Report on Entrepreneurship: Ventures, Characteristics, and Impact

This report delves into the realm of entrepreneurship and small business management, offering a comprehensive analysis of various entrepreneurial ventures, including small business, scalable start-ups, large company entrepreneurship, social enterprises, lifestyle ventures, survival ventures, aggressive growth ventures, and managed growth ventures. It differentiates between private and public enterprises, as well as social enterprises, highlighting their unique characteristics and objectives. The report explores the impact of macro and microeconomic factors on businesses, including local, regional, national, and international influences. Furthermore, it underscores the importance of small businesses in societal growth, emphasizing their role in job creation, economic stability, and innovation. The report also identifies key characteristics of successful entrepreneurs, such as risk management, hard work, confidence, and passion. Overall, the report provides a thorough examination of the entrepreneurial landscape, offering insights into the different types of ventures, the impact of economic factors, and the qualities that contribute to entrepreneurial success.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1Different types of entrepreneurial ventures. ..........................................................................1
P2Differences and similarities between each type of ventures...................................................2
P3Impact of macro and micro economy.....................................................................................3
P4Importance of small businesses and business start-up growth of the society.........................4
TASK 2............................................................................................................................................5
P5 Determine the characteristics of successful entrepreneurs....................................................5
P6 Reflection of personality over entrepreneurial motivation....................................................6
P7 Background and past experiences foster or hider entrepreneurship......................................7
CONCLUSION ...............................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneur is the procedure which helps to creating, establish and moving a fresh
enterprise and also offer a good, activity or work for selling or employing. A person who develop
the business organization are known as entrepreneur. They concern on the introducing and
moving of firm which in broad risk concerned. The economy became more volatile with having
ability and capabilities to beginning a new organization. The entrepreneurship and small business
management is designed to build or make entrepreneurial skills. This helps to motivate, innovate,
growth and prosperity which makes good ideas, strong business skills and hard work. Small
business management can help to visualize and work towards goals or objectives which focus on
critical business management(Drucker, 2014). The business develop technical expertise needed
to launch a new enterprise and helps to make direction which achieve their goal. The purpose of
the report is to examine various types of entrepreneurship ventures and explore scope and
typology. The objective of entrepreneur is to explain different types of ventures such as public,
private and social enterprises and evaluate the macro or small business which determines the
traits and skills of entrepreneur. To examine the value of business and it start their high
development.
PART 1
P1Different form of entrepreneurial ventures.
A enterpriser is a someone who have ability and power to alter the features of business.
They have some capability and disposition to control and carry off a company investment and
control risk in effective manner. Entrepreneur assumes or evaluate all hazard and wages in the
particular business operations, make goods and services offered for sale(Herrington, Kew, Kew
and Monitor,2010).
Categorization of entrepreneurship
 Small business Entrepreneurship- An entrepreneur are started their organisation or
business in small scale. There are 6.7 million small businesses in the country and they
will develop 98.3% companies which provide 55% employment to the employees.
Scalable Start-up Entrepreneurship- An enterpriser start the firm in many developing location
where they earn more profit and attract customers. They will find that company which focus on
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expanding fuel and capital. Also recruit best and brightest employee who enhance their company
capital.
 Large company entrepreneurship- The concept of large entrepreneurship is generally
refers to the development of new ideas and opportunities within large or directly lead to
the improvement of business profitability and increase competitive position. The large
company deals with high amount and invest shares in the market.
 Social enterprises- The major goal for making better location and create more profit for
the development of organisation and the administration will focus on innovation of new
products and services.
 Small medium enterprises- It is an independent firm which provides employment
opportunities to very limited number of people. It recruit only 250 employees in the
single enterprise.
 Large enterprise- This is the large firm which recruit more than 4000 employees in their
one organisation. Its annual turnover are greater than 1 billion euros approx.
Types of Entrepreneurship ventures
 Lifestyle ventures- These ventures are normally settled on individual position and
employees, that are not provide absolute development (York and Cassar, 2010). They
also provide a firm income current for businessman and keeping direction concept of the
organisation.
 Survival ventures- In this venture, company provides major requirement of finance and
invest money in the business for growth. The company will operate their enterprise on
cash and barter basis.
 Aggressive growth ventures- In this venture technology is depend upon innovative
concepts which enhance ability and capabilities of the firm and affects new goods
introduction. It provides development and make brand-new products for accomplish the
customers need in the industry.
 Managed growth ventures- The venture have a feasible concern theory who supply
stabilized growing and also indicate new commodity establishing,it helps to study of full
facilities and provide entry into market.
P2Differences and similarities between each type of ventures.
Similarities
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The similarities between the entrepreneur ventures
 Innovative and creative-The entrepreneur has a ability to create or generate ideas or
possibilities that may be used in solving issues, communicating with others .
 Challenging and risk taking-An entrepreneur is an risk taker who take challenges and
achieve their target goal which helps to enhance his profitability.
 New business ventures- The entrepreneur is start a new business enterprise which
provides employment to the people and make profit.
The differences between two entrepreneur ventures
Differences Scalable enterprises(private) Social enterprise
Definition A company whose shares can
not be offered or sale to the
public and which is operated
under legal requirements less
strict.
It is an organisation which
applies commercial strategies
to maximise improvements in
social environment well being.
Objectives Their objective is to survive
by making profit and it may be
a sole trader worker.
The main objective of social
enterprise is to maximise profit
for shareholders and owners
which used to helps the
society.
Works Scalable enterprise provides
solution to the companies
departments and gives required
knowledge to them.
Social enterprise start social
enterprise workshops for the
businesses which helps to
enhance the company status.
Goals The main goal of the enterprise
is to provide current policies
and identify new techniques
for the company.
Social enterprise goal is to
achieve social,community
economic and cultural for the
company.
 Private enterprises- The firm are owned or operated by sole businessman, cooperation
and business organization who invest small amount in their business. They execute all
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action in effectual way and create motivated thoughts for growing goods and establish in
market.
 Public enterprises- The public organization is managed through authorities that are
managed by public system. The enterpriser generates fresh ideas or plans that assist in
developing the field in minimum time period. (Jayawarna, Rouseand Kitching, 2013).
 Social enterprises- The social group are team units which control and manage external
environmental factors which assist in improving social issues and problems which affects
business operations. The businessperson helps to solve social group problems for offering
new thoughts.
P3Impact of macro and micro economy
Macro and micro factors are instantly effect on the economic system of business. The
system will affect their small firm annual report, occupation, development and net profit. There
are approx. 80% personal business and approx. 89% small and mid-size businesses. The annual
turnover of small or mid-size business was 14.3% million and 55% of all private sector
employment. Small or medium sized business role is to lifting the recession period or economy
and 1.2 million employing business or 3.4 million non employing business(Dib, Da Rocha and
Da Silva, 2010).
 Local- The local enterprise effects the direct and indirect influence on the economy. The
local economics affects the company interest rate, wage rate, rate of inflation and profit
prices and operates business stock, inventory, employee salary and equipment etc.
 Regional- The regional impact arises on geographic areas and economic grounds. The
impact of this region is settled on relative and they expend big quantity in the
organisation and covering the marked market or consumers.
 National- The national economy affects the total domestic product, inflation and the
domestic revenue. The countries system manage cost of commodity and solve their
related issues. They are directly affects the small business price which helps to motivate
entrepreneur(Anderson and Warren, 2011).
 International- The global enterprise means to dealing products and work between two or
more nations. The organisation enterprises does not exportation their merchandise in
global market. The business will realise the governmental scheme of all nation which are
different in each manner. The government cannot operate or manage independent
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industry and form betterment on regular base which understands various civilisation of
fresh marketplace by this business.
Illustration : Impact of macro and micro
In the above image we analyse that macro and micro are does not effect completely to the
enterprise and also evaluate the marketing condition of these factors. Sometimes they both
affects fully on the external and internal environment of the business.
P4Importance of small business concern and business set-up growth of the social group
It is characterised that the proper consequence in match of different path as it the inquiry
of deficit and examine the demand to use the various person by apply the possession for the work
of primary activity. The fundamental importance of commercial feature is that it assist in the
broad nation that they want to utilise the right use of the assets. The shoppers are request to add
some point by doing the first achievable and proper demand of the stock. The firm require to
utilise the scheme of the objectives which they will decline unemployment and add discussion.
The importance of the business feature is to control the inadequacy of rough materials (Link and
Scott, 2010). The organisation will deal with economy by utilising a choice amount to done the
top manageable quality among the conclusion.
A personal business are evaluating a necessary part in advance or change in the nearby
economy which helps in expanding the business growth with the goal and they have achieve the
target market. The individual organization are developed rapidly and growth of private company
has developed, which maximize the independent company rate. Private enterprise and new
company develop their goal that can be achieve in the target market. The individual organization
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having the loyalty to the community system that brings the improvement or add facilities in
group by which they will develop their business. Number of private limited institution in the
system require to do some content with the finish which they can diverse the non-financial
atmosphere. In the period of financial exigency, many purchaser will order constant to their self-
directed organization. In the economy, private company make decision to adapt and depends
with the imaginary end that high particular of the factor will increase their enterprise in position
of improvement and reach the goals. At the national level,domestic system need to content that
assist company for the betterment in contemporaries and raise their GDP rate. In the global level,
expand the profitable condition in private institution in United Kingdom system which helps to
build their period to attain the goals.
TASK 2
P5 Determine the characteristics of successful entrepreneurs.
The entrepreneurs have skills and traits that they assist them in managing their enterprise
dealing in an economical way. The community should develop different geographical areas,
household heritage and educational levels which consist or make a big businessperson
contrastive from other. There are few attribute and capabilities that they have:
 Risk manager- An enterpriser will succeed outstanding prosperity if he has quality to
take danger. Hazard is a direction of happening,when they take more risk, they earn more
profits (Karlan and Valdivia,2011). An individual who is afraid of taking more risk, they
are not able to manage and develop their business organisation.
 Trained and hard working- A single person can be possessed and hard working
because there are almost important quality to hold a temporary surroundings. There are
some features required by any businessperson to be prospering.
 Confidence- A confidence individual can manage every stressful position in a concern
because he is forever capable to bargain with these determined. If a person have plenty of
confidence, he can be handle stressful situation which is easily manage and control by
the entrepreneur
 Passionate- This is very crucial for every businessperson to be aroused for his activity
which helps to attain his target goal. If an individual does not like his work then he will
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be depressed and gone in a disagreeable condition. It turn difficult for an enterpriser for
handle his role in so much counter position.
Mark Zuckerberg and Bill Gates can be taken as examples of a prosperous
businessperson. They are very well famed persons of entire global as they have achieve these
attainment. He is became billionaire at the age of 24 and achieved Chief Executive Officer
position. He is an introvert by nature and communicate very less during his presentations with
investors. And on the other hand,Bill gates is one of the richest people in the world. He has a
quality to take risk , he learn from his failure and manage business functions (Djankov and et.
al., 2010). Pursuing are their traits and accomplishment that made them one of the best
enterpriser over the world:
Vision- Mark Zuckerberg vision is connecting with people of all over the world. He took
his work for achieving target goal and took Facebook company at the higher level.
Smart worker and daring- Some these businessperson are not challenging worker but
also clever individuals. They are not capable to takings danger and innovate advanced thought to
their production. They forever change their commodity.
Continuous learner- They both are sincere intellectual and forever attempt to acquire
something new and take education from his previous errors. Mark and Bill gates both passion to
see books and acquire fresh things. These attribute and ability should be move by another
entrepreneur. It count on brain set of an individual and his situation that form them an
businessperson over the period by acquisition various things.
P6 Contemplation of attribute over enterprising motivation.
Attribute is a main psychological feature implement that aid an businessperson to be a
prosperous individual. There are several private matters such as household breeding, cultural
differences and life manner etc. The individual should have some ability to control danger and
run their purpose and they can achieve their organisational goals. Following are these attribute
element that indicate need and mentality:
Family upbringing- It look on house members if his family background of an individual
is accompanying to concern situation and all unit are attached with various enterprise. It is not
correct for all businessperson because here are several enterpriser who have no basic of business
management but they are interested in independent working(Delgado, Porter and Stern,2010).
Some have family support but few are not founded by their family unit to begin a new enterprise.
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Lifestyle- It is based on the individual style what affect their mind set. They have plenty
of confidence which determine the situation and helps to handle the stressful condition (Karlan
and Valdivia,2011). They learn from his past experience and lifestyle is a motivational tool for
the person. An individual always motivated with his way of living.
Cultural differences- Every person have different mind sets and thoughts. They are
come from different areas and they deal many cultural challenges as well. Every different
cultures have different choice and the motivational factors which helps in choosing their career
objective for any person.
Personal motivation- All individual should be self motivated. He should have applicable
and necessary ability to become a enterpriser. An individual should be driven in perverse
direction and handle disagreeable position. This is a portion of attribute that directly effect on
their brain set of any individual to be businessperson.
For example, Mark Zuckerberg is a person who self motivated with the others works. He
faces stressful situation and handle with effective manner. Mark is motivated by different
cultural challenges and always gives their best services in the performance.
P7 Heritage and past experiences foster or hider entrepreneurship.
There are various heritage and different experiences of enterpriser. Example can be
condemned for this position of Mark Zuckerberg because he is s booming or powerful
businessperson which famed by entire universe. Teaching are not identify the persons abilities
or capabilities and if he has done alteration in concern and establishment aspect then he will be
hold a enterprise. It is not essential because Zuckerberg was a individual who is curious in
computing device software process and computer programmes. He has non statement in the
sector of business and management that provides knowledge of how to start a new business and
then how to win them in efficient and effective manner (Karlan and Valdivia,2011). But he is
dropped person and he is forever curious in learning new things. So there are some expectation
that if a somebody are from other learning heritage then he is also became an businessperson
and manage his enterprise and also achieve target goal. Their skills and characteristics have
important outcome on preventive entrepreneurship and individual possess prime such as quality
to take danger, determination, security and acquire from ancient experience. He will be capable
to attain his private as well as organizational goals.
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CONCLUSION
As per the above mentioned report can be conclude different types of entrepreneurial
ventures and typologies of entrepreneurship. Then we evaluate the similarities and differences of
different entrepreneurial ventures and define private , public and social enterprises. The impact
of micro and macro environment are also examine and describe local, regional, national and
international. The importance of small businesses is to start a new business in the market. The
report helps to understand a successful entrepreneurs and also determine the traits and skills of
an individual. By examining the examples of Zuckerberg and Bill gates and understand their
personal background and evaluate the different levels such as types of education, national
culture, character traits and economic circumstances. In this project, we understand
entrepreneurship typologies and different type of ventures.
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REFERENCES
Books and journals
Anderson, A. R. and Warren, L., 2011. The entrepreneur as hero and jester: Enacting the
entrepreneurial discourse.International Small Business Journal. 29(6). pp.589-609.
Cassar, G., 2010. Are individuals entering self‐employment overly optimistic? an empirical test
of plans and projections on nascent entrepreneur expectations. Strategic Management
Journal.31(8). pp.822-840.
Delgado, M., Porter, M. E. and Stern, S., 2010. Clusters and entrepreneurship. Journal of
economic geography.10(4). pp.495-518.
Dib, L.A., Da Rocha, A. and Da Silva, J.F., 2010. The internationalization process of Brazilian
software firms and the born global phenomenon: Examining firm, network, and
entrepreneur variables.Journal of international entrepreneurship. 8(3). pp.233-253.
Djankov, S and et. al., 2010. The effect of corporate taxes on investment and entrepreneurship.
American Economic Journal: Macroeconomics. 2(3). pp.31-64.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Farmer, S.M., Yao, X. and Kung‐Mcintyre, K., 2011. The behavioral impact of entrepreneur
identity aspiration and prior entrepreneurial experience.Entrepreneurship Theory and
practice.35(2). pp.245-273.
Herrington, M. and et. al., 2010.Tracking entrepreneurship in South Africa: A GEM perspective.
South Africa: Graduate School of Business, University of Cape Town.
Jayawarna, D., Rouse, J. and Kitching, J., 2013. Entrepreneur motivations and life
course.International small business journal.31(1). pp.34-56.
Karlan, D. and Valdivia, M., 2011. Teaching entrepreneurship: Impact of business training on
microfinance clients and institutions. Review of Economics and statistics.93(2). pp.510-
527.
Link, A. N. and Scott, J.T., 2010. Government as entrepreneur: Evaluating the
commercialization success of SBIR projects.Research Policy.39(5). pp.589-601.
York, J.G. and Venkataraman, S., 2010. The entrepreneur–environment nexus: Uncertainty,
innovation, and allocation.journal of Business Venturing.25(5).pp.449-463.
Online
Infographic: Entrepreneur and Small business management. 2017. [Online]. Available Through:
<http://www.boostcapital.co.uk/business-growth-uk-infographic/>. [Accessed on 3rd
August 2017].
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