A Comprehensive Report on Entrepreneurial Ventures and Their Impact

This report provides a comprehensive overview of entrepreneurial ventures, examining various types such as social enterprises, scalable enterprises, small businesses, large corporations, and lifestyle firms. It explores the similarities and differences between these ventures, highlighting their distinct characteristics and objectives. The report delves into the impact of micro and small businesses on the economy, presenting relevant data and statistics to illustrate their contribution to job creation, GDP, and tax revenue. Furthermore, it discusses the significance of small and startup businesses in fostering social economy, emphasizing their role in job opportunities, poverty alleviation, and cultural development. The second part of the report focuses on the traits, characteristics, and skills that differentiate successful entrepreneurs from other business managers, providing examples of entrepreneurial personalities and the influence of experience and background on entrepreneurial ventures. The report concludes by summarizing the key findings and insights gained from the analysis of entrepreneurial ventures and their multifaceted impacts.

Unit -9

Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
Examine different types of entrepreneurial ventures and how they related to typology of
entrepreneurship.....................................................................................................................3
Explore similarities and differences between entrepreneurial ventures.................................4
Assess and interpret relevant data and statics to illustrate how micro and small business
impacts on economy...............................................................................................................6
Significance of small business and start up business towards growth of social economy.....8
PART 2............................................................................................................................................9
Determine characteristics, traits and skills of successful entrepreneurs that differentiate from
other business managers.........................................................................................................9
Entrepreneurial personality reflect motivation and mind-set...............................................11
Effects of experiences and background on entrepreneurial venture.....................................13
CONCLUSION..............................................................................................................................14
REFERENCE.................................................................................................................................15
INTRODUCTION

Entrepreneurs refers to an individual who believes in offering innovative and creative
product/ services to get success and development. They have ability to take risk and deal with
that for gaining success and accomplishing goal (Rosa and Sylla, 2018). The following report
cover discussion about different types of ventures, its typology and difference in among
entrepreneurial ventures. Further, contribution of small and micro business on growth and
development of social economy. Lastly the traits, characteristics and skill of successful
entrepreneurs is discussed. Therefore this study explores experiences and background that can
hamper and foster entrepreneurial ventures.
PART 1
Examine different types of entrepreneurial ventures and how they related to typology of
entrepreneurship.
Entrepreneurial ventures are those which mainly focus on creativity and innovation to offer
social and economic values also on high profit and revenue without worrying on risk associated
with venture.
Types of Entrepreneurial venture:
Social enterprise: Such type of business unit believes on their mission and vision to
change world. These are quite innovative and helps communities people to raise their living
standards by resolving problems of people. They are creating aim to make owner better but set
aim to make world better. Safe point trust is an example of social enterprise that redesign
medical instruments to provide services to poor people.
Scalable enterprise: These venture based on beliefs of owner that one day venture will
change the world. They influence financial investors and focus to implement scalable model on
business. They make up only small portion of total business due to their outsize returns and high
risk of capital. Instagram, Facebook, online shopping are example of scalable entrepreneurship.
Small business: Small ventures are Grocery stores, travel agents, plumber etc. these type
of firm hire local entities and use services of family members. They make profit, support family
and improve their status. Also deal with known risk and uncertainties unlike to scalable. Beauty
Bay is an example of Small firm in London that offers beauty product to consumers (Turner and
Gianiodis, 2018).

Large: These firm are vast and giant in size over other firms and mainly concentrate to
develop new product. Portfolio of product is also vast. They changes their strategies,
technologies etc. as per consumer requirements. For example Google, Microsoft, Samsung,
Tesco are large companies.
Lifestyle firm: These are those firm ventures which implements number of task and
activities which is directly associated with high profile. These type of firm mainly operates their
business to full fill the passion of consumers and significantly improves living standards of
people. Examples of lifestyle firms include skin instructors, golf and tennis professionals, wine
bars and tour guides.
Explore similarities and differences between entrepreneurial ventures.
Similarities between entrepreneurial ventures:
Scalable start up Large Small
To make sure satisfaction of
audience and target
consumers. For example
Facebook.
Google offers services to
consumers and provide
required content them for
increasing satisfaction level.
Beauty Bay is SME and
provide beauty product
according to consumer
requirements.
Facebook uses consumer
centred strategies and do
innovation to ensure
sustainability. Also use their
assets in optimize way to
make profit.
Similarly Google is also using
consumer centred strategies to
do innovation and ensure
sustainability. Further, uses
their assets optimally to raise
consumer base.
For sustainability and
competitiveness Beauty Bay is
also using consumer centred
strategies. It uses their assets
for maximizing returns.
Facebook offers so many
innovative products like
messenger to cut cost and
enhance growth of market.
Google innovate services such
as Allo app for messaging.
Beauty Bay created new hair
expansion & add more valued
services for attaining growth
of incomes and revenue.
Basis Social Scalable Large Small
Goal Safe point
redesign medical
Facebook goal is
to remove
Google is aiming
to organise
Beauty Bay run
their business for

equipments for
availing tool at
affordable price
to poor people in
society for
making their
lives better.
geographically
distances among
people for raising
profit (Arz,
2017).
world’s
information
accessible and
useful in
universe to meet
the needs of
consumer.
feeding their
family members.
Risk Many people
involves in this
so risk is
moderate. Point
trust is linked
with volunteers
and perform task
together and help
other. so the risk
is also shared
among
volunteers
High risk is born
with Facebook as
it is owned by
Mark Zuckerberg
and the risk is
only bome by
owner only.
Google is well
known and have
great reputation
due to which risk
associated is low.
High risk due to
direct
involvement of
owner.
Number of
employees
Point trust have
more than 100
volunteers &
peoples working
with them.
Facebook is
employing about
43050
employees.
Google have
more than
115000
employees across
the world.
Beauty bay have
30 employees to
provide services
in London
Structure Trustee based,
charity and other
type of structure
like NGO. Safe
point is charity
and its
registration
Partnership/
corporation
based. Facebook
has legal form of
corporation
structure.
Ltd liability in
public and
private sector.
For instance
Samsung have
limited liability
in private sector
Sole
proprietorship.
Beauty Bay is
run by single
person.

number is
1119073.
as it registered as
legal existence
under limited
liability format.
Assess and interpret relevant data and statics to illustrate how micro and small business impacts
on economy.
Micro business: These are those business unit which have not more than £250,000
generation of sales revenue and assets value per year and employees not more than 5. Computer
services, home cleaning, carpenter, event planning, photography etc. are considered as micro
business (Anggadwita and et.al., 2017). However, such types of business units gives a significant
amount of contribution towards growth and development of national, local and regional
economy. Due to high number of enterprise, they gives job opportunities to individual who are
jobless. Through this, they try to increase the incomes level of nation.
Small business: Small business unit are those enterprise which is privately run by sole
proprietor. Partnership/ corporation with more than 5 but less than 50 number of employees. The
revenue generation and assets value are more £250,000 and less than £1000000. Home ware,
travel agents, consultancy firm, plumber, shoes store, outfit centre etc. are small business unit.
Such type venture diverge based on size, revenue and regulation authorities. In order to operates
these business there is requirement of licences and successfully possess by operators.
Contribution of small business in economy of UK.
There are 4 % small business of total in UK and effectively contributes in improving the
economy of nation and mitigating unemployment in nation.

(The Conversion, 2021)
From above graph it can be seen that about 16.3 million of total 15 % job opportunities is created
by small business units in UK and reduces the unemployment. Also 15 % is contributing in GDP
and revenue generation of United Kingdom. Small business unit are paying significant amount of
tax to government such as 19.8 % and enhances nation’s income. These units are more focusing
towards introducing innovative and creative products. Therefore, small business operation plays
vital roles in development and enhancement of country’s economy (Liguori and et.al., 2019).
Contribution of micro business in economy of UK.
From above graph it can be seen that there are 96 % of micro business in UK and help
country in raising employment in local nation.
Source: (The Conversion, 2021)

Micro business of UK are contributing their significant amount in reducing unemployment ratio.
Individual that get job in year 2000 is about £3.5 million whereas in 2016 is £5.5 million. More
than 250,000 micro business generation turnover £100000. So the GDP is increase and the
unemployment is declined also enhances the income of nation and this is positive change.
Significance of small business and start up business towards growth of social economy.
Social economy refers to that economy which relies on connection and relationship among
economy and social behaviour. It is a study of social behaviour, ethics, norms and other
sentiments that may influence behaviour of customers (Kuzieva, 2017). With relevance to this
there are non- profit firm that run with the aim of welfare of society and development of nation
by improving community’s living standard. Significance of start-up and small business are as
follows:
Increasing job opportunities: The ratio of micro and small organisation in UK is high as
compare to large organisation. So all these offer job opportunities for reducing unemployment
and contributing in improvement of social economy. They mainly hire skilled person for
obtaining positive outcome. By providing job chances, individual can full fill their needs and
requirements and upgrade their living standards. This leads to positive implication on
development of social economy.
Poverty alleviation: By providing job to needed and seeker individual, entrepreneurs of
small and start up business reduces the level of poverty within country. They mainly relies on
full filling the basic needs and living status of society people. That positively influence social
economy. As social status get improved then poverty automatically get reduced. Start-ups recruit
effective candidates that have potential to enhance profitability of company.
Betterment of domestic culture: After Brexit, sales and revenue generation of UK
companies got reduces along with market shares of large enterprise. Through this, GDP, incomes
and economy of nation got down (Kim, ElTarabishy and Bae, 2018).
. During that SMEs help by introducing innovative and creative product at market for
maintaining economy of nation and contribute significant amount of profit to development of
social economy.
Influence of companies on national, regional and local economies.
Small and micro business unit offers job opportunities to local and regional people and motivate
them to perform well all business function. With the help of this they are also getting benefit of

expending their business at global level. Medium size business unit re more focusing on
development of infrastructure and conduct all activities effectively for positively contributing on
regional level of economy. Large size organisation focusing to enlarge their business globally for
positively contributing towards development of national economy.
Importance of start-up business on growth of social economy with example:
Start-up business entrepreneurs of UK mainly concentrates to launch innovative and
creative product for satisfying demands of consumers as well use eco-friendly and advanced
technology to sustain environment. They provides 33% employment to UK candidates and
improves lifestyle and their status.
Importance of small business on growth of social economy with example:
Small companies donates significant amount or part of profit ration in charities with the
aim of development of social economy also gives job opportunity to needed people. 5.9 million
Small units contributes in economy and improve GDP of nation. For example Beauty Bay offers
job to 30 candidates of local people and give them good salary for improving their status also for
fostering positive change (Neumeyer and et.al., 2019).
PART 2
Determine characteristics, traits and skills of successful entrepreneurs that differentiate from
other business managers.
Traits, skills and quality of entrepreneur are described below:
Elizabeth Tom Mercer
Traits Innovation: Reason behind success of
Elizabeth is the fostering of new ideas,
innovation and creation at marketplace.
Visionary: An effective and
successful entrepreneurs reflects to a
good visionary. They have ability to
see the future in advance for example
Elizabeth, she is fruitful and a
successful entrepreneur as they are
Dynamic communication: A successful
entrepreneur have ability to interact and
communication with different personality
people in effective way like Tom mercer,
as he was able to influences so many
consumers towards his stole. Also he is a
good listener and have ability to convince
people in significant manner.
Persistency: An entrepreneur is stubborn

effectively able to forecast the EG
solution firm.
with his ideas and decision and that is vital
to be present for becoming successful and
that is successfully acquire by Tom
Mercer.
Skills Leadership: Without a good
leadership, it cannot be possible to
setup a venture. Effective leader have
ability to influences other staff of
company to opt change and become
flexible with modification. In term of
Elizabeth she have this skill in order to
accomplish all desired goal.
Mindfulness: Have possess this ability
to handle and manage the situation of
circumstances easily with the aim of
attaining positive outcomes (Audretsch
and Lehmann, 2017).
Characteris
tics
Risk-taker: Elizabeth is believes in
taking risk and introducing innovative
product to influence consumers and
because of this characteristic she is
famous & success.
Problem Solving: Elizabeth have
characteristic of problem solving to
resolve any problem and deal with any
uncertainty in effective manner to be
successful.
Motivator: To run business, there is
requirement of motivation and in term of
entrepreneur, there is requirements of self-
motivation so that they will able to take
risk and carry forward their business like
Tom Mercer, he is goal oriented and self-
motivator.
A business manager is that person which is hired by entrepreneur to manage and handle all
function/ activities that carry out in operation of department within company. They have
authorities to oversee all employees and their performance. Some difference in manger and
entrepreneurs are as follow:
Basis Managers Entrepreneurs
Focus Concentration of manger is to While the focus of

perform their roles and
assigned task in effective
manner.
entrepreneurs is to launch
some innovative and creative
product in market to be
successful.
Status They are the entities that is
hired and selected by the
entrepreneurs and are
stakeholders for firm to
conduct all function of
company (Dvouletý, 2017).
On the other hand
entrepreneurs are those person
who are owner of company
and also responsible for loss
and risk associated with
business.
Motivation Manger are motivated by the
senior executive of company
so that they will effectively
perform their role and
business function.
Whereas entrepreneurs are
those individual who are self-
motivator and have ability to
take risk and right decision to
accomplish organisational
goal.
Entrepreneurial personality reflect motivation and mind-set.
Entrepreneurial personality describes as a course of characteristics and traits which have an
implication on attitude and decision of entrepreneurs. In order to formulate good planning and
strategies it need to be present in entrepreneur. Motivation can be defined as a factor which may
encourage and inspire to perform well. The entrepreneurial personality may reflect on mind set
of entrepreneur to make things happen. Entrepreneur have ability and potential to set up mission
and vision for company. Visionary skill of Elizabeth and tom mercer reflects on their mind set
and encourage them to start ups their own business in order to accomplish their vision. In order
to understand about entrepreneurial personality, there is requirement of some essential factor and
that are as follow:
Family: Future and career of a child totally depends on background of family and the
etiquettes, instruction, guidance that they gives them in order to get understanding about what is
wrong and what is right. All these helps them to take right decision and make right choice in all
option for becoming a successful person. Also, attitude and behaviour of a child is also structure

by the family members. At every point, decision of family members in required in life as that
assist them to gain growth and development in life. Norms, values, culture and ethics of family
shows significant presences in shaping future of an individual or child.
Upbringing: Culture and environment that is provided to a child is also matter in order to
build an excellent and success future of person. The people whom they meet, communicate and
interact is also depends on ability and potential of an individual that they have. Nature, behaviour
and etiquettes that an entrepreneur have is totally depends on upbringing.
Lifestyle: A good lifestyle is directly proportional to making of right decision. In term of
an entrepreneurs, if they get failure and goes through so many hurdles in life then they learn from
that failure and not think negative and that encourage them to take high risk and perform well in
life (Yuldashev, Tursunov and Kholmirzaev, 2020).
Personal motivation: To take risk and right decision it is important for an entrepreneur they
have potential to self-motivate themselves. For instance Elizabeth and Tom Mercer have that
factor and with the help of this they will able to become successful and now they are touching
the heights of sky.
Apart from all these OCEAN model also assist in testing the personality of an entrepreneur,
discussed below:
Openness: This factor reflects the enthusiasm of an entrepreneur to foster innovation and
creation, to be susceptible and to thinks things out of box. It includes traits like originality,
creativity, insightfulness etc. A person who is low with openness tends to practices such as
meeting new peoples and busy in bringing creativity.
Conscientiousness: It represent the control level an individual that helps them to take
right and effective decision. This personality type people favour to follow all rules and policies
that support them to accomplish desired goal in effective and efficient manner.
Extraversion: It reflects to those people who are talkative and interactive in nature. In
addition, they fetch energy from other peoples by communication with them and that helps them
to gain the explored opportunities. Such types of personally in an entrepreneur helps them to
effectively interact and take advantage of their opportunity. That influences business positively.
Agreeableness: Here, it defines the sympathetic, supportive and helpful nature of peoples
that affirmatively influences the mind set of other peoples (Coulibaly, Erbao and Mekongcho,
2018). Trust, patience, politeness and so many other factor is also included in this.