Entrepreneurial Ventures and Entrepreneurial Mindset

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.......................................................................................................3
P2 Explore the similarities and differences between entrepreneurial ventures...........................5
TASK2.............................................................................................................................................6
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy................................................................................................................6
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................9
TASK3...........................................................................................................................................10
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers..........................................................................................10
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set...............................................................................................................................11
TASK4...........................................................................................................................................12
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is described as a person's ability to start and operate a firm using an
inventive idea and cutting-edge technology. In today's climate, as prospects for entrepreneurship
grow, students must develop a variety of abilities and talents in order to combine them and
maximize the options available to them (Cao and Shi, 2021). The purpose of this study is to
address many elements of entrepreneurship. At the outset, the study will examine several
entrepreneurship ventures and explain how they are connected to the entrepreneurship typology.
There's also talk on how entrepreneurial projects are similar and different. The report's centre
section discusses numerous assets and data related to micro - small scale enterprises in a specific
corporate environment, as well as the value of small scale enterprises as start-ups for an
economy. Also there is analysis of the many attributes and features of a successful entrepreneur
that will aid them in running their firm, and how they might be gained by an individual. At the
conclusion of this study, there is a summary of how one's professional background might either
inhibit or encourage entrepreneurship.
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Entrepreneurship is a wide notion that refers to the process of creating, developing, and
operating a new business endeavour within a business environment by an individual who is
motivated to make a large profit by taking into account a variety of factors. Entrepreneur is a
term used to describe a person who begins a business. They organize, manage, and grow the
company, as well as create a venture with a unique product. There are several types of business
ventures, which are detailed below:
 Large company entrepreneur venture: It refers to businesses or initiatives that operate in
the market by incorporating new and creative ideas and technology into their production
and facilitating a wide range of markets. These are those who introduce a new product to
a market where they currently trade and have a great presence (Pindado and Sánchez,
2017). This company's major goal is to enhance product capacity while also providing
appropriate client satisfaction through the creation of new features in their goods. The
goal of this company is to raise profits while also improving internal operations by

bringing in new staff who can operate in a more efficient manner thanks to training and
development. Organizations also contribute to society by lowering the cost of products
and services and encouraging innovation.
 Scalable entrepreneurship ventures: They are those that are directly tied to the creation
of new ideas and the introduction of innovative technologies into the marketplace. There
are numerous types of organizations whose major emphasis is on starting their business
with the assistance of fresh and inventive ideas so that they can easily transform the
industry and boost their profitability in the long term. Some examples of this sort of
organization are Facebook, Instagram, Amazon, Myntra, and others, all of which have a
primary focus on expanding market share through their products and introducing new
technologies to attract people. The goal of this organization is to give services and goods
to individuals while also maintaining mental stability within the organization and society
through the introduction of innovative goods and services.
 Small business entrepreneurship ventures: These are the types of entrepreneurship
branches that make up the majority of today's business landscape. This is because they
offer new technologies and unique ideas to the market (Guercini and Cova, 2018).
Organizations are built on minor functions and operate at a small scale, yet they provide
more than 90% of the resources organized by integrating several components. Earrings
get their money from their family and friends, and they may simply carry out their
functions with the help of their resources.
 Social entrepreneurship ventures: Non-profit organizations that normally operate for the
good of society and have no objective of making a profit from their activities in the
market. The organization's major objective is to boost customer satisfaction and
advantages to society so that it may easily survive in a competitive market and improve
its benefits by decreasing resource waste. The goal of these businesses is to offer services
and raise the level of living in the communities where they operate.
Entrepreneurial ventures are classified into several types.
There are a variety of initiatives with various varieties, which are defined below
according to their shapes, plant structure styles, and other factors.