Entrepreneurship: Typology, Ventures, and Economic Impact Report

This report provides a comprehensive analysis of entrepreneurship, covering various types of entrepreneurial ventures and their typologies, including small business ventures, social ventures, and large-scale ventures. It highlights the differences and similarities between these ventures and assesses the impact of micro and small businesses on the economy, supported by statistical data. The report also examines the characteristic traits and skills of successful entrepreneurs, using the OCEAN model to explain entrepreneurial motivation. Additionally, the report includes case studies of Peter Jones, Socorro Ramos, and Richard Branson to illustrate different entrepreneurial styles and backgrounds. The document concludes that entrepreneurship plays a vital role in economic development and emphasizes the importance of small businesses and start-ups in improving living standards and fostering innovation. Desklib provides access to this and many other solved assignments.

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Contents
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
CONCLUSION...........................................................................................................................................6
REFERENCES............................................................................................................................................7

PART 1 Business Management
INTRODUCTION
An entrepreneur may be defined as the one which find the business opportunity which are
higher in demand and can lead to create high impact in market. This can lead to take high
risk and get high rewards through making high business. Basically an entrepreneur is a
person who sets up a business who takes financial risk for purpose of
profits(Aithal.,2015). In this report, there is discussion about the various types of
entrepreneurial ventures including entrepreneurship typology. In addition to this, the report
will cover analysis about differences, similarities between entrepreneurial ventures and
also regarding the influence of micro as well as small businesses in economy. Along with
this, the significance of start-ups and small business impact positively on the overall
growth of social economy.. Moreover, the report will cover analysis about characteristic
traits & successful entrepreneur’s skills which differentiate them from other business
managers. This report also includes aspects related with entrepreneurial personality which
reflects entrepreneurial motivation which has explained through OCEAN model
P1 different entrepreneurial ventures along with their typology relations of
entrepreneurship
Various types of entrepreneurial ventures are there which includes business world and it is
defined into the following manner:
Small business venture: Under such venture, people who makes high profit to support
their families along with living a modern lifestyle as well. This kind of venture basically
lacks of innovation factor and also not successful in terms of attracting large amount of
For instance, The agency Xcite digital is a digital marketing agency which develops, design as well
as market websites for clients that is Skoda runs, Pizza express and so on.
Social Venture: This is the venture which includes the social problem and includes various
activities within social values. Example- an organization named Virgin group which is an
investment company have focus on the travel, tourism and leisure’s. This organization head office
in London, UK.
Large scale ventures: It refers to the needs and opportunities of an existing business through
innovation aspect & is an effective factor for professionals who know how to sustain in innovation.
For example: Samsung is a company which is electronics based and a South Korean multinational
organization that head office in SUWON .
Entrepreneurship Typology related to start-up ventures
Entrepreneurial typologies include different type in which there are business world and it is defined
into the following manner:
Growth Firms: These are the type of firm which comes under businesses and are
basically set with the purpose of earning maximum profits and to generate higher revenues as well.
Small and large enterprises are examples of growth firms.
Lifestyle enterprises: These are the enterprises is a kind of business set-up which are
operated by its founders with an initial aim of sustaining particular level of income (Deng and
et.al.,2016).Social enterprises is an example of lifestyle enterprises.

P2 Similarities and differences between entrepreneurial ventures
There are lots of differences and similarities between entrepreneurial ventures and it is
defined into the following manner:
Differences Small Business Ventures Social Ventures Large company
Objective The main motive of ventures
that is small is to maximise
profits and to work for
survival purpose (Durmaz
and Yaşar.,2016).
Theyfocusedtowardsmaintain
ing an appropriate level of
standard of living for
providing essential goods and
services
Here, the main
motive of social
venture is that to not
earn profits but seeks
to implement
widespread
movements in the
society.
The main objective
of large scale
venture is to earn
profits, focuses on
growth, stability,
efficiency and
survival as well.
Scale
Small business ventures are
established on a very small
scale with minimum amount
of financial support.
This kind of venture
operates at local level
and they have to be
creative in terms of
raising money
This kind of
venture basically
operates on a very
large scale so for
that purpose they
need large amount
of funds for
performing its
function on
continuous basis.

Characteristics This Form of
venture consist of
single ownership
which is in their
control.
These forms of
ventures focus on
resolving the social
issues.
These form of
venture’s objective
is to attain specific
goal(Gemino and
et.al., 2015). They
also have
willingness towards
to do hard work and
also they have huge
number of
employees.
Production process
of these are planned
in some specific
pattern.
Similarities:All these kinds of ventures have similarity in terms of creating value and also
provides opportunities to employment for the huge number of people that they can gain
higher level of confidence in terms of their growth of career (Harmon., 2019). They also
provide goods as well as services that are supportive in terms of increasing their living
standard along with medern lifestyle. All these kind of ventures contribute directly or
indirectly in terms of economic growth and development.
P3 Assess with support of statistics to illustrate how micro and small businesses impact on
the economy.
In the present time, minor and micro trade is increasing in an effective and fast manner in United
Kingdom. Along with this, small as well as micro businesses are privately owned and is consist
of limited number of staff members. (Haupt and et.al., 2015). In this, the small business is usually
regulated with the small scale of small with the selected employee. In addition to this, the
potential harm which is based on the different fact of economy which is divided following:
Impact of small business on economy
As per the above statistics, it is analyzed that the percentage of employment within small
business is approx. 48%. . The people who do not get chance to work in large corporations then
employment opportunities has been provided and in this manner small businesses contribute in
terms of development of an economy.

There are different set of function which is used to perform by the small business. The
tax collection is also defined as the set of factor which is applicable through the counted
set of source which make place in the growth and development of economy. Therefore,
the small business play important role in the uplifting of the growth and economy of the
market and country forth of development. They also create the tough job profile which
help to develop opportunity in term of care and growth of the organist ion to seek the
goal and objective.
In addition to this, the small business enterprise is usually a flexible term which is
associated with the service which is provided in the different function and that enhance
the potential enhancement against the wider enterprise. It is also analyzing that the
graph used to represent the various scope and business which is based on the various
fact of turnover that provide 50000 pound across the UK.
CONCLUSION
As per the above discussion, it is analyzed that the entrepreneurship usually plays vital role
within the economic development towards the growth and formulation of new ideas. With the
role of economy that help to show the factor which is usually contributed in term of factor of
economy for the country. There are various of entrepreneur who used to present the business
with the inclusion of characteristic and that provide an aspect which make role in the
formulation of successful and achievable entrepreneur.
REFERENCES
Books and Journals
Johnson, M.P. and Schaltegger, S., 2020. Entrepreneurship for sustainable development: A
review and multilevel causal mechanism framework. Entrepreneurship Theory and
Practice, 44(6), pp.1141-1173.
Jena, R.K., 2020. Measuring the impact of business management Student's attitude towards
entrepreneurship education on entrepreneurial intention: A case study. Computers in
Human Behavior, 107, p.106275.
Ahsan, M., 2020. Entrepreneurship and ethics in the sharing economy: A critical
perspective. Journal of Business Ethics, 161(1), pp.19-33.
Fritsch, M. and Wyrwich, M., 2019. Regional trajectories of entrepreneurship, knowledge, and
growth. International Studies in Entrepreneurship, 40.
Fichter, K. and Tiemann, I., 2018. Factors influencing university support for sustainable
entrepreneurship: Insights from explorative case studies. Journal of Cleaner
Production, 175, pp.512-524.
Online
About Peter Jones,2021[Online]Available through:<https://www.peterjones.com/about-peter-
jones/>
Socorro Ramos: National Book Stores Matriarch’s Success Story,
Micro Business Statistics UK 2021,2021[Online]Available
through:<https://www.smeloans.co.uk/blog/micro-business-statistics-uk/>
Richard Branson blog,2021[Online]Available through:https://www.virgin.com/branson-
family/richard-branson-blog/
Small and business management,2021[Online]Available
through:<https://www.weforum.org/agenda/2020/04/uk-covid-19-coronavirus-small-business-
loans-recession-economy/>

PART 2
Slide 1:
Slide 2

Slide 3

Notes:
Characteristics: Peter Jones has motivated nature and has good decision making ability that leads him towards achieving vision
within a set period of time(Secundo and et.al., 2017).
Skills: He has good focus towards his work and also have good communication skills so that he can accomplish his targets within a
set period of time(About Peter Jones).
Socorro Ramos: She is also known as Nancy Coring and also the founder of National book store.
Traits: She has good confidence level and also hard working lady in terms of achieving the target according to set period of time.

Characteristics: She has passion towards her work which leads her successfully in terms of opening a national book
store(Socorro Ramos: National Book Stores Matriarch’s Success Story).
Slide 4
Notes:
Characteristics: He is that entrepreneur who is a kind of ruthless personality and also loves to take risk.
Skills: He has good leadership quality and always thinks in an out of box manner in order to attract large number of
customers.
Slide 5

Notes:
Conscientiousness: It is a kind of trait that describes about actions in social acceptable ways and also have tendency to control
impulses.
Extraversion: It talks about two familiar ends of its spectrum that includes extroversion and introversion(Tisdale., 2015). For
example, Richard Branson is a social entrepreneur who have quality of extraversion because of his social and kind nature towards
different kinds of people(Richard Branson blog).
Agreeableness: It includes certain attributes such as kindness, trust, affection and pro social behaviours. These kind of people have
good understanding level and also cooperative in terms of nature.

Neuroticism: Neuroticism is not a factor of incompetence or meanness but one of being comfortable in one's own skin and confident
as well.
Slide 6:
Slide 7: