Entrepreneurial Ventures: Types, Impact, and Characteristics Report

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining various entrepreneurial ventures, such as small business ventures, scale start-ups, social entrepreneurship, and large company entrepreneurship, along with their respective characteristics and relationships. The report then evaluates the similarities and differences among these ventures. Furthermore, it analyzes the significant impact of micro and small companies on a country's economy, emphasizing their role in GDP growth and societal development. The analysis extends to examining the traits, skills, and personality characteristics of successful entrepreneurs, differentiating them from traditional managers. The report also explores how background and experience can either facilitate or hinder entrepreneurial endeavors, providing valuable insights for aspiring entrepreneurs and business enthusiasts.

Entrepreneurship and
small business
management

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Explanation of various types of entrepreneurial ventures and their relationship with
different types of entrepreneurship..............................................................................................1
P2. Evaluation of the similarities and differences that entrepreneurial ventures possess............2
M1. Identification of different entrepreneurial ventures to understand entrepreneurship in both
corporate and public sector..........................................................................................................2
D1. Examination of scope, growth, and development of the entrepreneurial ventures...............3
TASK 2............................................................................................................................................3
P3. Analysis of the impact of small and micro companies on the economy of a country in a
larger aspect.................................................................................................................................3
P4. Detailed examination of the role and importance of small firms and start-ups in growth of
the economy that is related with social aspect.............................................................................4
M2. Analysis of small, medium, and large scale firms differences that they put on the
economy of a nation.....................................................................................................................4
D2. Examination of the impact that small business put of various levels of economy that is
local, regional, and national and that too with international reference........................................4
TASK 3............................................................................................................................................5
P5. Detailed analysis and evaluation of the various characteristics traits and skills that
successful entrepreneurs possess which makes them different from other mangers of the
business........................................................................................................................................5
P6. Assessment of the personality of entrepreneurs that reflects their mindset and motivation. 6
M3. Evaluation of appropriate strategies that helps in improvement of market positive and
further taking a competitive edge over others in the market.......................................................6
D3. Analysis of different characteristic traits and skills of entrepreneurs that makes them
successful and also differentiates them from other manages by using suitable examples for it..7
TASK 4............................................................................................................................................7
P7. Evaluation and analysis of background and experience that could hinder or foster
entrepreneurship by using appropriate examples........................................................................7

M4. Identification of the link between various entrepreneurial characteristics and the level of
influence that experience and personal background put on successful entrepreneurs.................8
D4. Detailed evaluation and analysis of the factors that is background and experience and their
impact on entrepreneurs in both positive and negative aspect....................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship and small business management both are closely related with each other
as both are established to earn profit and growth in the long run so that it will help to establish a
market value of the firm in the industry as per the goals and objectives of the company (Botha
and Bignotti, 2016). This report covers various aspects that are related with different types of
entrepreneurship ventures and their relationship with other parts that are closely related with
various types of entrepreneur. Part from this the report also covers different similarities and
differences that entrepreneurial ventures, detailed analysis of micro and small firm’s impact on
the economy of a country, and its importance in growth and development of the society in the
long run. Further various characteristics traits and skills of successful entrepreneurs are discussed
that makes them different from others, their personality is also evaluated that reflects their
motivation and mind-set, and also evaluation and analysis of background and experience is done
to understand that it hinders or fosters entrepreneurship.
TASK 1
P1. Explanation of various types of entrepreneurial ventures and their relationship with different
types of entrepreneurship
Entrepreneur: An individual who makes attempt to establish a company and manage its
operations for generating revenue is termed as an entrepreneur. These are by nature influenced
and motivated to put long hours in setting a venture off to ground along with investing
everything for pursuing dreams.
Entrepreneurial venture: It is a company which puts focus on innovation together with
opportunism at centre for making social or economic value (Laukkanen and Tornikoski, 2018). It
drive changes with pertaining and potential trends to enable success. Certain kinds of
entrepreneurial venture are as defined:
Small business venture: A business that makes revenue to support family along with
modest lifestyle is said to small business venture. It do not seek for venture capital funding or
large scale profit rather looks to meet needs of community. Examples of small business venture
includes Davison Canners, Imaginera, TrustedHousesitters and Marshfield Bakery.
Scale start-up: A category of entreprenurial venture that believes to change the globe is
defined as scale start-up. They look for rapid expansion as well as big profit returns. It hire

specialised people and receive funding from venture capitalist. Some examples about scale start-
up are Instagram, CCD, Facebook, Amazon and Twitter.
Social entrepreneurship: There are ventures that aims for resolving social problems
with offerings is categorised to social entrepreneurship. It is an approach for developing, funding
along with executing solutions to issues pertaining in social, cultural along with environmental
aspects. Examples associated to social entrepreneurship are Children's University, Dot Dot Dot,
NHS and Care Home UK.
Large company entrepreneurship: An enterprise which have finite levels of life cycle
is described to large company entrepreneurship (Botha and Bignotti, 2016). It is generally for
advanced professional that have knowledge about ways to sustain innovation. It creates new
services addition to commodities in accordance to consumer preferences so that demands are
met. Samsung, Google, Microsoft, Tesco and Apple.
Entrepreneurial typology:
Male typology: The entrepreneurial typology which is established and managed by male
entrepreneur is said to male typology. Small business entrepreneurship is related with male
typology because male have strong decision making power and responsibilities towards family.
Female typology: In changing era, there are enterprises that are established and managed
by female entrepreneur which are said to female typology. Female typology is linked with social
entrepreneurship as women are more emotional and have some connections with community so
that issues about society as well as environment are solved promptly.
Growth typology: An entrepreneurial typology which creates break out and rapidly
expand in form of revenues are growth typology. This category of typology is related with large
scale business as entrepreneurs of these business establish business to achieve upward growth
through wide production and mass job creation.
Lifestyle typology: Entrepreneurial typology which seeks to create changes in lifestyle
despite of making profits is named as lifestyle typology. It is closely linked with scale startup
venture as entrepreneurs of such venture have aim to change their lifestyle along with that of
others.
P2. Evaluation of the similarities and differences that entrepreneurial ventures possess
There are various types of similarities as well as differences between entrepreneurial
ventures and all of them are described below in detail below-

Differences:
Basis of
differentiation
Small business Scale startups Social
entrepreneurshi
p
Large company
Meaning It is said to venture
that meets needs of
local community
and earn for family
living.
It refers to
enterprise that
takes innovative
idea along with
search for
repeatable
business model to
achieve high
growth.
It is described as
a company that
looks after
framing and
executing
solutions
pertaining in
society(Saseendra
n and Salman,
2019).
It is a business
that involve solid
life cycle and
provides new
kinds of offerings
to make larger
revenues.
Objective Objective behind
small business
entrepreneurship is
to meet needs of
local community
and earn for family
living.
Objective of
entrepreneur of
scale start-up is to
look towards
things that are
missing in market
as well as
developing
solutions for
them.
Objective of
social
entrepreneurial
venture is to solve
problems or
issues within
society through
suitable products
or services.
Objective of large
company
entrepreneurship
is to make huge
revenues and
sustain
innovation.
Resources
required
 Premises and
equipments.
 Support
system.
 Industry
Know how.
 Business
plan.
 Appropria
te funding.
 Experienc
ed
 Effective
support
system.
 Influencin
g staff.
 Monetary
 Land and
Building.
 Technolog
y.
 Human
resources.

employees
.
resources.  Funds.
 License
and
permits
Similarities:
 The main similarity that is most common between all the ventures including small
business, scale start-ups, social enterprise and large entrepreneurship is that all are
established with a motive to earn profit and to leave a mark in the market and to be
successful in the long run so that it can be beneficial for all that is firm, nation, and
society.
 All business venture comprising social enterprise, scale start-ups, small business and
large company have similarity that all hire employees having different skill set and
knowledge level so that all operations are carried out effectively as well as promptly.
 All the companies put their best move forward so that the business could be able to
sustain in the market for a long period of time and to beat the competition that is
prevailing in the similar industry in which the firm is operating and doing its business
(Gimmon, Yitshaki and Hantman, 2018).
M1. Identification of different entrepreneurial ventures to understand entrepreneurship in both
corporate and public sector
There are a number of ventures and all are closely related with one of the other aspect of
entrepreneurship and also it possesses a lot of importance in the long run from the nation’s point
of view and all of them are explained in detail below-
 Both public and private firms focuses on accomplishing its goals and objectives that are
laid down at the starting of the company and mainly it is to give the best quality product
and services to the society so that it can achieve its goal to earn profitability and to
sustain in the market for a longer period of time can be achieved in a correct as well as in
a precise manner.
Apart from these both uses a variety of latest tools and technologies in order to maximise its
profits by using the available resources in an effective and efficient manner so that it could also
add to the improvement of the society in the long run (Huynh and Patton, 2018).

D1. Examination of scope, growth, and development of the entrepreneurial ventures
As it can be seen from the above that entrepreneurial venture is a large aspect that has
many small aspects involved in it and thus its scope is very vast in nature because a firm possess
multiple options in it and thus it has the potential to take the firm towards its goals and
subsequently achieved it too with utmost efficiency and effectiveness. There are various ways
too that are open for each and very firm to develop in it and it provides every firm equal
opportunity to grow and prosper in the long run and it’s up to the after that in which direction it
wants to go but it tends to give ample alternatives to develop. Apart from this there are multiple
opportunities that are prevailing in every industry that provides enough growth opportunities to
all firms irrespective of the industry in which it operates as well as it also gives companies
alternative opportunity to grow and prosper internationally without much problems (Kuzieva,
2020).
TASK 2
P3. Analysis of the impact of small and micro companies on the economy of a country in a larger
aspect
Micro and small business possess a lot of value and it can be said as the backbone of each
and every country and the one which has a strong micro and small firms background that nation
can progress and prosper more in the long run as compared to the nation that is not that good
enough in this aspect. These firms are very important for every country as it provides basic
facilities to the society as well as it helps to increase the GDP that is very crucial as well as
critical for the growth and development of the society as well as the country. It can be seen from
the example of the UK is that the country was lacking behind many other nations in small and
micro enterprises in the late 20th century but it has taken many decisions so as to improve the
condition of these companies in the country which has proved very beneficial for the nation and
its citizens. Now the UK is one of the largest country in terms of micro and small businesses in
the country and it can be said that it is very essential as well as important for each and every one
to back up its small and micro firms so that it can be useful in the growth and development of the
economy of that country (Laukkanen and Tornikoski, 2018).
Chart showing impacts which small and micro businesses have on economy of a nation:

Illustration 1: Impact of small and micro businesses on UK's economy. 2021
(Source: Impact of small and micro businesses on UK's economy. 2021)
From the mentioned chart, it can be interpreted that small and micro businesses have
favourable impacts on developing economy of UK. In past five years that are 2015 to 2020, it is
seen that small and micro businesses have employed around 15.7 million people and are
continuing on the trend that devising around 25000 jobs each year. These will also added around
£ 1.2 Billion in the economy of UK by end of 2021 that will lead to positive contribution (Impact
of small and micro businesses on UK's economy, 2021). Small and micro sized venture have
made great improvements in building roads that has improved infrastructure of UK to great
extent. Small and micro businesses impact a lot on the economy of the UK as it helps in
providing goods and services to those sector that are lacking behind and thus acts as a tool of
improving the conditioning and positioning of the society towards a better way. Apart from that
it also helps in creating a lot of employment opportunities that subsequently helps in increasing
the standard of living of the citizens that are living in the society and thus as a result increase

spending are done which as a result generates revenue opportunities for the country that proves
beneficial in increasing the Gross Domestic Product of the UK and thus it can be said that small
and micro enterprises plays a very crucial as well as important role in the growth and
development of the country like UK.
Illustration 2: Impact of small and micro businesses on UK's economy. 2021
(Source: Impact of small and micro businesses on UK's economy. 2021)
As per the chart, it is analysed that small and micro businesses contributes to great extent
towards other businesses, employment along with turnover. It is determined that small businesses
contribute to nearby 76.0% to other businesses while micro business contributes to approx 19.7%
to development of other businesses in UK (Impact of small and micro businesses on UK's
economy, 2021). Moreover, small businesses helps government of the nation by contributing in
employment to 17.6% population. Likewise, micro businesses contributes to 15.3% employment
generation in the economy of UK.
P4. Detailed examination of the role and importance of small firms and start-ups in growth of the
economy that is related with social aspect
Social economy is termed as rich diversity of organisations that shares common features
along with values. In social economy, small and startup firms help in attaining growth which is
concerned with social aspect. Key importance of small and startups in growth of social economy
are as follows:
Generating employment: Small and starts-ups plays important role in developing social
economy as they devise group of skilled as well as semi skilled workforce that supports
expansion and future industrial development. Within social economy, small and start up
businesses have employed around 16.3 million of population that contributes to around 60% of
total jobs within UK. It is also analysed that these ventures accounts to 70% jobs in private sector
which supports local or community economy to bring growth, innovation together with
prosperity which facilitates equal distribution of wealth and that of income giving rise to social
economy of UK (Madzimure, 2020).

Generating competition along with encouraging innovation in range of industries:
Small and start-up businesses provides social economy with healthy supply of new ideas in order
to make marketplace more dynamic. These businesses have shaken respective industries for
advancing technologies resulting to huge innovations. Entrepreneurs of such businesses
identifies new market as well as opens up new market that contributes greatly in development of
social economy of UK.
Responding to changes: Business environment is changing, so is social economy. Small
and scale starts-up businesses understand needs addition to requirement of local residents so to
respond effectively towards their changes. At present, small and scale start-ups account to
approx 99.5% business that significantly fosters productivity of overall social economy (Mishra,
Mishra and Mishra, 2018). Moreover, these businesses also invest resources so to bring plenty of
initiatives among organisations within the society of UK that leads to positive contribution in
developing social economy of the nation.
M2. Analysis of small, medium, and large scale firms differences that they put on the economy
of a nation
All of the firm whether it is small, medium, or large in size all contributes their share in the
growth, development, and welfare of the country as well as society. Though it can be said that
each one of the firm carry equal importance because of their needs, requirements, and demands
in the market they all possess different value from the country’s point of view. While small firms
contribute in job creation opportunities, availability of products and services to each and every
citizen, etc. Whereas medium scale companies mainly focuses on growth and development of
their firm so that they could make a place in the market so as to contribute in the growth and
development of the country as well as society and its citizens. The large scale firms contribute
directly in the development and growth of a nation and also help it to improve its GDP and per
capita income and also it proves very useful for the society and its people in the long run.
D2. Examination of the impact that small business put of various levels of economy that is local,
regional, and national and that too with international reference
As it can be understood from the above that small firms carry a lot of importance not only for the
country but for its citizens and society too. Thus it becomes very important as well as crucial for
every country to put special focus on this aspect as it helps in various aspects that are very
critical from the country’s point of view. Small business helps in the improvement of local aspect

of a country by providing different types of products and services that are essential too to the
society and also gives various job opportunities and helps in the development of the society as
well as its growth in the long run. Small firms also prove very useful in promoting the regional
aspects of a particular geographical location and thus by it way it helps to promote the regionalist
factor of a particular place throughout the world. It is also very beneficial from the nation’ point
of view as it contributes to the gross domestic product and per capita income of a country which
is one of the most important aspect for a nation and thus these are the ways by which the small
scale firms helps in all the directions whether it is local, regional, or national it contributes in all
of the above (Malgas and Zondi, 2020).
TASK 3
P5. Detailed analysis and evaluation of the various characteristics traits and skills that successful
entrepreneurs possess which makes them different from other mangers of the business
There are a number of different characteristic traits and skills those successful
entrepreneurs’ posses that differentiates them from other ordinary business managers working in
the similar industry as they are. All of them are discussed below in detail-
Characteristics traits of successful entrepreneurs-
 Motivation- All the entrepreneurs that are highly successful in the current as well as past
scenario all of them have one thing in common that is motivation and all of them are
highly motivated by themselves and does not require any external source of it and that is
one of the most important trait that differentiates them from other business mangers.
Creativity- Entrepreneurs that are successful almost each and every one of them was creativity
in their fields and thinks beyond the limits so as to make such a innovation that could change
every one person that will use it in a positive way and this trait aspect ordinary managers lack
(Mishra, Mishra and Mishra, 2018).
Skills of successful entrepreneurs-
 Ambition- It is one of the main skills that almost all successful entrepreneurs have as all
of them have a goal and objective that helps them to achieve that in the long run and this
skill is lacked by the ordinary business managers.
 Risk taking- It is the most essential as well as important skill that each and every
successful entrepreneur possess. Entrepreneur often take risks so as to do something