Entrepreneurial Ventures: Entrepreneurship and Small Business - Part 1

This report explores various aspects of entrepreneurial ventures, including different types such as small, large, and social businesses, and their relationship to the topology of entrepreneurship. It highlights the similarities and differences between these ventures and assesses the impact of micro and small businesses on the economy, focusing on factors like turnover rate, export opportunities, and employment. The report also emphasizes the importance of small businesses and startups in the growth of the social economy, particularly in providing job opportunities and improving the standard of living. The analysis concludes that entrepreneurship involves managing business ventures to generate profits by addressing business world challenges.

Entrepreneurship
Venture (Part 1)
Contents

INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
Different kinds of entrepreneurial venture and how it is related to the topology of
entrepreneurship:-...................................................................................................................3
Similarities and Difference between different types venture:-...............................................4
Interpret and assess data and statistics in order illustrate how micro and small businesses
impact the economy................................................................................................................5
Importance of small business and start-ups in growth of social economy.............................9
CONCLUSION................................................................................................................................9
ASSESSMENT 2.............................................................................................................................9
REFERENCES:.............................................................................................................................18
Books and Journals:..............................................................................................................18

INTRODUCTION
When an organisation start focus on grabbing the new opportunities from the market and
perusing new practices with the aim of achieving growth and more profit then this venture is
termed as Entrepreneurial Venture (Benuyenah, 2021). These venture always focus on the
development and the innovation of the new product. These entrepreneur are known as risk taker
because they undertake the unknown risk and always prepare for the uncertainties. In this report
we discussed the different types of venture, how they relate to topology of entrepreneurship,
difference and similarities between venture, impact of small business on the economy and the
role of new start ups in the economy.
PART 1
Different kinds of entrepreneurial venture and how it is related to the topology of
entrepreneurship:-
The entrepreneurial venture is one, when a business is run by an individual with
limited number of resources and person having ability to take the unknown risks and be
responsible for all risks. The main motive of theses venture is to grow in the market and make
more profit. The various kinds of venture are discussed below:-
 Small business:-These includes enterprises which are privately owned corporation,
partnership, or sole proprietorship which have less number of available resources.
These business requires less capital and have limited number of employees. These
enterprises are usually funded by their family members, friends and small loan by
banks. The main motive of these small business is to generate the adequate profit
which satisfies their basic needs and wants.
 Large business:-These refereed to those industries which have huge infrastructure,
high requirement of raw material, large number of employees and massive
requirement of capital. These enterprises totally focus on the market trend and
change their product according the market requirement. Large business generally
engaged in the innovation of the new product or make changes in the existing
product according to the taste and preferences of consumer, competitor and laws.
The main aim of these enterprises is to grow and expand their business operation in
the market and capture the large market share (Cavallo, and et. al., 2019)

 Social business:-Social enterprises may be define as a business that have a
objective of serving the society or resolve all the problem which is related to
society. These enterprises are non-profit organization which comes with a set of
mind to tackle all the social problem and help the society to overcome from these
issues. These are generally the welfare organization and their profit is used to solve
the social problem.
Typology of entrepreneurship
This term is generally used to explain the classification of different kinds of enterprises in
the field of entrepreneurship: -
 Lifestyle firms:- These enterprises are generally focus on connecting to their
consumer emotionally. The main aim of these firms to improve the standard of
living of people and the owner by providing good quality of product and services in
the society, as people and owner are the part of society (Yang, Liao and Li, 2021).
They generate the employment in the society so that they can earn their livelihood
and live a better life.
 Growth firms:- These enterprise are generally focus on making profit and in the
improvement of the product. The main aim of these firms is to grow globally and
expand their operations as far as possible. The firms who have a motive of
generating profit can survive in the easily growth market.
Similarities and Difference between different types venture:-
Differences:-
Basis Small firms Large firms Social firms
1) Meaning These are generally
privately owned
corporations, sole
proprietorship,
partnerships firms etc.
which have less
number of employees
and less capital
These are generally
public listed firms,
private limited firms
which have large
number of employees
and have huge capital
investment.
These are generally
welfare organisation or
NGO's which are
usually funded through
charity by the large
firms, film stars etc.

investment.
2) Objective The main aim of these
firms is to generate
adequate profit to earn
the livelihood.
The main aim of these
firms is to earn
maximum profit and
expand their business
globally.
The main aims of
these firms is to serve
the society and solve
the social problem.
Similarities:-
Basis Small Large Social
1)Generating
employment
These firms are
engaged in generating
the employment on
smaller basis.
In this category
employment is being
generated on large
basis.
These firms provide
employment to those
people who are
generally unskilled,
backward and
illiterate.
2)Potential to find
opportunities
The owner of the firms
finds the opportunities
in the market, so that
they can convert these
chance into profit.
These firms makes
extra ordinary teams to
scan the market and
find the opportunities
so that it can be turned
out into profit.
Generally, all the
members of these
firms are engaged in
finding the social
problem an try them to
solve it out.
Interpret and assess data and statistics in order illustrate how micro and small businesses impact
the economy
There are many types of enterprises which affects the economy. Different types of
business are as follows:-
 Micro:- These firms generally have less number of employees with a range of 0-9.
Enterprises having annual turnover of less than 2 million pound fall under this category.
 Small:- These organization normally have employees in between 10-49 and their
annual turnover is more than 2 million pound but less than 10 million pound.

 Medium: - Those firms generally fall under this category have number of employees in
between 50-250 and annual turnover is below then 50 million pound.
 Large:- Those industries are generally fall under this head have number of employees
more than 250 and annual turnover is more than 50 million pound.
Factors which impact on the economy:-
The micro and small industries play a very important role in the development of economy.
These firms creates many job opportunities in the small geographical area and raise the economy
growth of the country (Gao, and et. al., 2018) . Some factors which affect the economy are as
follows:-
 High turnover rate:- one of the most important factor which boost the economy of UK.
Due to the immense support UK government like open more area to get loans and etc.
help the small and micro industries to increase their sales. The increasing in the turnover
of these firms helps them to generate more profit which helps the economy ultimately
because more tax is going to be paid by them.
Export opportunities:- Another factor which have a great impact on the economy of UK.
According to the research it was found that small and micro firms export their product globally
which directly increase the GDP of the country and boost the economy.

Employment opportunities:- According to this graph small firms provides more employment in
UK as compared to medium and large industries.(Litau, 2018)
Impact on various economies:-
 Regional :- Micro and small enterprises in UK create lots of employment opportunities
across the UK. They support the regional economy by providing employment to the

skilled and unskilled peoples. For example these firms provides jobs to the local
people, this ultimately increase the employment rate and improves the standard of
living.
 Local:- The SME in the UK helps in boosting up the local economy of the nation.
These firms provides job to the people closer to their homes which encourage them to
stay in that area (Mmbaga, and et. al., 2020) . They provide lovely places to people
which help them to socialize and also allow them to have access on essential
commodities. For example coffee shops, restaurants, medical store, groceries etc. these
firms raise the city revenue and connect the community together.
 National:- the small industries of UK uplifts the national economy by providing more
employment to the people which results in increasing the per capital income and
enhances the GDP of the nation. By adopting new process and technology these firms
provide innovative product to the consumer as fast as possible.
Importance of small business and start-ups in growth of social economy.
The small business and stats ups are the backbone of the nation. Following are importance of
small business and start-ups:-
 Job Opportunities: - Small scale industries and the start-ups provide more job
opportunities as compared to the large industries because small firms are generally
labour intensive and large firms are generally capital intensive (Steininger, 2019). The
people who don't get the job in the big organisation tends to be the valuable assets for
the small firms, which reduces the unemployment rates.
 Standard of living: - The small business owner is directly connected with the people
and act according the needs and demand of the consumer. They offer quality product
to their customer which helps in improving the standard of living.
CONCLUSION
From the above report, it was concluded that entrepreneurship is a concept that develops and
manages various business venture. With the aim of generating higher profits through reacting to
the various issues in business world. There are different types of venture which affect differently

in the growth of economy. It also discussed that how these firm are different and similar to each
other, how they impact on the various economies and importance in the growth of these
economies.
ASSESSMENT 2
Slide 1
Slide 2

The present report will determine and discuss the key aspects entrepreneurial characteristic,
skills and personality traits using example of different entrepreneurs. Further in the presentation
the different aspects are discussed that foster or hinder the entrepreneurship. In the end the risk
and rewards of new business start-ups is discussed.
Slide 3

Entrepreneurial characteristics and mindset
Risk taking capability: the risk tolerance is the characteristic by which an entrepreneur is able
to effectively handle the uncertain risks and threat occurring over the business. The Richard
Branson is calm and goal oriented entrepreneur has this characteristics as the entrepreneur has
many business venture and faced loss but has effectively tacked the situation and come up as the
top earning entrepreneur in UK.
Economic driver: the economic driver means the individual that has capability to raise the
capital by managing the cash flow in start-up. The Alex Stephany a young social entrepreneur
has this characteristics at huge level. The entrepreneur has a CEO and founder of Beam
enterprise has effectively showcased this characteristics in raising 1 million Euro in very short
duration.
comfortable with failure: the peter Jones as an entrepreneur has faced many failure of business
and but has always remained positive in accepting it as challenge to gain success. This
characteristic make an entrepreneur more daring and comfortable with failures and make them
grow through experiences.
Slide 4
Slide 5

Skills set of the entrepreneur:
The types of skills that typify entrepreneurs and how these skills differentiate from other
organisation managers.
The individual that has set of entrepreneurship skills is the symbol of good entrepreneur.
Under the entrepreneurship skills there are varied variety of skills that typify the entrepreneurs
and also make them different from the organisation managers. Some of skills are discussed
underneath:
Creative thinking skills
The creative thought are the drivers to the innovation in the new business venture.
Leadership skills: the skills to direct, control, and guide the other people in an enterprise is
known as leadership skills.
Slide 6

Openness: this trait of entrepreneur exhibit the characteristics like imaginative, excited to learn
and experience new things. The Alex Stephany as a young new generation entrepreneur contain
this personality trait. The technology is one the key driver of this entrepreneur to get open to try
new things and also challenges act as the motivational drivers to focus on tackling new
opportunities.
Conscientiousness: this trait reflect the characteristic like thoughtfulness, goal-directed, good
control on impulse. The Richard Branson is the entrepreneur with this trait as the person has such
lifestyle which reflects the mindful of deadlines, detailed and scheduled.
Extraversion: the trait that reflects attributes like Talkativeness, assertiveness, emotional
expressiveness etc. The local entrepreneur Peter Jones is high in this personality trait and is
highly energized and excited to always stay as the centre of attraction. The entrepreneur is the
television personality and has the same lifestyle and motivational factors that drivers the
entrepreneur to enjoy meeting people to invest in new things and feel excited and strong when
around other people.
Agreeableness: A dimension that states the features like trust, kindness, affection etc. as the Alex
Stephany is the social entrepreneur and has working for helping the homeless and needy people
the entrepreneur reflects this trait in his lifestyle. This entrepreneur feels empathy and concern
for people act as driver for entrepreneurship.

Neuroticism: A trait that reflects the sadness, emotional instability and moodiness. The
entrepreneurs are expected to be low in this trait as this will keep them low in stress and also
keep them away them from worries.
SLIDE 7
Peter Jones- A local entrepreneur
. The Peter was born on 18 March 1966 at Langley, England. This British entrepreneur is the
investor of the BBC Two. This entrepreneur is known for its television shows like Dragon's Den,
American Inventor and Tycoon. The national culture is English and Russian descent. The
entrepreneur has started developing and investing in business at the age of 16 and has failed
several times. The entrepreneur is known for its risk taking capabilities and passionate to work as
an entrepreneur.
Richard Branson- A global entrepreneur
The entrepreneur was born on 18 July 1950 at London, England. The entrepreneur is known as
the British Business magnate and author as the person invest in high number of businesses in
each corner of the world. He became the entrepreneur as very small age. The financial
circumstance caused due to the failed business venture like Virgin Cola, Virgin Cars etc. the

entrepreneur also acted in TV shows like friends, Baywatch The Day Today etc. Branson has
many academic rewards and also has earned different academic degrees.
Alex Stephany- A social entrepreneur
The age of this entrepreneur is just 36 and is highly famous for its entrepreneurial skills. The
Alex is also the CEO of the Just Park. The entrepreneur has raised the more than 1 Euro million
donations by supporting the homeless people and also provide them a job. He is also termed as
the Tech of the good entrepreneur.
Slide 8
The potential rewards of business start-up
Starting a new business always comes with rewards that an entrepreneur experience.
Some of key rewards that are experienced by the above discussed three entrepreneurs are
discussed below:
The opportunity to grow through new challenges:
Therefore, entrepreneurs perform new activities on regular basis which reward them with
opportunity to grow and learn through new tasks helping a individual to become better business
person. This factor is useful in fostering the entrepreneurship.

Fresh injections of innovation:
As in new business start-up the entrepreneurs are likely to involve themselves into disruptive
technology and business ideas which automatically bow the seeds of new fresh ideas and new
thinking customer enterprise.
SLIDE 9
Unforeseen changes in market environment:
Due to this the start-ups owners are not able to foresee the other changes of the market that are
creating negative impact on the business. In order to mitigate this uncertain risk the
entrepreneurs should conduct appropriate market research on regular basis to analyse the threats
and opportunists in market.
Potential for financial loss:
However, sometimes the entrepreneurs are unable to financially manage their activities that
cause a uncertain risk of financial loss. To mitigate this risk, the entrepreneurs must use financial
management system and forecast their profit and loss on quarterly basis.

REFERENCES:
Books and Journals:
Benuyenah, V., 2021, June. Gender-Based Conflict in Cross-Cultural Entrepreneurship Ventures:
Crafting an Inclusive Research Framework. In ICGR 2021 4th International Conference
on Gender Research (p. 65). Academic Conferences Inter Ltd.
Cavallo, A and et. al., 2019. Fostering digital entrepreneurship from startup to scaleup: The role
of venture capital funds and angel groups. Technological Forecasting and Social
Change, 145, pp.24-35.
Gao, Y and et. al., 2018. Impacts of proactive orientation and entrepreneurial strategy on
entrepreneurial performance: An empirical research. Technological Forecasting and
Social Change, 135, pp.178-187.
Litau, E., 2018, August. Entrepreneurship and economic growth: A look from the perspective of
cognitive economics. In Proceedings of the 2018 9th International Conference on E-
business, Management and Economics (pp. 143-147).
Mmbaga, N.A and et. al., 2020. A review of and future agenda for research on identity in
entrepreneurship. Journal of Business Venturing. 35(6). p.106049.
Steininger, D.M., 2019. Linking information systems and entrepreneurship: A review and agenda
for IT‐associated and digital entrepreneurship research. Information Systems
Journal. 29(2). pp.363-407.
Yang, X., Liao, S. and Li, R., 2021. The evolution of new ventures’ behavioral strategies and the
role played by governments in the green entrepreneurship context: an evolutionary
game theory perspective. Environmental Science and Pollution Research, pp.1-18.