Entrepreneurship Report: Venture Typology, Economic Impact, and Skills

This comprehensive report delves into the multifaceted world of entrepreneurship, examining various venture types including small business, scalable startups, large company entrepreneurship, and social entrepreneurship, highlighting their similarities and differences. It meticulously analyzes the significant impact of micro and small businesses on the economy, including their role in generating employment, contributing to tax revenue, and fostering economic growth, particularly within the UK context. Furthermore, the report explores the importance of small businesses in driving social economic growth, emphasizing their adaptability to changing climates and contributions to local communities. The report also identifies the essential characteristics, traits, and skills of successful entrepreneurs, while also considering the influence of background and experience on entrepreneurial endeavors, offering valuable insights into the dynamics of entrepreneurship.

ENTRPRENUERSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P.1 Types of venture related to the typology of entrepreneurship...............................................1
P.2 Similarities and differences between ventures......................................................................2
TASK 2............................................................................................................................................3
P.3 Impact of micro and small business on the economy............................................................3
P.4 Importance of small business on the growth of the social economy.....................................4
TASK 3............................................................................................................................................5
P.5 Characteristics, traits and skills of entrepreneurs..................................................................5
P.6 Aspects of entrepreneurial.....................................................................................................7
TASK 4............................................................................................................................................8
P.7 Role of background and experience......................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship and small business are different and at the same time connected to each
other as these are two different tank but the motive behind them is same that is only to gain
success so that they can retain in the market for longer period. Entrepreneurship is the heart of
every business as every large company started out as a small business that is carried forward by
the entrepreneur. Entrepreneurship skills are highly demanded by the company to achieve
success so that they can retain in the market for longer period by earning more profit(Storey.,
2010). The first part of the report the discussed thing is entrepreneur venture and their relation
with the typology as venture defines the margin that hey have to grow and expand by carrying
forward the aim for which they set up. At last this report discussed about the experience will help
the business in growing faster and remove all the hindrance whereas the background gives the
stability in the market.
TASK 1
P.1 Types of venture related to the typology of entrepreneurship
There are many types of venture that is related to the typology as typology is the progress
in research is inhibited by lack of agreement that constitutes the venture. Some are as follows:
Small business entrepreneurship: Small business entrepreneur are the sole proprietors as they
carry their business individually (Dennis., 2011). They are the business who runs their business
own their own. This business is mostly bare profitable as this business start up with the basic aim
of earning profit. They can’t attract an investor to invest in his or her business as this is not at a
high scale. Small business related to the typology as their main aim is to retain in the market by
satisfy more customers as they follow certain methods to do so.
 Scalable start up entrepreneurship: Scalable start up entrepreneurship is not like the
small business as these entrepreneurs start their business and company knowing from the
day one that they need fund to expand the business in the market. They have main aim to
change the world as they attract the investment to make their business more efficient in
terms of everything. They hire the best and the brightest among all as they need the
person who has specialise knowledge of business. This relates to the typology as they
know what should be done and in what manner because for every term they have separate
method to follow.
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 Large company entrepreneurship: Large companies has finite life cycle as they have a
perfect plan for each and every operation that they carry in their business life so that they
maintain their position in the market by satisfying the customers to the core and earning
more profit than others. Most of the large companies grow through sustaining innovation,
offering new products to the customers with the lowest price available to them than
others. Changes in the factors create pressure for companies to create more on the best
level as much as they can(Storey., 2010). They relate to the typology as this will helps to
create new products so that they can serve the best by satisfying them to the core.
 Social entrepreneurship: They are the entrepreneurs who innovates new products and the
services for the welfare of the society so that they can solve the problems of the economy
by helping the people who are in needs. They are not like scalable start-ups as their main
goal is to serve the best to the society in all the way possible. They are mainly non-profit
as their main profit is not making share but to take the economy to another level.
P.2 Similarities and differences between ventures
Similarities: There are many similarities in all the venture as all are from the corporate
world: They all need to follow standard business protocols or management rules so as to
maximize their outputs. Every kind of Organization wants itself to retain for the longest periods
in market. Over a period of time a small-scale organization can transform itself into a larger
organization depending on the profits earned and manpower engaged. Almost all kinds of
Organization are governed either by MSME Act or Companies Act, 2013 or Societies Act. They
all are similar to each other as the main aim is to serve the best to the customers by satisfying
them to the core as the costumers can make the entrepreneurs or they can ruin them. Costumer’s
satisfaction will help then in growing and expanding so that they can retain in the market for
longer period. Similarities of all these ventures can be seen very easily as the main aim and
objectives of all are same as they all want to retain in the market for longer period by generating
more profit and all the available resources so that they can satisfy their customers by serving the
best to them. For example: Bill gates who owned a Big Corporate transformed his organization
into an Organization working for the social cause(Drucker., 2014). Recently he has adopted
many villages in India.
Dissimilarities: Contrary to the above there are many dissimilarities of these ventures as
they start up with the different aim followed by many factors that may affect the business in all
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the way possible. Small business differs from others as this is carried by the single individual
with a very limited resources and low profit margin than others. Scalable entrepreneurs are
different to others as the want investor for their business and without investors they won’t be
able to make their business successful and they will not be able to achieve their goals on time.
Large companies are different from others as they have very definite plans for their business so
that they can achieve the efficiency in their operations and will be able to retain in the market by
satisfying the customers to the core. Profit maximisation is the main aim of the large companies.
Social entrepreneurs are different form others as their main objective is to help the needy people
that’s why they produce the goods and services for the welfare of the society so that they can
solve the economic problems So the above shows the dissimilarities between all.
TASK 2
P.3 Impact of micro and small business on the economy
There is a very deep effect of the micro and the small business on the economy as the
micro and the small business is operated or start up by an individual so that they can recognition
with the help of their business in the market. Micro and small business start up with the basic
objectives of earning profit by generating more customers in the market as they provide the best
of their services to them. They have very deep impact on the economy as they are generating
more cash and paying more in return as they are paying more tax to the government(Burns.,
2010). The biggest contribution of them is they generate employment opportunities for the
public. They hire local people who won’t get the job if he or she is applied to the company as
they do not have any specialise skill in any field. Since 2015 they have generated approx. 46%
employee’s opportunities for the public. Small business contributes a lot toward the economy as
they defined the business with less than 500 employees or less. Since 1995, they have generated
64%off new jobs and paid 44% pf the total United Kingdom payroll, according to SBA. They
give the biggest part of their income to the economy by paying taxes and fines in terms of
money. Their strong impact of the economy is their disposable income is high, promotes
customers confidence by decreasing the problem of the unemployment. They hire additional
employees so that they can expand in the retail market by adding new products. Their impact on
the slow economy is very changed from the above as consumer become more concerned about
their jobs as their income decides the job of the consumer. Economy is highly related to the
business opportunities as small business owners have very solid and financial backing so that
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they expand opportunities by buying all the resources so that they can defeat their struggling
competitors for the basic business base(Dennis., 2011). They have very big advantage over large
companies +as it adopts all economic swings. They take the decision on a very short notice to
increase and decrease workforce or product offering that change the company’s image.
P.4 Importance of small business on the growth of the social economy
Small business may not generate as much money as large companies as there are many
critical components that are to be followed by the small business to contribute in the strength of
local economies. They generate new employment opportunities and serve the building blocks of
the United Kingdom’ largest corporations. Some are as follows:
 Contribution: There is a very huge contribution of small business in the economy as they
defined the business as a very limited liability company and proprietorship. They
generate an employment opportunity for the public as they hire the local people who do
not have less skill as if they applied to the large companies they would not get selected.
They satisfy the customers by providing them the goods and the services according to
their needs at the best price and quality available in the market so that they can earn more
profit than others and will be able to retain in the market for longer period. They present
99.7% of all employer firm as their contribution is the highest in the growth of the social
economy as they analyse all the factors that are important for the economy.
 Economic growth: Small business contributes to the to the local economies as they satisfy
the customers by giving them what they want in the best quality possible. Their
generation of employment opportunities will help the economy in its growth as a society
is the main consideration of every business enterprise. They stimulate the economic
growth by providing employment opportunities to people who may not be employable by
large corporations. They attract new talent who invent new products or implements the
idea that is made by the management for the solutions of every problems. Large
companies depend upon the small business as they provide the base market to them.
 Adoptability to changing climates: most of the small business have the adaptability in the
changing climate as they make the goods and services according to the choices and the
references of the customers as costumers are very important for the growth and expansion
of the business in the social economy of the world. They adopt the changes very quickly
which occur in the social economy. They are solely based on the customers as it is
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costumer oriented and work according to the choices and the preferences of the
customer’s. Many local costumers will retain with the business as they are loyal to them
and economic crises. They make sure that they strengthen the world’s social economy as
they accumulate less revenue than large corporations.
 Social and local government offices: The importance of small business is very high in
school and government as their main consideration is the public which help them
growing end expanding in the market(Burns., 2010). small business generates very high
level of revenue which means that the business will pay more tax and penalty to the
government and that is how they contributes towards the growth of the social economy.
Social economy refers to the economy which considers the social factors that affect the
society to the core. This money is used for the social welfare of the society so that it can
grow and expand in terms of everything.
 Future growth: Future growth refers to the growth that is supposed to be achieved by the
small enterprises in the nearer future. Small business does not always stay small as they
stat with the very limited resources and by the time the availability of the resources gets
increased and they will get the chance to expand in the targeted market. By the time they
grew so that they can become the major player in the national and the international
market. Small business grows so that they can help the society as well as the economy to
grow socially.
So, all the above points show that how the small enterprise contributes to the growth of
the social economy of the world as their main target is to generate the employment opportunities
and retain the customers by giving them the product according to their choices and the
preferences so with the help of this they can retain in the market at a very good position by
earning more profit in the market.
TASK 3
P.5 Characteristics, traits and skills of entrepreneurs
These factors show the inbuild quality that are entrepreneurs have in them as this shows
the capabilities of performing a task in any situation occurred in the business life.
Characteristics:
Motivation: motivation is the first and the foremost characteristics of the entrepreneur as they are
enthusiastic, optimistic and future oriented. They believe they will be successful as they are
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willing to all the activates of the business by risking their resources so that they can earn more
profit. Bill gates is a highly motivated as he is ready to risk all his resources to achieve success
and earn profit in the future. His thinking is very straight forward as he wants to increase the
market share of his company. Steve jobs was highly motivated person as his main aim was to
achieve the success by hook or by crook so that he can extend the period of his carrier by facing
all the challenges in the business.
Versatility: it refers to the quality that the company worker has as it knows that his job role has
many tasks that should be performed by him with full efficiency and effectiveness so that they
can retain in the business for longer period. In the business and entrepreneurs are mentally
prepared to perform each and every task as it is important if they want to retain in the business.
Bill gates is a very versatile person as he tries lots of things just to make the business more
successful than now. Steve jobs was a very versatile person as he tried many things according to
the situation to make the business more successful than others.
Traits:
Passion: Passion refers to the ambition that is carried by the entrepreneur as they can go to any
extent just to get the best in their business life. Bill gates is a very passionate person as he
worked very hard to achieve the success in their carrier so that they can maintain their position in
their business by getting everything that they want(The 5 personality traits all entreprenuers
must have, 2017). Steve jobs was vey passionate about his work as he knew that there is lots of
ambition required by the work as according to the third law of motion there is reaction of each
and every action.
Vision: Vision refers to the power of seeing but in business terms vision refers to the goals that
are fixed by the business enterprise that has to be achieved with in a timeline. Bill gates has a
great vision to analyse all the factors that may affect the business in all the way possible as so if
there are some threats then that gets eliminated by the time with the help of corrective measures.
Steve jobs had a great vision as he knew what should be done at what time so that they can
achieve their goals by the time.
Skills:
Learn: This is the very important skills as an entrepreneur should always learn in their business
life from the experience as this will help them in growing in their business life so that they can
face any kind of challenges according to the situation. Bill gates has all the specialise skills in
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him as he is ready to learn each and every thing that will help him in getting success in his life.
Steve jobs was a learning person as he learned from his every mistake that is done by him and
also with his experience.
Focus: Focus is very important as it will help in achieving the business goals on time. Bill gates
is a much focused person as he does all his work with full attention to achieve efficiency. Steve
jobs was very focused towards his carrier as he knows what to achieve and at what time so that if
something lacks out then he can take the corrective measures.
P.6 Aspects of entrepreneurial
There are many aspects that reflects the motivation and mind set of them as it considers
all the factors that may affect it to the core so that they ac achieve the goals and objective on
time. Some are as follows:
 Passion: It refers to the personality traits that’s is carried by the entrepreneur throughout
the trials and the tribulations that is internally realised by them so that they can set their
mission for the greater good. The passion reflects the entrepreneurial motivations as they
are highly motivated toward their work so that they can achieve the success in their
carrier whereas it also reflects the mind set by exactly knowing what should be done in
what manner.
 Resilience: It refers to the success that is an ability that is used by the entrepreneurs to
achieve the success at the correct point of time so that they can avoid all the threats by
taking corrective measures(Drucker., 2014). This reflects the motivation by targeting the
gaps that led to earlier failures. It is about the ability to learn from earlier failures. It is
about connecting the anecdotes and maintaining the morale of self-high. No enterprise
can achieve success in a go. It is a process in continuum where one keeps on updating the
process and diversifies itself.
 Strong sense of self: Being self-motivated and highly confident is the key trait for being
a successful entrepreneur. Amid high competition and constraints an entrepreneur needs
to maintain self as high. In a recent report published in Indian Express, in a period of a
year maximum of the entrepreneurs had to shut down their ventures because of various
constraints like manpower, finances, approvals etc. However, they can succeed only
when they continue to strive and make efforts.
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 Flexibility: Rigidity and Status-quoins leads to failures. Only those can survive who can
adept themselves to changing market conditions. Like It was a different working
scenario before 2008 financial crisis, now things are changed.
 Vision: An organisation gets its boost from a common vision, when every employee is
adhered to achieving of common goals.
In words of Kausalya leader is the one who can see the things happening, who can
foresee the future(Storey., 2010). Innovation coupled with diversification and commitment to
purpose leads to an organisation’s success. We can see the vision statement of each successful
Organization and from this Vision statement we can take a idea of its Management’s views and
overall architecture.
TASK 4
P.7 Role of background and experience
Background and experience can assist an Organization to take faster leaps of growth.
Industrial revolution led to growth of Capitalism in UK and USA. This background and
experience assisted them in becoming developed nations. Whereas the developing nations like
India are still striving to achieve that growth because of lack of experience and background. An
Organisation with good background and financial health can achieve faster growth. We can see
rise of few Oligopolies and cartels that fast capture the market. New Organisations also want to
attract employees from successful Organisations so that their experience of working with bigger
Organisations can be harnessed and utilized for developing faster proficiency(Drucker., 2014).
Experience is a prerequisite for the success of any Organisation. But few organisations that were
comparatively new but with good innovative practices and keen to find the dimensions where
they can excel grew fast like Goggle, Amazon. With the internet technology finding fast place in
the developing nations their usage is growing manifold. The tech-giants in India like Infosys
used the experience and innovation of their founders to fast capitalize on market needs. These
days Algorithm-trading and other software based technologies are being fast adopted to find the
market trends and capitalize on the available gaps.
CONCLUSION
Entrepreneurship is all about innovation and persistent efforts. Some organizations can
achieve faster success in the markets because of the demand for its products while some may
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take some time because of initial constraints it faces. It is not sure that a successful Organisation
may continue to be successful. For it to be successful for a longer period it needs to renovate
itself with the changing times. The examples can be German Motors. Every year various
Organisations enters into Fortune 500 list and every year various gets out of it. In the rapidly
changing scenarios every Organisation should keep itself in tune with the demand of the market.
With the fast-evolving regulatory regimes and Sustainable development goals the
entrepreneurship challenges widen and also provides multiple opportunities as well.
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REFERENCES
Books and journal
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business.
Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fairoz, F.M., Hirobumi, T. and Tanaka, Y., 2010. Entrepreneurial orientation and business
performance of small and medium scale enterprises of Hambantota District Sri Lanka. Asian
Social Science. 6(3). p.34.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business ethics. 98(3).
pp.425-453.
Hall, J.K., Daneke, G.A. and Lenox, M.J., 2010. Sustainable development and entrepreneurship:
Past contributions and future directions. Journal of Business Venturing. 25(5). pp.439-448.
Nga, J.K.H. and Shamuganathan, G., 2010. The influence of personality traits and demographic
factors on social entrepreneurship start up intentions. Journal of business ethics. 95(2).
pp.259-282.
Osterwalder, A. and Pigneur, Y., 2010. Business model generation: a handbook for visionaries,
game changers, and challengers. John Wiley & Sons.
Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Storey, D.J. and Greene, F.J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
Terziovski, M., 2010. Innovation practice and its performance implications in small and medium
enterprises (SMEs) in the manufacturing sector: a resource‐based view. Strategic
Management Journal. 31(8). pp.892-902.
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