Types of Entrepreneurial Ventures and Their Impact on the Economy

Assignment / Essay

Table of Content
INTRODUCTION................................................................................................................................3
LO1 ......................................................................................................................................................4
P1 Different types of entrepreneurial ventures and related typology of entrepreneurship..............4
P2 Differences between entrepreneurial ventures............................................................................5
LO2.......................................................................................................................................................6
P3 Impact of small and micro business on local, regional and national economic........................6
P4 Importance of small businesses and start-ups in social economy..............................................7
LO3.......................................................................................................................................................8
P5 Traits and skills of successful entrepreneurs..............................................................................8
P6 Aspects of entrepreneurial personality reflecting entrepreneurial motivation and mindset.......9
LO4.....................................................................................................................................................10
P7 Background and experience hinder or foster entrepreneurship................................................10
CONCLUSION...................................................................................................................................11
REFEREENCES.................................................................................................................................13

INTRODUCTION
There are different types of entrepreneurial ventures such as small, medium and large enterprise that
operates various functions in order to achieve particular objectives. At the same time entrepreneur is
a person that incorporate financial and others associated risk so that company can easily grow and
expand its business. Small and micro enterprise are growing at rapid stages in United kingdom that
has helped in growth of social economy or generation of more employment opportunities. There are
several skills, traits that need to be present in entrepreneurial in order to manage activities of
business. This report discussed different types of entrepreneurial ventures, related typology,
similarities and difference between entrepreneurial ventures. It also covered data related to impact
of micro and small firms on local, national and regional level and its contribution in social growth.
At last, it includes key points such as characteristic, skills of technopreneurial, the way
entrepreneurial personality reflect its mindset and motivational level and different environmental
factors that foster entrepreneurship.
LO1
P1 Different types of enterpreneurial ventures and related typology of enterpreneurships
Entrepreneurial ventures lay emphasis on identifying new products and services or innovative
offering so that needs of customers can be fulfilled in the best possible manner. Entrepreneur have
capabilities and skills to bear uncertain risk and take accurate decision in tough times so that overall
objectives of firm can be attained. There are different types of entrepreneur ventures that are
classified on the basis of size of operation, scope and growth like public, private and voluntary
firms (Mazzarol and Reboud, 2020). Such as:
Private enterpreneur venture: It includes such firms that can be owned and manage by single or
more individuals to earn maximum profit margin. Such as sole proprietary, partnerships and joint
ventures are example of private entrepreneur ventures that offered number of products and services
in order to enjoy competitive positioning in market. Therefore, they have medium to high growth
rates as initially they started as small firm but grow as large enterprise by satisfying needs of
customers in effective manner.
Public enterpreneur venture: Enterprise that are solely or partly controlled by public authority and
onwed by state government in order to deliver necessary products or services at low prices or free
of cost for better living standard of people. Public enterprise can issue its shares to public for
subscription to specific amount so that enterprise can operate and run effectively. It has wide scope
and growth opportunities as its objectives is to meet needs of number of individual that are living in

society.
Voluntary organization: Voluntary organizations plays crucial role in growth and development of
socio-economical development of country by offering support to disable people or those who
belong to older age. Voluntary firm have limited or small scale of operation as have few products
and services for fulfilment of requirements of particular community. So, objectives of voluntary
firm is to enhance living standard of people by offering products or services to limited number of
people (Godwin, Neck and D’Intino, 2016).
Small entrepreneurial venture: This are enterprise that have few products and services and sells
its products at lower margin rates in order to attract more and more customers to be part of firm.
Therefore, main aim of small entrepreneurial venture is to survive and sustain in market for longer
period for fulfilment of family needs.
Medium entrepreneurial venture: Firms that are established with objectives to continuously bring
innovation and creativity so that they can have competitive positioning as compared to other firms
in market.
Large entrepreneurial venture: There are organizations that have large number of employees,
operation of business in several parts of countries so that it can meet requirements of number of
individuals and earn more profitability.
Related typology.
High growth firm: Organization that have objectives to rapidly grow and expand business
operation by effectively meeting needs and requirements of people. Medium and private
entrepreneurial venture are typology of high growth firm as they always planned to introduce new
products or services to gain differentiate positioning in industry.
Survival firm: Some enterprise have objectives to just survive in market, so they render products
and services at low price margin so that wide range of people motivate to be part of particular
organization as compared to others (Crosina, 2018). Therefore, small enterprise are related to
survival firm as they also have small market share and profitability.
High Tech firm: There are enterprise that continuously adapt to innovative technologies so that
better services can be delivered to customers can gained competitive advantages. Most of the
private and large enterprise to rapid grow its market share make use of innovative techniques and
attained their goals.
P2 Differences between enterpreneurial ventures
There are numerous difference between entrepreneurial ventures such as High growth,