Entrepreneurial Ventures: Types, Similarities, and Impact

This report provides a detailed analysis of various entrepreneurial ventures, including small, large, scalable, and social enterprises. It explores the similarities and differences between these types, highlighting their respective roles in the economy. The report delves into the impact of micro and small businesses on economic growth, emphasizing their contribution to employment, innovation, and overall GDP. Furthermore, it identifies the key characteristics and traits of successful entrepreneurs, examining how mindset, motivation, and personal background influence the entrepreneurial process. The report also discusses the importance of small businesses in fostering social and economic development, offering a comprehensive overview of the entrepreneurial landscape. The report covers the types of entrepreneurial typologies and how they affect the process of entrepreneurship.

Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
Part 1................................................................................................................................................1
P1 Different type of entrepreneur ventures and typologies........................................................1
P2 Similarities and difference among different type of entrepreneur.........................................3
P3 Impact of micro and small business on economy..................................................................5
P4 Importance of small businesses on the growth of social economy........................................6
Part 2................................................................................................................................................7
P5 Characteristic and traits of successful entrepreneurs.............................................................7
P6 Personality of entrepreneur get affected by mindset and motivation....................................8
P7 Process of entrepreneurship affect by person's background or experience............................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurs are the one who design and execute various business operations in order to
gain profit and play an important role in the development of economy. Basically enterprise can
be of four type including small, large social and scalable (Blackburn, Hart and Wainwright,
2013). Form all these small business enterprise play an important role in the growth of country's
economy. Government of every contrary provide support services to these for undertaking their
operations in various sectors. They produce or deliver innovative products to large number of
audiences in order to satisfy their needs at the same time provide employment opportunities to
people of local area. All this help them in increasing their standard of living. Small business
organisation provide basic support to an country's economy. Present report contain information
about different type of enterprises and typologies. Similarities and differences among all type of
enterprises along with their impact on economy is also mentioned under this. Main factors that
affect the process of entrepreneurship and basic qualities and traits of successful entrepreneurs is
detailed under this. Along with this impact of person's past experience and background on
process of entrepreneurship and importance of small business entities on economic growth of
country is also detailed.
PART 1
P1. Different types of entrepreneurial ventures and the way they relate to typologies
Entrepreneurs are the one who perform or undertake business activities for financial
gains. There are basically four type of entrepreneurs include the following: Small business entrepreneurs: These entrepreneurs start their business operations with
very low amount of investment at small basis. These type of ventures fails to attract
investors that's why they take financial help from their friends and relatives. Main
purpose of this type of entrepreneurs is to make profits for feeding their family members
and to fulfil the basic needs of daily or routine life (Bridge and O'Neill, 2012). They take
help of family members for managing the business activities or hire local people for this.
They take care or manager all operation or activities related with business. Electricians,
plumbers, owner of grocery store, travel agents all are the example of small business
enterprise.
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 Large business entrepreneurs: Large companies are that business ventures which are
undertaken on a large level. These type of enterprises offer innovative products or
services to consumers. In today's business environment needs amd wants of consumers
are changing at a fast level so to satisfy their needs these type of business take birth to
offer featured products to customers (Burns, 2010). They undertake business operations
at large level or generate large amount of profits every year. These type of firms
undertake business activities at international level or help country in earning foreign
exchange which increase the economic level of country. Having innovative business idea
these type of businesses attract large number of investors or venture capitalist. Scalable business enterprises: These type of entrepreneurs start their business operations
with an innovative idea. Their unique idea attract large number of investors including
venture capitalist. They hire best and brightest employees for performing business
operations. They search or choose an attractive business model for completing the work.
These type of firms undertake various type of business risks and that's why generate
larger profits. Main vision of these enterprises is to capture a larger market share in small
time period by offering innovative products to large number of audiences.
 Social entrepreneurs: Social enterprises are the one who undertake production process or
make products to solve the social problems or needs of people. These can be non profit or
profit based enterprises. Their main aim is to offer a solution to the problems of people.
They make featured products to solve the social problems rather than to make large
number of profits. Their aim is to make world a better place and free from any problem.
Type of entrepreneurial typologies: Accomplished entrepreneur: These type of organisations think that time is the most
valuable assets so use it wisely. Their main focus is to leave legacy on every business
activity. Research entrepreneur: As the name implies these type of business ventures undertake
various research activities to collect relevant information (Carland, Carland and Stewart,
2015). After that enterprise this data for making business decisions. Copy cat entrepreneur: These firms copy the idea of other successful business
organisations and than start their commercial activities. These type of entrepreneurs think
that success can be achieve by copying the idea of other successful firm.
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 Determined entrepreneur: These type of firm think that success of entrepreneurial
venture is possible without copying the other's idea.
 Skeptical entrepreneur: These type of firms research to get the answer of success of
other business ventures. These type of ventures are very hard to find.
Typologies of entrepreneurs affect the whole process on entrepreneurship. Activities or
decisions taken at enterprise affect by the type of entrepreneur.P2. Similarities and differences
between different types of entrepreneurial ventures
P2 Similarities and differences between different type of entrepreneurs can be understood by the
following
Type of enterprise Similarities Differences
Small v/s large
business enterprise
Small and large both type of
business ventures undertake its
business activities in order to
satisfy the needs and wants of
customers. Both firms generate
large amount of revenue every
year (Carraher and Paridon,
2015).
Small or large both enterprises
undertake various commercial
activities to better satisfy the
needs of its customers along
with this both firm so research
for making innovative products
for large number of customers.
Activities of small business enterprise
is undertake on small or local level.
Small amount of funds are included in
the business activities of small
ventures. On the other hand huge
amount of financial resources are
invested under business operations of
large company. These type of firms do
business operations on international
level. Role of manager under small
business firm is very simple and easy
but manager's role under large
business enterprise is very complex
because of large number of business
operations. Small entrepreneurs
require small amount of characteristic
as they undertake commercial
activities in local level only on the
other hand because large business
enterprise undertake its business
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operations on international level so
required many type of skills and
characteristics.
Role of management under ths samll
business enterprises is easy but on the
other hand manager of large business
enterprise hand to perform multi tasks.
Social v/s scalable
enterprise
Objective of both firms is to
offer innovative and featured
products to large number of
customers. Both firms undertake
research activities to identify the
changing needs and wants of
consumers.
Both enterprises do various
research activities and collect
relevant information from large
number of resources for satisfy
the social problems or fulfil the
needs of customers.
Main aim of social business enterprise
is to solve the social problems of
people with or without making profit
(Chittithaworn and et. al., 2011). On
the opposite main aim of scalable
business venture is to make larger
amount of profits in short period of
time. Scalable business venture tries to
capture a larger market share within
short period of time and main aim of
social business ventures is to make
world a better place by offering
solutions to the people 's problems.
Main aim of social enterprises is to
solve social problems rather than to
make large number of profits and all
activities of business are executed by
scalable enterprises just to earn larger
number of profits.
Other than these ventures there are other two more type of business ventures including
public and private. Public venture is the one whose control remain in the hands of government.
Private business venture is the one which controlled by private people or not by government.
Main aim of both firms is to serve and offer a featured product or service to large number of
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people. Research has shown that private firms complete its operations more effectively than
public ventures. Private venture undertake research to find out the needs and wants of consumers
and than undertake production process. There is a lack of research done by the public ventures
that's why these type of organisations fail to generate large amount of profits.
There are number of similarities and differences among different type of ventures but one
and the most common similarity among all ventures is that all produce or make products in to
satisfy the changing needs and wants of consumers (Dennis, 2011). As needs of consumers are
changing at a fast speed there is a more scope of enterprises who have the ability to offer
something unique to large number of audiences. Firm or enterprise who understand the needs of
consumers achieve success easily. When it come about difference that there are large number of
differences among different type enterprise some work on small or local level while some
undertake its operation on large basis. Some firms are non profit while other's main aim is to
generate larger amount of profit.
P3. Impact of micro and small business on economy
Small business enterprises play an important role in the development of economy. They
undertake business operations and make innovative products to satisfy needs and wants of
consumers (Fassin, Van Rossem and Buelens, 2011). One of the main advantage of small
businesses is that they provide employment opportunities to local people and give them a chance
to show their talent or skills to the large world. All this help them in increasing their standard of
living. Business operations of small enterprises are start with an innovative idea which helps in
attract large number of investors. Commercial operations of small business firm increase the
GDP and wealth of the company. Small business ventures encourage trade in country and
contribute a lot in growth of country's economy. This provide a chance to artisans and hand loom
workers to show their talent to the large world. Other than this provide training to unskilled
labours this helps them in increasing their skills and make them more able to survive in the
competitive business environment.
Activities of small business enterprise impact the economy of country on various level.
On local level firm provide chance to local employees to increase their standard of living by
providing them employment opportunities. At national level firm attract large number of
investors from various places by giving them a chance for high return on their funds. At an
international level firm conduct international fairs to show the skills of artisans to whole world.
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This help firm in earning foreign exchange. Small business have capability to deliver innovative
and quality products to customers.
Small business enterprise increase the competitiveness of country by making innovative
products. Innovative ides of these businesses attract large number of investors every year. They
add value in the local areas and increase the competitiveness there. These companies provide
training to new talent and develop their innovative skills (Gorgievski, Ascalon and Stephan,
2011). All this increase the creativity in that sector. One of the main contribution of small
businesses is that they provide unique solutions to the people's problem. It is very necessary for
government and other legal authorities to provide basic or support facilities to these firm in
order to take benefits of its advantages. Turnover of small business enterprises are increasing
day by day which increase the overall wealth of the firm and results in economic growth of
nation. Employment is one of the major economic contribution of these firms they create or
generate large amount of employment opportunities for local level an provide them a platform to
show their skills or talent to the whole world. All these leads to increase their standard of living.
Overall small business contribute a lot in economic growth of a nation and by considering this
factor government also provide various support to these firms in form of subsidies. All this are
done to make them able to conduct their activities on international level which provide
opportunity to earn foreign exchange.
Brexit affect the business operations of enterprises which execute their business
operations on international level and in that situation small business enterprises play an
important role by meeting with all sales targets and continuous contribute in the economy of the
UK and helps in maintain the wealth of the country. Overall small business play an effective role
by creating wealth for the country or one can say that small enterprise play an important role
such as backbone of the UK economy in the incident of Brexit.
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From the above picture it can be understood that small business enterprise play an
important role in economy by providing employment to large number of people. At present small
business are the backbone of UK and contribute a lot in the social upbringing of people lining
there. Activities of these business various level of economy including national to international.
At national level firms provide various employment opportunity to local people living there. At
international level firm provide a platform to artisans or hand loom labours for presenting their
skills to large number of people and attract number of investors from various countries. From all
operations or activities of small businesses it can be interpret that social welfare of country can
be achieved by giving or supporting these small businesses.
P4. Importance of small businesses and business start-ups in the growth of social economy
Micro and small business enterprise play an important role in development of economy
of every country. At present there are large number of these type of businesses executing their
activities in UK (Islam and et. al., 2011). These businesses help in making the basic facilities in a
country and increase the convenience level of people living in that country. In case of economic
crisis or a dispute arise among two different countries these businesses help in maintaining the
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economy by undertaking trade operations at local level. These enterprises increase the wealth of
a country by undertaking its operations on local level.
Small business enterprise provide support facilities to large company businesses for
executing their activities. Research is done by these kind of firms for identifying the tastes of
customers. After that they provide unique or special products to large number of customers and
increase their convenience level. These type of businesses are known as delivering innovative
products which help in satisfying the needs of consumers. Operation size of these business is
very small which leads to completion of business operations at lower cost and all this leads to
lower the price of products. All this help consumers in getting products at low price.
These enterprises cover local or rural area and satisfy the needs of people living in that
area. Large business fails to reach the rural area and that's why small enterprises provide quality
and innovation products to people. This helps in increasing their standard of living. One of the
main economic advantage of small business firms is that they create and provide employment
opportunities to large amount of people (Lee-Ross and Lashley, 2010). Increasing income of
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