life and
improve their confidence level to handle their business. Arora brothers are never stepped based
from their responsibilities and also ready to facing problem. Their performance in their business
is pretty impressive that make them number one (Baker and Powell, 2019). Along with this, they
also have enchanting qualities that they are acquired from their background and experience as
well. As Arora brother grabbed all the possible opportunities that led them in improving their
success within their business.
CONCLUSION
As per preceding mentioned project it can be ended that, in business environment all type
organisation operate their activities that help in increasing national income of economy. IN this
regards, small and micro business are put their major contribution in making economic condition
more strong. As both are provide various opportunities like employment, revenue and so on.
These are directly assistance in rising economic status and living standard of local people. Along
with this, entrepreneurs also have appropriate skills, traits and characteristics that help them in
providing new ideas for making the enterprise more effective and successful.
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