Entrepreneurship: Ventures, Characteristics, and Impact Analysis

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining entrepreneurship and outlining four distinct types of entrepreneurial ventures: small business entrepreneurship, scalable start-ups, large company entrepreneurship, and social entrepreneurship. The report then examines the similarities and differences between private and public sector ventures, highlighting the structures, performance indicators, and objectives of each. It underscores the significant impact of micro and small businesses on the economy, emphasizing their role in job creation, market expansion, and economic growth. Furthermore, the report identifies key characteristics and traits of successful entrepreneurs, such as discipline, open-mindedness, confidence, creativity, and strong communication skills. It analyzes how these aspects reflect the mindset of successful entrepreneurs, including a customer-centric approach, identification of new markets, and the use of technological advancements. Finally, the report discusses factors that can foster entrepreneurship, such as education and market dynamics. This comprehensive analysis provides valuable insights into the dynamics and importance of entrepreneurship and small businesses.

Entrepreneurship and Small Business Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
P1 Types of entrepreneurial ventures :-......................................................................................3
P2 similarities and differences between different types of entrepreneurship ventures :............4
P3 Impact of micro and small business on the economy ...........................................................5
P4 Importance of small business and start ups businesses on the growth of social economy....5
P5 Characteristic and traits of successful entrepreneurs ............................................................5
P6 Aspects of entrepreneurial personality reflect mindset of successful entrepreneurship ......5
P7 Analysis of person's background which can foster the entrepreneurship .............................6
CONCLUSION ...............................................................................................................................7
REFERENCES ...............................................................................................................................7
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INTRODUCTION
In order to define the entrepreneurship and small business management it is necessary to
understand what is entrepreneurship. It is a risk bearing activity to develop and manage an
organisation along with making profit. The most example of entrepreneurship is starting a new
business. It is combination of land, labour and natural resources or capital. By collaborate all
these components' entrepreneurship gain profit and achieve success. Furthermore, there are
different types of entrepreneurial ventures are described in this report and also linked relation
with typology of entrepreneurship(Burns, 2016.).. There are different roles, characteristics and
objectives of the entrepreneurship ventures. Similarities and differences between private and
public sectors are also described. Micro and small businesses contribute to the economy in huge
manner. These are the business by which government can expand the activities of large scale
businesses. Apart from these, there are different types of skills and characteristics of
entrepreneurs described which makes differentiate from others.
P1 Types of entrepreneurial ventures :-
Generally there are four types of entrepreneurial ventures which are as follows :
 entrepreneurship of small business : in this type of business, they generally hire local
employees or members of their family. These types of businesses are barely profitable.
The main objective of these businesses is to fulfil the requirements and needs of their
family members. They acquire profit after satisfy the needs and requirements of their
family members. They do not have aim to take over the any industry or collaboration
with others(Burns, 2016.).
 entrepreneurship of scalable start up : in these types of business, risk and return are
unreasonable. The main objective of this business is to set up or start up a new business
and make a large new market. These types of businesses provide job opportunities to
local people. They also desire to make best of the time and money.
 entrepreneurship of large company : these types of companies make new product and
sold its products into new market and new targeted customers. It includes a huge number
of changes such as changes in legislation, new technology advancement and taste or
preferences of customers(Lofstrom, Bates and Parker, 2014).. According to relate with
typology of entre...it provides different types of benefits such as :
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 expansion and growth
 attract new customer
 labour division
 capabilities of taking risk
 provide accessibility to finance
 social entrepreneurship : these businesses are generally related to the social activities.
They focus on solving the problems and complexities of social activities. They develop
fund to resolve the environmental issues which affect their business. In prior approach,
companies do not take interest in social entrepreneurship but in now days this
entrepreneurship are one of the best using approach in large scale businesses.
P2 similarities and differences between different types of entrepreneurship ventures :
Similarities between private and public sectors are as follows :
 these both entrepreneurship are using same skills and techniques to solve and handle the
situations(Lofstrom, Bates and Parker, 2014).
 aim of these both entrepreneurship is to gain more profit from their regular activities.
 A huge numbers of policies and regulations exist in both of the entrepreneurship.
 Both entrepreneurship adopts innovative and creative thought and ideas to improve their
position in competitive market.
Difference are as follows :
Private sector Public sector
Structure Structure is easy and simple to
understood
Structure is very complex to
understood
Performance Performance of the private
sectors is based on return on
investment
Performance is related to the
multiple targets and indicators
(Lofstrom, Bates and Parker,
2014).
Issues regarding to the
performance
It includes issues related to the
shareholders and financial
activities
It includes issues relate to
private sectors
Definition Private sectors' means the In these activities are
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activities which are controlled
by private entrepreneurship.
controlled by central
government or local authority.
aim Main objective or goal of these
enterprises is to gain
maximum profit and increase
the shareholders' wealth and
satisfy the customer's
requirements (Burns, 2016.).
Main aim of these sectors is to
secure the wealth of public and
decrease the gape between
income distributions.
Forms Forms are sole proprietor,
franchise and limited
companies
Forms of these enterprises are
public corporation,
government companies and
departmental undertakings.
Characteristics of private, public and social enterprises :
1) freedom to make more goods in private organization.
2) Independence to exchange commodity and goods
3) freedom in determinant cost of a product
4) victory to make net profit
5) there is control of authorities in public enterprises
6) it snaps public service(Lofstrom, Bates and Parker, 2014).
7) monopoly factor in public enterprise
8) public enterprises are specifically stable
9) social group concerns about social difficulties.
10) social enterprises are obsessed by their advanced ideas.
Roles of private enterprises :
1) to create the structure and keep maintain the services(Dees, 2017)
2) to encourage existing business organization
3) encourage improvement of ownership
4) to support small and micro businesses
5) to pull investments
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role of public enterprises ;
1) public enterprises are liable for maximisation of goodness (human welfare )
2) public enterprises have to spring extreme attempt to attain social goals
3) public enterprises face the powerful critical appraisal by the politicians.
The main part of private enterprises is to supply help to the economic growth and decreased
poorness in region(Bruton, And et.al.., ). Not only private sector, even governance has also
played a key role in economic growth and to decreased wealth. The private sector generates 60%
of the funds and 90% of jobs in processing countries. To assist domestic partner governments, it
shows a main function in assembled better environment and culture, to provide goods and
services to public. Many of the business organization and institutions neediness to partnering
with the private sector. For this, institutions do public private partnership. There are many
welfares in the term of public private partnership. These type of relationship have fashioned to
drawing card investment funds of private enterprises into public assets(Dees, 2017.).
P3 Impact of micro and small business on the economy
Impact are as follows :
 Support the expert efforts
 Sharp the process of an organization
 Obtain new customers
Small businesses help in the growth of economy because it launch new markets and opening new
markets it provides jobs to the local people. People get jobs thus their living standard is
also increased. Income is increased thus economy will increase automatically(Lofstrom,
Bates and Parker, 2014)..
P4 Importance of small business and start ups businesses on the growth of social economy
Small businesses play a major role in local economies. While these businesses does not
generate large money but contribute a large amount in economy. These businesses present new
opportunities to the local employees. These businesses are generally combination of 500
employees or fewer. According to the case study, these businesses generate 65% of new
jobs(Henrekson, and Sanandaji, 2014. ).
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P5 Characteristic and traits of successful entrepreneurs
There are different types of skills and qualities which make a man become successful
entrepreneur(Lofstrom, Bates and Parker, 2014).. These attributes can be defined as
disciplined, confidence, open minded, self starter, competitive, creativity, determination,
strong communication skills, strong work ethics and passion. These are the features of a
successful entrepreneur. People with these qualities differentiate them from other
entrepreneurs. Explanation is as follows :
Disciplined: successful entrepreneurs are always disciplined. They are able to take quick
decision in their every day activity towards the achievement of their goal.
Open minded: successful entrepreneurs always accept the changes because they take the hanges
as opportunities. They are open minded means they accept the facts of everyone and
generate their ideas on those facts to increase the work efficiency(Lofstrom, Bates and
Parker, 2014)..
Confident: this is the main attribute of successful entrepreneurs. They are always being
confident about their decisions. They are confident about their knowledge that they will
achieve success by implement these ideas or strategies. They never ask to anyone that
whether they will succeed or fail(Lofstrom, Bates and Parker, 2014)..
Self starter : entrepreneurs always start their business on their guts. They know if something
should be done then that has to be done by them. They create parameters of such activities
and then start to do activities in practical. After the completion, they compare the both
activities such as expected and actual activity. If any deficiency occurred, then they analysed
and find out the causes to solve the problem.
Creativity: creativity and innovative ideas can be bring by the entrepreneurs only. Creativity is
an activity which makes a distinction between unrelated situations. They produce a new
product or add some new ideas in existing product.
Communication skills: having a good communication skill is also required for a successful
entrepreneurship. Without communication skills, a person can not connect with other
persons which are needed for their organisation. It is necessary to communicate with all the
departments in an organization and also communicate with external factors(Amato and
et.al., 2017)..
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P6 Aspects of entrepreneurial personality reflect mindset of successful entrepreneurship
Entrepreneurs have all different mindset. Mind set of successful entrepreneurs can motivate the
new start up entrepreneurship(Lofstrom, Bates and Parker, 2014). They have different mindset
which makes them different from others. It is the characteristics which make them successful.
There are mindset of successful of entrepreneurship which reflect the personality as follows :
 Customer comes first: a successful entrepreneur always keep customer first while other
partners think product development should come first.
 Identify the new market for their exist product : always identify the new markets and new
segmented customers through targeting method.
 Use technological advancement to build wide network : there are huge changes in the
technology. Thus, successful entrepreneurs always try to use best of the technological
advancement.
 give return on investment without expectations(Lofstrom, Bates and Parker, 2014).
 Control on the vision: it is necessary to keep control on the vision and activities done in
the organisation.
 Power of brand: it is necessary to understand the power of the brand of your business's
products(Amato and et.al., 2017).
 Focus on the strengths of your business: if a business knows the strengths of its
employees then it will become successful. Focus on the strengths rather than trying to
overcome the weaknesses exists in the organisation.
 Maintain quality control: always maintain the quality of the products.
 take ownership
These are the personality which reflects the mindset of entrepreneurs.
P7 Analysis of person's background which can foster the entrepreneurship
There are different factors exist in the market which can influence the entrepreneurship.
Generally rewards and drawbacks plays a key role in influencing the entrepreneurship
programmes. These are the factors which impact on the fostering entrepreneurship to achieve
success and gain desired outcomes :
 education: education is the factor by which a person can understand the knowledge of
outside world. Education provides the skills to deal with day to day activities and
problems. System of education plays an important role in foster the entrepreneurship.
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Success of business depends upon the education level of entrepreneurship. If
entrepreneurs have the best level of knowledge and skills about the market then they can
achieve the success(Henrekson, and Sanandaji, 2014. ). .
 Family background: this factor involves size of family, living stratus and economic
status of the family members. Background of the family plays an important role in
manufacturing by providing resources of entrepreneurship. Mobility will be influenced
through occupational and social status. It is also a major factor which impact to foster the
entrepreneurship.
Apart from these factors, there are more factors involves in affecting the foster of the
entrepreneurship. Such as economic factors, social factors and psychological factors. Economic
factors include capital, labour, raw materials, market and infrastructure. Social factors include
caste factor, family background, education, attitude of the society and cultural value(Lofstrom,
Bates and Parker, 2014)..
CONCLUSION
From the above report it can be concluded that small businesses are giving a huge
number of contribute in social economy. In addition to this, it covers all the different types of
ventures and typology of entrepreneurs as well. Different roles and characteristics are also
described in this report to differentiate the entrepreneurs. Apart from this, here is also described
that how a person's experience can foster the entrepreneurship. To understand the development
of ventures there is also exploring the various lines of arguments related to the entrepreneurial
characteristics. Person's background also influences the successful entrepreneurs. There are
different mindsets of entrepreneurs which can help to new start up entrepreneurs to achieve
success and gain profit. There are different types of businesses existing such as small, medium
and large scale and there are different entrepreneurs in different types of businesses. These
businesses are help in the growth of social economy(Henrekson, and Sanandaji, 2014. ). Small
businesses grow the position of large scale businesses and help them to gain more profitability
margin. It contributes in the social economy in a higher value and it is also affected by social
economy factors in positive way.
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REFERENCES
Books and Journals
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Schaper, M.T. And et.al., 2014. Entrepreneurship and small business.
Lofstrom, M., Bates, T. and Parker, S.C., 2014. Why are some people more likely to become
small-businesses owners than others: Entrepreneurship entry and industry-specific
barriers. Journal of Business Venturing, 29(2), pp.232-251.
Amato, C., And et.al., 2017. Regulatory modes and entrepreneurship: the mediational role of
alertness in small business success. Journal of Small Business Management, 55(S1),
pp.27-42.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Bruton, G., And et.al.., 2015. New financial alternatives in seeding entrepreneurship:
Microfinance, crowdfunding, and peer‐to‐peer innovations. Entrepreneurship Theory
and Practice, 39(1), pp.9-26.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Henrekson, M. and Sanandaji, T., 2014. Small business activity does not measure
entrepreneurship. ProceedinSahut, J.M. and Peris-Ortiz, M., 2014. Small business,
innovation, and entrepreneurship. Small Business Economics, 42(4), pp.663-668.gs of
the National Academy of Sciences, 111(5), pp.1760-1765.
Ribeiro-Soriano, D., 2017. Small business and entrepreneurship: their role in economic and
social development.
Schaper, M. T., and et.al., 2014. Entrepreneurship and small business.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
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