Entrepreneurship: Types, Ventures, and Economic Impact Analysis

This report delves into the multifaceted world of entrepreneurship, exploring various types of entrepreneurial ventures, including small business ventures, scalable start-up ventures, and social ventures. It examines the similarities and dissimilarities between these ventures, highlighting aspects such as mindset, goals, and value creation. The report further discusses the characteristics, skills, and traits of successful entrepreneurs. Additionally, it analyzes the impact of micro and small businesses on the economy, emphasizing their role in job creation, economic growth, and adaptability within the UK context, especially considering the impact of Brexit. The analysis covers different types of entrepreneurs like determined, accomplish, research, serial and female entrepreneurs. The report also provides insights into the impact of micro and small businesses on the economy, highlighting their role in job creation, economic growth, and adaptability.

Entrepreneurship

INTRODUCTION
Entrepreneurs are those builders and makers of new projects or undertaking who does not
only achieve own ambitions but also carry an enormous fortune to make a strong impact on the
society which will also improve their life styles. A successful venture always leads into the to
provide new products or services to customers (Barringer, 2012). To become a successful
businessperson is not a tough duty if these persons are having new ideas and strategies to how to
start a new business and it requires a more than knowledge of entrepreneurship. Entrepreneurship
is the approach of thinking and acting to bring a huge change in society. They take more risk in
financial for maximization of profits. In business entity, the staff members have to improve their
skills for providing the innovation products and services to customers. Through this they can also
increase the market share in competitive market. The present report is focused on
entrepreneurship and small business management. Along with this different types of
entrepreneurial venture are explained in detailed. Further, similarities and dissimilarities has
been explained of these entrepreneurial venture (Baumol, 2010). Moreover, the characteristics,
skills and traits of popular businessperson is described.
TASK 1
P1 Types of entrepreneurship ventures and their typology
Entrepreneurship is the process of taking an action by the entrepreneur who always
search something new and exploits their ideas for gaining the new opportunities by accepting the
risk and uncertainty with the enterprises (Entrepreneurs, 2017). Entrepreneurship is defining to
start the business with small amount to provide new products and services and to improve the
sales. On the side, entrepreneurial venture is that person who starts the business individual
having the limited resources and planning and take the risk for gaining the large amount of
profits. Intrapreneurship basically focus on employees who are working in organisation. As they
are taking risk to resolve the issues which are facing by employees. Further, their position in
large or public organisation are similar same because they are having right to resolve the issues
which are facing by employees. Different entrepreneurship ventures are there which has been
discussed as below.
Small business ventures – These are those people who establish the business with the
main motive of to attain or generate more revenue by taking more risk in competitive market.

Small business includes like; grocery stores, travel agents, electricians etc. There main is to fulfil
the needs of families but not to take over an industry or build a business of $100 million
(Bornstein and Davis, 2010). In funds are collected by their families, friends or taking small
amount of loan form the banks.
Scalable start-up venture - These type of undertakings establishes their business with
the purpose to change the vision and mission in the world. They employing best person to get the
innovative ideas for providing the new products and services to customers (Bruton, Ahlstrom and
Li, 2010). There main is to maintain the profits after the particular period point of time and these
types of commercial enterprise does not start by the entrepreneurs.
Social venture – They are innovators who focus on the to create new products and
services and their main aim is to solve the basis needs of society as well as their problems also.
Their goal is to make the better place in world so that they can improve the life style of local
people and provide the better quality of products and services to customers.
The typology of different entrepreneurship defines the various ventures which includes
the following (Corner and Ho, 2010).
Determined entrepreneur – In this the entrepreneur see that whether success is possible
without copying anything. These type of entrepreneur start their business to attain the maximum
profits by satisfying the needs of customers.
Accomplish entrepreneur – In this entrepreneur has cross all the stages of
entrepreneurship and start & build the new business and has reach on the success. Now these
entrepreneurs are focusing on to increase the scaling of their business. These entrepreneurs have
experience that how to connect with the customers and through this how they can solve their
biggest problems.
Research entrepreneur – These types of entrepreneur love to search more on every
possible scenario and outcomes for getting the strategies so that they can start or grow their
business in appropriate manner.
Serial entrepreneur – Here person is starting different kind of business whose aim is to
achieve profits. In this person is person is continuing business until and unless they get succeed.
But after a point of time they sell their business and these are considered as risk type of business.

Female entrepreneur – In this female is starting business with a confidence that they
can control and regulate them in appropriate manner. They also know how to control business at
small level.
P2 Similarities and dissimilarities between the entrepreneurial ventures
Every entrepreneur has having their own similarities and dissimilarities from other
entrepreneurs. Every entrepreneur establishes their business for generating the large amount of
profits or to satisfies the basic needs of people in society (Dacin, Dacin and Tracey, 2011). These
all entrepreneur have this much capability to start their business in competitive market and to
attain the maximum profits. Social entrepreneur is those people who establish their business with
the aim to solve the issues and problems of society or make some changes in society. For the
business entities and employees, the business entrepreneurial venture has various option to
identify the new avenues for generating or maximizing the wealth in society. On other side,
social entrepreneurship works for the society and provide the quality of services for satisfying
their desires. The dissimilarities between the social entrepreneur and small business entrepreneur
are as follows.
Mindset – The mind-set of the social venture is set according to the needs of society
people and for their well-being. But on other side, the mind of small business venture is set to
maximize their profits by operating their operation activities properly in competitive market
(Dacin, Dacin and Matear, 2010).
Goals – For the social venture, the goal is to work better for the society and improve their
life style. On other side, for the small business venture the success means to achieve the business
goals and to maintain the strong financial position in market so that they can also satisfy the
needs of different stakeholders.
Value creation – Social venture aim to get succour to increase the economic vale for the
society by targeting the correct customers and creating the positive impact. Through this they can
maximize their profits and attain the success in competitive market. Whereas, the venture of
small business has to deliver the best value of services to customers and through this they can
increase the profits and sales of the company. These business enterprises can also use different
marketing price strategy for selling the products and services to customers.
The similarities between the social and small business venture are these both enterprises
are operated and control by the small scale entrepreneurs (Defourny and Nyssens, 2010). The

workers or employees who are working under the small scale then they are having so much
capabilities and skills for performing their task properly. They have to accept more risk for
attaining the business goals with in time period.
The dissimilarities between the determined and research entrepreneur is that, in research
entrepreneur the person gain more knowledge by doing research more and more for satisfy the
needs of customers. But on other side in determined research, they did not copy anything but
their aim main is to maximize the profits by providing the designing products and services to
customers. But the similarities between both the enterprises is these business enterprises have to
retain in the competitive market by satisfying the different needs of customers.
In modern era, there are many different type of entrepreneur in public, private or in
cooperate sector (Djankov and et. al., 2010). They are having so much skills and trying to
improve their business operations so that they can hit the targets which are set by the high
authorities. In the contrary, these entrepreneurs are taking more risk in financial to generate more
profits.
Life style venture Serial entrepreneurs venture
Similarities – They both are establishing their business in several departments and also
introducing or launching new products to satisfy their yearnings. But aim of both venture is to
earn high amount of profits.
Dissimilarities – When serial entrepreneur has gained success in their business, then they shift or
change their business. In contrary to life style, they are continuously launching new cloths
according to the trends.
M1
Nowadays, there are different types of entrepreneurial ventures who are belonging from
both public and corporate sectors. With the help of these ventures the entrepreneur is trying to
satisfy the needs of society. Some of the venture are social, determined, copycat etc. who are
establishing their own business. In public sector aim of entrepreneur is to satisfy the needs of
society by giving them huge variety of choices of goods and services. Further, in corporate sector
main of entrepreneur is maximise profit by offering wider range of services to customers.
Intraprenuers bring creativity to the work process which is important for the growth of the firm.
Without such kind of skills the companies performance gets stagnated which is dangerous for the

business. Their innovative ideas bring transformation in the business which helps in sustainable
development of the company. One of the best example is of Steve Jobs who used his intrapreneur
skills and thoughtful creativity to innovate apple products in such way that their business
expansion had explosion.
D1
In modern era, these entrepreneurs are playing essential role because they are making
contribution in economic growth of country. Further, their scope may be wider if their business
once become successful. Besides this, there is also improvement in living standard of people
because they are getting opportunities in terms of jobs to fulfil their basic needs and
requirements.
TASK 2
P3 Impact of micro and small business on the economy
Business are classified in micro, small and medium sized by the amount of resources it
has. If the firm has very little amount of resources then it is considered as micro, if the business
is having resources slightly greater than micro then is small firm. On the other hand the
companies that are having slightly greater amount of resources it is known as medium sized firm.
Small business enterprises have played a vital role in the progress of the economy. These
organisations are of various types like private (owned by few people), sole traders, partnerships
and proprietorship. They all have the aim of making profits from there business. It creates the job
opportunities in the economy through which they can increase the demand and services of
products. Their aim may not be to generate huge amount of profits as compare with the large
organisation but their practices is to beat their revivals and gain competitive advantage (Drucker,
2014). The base of small business enterprises is to develop the business in UK. As UK is the
largest economy where these type of business having the direct and indirect impact.The impact
of small business and micro are as described below.
Future growth – After Brexit, it has large impact on the economy of UK which shows
the decline stage of growth rate. Therefore, UK economy requires that small business enterprise
which can support and increase the demand. But on the other side, these kind of enterprises are
depending on other countries which will increase their activities in export and import of goods.

Without the small business enterprises, the large organisation cannot provide the manufacturing
products because these business supply various components to them.
Adaptability – In modern time, there is a big continuous change in the business
environment which takes place over a period of time (George and Bock, 2011). Now the small
business enterprises are based on the innovation and information technology which can be
provide success in near future. They are also focusing on the needs of customers by providing
the innovative goods and services and trying to satisfying the desires of customers.
Job Creator – Small and micro business enterprise has provided the job opportunities for
local in various sectors. Through this the local people can improve their life styles. This will
contribute in the improvement of economic growth. Through the creation of job in different
sectors and it will improve the productivity of products and services to satisfy the needs of
customers.
Employment generation – Entrepreneurs are trying to use their creativity and
transferred their business in large organisation (Gompers and et. al., 2010). The government of
UK has more focused on the small and micro business enterprise and make the different policies
and procedures in order to promote the activities which are performing by these organisations.
In this era, the government of UK has more focused on the knowledge which are based on the
economic model and can provide new job opportunities to local people (Grimaldi and et. al.,
2011).
Increase in GDP or value added – These micro and small business enterprises are
making contribution in the increase of GDP rate. However, in these enterprise there are huge
employees but their revenue is influence by paying salaries, earnings. Small business enterprises
are trying to provide the job opportunities in local area with the help of UK government. So that
it will make contribution in increase of GDP of the country.
Further, there are different type of organisation whose aim is different from each other.
Micro business, in this person is operating business in limited area only. Small business, here
person is mainly focus on the customer needs. But they are also providing job opportunities to
people in order to satisfy their needs. Last is medium enterprises, in this aim of person is expend
their business at international level to capture large market share.
Stats related influence of SME on economy:

 Employment: They are providing employment to around 33% of the working population
in UK.
 Innovations: Many firms have came up due to innovative ideas they have which has lead
to development of new industry.
 GDP: These companies are operating with the turnover of around 19% of the UK
industrial economy.
 Social economy: It has provided employment to many people that belongs from
backward sections of the society.
P4 Significance of small business in the progress of social economy
After Brexit, the government of UK start focus on the to establish the small business and
on start-ups which can make positive role in the economic development (Hockerts and
Wüstenhagen, 2010). Through this they can create large number of job opportunities and can
also reduce the poverty line in economy. The importance of small business in the growth of
social economy are as follows.
Providing the job opportunities – While setting up the new business they are creating
the job opportunities for local people. This is done because after the separate from European
Union, UK has loss large number of job opportunities which are provided in different sectors.
The UK government are providing funds and technical expertise in order to develop the start-up
business. Through this they are providing the different job opportunities in various sectors such
as in finance, human resource departments etc.
Income – As this is the key significance of SME in the economy which may increase the
per capita income of the individuals. Through this the purchasing capacity of the individual are
increasing and which will enhance in the increase of the demand of products and services in
competitive market. However, it will improve the lifestyle of the society and will maximize in
the growth of the economy (Karlan and Valdivia, 2011).
Innovations and inventiveness – Small business enterprises are introducing the new
products and services in new designs by adopting the new technologies so that they can satisfy
the requirements of customers. On other side, the start-up of new business is related with the
innovation of new ideas and technologies. Through the skills of new start-up, they can create and
develop new ideas for maximizing their profits. In innovations and inventiveness, the company
can adopt the new opportunities to demand for the products and services by the customers.

Financial Support – After separating from European Union, UK government is
providing financial support to SME and start-up business. Through the financial support these
enterprises are able to retain in competitive market for a long period of time. However, their
contribution is also made in the increase of GDP rate. The funds are given to these enterprises
are by banks for a particular period of time (Kirzner, 2015). The investors of equity fund also
supporting these enterprises in terms of financial so that they can create job opportunities for the
local people.
When UK left the European, it has given negative impact on that country for a period of
time. Because due to this company GDP had fallen and become difficult to improve their
economic growth. But, government of this country are now focusing on small enterprises and
providing support to them so that they can also contribute some amount of percentage in
improvement of economic condition.
M2
Small, medium and large business organisation are having both negative and positive
impact on economy. Mainly small and medium enterprises are making efforts to satisfy the needs
of customers. All size of organisation is making in contribution in making new software’s also.
through this there is increase in employment opportunities where people can satisfy their basic
needs.

Figure 1: A strong supply of skilled workers
(Source: UK Digital Strategy 2017, 2016)
D2
According to Barringer, (2012), impact of small business at different levels of economy
are having both impact. For example, at local level they small business have to make their own
rules and policies in order to regulate their business at small level. Further at regional and
national level it is essential for them to comply with all norms and regulations which are comply
by organisation to take some advantage from them. Apart from this, it is essential for
organisation to abide all rules and regulation of other countries in which they want to operate
their business must be properly followed by them in order to gain competitive advantages also.
TASK 3
P5 Characteristic, skills and traits of two popular entrepreneur
An entrepreneur is the person who has the ability to take the risk in terms of financial and
to maximize the growth. They have this much ability to think newer and more economical ideas
for achievement of their targets. Every entrepreneur has different personality which is the blend

with the requirements of business. These entrepreneurs are single who take all the decisions to
establish their own business in competitive market. The entrepreneur has more skills to run their
business alone and to attain the objectives with in time period. They can manage all the risk
which are associated with the business and can run it successfully in global competitive market.
Along with this they have to monitor and control all the activities which are performing by other
members in organisation. In modern era, there are two famous entrepreneurs namely; Mark
Zuckerberg and Bill Gates (Nga and Shamuganathan, 2010). Mark Zuckerberg has launched the
application of Facebook. In this the people are connected with the large number groups. They
can share their post, videos, pictures and many more. It than that platform in which it changes the
world in information technology. On other side, Bill Gate is the co-founder of Microsoft. He
launched this window and give the new name in the use computer technologies. They both have
become the successful entrepreneur because there characteristic, skills and traits are different
form each other.
The traits, skills and characteristics of Mark Zuckerberg and Bill Gates are as described
below.
Motivated – The successful entrepreneur is self-motivated person. They don’t need any
support from others. They manage their all work according to the time management. From this
time management they achieve their targets with in time period.
Confidence – The successful entrepreneur has confidence to do the work in best manner.
The knowledge which they acquire from different sources and they have confident to put this
knowledge for achieving the targets (Nicholls, 2010).
Risk taking attitude - This is greatest significant feature of successful entrepreneur.
They are taking risk in terms of financial for achieving the incomes. If the entrepreneur is facing
any risk, then they know how to handle to minimize the risk. The aim of taking the risk at high
amount to generate more profits. Bill Gates and Mark Zuckerberg both are risk taker. If they will
not take the risk, then cannot attain their targets with in time period.
Never be satisfied – The entrepreneur will not get satisfied in achieving their targets.
They trying to achieve more profits through the innovation of new ideas and technologies. They
never stop and take rest on laurels. While more achieving of knowledge it gives them experience
to get more success in their life (Wiklund and et. al., 2011).
The difference between the entrepreneur and managers are as follows.

Bases of Difference Managers Entrepreneur
Motive The main motive of manager is
to render their services which
are set up by the entrepreneur.
There main motive is to start
the new business by setting an
enterprises.
Status They are the normal
employees in the enterprises
which are owned by the
entrepreneur (Samwel
Mwasalwiba, 2010).
They are the owner of the
enterprises.
Risk bearing They do not bear any risk
which are involved in the
enterprises.
As entrepreneur is the owner
of the enterprises so he/she
assumes all the risk which are
attached with the targets.
P6 Entrepreneur inspiration and mind-set
Every entrepreneur is having competence to work in modest market. They need to win all
the encounters which are present in the competitive market. The successful entrepreneur has a
capability to manage all the risk which are associated with the targets and how to eliminate them
they also know. These entrepreneurs have unique and different skills and characteristic to grab
those opportunities which are present in market. They have set their mind that what they have to
achieved. Along with this, they are motivating other people to do something new in their life.
Through this, they get self-motivated and doing work hard to achieve their targets. There are
some points through which they get motivated such as; imagination of good things, taking
positive actions, grabbing opportunities, inspired by other and many more. Both Mark
Zuckerberg and Bill Gates are popular entrepreneurs who has different skills and characteristics.
There skills are inspired and motivated to young generation. The entrepreneur who has capability
to start new business in global competitive market have full determination to attain their goals
and objectives with in time period. The characteristics showcased in P5 helps in increasing the
entrepreneurial motivation in the ways like if the entrepreneur is not self motivated then may
give at the hard times of business. Confidence is important for the individuals as it helps them in

making positive decisions and stand with their ideas in the competitive environment. Risk taking
attitude helps him to make out of the box ideas which is important for the firm's growth. An
entrepreneur must have the mindset that let him with never satisfied attitude which is necessary
for the growth of the firm. Moreover, Mark Zuckerberg has passion and spirit to perform his task
until and unless it is to be achieved (Sarasvathy and Venkataraman, 2011). In modern era, Mark
Zuckerberg has given new definition to information and technology in the field of using the new
social sites. This has also inspired the young generation entrepreneur to get the success by using
appropriately their skills and traits. This person is always taking a risk to become successful in
his life. As he has launched many application and towards it so many users are also attracted.
On other side, Bill Gates has given the new definition in using the computers or tablets.
Bill gates is the risk taking person who has launched the Microsoft window (Welter, 2011). A
good and successful entrepreneur have a discipline skill so that they are making their plans in
appropriate manner and have capacity to achieve them on time period. The entrepreneur is self-
confident person who is taking the risk in appropriate manner and know to how to resolve with
these problems. The successful entrepreneur uses their strengths to overcome with their
weakness and threats in competitive market. Their aim is to make effective communication with
the customers so that they can easily identified their needs and desires. Through this they can
improve their efficiency and productivity of products and services to retain the customers for a
long period of time. The successful entrepreneur has set their mind that what they have to
achieve in their life. They are not getting distrait from anyone for achieving their targets and to
provide the new and innovative services and products to customers (Shane, 2012). The young
generation are get inspired by these successful entrepreneurs so that they are also taking risk and
innovating new ideas for the achievement of their objectives with in time period.
M3
As there are different successful entrepreneurs who are having their own skills and
capabilities to fulfil their objectives. Mark Zuckerberg, risk taker and self-confident person who
takes risk to accomplish with their goals and objectives. Whereas, Bill Gate is self-motivated as
well as risk taking person. If these kind of people will not take risk, then they may not become
successful in their life.
D3

As there are different skills, traits and characteristics of every entrepreneur are there. It
depends upon their capabilities that what kind of risk they are taking in order to stand in
competitive market. Further, there are different motivational drivers which encourage them to do
something. For example, Bill Gate encourage by taking large amount of risk in launching new
product or services.
TASK 4
P7 Impact of background and experience on entrepreneurship
The entrepreneur is the person who establish their own business in competitive market
for the achievement of their business objectives. If they want to generate more revenues, then
they have taken more risk and invest the large amount of funds. Sometimes, the entrepreneur is
affected by their background or experience (Short and et. al., 2010). The entrepreneur who are
doing their business at small scale have their own background. In the enterprises, the background
of entrepreneur has greatly effect on the targets. The background shows the level of thinking and
their point of view that what they have considered for their task in different manner. Form the
last decade there many entrepreneurs who are not financially strong their background was also
not good but they use their skills to become a successful entrepreneur. They conduct the research
that what kind of services are want by the customer and through this they have launched new
applications. In case of Mark Zuckerberg, he finds out the needs of customers and launched the
Facebook application (Entrepreneurship vs. Management, 2016). Mind of both entrepreneur is
business-oriented. In order to establish their business both are having enough experience that
how to establish. Further, they are also aware about that all rules and regulations should be
comply which has been framed by government which will also promote their ethical code of
conduct. From childhood, aim of Mark Zuckerberg is to establish his own business because his
father is supporting in him. On other side, Bill Gates is having interest in making new software
so he had established his own company. The parents of both successful entrepreneurs are
supporting them in terms of financial and education Their religion is also different from each
other. For example Mark Zuckerberg education in the field of IT helped him in designing the
idea of Facebook. His family supported a lot in his innovation plans as it is fact that personal life
cannot be separated from the professional life of the individual and hence family support is
important.

If the entrepreneur has achieved success in his/her life, then they must have good amount
of experience. The entrepreneur has to face experience which is both worst as well as good. But
worst experience teaches the ways in which their problems can be solved. The worst can be
gained from the background. To become a successful entrepreneur, they must depend on their
strengths because only using that they can accomplish their targets (Slotte‐Kock and Coviello,
2010). If they have good experience that they can lead to other popular entrepreneurs and to give
the better productive results. Experienced entrepreneurs can execute their own ideas in a better
way if it is compared with the less knowledgeable person (The 5 Types of Entrepreneurs, 2017).
For example When he was at the college he faced a lot of problem in connecting with larger
number of people with helped him in building the idea of any such kind of social network. On
the other hand in the technologically advanced country like USA helped him in making his plans
successful.
M4
Bill Gates and Mark Zuckerberg both are belonging from different backgrounds. As there
are also different characteristics of both persons. As Mark Zuckerberg had received good
education facility through which he also got support from family members to do something new
their life. Further, Bill gate get few support from family he has done all things on own skills and
capabilities.
D4
Background of entrepreneurs have given both positive and negative on their life. Positive
impact on Mark Zuckerberg life is that he gets support from his family in terms of finance so he
was liable to take risk. But negative impact is that he become demotivated when no support is
there. Whereas, Bill gates from starting is having interest in making software so his parents also
support him. But negative impact is that he does not have much experience that how to target
people or large organisations to attract towards his services. Good education is also having
impact on their life.
CONCLUSION
From the above based report it has been summarized that to become a successful
entrepreneur individual has to take take challenges with considerable amount of risk with his/her
innovative ideas for achieving their objectives in specific time period. They must check about all
the risk and possibilities that are associated with the task. On other side it is a chance for future

entrepreneur to take the suggestions and assistances from the successful entrepreneurs in order to
fulfil their aims with in time period.

REFERENCES