Entrepreneurship Report: Types of Ventures and Economic Analysis

This report delves into the multifaceted world of entrepreneurship, examining various venture types and their impact on the economy. It begins by defining entrepreneurship and differentiating between entrepreneurs and intrapreneurs, highlighting their distinct approaches, resources, and risk profiles. The report then classifies entrepreneurial ventures into four main types: small-scale businesses, scalable start-ups, large businesses, and social enterprises, detailing their characteristics and objectives. Furthermore, it analyzes the impact of micro and small enterprises on local, national, regional, and international economies, supported by statistical data. The report also emphasizes the importance of innovation, creativity, and risk-taking in entrepreneurial endeavors, comparing small businesses with social enterprises. Finally, it underscores the significant contribution of small and micro businesses to economic growth, particularly in the UK, providing insights into their employment generation and overall impact on the economy. The report utilizes figures and tables to illustrate key concepts and data, offering a comprehensive overview of the subject.

ENTREPRENERUSHIP

INTRODUCTION
Entrepreneurship is the business term which refers to creating, designing as well as include
concept of running small business enterprise. In which company offering various types of goods
and services in international market for attract numerous people and build trust among them. It
plays significant role in continuous growth and development of firm. In present report discussed
about several types of entrepreneurial ventures and related them with typology. Also relevant
data or statistics mentioned in order to analyse impact of micro and macro on economy (Dacin,
Dacin and Matear, 2010). There are different types of advantages of entrepreneurship related to
local, regional, national as well as international economy. Project explaining characteristic,
strengths or skills of two success entrepreneurs across the entire world (Entrepreneurship. 2017).
Also the personality of entrepreneurial having impact on the motivation and mind-sets of
persons.
TASK 1
P1
Entrepreneurship is the significant aspect because it will assist for the purpose of provide
various opportunities to individuals and with the help of this economy of the country become
strong. The individuals who manage entire concept of this is known as entrepreneurs.
Furthermore, person having capabilities to develop as well as manage entire performance of
small scale industries and put them in profitable position (Herrington and et. al., 2010). In this
modern era, competition will increase on continuous basis among small business firms. All these
members are capable to fulfil rules or regulation as per the policies of company.
The difference among these two is stated below:
Basis Entrepreneur Intra-preneur
Definition Entrepreneur stands for individual
who is able to sets his own business
activities and enterprise.
Intra-preneurs has been considered as
employee of a companies as well as
they take care of several types of
goods or services.
Approach They use intuitive approach They use restorative approach
Resources They use their own resources They utilise resources of firm.
1

Risk They are responsible to take risks. All the risk needs to be taken by
company not by the individuals.
There are various types of enterprises which are run by these types of entrepreneurs.
They are divided into four major types which are as aligned below:
Small scale business- These types of enterprises are establish and managed by single
owner and family. So that, they having power to take decision in order to amend or set policies
for entire firm. Individual requires less amount of money to start such business but earn less
profit at initial stage (Bosma and Levie, 2010). The main objectives of these firm is to earn profit
through sell products and services in international market and attract large number of customers.
They are responsible to follow rules and regulation as imposed on them at the time of
establishment and running business.
Scalable start-up- These types of businesses are different from small scale enterprises. It
can run and managed by entrepreneurs who know that their idea or vision can change the future
also having capabilities to perform tasks and easily attain target within stipulated time period. In
this individuals having high possibility to earn huge profit and manage performance in effective
manner. Owners of firm have to set their own vision and mission related to objectives of firm
and they are bound to perform business functions accordingly. They have to attain future goals
within significant way and manage perform ethically (Kirzner, 2015).
Large business- These are large sized entrepreneurship is the one which has finite life
cycle. They grow with the help of innovation, introduce new products as well as variants of their
core products. In order to start this business owners, require huge amount of money and
responsible to use their collective efforts for attain target within stipulated time period. They are
bound to face various types of challenges which are helpful for them to manage entire business
goals (Bosma and Levie, 2010). Have to take risk in order to avoid challenges and enhance
market growth of firms. But members of rim can earn huge amount on daily basis and capable to
attract large number of people.
Social enterprise- These type of entrepreneurship is applied on those entrepreneurs who
are capable to creates a business plan for the purpose of solve a social conflict, issue or problem.
Opted innovation in order to develop goods and services for solve problems and manage
performance as well.
2

There are mainly four types of entrepreneurs which are as aligned below:
 Innovative: These are the type of entrepreneurs who improve or enhance something new
or existing technique which are not introduce before and assist in solving a several issue
that is existing in business world.
 Imitating: They are the ones who copy others idea’s instantly. They are considered as
innovative one.
 Fabian: In which people does not trust in inventing or satisfied with usual business
activities related to companies.
 Drone: These are considered as old fashioned business man who run business as per their
mind set also able to change according to the requirement.
P2
There are various types of entrepreneurship mentioned which are different from each other.
Basically, all these types of businesses are based on three basic concepts such as innovation, new
business creation as well as risk taking activities. Some factors need to be analysed in order to
earn profit and maintain business activities in effective manner. Every person who wants to run
or manage business having different views and ideas (Morris, Kuratko and Covin, 2010).
Opportunities are imposed on them to run business and they have to grab them for earn profit.
Furthermore, similarities among business ventures are as aligned below-
Innovative and Creativity: This is the term which is needs to be present in every
entrepreneurial business activity. As an entrepreneur, person is responsible to use available
resources which are helpful for entire firm. Also responsible to achieve target in effective
manner and manage performance accordingly.
Challenging and Risk taking: An entrepreneur is the person who is called as risk taker.
Without taking risk they are not able to earn profit. This is the advantage for them to build trust
among people and use all available resources (Neck and Greene, 2011). Through this they can
overcome of risk and identify best possible solution for them same.
New Business creation: Any single person can start such business and present it as new
creation. Business activities which are needs to be performed by members are considered as new
start of company and help in development of goods and services.
Basis Small business Enterprise(Private) Social Enterprise(voluntary)
Type of Small businesses are started with the There are charitable kind of fund.
3

Firm help of take significant ideas and ready
to take risk for resolve problems of
company.
These are funded by government of
local people. Any person can join such
firms who having same goals and
motive to start business.
Definition These are non-dominant type of firm
which are needs to be held by
entrepreneurs to taking best possible
solution for problems.
Social enterprise are needs to be focus
on protect working environment of
existing employees and use innovation
to build trust amount people.
Target The main objectives of these firms is to
continuous develop growth of company
and try to attain target as per will.
Aim of these types of enterprises is to
provide best quality of goods and
services to people at reasonable price
which are easily affordable for them.
Type of
Business
Restaurants, construction firm, retail
store and much more.
These types of enterprise present in
form of Health, education, protection
of environment.
Level of
development
Members can achieve target within
stipulated time period and help for
contribute in continuous growth and
development of firm.
These types of groups are based on
community and less chance to
positively survive in market.
TASK 2
P3
In last few decades the interest in entrepreneurship is growing at a fast speed. In this
modern small business firms are growing rapidly and positively contribute in economic
development. It can create lots of business or other opportunities which are beneficial for the
entire country (Bruton, Ahlstrom and Li, 2010). Furthermore, small-business as well as micro
businesses are directly having impacts on economy either through positively or negatively. In
order to start these types of firms’ owner required to use innovative terms which are not
previously used by any other company. Through this they are able to attract large number of
customers and maintain their performance in international market. Today these types of firms are
4

contributing more than 90% of total business activity in UK. the micro or small scale industries
are divided through following basis:
Category Head count of staff Balance sheet Turnover
Micro enterprises 10 2 million pound 2 million pound
Small companies 50 12 million pound 12 million pound
Medium sized enterprises 250 52 million pound 43 million pound
Entrepreneurial development is actively contribute in provide employment opportunities
to numerous people in order to survive in international market it’s all about 30% of new Latin
America as well as more than 55% in Europe and East Asia. SMEs are considered as significant
agent which contribute in growth and development of countries and maintain performance as
well.
The impact of micro and small enterprise is as given below:
Impact of Micro on Small business on Economy
Local
 Providing new jobs opportunities for large
number of people.
 Enhancing income and build trust among
people.
 Improve standards of living of people.
 Supporting or protecting Local
community.
 Enhance market share which is beneficial
for country.
National
 Having impact on national GDP
which may affect entre country
widely.
 Effectively contribute in increase
per capita income of United
Kingdom.
 Stabilising the economy at large
level.
Regional
 Helpful in a part in economic develop.
 Regional or ethically growth and
development of culture
 Enhancing revenue generation for the
International
 Micro and small enterprises are
helpful to reduce poverty from
country.
 Reduce gap among poor as well as
5

benefit of firms. rich people.
 Contribute in rapid growth of
economy.
Figure 1- 1BPE statistical release, 2016
Figure 2- Contribution of micro and small enterprise in development of economy, 2017
From the above mentioned graph, it is depicted that small scale industries and micro
enterprises are contributing in growth and development of economy. Small businesses contribute
approx. 99.3% in economy which is beneficial for entire country.
P4
A business is always start with small level and scale. Its strength, management and
improvement of the level is all depends on their services and customers thinking or contentment
about them (Bruton, Ahlstrom and Li, 2010). New business ideas and its start-ups always
implements for companies’ revenue and directly-indirectly contributes to improve social
economy growth. They always work for region, state, community, country and for a specific area
of people. They help to make some changes like-
Contribution in innovation- When a new business start in an economy, it’s all about to
new ideas and innovating think which is an entrepreneur wants to represent in market. These
advance technology helps to improve social and economic growth of a country. To know how to
6

use of these new technological products, an individual need to increase their level of thinking
and also have to improve their skills and ability according to new era (Bruton, Ahlstrom and Li,
2010). At this time all the small and large scale business start to selling their products through
internet or other new aspects so for customer should have to know about this terms and its uses
and benefits.
Provide Employment services- Now a day, everyone wants a great opportunity for their
job and to work under others but if an individual become an entrepreneur, then there will be one
less job seeker person in the crowd and they can provide job opportunities to other. Government
of a country also wants to reduce unemployment from economy and to improve social lives. So
for these they also promote and support new start-ups and small businesses.
Increasing Economic growth- New business establishment is not only providing
opportunities to a single person but also helps to increase economy development. Some business
entities work for social issues like provide batter roads, electricity and water supply, developed
schools and hospitals and other public services for welfare (Bruton, Ahlstrom and Li, 2010).
These types of organisations directly or indirectly serve for growth of economy and social life
and helping other who needed. If a new idea is established for provide services and products for
backward areas, this thinks will be one of the biggest achievement for an administrator and for
public too.
Helps to improve Standard of living- Improve and develop living of standard of a
community and public is also a key of social and economic growth. The think to provide job and
products is not a factor of economy development but adopting new techniques and aware them
about its benefits and uses and through this how can they improve their thinking, living of
standard and also stand with new era is the think of evaluation and build up their standard. In this
process they also motivate and inspire them to take educational and learning facility by advance
technology and other sources.
Facility and services- A business is always settled to provide facility and services to
consumers and fulfil their demands and needs. Businessperson is one who work for others to
give satisfaction and make a positive goodwill of its entity in market. For this term first of all
they have to explore market and get an information about customers need and at where services
and products are not distributing according to its requirement (Bruton, Ahlstrom and Li, 2010).
Somehow these changes have to be adopted rapidly to maintain their own link in market without
7

any competition and substitute. It will avail their own reputation in consumers’ mind and
recognise them about this only.
TASK 3
P5
Entrepreneurship is a process, in which a person design new ideas, innovate new thinks,
launching new products and offer products and services to customers. A person who belongs to
these businesses is known as entrepreneurs (Barringer, 2012). For this a person needs a lots of
skills to initiate thinks, consistency to taking risk and go through the ideas with all risk and
rewards of any given business process. An entrepreneur needs compactness to observe market
ethics, terms, market policy and an impactful and unbeatable strategy for all of these. A business
person always builds their planning and ideas through a small business but after some time what
they need is to boost this concept, make a large objective for their business and reconcile about
the organisation in customers’ mind for a long term. Entrepreneur should be imaginative which
facilitates them with new idea or crating some innovation that never been hear by anyone or
others (Santos, 2012).
Characteristics, traits and skills of Steve Jobs-
Extreme passion- Steve Jobs is the founder and CEO of Apple. He is very passionate
towards his work and new innovative ideas in their products. He said that this think is admire for
new proposals, discover new ideas and attach emotions with work and invention.
Insanely ambitious- Steve jobs was very clear about his objectives since his early days.
He wants to change this world with his innovative ideas and leave a mark behind his work as he
done.
Characteristics, traits and skills of Jeff Bezos-
Make a plan- Jeff Bezos is the founder of amazon company. About his achievements he says
that, a person needs to make a plan and impactful strategy for achieving future goal as soon as
possible.
Risk taker- A fact is that, for an entrepreneur this is not quit everything that they only
have a secure job and family, for them if they don’t able to take risk it will not being achievable
in his business.
8

P6
Entrepreneur is a person who start a business firm with his new ideas and with the motive to
serve something different to his customers. For it they some create objectives and a planning to
get them as soon as possible (Welter, 2011). The planning should have to be very different from
the other because it all says their mind set and motivation for future goals. These all can be
Achieve objectives- This is the base of established a business in market. A businessperson
needs to know that what they want from the firm after some years (Oosterbeek, Van Praag and
Ijsselstein, 2010). Therefore, it includes values, attitude of planning, ethics etc. all these are helps
to make an impactful effect in market.
Understand the brands power- For an organisation, it is very important that their owner
and employers understands its power and quality in the market.
Find new market- It is an important analysis for an owner to know about new market
where they can easily sell products without any rival (Drucker, 2014).
Use advertising and networking to build businesses- When a new business starts in
market it needs to get batter refunds as much as they measure. For the think a merchant should
use new ides to promote their products like networking, advertising etc.
TASK 4
P7
Skills and qualities of entrepreneurship are not able to develop in short period. Members
have to use their efforts to develop the same (Bruton, Ahlstrom and Li, 2010). A background of
person is made up of his upbringing, environment, lifestyle, cultural values, as well as economic
conditions and so on. Some factors which fosters person regarding entrepreneurial qualities:
 Education: This factors is helpful for them to attain knowledge and enhance skills or
knowledge (Defourny and Nyssens, 2010).
 Family Support: This is the initial step from which person can learn so many things
which are useful for entire life.
CONCLUSION
From the above findings, it is affirmed that entrepreneurship has been considered as
significant activity which is helpful for continuous development of economy. In this modern era,
9