Entrepreneurship Report: Ventures, Characteristics, and Economy

This report provides a detailed analysis of various entrepreneurial ventures, including lifestyle, managed growth, survival, and aggressive growth ventures. It explores the characteristics, roles, and similarities and differences between small, social, large, scalable, lifestyle, serial, female, and male entrepreneurial ventures. The report also examines the impact of micro and small businesses on the economy, discussing private, sole proprietorship, partnership, and corporate structures, and their effects on local and national economies, including job creation and tax contributions. The report concludes with a discussion on how experience and background can foster and protect entrepreneurship.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures...........................................................................1
P2 Characteristics, role of various ventures................................................................................3
P3 Impact of micro and small business on economy system......................................................5
TASK 2............................................................................................................................................7
P4 Importance of firm start-up's and small business...................................................................7
P5 Skills, characteristics and traits of entrepreneurs...................................................................9
P6 Entrepreneurial attribute effect their mind-set and encouragement.....................................10
TASK 3..........................................................................................................................................11
P7 Experience and background can foster and protect entrepreneurship..................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Small business enterprise are fully operated and controlled by private company,
corporations, individual organisation, sole traders in which less employees work for achieving
desired goals and objectives in proper manner. On the other side, private ownership are highly
help in enhancing growth of country economy in appropriate manner. They mainly produced
creative and innovative products and services in the large market place. An Entrepreneur have
highly skills and capability for coordinating and managing different types of activities and
functions in the firm (Fayolle, 2013). The main purpose of this report is to understand various
kinds of entrepreneurial ventures and analyse the differences and similarity between such
ventures.
TASK 1
P1 Different types of entrepreneurial ventures
Entrepreneurship- It is the main part of economy growth. An entrepreneur are those
individual who smoothly run their business and entrepreneur is the set of whole activity that will
concern with moving and processing operation of business with the help of owners in
competitive market by earning maximum profitability. They take risk at the time of introducing
new things and also assist in generating employment. This is necessary for an entrepreneur is to
take risk and it will help in smooth running of business in comparison to others.
Entrepreneurial- This is an activity which required to planned in proper manner and over
come with such things. Such phases are mainly concern with start of business and in middle
stage owners need to analyse all the promotional sources. It refers to that use of available things
and planning for predicting desired goods and services to the customers (Hlady‐Rispal and
Jouison‐Laffitte, 2014). There are various aspects of which considering the risk, price of an
organisation.
Venture of entrepreneur:
Lifestyle venture- Such entrepreneur are likely to invest in those locations where they are
going to serve and developing market in more competitive way. Also life style venture are
related to general choice of an individual and analyse the customers demand before offering
certain goods and services. This will provide stability in revenue for owner and maintain work
for operating business in smooth way. In such venture, it has some limit and basically specific
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area and large number of workers are limited or constant and has limited growth. The major
drawback is present in such venture so that it is very complex for reaching the economic
operation in the large market place.
Managed growth venture- The venture seeks to maintain stability in growth and able to
work in business model. The reinvestment are take place for launching new goods, development
in enlargement facilities, employees, locations and highly powerful and localised brands which
are develop in limited time period (Kiss, Danis and Cavusgil, 2012). The business require to
moderate in offering things for rapid growing business. This will guide the owners for managing
and controlling organisation in effective manner.
Survival venture- Such type of venture refers to that common market which adds a
person for assisting firm at the time of living. In the new market, entrepreneur has an opportunity
for promoting their goods without making any competition and it provide facilities which help in
survival the person.
Aggressive growth- Such type of venture simply means is advancement. The technical
and equipments are based on these growth. By this, technological basis venture has proper
capacity for making creative and innovative activities. In such type of venture, entrepreneur
desire to gain exceptional growth and getting large amount of funds. Such type of firm are more
willing to launching the innovation and unique products for the desired customers. They can see
the bright future as public are more attracted towards technical and methodical things. These
places where firm provides help for showing the direction in prominent level and owners gain
extra profit.
There are various types of typologies which are discussed as follows:
 Private venture entrepreneurship- Some of the enterprise are privately owned or
operated in the UK (Kuratko, 2016). Such type of organisation has single venture or one
possession which provide owner for making good profit and analyse what they need to
want. The authorities are applicable in very limited time period.
 Scalable start-up- The small and top level management are come under this. Small scale
business are those which begin the niche market area by investing very less amount. They
can not deal with large project but still they serve services to the general public and they
have not seek to gain luxury products.
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 Large company entrepreneur- They mainly deal in large scale product and also target
high level person. These type of entrepreneur have potential tool of finance for surviving
in the business.
 Social business enterprise- This can be said that profit or non profit organisation. The
main motive of this firm is to provide effective quality products and services for
satisfying potential customers demand and wants in proper manner (Meyer, 2011). Such
enterprise does not gain extra profit and they also work for social cause.
P2 Characteristics, role of various ventures
Ventures Differences Similarities
Small and social
entrepreneurial
1.In this small business
venture begin their work for
gaining maximum profitability
and social entrepreneurs
mainly focus for giving
services and eliminating all
arising issues and problems
within the society.
2.The social venture desire to
solve all major barriers and
issues in the nation and the
main motive of the business is
to increasing their personal
advantage.
3.The main objective of social
entrepreneur is to serve
different services to the
country people and on the
other hand, small business
main objective is to earn
maximum profits for growth
1Both the ventures are adopted
innovative and creative
policies for reaching desired
targets and goals in proper
manner.
2.Small and social
entrepreneur major goal is to
sale various types of goods and
services to the customers.
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and success.
Large and scalable
entrepreneurs
1.Scalable entrepreneur
involve small resources and
spending whereas large
organisation consist proper
loss amount and exact profit
fund.
2.Scalable entrepreneur want
to help the venture for
developing ideas on the other
hand, big firms follow
sponsors for expanding their
business.
1.Scalable and big
organisation main aim is to
change the perception and
structure of the business.
2.The major motive of both the
ventures are earn maximum
profitability by performing
various functions.
Lifestyle venture and serial
entrepreneurial ventures
1.In the Lifestyle venture,
small business enterprise does
not combined with this and
whereas serial ventures mainly
identifying opportunities for
developing business in the
whole market place.
2.Lifestyle ventures provides
various assets and services
which gives comforts on
continuous basis and on the
other hand, serial ventures
desire different type of
thoughts and ideas that are
related to goods and services
and they will help in smooth
running the business.
1.The major aim of such type
of ventures are doing business
in different market place.
2.Both ventures are consider to
be good and effective idea for
the business.
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Female and male
entrepreneurial
1.Male entrepreneur easy to
take decisions and female
entrepreneur face different
type of issues according to the
situations but still they deal
with this.
2.Female entrepreneur also
take correct decisions related
to financial risk and on the
other side male entrepreneur
can not deal in such situations.
3.Female entrepreneur mainly
concentrate on developing
strong relationship with
company employees whereas
male entrepreneur are
demonstrate the task oriented
manager of the organisation.
1.Male and female both are
doing hard work for achieving
desired goals and objectives.
2.They have equal level of
knowledge and skills.
P3 Impact of micro and small business on economy system
Small business- This will includes sole partnership, partnership and associations where
less number of employees who works for attaining potential goals and objectives. In this
enterprise, there are almost 50 to 2000 workers who works for long time period.
Micro business- It is that venture which consist of firm that are formed in micro level and
these are capable for selecting large number of employees within an organisation. Such firms
will gain fair amount of benefits and there are approximately three owners who known as
businessman, they are manage the entire work (Neck and Greene, 2011).
Medium sized business- In this firm, there are almost 300 employees who works within
an enterprise and they require to earn large amount of profit which maintaining income and
revenue.
Characteristics and nature of Private, sole and Partnership
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 Private- Private firm are those which is owned and operated by single person and also
firm will shares are not distributing among common people in the large marketplace.
Such ventures have around 50 shareholders who invest large amount in the business.
They need two directors who maintain and manage all activities and functions of the firm
and such operations are generally formed for reaching large amount of profit to friends
and relatives. Sole proprietor- This business is operated by single person who mainly responsible for
all business operations and the main function of gaining advantages, make structure and
loss of the firm (Rasmussen, 2011). They need less decision-making structure and keep
record of each activity of the business. Firm owners are responsible for making decisions
process which occurs in the workplace. There are various types of risk in such enterprise
which show the benefits of sole business sole business which has to be managed and
coordinate work by single person.
 Corporation- These type of business organisation are operated by stakeholder which
should be follow lawful structure. Each stakeholder have personal right to take correct
decision that will provide advantage to the enterprise. They are large in size that has give
large amount of taxes to the customers. Stakeholders cost can measure in hundred,
thousand and million of people. They require to enter in legal procedure for follow
creative steps of association. This includes limited liabilities of an individual who earn
share of the firm.
There are different locations where impact of economy are described as under:
Local impact- The small business in united kingdom is positively effect the whole
economy growth and success. There are almost 92% small business organisation within the
nation (Schaltegger and Wagner, 2011). Local enterprise and its business are directly impact on
national economy which contributing huge amount in tax paying. It is clearly states that
generating employment for young people and provide jobs to them which help in reducing
unemployed in local areas and in entire country. In each year, there are around 64% jobs that are
developing with the help of marketplace and on the other side business trends are always change
in whole style of marketing and promote different factors. They are able to influence people
mind for increasing and creating new things that are presented by them.
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Regional impact- Macro and small business are directly effect on regional marketing
within the united kingdom in various ways. The business industry and challengers are involved
in different marketing concepts according to the superior in small business enterprise in different
region. It will help in removing unemployment at starting level and assist in developing new and
innovative methods or tools for particular views (Ziegler, 2011). This will directly impact on
various business situations of economy and nation system.
National and International impact- Small and start up business will play an crucial role
in international and domestic commerce and it will increasing standard of living of people. The
UK market will provide facilities for more than 25 million jobs opportunities to large number of
people and also gives indirect jobs to almost 1.6 million people and some more. In the whole
country, there are around 50% youths who works for private industry in the country which can
assist in increasing corporate work funds of the nation. England is one of the elite country. Tax
policies help in supporting entire business management of united kingdom at the time of crisis.
TASK 2
P4 Importance of firm start-up's and small business
Brexit- This is refers to the concise form of “British Exit” which are established on 23
June 2016 as per the judgement of UK authorities. It is very famous break down of nation from
European union. Accordingly, country states their tough point related to single market place and
country governance of EU will be larger for compulsory on various marketing methods of UK
(Alsos, Carter and Ljunggren, 2011). Start-up's and small business provide values and help to the
nation for taking different occupational opportunities and it will reducing the amount of tax
income in proper manner. This will impact on the large danger to the political danger and on
legislation structure of the country.
Difference between start-up's business and small business:
Significance Business start-up's Small business
Impression in economical parts This is creative part of an
organisation management
which major aim is to
enhancing the opportunities
of jobs to the people and
Business will assist in earning
maximum profit of each firm.
It can play an important role
which increasing growth and
success of the country. Small
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also nation will identify the
factors which occurs in the
local market place. It is very
essential part of each
enterprise so that this can
assist in continuously
increasing growth and
success of economy. Start-
up's business support in
developing 81%
organisation.
business can provide more
than 60% jobs opportunities to
UK nation people.
Reduction in conveniences of
society and growth of
employment opportunities
It is new type of business so
it will help in adopting
employment at united
kingdom. It support in
increasing job opportunities
which are essential for
controlling and managing
unemployment rate of the
nation.
This is essential for united
kingdom is to develop
innovative and creative things
in the firm. Such new and
latest formulation term which
help in increasing development
in products process. This will
support in enhancing living
standard of people in local
areas and assist in increasing
work quality.
Enhancing in government
income through tax
The working in business is
creative and innovative
whose main motive is to
select new candidates in an
organisation. They provide
good measures for
increasing business and earn
maximum profit which are
This is the most essential part
of small business enterprise
that can gain large amount of
profit and sale high tax
products which are made by
country government.
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required for development.
Community standard are
always change in effective
manner and it will reduces
the opportunities of
unemployment of jobs.
Social and Economical
evolvement
Company considers various
business opportunities of
employment and provide
creative services as per the
production concepts that can
gives to the consumers. This
can help in increasing living
standard of people who live
in the society and it will
assist in equal the GDP rate
of united kingdom.
The major source of united
kingdom which contribute
large range of success and
growth in the nation economy.
Small business enterprise
offering more than 98%
private sector firms and almost
60% are private industry jobs.
Such type of organisation are
developed according to the
belief which are able for
deflection about 20 billion in
social and economical within
the ending year of 2020.
P5 Skills, characteristics and traits of entrepreneurs
Entrepreneur are those type of individual who totally different from other businessmen
and their skills and attributes are distinguish with one another. For example, there are two
entrepreneur like Brent Davidson and William Kiss. The skills, characteristics and qualities of
these entrepreneur are as under: Hard working- Brent Davidson are performing hard work for achieving necessary goals
and targets of the organisation (Audretsch, Falck and Heblich, 2011). They have
decision-making quality which help in growing business and gain success for the
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