Entrepreneurship: Types, Impact, and Characteristics Analysis Report

This report provides a comprehensive overview of entrepreneurship, covering various types of entrepreneurial ventures such as small business, large company, and scalable businesses. It delves into the similarities and differences between these ventures, highlighting their operational aspects, resource requirements, and financial needs. The report also examines the impact of micro and small businesses on the economy, emphasizing their role in job creation and economic growth. Furthermore, it explores the characteristics, traits, and skills of successful entrepreneurs, as well as the influence of personal background on entrepreneurial endeavors. The analysis includes an understanding of entrepreneurship in both the public and corporate sectors, providing insights into the scope and growth of entrepreneurial ventures. The report uses examples such as Trio Telecom and Virgin Group to illustrate different types of entrepreneurial ventures. The document includes different sections like introduction, project 1 and project 2 with relevant tasks and their relevant analysis.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
PROJECT 1......................................................................................................................................1
TASK 1............................................................................................................................................1
P1) Various type of entrepreneurial ventures and their typology...........................................1
P2) Similarities and differences between entrepreneurial ventures.......................................2
M1) An understanding of entrepreneurship in both the public and corporate sector.............5
D1) Scope as well as growth of entrepreneur venture ...........................................................5
TASK 2............................................................................................................................................5
P3) Impact of Micro as well as small business on the economy............................................5
P4) Importance of SME in the social economic growth and development..........................12
M2) Difference between small, medium and large business ...............................................13
D2) Impact of small business on UK economy....................................................................13
TASK 3..........................................................................................................................................13
P5) Characteristic, traits as well as skills of Elizabeth Gooch and Tom Mercer................13
P6) Characteristic of entrepreneurial reflect entrepreneurial motivation and mind set.......13
M3) Different lines of argument relating to entrepreneurial characteristics........................14
D3) The characteristic, traits as well as skills.....................................................................14
TASK 4..........................................................................................................................................14
P7) Background as well as experiences that hinders the entrepreneurship..........................14
M4) Link between characteristics and its influence on entrepreneurial ventures................15
D4) Personal background influences enterprise...................................................................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is a very crucial aspect of any economy, it is not possible for any
economy to grow and prosper without having right kind of entrepreneurs. If a economy wants to
grow, it will have to make sure that individuals within the economy do have a different mindset
then just getting a job. There are various types of entrepreneurial avenues that are being available
to an individual, which he can use for the purpose of opening up his own venture for a longer
period of time. It is also important that Government and authorities make sure that right kind of
rules as well as regulations are there in place which will promote the entrepreneurial
environment at the market place . There is a need that proper and effective training are given to
individuals regarding entrepreneurship. Which will further enhance the aspects of individuals
becoming successful entrepreneurs (Blackburn, Hart and Wainwright, 2013). The current report
will have a detailed discussion regarding the various types of entrepreneurship and its typologies
available for entrepreneurs to conduct business and how the same can be enhanced and used for
the purpose of effective development. The impact of small businesses on the overall growth and
development of economy will also be discussed in detail under the current report.
PROJECT 1
TASK 1
P1) Various type of entrepreneurial ventures and their typology
The owner of a small and medium size business is called entrepreneurs and there are
various types of opportunities that are available to an individual to start up his own
entrepreneurial venture, The ventures are categorised on the basis of revenue that an organisation
conduct within a year and the number of employees that company posses, etc. these ventures are
as follows: Small Business Entrepreneurship: These are small business entrepreneurs who do have
certain interest in conducting business as well as making profits. These people will put
capital in the business upfront and are usually risk averse that means are not ready to take
much risk. They will have to make necessary profit for the purpose of their living and
fulfilling needs and wants of their families. They are not aspirant to become big business
people but usually conduct business for the purpose of satisfying the needs and demands
of families and living a livelihood. These ventures usually do have a small number of
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employees. Examples are. Plumbers, Electricians as well as other consultants who run
and manage their small business on their own. An example of such kind of business can
be Trio Telecom which is a small business. Large Company Entrepreneurship: These are owned as well as managed by more then
one entrepreneurs and thus it is essential to have enough capital to manage and run a
business. It is set up by entrepreneurs who does not lack funds and are having enough
funds for fuelling the growth as well as development of business in an effective as well as
efficient manner. For Example, Virgin Group. Scalable Business: These types of business are new as well as unique but are known to
people These types of ventures help in creating and development of new and innovative
products as well as services in the longer run. Large and reputed investor are usually
attracted towards these businesses. The products and services of these types of businesses
are usually served around the world. Apple Computers Inc. can be a good example of
Scalable Business (Carraher and Paridon, 2015).
Types of Entrepreneurs:
Research Entrepreneur: These are the people who will conduct business after having proper
research regarding the business and then will initiate a new business. It is highly essential to have
right kind of business opportunities and proper research before putting at stake the concerned
money or capital. This will allow them to conduct business with all the anticipation of failure
being priced in already.
Determined Entrepreneur: These are determined individuals who are having an ideology and
dreams that they want to replicate into a physical existence. These are people who are ready to
put their money or capital in business and are ready for the necessary risk that will come. They
are the one who innovate new sorts of things and are not ready to copy other, they innovate new
ideas for the purpose of growth as well as development of business.
Skeptical Entrepreneur: These types of entrepreneurs does not have much confidence in their
self abilities and rather believe that the ultimate growth and development of a business depends
on good luck and other factors, they are not hopeful for future results through their own efforts.
Thus they are sceptical over the results that they will get from the business (Carsrud and
Brännback, 2011).
Entrepreneurial Typologies
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Life style Ventures – These kind of organizations provides fast welfare to the
organizations. In this entrepreneur are mainly like to work on their own rules as well as norms.
These ventures are aimed at growing business on own and aim is to ramp up the lifestyle of the
entrepreneur himself.
Survival Ventures – The aim is to earn enough, so that support to family can be provided
a better living standard can be maintained by the family in the longer run. These ventures are
opened by entrepreneurs who's ultimate aim is not to become big but fulfil their needs as well as
demands (Chaston, 2014).
Managed Growth Ventures: These are organisations which are being managed by the
people who do have expertise as well as knowledge to attain higher level of profits in the longer
run. They are managed in an effective way which will ensure that a particular return on capital
will be achieved and investor's money will not be wasted in any case.
P2) Similarities and differences between entrepreneurial ventures
Types Differences Similarities
Large and Scalable
Entrepreneur Venture.
The operations as well as
functions of an large
entrepreneurial venture is
different.
 Large ventures usually
have large business
plan as compared to the
scalable business.
 The need of resources
of large business is
high and thus their
finance requirement is
also large and they
attract large investors
through a big and
innovative business
Both business systems are
usually established by the
entrepreneurs.
 The main purpose of
both business
enterprises is to
achieve long term
organisational goals as
well as targets. These
organisations put their
all efforts for the
purpose of long term
stability of the
business.
 The offered products
and services are
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ideas. Thus, scalable
business does not
require much financial
resources and they rely
on innovation for the
purpose of gaining
growth and
development (Dennis
Jr, 2011).
 Scalable business is
also large in size but
they differ in character.
They attract investors
through effective and
innovative products as
well as services.
innovative and are
usually different from
existing market
players, also they have
necessary resources to
tackle changes within
the business
environment easily.
Social as well as small
business Venture.
 The main aim of social
business venture is to
serve society through
their business activities
and their aim is not to
make profits but to
ultimately serve society
in the longer run.
 The objectives as well
as the purpose of
operating a business is
different for both the
organisation. Small
business owners wants
to fulfil the needs as
 Both the organisation
aims at achieving the
goals as well as targets
of the company in
general.
 The aim is to develop
new techniques for the
purpose of solving
customers needs and
wants in an effective as
well as efficient way.
 The ultimate aim is to
survive in the market
through proper growth
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well as wants of family
members, and on the
other hand social
enterprises is
concerned with doing
business for serving
society through their
social work.
 Small businesses
usually operates on
smaller scale and social
enterprises runs on a
larger scale usually
because of the size of
society is large enough
and they would need
large resources to serve
society, their aim is
large and thus
requirements will also
going to be large.
 Financial need of small
business is less
whereas for large
business it is quite
high, because of the
fact that they have to
serve whole society
and their needs.
as well as development
of the organisation at
the marketplace
(Fassin, Van Rossem
and Buelens, 2011).
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M1) An understanding of entrepreneurship in both the public and corporate sector
There are different entrepreneurial Ventures are accessible at the commercial centre. A
few ventures, for example, Scalable, social, small as well as vast business ventures. Scalable
Entrepreneurs are having own uniqueness and capacity to pull in large number of individuals
towards their inventive thoughts. Social and small organisations are working for satisfying the
necessities, needs and inclinations of the family, companions, relatives as well as society. In this
time period, each individual needed to be autonomous in corporate world. The entrepreneur who
is in corporate division give their best efforts for development and achievement of the
association. Government Sector Organisations are not worry about the work and assignment in
view of low pay rate they expected to not put their aptitudes and capacity in development of the
firm.
D1) Scope as well as growth of entrepreneur venture
Business Entrepreneurs try to to accomplish large scale objectives, feasible social
changes with the utilization of resources of society in an effective manner that will bring
innovation within the business. They are more engaged towards life rewards gave to a man, with
the goal that they can appreciate and have an energy for what they are doing (Fayolle, 2013).
TASK 2
P3) Impact of Micro as well as small business on the economy
Small as well as micro business plays a very crucial role in the growth and development
of an economy, thus it can be said that their role is quite remarkable in giving jobs to individuals
within the country and thus it is quite essential to have a right kind of policies as well as
procedure that will enable the small and micro businesses to flourish. For the purpose of
knowing about the different aspects of impacts on businesses and economy of United Kingdom,
A questionnaire was prepared by the government authority of UK, Which regulates small and
medium enterprises of the country. The respondents were entrepreneurs who were doing
business and were having small scale business within the country. The number of respondents
taken were 30 (George and Bock, 2011).
QUESTIONNAIRE
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Q 1) What is the role of small business in the overall
growth as well as development of the Economy?
Frequency
 Employment Creation 25
 Effective use of resources of the society 5
Q 2) What are the benefits that are being derived by
country through effective implementation of small and
medium business enterprises?
Frequency
 Cost efficiency 15
 Better Customer Delivery 05
 High Growth 10
Q 3) In which sector of the economy, Small and medium
enterprises has flourished?
Frequency
 Telecommunication 10
 Financial Sector 10
 Real Estate 05
 Pharmaceutical 05
Q 4) What are the measures adopted by the Government
for the purpose of enhancing the overall growth and
development of SME's?
Frequency
7

 Subsidies 12
 Loans at lower interest rates 12
 Efficient Policy framing for SME's 03
 Various Technological Assistance 03
Q 5) Do growth of SME's impact the economic condition
as well as health of United Kingdom?
Frequency
 YES 25
 NO 5
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Data Analysis
1.
Q 1) What is the role of small business in the overall
growth as well as development of the Economy?
Frequency
 Employment Creation 25
 Effective use of resources of the society 5
Interpretation: When asked from respondent that what is the overall impact of SME's and its
growth on the growth and development of economy, majority of people that means around 25
said that it leads to higher employment creation and only 5 entrepreneur said that it will lead to
effective utilisation of resources.
9
25
5
Employment Creation
Effective use of resources of
the society

2.
Q 2) What are the benefits that are being derived by
country through effective implementation of small and
medium business enterprises?
Frequency
 Cost efficiency 15
 Better Customer Delivery 05
 High Growth 10
Interpretation: When asked from respondents that what benefits are derived by the country from
SME's, around 15 respondents said that it leads to cost efficiency, 5 people said that it leads to
better customer delivery and 10 people said that it helps in achieving higher growth.
10
15
5
10
Cost efficiency
Better Customer Delivery
High Growth