Entrepreneurship and Small Business: Venture Types Report

This report provides a comprehensive overview of entrepreneurship and small business management, examining various types of entrepreneurial ventures such as sole proprietorships, partnerships, and franchises. It delves into the similarities and differences between different types of entrepreneurs, including serial, social, and female entrepreneurs, while also analyzing their respective business typologies. The report further explores the impact of startups and small businesses on the economy, supported by data interpretation and analysis. It identifies the key traits, characteristics, and skills of entrepreneurs, differentiating them from managers, and discusses how an entrepreneur's personality, background, and experience influence their mindset and motivation. The report aims to serve as a guide for entrepreneurs, offering insights into market research, venture evaluation, and the factors that contribute to business success.

Entrepreneurship and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Examine various types of entrepreneurial ventures...............................................................1
P2 Similarities and differences between various entrepreneurs with their suitable typologies. .4
P3 Interpretation and analysis of data which signifies impact of start up...................................8
P4 Determination of impact of small business and start up on impact on economy................12
P5 Determination of traits, characteristics and skills of various entrepreneur with difference
from managers...........................................................................................................................14
P6 Discussion about how an entrepreneur personality lead to reflect upon mind set and
motivation.................................................................................................................................18
P7 Reflection about background and experience hinder or foster an individual......................20
CONCLUSION..............................................................................................................................22
REFERENCES..............................................................................................................................23

INTRODUCTION
Entrepreneur is a person who has potential to gain all risk of market
and start working in welfare of society. They start their idea with a new and
innovative thing so that chances of getting sustain into market world get
rises (Irene, 2017). For a person it is important to determine and organise a
market research for analysing all market aspects properly thus, it is
important to provide appropriate information regarding this consent in an
effective manner.
This project is prepared for a purpose of website development and
work as a guide for entrepreneurs. In this project various essential
components lead to get included which stated about an entrepreneur
personality properly and effectively. For this context, various entrepreneurial
ventures get evaluated in an appropriate frame with valid comparison as well
as similarities with their suitable relationship with business typologies. Along
with this, it also evaluated about traits, characteristics and skills of an
individual whom have potential to gain risk of market and lead to compete in
such world in an appropriate frame.
Micro and small business made a vast impact on economy of society
which get analyse with aid of suitable data and its interpretation. Although, it
is consider as basic concern which support in improve social economy.
Although, background and experience made a vast impact on a person body
and mind-set for determine suitable gains and results.
P1 Examine various types of entrepreneurial ventures
An entrepreneur is a person whom is consider as risk taker in nature
and want to change the social aspects properly by introducing some new and
motivational innovations (Steyn, 2017). It is important for an entrepreneur to
be an innovator in nature as well as consider as beneficial leader with some
managerial qualities to bear all risk properly. With all important aspects
inclusion person become able to accomplish all aims and objectives properly
so that better and effective outcome could be accomplish. There are various
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number of entrepreneurial ventures get determine which need to estimate
properly for concerning this project:
 Sole proprietor: It is a small concern organisation whom are not
operating at vast level with limited number of liabilities as well as there
is only owner of a company get determine. A success only derives at
business with more and more appropriate hard work so that chances of
better and efficient outcome get promoted with limited capital. This
association usually need to take loan either from banks or from
relatives. One of a best example of sole proprietor business in London,
United Kingdom is Milestone Hotel which is one of a 5 star grade II
listed hotel. This hotel has 44 guest bed rooms as well as 12 suites
where an individual easily lived over there. This was house and then
converted into a hotel (Struwig and Lillah, 2017).
 Partnership: It is a kind of agreement where two or more individual
come together by sharing their pool of money with indeed of
generating some money and revenue. Partnership is consider as less
bearing risk factor material because all essential risk elements get
divided in an appropriate frame between two or more individuals. The
capital raising sources are also more in nature as compared to sole
venture and risk also get divided among the partners. Thus, this lead
to support in order to grow business properly so that chances of
suitable outcome get enhance. One of a major company which is
consider as successful partnership firm is Virgin Atlantic which consider
as Airline Group started with two individuals Randolph Fields and Alan
Hilary. Both of them operate one of a successful venture in all over UK.
 Franchise: Many entrepreneurs provide their franchise to others so
that they become able to open more and more outlets. Franchise is a
process in which an individual lead to take name and frame of a settled
company for accomplishing and generating more and more revenue
properly (Henning and Akoob, 2017). There is vast range if franchises
running in the world and generating more and more profit as well. One
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of an organisation whom already well establish in London and other
parts of world is McDonalds. They are providing their franchisee to
many individual just to establish them at wide level.
 Non-profit organisation: These are such association whom major
objective is just to provide and work in welfare of society but nothing
else. These associations never wants profit for sustaining into market
world but simple support society to get upraise through launching
various market opportunities. These entrepreneurs want to work in
order to maximise society standard only. One of a best example which
consider for NPO is Rolex whose founder was orphan and donate all of
profit margin generate business in orphanage to grow many children. It
is a Switzerland base company founded in 1905 and provide variety of
products and services to their ultimate users in order to upraise their
satisfaction level only (Henning and Akoob, 2017).
These ventures get operated with support of various individual whom
have a determination in order to modify society as well as their working
so that suitable level profit get determine effectively. Although, there are
several typologies get evaluated in business which need to relate with
these entrepreneurs properly so that a better understanding about this
concept lead to get manage. Various number of entrepreneurs are stated
as follow:
 Serial entrepreneur: These are such individual who love to ear and
take challenges on repetitive basis so that they create a different aim in
the world (Nabi and et. al., 2017). Once these personality establish a
business properly then they completely delegates responsibility of
carrying out operations to others and start thinking about a new idea.
These people have a potential to change society perspective towards
them. A famous Virgin Group owner consider as best example of these
bodies in which they already establish more than one brand in Virgin
which stated their ability to take challenge.
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 Social entrepreneur: Some individual just want to upraise standard
of society and only bring positive change into it. These bodies do not want
profit as a major concern but just want to bring positive aspect in society.
They also consider as determinant towards their aim and objective so that
better and appropriate results could be derive in order to maintain
positivity in environment. They belong to not for profit organisation with a
clear motive to provide support to society and remove negative aspect
properly (Wheelen and Hunger, 2017). Rolex could be consider as NPO
and owner of a company as social entrepreneur as donates whole income
profit.
 Female entrepreneur: Society never treat and provide equal
opportunity to women same as like men. Thus, there are many women in
society get evaluated whom take stand and prove that they have more
ability than men. These female personalities are consider as female
entrepreneur whom have potential to change mind set of society and
bring a change in social environment as well. Elizabeth Arden is
considering as most successful personality whom started their own
cosmetics and create value towards society for bring appropriate change.
These are all various typologies which associates with the ventures of
entrepreneur and evaluate all basic relationship with each one of them
(Amato and et. al., 2017). It is important to understand this scenario in an
appropriate frame before commencing any business activity so that better
and effective gain could be estimated in order to operate activities properly.
Although, for more suitable evaluation, it is important to determine
differences and similarities between various kinds of entrepreneur so that
effective aim and objective accomplishment get done.
P2 Similarities and differences between various entrepreneurs with their
suitable typologies
There are various types of ventures are operating in business environment
which need to understand in an appropriate frame so that a suitable
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distinguish lead to get done. All entrepreneurial ventures are somehow inter
related with each other as well as several major differences also get
determine in each one of them. Thus, for this context, one of a most
important thing is to maintain a suitable study in this consent (Wajdi,
Ummah and Sari, 2017). On the basis of stated outline, various ventures are
like profit, not for profit, joint ventures, franchise, partnership, sole proprietor
etc. Along with these ventures, there are several typologies also get
evaluated in order to maintain effectiveness. These typologies are serial
entrepreneur, social entrepreneur, female entrepreneur and copycat
entrepreneurs. Thus, their similarities and differences are stated as follow:
Similarities & differences between various entrepreneurs and their
typologies:
Sole proprietor Partnership
Venture with a clear objective of
generating revenue and profit.
Overall goal of business is to
generate more and more revenue
with ultimate profit margin.
Tax payable is of personal income
tax.
Partners are exempted to pay
business income tax and they only
pay personal income tax.
Easy to start without any
registration.
Only a partnership agreement lead
to frame between various partners
without any register registration.
Limited number of liability. All partners have limited number of
liability which lead to pay by each
one of partner.
This stated that Milestone Hotel and Virgin Atlantic both can be similar
with each one of them. As every individual have limited liability in nature as
well as operate with a single motive to generate more and more revenue as
well as better outcome (Agrawal, 2017). Business lead to get easily started
so that less registration get manage. All such similarity stated that
partnership and individual concern have some number of similarities but
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there are many differences also get evaluated in each one of them which
have to understand in an appropriate frame. The differences between these
two ventures stated below for more appropriate concern:
Sole Proprietorship Partnership
It is an unincorporated entity in
which neither of an individual make
interference apart from sole owner.
It is a kind of business which usually
get operate through two or more
individual.
Profit get obtain by a single
individual and rest people whom are
helping operates on salary basis.
This business concern divided profit
between partners in order to their
ratios.
Scope and growth of sole trader
limited in nature and thus chances
of high success is not so much
possible in nature due to limited
investment.
Scope and growth of partnership
firms is not limited in nature due to
more and more number of partners.
Although investment is not limited
in nature.
Control is not diluted in nature as all
powers only in the hands of one
person as well as chances of
conflicts less in nature as well.
Partnership firms get operated by
two or more individuals thus,
chances of conflicts between them
are high in nature.
These are some basic and considerable difference between both the
ventures (Radović-Marković, 2017). This becomes more understandable with
support of example. Milestone Hotel has limited operations and scope
because it operates only with a single person. But power not get diluted in
nature but it will not able to maximise operations at big level because they
do not have sufficient fund. On the other hand, partnership firms operates
with assistance of two or more people. Virgin Atlantic are operating at high
level due to investment and sharing of risk between two concern bodies.
Hence, their profit margin is more as compared to Milestone Hotel.
Similarities and differences between various typologies:
Entrepreneurs have some traits and skills as well as it is important to
understand this concern with typologies properly (Spigel, 2017). On the basis
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of this consent, a basic differentiation and similarity between male
entrepreneurs and female entrepreneurs stated as follow:
Male entrepreneurs Female entrepreneurs
These business ventures get
operated through male personality.
These operations concern with
female of society.
It is a common ventures in society
which do not reflect much positive
aspects.
These ventures made vast impact
on men dominating society.
One of a major concern which
create differences is age. Most
number of male started their
business in young age.
On the other hand many of the
women entrepreneur started their
concerning operations in the age of
40’s.
Management styles of men are
creative in nature as they define
strategies more properly.
Female mainly utilise feminism
management style where they less
focus on men dominating society
and want to create a differ image
only.
This is consider as major difference between male and female
entrepreneur of society which stated that both of them are differ from each
other (McKenzie, 2017). One of a famous female entrepreneur is Elizabeth
Arden whom started business in the age of 40 whereas on the other hand
many male bodies started their business in young middle age like Mark
Zuckerberg which is one of a well establish and famous personality in
present era. Male become more successful in nature as compared with
female and thus, women need to become more determine towards their
working. With these differences some number of similarities between both of
these typologies stated below so that an appropriate understanding get
promoted for better and effective gains.
Male entrepreneurs Female entrepreneurs
An overall and single objective is to Female also wants to generate
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generate profit by providing quality
services.
revenue by fulfil all their objectives
and aims.
An entrepreneur always come up
with new idea.
A female entrepreneur is also
concern about new and motivating
innovation.
These are some basic and considerable similarities between both typologies
so that a better and appropriate understanding could be managed in an
appropriate frame (Gërguri‐Rashiti and et. al., 2017). It is essential to
manage and understand things properly and effectively. Mark Zuckerberg
and Elizabeth Arden both have a single objective which is create and perform
something new and innovative in market so that they become able to get
sustain and compete in such world as well. Along with this, they also want to
generate more revenue and profit so that chances of better and suitable
gains get maximise.
P3 Interpretation and analysis of data which signifies impact of start up
Small business are consider as backbone of every economy of a
country through which many business and employment related opportunities
get spread in the market world. Thus, this small business organisation
enables in order to maximise productivity of an enterprise in order to
accomplish their overall targets and goal. There are many firms are
operating at small level with a clear aim to get sustain into market world for
maximising business outcome (Bird and Schjoedt, 2017).
These association lead to make positive impact on society as well as
social economy by providing jobs to many youth personalities. Large and big
firms are not able to provide jobs to every person and after Brexit these
small organisations consider as major factors that support UK economy
growth and development in order to deal with economic crises. Milestone
hotel is one of a small hotel in London whom has good working space as well
as staff members so that better and effective working gets promoted. It is
not a kind of start-up but a typical small business which have good market
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growth rate as compared to others with more than 10 suites as well as 50
king size bedrooms. Thus, for this context, suitable cleaning staff as well as
front door personnel highly required in nature. This stated that business have
potential in order to maintain appropriate environment and provide a tough
competition to each and every other hotels in UK.
A successful entrepreneur is one whom has more confidence to deal
and manage work rather than many other traits (Gielnik, Zacher and
Schmitt, 2017). It is really important to understand the specific trend about
an individual properly so that their body easily get analyse and they also
manage their working effectively. Risk and passion consider as several major
aspects as well but confidence to deal with ever changing environment of
business consider as the best one. Thus, it is important to determine this
factor with support of a graph so that it get evaluated about what kind of
entrepreneurs are taking place in environment and contribute most number
of start-up so that social economy get enhance.
This graph stated that rather than others confidence is a major thing which
supports an individual to grow and maximise their business operations as
well. This aids in gaining better results because without confidence neither
passion nor risk taking behaviour lead to get work. Thus, it is important to
manage things effectively with suitable confidence.
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