Entrepreneurship Report: Venture Analysis, Skills, and Economic Impact

This report provides a comprehensive overview of entrepreneurship, examining various types of entrepreneurial ventures, including survival, lifestyle, small business, and social ventures, along with their respective typologies. It delves into the similarities and dissimilarities between different ventures, such as social and small businesses, and male and female entrepreneurs. The report analyzes the significant impact of micro and small businesses on the economy, emphasizing their role in job creation, economic growth, and productivity, particularly within the UK context. Furthermore, it highlights the importance of small businesses in fostering social economic growth, detailing their contributions to innovation, employment, and competitiveness. The report also identifies and discusses the key characteristics and skills of successful entrepreneurs, including entrepreneurial motivation, mindset, and relevant background experiences.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
P1 Different type of entrepreneurial venture and their typology...........................................3
P2 Similarities and dissimilarities between ventures.............................................................4
P3 Impact of micro and small business on economy.............................................................5
P4 Importance of small business on the growth of social economy.......................................7
PART 2............................................................................................................................................8
P5 Characteristics, skills of successful entrepreneurs............................................................8
P6 Entrepreneurial motivation and mind set..........................................................................9
P7 Background and experience of entrepreneurs.................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurs are person who search for something new and takes the risk for doing
something new. Entrepreneurs accept opportunities which are available in market through which
they are providing the new kind of products and services to customers. In every organisation
there is always one entrepreneur who take risk to operate all the business activities in
competitive market (Agan, Acar and Borodin, 2013). There are some people who are actually
repulsed by their idea for the working. These entrepreneurs are changing the society and brings
new idea to this world. In business entity, employees have to improve their skills so that they can
make more contribution in achieving the business goals. The present report is based on
entrepreneurship. In this assignment different types of entrepreneurial ventures has been
explained and along with this their typology also. Further the importance of small business
enterprises and their impact on the economy.
PART 1
P1 Different type of entrepreneurial venture and their typology
In an economy there are different types of entrepreneurial venture who starts the business
with different aims and objectives. Every entrepreneurs is different and unique from each other.
They generate new idea and opportunities for the people so that there will be improvement in the
economy also. The entrepreneur person are starting their business with small amount and take
own risk for handling all difficulties. But the entrepreneurial ventures are having limited
resources for starting their business and take more risk to earn huge profits (Bosma and Levie,
2010). The following are the different types of entrepreneurial ventures has been described.
Survival venture – These venture are providing the basic subsistence for the entrepreneur
for supporting their business. These kind of business are not formally registered and typically not
having any premises. In these type of ventures once the amount has been invested then again the
person are not taking the risk to reinvest the amount. For the survival ventures it became difficult
for them to change the business according to the government rules and regulations.
Lifestyle venture – It provide a stable income stream for the owners in which the work is
based on work-able business model. These type of venture are reinvesting the amount for
maintaining the competitiveness in local market (Breugst and et. al., 2012). These ventures are

using the single location but their aim is not to expand the business in different sectors. The
number of employees are remain in constant.
Small business venture – These ventures are staring their business with a small amount.
Generally the business in these ventures are hairdressers, consultants, grocery stores and many
more. There aim is to feed the needs of family and earn profits. These venture are run their own
business and hire the local employee so that expenses will not arise more.
Social venture – These ventures are the innovators who focus on the to create new type
of products and services so that that can solve the social needs of people (Dacin, Dacin and
Tracey, 2011). Their goal is to make a world better place but not to capture the large market
share. These organisation may be for profits, non-profits.
Here are the different types of typology of entrepreneur are explained as below.
Research entrepreneur – In this there are some entrepreneur who loves to learn
something new. They start researching every possible scenario and find out the outcome of
strategies so that they can start their new business. For them there is nothing wrong went with
them in learning some for new.
Determined entrepreneur – The entrepreneur are staring to see the value in
entrepreneurship (Dacin, Dacin and Matear, 2010). They observe that even success is possible if
they do not copy anything. Starting and growing the business is too hard, but it takes a time to
compete with others. Most of the successful entrepreneurs are determination about their work.
Copycat entrepreneur – In this there are some entrepreneur who copy the idea of
successful entrepreneurs but they didn't get success for a long period of time.
P2 Similarities and dissimilarities between ventures
There are numerous entrepreneurial ventures who are having the many differences and
similarities between them. Every successful entrepreneur have capability to build their own
business and retain in market for a long period of time. The similarities and dissimilarities
between the social and small venture are as described below.
Similarities:
These both ventures are staring their business for satisfying the basic need of customers. There
aim is not to earn large amount of profit. They try to identify the needs of customers and
according to them provide new kind of services and products.

Dissimilarities:
1. Small scale ventures are generally carry the business of grocery stores, hairdressers etc. They
hire the local people for saving the money and earn the large amount of funds.
2. Social ventures are trying to make a little bit changes in world. So that they can satisfy the
social needs of people.
The similarities and dissimilarities between the male and female entrepreneur are as
follows.
Male entrepreneur Female entrepreneur
Similarities:
Both entrepreneurs are taking the risk for earning large amount of business. These type of
entrepreneur are already aware about the risk (Hartmann, 2011).
Dissimilarities:
In this basically their aim is to earn large
amount of profits by applying different
strategies and techniques.
Female entrepreneur are generally know that
what kind of decision should be take in
difficult situation. They know how to control
the risk in efficient manner.
The objectives of different types of ventures are there which are belonging from the
private, public and social enterprises. The objective of private enterprise is that to earn large
amount of profits by satisfying the needs of people (Herrington and et. al., 2010). Also, to
identify the their competitors so that they can retain in market for a long period of time. On other
side, the objective of public enterprise is to achieve the targets of company by adopting different
tools and techniques so that they can invest the large amount of funds in private sector for
making the large amount of profits. In last the objective of social enterprise is that to satisfy the
basic needs of customers which includes, shelter, clothes and food.

P3 Impact of micro and small business on economy
Small and micro business are having major impact on the growth of the economy. After
the Brexit, UK had lost many opportunities in providing job in different sectors. In micro and
small business there are approximately 150 employees. Small business are providing the job
opportunities to local people in which they can improve their lifestyles (Meyskens and et. al.,
2010). The government of UK is supporting to SME in which they can invest the large amount of
funds for providing the better technologies. There are different types of organisation and their
size and scope are different from each other. These are.
Micro business – In this the person held the business in limited area because they are not
having so much resources to diversify their business in other sectors.
Small business – In this the business entity are mainly focus on the needs of people. But
they are quite large as compare with micro business. Sometimes they are providing the job
opportunities to people also.
Medium enterprise – The business entity are expanding their business their business in
different areas and their objectives are to accomplish the goals of company with in time period.
The impact of small and medium enterprise on economy are as follows (Morris, Kuratko
and Covin, 2010).
Future growth – The government has to support them in terms of providing them good
technologies, funds so that they can meet with the needs of customers. Through this these
organisation will supply the products and services according to the demand of customers and will
not waste the resources unnecessary.
Employment generation - When the government is supporting to the SME then they are
providing the job opportunities to local people. Through this they are also making large
contribution in the development of economy (Smith and Stevens, 2010). But there is also a
negative impact it became different for the organisation to provide equal job opportunities to all
people.
High workers productivity – The small owners and managers can easily see or observe
the expenses in ensuring about the productivity of employees. Small firms are having the lower
productivity as compare with the large organisation. But small organisation are providing the
fringe benefits to employees so that they can retain for a long period of time in firm.

At local level the impact of small business is that they are providing the job opportunities
through this they are making contribution in development tog gross domestic product rate. The
small business organisation need from government for giving the positive impact at national and
international level (Santos, 2011). The government has to make policies according to them so
that at national and international level they can operate the business in appropriate manner.
P4 Importance of small business on the growth of social economy
The small and start-up business are making contribution in the growth of the social
economy. After Brexit, the government of UK had lost numerous job opportunities so the
government started to focus on these kind of sectors. With the help of their support these
organisation are doing the business outside the country and increasing the export rate which
shows that these entities are making growth in the social economy (Spence and Perrini, 2010).
While any person or organisation are starting their business from lower level, the government are
also supporting them. They provide them a proper technologies and funds so that they can render
good products and services to customers. Small business are the backbone of UK. They are
contributing great deals in terms of providing the job creation.
As per Confederation of British Industry is that, if government allow the SME to develop
their full potential then it could be inject possible to make contribution of pond 20 million in the
economy by 2020. Overall total, the gross value of these company will be stand at Euro 470
billion which represents that the 49% of UK economy has been improved. Therefore, SME are
playing an absolute essential role in job creation and introducing new market for the UK country
and making contribution towards the growth (Zahra and Nambisan, 2012). The following are
some some importance of small and start-up business towards the growth of social economy.
Contribution: Small and start-up business are making main contribution in the
innovation, employment for the development of UK economy. As per report of British
government approximately 10% point are increasing in the share of the sale from new products
which add about 0.6% contribution in the firm employment growth rates.
Competitiveness: Small business organisation are helping to make the TK economy more
competitive and attractive for visitors and investors. They do not only add more values in
regional areas but they also boost competition for local markets. If there will increase in the
competition then the productivity of the company will increase which will result in the aggregate
productivity of business entity as well as economy (Zeng and et. al., 2011).

Economic Growth: The small business entities are supplying the vital resources to large
organisation so that these firms can complete their business function in appropriate manner.
PART 2
P5 Characteristics, skills of successful entrepreneurs
Entrepreneurs are those person who have capability to bring new ideas and change the
world by their little work. They are having ability to take the risk in terms of finance also so that
they can earn huge amount of profits. In an economy there are many successful entrepreneurs
who have different characteristics from others (Zeng, Xie and Tam, 2010). They are doing
research time to time for getting something new idea in order to provide different new to the
country. The successful entrepreneur are also running their business activities and handle all the
risk which are associating with them. They are also using some new techniques and skills
through which new technology can be introduced. In organisation they monitor all the activities
which are performing by the employees in order to accomplish with the goals of organisation.
Generally they are working for own purpose not for the organisation. The two famous
entrepreneurs are John Paul DeJoria today he his known as with the name of Paul Mitchell hair
products. He had launched the products in hair line. He was fascinated with hair care because he
wanted to enhance the beauty of everyone. Where as another entrepreneur is Bill Gates who is
co-founder of the largest PC software company i.e. Microsoft. He had a interest in the computer
programming at young stage only and spending most of free time in making the different
programmes.
The following are the characteristics of different entrepreneurs: Creativity is the spark that drives from the development of new products and services. In
creativity the entrepreneurs are doing innovation and improvement in the existing
products or creating something new (Schwienbacher and Larralde, 2010). These both
entrepreneurs are creative because they both have created new different services and
products for customers. Dedication, this motivate the entrepreneur to work hard especially in the beginning. The
planning and ideas whatever they are making is come from the work hard to get succeed
in their life.

 Flexibility, in this entrepreneur have ability to move quickly in response to the change in
market needs (Morris, Kuratko and Covin, 2010). For example, if entrepreneur started to
selling the pastries but the customers want muffin. In this the entrepreneur modified their
business because they don't want to lose there customers.
 Passion, the successful entrepreneurs have ability to convince others in order to believe
their vision. The entrepreneurs are focusing on their goals and making more efforts to
accomplish them, in time period.
The successful entrepreneur are making efforts to do something change in the world.
They are not born but they are made.
P6 Entrepreneurial motivation and mind set
In ancient times, there were many entrepreneurs who had introduced so numerous things.
The entrepreneurs need to face all the challenges which are present in the competitive market.
Through this they can manage the all the activities which are performing by others (Santos,
2011). They should know about that how to eliminate the risk which are attach with their goals.
Bill Gates is the dedication and determined person, because he already know that what he have
to do. On other side John Paul DeJoria is a creativity person in which he is trying to identify new
things to produce a new products for hairs. This person had taken a risk in launching new
products and also get successful.
These both successful entrepreneurs are encouraging to younger people in innovating
their new ideas. Through this they are motivating them in order to accomplish with their goals. In
modern era, the entrepreneurs are trying to find out new things in which the people can use the
services in appropriate manner. Now a days people want all the services regarding anything
should be provided in appropriate manner which save their time cost (Schwienbacher and
Larralde, 2010). The mind of entrepreneurs are already set they what they want to do in their life.
The OCEAN strategy can also be for became successful in their life. O stand for
Originality, in this both the entrepreneur are formed the origin products and services. C stands
for Consolidation, both are focusing on their aims and objectives. E stands for Extraversion, in
this the people are making more efforts. A stands for Accommodation, it is a tendency of
compassionate. N stand for need for stability, the entrepreneurs are standing for a period of time
in market through this they can earn more reputation. The services should be provided according

to culture of the people so that it will easy for them to use different products and services. The
lifestyle of both the entrepreneur are different.
P7 Background and experience of entrepreneurs
The background and experience of successful entrepreneurs are having both positive and
negative impact on their life. Lets take an example of Bill Gates, at younger stage he was making
the different programmes at his free time (Smith and Stevens, 2010). He does waste his time.
Now he had created the window operating system and popular in world. The entrepreneurs are
establishing their own business in global competitive market and making different path to
achieve their goals. If they have to earn more finance then the risk should also be high. The
experience of Bill Gate is good because he got an support from their families. His background
was also good.
The background of John Paul DeJoria was also good. His aim was to introduced new
products regarding the hair to enhance the beauty of people (Zahra and Nambisan, 2012). He
experience was little bad because whenever he provide the products to customers he got a worst
experience. The every entrepreneur had a good or bad experience in their life. If they had a good
experience then they didn't get any good experience. On other side, if they have faced the bad
experience then they have learn something new. To became a successful the entrepreneur should
depend on their core competencies which help them to do something new there life. There are
two type of entrepreneurs such as experienced and inexperienced. In experience, the entrepreneur
can execute best idea and can manage all the problems in appropriate way. On other side,
inexperienced they are hesitating to perform their duties as well and they also don't know how to
manage the issues (Principles of entrepreneurship, 2014). Bill Gates and John Paul DeJoria are
inexperienced person but they know how to handle all the risk which are associated with their
objectives. These entrepreneurs can also work in dynamic environment because they are already
aware about when and what changes will arises in the economy.
CONCLUSION
After summing up report it has been concluded that the entrepreneurs are taking high
amount of risk in order to sustain with their objectives. With the help of typology it became easy
to identify the entrepreneurial ventures. They find out the opportunities in which they can fill the
gap between products and customer needs. They have to analyse all the risk which are associated

with with their objectives on regular basis. With the help of this they can work accordingly.
Further, it is good for the small business organisation that they are getting support from
government because through this employment opportunities are increasing. These organisation
can also work with large organisation in order to improve the economy.

REFERENCES
Books and Journals
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impact on performance: a study of Turkish SMEs. Journal of Cleaner Production. 51.
pp.23-33.
Bosma, N. S . and Levie, J., 2010. Global Entrepreneurship Monitor 2009 Executive Report.
Breugst, N., and et. al., 2012. Perceptions of entrepreneurial passion and employees'
commitment to entrepreneurial ventures. Entrepreneurship Theory and Practice. 36(1).
pp.171-192.
Dacin, M. T., Dacin, P. A. and Tracey, P., 2011. Social entrepreneurship: A critique and future
directions. Organization science. 22(5). pp.1203-1213.
Dacin, P. A., Dacin, M. T. and Matear, M., 2010. Social entrepreneurship: Why we don't need a
new theory and how we move forward from here. The academy of management
perspectives. 24(3). pp.37-57.
Hartmann, M., 2011. Corporate social responsibility in the food sector. European Review of
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Morris, M. H., Kuratko, D. F. and Covin, J. G., 2010. Corporate entrepreneurship & innovation.
Cengage Learning.
Santos, M., 2011. CSR in SMEs: strategies, practices, motivations and obstacles. Social
Responsibility Journal. 7(3). pp.490-508.
Schwienbacher, A. and Larralde, B., 2010. Crowdfunding of small entrepreneurial ventures.
Smith, B. R. and Stevens, C. E., 2010. Different types of social entrepreneurship: The role of
geography and embeddedness on the measurement and scaling of social value.
Entrepreneurship and Regional Development. 22(6). pp.575-598.
Spence, L.J . and Perrini, F., 2010. Europe: Practice and politics: Ethics and social responsibility
in SMEs in the European Union. In Ethics in Small and Medium Sized Enterprises (pp.
35-54). Springer Netherlands.
Zahra, S.A. and Nambisan, S., 2012. Entrepreneurship and strategic thinking in business
ecosystems. Business horizons. 55(3). pp.219-229.
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environmental and economic performance of SMEs: a study in the Northern China
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Zeng, S. X., Xie, X. M. and Tam, C. M., 2010. Relationship between cooperation networks and
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Online
Principles of entrepreneurship. 2014. [PDF]. Available through:
<https://www.ait.org.tw/infousa/zhtw/DOCS/enterp.pdf>. [Accessed on 16th May
2017].