Report on Types, Impact, and Traits in Entrepreneurship and Business

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining entrepreneurship and its significance, followed by an exploration of different types of entrepreneurial ventures, including survival, lifestyle, managed growth, and aggressive growth ventures, along with the typology of entrepreneurship such as opportunity, necessity driven, women, social, venture financing, corporate, global, and public sector entrepreneurship. The report then differentiates between various entrepreneurial ventures, including public versus private enterprises, and small, medium, and large ventures, examining their respective impacts on economic development. It further emphasizes the importance of small businesses in fostering social and economic growth, highlighting their contribution to employment and overall economic prosperity. The report concludes by analyzing the traits of successful entrepreneurs and the role of personality and past experiences in shaping entrepreneurial motivation and outcomes.

Entrepreneurship and
Small Business
Managements
Table of Contents
INTRODUCTION.....................................................................................................................................3

TASK 1...............................................................................................................................................3
P1 Types of entrepreneurial venture and typology of entrepreneurship.........................................3
P2 Differences between various entrepreneurial ventures..............................................................6
P3 Impact of different size of venture on economic development...................................................7
P 4 Importance of small business in growth of social economy......................................................10
TASK 2.................................................................................................................................................12
P5 Traits of an successful entrepreneur.........................................................................................12
P 6 Role of personality in entrepreneurial motivation....................................................................13
P 7 The person past experience hinder and foster entrepreneurship............................................13
CONCLUSION.......................................................................................................................................14
REFERENCES.........................................................................................................................................15

INTRODUCTION
Entrepreneurship is maintaining, regulating and organising activities to start and
establish a successful business. These businesses are involved in producing a profitable result
for the organisation by implementing new innovative ideas in practice targeting a new niche
market. Entrepreneurship is ability to bear risk and converting this risk into profitable
business. Entrepreneurship is having great scope in the countries. The market is continuously
growing with developing new trends and needs that are accomplished by the implementation
of new ideas in the market with help in new technological development in the countries. The
small and medium size business is showing tremendous growth and largely contributes in the
economy of the country (Schaper, and et.al., 2014). This will enhance the employment in
country and ultimately increases the spending capacity of the customer to buy new products
existing in the market. This cycle keep in going and continuously helps in overall
development of the organisation.
This report will analyse the effect of various factors on the development of
entrepreneur and small business in organisation. The contribution of entrepreneurship and the
development of small businesses in the organisation in the local economy and national
economy as well are also described in this report. The reader will able to conclude his
knowledge about the types of entrepreneurial venture and the typology of entrepreneurship in
the following report.
TASK 1
P1 Types of entrepreneurial venture and typology of entrepreneurship
The entrepreneurial venture is the organisation which is developed by the innovating
new idea in armlet leading to development of and successful business. The entrepreneurial
business is having great exponential growth as compare to other small star-ups. These
entrepreneurial businesses are divided in the different category depending upon the various
typology of the entrepreneurship. The venture can be small, medium or large depending upon
the size of the business. The ventures are also divided on the other factors also like
motivation behind the start-up, the type of ownership etc. Some of the entrepreneurial
ventures types are described below:
Survival ventures: These are the locally established small business to fulfil the basic
survival needs of the entrepreneur and his family. These businesses are having limited

production hence owner profitability. These survival ventures are working in highly
competitive market as the other companies are large enough and having god technological
implementation in the organisation (Burns, 2010). The small businesses are having
competitive advantage of a large customer base with respect to other companies. The
customers for the organisation are local society people and builds good relationship with
consumers with the word of mouth selling. These companies utilises the personal relationship
with the society members in selling their product. These companies are not divided into
various department and dealing with single small locality only. These small businesses are
having lower numbers of employee and the assets.
Lifestyle ventures: The lifestyle business venture is developed by entrepreneur to gain
more profitability in the business to maintain better lifestyle of the family and social life in
the community. The lifestyle entrepreneurial venture is also connected with the
implementation of the new innovative ideas in relation to the individual hobby, interest and
creativity skills to attract a new niche market by recreation of his interests. This venture is
having a structured system of operations and the well-defined organisation structure that
helps the owner to regulate and maintain the business growth efficiently and effectively to
achieve a continuous profitability from the business. This business is also involved in serving
their services to the local area and nearby Ares only. The no. of employee in this venture is
also low and mainly regulated and controlled by the owner and partners of the firm.
Managed growth Ventures: These businesses are managed according to the change in
demand of the employee and market needs, environmental factors. These organisations are
following opportunity driven entrepreneurship. As they grab various opportunities of growth
available to the entrepreneur like occasion, changing technology, market needs. The managed
growth ventures are continuously regulated and maintained by growing the business
occasionally in different markets and region depending upon the opportunity available. This
organisation shows continuous growth with goods management skills and risk bearing ability
with the time (Storey and Greene, 2010).
Aggressive growth ventures: These ventures are showing exponential profitability in
the market and are depended upon the opportunity driven entrepreneurship. This venture
deals with the implementation of various upgraded technology to carryout successful
development of the innovative idea in the organisational culture. This aggressive growth

ventures is having largest impact on the growth and development of the economy and the
country both.
Small size entrepreneurial venture: The no of employee of these venture are less
than 10 and the turnover is 2 million euro. These are small scale organisation operating in
local area based on basically survival entrepreneurship.
Medium sized entrepreneurial venture: The venture is having 50 million euro
turnover and employee count less than 250.
Large sized entrepreneurial venture: These organisations is having larger no. of
employee and higher turnover rate dealing in national and international markets.
Different type of entrepreneurship:
Opportunity entrepreneurship: The opportunity based entrepreneurship is
development of successful business to grab opportunity viable to the entrepreneur (Storey and
Greene, 2010).
Necessity driven entrepreneurship: This is defined as development of the business
because necessity of survival or some due to some other financial problem etc.
Women entrepreneurship: Development of a successful business with new ideas
implementation in market by the women or group of women with risk bearing capabilities
and good managing and planning skills.
Social entrepreneurship: This is defined as the development of a successful venture
to resolve the issues of the society and help in development of society.
Venture financing entrepreneurship: This entrepreneurship deals with successful
and efficiently development of venture which manages its financial funds independently.
Corporate entrepreneurship: This deals with managing the large enterprise that is
group of different business working together.
Global entrepreneurship: The entrepreneurial venture that is a profitably working in
the global market between the boundaries of different countries.

Public sector entrepreneurship: The public sector entrepreneurship is regulated by
the government authority and working for the welfare and providing new technological
facilities to the citizens of the country.
P2 Differences between various entrepreneurial ventures
M1: Entrepreneurship in private and public sector
Public Enterprise Private Enterprise
1. Objective of public enterprise is to
serve the citizens of the country and
provide them basic facilities.
These enterprises are developed to increase
profit and earn money.
2. IIt does not result in collection of
money only in one hand. The
profitability is from the revenue
generated from taxation.
This is involved in creation of wealth only for
the owner of enterprise.
3. PPublic enterprise develops balance
between the local and national
economic growth simultaneously.
Results in unequal growth of regional and
national economy.
4. IIt maintains continuous growth of
industries and economy.
They are involved in overexploitation of
consumer needs and wants.
5. TThe public enterprise does not
exploit the consumer needs and not
involved in monopoly.
They are deficit of financial reserves.
6. TThe public sector enterprise has
huge reserve of funds that can results
in successful establishment of large
projects.
They work for only personal benefits.
The difference between private venture and social enterprise are as follows:
Criteria of comparison Private Enterprise Social Enterprise
Enterprise mission  Wealth creation for
owner
 Create social values
in society
Value of enterprise  The enterprise is  The firm is having

corporate in nature value of corporate
activities and social
also.
Customers for the enterprise  Chain business and
the customers itself.
 People of society and
different
communities.
Sharing of profit with  Profit is shares with
shareholders,
stakeholders and
owner of enterprise.
 This only works for
benefit of people and
profit contributes to
the society members.

Difference between small, medium and large ventures:
Criteria Micro
business
Small
enterprise
Medium
venture
Small and
medium
enterprise
Large size
enterprise
No. of
employee
Less than 10
(between 0-9)
Les than
50
250 average Between the
50-250
employee
More than
250 employee
Turnover 2 million
euros
10 million 50 million
euro
100 million
euro turnover
Turnover
more than 100
million euro

P3 Impact of different size of venture on economic development
M2 Evaluation of differences that small, medium and large business make to the economy
The small, medium and the larger ventures is having their own different capabilities
of revenue generation and profitability margin. All these ventures affects differently in the
growth and development of country economy. The larger enterprise is involved in various
kind of technological up gradation and bringing growth in the organisation in huge no. This
Illustration 1: Contribution of small-medium enterprise, 2017
Source 1: Contribution of small-medium enterprise, 2017

contributes in 18% of the growth of the country economy (Bridge and O'Neill, 2012). While
the small enterprise is having lower profit margin but the no. of small enterprises are much
more in the organisation as compared to other this contributes largely in the development of
economy collectively. It was reported that in 2008-2012 micro businesses shown growth
approximately to 172%. The small and medium sized organisation are involved in various
industrial and manufacturing unit which provides higher employment and contributes in the
growth of the economy.

About 60% of employment in country is provided through the development of small
and medium businesses. 50% of total gross value of the world is added through the growth of
small enterprises in business environment. In total of existing businesses in commercial
surrounding around 95% of firms are working to small scale.
The small businesses cater their activities in small area and develop the economy f
that particular this creates job opportunities, new facilities and healthy completion and builds
a base per new investors. All these will ultimately contributes in the growth of the overall
economy of UK.
The larger enterprise contributes differently in the economy of the country by
involving them development of the business at national and international level. That enhance
the technological advancement in the country and built competitive advantage over other
investors and contributes in the economic growth of the company (WE ARE LOOKING FOR
SMART PEOPLE FOR SMART BUSINESS! 2016). While the small and medium enterprise
cater heir services at regional level and affects the community and society at that level. This
builds basic facilities to the people and the motivate them to spend luxurious life and enhance
the capability of person to earn more. Hence all these firm enhance the economic growth to
the large extent in UK.

Above graph illustrates the difference in increased numbers of employment rate in
country from last 12 years. This trend analyses increasing job and vacancies in business
environment. This states that the small and medium firms are major job providers in the
country as their numbers of firm are also huge in UK market. Small and medium sized
enterprises approximately contribute to 50% of total employment rate of country.
P 4 Importance of small business in growth of social economy
The micro business also most constitutes the 96% of the businesses established in the
UK according the report generated in 2013. The organisation is having about less than 10
employees working with the company but the no. of such firm in UK market is up to 4.6
Million in total. So, from this huge no. The large contribution of the small business in the
growth of employment rate of the country can be calculated. The economy of the country is
influenced largely by the small and micro business firm and this contributes in the 32% of the
employment in the country. The revenue generated by the overall small businesses in the
Britain market is about 18% is of the total revenue generation by the whole country.
Some of the importance of the small business firms in growth of the social economy
are as follows:
Illustration 2: Employment trend of UK, 2017