Entrepreneurship Report: Venture Types and Economic Impact

This report provides a comprehensive overview of entrepreneurship, covering various aspects of business ventures. It begins by defining entrepreneurship and outlining different types of entrepreneurial ventures, including small business, lifestyle, large business, and social entrepreneurship, along with the characteristics of different types of entrepreneurs like serial, female, male, and social entrepreneurs. The report then delves into the similarities and differences between these ventures, such as female versus male entrepreneurs, and small versus large businesses. Task 2 examines the impact of micro and small businesses on the economy, highlighting their role as job creators, contributors to future growth, and enhancers of productivity while also touching upon private, sole proprietorship, and partnership enterprises. Finally, the report discusses the contribution of small and start-up businesses to economic growth, emphasizing their importance in providing opportunities and improving employment. The report concludes by underscoring the significance of small businesses and start-ups in fostering economic development and improving the living standards of local communities.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their related typologies...............................1
P2 Different types of entrepreneurial ventures and similarities and differences between each..2
TASK 2............................................................................................................................................3
P3. Impact micro and small business have on the economy.......................................................3
P4 Contribution of small and start-up businesses in the economic growth................................5
TASK 3............................................................................................................................................6
P5 Characteristics, traits and skills of successful entrepreneurs.................................................6
P6 Entrepreneurial personality reflect entrepreneurial motivation and mind-set.......................8
P7 Background and past experiences can hinder or foster entrepreneurship..............................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship refers the capacity to create, organise, manage and run a business
venture with taking any type of risks to make some profit. Entrepreneur is a person who set up
and manage a new business. Entrepreneurship is a process of starting and managing a business
firm at small scale by offering products and services for the purpose of sale and purchase.
Generally, business persons start their business at small scale because in this the chance of risk is
less (Ahmad and et.al., 2016). To start a new business, there should be some abilities and skills.
In this business report mentions about the different types of entrepreneurial venture and related
technology. The entrepreneurial ventures are of various types and there are some similarities and
some differences among all entrepreneurial ventures. In this present report mentions about the
impact of micro and small business on the economy of country. There is some importance of
small and start-up and some small business on the growth and development of social economy.
TASK 1
P1 Different types of entrepreneurial ventures and their related typologies
A business venture is like a small business and the different types of ventures invest their
funds for maximising profit. Most business ventures are developed on the basis of demand of
marketplace. The need and want of buyers are develops for services and goods and business
persons will regular make the thoughts, develop a market idea and also sell a product. There are
various types of entrepreneurial ventures given below as above:
Small business entrepreneurship- This type of business firms is started from small scale.
The sales and revenue generated from this type of business is very small. In small business
enterprises, there are small number of employees are working. The small firm consists
photographers, small restaurants, small grocery shops etc.
Lifestyle entrepreneurship- The main or major purpose of this type of entrepreneurship
is set or fix the lifestyle. The more focus of this entrepreneur is on some life rewards which are
given to individuals (Algado, 2013). The main motive of people to earning money is to enjoying
life in a better way. They want to increase their living standard in society.
Large business entrepreneurship- This kind of businesses are on the large scale. In big
firms, there are large number of people are working and its sales and revenue is large. But in
large business, there is a chance of high risks.
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Social entrepreneurship- The main motive of this entrepreneurship is to produce good
quality of services and products on the basis of customer’s demand for satisfying their needs and
wants. They also contribute some part from its profit in the welfare of society. Its main objective
is to increasing the living standard of local community.
The skills and capabilities of all entrepreneurs are different. There are many kinds of
entrepreneurs given below:
Serial entrepreneur- It is a person who begin various businesses with an intention to
operating one business among all. This type of person starts single business and run until earning
profit and after then sell to other person and start other firm (Astuti, 2010). Serial entrepreneur is
general in nature but it is also risky.
Female entrepreneur- Those business firms which are managed and run by the female.
From the total share capital, the share of women entrepreneur is 51 percent.
Male entrepreneur- Those business enterprises which are run and control by the male is
known as male entrepreneur. The share capital of men entrepreneur is 49 percent from the total
share.
Social entrepreneur- The main motive social entrepreneur is manufacture products by
knowing the tastes an d preferences of customers which can satisfy their needs and wants. This
kind of business people produce good quality standard services and goods and not harm people
of society. Its main motive is to provide better services to local people.
P2 Different types of entrepreneurial ventures and similarities and differences between each
All entrepreneurial ventures are not similar, in all the ventures there are many similarities
and some dissimilarities between all of them:
Female and male entrepreneur- Both are very success in business. The main difference
among both are that the share capital of male entrepreneur is 49 percent and share capital of
female is 51 percent (Dagnino and Faraci, 2013). The similarities among both of them are that
they are self-motivated and do not want any from any other person they have also skills for
problem solving.
Small and large business entrepreneur- The dissimilarities between both of them are that
the small entrepreneur run or manage its business on small scale and the risks involved in these
business are very less. In small firm, investment is less on plants and machinery than the large
businesses. On the other hand, large entrepreneur develops and manage its business on large
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scale and in this the investment on machineries and plants are very high and it can be up to 5
crores. The risk involved in large businesses is high. The similarities among both entrepreneurs
are that they produce goods and services for satisfying the needs and wants of customers, they
have good managerial skills.
Lifestyle and survival ventures- The difference among both entrepreneurs are that the
main motive of lifestyle entrepreneurial ventures are for improving and enhancing the level of
performance of companies and the main focus of survival venture is to earn and increase profit
level from entrepreneurial activities (Devi and Goswami, 2014). The similarities among both of
them are that they can handle any kind of situation in a proper way and they also have clear set
of goals and objectives.
Technical and agricultural entrepreneurs- These kind of entrepreneurs develop and then
run their business on the basis of technology and science. In business they use some new
innovative methods of manufacturing in an organisation. They sue new and latest technology. On
the other hand, agricultural entrepreneurs are those people who undertake its agricultural
activities. In agricultural activities includes irrigation, cultivation, technology and mechanization.
The similarities among both that they are very innovative a find new ways to work.
Joint and Private entrepreneurs- These are the people who set up their business
individually without taking help of any other person. This individual is self-responsible in taking
all risks. On the other hand, in joint entrepreneurs private and government both run their business
jointly. They both are responsible in taking risks. The similarities between both entrepreneurs are
that their main motive is to earn profit and have the abilities to manage business.
TASK 2
P3. Impact micro and small business have on the economy
Micro businesses are those firm which are owned at very small level and there are mostly
nine and less than this people are working. The turnover or revenue of these kinds of firms are
very less. There is very little risk is involved but micro enterprises are not grow rapidly. In this
involved carpenters, small sellers, barbers etc. On the other hand, the small business is owned
and run at small scale (Iwu and Nzeako, 2012). The employees are working in this small firm are
not more than 25. The sales and turnover of these type of business firm is less as comparison to
large units. The main objective these businesses is to enhancing their business at higher level. It
consists, photographers, guest houses, grocery shops, small restaurants etc. These both
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organisations are generally run or managed through the sole proprietorship. With the help of
these two, the living standard of local community people will be improved. The impact of both
businesses can be negative or it can be positive on the economy of country. There are some
impacts given below:
Job creator- From developing the micro and small business, the local people will be
employed and with the help of this their living standard will be improved and will also
improvement in their income level. After providing an employment, it is necessary to business
enterprises to give training to people for increasing their knowledge and skills and with the help
of the level of performance will be increased. It will help in growth and development of
economy.
Future Growth- If employment will generate, then with the help of this productivity and
profitability of an economy will increased (Lushi, 2013). An economy of the United Kingdom
country was badly impacted by the Brexit and then after this, the government of the United
Kingdom had taken some strong action against it and also formulate some new and effective
policies and strategies for make improvement in the United Kingdom economy. To small firms,
the government of UK give a financial support for their development and growth.
Enhancing productivity- If employment will be generated then in this case, the
productivity of company will be improved.
Minimization in unemployment- From introducing the small and micro business, the
unemployment will have reduced and many people will have employed. After job, it is necessary
to give some training to workers so that they will perform well.
There are some characteristics related to sole proprietorship, private and partnership
given below:
Private firms- Generally these kinds of enterprises are managed and owned by
independent organisations (Moshdaei, Taghavi and Moshdaei, 2011). There is no role of
Government. The main objective of these businesses is to earn more and more profit. The
features of these enterprises are as follows:
 main or major purpose is to maximise profit.
 Provide good quality services to its customers.
 There is a private ownership
 These enterprises not participate in any kind of social activities.
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Sole proprietorship firms- These enterprises are mostly run and owned through an
individual. The features of these enterprises are as follows:
 Easy in formed business.
 There is an ownership of a single person.
 Unlimited liability.
 Conduct some activities for local people.
Partnership enterprises- Partnership refer to when two or more than two people are
working together and in context to organisation, when two firms are working together for
achieving a common goals and objectives, then it is partnership enterprise (Patel and Supe,
2011). There are some main characteristics:
 There will sharing of profit and loss equally between partners.
 Two firms are working together.
 Partnership is on the basis of agreement.
P4 Contribution of small and start-up businesses in the economic growth
Mainly business firms are categorised into three section as per the size of scale such as
small, medium and large. According to the size, enterprises can easy to differentiate from each
other’s in effective and efficient manner. Businesses are assist to provides several opportunities
to society's persons as well as helps in economic development of the country. In the addition of
this, start-ups are also helps in growth of economy. When a person or an entrepreneur wants to
start their own business in external market place, then must be conduct research in competitive
market. Because with the help of research easy to identify and determine market trends as well as
customer's demand (Peiqun, 2012). Then company will effectively produce products and goods
for customers so they can significantly get proper satisfaction towards their needs and wants.
Moreover, small business a start-ups assist to provide several opportunities to local people as
well as improve employment for them. Small businesses and start-ups helps to improve living
standard of society's persons as well as enhance their working capabilities as well. Furthermore,
it is important for every organisation to update and improve working performance and quality of
operations. With the help of this, company will effective increase revenue and profit level of
enterprise as well as systematically build a brand image in customer's mind also in competitive
market place.
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Apart from this, Brexit refers to when Britain was separate from European Union.
Because EU wants to control and regulate Britain as per their rules and regulations. In this case,
David Cameron is a leader of Britain, who started referendum in 2016. in that situation, Britain
has majority of people for leaving European Union. When Britain separated from European
Union, that knows as Brexit. Along with this, small business firm defines there are small number
of workers not that much high as well as annual turnover is not high as compare to other
organisations (RAGU and MATI, 2011). It will be defined actual importance of small business
and start-ups such as follows:
 Financial support: When European Union and UK were separated from each other, in
this situation economy of the country become decreased. That time, government of the
country regulated several rules as well as imposed effective polices to provides loans and
financial support to small business firms as well as start-ups, so they can effectively
operate their organisation and significantly survive in competitive market place.
 Level of spending: While income level of local persons of country then economy of
country significantly increased. It helps to increase standard of living of society's persons
as well as enhance buying power of them. In the other words, small business and start-
ups assist to improve standard of living as well as helps in economic growth.
 Technologies and innovation: At this time period most of the business wants to use and
adopt smart technologies. Because it helps to improve quality of company's products and
goods.
TASK 3
P5 Characteristics, traits and skills of successful entrepreneurs
Entrepreneurs are those people who have ability and skills to set up and start a business.
There are two most successful entrepreneurs Bill Gates and Steve Jobs. Bill Gates is a CEO of
Microsoft organisation and on the other hand Steve Jobs is a Chief Executive Officer and also a
co- founder of Apple (Sujarwo, 2016). Both are creative and innovative and also have an ability
to deal with risk. There are some characteristics of both given below:
Risk taking- The main characteristics of both successful entrepreneurs is that they are risk
taker and deal with any risk easily.
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Passion and motivation- They have a passion to do work and also operate business in a
systematic way. These two are very motivated and also inspired from the other people.
Perseverance- Entrepreneurs have some skills and abilities to deal with any kind of
issues. They can deal with any kind of difficulty for achieving the gaols and aims of a company.
There are some skills and traits of entrepreneurs given below:
Communication skills- It is a most important skills and in these two business persons, the
communication skills are high (Varol, 2010). They interact with their employees in short period
of time and also listen their problems and resolve them by providing satisfactory solution.
Decision making skills- They both always take decision in favour of employees as well as
company. In any decision process, they include their employees in decision making process.
Networking skills- If employers will interact with their staff members in a proper way
then with the help of this they can make strong business connections and from this the profit will
be increased. So, in context to this, entrepreneurs have some skills to attract anyone towards
business and make a good contact with them.
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Illustration 1: Source: Key Characteristics of an Entrepreneur,
2016

P6 Entrepreneurial personality reflect entrepreneurial motivation and mind-set
Yes, sometimes the entrepreneurial personality reflects an entrepreneurial mind-set and
motivation level. Bill Gates and Steve jobs both are role model or motivational factor for other
persons. Many people starting follow their lifestyle. But before developing a business, there
people start many issues such as finance, motivation and also their personality. But they both
have ability and capability to deal with all problems. Steve Jobs and Bill Gates have some extra
skills and traits which separate them from other people such as:
 Positive and good mind-set.
 Determination
In many difficult situation, they help other people. Most of the people are frustrated from
failure but Steve Jobs and Bill gates both have positive thinking (Karlan and Valdivia, 2011).
They both have good personality. If people will think positive, then from this their level of
motivation will increase and mind-set will positive.
OCEAN theory has five important dimensions:
Openness- It is necessary that entrepreneurs should transparent and search new or
effective ways of work. They do not follow any traditions.
Conscientiousness- Business tycoons are hard-working and very conscious towards their
work. They also complete their work on given period of time.
Extraversion- It is important that entrepreneurs should extrovert. They should
communicate with their workers as well as with their consumers in a proper manner.
Agreeableness- It means that entrepreneurs are very cooperative, trustworthy and also
deal with any kind of situation (Neck and Greene, 2011). They should helpful in nature.
Neuroticism- In this, those people are included which are anxiety and some emotions.
Entrepreneurs should be curious towards work, active and positive thinking.
P7 Background and past experiences can hinder or foster entrepreneurship
Steve Jobs and Bill Gates both are successful entrepreneurs. The past experience and
background of a person can foster and hinder an entrepreneurship. Steve Jobs is a Co- Founder
and CEO of Apple company. He is very creative and has skill to deals with any problems. They
bring new innovative ideas and features to attract people towards its mobile phones or many
products of Apple company. The features of Apple products are different from the other brand
products. His society and family members are very supportive. His father helps in provide
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finance to his business. At the time of schooling, he made a Circuit board and after some years
he made an Apple I computer. Bill Gates is a founder as well as CEO of Microsoft company.
From young age, he is motivated and also encouraged by the family. At the childhood age, he
taken interest in software, he is innovative and they very much like computer programming. His
father was a lawyer and he belongs to middle class family (Oosterbeek, Van Praag and
Ijsselstein, 2010). Their father was supportive and motivate him. It is the responsibility of
entrepreneurs is to wok according to the rules and norms of society. They both entrepreneurs try
to serve better services to people.
CONCLUSION
It is concluded from the above report that entrepreneurs are creative, innovative and also
risk taker. In this report studied about the various kinds of entrepreneurial ventures and their
related typologies. In growth of the social economy, start-ups and small firms plays an important
role. In this present business report also studied about the background and past experience of a
person can foster and hinder entrepreneurship.
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REFERENCES
Books and Journals
Ahmad, J. A., and et.al., 2016. Social entrepreneurship in ecotourism: an opportunity for fishing
village of Sebuyau, Sarawak Borneo. Tourism, Leisure and Global Change. 1(1).
pp.TOC-38.
Algado, S. S., 2013. Aprendizaje Servicio Universitario: creando empleo a partir de la
emprendeduría social/University Service Learning methodology: creating employment
with social enterpreneurship. Historiay comunicación social. 18. pp.627-638.
Astuti, M., 2017. Pemberdayaan perempuan miskin berbasis pemanfaatan sumberdaya lokal
melalui pendekatan sosial enterpreneurship (Studi kasus di daerah tertinggal, Kabupaten
Pasaman, Sumatera Barat). Sosio Konsepsia. 17(3). pp.241-251.
Dagnino, G. B. and Faraci, R., 2011. New Frontiers of Enterpreneurship in Academic Theory
and Practice. Sinergie Italian Journal of Management. (75). pp.5-15.
Devi, A. and Goswami, G., 2014. Women enterpreneurship development in Assam with special
reference to Kamurp district, India. The Clarion. 3(1) pp.149-156.
Iwu, A. O. and Nzeako, R. C., 2012. ICT as a Viable Tool for Enterpreneurship Education.
Karlan, D. and Valdivia, M., 2011. Teaching entrepreneurship: Impact of business training on
microfinance clients and institutions.Review of Economics and statistics.93(2). pp.510-
527.Cengage Learning.
Lushi, Z. H. A. O., 2013. Inspiration of Supportive Entrepreneurial Policies for College
Graduates from the Governments of the US and Netherlands [J]. Business Economy. 1.
p.010.
Moshdaei, A., Taghavi, Z. and Moshdaei, A., 2011. Assessing the Behavioral Models of
Entrepreneurship Learning with a Focus on Qualification. Interdisciplinary Journal of
Virtual Learning in Medical Sciences (IJVLMS). 2(2). pp.23-35.
Neck, H.M. and Greene, P.G., 2011. Entrepreneurship education: known worlds and new
frontiers.Journal of Small Business Management.49(1). pp.55-70.
Oosterbeek, H., Van Praag, M. and Ijsselstein, A., 2010. The impact of entrepreneurship
education on entrepreneurship skills and motivation.European economic review.54(3).
pp.442-454.
Patel, P. L. and Supe, S. V., 2011. Aspirations of students of open agriculture education centres
towards agri-enterpreneurship in Nandurbar district. Agriculture Update. 6(3/4).
pp.149-151.
Peiqun, Y. E., 2012. The Formation Mechanism of Entrepreneurial Atmosphere and Its Impact
on the Regional Entrepreneurial Performance: an Empirical Study on Zhejiang Province
[J]. Science and Technology Management Research. 12. p.016.
RAGU, I. V. and MATI, M., 2011. Students Perceptions and Intentions towards
Enterpreneurship: The Empirical Findings from the University of Dubrovnik-Croatia.
International Journal of Management Cases. 13(3). pp.38-49.
Sujarwo, S., 2016. INCORPORATING ENTERPRENEURSHIP IN A PRODUCTION
FUNCTION. Agricultural Socio-Economics Journal. 16(2). pp.79-86.
Varol, Ç., 2010. Strategies for Promoting Enterpreneurship in Local Economic Development:
Case of Ankara-Turkey. Gazi University Journal of Science. 23(1). pp.97-106.
Online
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