Entrepreneurship Report: Venture Types, Impact, and Characteristics

This report delves into the multifaceted world of entrepreneurship, exploring different types of ventures including large companies, small businesses, scalable ventures, and social enterprises. It examines the similarities and differences between these models, highlighting the risks, employee structures, and organizational structures involved. The report also presents relevant data and statistics illustrating the significant impact of micro and small businesses on the economy, emphasizing their role in job creation, revenue generation, and overall economic growth. Furthermore, it explores the characteristics, traits, and skills of successful entrepreneurs, discussing the influence of background and experience on entrepreneurial decision-making and outcomes. The report concludes by synthesizing these elements to provide a comprehensive understanding of the entrepreneurial landscape and its influence on economic development.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Different types of entrepreneurial ventures and typologies...................................................3
Similarities as well as differences between entrepreneurial opportunities.............................4
Entrepreneurial ventures in corporate as well as public sector............................................5
Scope, growth as well as development of various of entrepreneurial ventures......................5
TASK 2............................................................................................................................................6
Relevant data and statistics depicting impact of micro and small businesses on economy...6
Importance of small businesses and start-ups in the growth of an economy.......................8
Differences which small, medium and large businesses bring to economy...........................9
Impact of small business on various level of economy..........................................................9
TASK 3..........................................................................................................................................10
Characteristics, traits and skills of the entrepreneurs...........................................................10
Different aspects of entrepreneurial personality reflecting motivation and mindset...........11
Different line of argument relating to entrepreneurial characteristics..................................12
Characteristics, skills, traits and drivers for successful entrepreneurs.................................12
TASK 4..........................................................................................................................................12
Effect of background and experience on entrepreneurship..................................................12
Link between various entrepreneurial characteristics and influence of their personal
background ..........................................................................................................................13
Influence of background and experience positively and negatively....................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneur is a person who comes with the new innovation in order to develop a business
and also take the risk required to carry on the business so that they can earn profit from it. The
idea is the starting point of an entrepreneurship which is then generated and a process is planned
in order to convert the idea into a business (Schaper and et. al., 2020). The following report
consist of description of a number of various entrepreneur ideas. The relevant data is also
mentioned in this report regarding small and micro businesses. There is also a study of two
entrepreneurs who have developed businesses. Report also consists of decision and discussion on
how background, upbringing, characteristics and so on affect the decision making of an
entrepreneur.
TASK 1
“Entrepreneurship refers to the capacity as well as willingness to develop, organise and manage a
business venture along with any of its risks to make a profit”
“An intrapreneur is a part of the existing organisation who works for the organisation and does
not have the authority to take decisions independently.”
Different types of entrepreneurial ventures and typologies
The opportunities and innovation which are used to run a business are called
entrepreneurial ideas. Entrepreneur takes high risk so that they can gain profit. There are
different Ventures through which entrepreneur and start their business which are mentioned
below:
Large company entrepreneurial venture- These companies usually include the products which
are already present in market. Any new product brought in by these companies are related to
their already existing product in the market. The use various technologies and latest innovations
so that the unwanted and unrecognised needs of customers can be fulfilled. Some of the
examples of such companies are Google, YouTube, Microsoft and so on.
Small company entrepreneurial venture- Small companies are those ventures which recruit non-
governmental employees. They usually work in order to fulfil the everyday requirement of
people. These companies require very low capital to start a business. And they usually borrow
their capitals which can be easily paid off to the profits earned by them. Carpenters, plumbers,
consultants are various examples of such Ventures.

Scalable entrepreneurial venture- Global ventures come in market with various new ideas and
innovations. They want to bring revolution and changes in the world. The aim of these ventures
is very big and high. They need skill and very well experienced and trained employees for their
business. They are working towards convenience of customer and through this their enormously
earning profits. Online shopping and various applications developed online are some of the
examples of scalable Ventures.
Social entrepreneur real venture- social ventures bring in products and services which are
dealing with various issues in the market (Hodgetts and et. al.,2018). They want to make the
world a better place to live and also bring in peace in world. they include profitable as well as
non-profitable organisation as well as a hybrid of both of these organisations in order to serve the
public. The safe. Trust is one of the examples of such venture which produces syringe that can be
reused. They have successfully provided their product in market to a number of hospitals who
cannot afford expensive treatments.
Similarities as well as differences between entrepreneurial opportunities
Similarities
The major motive and objective of all the organisations of entrepreneurial typology is to provide
the market place with new and innovative products. They aim at fulfilling the needs of customers
which wee not identified earlier.
Differences
Risks- The risk involved in a small business enterprise is very low but there is a lot of
competition as there are number of same size organisation present in the market. As scalable
start-up enterprises take investment from the financial investors and that amount is used to run
the business therefore the amount of risk in this business is very high. They have a constant
pressure to return the invested amount by investors through achieving profits and higher sales. It
is seen that risk involved in large entrepreneurial business are medium because such businesses
are managing high volume of sales due to their brand values which they have gained throughout
their life. The risk involved in social entrepreneurial business is not very high because they are
usually supported by government and public because their vision is to develop the society.
Employees- The employees in small entrepreneurial organisation do not exceed 50. The number
of employees in scalable start up organisation is highly based on the structure and size of the
organisation. Employees in large entrepreneurial organisation can be more than hundred. The

size organisation and the number of employees in the organisation is dependent on the type of
business of social entrepreneurial ventures.
Structure- Organisational structure of small entrepreneurial organisations is not proper and it is
often seen that they are run by a single person who is sole proprietor for sometimes in
partnership. Scalable start-up entrepreneurship is usually in a form of corporation or limited
partnership. The structure of these large entrepreneurial organisations are very complex and such
companies can be private limited or public limited. The social entrepreneurial organisations are
usually trusty based organisations.
Therefore, it can be concluded that the risks involved, number of employees, investment required
and styructure of all these typologies of entrepreneurs are different however the ovbjectives of
thse businesses remain same that is to fulfill various needs of the consumers.
Entrepreneurial ventures in corporate as well as public sector
Most individuals who require freedom and flexibility in order to carry on their work go for
corporate entrepreneurship. Whereas the individuals who are looking for power and achievement
usually go for entrepreneurship in public sector. The major focus of corporate sector
entrepreneurs is on innovation and orientation as well as development of various new products
and services. Whereas those entrepreneurs who are starting their business in public sector aim to
bring value to citizens and internal changes in nation.
Scope, growth as well as development of various of entrepreneurial ventures
The vision mission and objectives of various entrepreneur adventures have a different
scope as well as vision. It is necessary for a company to develop products and meet customer
demands if they need to stay in business and generate profits. It is necessary for entrepreneur
ventures to make sure that they get funds in order to develop their services. it is required by them
to develop a proper organizational structure so that there can be communication between all the
departments which will leads to increase in productivity of employees as well as quality of
products and services. Through this they can meet all the customer demands and sustain in
business for a longer period of time.

TASK 2
Relevant data and statistics depicting impact of micro and small businesses on economy
It is seen that all the micro and small businesses have a large role to play in economy of
every country (Dana, 2018). These are small businesses set up in various small regions of an
economy and have incorporated a number of employees under them. They are generating high
revenues for business and also earning for an economy.
When talking about United Kingdom there are a total of 4.5 million small and micro
enterprises which are established throughout the country. 99% of business of the country is
through the small organisations. they are helping in creating GDP for the country largely. when
talking about businesses 96% of micro businesses which are only employing 0 to 9 people have
also provided almost 33% of employment. This has also increased 22% of total turnover.

When considering the graph which is mentioned about it can be clearly seen that small and
micro businesses are providing higher returns and profits than those of medium and large
businesses in United Kingdom (How do small businesses impact the economy,2020). The
turnover of micro businesses and small businesses is 37% and they have proven to provide 48%
of employability throughout the country

.
It can be seen that all the small and micro businesses can be characterized into a number
of categories. These categories involve non innovator, innovator, exporter as well as non-
exporters. All of these are working hard in order to generate revenue and business for themselves
as well as for country (Sebikari, 2019). This business generate revenue along with innovation or
also without any innovation. They also export products and bring in foreign currencies which is
helping to develop the economy of United Kingdom.
Importance of small businesses and start-ups in the growth of an economy
Tax Benefits- It is seen that in order to grow the social economy startup businesses have highly
influenced a number of countries. The startup businesses come up with a number of new and
innovative ideas of different products and services. This products and services aim at achieving
the customer satisfaction. They recognise various needs and requirements of customer which are
either hidden or not recognised. They come up with Idea which have not ever been used by any
of the businesses in the market. It is also seen that some of the startups capture the market share
in just few times after their launch. It is also seen that they increase revenues for the company in
a very short period of time and also generate higher profits. The profits from these businesses
can be very high. When talking about development of economy they also provide business tax
from the profit they have earned which is increasing the growth of country and economy.

Creation of employment opportunities-Apart from this it is also seen that in order to run this
business startups require employees. This help in reducing the unemployment rate of a country.
Also, all the employable population of country either skilled or unskilled is somehow finding a
job with the startups. However, they cannot provide high salaries to their employees because
they have just started the business. But they highly e help employees with their skills and
developing the skills employees can grew personally (Satar and John, 2019). However, when
these companies increase their profits, they also start paying to their employees more. This help
in reducing the employment problem in an economy.
Meeting social purposes- It is also been noticed that a number of new startups are involved in
corporate social responsibility activities. Specially they focus on environment and Society so that
they can enhance the living standard of people. Many startups come up with the ideas to enhance
the way of living in a society. It is often seen that a number of startups are set up in small and
rural areas providing employment and better standard of living to people there. It is also very
helpful in development of economic. They help people with poor financial background to come
up and attain a better living style. Many people get killed from these startups and use these skills
in their future for their career development. There are a number of startup businesses which have
been started in various industries in United Kingdom and they’re highly contributing to gross
domestic product of country as well.
Differences which small, medium and large businesses bring to economy
Economic development is not only dependent on large businesses. Small and micro
businesses have diversity affected economy in providing income as well as employment. It has
been seen that large businesses usually go for expanding their business in various different
economics and bring in foreign exchange profits. Where is small and micro businesses look for
local and regional economics providing them income and employment.
Impact of small business on various level of economy
It has been seen that small businesses in United Kingdom have an adverse effect on
economy of the country. Business is providing quality products and services so that they can
fulfil the demand of customers. Most of the business focus on hiring so that the quality of
products and services provided by them can be improved effectively. It has been seen that
various entrepreneur and small organisations expand in various countries areas so that they can
generate higher revenues and also provide government with taxes for development of country.

Small organisation exports their products and services to different branches in the country itself
which helps in development of economy.
TASK 3
Characteristics, traits and skills of the entrepreneurs
There are a number of different characteristics, skills and treats visa essential for an entrepreneur.
It is necessary for an entrepreneur to have all the skills in order to start a business and succeed in
their business as well as sustain in the market for a longer period of time. When required to set
up a business that is a plan required by businesses and also there are a number of different
procedures through which an entrepreneur can start their business single-handedly. It is required
for them to have capital which is necessary in case did not have capital they look for various
investors in the business (Brush and et. al., 2019). Below mentioned are some of the
characteristics which entrepreneur require:
 It is necessary for an entrepreneur to have new ideas and generate new innovations in
order to start a new business.
 An entrepreneur requires to take risk. Risk taking ability of an entrepreneur prove that
they are capable of starting a new business along with the attached risk.
 It is necessary for an entrepreneur to have their own vision and goal; they have to set up
the criteria on which they will judge the success of their business.
 Entrepreneurs need to be self-motivated in order to achieve their goals. They also need to
motivate all the other employees in order to make sure they are working towards
achievement of goal of organisation.
 Required by entrepreneur to manage all the finances, human resource and other resource
for an organisation. The management skills of an entrepreneur are of great use.
Below mentioned are some of personal skills required by an entrepreneur:
It is required by every entrepreneur to have excellent communication skills. They need to
communicate to a number of people which include supplier, clients, distributors, employees. It is
necessary that the information they want to communicate should reach directly to the receiver

without any barriers (Nyadu-Addo and Mensah, 2018). It is also important for them to
communicate the goals and objectives of company to employees effectively.
 The entrepreneur is leader of the organisation. Every employee will work under them.
They need to develop leadership skill in order to show the correct path to all the
employees so that they can meet all the required goals of the company.
 Entrepreneur will need to communicate to all the clients as well as suppliers. They need
to have negotiation skill so that they can effectively deal with all the clients and suppliers
of organisation.
 Along with setting up the goals and objectives and entrepreneur is also required to set the
time in which they can achieve all the goals and objectives full stop therefore it is
necessary for them to attain time management skill which will help them in completing
the task on time and achieving success for the organisation.
Different aspects of entrepreneurial personality reflecting motivation and mindset
When talking about an individual it is often seen that the personality of an individual is
highly motivated and essential for them in order to set up a new business. This is essential
because there are a number of risks associated with the business and every individual do not have
the risk- taking capability as per the entrepreneurs do (Kuratko and Morris, 2018). The
personality of an entrepreneur is needed to be in such a way so that they can easily generate and
number of new ideas and innovations regarding production of new products and services which
can fulfil all the needs and demands of customer and gain profit for the business organization.
Other than this entrepreneur was also need to have high risk-taking capability. Any new business
has a number of risks attached with them. They need to critically assess all the risk attached to an
idea and then plan and execute the idea. It is required by them to set up goals, mission, objective
of the business enterprise and also communicate all of this to the employees effectively. It is the
duty to critically assess and mention all the skills which they require in their employees. Many
times, and entrepreneur also need to have idea about finances as they need to handle all their
finances and also find investors for the business idea if they do not have strong financial
background. They need to identify various opportunities which can generate more sales and
profits for them. It is highly required by an entrepreneur that rather than depending on someone

else they need to be self-motivated along with this they also need to motivate everyone else who
is working in their organization working for them (Turner and Gianiodis, 2018). This will help
them in achieving their goals effectively.
Different line of argument relating to entrepreneurial characteristics
It is often seen that characteristics of an entrepreneur can be compared to characteristic of a
leader. The work as a leader and set a predetermined goal taking the risk in order to reach those
goals. they need to deal with a number of people including employees’ distributors, investors. It
is their duty to plan all the resources and organise them well. Duty of an entrepreneur to work
hard and manage your organisation so that they can effectively deal with all the problems and
grow the business along with it.
Characteristics, skills, traits and drivers for successful entrepreneurs
When talking about Ms Harvey she progressed fast in various skills and heart rates have
highly contributed for the development. She is passionate enough to run her business as a
chemist and also, she is working on her laboratory. She has self-belief and is very disciplined and
organised which help her in in achieving your goals. Along with this she is also managing her
finances herself and is not dependent on anyone.
Zack William is providing students with consultancy services and helping them to improve their
skills. His communication skills are good enough to attract clients and he has risk taking ability
in order to start his own business. He helps students to find jobs along with improving their skills
and is also highly motivated and motivate others. His management skills are also helping him to
succeed in his business.
TASK 4
Effect of background and experience on entrepreneurship
It has been seen that personal background as well as experience of a person have highly
affected the decision making and the style of leadership they follow while working in a business.
The personal background basically consists of the support and individual can get from their
family, friends, peers, financial background as well as motivation provided by all of them
(Neumeyer and et, al., 2019). If a person is getting correct support from all of this they can
effectively work and succeed in their business. It is necessary for them to have risk taking ability
in order to set up a new business. Financial background plays an important role in this as they