Entrepreneurship and Small Business: Venture Types and Impact Report

This report, submitted for a university entrepreneurship module, delves into diverse entrepreneurial ventures, encompassing corporate, social, and small businesses, and examines their distinct characteristics, similarities, and differences. It provides a mini-research, assessing the influence of micro and small businesses on the economy through relevant data and statistics, and elucidates their contributions to economic growth, especially in the context of 'Brexit'. The report also identifies the traits, skills, and characteristics of successful entrepreneurs, differentiating them from general business managers, and assesses how these aspects reflect entrepreneurial motivation and mindset. Furthermore, it scrutinizes how background and experience can either facilitate or impede entrepreneurship, supported by concrete examples from mini-research, thus offering a comprehensive understanding of the entrepreneurial landscape. This report provides valuable insights into the world of entrepreneurship and the impact of small businesses.

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ENTREPRENERUSHIP
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Contents
Task 1..........................................................................................................................................................3
P1. A mini research for investigating different types of entrepreneurial ventures and elucidate how they
narrate to the typology of entrepreneurship.............................................................................................3
P2. The similarities and differences between entrepreneurial ventures....................................................5
Task 2..........................................................................................................................................................7
P3. Assessing and interpreting relevant data and statistics in the mini-research for illustrating how
micro and small businesses impact on the economy................................................................................7
P4. Explanation of how important small businesses and business start –ups will contribute to the
growth of the social economy after ‘Brexit’............................................................................................9
Task 3........................................................................................................................................................10
P5. Carrying out a mini-research for determining the traits, skills as well as characteristics of two
successful entrepreneurs, which differentiate them from other business managers...............................10
P6. Assessing how aspects of the entrepreneurial behavior as discussed in P5, reflect entrepreneurial
motivation and mindset.........................................................................................................................12
Task 4........................................................................................................................................................14
P7. With concrete examples obtained through your mini-research, scrutinize how background and
experience can hinder or foster entrepreneurship...................................................................................14
References.................................................................................................................................................16
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Task 1
P1. A mini research for investigating different types of entrepreneurial ventures and elucidate
how they narrate to the typology of entrepreneurship.
Each and every business is built upon entrepreneurship. Moreover, in upgraded and developed
companies unrealistic capacities have a tremendous demand. Most of the broad and little
business organizations started a free ramble which is driven by the employees. Here, different
sorts of entrepreneurial attempts are depicted (Seavey, 2009). The particular program helps the
understudies to perceive their calling decisions in private ramble. Besides that, the
Entrepreneurship and Small Business Management is needed to collect entrepreneurial aptitudes
very much requested. Various types of entrepreneurial ventures are discussed below:
Corporate-Level Entrepreneuring
The activity of corporate level entrepreneurial can be delineated as the essential renovation of a
certain plan of recognizing quality units that make up the endeavor (Smilor and Sexton, 2001).
Also, this kind of business activity is popularly known as Corporate Improvement. For example,
Jack Welch 10 understood a total re-trying of General Electric when diverse inspectors predicted
that the general electricity was sound and not needing remarkable change.
Social Entrepreneuring
The entrepreneurs who use techniques based on the involvement of society during a start-up are
known as social entrepreneurs. The total process is known as social entrepreneuring. The
particular concept can be applied to a variety of companies with difference in aims, objectives,
sizes as well as beliefs. Besides that, during the time of profit-making, the social entrepreneurs
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support the cultural and social objectives of the company but not as an end in itself. Apart from
these, during the year 2010, the social entrepreneurs was facilitated by the utilization of the
internet such as social media website and social networking. Today, each and every
organizations are using social networking sites as a promotional tool for the company (Special
Issue ofJournal of Social Entrepreneurship, 2012).
Enterprise-Level Entrepreneuring
The activity of Enterprise-Level Entrepreneuring is a full reconsideration of the purposes behind
which the business firm exists (Seavey, 2009). An illustration of boundless business level
entrepreneurial activity is showed up in the way in which the March of Dimes retitled its
inspiration and brightening of the organization behind being after the Salk polio inoculation
acting authority made its character with finding a cure for polio outdated. Its development is
called for when the objectives for which the organization exists observe the chance to be
generally seen as either being unattainable or old.
Small Business Entrepreneuring
The individual who is engaged with small business is known as a small business entrepreneur
and the method by which he or she is operating his or her own business is known as small
business entrepreneuring. Small business are hairdressers, travel agents, internet commerce,
carpenters, plumbers, electricians, consultants and so on (Special Issue ofJournal of Social
Entrepreneurship, 2012). Moreover, these entrepreneurs hire local employees or members from
their own family to work in the business. Most of small business are barely profitable. Aside
from, their definition of success is to feed the family as well as make a profit. Small business do
not have the aim to take over large companies or to accomplish competitive advantage.
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P2. The similarities and differences between entrepreneurial ventures.
The probability of the market structure and change of large business firms have progressed and
changed over years for highlighting the improvements of the miscellaneous entrepreneurial
challenges. Besides that, the abilities for all intents and purposes indistinguishable attributes of
the entrepreneurial attempts can be conferred and investigated for appraising the accumulations
of the examinations and perspectives of the differing business thinkers (Ivy, 2016). The activities
of entrepreneurial strategies are to wind activities and development for an establishment of the
fundamental things and companies. The imaginative, entrepreneurial meander tries to develop
new developments for the things and markets. These includes the depicting as well as
discovering new products for making resources of inventive nature who makes and surveys the
market beginnings. Research of materials matters in any advancement and projection works that
draw in the expert, here the business visionaries to add up to a not too shocking learning of the
market and their needs. The particular structure not simply fortifies the movement of the
economy approach of the country. Moreover in prospering, rights and condition change of the
pro and diverse individuals. The social business thinkers are the most innovative bundling that
developments the distinctive valuable, get ready and human resource fields into supportive yield
keeping in right issues and directions (Ivy, 2016). The directors of these large organizations have
pity improvements and genuinely extend their objective to do change with the imperativeness of
business practices to beat the typical burdens.
Female entrepreneur businesses similarities Male entrepreneur businesses similarities
Females looks forward to enlarge their
business in the global market.
Females looks forward to develop their
business in the global market.
Turnover is less than hundred million but Turnover is less than hundred million but
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more than fifty million more than fifty million
Differences Differences
All the tycoons are females The businesspersons are male
Encompass around 1/3rd of all entrepreneurs
internationally.
Female entrepreneurs are less than males
internationally.
Serial entrepreneurs ventures similarities Lifestyle ventures or businesses
similarities
Have advanced features for future
improvement of the business
Lifestyle ventures have innovative features
for future expansion of the business
Needs human resource management team to
recruit expert employees
Needs human resource management team to
recruit skilful employees
Have risk capacities Have risk capacities
Differences Differences
Serial entrepreneurs focus on the ideas and
strategy to start a new company and then see it
through and play an important role in the
regular functioning of the new company.
Lifestyle entrepreneur’s focus more in the
life rewards provided to people that enjoy
and have the passion for what they are
doing.
Change of the societal overseers. Regardless, the closeness passes on a typical goal for all and
that makes a level out affirmation for obliging this matter (Buschke, 2014). Irrespective, the
entrepreneurial portion tries to keep with or without these matters and focus on the modification
of the business and needs to pass on each one of the particles of society and progress.
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Task 2
P3. Assessing and interpreting relevant data and statistics in the mini-research for illustrating
how micro and small businesses impact on the economy.
The economy of a particular country depends upon the small businesses and some of the
independent organizations. Moreover, it drives opportunities and latest technologies for
strengthening the economy of the country. The contributions of these micro and small business is
very essential for maintaining and balancing the economy. These companies strengthen
contention and bring fresh surveys that throw an open trial for the sake of improvement. Some of
the independent organizations survive as well as grows due to the strong economy of the country
(Kourilsky and Walstad, 2003). In the developed countries, the independent companies are
referred to as the most flourishing business. Also, it does work and results in rousing people in
new groups as well as make pay. On the other hand, the autonomous companies have the
capability to make attempts to make an impact on the economy of small scale industries of many
producing countries by offering reassurance to political and social quality. The business
managers of privately owned company are one of the core strategies for the advancement of
financial department.
Only self-ruling managers can run and operate a privately owned business. The managers of
autonomous companies meet special gages of size as for yearly laborers and receipts. Based on
the recent research, there is an absence of formed authentication as for measureable duties
provided by free ramble managers. The autonomous managers of some organizations are
incorporated into every type of zones in business (Kourilsky and Walstad, 2003). The
achievement of an independent ramble depends on upon the business environment in which they
work. Besides that, some internal as well as external factors impact the accomplishment of a free
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organization and its impact on the economy. The impact of micro and small business on the
economy of a particular country can be well understood by following some factors. These factors
are described below:
Control
The leaders and managers of a particular company are responsible for monitoring the
performance of the employees and count them with their previous styles of working. It is done
for bringing out their performance as well as motivating them to work more.
Organizing
Each and every entrepreneur needs a strategic plan for organizing their individual work. The
action is measured to be the second most significant part of the management team. It is the
responsibility of the managers and leaders of that particular company to assign jobs to specific
employees (Schwienbacher and Larralde, 2017). Moreover, a good sense of proper allocation
and organizing tasks helps the organization to accomplish their goals.
Planning
Planning is one of the significant job of a company. Each and every work in a company needs a
planning system. The managers plans how to perform a particular task and the employees fulfils
them and helps the organization to achieve organizational goals.
Influence
Influence means motivation. The leaders of an enterprise are responsible to motivate and
influence group members to perform well in a particular project or task. Motivation is the
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essential part of the management team and it is connected with creating mental support for the
employees. Motivation also balances the workflow of the company.
P4. Explanation of how important small businesses and business start –ups will contribute to the
growth of the social economy after ‘Brexit’.
When 2016 started, it was to be expected that ‘Brexit’ would impact the medium term financial
prospect of United Kingdom. Unrelatedly, more than eight percent of the economy of Britain
would be advanced after ‘Brexit’. On the other hand, the private managers should be more
gainful. Moreover, the small business and business start-ups contribute to ‘Brexit’ by bringing
the innovation and growth to the community in which the business is established (Tsuruta, 2016).
Besides that, these small business and business start-ups aids the organization to stimulate the
economic growth by providing opportunities regarding employment to the individuals. The
people who cannot enter large organizations are helped by these small companies. The small
companies attract talented and skillful people from the corners of a particular area and recruits
them in the company. With the help of these talented people, the organization is able to make
innovative and new products and services by which they attract their potential customers.
However, the larger business also benefits from the small business within the same local
community. Most of the large organizations depend on small business because these small
business offer such services to large business which is impossible for the large companies to
make it (Tsuruta, 2016).
Many small business and business start-ups have the adaptability to changing climates. They
possess the ability to respond as well as adapt quickly to changing economic climate. The
reasons is that small business are less customer oriented rather than large business. Only a few
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selected clients shows trust and loyalty to these business start-ups. During an economic crisis,
these potential customers help the company to maintain the financial balance (Vass, 2016).
Moreover, these small business also accumulates less revenue than the larger ones. It means that
they have nothing to lose during an economic crisis. When consumers support local small
businesses, they are principally giving money back to their local public. A flourishing local
business will produce high levels of income. It means that the business will pay higher taxes
which includes local taxes. After that, the particular money is then used for fire departments,
colleges, schools and local police. If the small business is strategically managed, then the small
business entrepreneurs can achieve the objectives of the business regarding the future growth of
the company. For example, Microsoft which was once a small business and now it became
famous all over the world (Murthy and Paul, 2016).
Task 3
P5. Carrying out a mini-research for determining the traits, skills as well as characteristics of two
successful entrepreneurs, which differentiate them from other business managers.
Entrepreneurs are responsible for the risks that they are taking as well as self-motivation which
settle all the crisis issues of business. Measureable change is depicted by the traverse of the
business. Besides, these are related to the quantitative ones to satisfy business targets.
Entrepreneurs accept an immense part in economic and particular change (Murthy and Paul,
2016). Generally, entrepreneurship starts with a movement, which concerns the foundation of
business. It also impacts business execution. A couple of leaders have the skills and traits of an
entrepreneur and they consider development as their main motive. Insecurity, risk, imaginative
auspicious position and comparing managerial limit should not be slighted in entrepreneurship.
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A nice entrepreneur should have some total practices, for instance, rendezvous of advantages,
formation of stock, perceiving the business openings, setting up a business, propelling the service
and the product and responding to business environment (Ao and Yin, 2014). The entrepreneur
should go about as a leader, which cause inventive devastation. An entrepreneur should have the
ability to grasp any hazardous hypothesis. There are two sub-thoughts of entrepreneurship, for
instance, regard creation that is away for the eventual outcomes of entrepreneurship and
improvement, uniqueness and advancement which is revolved around the characteristics of
entrepreneurship (Sidik, 2012). As showed by a couple of experts, the characteristics of an
entrepreneur are: prepared to settle on free decisions, be autonomous, to have an energetic
changing and insecure condition, accomplishment arranged, being a better than average
organizer and being resolute, manager, taught, basic confirmation vitality of new information.
Mark Zuckerberg
Mark Zuckerberg is a famous entrepreneur who founded the popular social networking sites
known as Facebook. According to him, the mission of Facebook is to provide the people with
power to share as well as make the world a more open and connected place to live (Mathieu and
St-Jean, 2013). One might undertake that the information would thrive on the creator of a multi-
billion-dollar and high profile social networking sites. Mark Zuckerberg is one of the renounced
and popular computer programmer of the internet professionals in the world. Apart from being
an entrepreneur, he has programing skills which makes him a unique person of the world
(Bignotti and le Roux, 2016). He can grow the business into an amazing level. Besides that,
Mark is a good leader who has the responsibility to recruit the best and talented employees for
achieving the organizational objectives and goals. He motivates his employees and office staffs
by providing them with reward benefits within the company. In the year 2013, April, Zuckeberg
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became the CEO or Chief Executive Officer and Chairman of Facebook. According to his vision,
the management should be very persuasive with respect to style(LI, GONG and ZHANG, 2013).
Steve Jobs
Steve Jobs also belong to the technical field just as compared to Mark Zuckerberg. Steve Jobs is
the founder of the famous company, Apple Inc. He is an Americam entrepreneur and was widely
recognized as the design-driven and charismatic leader of the revolution of personal computer.
He was the legend of invention of personal computer systems. Moreover, the management
principles and leadership of Steve Jobs is based on the requirements of behaving with people
with great respect (Kiesner, 2010). Apart from it, the employees of the organization are
responsible for the day-to-day operations of the business. The employees of Steve are always
treated as significant team players. Aside from, he was very ambitious person with new and
innovative ideas. He died in the year 2011. Today, Apple has become the most popular brand in
the field of technology.
P6. Assessing how aspects of the entrepreneurial behavior as discussed in P5, reflect
entrepreneurial motivation and mindset.
This part is a reflective section where I as an entrepreneur will assess the aspects of
entrepreneurial behavior. A business man with a high internal locus of control convictions they
can get things operating in their organization (Foster, 2017). Also, each and every business firm
has an appropriate hierarchical structure. It is the responsibility of the members of the
organization to maintain the hierarchical structure. Based on some present research, the process
which occurs within the company depends upon the behavior of the entrepreneur. These
entrepreneurial actions are controllable. At first, considering the entrepreneur personality
characteristics. Most of the entrepreneurs from all over the world has some personality
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