Report: Entrepreneurial Ventures, Characteristics, and Economic Impact

This report comprehensively examines the multifaceted world of entrepreneurship and small business management. It begins by defining entrepreneurship and its significance in fostering new ideas and opportunities. The report then delves into the various types of entrepreneurial ventures, including small, medium, and large businesses, outlining their distinct characteristics, objectives, and contributions to the economy. It explores the similarities and differences among these ventures, providing insights into their operational aspects and market positioning. Furthermore, the report investigates the entrepreneurial ventures in both public and corporate sectors, highlighting the suitability of different venture types for each. It also assesses the impact of micro and small businesses on the economy, emphasizing their role in job creation and economic growth. The report further analyzes the traits and skills of successful entrepreneurs, differentiating them from other business managers and examining the influence of personal background and experience on entrepreneurial endeavors. By examining the entrepreneurial ventures, the report provides a detailed overview of the subject.

Entrepreneurship and small
business management

Table of Contents
INTRODUCTION...........................................................................................................................1
ACTIVITY 1....................................................................................................................................1
P1. Types of entrepreneurial ventures.........................................................................................1
P2. Differences and similarities among the various entrepreneurial ventures............................2
M1. Investigate and demonstrate the entrepreneurial ventures for public and corporate sector
organisation.................................................................................................................................3
D1.The growth development and scope of the entrepreneurial ventures....................................4
P3. Impact of Micro and small business on economy.................................................................4
M2. How small, medium and large business make economy of united kingdom......................5
P4. Importance of small business and business starts-up in the growth of the social economy. 5
D2. impact of small business on different level economy..........................................................6
ACTIVITY 2....................................................................................................................................6
P5. Characteristics traits and skills of successful entrepreneurs that differentiate them from
others...........................................................................................................................................6
P6. Assessment of entrepreneurial personality aspects that reflect their motivation and mindset
.....................................................................................................................................................7
M3. examine and explore the different types of arguments relating to entrepreneurial
characteristic...............................................................................................................................7
D3. Analysis of skills, characteristics, traits and motivational drivers so as to be successful....7
P7. Examination of background and experience that may hinder or foster entrepreneurship....8
M4. Analysis of link between entrepreneurial characteristics and its influence on personal
background..................................................................................................................................8
D4. How experience and background influence entrepreneurs both positively and negatively. 9
CONCLUSION................................................................................................................................9
REFERENCES .............................................................................................................................10

INTRODUCTION
Entrepreneurship can be defined as process of designing and launching a new business in
the market place. Entrepreneurship plays an important role in developing new idea and
opportunities in the business for achieving desired level results of the enterprise(Julien, 2018).
This report present the various types of entrepreneur ventures and evaluates how they are related
to the entrepreneur typology's. This study also defines the similarities and differences between
various entrepreneur ventures. It also explains the importance of the small business as well as
start up business in the growth of economy. In this we also determine the characteristic and skills
of successful entrepreneur which are different from other business manager such as bill gates and
Alan sugar. This study also presents that how the entrepreneur personality aspect reflect
entrepreneur mind set and motivation.
ACTIVITY 1
P1. Types of entrepreneurial ventures
Entrepreneurial ventures includes various business such as small, medium and large
entrepreneurial ventures and their aims are differentiated from each other.
Small entrepreneurial venture
Small business refers to the services or the retail operations which involves general store,
bakery and medical stores which are owned independently and it requires less workforce and less
capital investment. It provides goods and services directly to their local communities(Kirzner,
2015).
Medium entrepreneurial venture
Medium business includes the few numbers of the employees which are not more than
100. This type of business generally produce the products which are already introduced by the
another organisations. The aim of this types business is to gain limited level of profit through
providing goods and services to their local consumers.
Large entrepreneurial venture
This type of business refers to the organisation which operates high level of operations
and production activity to increase their profitability. The main objective of this type business is
to maximise their profitability as well as their global expansion in the global market. It considers
more than 500 employees in their organisation(Burns and Dewhurst, 2016).
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Typologies of entrepreneurship
It involves various typologies such as small business entrepreneurship, scalable start-up
entrepreneurship, large scale entrepreneurship and social entrepreneurship and all of this are
essential for growth and development of every type of businesses.
Small business entrepreneurship
It includes the business such general store, medical store and dry cleaners. With the help
of this typology small business can grow effectively through providing attractive products to
their consumers.
Scalable start up entrepreneurship
In this entrepreneur knows the company from the first day and think that company's
vision can change the world. They find the resources of fund and provides the innovative idea's
for smooth functioning of the firm.
Large company entrepreneurship
In this entrepreneur plays an important role in maximising their profitability as well as
productivity of the firm through sustaining innovations and providing new products which are
similar to their main products. It also provides the technological advancement to the companies
for improving their production process( Julien, 2018).
Social entrepreneurship
The main objective of this typology to provides goods and services to peoples for
fulfilling the social needs. It includes those organisations they may be non profit firm and less
profit enterprise.
P2. Differences and similarities among the various entrepreneurial ventures
difference Small medium large
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Meaning It refers to those
business which are
provides the goods and
services directly to
their local
communities(Scarboro
ugh 2016).
This type of firms are
owned independently
and earn limited profit
by providing goods to
consumers.
It refers to those
business organisation
which perform the
high level of
operations and
production activities.
Purpose The main objective of
this organisation is to
fulfil the social needs
of their local
communities.
The main purpose of
these types of the firm
is to earn limited profit
by providing goods
and services to their
consumers(Kuratko,
2016).
The main aim of large
business organisation
is to maximise their
probability and expand
their business globally
on the market place.
Number of employees It includes the
employees in between
1 to 10.
It involves few
numbers of employees
which are not more
than 100.
Large business
organisation
constituted with more
than 500 employees
towards the attainment
of organisational
goals(Julien, 2018).
Similarities between small, medium and large entrepreneurial ventures
 All of these firms are run for achieving profit, hence it may be different according to their
business size and scopes.
 All of firms are helps in fulfilling social needs of the peoples through providing goods
and services.
 Small, medium and large entrepreneurial ventures contributes in the economy of the
nations
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M1. Investigate and demonstrate the entrepreneurial ventures for public and corporate sector
organisation
Public sector
It refers to those organisations in which the contribution of government is more than 50
percent and are owned and controlled by the government. The main aim of these types of the
organisation is to facilitate the goods and services to consumers. From the above study it has
been determined that public sector organisation demonstrate the large scale business
entrepreneurial ventures. For example telecommunications industries(Kirzner, 2015).
Corporate sector
It refers to all the private sector organisation and their business objective is to increasing
their profitability as well as their productivity. With the help of the study of all entrepreneurial
ventures we investigate that for corporate sector organisation, medium business venture are
suitable and demonstrate their business through providing innovative ideas about improving their
production process.
D1.The growth development and scope of the entrepreneurial ventures
Small business ventures has limited scope for development and it grows slowly in the
market place by providing good and services to consumers.
Medium business ventures can grow speedily as compared to small businesses and has
some scope for developing their production process for increasing productivity as well as
profitability.
Large business ventures has wide scope for development and growth in the international
market and increase their probability through providing attractive goods and services to
consumers.
P3. Impact of Micro and small business on economy
Micro business
The interpretation of data and statistics of the micro business organisation has great
impact on United kingdom's economy. UK is recognized as the nation of micro businesses.
Micro business may be refers as the one person business organisation. According to a research
report it includes 94% companies as a micro business unit which employs 10 or less than 10
employees in their business firm. With the help of research strategy 2018 it was found that 20.1
% businesses are occupied by the micro business, and also includes the 15.4 % employment and
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contributes 13.8 % turnover towards the economy of united kingdom and all of these data shows
that contribution of micro business firms at higher level in the UK's economy(Burns and
Dewhurst, 2016).
Small business
Small business refers to the private sector firms which are owned independently by their
owners. Small business also defined as the backbone of the united kingdom economy due to
opening new markets and creating employment opportunities so therefore their contribution is
wider. Small business are important to the UK's economy because it contributes more than micro
business in terms of turnover, employment and growth. According to a research report it was
founded that the total turnover of the small business in the UK's economy is £2.0 trillion in 2018
and the total employment rate in terms of it employs over 16.3 million people in the united
kingdom. The growth record of small business contribution in the economy of UK is more than
50% according to SMEs(Scarborough, 2016).
M2. How small, medium and large business make economy of united kingdom
Small business
small business plays an important role in the local level economy in terms of employment
as well as fulfilling social needs of the local communities and from above data and statistics it
was founded that small business contributes more in the economy of unites kingdom in terms of
growth, turnover and employment(Storey, 2016).
Medium business
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Illustration 1: impact of small business on UK's economy

it refers to those business which are owned independently by their owners and has great
impact on the economy of the UK. It is major part of economy in terms of generating income.
Large business
These are the business which plays an important role in the economy by supporting the
trade businesses at the international level by providing import and export facilities.
P4. Importance of small business and business starts-up in the growth of the social economy
Small business and business Start-up plays an important role in developing the growth of
the social economy through providing goods and services to their local communities. Social
economy developed by the small business through satisfying the various needs of society which
are ignored by the other organisations. Small business also solve the major problem such as
unemployment by providing various employment services or jobs to their local
peoples(Scarborough, 2016).
Apart from this start-up business plays an important role in the growth of the social
economy through various innovations in their business. For example start-up of the financial
sector is flourishing with new solutions and innovative ideas for providing more opportunities to
peoples and making funds for many more.
D2. impact of small business on different level economy
Local level – at the local level small business have the impact on the local level economy in
terms of providing goods and services to their consumers for fulfilling their social needs.
Regional level – at regional level, small business contributes in economy by generating
employment services as well as income sources.
National level – small business also plays an significant role in the economy of national level by
supporting trade at international level which can be possible through import and export
services of small businesses.
ACTIVITY 2
P5. Characteristics traits and skills of successful entrepreneurs that differentiate them from
others.
There are some unique characteristics in bill gates that made him different from other
business managers. These characteristics include an ability to take risk that is he was ready to
leave his comfortable life in order to start a risky venture. Apart from this, he believed in
following his passion rather than continuing with his carrier. This is evident from the fact that
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bill gates has a passion for computers, so he continued it until he became successful.
Furthermore, his most important skill was that he believed in himself as well as his team which
has supported him to work hard and achieve his goals(Bujor and Avasilcai, 2016).
On the other hand, Alan sugar also possesses characteristics which makes him different
from others such as he has a very good mindset and thinks and plan a lot before taking any
decision. Other unique traits and skills possessed by him include that he is very optimistic and
has a talent of self expression. Moreover, he is very well organised, practical and a health
conscious person.
P6. Assessment of entrepreneurial personality aspects that reflect their motivation and mindset
In order to assess the aspects of entrepreneurial personality ocean model is used. Ocean
stands for openness to experience, conscientiousness, extraversion, agreeableness, and
neuroticism. This model helps in reflecting the motivation level and mindset of of the
entrepreneur. With the help of this model, it was found that Bill Gates was quite open to
experience such as he was full of emotions, adventure, curious and has mind full of creative
ideas, this helped in bringing in creativity and innovation in the work and also help in motivating
employees to generate new and creative ideas(Diener and Lucas, 2016).
On the other hand, Alan sugar was found to be conscientiousness that is he is very well
organised person, dependable, self disciplined and dutiful person. His mindset is to achieve
success, this not only helps him but also act as a motivational factor for his team to work hard
towards achievement of organisational goals and objectives efficiently and effectively. Apart
from this, it was also found that the Alan has quite flexible and spontaneous kind of personality.
Hence, ocean model helped a lot in assessing the personality of Bill Gates and Alan Sugar which
in turn also helped in reflecting their motivation and mindset(Alan Sugar personality profile,
2018).
M3. examine and explore the different types of arguments relating to entrepreneurial
characteristic
The main characteristic of Alan sugar, it is the health conscious person and with the help
of this characteristic they can explore him self as a hard worker and work towards gaining high
profitability whereas Bill gates is defined as a motivator person who inspires other to work hard
and reach their desired level results. Bill gates has the characteristic as a creative person and with
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the help of this characteristics they can improve their technical processes of software making
efficiently.
D3. Analysis of skills, characteristics, traits and motivational drivers so as to be successful.
According to Bill Gates, in order to be a successful person, one should possess the
qualities such as be humble, have a clear vision and empathy in the process. These qualities not
only helped bill gates in achieving his goals but also helped in setting example for others. He has
not only proved himself as a successful businessman but also gained respect from his employees
as he was believed to be an ideal personality and treated and encouraged his employees to
perform good in a best possible manner. He believes in the fact that in order to be successful the
person should remain down to earth.
According to Alan Sugar, in order to be a successful entrepreneur the person should focus
on achieving high margins(Li and Jia, 2015, January). According to him achieving high margins
is possible only by bringing in economies of scale that is reducing cost and this is possible only
through innovation by bringing in new technology that will help in reducing cost. His other
characteristics and traits that helped him in becoming successful were his hard working ability
and thus in order to continue hard work, he paid lot of attention to maintain his health.
Hence, all these skills, characteristics and traits acted as motivational drivers for Alan
Sugar and Bill Gates in achieving new heights of success.
P7. Examination of background and experience that may hinder or foster entrepreneurship.
Bill gates, an American business magnate who is currently known as the founder of
Microsoft company. His family background is quite bright as his father is a lawyer and mother is
also a working woman. He as well as his family always encouraged competition, this behaviour
has helped bill gates a lot in his professional carrier as he was in a position to beat his
competitors and have a competitive advantage over his rivalries and this in turn helped in
fostering entrepreneurship.
Alan sugar, a rich British entrepreneur who is currently a billionaire. Background of Alan
sugar was not bright because he didn't have a strong financial background as his father was a
tailor. It took all his blood and sweat in order to reach at this position because he had to work
very hard. He even used to do part time jobs while studying at the same time. This experience
further helped in running his business as later he owned and run many companies. Hence, we can
say that this has helped Alan sugar in fostering his entrepreneurship but there are many
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controversies currently running for Alan sugar which has somewhere hindered in smooth running
of his business.
M4. Analysis of link between entrepreneurial characteristics and its influence on personal
background.
Characteristics of bill gates such as high risk tolerance capacity and passion to follow his
dream that is his passion towards computers played a huge impact on his life and background
and it is clear from the fact that he founded a risky venture, Microsoft and work passionately
towards in order to take it to new heights. Apart from this, his traits such as humble nature and
clear vision helped is focussing towards his goal, which in turn helped his to become successful.
These characteristics helped him a lot in becoming one of the most successful person in the
entire world in recent times.
Characteristics of Alan sugar such as very well organised person helped him in keeping
his entire work life organised as well as he is a very disciplined person which helped him in
maintaining decorum at the workplace(Gedik, Miman and Kesici, 2015). Furthermore, he is very
health conscious person which kept on motivating him to work hard towards the accomplishment
of his objectives. These characteristics helped him a lot in developing his background and
becoming successful.
D4. How experience and background influence entrepreneurs both positively and negatively.
Since background of Alan sugar was not very financially strong , this has in turn
negatively affected the work life as he has to work really hard while studying at the same time
and save as much money as he can so that he can use in future to own and run the business
smoothly. In the other hand, his experience affected positively in smooth running of business as
he knew how to deal with a particular situation and was in a better position than his competitors
who were new and didn't have much experience.
On the other hand, background of bill gates was financially sound as well as educated.
Both his father and mother were educated and working. He belonged to a family which gave lot
of emphasis on fostering competition(Burns and Dewhurst, 2016). This has positively influenced
him while running his business smoothly as he was able to beat competition and gain the
competitive advantage as well as his knowledge and passion in computers helped him a lot in
succeeding and becoming one of the known personalities in the entire world.
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CONCLUSION
The above study has summarised with that the Entrepreneurship is the main part of every
business organisation and it it the heart of every small business organisation because it helps in
launching, creating and developing the business strategy for accomplishing the organisational
goal efficiently. The study also defines the various typologies of entrepreneurship which helps
the business firms in terms of improving growth through providing various innovative ideas.
This study also defines the difference between small, medium and large entrepreneurial ventures
in terms of their size and number of employees. for example small business organisation includes
less than 10 employees and medium level business firms involves employees less than 100,
whereas large organisation includes more than 500 employees. This report also determines that
small and micro business has great impact on the economy of United Kingdom in terms of
providing employment services and also through generating the income for the growth of the
economy.
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REFERENCES
Books and journal
Bujor, A. and Avasilcai, S., 2016. The creative entrepreneur: A framework of analysis. Procedia-
Social and Behavioral Sciences. 221. pp.21-28.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Diener, E. and Lucas, R.E., 2016. Personality traits. Noba textbook series: Psychology.
Champaign, IL: DEF. Retrieved from http://nobaproject. com/modules/personality-
traits.
Gedik, Ş., Miman, M. and Kesici, M.S., 2015. Characteristics and attitudes of entrepreneurs
towards entrepreneurship. Procedia-Social and Behavioral Sciences. 195. pp.1087-1096.
Julien, P.A., 2018. The state of the art in small business and entrepreneurship. Routledge.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Li, X. and Jia, Y., 2015, January. Characteristics Influence for Entrepreneurship Behavior
Ability. In International Conference on Education, Management, Commerce and Society
(EMCS-15). Atlantis Press.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
Zelekha, Y., Yaakobi, E. and Avnimelech, G., 2018. Attachment orientations and
entrepreneurship. Journal of Evolutionary Economics. 28(3). pp.495-522.
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