Entrepreneurship Ventures, Small Business, and Entrepreneurship Report

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining entrepreneurship and small businesses, then explores various types of entrepreneurial ventures, including innovative, re-create, socialism, and modulation entrepreneurs, and relates them to different typologies such as scalable, small business, and social entrepreneurship. The report also examines the similarities and differences between large and scalable entrepreneurial ventures, small and social ventures, and male and female entrepreneurs, as well as lifestyle and serial ventures. Furthermore, it analyzes the impact of micro and small businesses on the economy, providing statistical data and discussing the influence of the economy on these enterprises. The report also highlights the contributions of small and micro businesses to the UK economy and their role in employment and turnover. The report concludes by providing a comprehensive overview of the topics discussed, emphasizing the importance of entrepreneurship in the business world.

Entrepreneurship
and Small Business
Management

Table of Contents

INTRODUCTION
Entrepreneurship has a broad scope of meanings, the willingness and capability to create,
deal and manage a business project along with any of its risks in order to make a profit. The most
evident example of entrepreneurship is the starting of new business (Mariotti and Glackin, 2015).
And small business is an independently handled and function company that is limited in size and
in revenue depending on the industry.
In this report covers different types of entrepreneurial ventures and relate to the typology
of entrepreneurship. Explore similarities and differences between entrepreneurial ventures, mini
research on micro and small business. Importance of small business and businesses start ups and
determine characteristics, traits and skills of two successful entrepreneur these are Joe woods and
Philip green.
TASK 1
P1 Different types of entrepreneurial ventures and its related to the typology of entrepreneurship
Entrepreneur
An entrepreneur is an individual who identifies a need in the marketplace and works to
fulfil it. On the broad level an entrepreneur is a person of very high ability who innovator
relation, dominate characteristics found in only a very small fraction of the population (Schaper
and et. al., 2014). On other side, anyone who wants to work in own way that is reasoned to be an
entrepreneur.
Entrepreneurial Ventures
It can be determinate as an organisation that places self-interest and innovation at its heart
in order to make social and economic value. It is centred on supply consultative services to early
and mid stage companies. Entrepreneurial ventures' roles are depending on the level of the
company.
Entrepreneurs types
In business world to see different types of entrepreneurs that are related to different areas,
they are as follows -
Innovative Entrepreneur – These are included one of them, who are invent new ideas, new
production and new ideas methods or processes, discover potential markets and recognize the
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company's structure. These are industry leaders and contributes significantly towards the
economic development of the country.
Re-create Entrepreneurs – These types of entrepreneurs are who instantly copy the new
innovation made by the innovative entrepreneurs. These do not make any innovations by
themselves. They just immediate copy of the processes, new innovation, technology and methods
conceiver by others (Burns and Dewhurst, 2016).
Socialism Entrepreneurs – These types of entrepreneurs are unbelieving about the changes to be
made in the organization. They are believing to solving problems with creativity but follow only
after they are satisfied with its success rate. They wait for some time before the innovation
becomes well tested by others and do not result in a huge loss due to its failure.
Modulation entrepreneurs – These types of entrepreneurs are reluctant to changes since they are
very conservative and do not want to make any changes in the organization. They are happy with
their present mode of business and do not want to change even if they are suffering the losses.
Entrepreneurship
It is the process of designing, launching, and running a new business, which is often
initially small business. The people who create these businesses are called entrepreneurs. It is
also defined as the capacity and willingness to develop, organize and manage a business venture
along with any of its risks in order to make a profit (Storey, 2017).
Types of Entrepreneurial ventures
It is shows small and medium sizes ventures are
Scalable entrepreneurship: These types of entrepreneurs starts a company to knowing from day
one that their vision could change the world. This type business are created with the help of their
strong ideas. These types of entrepreneurship have vision, mission to achieve by their ideas.
They taking finance facility from market and convenience people for investing in their ideas.
Small business entrepreneurship: In present scenario, there are 6 million people are operating
small business enterprises in the market with in united kingdom. In these types business
including grocery stores, travel agents, hairdressers, carpenters, electricians and plumbers. For
regulating of business hire local employees or family that are profitable to them. It is helping to
them to grab own profit in own way.
Social entrepreneurship: It is the type of enterprises are focusing on creating products and
services that are useful for people and provide facility to solve problems. They are manufactures
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Eco products that are providing healthy environment and useful to everyone. For example:
Patanjali goods are providing healthy life and good quality products.
Relationship of ventures with its typologies
All types of ventures are related to the typologies in different or other way such as social,
scalable and lifestyle entrepreneurship (Fayolle and Gailly, 2015). It is linked with succeed the
development of venture typology. Their are different kinds of typologies which are connected in
an effective way with the ventures which are running within the market.
Types of typology
It is classified according to people, things or other commodities that are certain
differences. It helps to researches and other to better understand certain condition and factors.
Lifestyle Ventures – In this type of venture immediately taking benefits and these also helping to
business. These types of ventures mainly establish business in alone to area for working with
peacefully.
Managed growth ventures – An smart businessmen wants to earn lots of money so for earn they
adopted these types enterprises. It is provide growth to them when they are invest money those
businesses are using money to earn profit not waste money in waste things (Mugler, 2017). It is
mostly related to big type enterprises.
Survival ventures – In this type of enterprises are started to provide basic facilities to family and
accomplish money according to requirement. In this including small businesses are grocery store,
internet cafe and barber store.
Conclusion – It is concluded that Entrepreneurship have different types of ventures that are
helping to stated of business and apply ideas. These are related to different type of typologies
that are helping to manage things, people and commodities. With the help of them easily apply
ideas to starting business.
P2 Similarities and differences within entrepreneurial ventures
Businesses Similarities Difference
Large and scalable
entrepreneur
 Both entrepreneurial
venture wants take
initiative and purpose
 Large organisation are
has investing different
types resources in
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to create changes in
structure and
representation of a
market and
merchandise.
 Major aim of this
enterprises that with
the help of different
running business has
acquire advantages
with earning activities
(Schaper, 2016).
result contains higher
level of loss while
Scalable entrepreneur
not using much more
resources and not
spending on different
things.
 Scalable venture are
believing to aid firms
for improving their
ideas.
Small and social
entrepreneurial
 These types of
businesses are using
different creative and
innovative ideas for
achieving their set
outcomes in an
effective way.
 Main purpose of both
companies are to
provide healthy and
good products to
customers.
 Small organization are
that type enterprise that
are achieving
advantage on higher
level. On different
hand, social
entrepreneur is to
provide facility to
society and solving
issues of society.
 Major objectives and
goals of social venture
is to provide the
services who needs to
help and who are
suffering from hapless
situations.
 Social entrepreneurial
helping to nation for
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solving social issues
and provide a better
place to everyone.
Female and male
entrepreneurial
 Both entrepreneurs are
working for achieving
their set goals.
 Male and female both
are doing hard work for
achieving tasks in good
ways (Burrows, 2015)..
 Both have equal
knowledge and skills
 Male entrepreneur can
easily taking decision
own side but female
entrepreneur have
several problems that
are effected to decision
power. But when face
typical situation that
time handle in effective
way.
 Female Entrepreneur
are sensible so when
taking decision that
time take time and
consult with many
people but they are
more wishful.
Lifestyle and serial venture  Both are carry out
same aims because
both are using different
ideas in the market
place of business.
 Both ventures are
working hard for bright
future and providing
ideas.
 Lifestyle ventures are
not merge with small
enterprises. On
different side, serial
ventures are garbing all
opportunities which
will help to growth.
 Serial venture are using
most appropriate ideas
for clear ideas which
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helping to conducting
business activity. In
different side Lifestyle
business supports for
goods and services that
are providing human
facility.
TASK 2
P3 Assets and interpret how small and micro economy impact on economy
In the society various types enterprises that are affected by social activities and these are
organised according to society. They are as follows -
Micro business – In these types enterprises are having one and more owner that are control and
operate business. They are recruit employees in enterprises and there are different types
department. Mostly these types of businesses are starting by youngest people who want to earn
money and growth in future. They are working according to own way to improve skills and
capabilities. In united kingdom, there are around 5.3 million micro enterprises are operating
(Baum, Frese and Baron, 2014).
Medium size business – Mostly organisation are divided in s,mall and large size enterprises but
there are exist medium size enterprises. On medium size enterprises not providing official
definition that are justify. But there are number of workers are working about 200 to 300 that are
medium size enterprises.
Small business – It is a type of enterprises where one single person started business to earn more
and more profit for improve higher level skills. These enterprises not working not broad level
and not investing on different resources. Mostly business started with small venture but in future
taking advantages. In united kingdom have more than 5 million small businesses.
Small and Micro businesses Contribution in growth of UK
Particular Number of Employees Total Assets Annual Sales
Micro Enterprise <12 ≤ £2.5 m ≤ £2 m
Small Enterprises <60 ≤ £12m ≤ £09 m
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Medium Enterprises <280 ≤ £55 m ≤ £47 m
Statistical data that are impact on SME on UK -
 In the starting of 2018, there is around of 5.7 million businesses are registered related to
small scale.
 In the private sector 0.5% business population is fall but ration of emplacement increased
by 0.2%
 Estimate 16.4 million public is employed in SMEs that is total of the population 60%
who are working under private sector.
 In UK, Small and micro business accounts for 99.3% of entire private businesses in 2018
where small and medium size companies around 99%
 After analysis it is getting that combined turn over of SMEs for 2018 is 2.0 trillion
pounds.
Influence of economy on small and micro enterprises
Management of small and micro businesses are using effective research to organise for
find out of trends that are related to present scenario in the market. Basically these types of
business effected to market because new enterprise coming in market so in marketing they
provided goods in low prices that are effected to other enterprises. They are also providing new
structure of business, increase level of no of business and it is also provided jobs in these
enterprises (Wach, 2014). Major influence are identify that are influencing by small and micro
enterprise, are as follows -
Local impact – These organisation are influence of local areas in big way as they concentrate
much on carry out of citizen demands only. These enterprises mostly targeted to local consumer
of the running time and establishing their enterprises. They also helping to local peoples for
providing employment that are also helping to nation to reduce unemployment rate.
Regional impact – Small and micro enterprises are influence of economy in huge way because
over societies in positive and negative way. When they establish business that time they are
string to fulfil local consumer demand s that are effected in positive way. After some time when
they are not provided good quality is impact negative way (Cucculelli and Bettinelli, 2015).
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National impact - In present time ever one want to establish own business so that is reason to
increase number of small business that re effected to economy. Because of when they starting
business so they need to money that is make strong to market and increase power of earrings.
P4 Importance of small business will contribute to the growth of social economy after Brexit
Brexit
It is an form of British exit mention to UK's decision in a June 23, 2016. It is used to talk
about the potential removal of united kingdom from EU. It was origin from 29th march 2017.
Here, British people are ballot for British exit as well as its president was not within the favour
of it. At the time of final discussion, prime minister gave resign from post. After the new prime
minister they are try to break stereotype within European union negotiation after the Brussels.
Distinguish between start ups and small business
Small business Start ups
 It is successful out with a new idea for
carry out of basic needs of a family
 It provides tradition goods to interested
consumers.
 It evolved less scaleable as compared to
start ups.
 It is called privately company that have
200 to 300 workers.
 It establish for implement new idea in
business.
 It creates own innovative and creative
idea that are implemented in large size
market.
 They are thinking new innovative ideas
that are provide something new and
different to consumers.
Impact of small enterprises on social economy of united kingdom
In the present scenario after analysis search that in united kingdom market increasing by
micro and small sector that are operating thousands business in the market (Lima and et. al.,
2015). They provide several benefits to to UK government for increasing their economy, they are
as follows -
Social and economic development – Small enterprises are helping to social and economical way
in the term of power house of the economy of the nation. When survey in united kingdom after
that getting result there are 6 million people related to small and micro enterprises. They are
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provide strong economy with the help of provide vacancies to job seekers within UK. So its
effected positive impact on united kingdom.
Effects on taxes and revenues – Taxes and revenues that important parts are impact on economy
of any organisation. So its providing jobs to UK peoples who really need this. when establish
smalls and micro business in UK so they generate revenues that will help to make strong
economy of UK and more earnings liable to pay taxes that are paid to governments. From both
sources helping to increases fund of the government.
Effects on poverty and many others factors – It effects in huge way of the economy, that are
related to small and macro enterprises. If in country poverty take place that is effected as slow
growth of the economy. When establishing small enterprises that are good for reduce to poverty
from the economy and help to develop (Katz, 2014). Higher level of the economy making wealth
and employment.
Improvements on social economy – It is the main factor that are effects to social economy of the
UK. Because some industries are working for social welfare and they are providing resources in
least prices. It will giving regular income to those employees who are recruit in these firms. It
will impact on high rate and high growth.
TASK 3
P5 Characterise, skills and traits of two successful entrepreneurs
In the starting up of an business is a very easy task but for becoming a entrepreneur is not
an easy job. In order to become a entrepreneur they must have some skills and characteristics
which are used at the time period of conducting business. Joe Woods and Philip Green are the
two successful entrepreneurs and their characteristics & traits of entrepreneur and manager are as
follows:
Characteristics/skills Manager Entrepreneur
Strategic vision When manager guiding to
subordinate that time know to
particular vision of the
company that will help to
accomplish.
An entrepreneur have idea to
establish business and that are
different from others that are
helping to implement ideas.
For this also require a
particular mission and vision
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to implement of strategy off
the business. It is used to
conducting activities for
success.
Critical thinking They are thinking deeply and
also taking proper time to
understand terms and
condition related to specific
projects.
An entrepreneur acquire all
new concepts and innovative
ideas that are helping for
efficient work. This the basic
reason of Philip green is able
to continue company and it
reputation in market. They also
have deep thinking because of
they have to perform in the
organisation. If they are
understand so direct to all
employees who are under
direction.
Communication The manger have
responsibility to distribute
work to all employees
according to their capabilities.
So for this need to
communicate with workers
who are coming under to
them. With the help of this
understand capabilities of
manager. (Brush and Greene,
2015).
The skills of communication
have an entrepreneur play a
main role. Because of good
communication helping to
maintain relation of people
with staff members and
company. It will impact to
increase productivity level and
guide to staff members
properly.
Delegation They sometime to delegating
work for their employees. It
An entrepreneurs needs to be
practical and active to evaluate
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will also helping to carry out
all business activities that are
needful.
performance of their staff
members. Philip green
delegate to authority when
need to do on specific time.
Conclusion – After analysis of Differences between successful entrepreneurs and typical
business managers are both are not communicate with their employees. Managers not delegate
authority to their employees but entrepreneur do it.
Some of traits of successful entrepreneur like as Joe Woods and Philip greens are as follows:
 Entrepreneur have to take risk to earn higher level profits.
 Joe Woods is very much dedicated to execute of targets and strategies.
 They have higher level confidence that will help to face any type of risks.
 An entrepreneur always ready to learn new things that help to future.
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset
It's importance to know the entrepreneurial personality regarding to developing
enterprises in an economy. To conduct business activities every owner organising different
personality according to situation. So for positive impact on society has to better personalty that
are taking appropriate decision. With better personality improve skills, and traits to becoming a
good entrepreneur. In the personality carry out business in proper manner that are help to
succeed to business. There are 5 types are of personality regarding to successful entrepreneur -
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 Extraversion – In this factor, entrepreneur will be social and energetic for their work.
They have to passion to complete tasks on time and with of full efficiency. These
qualities are helping to become as a successful entrepreneur.
 Neuroticism – This type of personality shows that enterpriser will be calm and focused.
These qualities helping them to execute work on time and helping to achieve tagetes on
time.
 Agreeableness – It shows that entrepreneur must be trustworthy, good nature and
cooperative also. So that is giving reason to employee for believing and inspiring.
 Conscientiousness – in this entrepreneur must be effective and efficient for work and also
for self conscious. It is helping to achieve targets in particular time. And give proper
reason to meeting given time.
 Openness to experience – In this personality consist of of innovation, intellectual thinking
and degree of creativity.
Entrepreneur's mindset – From the prospectives of mind they wants to success in every manner.
Because they wanted to changes in social life and they are ready to bear risk. With the help of
approaches and ideas they are prepare strategies that will help to execute business in different
manner. In this processes there responsibilities effected to decision and thinking. So it will
defined working capabilities and working skills that are help to achieve higher success. Joe
woods according hard work need to set the business and experience is most important for
improve learning skills. Philip green telling that smart work important to learning abilities.
TASK 4
P7 Examine experience and background can foster or hinder entrepreneurship
Entrepreneur is main element that have skills and knowledge to explore business idea. It
will aid in education details, family background, personal experience etc.
 Family background – It is very important to know because it is a reason that are effect to
be entrepreneur. It will give high impact on decision taking and risk bearing. Both Joe
woods and Philip green are different family background.
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 Social network – It is main element that are giving direction to do something different
from others. In this segment consist of friends, relatives, family that are giving ability to
taking power of decision.
 Education – An individuals thoughts and opinions are influence of education life. It helps
to entrepreneur for improve skills and knowledge.
 Nationality – Both entrepreneurs are belongs from UK that are helping to understand of
there culture.
Hence, On the basis of family background, life style, education and nationality are impact
on to taking decision and become of entrepreneur. Most of the entrepreneur influence by social
activities these are helping to doing different manner. If they have worst background that are also
influence for become entrepreneur.
Advantages Disadvantages
 Control – It is the biggest strength of an
entrepreneur.
 Excitement – They are enjoy their tasks
and new opportunities.
 Freedom – Full freedom to execute
their work.
 Flexibility – Fix working hours
according to comfort.
 Administration – Takes all decision that
are not good.
 Competition – In small enterprises,
competition difficult so need to
different.
 Work schedule – It is unpredictable
 No regular wages – have not fixed
salary
Joe woods
Background – Joe woods at the age of 15 faces financial problems in family because during
recession woods father loss their job. So wood starting to set up business for survive in bad
situations.
Experience – For set business wood faces many critical situations because wood working with
many shop keepers who behave badly with woods.
Philip green
Background – At the age of twelve Philip green's father died of a heart attack and the boy
heritable the family business. So green's decide to leaving boarding school and worked for a shoe
importer before travelling to the Europe, US and the far east. In the age of 21 establish first
business to importing jeans.
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Experience – Philip green have worst experience in the starting of the business.
CONCLUSION
From the above report it is concluded that in present scenario small enterprises plays
important role in the economy. An entrepreneurs personalities based on communication skills
and working tactics. In this report identify similarities and differentiation between all the
ventures. That are connected to each other and impact on social economy. Various types of
entrepreneurship that are provides benefit social and economical way that are impact in huge
way. Brexit is important that is related to British team and individual persons are performing
their ideas, methods and concepts.
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REFERENCES
Books and journals
Online
Types of entrepreneur. 2018. [Online]. Avilable through: <https://www.efe.ph/blog/4-types-of-
entrepreneurship>
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