Entrepreneurial Ventures: Types, Skills, and Development Analysis

This report provides a comprehensive overview of entrepreneurial ventures, differentiating between various types such as small business, scalable start-up, and large company entrepreneurship, along with their respective characteristics and typologies. It delves into the similarities and differences among these ventures, exploring aspects like registration, capital investments, and management styles. Furthermore, the report examines the traits and skills essential for entrepreneurial success, including motivational mindsets and the influence of personal background and experiences. The analysis extends to the impact of micro and small businesses on the economy, considering both local and international levels. The report also discusses the nature of different business structures, such as sole proprietorships, partnerships, and corporations, highlighting their implications for business operations and economic development.

Entrepreneurship
and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their relation to typology.......................1
P2 Similarities and difference between various kind of entrepreneurial ventures.................2
M1 Difference and similarities between various entrepreneur ventures in various terms.....4
D1 Critically examine entrepreneur ventures scope , development and growth....................5
P3 Present, interpret and assess related data with impacts micro and small business............5
P4 Importance that small businesses and business start-ups on the growth of social economy. 6
M2 Contribution of SME in economy development..............................................................8
D2 Impact of SME on economy.............................................................................................9
TASK 2............................................................................................................................................9
P5 Characteristic traits and skills to make successful entrepreneur.......................................9
P6 Aspects of entrepreneurial personality reflective motivation and mindset.....................10
M3 Entrepreneur skills and characteristic............................................................................11
D3 Motivational drivers of successful entrepreneur............................................................12
P7 How person's background and past experiences can hinder or foster entrepreneurship. 12
M4 Influence of background and experience.......................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
The term entrepreneurship may described as capability and skill to create, coordinate and
carry off a concern project along with any of its endangerment in order to make profits. The
entrepreneurial spirits means that invention and danger winning and is an necessary part of
country's power to attain success in always modification and improving competitor y worldwide
market place. An entrepreneur may refer to a person who generates unique ideas to work on
them and create innovative product or service which people can purchase to fulfil their needs
and wants with more satisfaction (Alsos, Carter and Ljunggren, 2011). It will facilitate to
increase sales and improve image of brand in changing trends of market. This report will explain
about different entrepreneurial venture along with their role and characteristic. It will also
include traits and skill which make an entrepreneur more successful and motivational mind-set.
Moreover, examples relevant to profession of family and previous learning which may posterior
or adoptive entrepreneurship will be elaborated in the given assignment.
TASK 1
P1 Different types of entrepreneurial ventures and their relation to typology
It is not defined about entrepreneurship as that it is a single type of prospect. There are
various kinds of entrepreneurial ventures which are explained below:
Small business entrepreneurship: - In today' scenario, it is observed that there are many
little concern still makes a vast clump of entrepreneurship and start ups in the global. It includes
foodstuff stores, travelling broker, salons and thoroughfares food vendors are generally
considered into small ones. Such people can be someone who cam carrying out their own
enterprise and almost people are hardly gainful. They generally prefer to hire their own house
members to local fellows for carrying out their business activities or tasks (Audretsch, Falck and
Heblich, 2011). Such people calculate their profits in a manner to become fit to give bills and
indulge in small luxuries like travel.
 Scalable Start-up Entrepreneurship: - This kind of entrepreneurship consider
land breakage and package based concern through social media such as Facebook,
Twitter, Instagram, Amazon.in and eBay. These are all scalable start ups and used
as an innovative person hot spot such as Silicon Valley, Shanghai, New York and
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Bangalore will conduct. This may improve its jurisdiction without extra
compensation cost which is quite large.
Large Company Entrepreneurship: - It may involve that corporate entrepreneurship is
a procedure which help to develop fresh thoughts and concern possibility within an constituted
company. It may lead to fresh enterprise project and change of state of organisational
profitableness and raise competitor y point of existent organisation (Awogbenle and Iwuamadi,
2010).
Each and every entrepreneur has their own ideas, thoughts and creativity and on behalf of
their unique qualities, they work to generate better outcomes. There are different kinds of
typologies which are as follows:
Sceptical entrepreneur: - It is a type of entrepreneur who observes someone's success
and then starts questioning on it. These people analyse that individual's commercial enterprise
along with expression for lucky breaks or acquisition they think hat flourishing acceptable.
Copycat entrepreneur: - This types of entrepreneur observes other and try to copy it in
exact manner. It seems to be important to do modelling instead of copying which is very smart
work. In this case, they need to be honest and switch from copying to modelling (Bruton,
Ahlstrom and Li, 2010).
Research entrepreneurship: - They are fond of learning and try to do research on all
accomplish able condition and resultant for scheme to beginning to develop business. It is
important to to attain success is that they have to implement policies made by them after doing
research.
Determined entrepreneur: - They people are not preparing that all but it does not matter
that whatever it is. Moreover, these consider numerical quantity of entrepreneurship and
occurrence possibility and did not go for considering other's aspects to copy. But such innovative
people begin their own business through unique and different strategies.
P2 Similarities and difference between various kind of entrepreneurial ventures
There are various entrepreneurial ventures having several similarities and differences
between them. Some of them are described below:
Basis of difference Small business
entrepreneurship
Large Company
Entrepreneurship
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Registration  Small ones are required
to be registered as SSI
units with Director of
Industries or State and
Union territories for
purpose of allocation of
Scarce raw materials,
power supply, taxation
etc.
 They are included in
schedule of Industrial
Development and
Regulation Act is
subject to licensing and
registration with
government within
prescribed time limit.
Capital investments  Their investments limit
in plant and machinery
does not exceed around
One corer (Desai,
2013).
 Large ones have
investment of around 5
Corers in industrial
undertaking.
Marketing  They have SSI units
which generally cater
to needs of local
people.
 They are basically
market oriented and
produce products for
masses.
Management  SSI units utilise age-old
techniques and
equipment but there is
no scope of
professionalisation at
small scale.
 Their industrial units
have larger exposure to
professional
management.
Similarity: - Both of them have to follow same legal rules to run their business. They
have to make better strategies and policies by innovative ideas or thoughts. It is necessary for
them to follow trends of market to build modifications for improving productivity as well as
profitability (Djanko and et. al., 2010).
Differences
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Scalable Start-up Entrepreneurship Lifestyle Entrepreneurship
 It includes that a funded on other hand
has primary responsibility of becoming
big at expense which is hopefully
temporary for lives of founders and
employees.
 Lifestyle business does not have to be
small at all, either in revenue or staff. It
is observed such requirement of it is
just that allows the entrepreneur to live
in such way in which they want to live
in current scenario while a running a
company.
 It includes that kind of start up work is
all about occur in a manner to make
business performing towards benefits.
 But the kind of working by lifestyle
business job is to provide great quality
of life to its owners.
 In this case, the founders are taking
large swing with low probability of
success. They are hoping for very huge
output.
 But in this, they have different
definition for success as don't have
burden of requiring hundred million
dollar lifestyles business. It had an
opportunity to build such business
which they want to establish.
Similarity: - Both of the above entrepreneurship had same vision to attain growth of
business and make position amongst competitors. They want to put efforts for achieving success
in every changing trend of market (Drucker, 2014).
M1 Difference and similarities between various entrepreneur ventures in various terms
Differences Private Public
Objectives Their main motive is to serve
society with various facilities such
as; public park, constructing
roads, street light, maintenance of
bridge and so on.
Main aim is to gain maximum benefits
by satisfying consumer needs.
Structures They are not having that much Trying to expand more or more
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wide in structure. branches.
Size Small in size Broad.
D1 Critically examine entrepreneur ventures scope , development and growth
Every entrepreneur are having distinct objectives and scope such as; private ownership
are trying to gain maximum profit by satisfying clients needs or demand. Along with this they
also want to expand their business across various marketplace for gaining consumer trust or
loyalty. On the other hand public companies are focussing on developing society of a nation by
providing best facilities to them.
P3 Present, interpret and assess related data with impacts micro and small business
Small business:- This kind of business may include difference types of association,
partnership and sole traders where the employees number are less who plays role as per desired
targets and visions to attain better outcomes.
Micro business:- It is described as kind of firms which are generated at very small level
that are capable to hire large number of employees. They have various kind of fair profits and put
efforts to achieve desirable outputs for balancing whole performance of organisation on regular
basis.
Medium sized business:- It may contains around 300 employees in an enterprise to
perform in it and improve productivity as well as profitability. They try to improve their
strategies and policies to expand their business.
Nature and characteristic of sole, partnership and private business Private:- It can be described as company which may sun by government authority
organisations or through relevantly little numbers of investors and shareholders of the
company. They did not provide to trade its organization stock to unspecific public on
facts of which are changeable in case of stock market. (Fayolle, 2013). Sole proprietor:- It may refers to a kind of enterprise which is generally owned and run
by single natural person. And there is no legal distinction between owner and business
entity. They are able to control directly all the components and is legally accountable for
finances of such businesses. It may involve debts, loans, loss and so on.
 Corporation:- It can be defined as abstracted legal entities which are usually owned by
shareholders. They are more usually more complicated and critically utilised by bigger
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commercial enterprise. It is observed that, such entities are quite expensive
administration fees and more complicated tax or needs as per laws. They are expend the
chance to provide possession assets through shop worn (Hlady‐Rispal and Jouison‐
Laffitte, 2014).
As per above description, there are various kind of impacts on economy of country and
its market of small business, start up or organisations in several ways which are given below:
Local impact:- The forthcoming period after Brexit in United Kingdom is more
beneficial for small business organisation and start ups. And this is leading the nations towards
success by attaining desirable outcomes of profits. It is well known that profits of industries are
beneficial to improve thy annual income of the nation by paying taxes to government as per their
increased productivity as well as profitability. Such firms are able to introduce changing trends,
structure of market and interest of customer by maintaining local markets in United Kingdom
properly
Regional Impact:- This kind of market can be defined as area of state level in which
their local businesses are also included. It may provide vagarious opportunities for employment
in United Kingdom which is profitable for youth of nation to generate more taxes for increase
annual income of country to make it more in front of the world.
International and national impact:- It contains the market area of national and
international level which can involve different kind of strong brands and organisations. It
includes very tuff competitive amongst them because there are many of competitive firms (Kiss,
Danis and Cavusgil, 2012). It is observed that there is very critical participation of small and start
up firms in domestic commercial procedures and global trade centres in United Kingdom.
Impact of Small Business on Economy: There is a massive impact over UK economy of
small businesses because they can be said as the backbone of economy. Based on statistical data,
employment is more in small businesses in UK, like 60% of all private sector are engaged in it.
Small business give people the opportunity to encourage innovation and create employment
opportunities. They are creating about 2m jobs in UK. According to a report published for
encouragement of Arts and commerce, there are now 5 million of small businesses in UK. There
is an increase 197000 since 2016, and 2.2 million more than in 2000.
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P4 Importance that small businesses and business start-ups on the growth of social economy
Brexit:- This term may refers to this term may described as the abbreviated form of
British Exit which was prepared on June, 2016 as per judgemental authorities of United
Kingdom. It has a n important element as it is very popular issues and break down of European
Unions. It is compulsory to govern laws and legislations connected with market.
There are various kind of difference along with similarity between start ups and small
business and their worth for attaining development in administrative division and its
improvement:
Importance Business start up's Small business
Impacts of economical factors  It may include the
creative aspect of
management which
concentrate on
employment chances to
enhance economy of
the nation to make it
more strong. It will
help to generate
improvement in growth
of country in order to
economical success
and start ups render
support to increase
many of enterprise.
 This kind of firms are
able to make better
strategies and policies
in order to increase
profits of company,
they have a critical role
as they are capable to
achieve growth of firms
in United Kingdom.
Conveniences in reduction of
employment and social
growth of employment
opportunities
 This kind of firms are
able to fulfil the desires
of opportunities of
employment. It will
help to improve the
 This can be explained
as fundamental unique
or creative ideas in
companies. These are
fresh term preparation
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criteria of increments
in jobs and this will
make country able to
balance or control the
rate of unemployment.
which aid in meeting
development procedure
of services.
Importance of small business and start ups to growth of economy:
Employment: Small business play a vital role in growth of economy by increasing terms
of employment for the people. These businesses made up around 4.6 million companies in UK.
Innovations, employment and adaptability are main contributions of start-ups in UK economy.
Statistical data gives proof that average 2.61 million of total jobs were created between 1998-
2010 with existing small firms.
Innovation: Innovations are so crucial in small businesses because if so many start-ups
will be there, they will come up with a lot of new techniques and innovations. It can be seen that
is innovation in small businesses boost up productivity, enhance sales and up survival rates in
UK economy because they can better adopt dynamic market conditions. Innovations in small
businesses draw a path to success of them in economy because it will also differ them with their
competitors in market.
GDP: Small businesses and start-ups contribute their large part to the GDP of UK
economy, specially to those who are engaged in sales to international markets because they are
considered as backbone of the economy. They have a large amount of turnover over years. When
small businesses will contribute more to GDP of UK economy, they are actually improving their
growth too.
Tax Revenue: Tax base will increase when local community of UK will purchase with
small businesses in local and as a result their tax dollars stay within the economy and hence
helping to improve their community as well. Same, when local business tend to buy locally, their
profits remain in their own community by increasing economic development.
M2 Contribution of SME in economy development
Small and micro business are plays very important role in developing economy of a
nation by offering best job opportunities to various consumers in a defined time period. Thus,
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development of economy is all about enhancement of living standards of common people by
providing best improvement facilities to them.
D2 Impact of SME on economy
It is observed that these firms are able to perform on new innovative thoughts that have
key goal is to hire staff in organisation. It includes to provide support through rendering large
amount of taxes and sales of goods or services that is prepared by state of country.
TASK 2
P5 Characteristic traits and skills to make successful entrepreneur
Entrepreneur refer to that person who is willing to rake risk which other people are not ready to
face. They have several kind of unique capabilities and skills to carrying out face of hardship
along with regional requirements to make large groups. There are various traits which are given
below:
Self Discipline:- The very first trait is all about to that many of entrepreneurs must
posses self discipline. It may referred as a very essential feature for attaining profits in business
firm and this term basically requires mastery, control, responsibility and direction of themselves.
The successful creative person do these things because they realise that it is price which they
have to pay for profits they desire.
Integrity:- The real valued and well-thought-of quality they have to develop is honour
for absolute honestest. It is important to be absolutely honest in everything as each transaction or
activity. They never compromise with their integrity as well and try to remember that their bond
is based on honour which is everything when talk about business (Kuratko, 2016).
Persistence:- It is iron feature of character of man which may refers to an example like
converting carbon into steel. It is an critical attribute that goes hand with all larger profits in
business career. Resoluteness in beforehand that never give up, no matters what happened. The
courageousness to prevail in face of adversity and dissatisfaction is one feature which is more
than anything will guaranteed their success.
Decisive and action oriented:- It is the concluding attribute that all successful
businessperson which must posses in being decisive and action oriented. It is importation for
them to make quick and decision and action to manage various kind of issues for attaining better
outcomes.
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Some of skills and attributes of an entrepreneurs are as follows:
 Confident:- An entrepreneur never put arguments or questions in such manner to ask
that whether their efforts are enough or not to attain benefits. They are confident with
proper information that make businesses success and exude that quality in every thing
whatever they do for attaining growth of business.
 Self starter:- They people know about that if something requires to be done then they
have to start it from themselves only rather then give opportunity to someone else. Kit is
important that they always set some mandatory parameters by which they become able to
start anything properly in an organisation (Meyer, 2011).
 Competitive:- There are various kind of firms which are basically prepared that in
obvious due to that fact an innovative person has that quality to make their work better
than others. They need to win at sports that they play and need to win at business created
by them. They highlight their own company's track which may record for success.
For example, It can be mentioned that Brent Kiss and Elisa Mianka are very popular and
effective leaders of United Kingdom which may contains various skills and features bot both are
capable to prepare several strategies or policies to make rational decisions as per circumstances
of an enterprise.
P6 Aspects of entrepreneurial personality reflective motivation and mindset
It is easy to place orders in front of employees to complete particular task sand
procedures to attain various outcomes which are desired as per targets or objectives of an
organisation. It is quite difficult to convince investors, teams and clients which nee special
quality to make them follow directions of an entrepreneurs (Ziegler, 2011). It is necessary to
display correct traits then only people and business success will likely elude themselves. Some of
aspects which reflective motivation are given below:
Vision of providing real customer and social value:- It is observed that, there are many
start ups facilitate by developers who were putting efforts to solve several issues. It's not enough
to introduce new techniques but implementation is must in more appropriate way. It is important
to have chance for getting more richer, until these are concede by advanced goals of solving
actual problems.
Confidence substantiated by desire, preparation and experience:- It may considered
that rigid image encouraging is considered as better beginning front. And they have to show
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