Entrepreneurship: Types of Ventures and Business Structures

This report delves into the multifaceted world of entrepreneurship, examining diverse types of ventures, including large corporations, small-scale businesses, social enterprises, and scalable businesses. It distinguishes between various entrepreneurial typologies, such as lifestyle ventures, female and male entrepreneurs, and serial entrepreneurs, highlighting their unique characteristics and comparing their similarities and differences. The report then shifts its focus to the UK economy, emphasizing the significant role of small and medium-sized enterprises (SMEs). It outlines different business structures prevalent in the UK, including sole proprietorships, private enterprises, corporations, and partnerships, analyzing their natures and characteristics. Furthermore, the report investigates the impact of SMEs on the UK economy, exploring their local and regional effects. The report uses case studies and examples to illustrate the concepts discussed.

Entrepreneurship and
Small Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1................................................................................................................................................3
P2................................................................................................................................................5
TASK 2............................................................................................................................................7
P3................................................................................................................................................7
P4................................................................................................................................................9
TASK 3..........................................................................................................................................10
P5..............................................................................................................................................10
P6..............................................................................................................................................11
TASK 4..........................................................................................................................................12
P7..............................................................................................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship could be described as procedure of discovering, assessing and
exploiting new opportunities implying new products,services or processes that forms important
part of every business whether large or small scale(What is Entrepreneurship?, 2017). An
entrepreneur is a person who is an initiator, challenger and a driver who nurturer an innovative
idea into a business concept and take risk to combines various resources into a venture (Acs,
Autio and Szerb, 2014). The project is based on case study of a successful entrepreneur Joe
Woods who is an owner of an IT firm that provides real time solutions to several companies that
processes online and credit and debit card payments from vendors. The assignment will discuss
about various types of ventures along with differences and similarities of different business
typologies. It will also provide synopsis of various traits and skills that are required by an
entrepreneur to bear risks and uncertainness and other capabilities that are requisite to be
competitive in this dynamic business environment.
TASK 1
P1
According to Ducker, (2014) entrepreneurship forms one of most creative procedure that
involves organizing, managing and leading employees to work autonomously towards attaining
pre determined goals. Thus, an entrepreneur is an individual who willingly take risk by
identifying and catering unfulfilled requirements of its target audience that can provide potential
opportunities to gain success and business growth. Therefore to successfully deploy its limited
resources an entrepreneur conducts in depth analysis of various types of ventures in order to
adopt most appropriate one in context to its chosen project and availability of funds & resources
with them. Following are certain most prominent types of ventures: Large Corporation: These firms are subject to definite life cycle and attain growth and
sustainability through offering creative and innovative products, services that are
customized as per its customer requirements. Large corporation involves heavy capital
investment in its plant and machinery. These firms to remain competitive keeps on
modifying its goods and services in accordance with changes occurring in market trends,
customers taste and preference etc. Small-scale corporation: This ventures requires limited capital and other resources for
conducting its business operations(Bhachu, 2017). These firms are generally self

owned,self -managed and are less prone to market risk and uncertainties. Small scale
business involves restaurants, grocery stores,cafes etc. In UK, these small scale
businesses and start ups contributes significantly in providing employment opportunities
to the economy. Social Enterprise: These firms work on non profit basis with main motive of providing
products and services that fulfils basis necessities of society. These firms focuses on
producing goods and services that would contribute in betterment of the standard of
living of society and its people (Blackburn, Hart and Wainwright, 2013). Scalable business : The main focus of these enterprises is on quality aspects of its
products and services rather than producing in large quantity. These firms are quiet
confident and focused towards their vision and they seek to attract investors that shares
same vision .
Types of entrepreneur typology Lifestyle Venture: These ventures places passion over profits and deliberately chooses
business models that collaborates with personal area of interest, expertise,knowledge with
ability to earn. For example Pat Flynn who is an architect by profession however is most
popularly known for his work as an author and writer of book Let Go. Female Entrepreneur: They are the woman or group of women who initiate, organize
and start a business venture. These entrepreneurs are more creative, innovative and
confident female capable of achieving self reliance and economic independence either by
being a single entrepreneur or in association with others. They assist in providing
employment opportunities to various people through start up and handle its entire
functions and operations while keeping pace with her personal, social and family life.
For instance, Emma Kane founder and CEO of Red Leaf communications that is among
top award winning London based PR and investor relation venture. Male Entrepreneur: In these type of organization entire business activities and
operations are managed and controlled by male entrepreneur. The main objective of these
firm is to gain competitive edge over other business rivals. Bill gates the owner of
Microsoft is one of the most popular and renowned male entrepreneur that has set
examples of success.

 Serial Entrepreneur: These are high spirit and passion able entrepreneur that are always
up to take new and higher challenges to provide something unique and innovative on
regular basis to the world. The most distinctive feature of these ventures is that after
successfully setting up one business these serial entrepreneur delegate responsibilities of
further commencing activities to certain efficient and proficient person and focus their
attention to something more challenging (Brandstätter, 2011). For instance Virgin Group
is among the most versatile brand that deals in number of ventures and thus is one of the
most appropriate example that suits this typology.
P2
Difference between Female and Male businesses
Female Entrepreneur Business Difference Male Entrepreneur Business Difference
 In female ventures all business
activities and functions are single
handedly managed and administered
by female entrepreneur.
 These entrepreneur besides having
profit maximization as their min
motive seeks to contribute something
to society as well
 Female entrepreneur are much anxious
about risks and loss in business
activities.
 These business enterprise are owned
and runned by male entrepreneur.
 The whole and sole motive of male
entrepreneur is to get competitive edge
over business rivals and they mainly
concentrates on economy and cost.
 Male entrepreneur are in general risk
takers and follows psilophyte of higher
the risks higher will be returns and
profits.
Similarities between Female and male businesses
Female Entrepreneur Business Similarities Male Entrepreneur Business Similarities
 To be successful and attain
sustainability it is requisite for women
enterprise to earn higher profits.
 For attaining success and be
competitive these firms are required to
 Similar to female enterprises for male
entrepreneur as well wealth and profit
generation becomes important in order
to attain business growth and large
market share.

be proactive in introducing distinctive
and unique products and services for
catering unfulfilled demands of its
target audience.
 To be figurehead and to attain an edge
over business competitors the criteria
for male entrepreneurs remain same as
female enterprise i.e. to launch new and
innovative goods and services.
Difference between Lifestyle ventures and Serial entrepreneurs
Lifestyle ventures Serial entrepreneur ventures
 These entrepreneurs put passion over
profits and willing chose business
models that perfectly merges with their
self interests, area of expertise,
knowledge with ability to earn a living.
 The main motive of lifestyle
entrepreneur behind launching a new
venture or shifting to new area of work
is to create their own lifestyles and
pursue their passion (Bridge and
O'Neill, 2012).
 Serial entrepreneur on other hand
constantly works upon developing a
unique and creative idea or business
concept for a new start-up or venture.
 The main objective of serial
entrepreneur is to be versatile and
innovative in what ever products they
produce for services they offers to its
customers so as to attain advantage over
its contenders.
Similarities between Lifestyle ventures and Serial entrepreneurs
Lifestyle ventures Serial entrepreneur ventures
 These business person concentrates on
their hobbies and therefore keep on
switching from one job to another that
relates to their areas of interest or
passion they longed to be pursue.
 They desire for change and therefore
are always willing top explore
 Serial entrepreneur just like lifestyle
entrepreneur are passionate about
pursuing something creative and
innovative and thus keep on shifting
from one area of business operations to
another where they find some new

something new that excites and interests
them.
prospects.
 Similar to lifestyles entrepreneurs they
too have high inclination towards
change,creativity and innovation.
TASK 2
P3
In context to UK economy small scale and micro enterprises play significant role in
uplifting nation's economy. It is evident from that fact that there are more than 3500 small scale
business and start ups that have been opened in the years 2016-2017. Also these small and micro
business units provides employment opportunities to more than people thereby contributing to a
large extent in UK's economy that forms major factor that political and legal factors are also in
immense favour of their growth. Mentioned below are three most prominent types of business
that dwell in UK economy:
Micro : Micro enterprise consist not more than 10 members and its investment in plant
and machinery does not exceeds 2500000. The approx revenue earned by these remains £ 2
million.
Small-scale: The capital and other investment in these business units does not exceeds
25,000,0 – 50000000. The number of employees for conducting activities of a small scale
venture are less than 70. They constitutes major employment generator in UK economy and on
an average earn revenue of around £ 6.6 million (Bruton, Ahlstrom and Li, 2010).
Medium scale : The staff requirements of these enterprises does not exceeds 270
employees and they earn an average turnover of around £ 25.9 million. The investment on plant
and machinery of these firms exceeds 50000000- 100000000. The main focus of these
enterprises is to achieve long term objectives and higher profits within specific time frame.
Nature and Characteristic of partnership, sole and private which are as follows:
Sole Proprietorship : these enterprises are single owned and self managed by an
individual who conducts and manages all the business operations single handedly. Profit and
wealth maximization are the main objectives of these firms that they strives to achieve by
providing quality goods at affordable prices. It is one of the simplest business structure that is
subject to least legislations. They are around total 3.4 million sole proprietors in UK.

Private: These ventures just like sole proprietorship are set up and controlled by a single
person who do not distribute is company share to general public. There are around 50 members
that are involved in starting up and commencing a private enterprise by investing large capital
and resources into business. Private sector acquire around 60% of total share of UK market
(Carsrud and Brännback, 2011) .
Corporation: These business enterprises are set up by stakeholders and requires
considerable time to set up and are required to follow many rules and regulations in comparison
to other legal entities. The members of these firms are having powers and right to take business
decisions that is beneficial for business. There are around 1.9 million corporation in UK.
Partnership: In this two or more than two person decide to carry out business activities
to achieve set goals. All the partners are accountable for making out all business debts and can
sue or sued by third party in case of non-payment of any business liability. Number of
partnership firms in UK are 414000.
Impact of SME's on UK economy
Local effect: In context to UK economy , micro and SME's alone generates about 50%
of total employment opportunities for the local residents i.e. constitutes about 24.3 million
people. As investment in these units are competitively low therefore at local level these business
units helps in generating various job opportunities to upcoming local talent and assist in
sustainable growth of local people. According to statics SME's are estimated to provide 64%
employment opportunities to local people very year (Chittithaworn and et al., 2011).
Regional Impact: Approx 34% of SME's are indulge in technological diffusion,
entrepreneurialism, innovative capacity and competition promotion that helps larger productivity
and higher growth rate for the economy. Also this contributes in balanced regional development
of the nation. SME's also contributes to a large extent to bigger companies by providing
essential resources that are requisite for completing their business functions.
National and international Impact: According to reports 37% of these small scale
business are engaged in innovative business activity thereby serving as key driver of innovation,
growth and competition for the country. Therefore micro, small and medium scale business units
are contributing 67% in UK's total employment providing Also during 2008 recession there
were colossal 47% enhancement in number of SME's that played significant role in uplifting UK

economy from recession. Also around 40% of total exports of UK economy is contributed by
SME's
P4.
Brexit is the deliberate withdrawal of UK from the EU that implies that advantages
associated with belongingness to the unified monetary system will not overweighted cost of free
movement of immigration. This adversely impacted UK that revealed out in decrease in its
economy by 2.4% in 2017. Further it resulted in payment of 3 million pound for three
consecutive years by UK as exit free. In case of SME's Brexit majorly affected future strategies
of these units especially those who are of innovative and export orientation that are having
probability to get indulge in international trade. However in broader aspect SME's and start-up's
are to assist and UK. Start-up's could be described as those temporary business firms that are
designed to find out for a repeatable and scalable business model (Chrisman and et. al., 2012).
Small scale industries on other hand are self owned and administered venture that works for
profit motive. Both of them are support UK economy to tackle major challenges faced in post
Brexit period such as large trade deficit, decline productivity growth and low level of SME
innovation. Mentioned below are importance of tart-up's and small business to growth of social
economy after Brexit:
 According to Research commissioned by CBI SME's in UK could served as
strengthening supply chains for large firms that is expected to add on £30 billion to the
UK economy and create more than 500,000 jobs by 2025.

(Source: CONTRIBUTION OF SMES IN UK ECONOMY,2017)
 The Catapult programme launched by UK government in 2011 has assisted SME's to
bridge gap in innovation system assisting in their infrastructure development. Thus, a
number of online Small scale retail business has been emerged that are providing
innovative and affordable products to the customers. The prominent feature of these
small scale unit are that they are specialist stores that are indulge in online and supports
local products (Desai, 2013) .
 Further Brexit has abolished industrial sector. This has stimulate UK government to
prepare and introduce new policies related to import and export. In this regard these
SME's that contributes 40% in total UK exports serves as efficient source for exporting
products to emerging economies like India, Africa and Middle East.
TASK 3
P5
Entrepreneur is a person that excels in conducting and managing business and to attain
new levels of innovation and creative thinking to get an edge over its competitors and attain
customer's satisfaction. For instance, in today's time Bill Gates and Mark Zuckerberg are two of
the most conventional and successful entrepreneur that are well known for their distinctive
capabilities and skills that have enabled them to reach new level of success even in most
Illustration 1: CONTRIBUTION OF SMES IN UK ECONOMY

complex situations (Djankov and et. al., 2010). Mentioned below are certain skills, traits and
characteristics essential for entrepreneur to have : Visionary : Successful entrepreneur always have a clear vision and big picture of their
future business prospects. They are confident, indispensable, focused and inspiring to
make their employees to have faith in company and are influential in motivating them to
work autonomously to achieve its mission,vision and objectives. Not to be afraid to take risks: This is one of the most essential trait for an entrepreneur
to posses. Its indicates an individuals readiness to take risks and to dive deep into future
uncertain conditions. Successful entrepreneur are always ready to risk out their money
and time but always are prepared with appropriate plans, resources and bandwidth to
manage those uncertain situations (Fisher, 2012). Adaptable and Flexible: This forms essential characteristics for an entrepreneur as in
dynamic business market a firm is required to modify its products, services, process etc.
as per the changing market scenario, competitors policies, customers tastes and numerous
other factors. Successful entrepreneur always welcome innovative and creative ideas,
suggestions and feedbacks for customization for products better and innovative products
and services. Communication Skills: This is one of the most requisite skills that is highly critical and
beneficial for an entrepreneur to posses in order to be successful. It is because an
excellent communication skills assist a business person to maintain amicable relationship
with their various stakeholders. For instance in case of employee good communication
helps entrepreneur to clearly share vision, goals and roles of firm and to motivate them
to give expected level of performance. In context to customers these skills helps in
communicating them the benefits of using a particular product or service.
 Innovative and creative: In today's competitive market to survive and earn profits it is of
utmost importance for an entrepreneur to think creative and different. Innovative thinking
forms core competency and important trait for a business person in order to cope up
with ever changing consumers needs and to maintain firms brand image.
P6
There are different components that depict a successful entrepreneur considering risk
taking, versatile,being innovative and so on. There is main correlation between entrepreneur

personality towards their mindset and motivation. Both Bill Gates and Mark Zuckerberg have
well personality traits that assist them to know their staff members and co workers that further
impart to entire mindset and above entire towards entrepreneurial motivation. For these five
dimensions of personality could be analysed through Big Five Framework used to analysis
dimensions of personality: Openness to experience: It is identify as a first element of Big Five Framework that is
related with creative and innovative thinking. As businessperson is needed to be
imaginative, innovative, curious and creative enough to evaluate unfulfilled requirement
of its clients and to supply distinctive products and facilities to cater those needs to be a
leader of market (George and Bock, 2011) . Conscientiousness: It is second part that represent entrepreneur personality to be
accomplishment oriented as well as persistent to achieve goals within predetermined time
period. Such traits of personality supports business owner in order to develop an effective
policies and strategies distinctively by evaluating market environment to be secure of
growth and development. Extraversion: This part support tycoon to communicate its objectives and vision in most
convincing way to various kinds of people considering clients, capitalists, sellers,
venture etc. This assist in increasing their confidence and trust of business vision and
goals. Agreeableness: It is another type of personality trait that creates it enviable for
entrepreneur to be honourable and trustable in nature. It is important to take in order to
achieve association and cooperation of workers so that they can execute allotted tasks as
per guidelines with their best try within specific period of time.
 Emotional stability: This show last personality trait that create it needed for entrepreneur
to be resilient and emotionally stable even during disagreeable situations (Grimaldi and
et. al., 2011) .
TASK 4
P7
The background from an entrepreneur do have a considerable impact on the traits of
enterprise. It is as if a person belongs to a business family backgrounds than it becomes

comparatively easy for that person to conduct and manage a new venture. It is due to the
inherited knowledge and experience that individual has gained from his/her business family
which they apply in their own business. Thus. It leads to better management of resources and
proper handling of contingencies leading efficiency in business operations and greater success
and growth. On other hand in context to individual who is fresher as an entrepreneur not having
any business background, it becomes initially difficulty to maintain balance between managing
business and its resources (Kuratko, 2016). Also, in absence of any past experience it becomes
difficult for an individual to cope up or handle uncertainties without incurring loss as there is no
solution to be referred by entrepreneur in context to current situations.
Mentioned below are critical factor that impacted success and failure of Bill Gates and Mark
Zuckerberg:
Family Background: Bill Gates belonged to a very intellectual family where in his father was a
successful lawyer who always encouraged him to be competitive from very young age. He was
constantly supported and encouraged by his family to take his own decision even at the time
when he drooped out college to pursue his passion in computers. Similar was the case with Mark
Zuckerberg who too have a supportive father. Also he was constantly encouraged by his family
even at times when Facebook was been alleged by government and its users for leaking their
private information. His wife and family remains in his close support and helped him in clearing
out all allegations (Light, 2011). Thus from both the cases it is evident that family background
and support plays a critical role in success of an entrepreneur as having their support motivates
and make it easy for entrepreneur to pursue their business activities by successfully coping up
with stress.
Nationality: This factors also majorly impacts the mindset and motivational level of a
entrepreneur (Naudé, 2013). Its is due to the fact that belonging to same nationality where in
they are having their business. Both Bill Gates and Mark Zuckerberg belongs to same nation
America that is suppose to be their birth place that served as a major reason behind their success
and immense popularity.

CONCLUSION
The project undertaken concludes that a start-up requires certain essential skills,
characteristics and traits that an entrepreneur requires to posses to be successful. Small-scale
business plays vital role in the economic growth and development of UK . It serves as a major
employment generator for nation. Also there are certain personality traits that reflect
entrepreneurial motivation and mind-set. Also experience and background of an individual plays
critical role in success of a company.

REFERENCES
Books and Journals