2018 Entrepreneurship: Venture Types, Topology and Economic Impact

This essay comprehensively examines various types of entrepreneurial ventures, including entrepreneurial ventures, intrapreneurship, managerial ventures, lifestyle entrepreneurship, and social entrepreneurship, detailing their characteristics and providing examples. It explores the differences and similarities between lifestyle and social entrepreneurship, validates an understanding of entrepreneurship in the community, public, and corporate sectors, and analyzes the impact of small and micro businesses on the economy using relevant statistics. The essay further describes the significance of small businesses and start-ups for social economy development and assesses the variances among large, medium, and small businesses, providing a critical inspection of the influence of small businesses on diverse economy levels. Desklib offers a platform to access similar solved assignments and study tools.

[Entrepreneurship]
2018

ENTREPRENEURSHIP 1
Table of Contents
Task1..........................................................................................................................................2
Entrepreneurial Venture.........................................................................................................2
Intrapreneurship.....................................................................................................................3
Managerial..............................................................................................................................3
Lifestyle Entrepreneurship.....................................................................................................4
Social Entrepreneurship.........................................................................................................4
Statistics.................................................................................................................................8
Impact of Small and Micro Business.....................................................................................8
TASK 2....................................................................................................................................13
Entrepreneurial leadership: The most important job...........................................................14
Establishing the Entrepreneurial Frame...............................................................................16
Creating a well-stocked opportunity register.......................................................................18
Creating Focus using real options reasoning.......................................................................19
Promoting adaptive execution by discovery-driven planning..............................................20

ENTREPRENEURSHIP 2
Task1.
Examine various kinds of entrepreneurial ventures and how they are linked with the
entrepreneurship venture’s topology; explain comprising instances of every kind.
Entrepreneurial Venture
An Entrepreneurial Venture is said to be a business whose main aim is growth and
profitability and that might be considered as an innovative practice. The fundamental
variance between a small business and entrepreneurial venture does not lie in their kind of
services and goods they are offering but their basic perception about innovation and growth.
Therefore, as per Donald Sexton, power on entrepreneurship, strategic planning is said to be
an essential part of the venture as compared to a small-business firm.
"Many businesses begin with an individual or single product. Those businesses are concerned
toward the growth and instantly start searching for another product. It is said to be that
approach of planning that provides help in distinguishing an entrepreneur from the owner of
small business."
A person or individual who commences and operates a business operation with limited
resources and takes all the responsibilities of the risk, as well as rewards of her or his
business, is known as an entrepreneur. The business plan is generally a new innovation,
service or product, in place of associating existing model of business.
These type of entrepreneurial ventures are focused towards high-returns, with high
uncertainty. The entrepreneur does not feel bad while investing money and keeping the job at
stake in order to take limitless risks on a motivation, investing capital and time still on an
uncertain venture.

ENTREPRENEURSHIP 3
Intrapreneurship
Intrapreneurship is similar to an entrepreneur in a large business organization. They are
typically very enthusiastic, action-oriented and proactive people who can effortlessly make
decision or creativities of their own, in the organization’s boundaries, in order to make
innovative services and products. One of the essential aspects is that intrapreneur remains in
the comfort zone as they believe that business failure does not involve any type of personal
cost as it is similar for an entrepreneur because business will recuperate the loss arising from
the failure.
An intrapreneur concentrate on particular concern and their area is to manage company’s
procedure instead of overall business. The precise issues can be lacking skills or increasing
productivity, etc. An intrapreneur can account for innovative ideas in order to serve improved
situations for the company.
Intrapreneurs in the company love to be free and their characteristics substitute independence
in themselves. They are fundamentally proficient in creating charts of workflow and they can
envisage the forthcoming competition towards the business and how to diminish them with
full swing.
Managerial
The workforce who is focused towards handling the people in the company is known as a
managerial workforce. They are mainly paid workers who possess the power and
responsibility to make alterations in the company with former approval. In terms of nature,
the managerial workforce is very much tactical and always remain in urgency to handle
subordinates. They are ultimately responsible for the daily activities takes place in the
company. It is fine if they do not offer innovative ideas to the company because they are

ENTREPRENEURSHIP 4
hired for the regular job or work or task. Their duty is to think how to make employees
effective and how to connect one aspect with another aspect.
2. Explore the differences and similarities among entrepreneurial ventures as
discussed above
Lifestyle Entrepreneurship
A person who starts a business organization not for the sake of earning a profit and for the
purpose of changing lifestyle is known as lifestyle Entrepreneurship. In reality, a lifestyle
entrepreneur concentrates majorly on the life reward and occasionally on the business
operations. This type of entrepreneur does this for their passion.
For example, Elizabeth is a lifestyle entrepreneur in EG Solution PLC as she was operating
the business operations with her passion.
Social Entrepreneurship
Social entrepreneurship is said to be a method or technique by which businesses are
commenced, to develop other entrepreneurs, offer funds, and offer solutions to the cultural,
environmental, or social issues. This concept might vary from one organization to another
organization with different aims, beliefs, and sizes.
For example, Grammen Bank is one of the Social Entrepreneurship’s examples
Topic Lifestyle Entrepreneurship Social Entrepreneurship

ENTREPRENEURSHIP 5
Exit Strategy The lifestyle entrepreneurs
do not have an existing plan
or strategy because they
operate their business
operations with a passion
Social Entrepreneur is the
passionate entrepreneurs with
all set strategies and existing
plan.
Profit Seeking Lifestyle Entrepreneur is not
concerned about the profit
because they operate the
business for the purpose of
lifestyle.
Social Entrepreneur is always
concerned about the profit as
if there is a failure then they
will not be able to survive in
the market.
Investment Lifestyle Entrepreneurs does
not search for the investors
for their business because
they run the business with
their own money.
Social Entrepreneurship
search for different investors
as they have an objective to
expand the business from the
initial stage and for this, they
require investors to invest
their money in the business
organization.
Donation Lifestyle entrepreneurs are
those who do not offer a
donation or believe in this
concept.
Social Entrepreneur donates
or charity when they will be
rich.
Organizational goal This type of entrepreneurs
does not focus on the
organizational goals as
Social Entrepreneur is very
much concerned about and
focuses on the organizational

ENTREPRENEURSHIP 6
compared to social
entrepreneur.
goal
Organizational Structure Organizational structure is
not framed by the lifestyle
Entrepreneur in the company.
Organizational structure is
created by the Social
Entrepreneur such that
business activities are
performed properly under
some rules and regulations.
Location These type of entrepreneurs
are not restricted with the
location because they operate
the business the way they
like.
These type of entrepreneurs
are restricted in the locations.
Working hour Lifestyle entrepreneurs are
known for maintaining a
balance between personal life
and work.
Social Entrepreneurs are
always ready to work for an
extra hour and not for other
benefits such as money.
Making corporation They are not focused towards
making a corporation.
They are normally for the
corporation at a level of time.
3. Examine a varied type of entrepreneurial ventures in order to validate an
knowledge of the entrepreneurship in community or public sector as well as corporate
sector.

ENTREPRENEURSHIP 7
Corporate and Public Sector Entrepreneurship: This type of entrepreneurship can be referred
to as a company that is a division of the economy and operating activities to make a profit.
Businesses of the Corporate sector are not government owned dissimilar to the businesses of
the public sector, which are registered as a property of the government and offers services
that are government-oriented or accessible in the stock market.
Some of the examples of the Intrapreneur venture which are the part of the public sector, as
specified are 3M. A business gets famous for the supporter line of services or goods like
masking tape, scotches brand tapes, and waterproof sandpaper, (Thomas, 2017). 3M is said to
be a corporation of public-sector as it performs trading of the shares in their stock market.
The key shareholder of 3M is Vanguard Group Inc. which had maintained 45,793,887
numbers of shares till 2017. Along with this it has various shareholders consequently
lowering their liability.
One of the perfect examples in the field of corporate of Intrapreneur is W.L. Gore and it is
also called as Gore-Tex fabric. It is an international company of manufacturing specific in the
production of fabrics which is imitative from fluoropolymers. This business is managed in
Newakrd, Delaware, privately. W.L. Gore offers its workforce 10% of their work in order to
offer their innovative ideas and put their efforts on their personal projects (Vocoli, 2014).
Intrapreneurs are not the one who directly operates their business with the clients of the
company. They are said to be the individuals in an organization whose purpose is to produce
goods innovatively that can provide benefit to the target market and company. Same as 3M’s
Dr. Spencer Silver, who unintentionally created a tough kind of glue that could be utilized in
the aerospace and workforces of W.L. Gore that are offered with plenty of time to have a
thought about innovative and fresh ideas that could offer advantage to the entire textile world.

ENTREPRENEURSHIP 8
2. Understand and measure applicable statistics and information in order to clarify
how micro and small businesses influence the economy.
Statistics
The meaning of SMEs i.e. small and medium-sized enterprises is a commercial with less than
250 workers. In U.K, till 2016 there were 5.4 million Small and Medium Enterprises, which
was around 99% of overall businesses.
Around there are 0-9 employees in Micro businesses. According to the report in U.K till
2017, there were 5.3 million micro businesses available, which are comprised of approx. 96%
of all the businesses.
The revenue of the small business has a major influence on the U.K economy and on the
other hand, the medium enterprise does not possess significant influence. Around 99% of the
overall business involves small and medium business. In the economy of U.K, there is a huge
competition between different industries.
Impact of Small and Micro Business
In Medium business, around 250 employees are hired in the company whereas in the case of
Microbusiness there are maximum 9 people are hired which results in restricted opportunities
of employment. However, the fact is that the number of businesses ate increasing which can
result in increasing opportunities for employment for the youth candidates.
The revenue of the small business has a major influence on the U.K economy and on the
other hand, the medium enterprise does not possess significant influence. Around 99% of the
overall business involves small and medium business. In the economy of U.K, there is a huge
competition between different industries.

ENTREPRENEURSHIP 9
Source: Thomas, 2017
1. Describe the significance of small businesses and start-ups for the development
of the social economy.
Small and medium-sized enterprises or SMEs involve around 60- 70 % of the jobs in most of
the OECD countries, with specifically major share in Japan and Italy, and a comparatively
less share in U.S. but, there are various jobs particularly in the nations which have reflected
record of employment including Netherland and United States
Some indicating points to the significance of age, in spite of the size, in the job creation: new
companies create more employment opportunities as compared to their share. Though not
even half of them survive for the longest time period and only a portion is developed in the
high-growth firms which offer significant contributions in the job creation. High job turnover
raises issues for the security of employment and small formations are frequently get
exempted from providing notice to the workers.
Small companies also incline to invest very less in the training programs and depend
comparatively more on the external recruitment for rising competence. The demand for
dependable, pertinent and globally comparable information of small and medium enterprises
is on the growth, and statistical offices have initiated expanding their publication and

ENTREPRENEURSHIP 10
collection of data. Global comparability is yet very weak, though, because of divergent size-
class explanations and sector classifications. In order to enhance valuable analysis of policy,
OECD governments have to enhance their build-up of data, deprived of making additional
problems for companies by the load of extreme paperwork.
1. Assess the variances among large, medium, and small businesses that has been
made to the economy, put some applicable statistics and data. Deliver a critical
inspection of the influence of small business on diverse economy levels comprising
national, local, international, and regional.
Various high-growth Small and Medium Enterprises make significant contributions in the job
creation and efficiency progress in the OECD area. In the initial stages, capabilities of the
management are important for the survival because company grows, innovation strategies and
human resource increases significantly. By the time company establishes, innovation
becomes very important for the growth of the company. The fastest rising applicants are
those that convert policies into planned actions in the form of Research & Development,
training, and innovation, which offer maximum emphasis on the employment of talented and
skilled workers and employee’s motivation, and balance the improvement of their
competencies in diverse areas - the last being mainly significant in the sector of high-
knowledge.
The central hurdle to the progress of high-growth Small Medium Enterprises is government
regulations, foreign market access, market failures in the capital markets, problems in hiring
skilled and talented employees, and indirect labor costs. Small and Medium enterprises that
are owned by women are progressing very fast as compared to the overall economy in
various OECD countries, permitting capitalization of the knowledge of trained and skilled
women who can else be obstructed in corporate development because of the “glass ceiling”.

ENTREPRENEURSHIP 11
The augmented flexibility intrinsic in possessing one’s business permits women to add to
their family’s income by maintaining responsibilities of family and balancing work. Though,
the women entrepreneur’s economic potential stays partially untouched; measures are
essential to enhance statistics and information in this particular field, along with
strengthening the prerequisites for technology, networks, and financing. Entrepreneurship
inclines to differ evidently across regions. The augmented number of regions is considered to
be creating dynamic firm’s clusters which get benefited from “information spill-over” and
intangible factors. Policies for regional development have been established to support those
regions that are suffering from declining stage.
Critically inspect the growth, development, and scope of the entrepreneurial ventures
The entrepreneurial ventures are very essential for all the company's level. The development
and scope of the sector are increasing as the downturn is declining daily in the United
Kingdom. Citizens are today investing in new and innovative businesses apart from their own
business and youth are very much concentrated towards conducting their own business in
place of doing jobs. In this sense, it can be said that the scope and increasing.
On the other side, not a single company will be operated smoothly deprived of the format of 3
entrepreneurial ventures. Individuals today are very much innovative and putting their efforts
to get involved in various ventures in the company.
However, one thing is very simple in the figures that the development and scope of these
ventures are completely open for the SME’s as approx. 99.03% of the overall business is
operated by the SME’s. Therefore, there is high profitability, that in future all the small
businesses will accept the venture in a competitive field.