Entrepreneurship Report: Venture Types, SME Impact, and Entrepreneurs

This report delves into the multifaceted world of entrepreneurship, exploring various venture types and their relationship to entrepreneurial typologies. It examines the similarities and differences between entrepreneurial ventures, with a particular focus on the impact of micro and small businesses on the economy and society. The report highlights the significant contributions of SMEs to both economic growth and societal well-being, discussing factors that foster entrepreneurship. Furthermore, it analyzes the characteristics, traits, and skills of successful entrepreneurs like Bill Gates and Mark Zuckerberg, shedding light on their entrepreneurial personalities, motivations, and the role of experience in shaping their ventures. The report also includes an executive summary and recommendations, concluding with a comprehensive list of references.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................2
P1. Different types of entrepreneurial ventures and the way they relate to entrepreneurship
typologies....................................................................................................................................2
P2 Similarities and Differences between Entrepreneurial Ventures...........................................4
TASK 2............................................................................................................................................7
P3 Impact of micro and small businesses on the economy.........................................................7
P4 Importance of contribution by SME towards the society and Economy...............................9
REFERENCES .............................................................................................................................10
P5 Determining the characteristics, traits and skills of two successful entrepreneurs..............12
P6 Entrepreneurial personality striking their state of mind and motivation.............................13
TASK 3..........................................................................................................................................14
P7 Experience and background can surrogate and obstruct entrepreneurship..........................14
CONCLUSION ............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
In the modern era, when an individual or group of people has the will and capability to
start a new venture or a business as well as share out the risks and profits attached with is said to
be entrepreneurship. The basic example of entrepreneurship is starting up a new business
process. From the point of view of economics, entrepreneurship contains many elements like
resources, land and manpower which help in running operations (Drucker, 2014). There is a
saying that “More the Risk, More will be the Profit” especially when it comes to start up a
business with a fresh concept. This report contains the important elements like range of venture
types which may be considered as entrepreneurial. Moreover, the impacts of small business on
social and economic factors will be briefed. Apart from that, various environmental factors will
be described which will foster the entrepreneurship so that advantages can be taken in an
effective manner.
TASK 1
P1. Different types of entrepreneurial ventures and the way they relate to entrepreneurship
typologies

P2 Similarities and Differences between Entrepreneurial Ventures

TASK 2
Executive Summary
Entrepreneurship can be defined as business which is started with a motive and new
concept in order to achieve the goals and objectives which has been forecasted for the
development of personnel and economy. There are various purpose on which the new business
are being started like for survival, growth, going global and economical development. In this, it
has been discussed about the impacts of the small business enterprise on the economical and
social development.
P3 Impact of micro and small businesses on the economy
From the aspect of development of country, small business enterprise plays a major role
as they contain the large market share and are the major concern for the Govt. of UK.
Environment of small business enterprise affects the elements of country in both positive and
negative manner and some important elements are GDP rate, export Import rate, unemployment
and many others. On the economy of UK Govt. there has been various impacts of small
business like in 2016, there were about 6.5 million business which was running on the small
scale. There are about 94% business which are running on small scale and has been contributing
in economy and employability. In year 2000 there were about 3.5 million small scale business
which are just half of the 7 million business which are currently running in year 2017. In order
to define a small scale business there is no particular index or any definition but there are some
condition which needs to be fulfilled in order to get the appropriate indexation of the business
process. Things are much more complex and to resolve that basic need of determination are
described below: Micro Business: In order to get security through finance, micro business is being
established and it is being operated on very small scale. It mainly consist of 10-12
employees who work on common goal and objectives. Turnover of micro business is
approx $2 million. They mainly focus on generating revenue and gaining growth and
success. This kind of business is mainly owned and run by single body and that can be
sated as sole proprietorship as it does not require high funding and the required one can
be arranged from personal savings or granting loan from bank. Micro business generally
consist of shops, carpenters, garages, cafe and many others.

 Small Business: This kind of business is also small in nature but by comparing it to
micro level business it is high in nature and thus this is the only major difference
between micro and small level business. Their team strength is approx 35-50 and
regarding their turnover they have it under $10 million. They mainly focus on marketing
and thus through it they try to acquire large number of customers and giving them
effective services for maximum satisfaction level. This either can be sole proprietorship
business or it can be in partnership depending on the investment which is required. This
is started under the policies of Govt. but Govt. does not have much role to play in it. Medium Business: This kind of business generally requires to start up in partnership
form because the investment required is kind of high which is not in hand of single
person to arrange. It basically consist of under 250 employees and their turnover is
around $50 million. This type of business generally focus on making profit which is also
contributing in social development. Partnership is legal deed or contract between two or
more then two members for attaining any task.
(Source: Impacts on Various Areas, 2016)

There are certain tasks and activities of the economy which will affect the SME'S: Employment: SME majorly contains the 90% of the business activities which takes place
in market place so that it can provide jobs to non Govt. workers employment. This in
turn provide a platform of opportunities for the unemployed people and thus reduce the
rate of unemployment and develops the society.
 Foreign Direct Investment: It is kind of investment made by the company in to another
country with the purpose so starting a new business with a new concept and contributing
towards the economy of the country.
P4 Importance of contribution by SME towards the society and Economy
Brexit is all about United kingdom withdrawal from the European Union. On 23rd June
2016, about 52% of the participating UK electorate voted for UK to leave. The Govt. of British
enforced article 50 of the Treaty on the European Union on 29th March, 2017 so this made UK
to leave European Union on 29th March, 2019 . Below is the shown importance of small
business to the economics and they are:
 Contributions: Small business can be define as a business which have 50 staff
members of less than that. As per As per the U. S small business Administration
99.7% of all employer firms are being engaged. Since 1995, 64% of jobs are being
introduced. So this can be said as major contribution of small business towards the
economical development.
 Economic Growth: Small business brings growth and success and that is their major
contribution towards the society and economy of the country. Moreover it helps in
providing employability to the people who do not have much skills and knowledge
about the education. Small business attracts the candidate who have high skills and
knowledge and can bring the innovation in products. Business who are working on
large scale often outsource their work because it becomes difficult to manage all the
operations so the small business can manage their outsourced work.
 Adaptability to Changing Climates: Market and economical situation changes with
time and taste of the people and in case of small business enterprise it becomes easy
to adopt the changes and capture the nature of being flexible. There is an advantage
for the small business that there are certain customers who remain loyal to the small
business products and services even in the middle of crisis and this loyalty can state

that small business are often able to survive during crisis which can further strong the
economy of an country and moreover their investment is low so they have lower loss
to bear.
 Schools and Local Government Offices: when a small-business is growing and
achieving success, their money eventually comes to them and thus it can be applied to
the welfare of the society. The more will be growth of small business more will be the
taxation which will be paid by the company and that in turn will generate revenue for
the economy and will rise the standard of people.
 Future Growth: Small business do not stay small for ever. Even the big business once
were small scale like Nike, Google, Microsoft and many others. One of the most
effective example can be of Microsoft which was started under small roof but nobody
thought that it would change the world completely and now it is the leading company
in whole world and also it is giving huge contribution in the economy of whole world.
Recommendations
From the above article it has been concluded that small business are the most essential part
of the economy. Their growth and success affects the local economy in positive manner, so0 it
would be suggested that small business should adopt effective tools and techniques so that their
growth and success can develop the economy and also provide employment to the unemployed
person.
REFERENCES
Books and Journal
Rasmussen, E., 2011. Understanding academic entrepreneurship: Exploring the emergence of
university spin-off ventures using process theories. International Small Business
Journal. 29(5). pp.448-471.
Slavec, A. and Drnovsek, M., 2012. A perspective on scale development in entrepreneurship
research. Economic and Business Review for Central and South-Eastern Europe.
14(1). p.39.
Stewart, A. and Cotton, J., 2013. Making sense of entrepreneurship journals: Journal rankings
and policy choices. International Journal of Entrepreneurial Behavior & Research.
19(3). pp.303-323.
Vanevenhoven, J. and Liguori, E., 2013. The impact of entrepreneurship education: Introducing
the entrepreneurship education project. Journal of small business management. 51(3).
pp.315-328.

Wood, G. J., Davidson, M. J. and Fielden, S. L., 2012. Minorities in entrepreneurship: An
international review. Edward Elgar Publishing.
Ziegler, R., 2011. An introduction to social entrepreneurship. Edward Elgar Publishing.

P5 Determining the characteristics, traits and skills of two successful entrepreneurs
There are two most most successful entrepreneurs like: Bill gates and Mark Zuckerberg
who started with a scratch and now they are the most successful business man of all the time and
leading the competitive market in their respective field. They have some characteristic, skills and
traits which are as follows:
 Hard Worker: their success story tells their hard work which they did from the
start and remained focused on their tasks and objectives (Fayolle, 2013). It is
highly needed for making business successful so that goals and objectives can be
achieved.
 Risk Taker: Both of the businessmen took the high risk and gave all their time and
money into their start up at the time of running it. They used various types of
tools and techniques in order to face the risk and acquire the profits and achieve
the goals and objectives.
 Money Management: They had limited resources and thus they used them wisely
and in optimum manner so that best results could be seen regarding growth and
success of their start up.
 Successful Planner: The plans and strategies made by them was effective in
nature and thus they were able to obtain the profitability and other outcomes.
They forecasted the actual demands of the customer and thus made their product
and services effective and consumable.
Skills and Traits of both Entrepreneurs: Determination: Their skills and talents can not be judged on the basis
of their business and other operations but it can be said that they
have been facing hard challenges from the start but their skills and
mindset helped them through out the success and now they are the
leading entrepreneur of their respective fields (Hlady‐Rispal and Jouison‐
Laffitte, 2014). Communication Skills: They have massive strength working with them
and thus it is highly required to maintain the decorum between everyone so that
effective productivity can be observed. For that outcomes it is required to establish
effective communication skills between employees and leaders of the team and authority.

 Opportunities Seeker: After gaining experience by dealing with adverse situations, they
gained the practical knowledge as well and thus that made their mindset more broader
and optimistic and calm nature.
P6 Entrepreneurial personality striking their state of mind and motivation
While putting employees into their right position, HR management
often use OCEAN approach which helps HR manager to allocate the task
and objectives as per their skills and knowledge in order to improve the
personality and professional development. There are five big elements
which can be used for development of personality and they are Openness,
Conscientiousness, Extroversion, Agreeableness and Neuroticism mainly
known as OCEAN: Openness: This is the major element of the successful entrepreneur
as this most important things required for an entrepreneur is the
curiosity for learning new things and gaining knowledge and other
skills. This in turn helps in creating effective environment and helps
to achieve the aims and objectives. Conscientiousness: For being a successful business entrepreneur it is
required by entrepreneur to be highly focused and have active and
alert mind so that he\she can forecast the futuristic changes and
issues or can grab an opportunity which can give profit to the
company. Extroversion: This makes an entrepreneur to forecast the situations
which will occur in the future and thus make plans and strategies
according to that (Kiss, Danis and Cavusgil, 2012). This forecasting helps
an entrepreneur to forecast the adverse situations and also any
opportunity for the future change in market by suing appropriate
tools and techniques. Agreeableness: This kind of element make an entrepreneur to create
effective environment in the workplace and establish various tools

like coordination and cooperation among the staff members and the
clients. This also include being ethical, affectionate and sympathetic.
 Neuroticism: This helps to create that kind of environment which
creates effectual environment and cheerful also so that relationship
and bonds can be get more strong.
TASK 3
P7 Experience and background can surrogate and obstruct
entrepreneurship
Being an entrepreneur the journey they travel is not easy and they
face many obstacles-and issues in within their life. But the focus and
mindset always always helps them to remember their aims and objectives
and get motivation from them. Just like Hilary who is founder of company
Mankind faced many issues while running the start up and handling the
society and customers. Hence, an entrepreneur background will always
hinder and foster the working.
Rewards of entrepreneur is successful operations and generating
expected revenue and gaining competitive advantage but drawbacks always
try to hinder the growth and success. In order to get rid of them, various
tools and techniques should be used so that barriers can be removed just
like Hilary did. She did not gave up and to better understand the business
she took degree in that respective field and gained experience by working in
an company (Meyer, 2011). After the funds problem she analysed the market
and saw the opportunity of growing through internet marketing. By using
effective tools and techniques she grabbed the opportunity and that was the
key element which uphold the sales of the company.
Therefore, every entrepreneur can learn new things from the Hilary
and other successful entrepreneurs in order to gain experience and achieve
the goals and objectives in effectual manner.

CONCLUSION
Entrepreneurship is type of skills which defines the nature of person to establish an
organization. The person retain the idea of establishing the organization or expand the scope of
organization to next level is called entrepreneur. This is one of the skill which are found
naturally in behaviour of person or grown by experience and knowledge. Entrepreneurship skills
are build up by effective direction and leadership given by leaders and managers in organization.
It shows the courage and risk take capabilities of person which are required to sustainability and
profitability of organization.

REFERENCES
Books and journals
Aldrich, H. E., 2012. The emergence of entrepreneurship as an academic field: A personal essay
on institutional entrepreneurship. Research Policy. 41(7). pp.1240-1248.
Audretsch, D., 2012. Entrepreneurship research. Management Decision. 50(5). pp.755-764.
Audretsch, D.B., Falck, O. and Heblich, S. eds., 2011. Handbook of research on innovation and
entrepreneurship. Edward Elgar Publishing.
Bruton, G. D., Ahlstrom, D. and Li, H. L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Bruton, G. D., Ketchen, D. J. and Ireland, R. D., 2013. Entrepreneurship as a solution to poverty.
Journal of Business Venturing. 28(6). pp.683-689.
Carraher, S. M. and Paridon, T. J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Desai, V., 2013. The Dynamics of Entrepreneurship Development Management: Planning for
Future Sustainable Growth. Himalayan Books.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Hlady‐Rispal, M. and Jouison‐Laffitte, E., 2014. Qualitative research methods and
epistemological frameworks: A review of publication trends in entrepreneurship.
Journal of Small Business Management. 52(4). pp.594-614.
Kiss, A. N., Danis, W. M. and Cavusgil, S. T., 2012. International entrepreneurship research in
emerging economies: A critical review and research agenda. Journal of Business
Venturing. 27(2). pp.266-290.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Meyer, G. D., 2011. The reinvention of academic entrepreneurship. Journal of Small Business
Management. 49(1). pp.1-8.
Online
What is Entrepreneurship?. 2017. [Online]. Available through:
<http://www.businessnewsdaily.com/2642-entrepreneurship.html>.