Aspects of Entrepreneurial Ventures

Aspects of entrepreneurial
ventures

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship......................................................................................................4
P2 The similarities and differences between entrepreneurial ventures.......................................5
LO 2.................................................................................................................................................7
P3 Interpretation and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy. ...........................................................................................7
LO 3.................................................................................................................................................9
P5 The characteristic traits and skills of successful entrepreneurs that differentiate them from
other business managers. ............................................................................................................9
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set..............................................................................................................................11
LO 4...............................................................................................................................................12
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is an activity which is used in setting up a business by an individual or
group of individual which is called as entrepreneur. An entrepreneur is a person who is having
distinct idea which can improvise the living standard of individual and to give them all the
service which can be helpful for them. Distinct product invented by entrepreneur help to enhance
the economy of nation. Further small business management is a procedure due to which
entrepreneurship can be monitored. An entrepreneur is a person who try to recognise those ways
by which functions can be performed within business resources and to establish mutual
relationship between liabilities and assets of the business in order to earn profits. This report is
the sum of numerous entrepreneurs ventures in relation to typology of entrepreneurship with
both corporate and public sector. Furthermore the report includes influence of small and micro
business within national and international economy of UK (Almobaireek, Alshumaimeri and
Manolova, 2016). Along with this, the report includes analysis of characteristics and traits which
is reflecting the behavioural personality of entrepreneur.
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Entrepreneur are those individuals who are accountable for making new businesses in
order to render services and products to their customer in lieu of monetary payments. Further,
entrepreneurial ventures are the organisation which brings innovative and creative idea, present it
into the market by inculcating it into their business. There are different types of entrepreneurial
venture and they are as follows:-
Small business entrepreneurship: The small enterprises are those businesses which is owned
independently to earn profits. These firms generally does not play a dominant role into their
industry (Autio and et. al., 2018). The main aim to such business is the long term growth for
business. The business man can raise funds from number of sources to raise their capital, these
sources may include micro loans, bank loans, personal funds, relatives and family. The
employees working in such firms are between 1 to 49. cafes, restaurants, retail or general stores,
agricultures are few examples of small scale business.

Scalable business entrepreneur venture: Scalable business entrepreneur are the firm which
focuses upon innovations. These firms by bringing new innovation and creative idea creates a
new market (Campbell, 2014). The idea which such firms brought is totally new and appealing to
the customers. These firms which their new technology bases services or ideas change the
existing market which also creates burden upon the shoulders of other companies or businesses.
Scalable businesses can raise their capital from angle investors, venture capital, friends and
family. Some of the example can be Facebook, eBay, Instagram and the like.
Social entrepreneur venture: In social entrepreneur venture the basic aim of such enterprises is
to make the world a better place to live. To solve environmental, social or any legal issue and
problem they build innovative solutions. The aim of these entrepreneur venture is to accomplish
sustainability development. The size and type of the venture decides the amount of capital that
would be needing (Carland and Carland Jr, 2012).
Large entrepreneurial venture: In these type of firm at least 5oo employees works. These are
basically co-operations with a basic motive of generating substantial profits for themselves and
for shareholders. They also considered as a major employer into the community.
Entrepreneurial topology is used to understand the nature between the type of
entrepreneur and its object. In relation with the entrepreneurs, the type and the nature of the an
entrepreneur can decides the type of enterprises he has or he runs. For example, the person who
is totally into serving the society may open his enterprise which serves the society or helps the
society in making it a better place to live. Or if a person who is very much ambitious and achieve
more and more profits and growth can possibly will aim for large scale enterprise.
P2 The similarities and differences between entrepreneurial ventures.
The similarities between the entrepreneurial ventures are as follows:-
 All the entrepreneurial venture whether small, large or scalable operates their business
with a single motive and that is to earn profits (Cornelissen, Clarke and Cienki, 2012).
 All such entrepreneurial ventures caters to the target market by the production of those
good and services which the market or customers are looking for. By knowing about the
needs of the customer, the produces the products and services and later on provides it into
the market place for selling purpose. That is how these firms makes profits.
 All such enterprises strives for innovation and creation of new opportunities or idea to
attract the target market.