Entrepreneurial Ventures and Entrepreneurial Mindset

ENTREPRENEURIAL
VENTURES AND
ENTREPRENEURIAL
MINDSET

TABLE OF CONTENTS
PROJECT 1.....................................................................................................................................1
INTRODUCTION.......................................................................................................................1
Different types of entrepreneurial ventures.................................................................................1
Similarities and differences between entrepreneurial ventures...................................................2
Impact of micro and small businesses on the economy...............................................................3
Importance of small businesses and business start-ups to the growth of the social economy.....4
CONCLUSION............................................................................................................................5
PROJECT 2.....................................................................................................................................5
1. Examples of one local entrepreneur, one global entrepreneur and one social entrepreneur. . .5
2. Difference between different types of business managers and their entrepreneur personality6
3. Entrepreneur traits and characteristics.....................................................................................7
Ways in which backgrounds and experience of entrepreneurs can either hinder or foster
entrepreneurship..........................................................................................................................7
CONCLUSION............................................................................................................................8
REFERENCES................................................................................................................................9

PROJECT 1
INTRODUCTION
Entrepreneurship is capacity and willingness of running a business. There are many
different kinds of entrepreneurships with different reason and motive behind running a business
(Diandra and Azmy, 2020). In order to manage a successful business and grow successfully it is
important for them to bring improvement within their financial condition. this assignment will
lay emphasis upon investigating different types of ventures, impact of different types of venture
on economy, importance of small business in goth of social economy, entrepreneurial traits and
characteristics of entrepreneurs, and ways in which background and experiences can either
hinder or foster entrepreneurship
Different types of entrepreneurial ventures
Entrepreneurship is a kind of activity of setting up business by taking different kinds of
financial risk in order to make profit. There are four different kinds of entrepreneurial ventures
that have been explained below in detail:
Small business entrepreneurship: Organizations that generate less revenue and have less than
50 number of employees come under this type of entrepreneurial ventures. These types of
ventures need to bring continuous changes within their existing products, services and processes
in order to attract a greater number of customers (Fairlie and Fossen, 2018). This type of
business organizations can further be linked to female or serial entrepreneurship because most of
the females try to run their own business and most of the small businesses are run by females
only.
Scalable start-up entrepreneurship: Whenever a business is started with an innovative idea
and this idea is used for development of new and innovative products a service then such type of
business comes under scalable start-up business. These are called scalable because such type of
business has capability of becoming large enterprises. It can directly be related to serial
entrepreneurship because such kind of business require new ideas to run business and
successfully start a new business.
Large business entrepreneurship: business organizations that focus upon growing business
continuously and further focus upon sustain within market as well as organizations that have
more than 250 employees are known as large business entrepreneurship. Such type of business
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organizations focus upon introducing different kinds of products and services within market in
order to expand their current customer base. These types of organization need to focus upon
bringing innovation within their existing products and services in order to remain at the top as
per the changing market trend and customers needs and demands. This type of organizations can
also be related to serial entrepreneurship because such type of organizations needs to focus upon
adopting innovative ideas in order to grow and sustain within existing market.
Social entrepreneurship: Business organization that run for resolving a social problem by
delivering appropriate types of products and services in order to create a better world or society
with zero profit. This type of entrepreneurship is also known as non-profitable originations as
their main aim is to bring improvement within society by resolving society problems. It can be
related to lifestyle entrepreneurship.
Similarities and differences between entrepreneurial ventures
There are different types of entrepreneurial ventures that are: small business
entrepreneurship, large company entrepreneurship, scalable start-up entrepreneurship and social
entrepreneurship. The similarities between them are:
 The organisational setup of the entrepreneurial ventures is similar.
 The decision making process is simple for the entrepreneurial ventures.
 They support the economic development for long term by creating job opportunities
along with invention of new ways of doing things as compared to the traditional ways.
 They are purpose driven and like to invest time as well as money in the business.
 The owners of the entrepreneurial ventures are full of positivity and passion. They love
what they are doing and put extra effort in achieving the goals.
 They are committed to earn and grow more by grabbing the opportunities (Block and
et.al, 2020).
 Small business entrepreneurship turns into the large business entrepreneurship when it
grows rapidly.
The differences in the entrepreneurial ventures are as follows;
The small business entrepreneurship is formed and run by the owner for supporting the
modest lifestyle as well as the family. These businesses are not looking for the large scale profits
or finding from the ventures. The company hire the local employees and the family members.
Examples are: hairdresser, local grocery stores, consultants and plumbers.
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