Ventures and Entrepreneurial Mindset

Ventures and
Entrepreneurial
Mindset

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
P1 Different types of entrepreneurial ventures............................................................................3
P2 Similarities and differences between entrepreneurial ventures..............................................4
P3 Interpret relevant data and statistics to illustrate how micro and small businesses impact on
the economy.................................................................................................................................5
P4 Importance of small businesses and business start-ups to the growth of the economy..........7
P5 Characteristic traits and skills of successful entrepreneurs....................................................8
P6 Aspects of the entrepreneurial personality that reflect entrepreneurial motivation and
mindset.......................................................................................................................................10
P7 How background and experience can hinder or foster entrepreneurship.............................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
An entrepreneur is one who takes business and financial risks while expecting profits. He is
generally regarded as the source of innovation, new ideas, the producer of various goods and
services for his customers. Entrepreneurs, those who work under others, start their own business
after analyzing all the risks and rewards. Entrepreneurship is the process of designing, creating,
and starting a very small new business idea at the start. Entrepreneur of the business helps in
analysing the demand of the customers so that good services can be given to the customers.
Innovation in the business is very important so that more customers can be attracted towards the
business. in this report various similarities and differences among the entrepreneurial ventures
and entrepreneurship will be discussed (Çera, 2020). Various impact of small business on the
growth of the economy will also be discussed. Also it will be analysed that how the entrepreneur
are different from managers.
MAIN BODY
P1 Different types of entrepreneurial ventures.
Entrepreneur is someone with the underlying skills and knowledge to take the lead in switching
current ideas to future needs. Business Ventures appear after taking risks to make a profit.
Entrepreneurial ventures grow by starting with idea generation, starting a business and moving to
sales and marketing strategies. Entrepreneurship isn't just about profit, it's about business success
and growth. After taking risks, explore various opportunities. They start their business in small
quantities and with limited resources to meet their basic needs. The types of start-up ventures are
as follows.
Small Business Ventures: These ventures are started in small quantities due to the existence of
limited resources. Funds are collected by taking loans from friends and family to meet basic
needs. For example, cookware stores and grocery stores that usually have very few natural
systems. Instead of focusing on making huge profits, they start businesses to survive and meet
the basic needs of society. The money they invest in their business is not large, so they need to
have a proper plan that will bring maximum profits. Customers have the advantage of being able
to use a variety of products in a wide range and increasing their purchasing power.

Social Ventures: This type of venture is conducted to work for social welfare. The main purpose
of these ventures is to fulfill social responsibility, not profit. These ventures are launched to
provide people with a good lifestyle and a better standard of living. They think they want to
solve the problems of the poor by offering cheaper products.
Typology of Entrepreneurship Related to Start-up Ventures.
Copycat Entrepreneurship: This enterprise is only a copy of the policies and strategies of other
successful entrepreneurs. They even imitate their websites and business cards to be just like
them. Individuals need to switch from copying to following or modeling. They do not imitate
them by adopting what is important to their business (Pratama, 2020).
Research Entrepreneurship: They do a great deal of research on all situations before developing
policies and strategies in business. They participate in research because they like learning and
want to do something different from others. Entrepreneurs need to learn something and apply it
to their business right away.
Determined Entrepreneurship: This entrepreneur adopts his own policies and makes business
plans that do not match with others. They are one of those who can do anything to make a
business successful. Sometimes they need to imitate others by believing in the reality of the
market and changing their minds about success.
Successful Entrepreneurship: People have gone through several stages of entrepreneurship and
has grown their business in line with the right strategies and plans. They solve all the problems
and succeed. We adopt business ideas based on the needs of our customers. They use their time
wisely for the development of the organization.
P2 Similarities and differences between entrepreneurial ventures
Every organisation has its own need and requirement and that is what motivates them for their
work so that they can achieves success and growth. Businesses are similar according to different
ways of working to achieve various strategies by meeting the customer demand. All
organizations in the economy want to succeed with large profits, but it is a social venture
established to provide customers with cheaper products to meet customer needs and wants. They
all have different styles to achieve set goals and goals. There are various similarities and
differences between entrepreneurial ventures: -
Differences Small business ventures Social ventures