An Analysis of Entrepreneurship

Running head: AN ANALYSIS OF ENTREPRENEURSHIP
An Analysis of
Entrepreneurship

1AN ANALYSIS OF ENTREPRENEURSHIP
Table of Contents
Introduction:................................................................................................................................................2
Different Types of Entrepreneurial Venture:...........................................................................................2
Comparison between Different Types of Entrepreneurs:.........................................................................4
Impact of Small Business on Economy:..................................................................................................5
Impact of Small Business on Social Economy:.......................................................................................7
Key Aspects of an Entrepreneurial Mindset:...........................................................................................8
The Effect of Aspects on Entrepreneurial Mindset:...............................................................................11
Different Environment that Foster or Hinder Entrepreneurship:............................................................12
Conclusion:................................................................................................................................................14
Books and Journals:...................................................................................................................................15

2AN ANALYSIS OF ENTREPRENEURSHIP
Introduction:
Entrepreneurship is known as the type of business where an individual person starts an
autonomous business venture. Entrepreneur is the key person of the organization that operates the
organization individually (Dees 2017). He is responsible to take the decision for the organization. The
skills and traits of the entrepreneurs are different from other managers. They need to be more courageous
to manage the entire business autonomously.
The following report has conducted research on entrepreneurship. It has discussed about different
types of entrepreneurship venture. It has enlightened the impact of the small businesses of a country on its
economy. Moreover, it has analyzed the mindset of successful entrepreneurs. Therefore, it has discussed
about the difficult environment that hinder or foster entrepreneurship.
Different Types of Entrepreneurial Venture:
Entrepreneurs are known as the people that plan, design, establish, manage the operations of a
business organization, and take the risk autonomously (Drucker 2014). From the owner of salon to the
owner of leading social networking site Face Book Mark Zuckerberg, everyone is considered as an
entrepreneur. According to the style of starting the business, the entrepreneurial venture of the
entrepreneurs can be divided into five different groups (Burns 2016). It defines various common
typologies of entrepreneurs. They are discussed below:
Small Business: Maximum number of entrepreneurial ventures starts as small businesses.
According to the report, there are 5.7 million small entrepreneurial business ventures exist in the world
(Barringer 2015). Small businesses like grocery stores, salon, carpenters, small restaurants and electric
shops are known as small entrepreneurial venture. People that want to achieve limited success in life and
do not want to face huge risk of competition and loss, take such initiatives. The goal of such business
ventures is limited within a small area. These business ventures do not aim at dominating the entire

3AN ANALYSIS OF ENTREPRENEURSHIP
industry (Bruton et al. 2015). Leaders of such small enterprises hire local experienced employees and
want to make profit by serving local people. These entrepreneurs take small interest loans from the local
banks, elders of the families or friends to start the business. Although, such small businesses participate in
the taxation or payroll, it does not create leaders who can dominate the entire industry.
Lifestyle Business: Lifestyle businesses are included the micro enterprises and the freelancers. In
this type of entrepreneurial venture, business leaders use his or her skills, passion, creativity or talent to
start this business venture (Bae et al. 2014). It is also a profit based organization that is earned by using
the passion, and expertise of the business leaders. They can earn long term profit by using their skills, but
the growth of such organization is very limited. Leaders of such entrepreneurial venture are mainly self-
employed and it has small operations. The passion mainly plays major role in this type of entrepreneurial
venture, as it motivates the leaders to work alone and earn profit from the activities ( Davidsson 2015).
These types of business ventures are not great job creators for others or huge profit makers. It only earns
significant amount of revenues for the leaders. Hence, leaders do not need to invest heavily to take such
business initiatives.
Social Enterprises: Social enterprises are those entrepreneurial ventures where the leaders work
for the society and they aim at resolving the issues of the world (Glaeser, Kerr and Kerr 2015). They
mainly work in sustainable manner. Entrepreneurs that want to achieve respect from society often take
part in such initiatives. They make sure that none of their activities put negative impact on the earth. The
owners of such organizations can pay attention to various issues while starting their venture, such as-
health issues of the aboriginals, global warming, issues faced by the underprivileged kids or the issues of
developing countries and so on. In order to start such entrepreneurial business ventures, the entrepreneurs
need to invest quality amount of money to manage the organizational operations. Such initiatives are
known as small amount of job creators (Read et al. 2016). However, it must be mentioned that these
organizations put significant impact on the earth and improve the quality of life of people.