Entrepreneurial Ventures and Entrepreneurial Mindset

This assignment explores different types of entrepreneurial ventures, their impact on the economy, and the importance of small businesses and startups in the growth of the social economy. It discusses the similarities and differences between entrepreneurial ventures, the traits and characteristics of entrepreneurs, and how backgrounds and experiences can hinder or foster entrepreneurship.

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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The large business entrepreneurship is aimed to sustain the innovation and is run by the
advanced entrepreneur. The products and the services made in these ventures are based on the
customers preferences and the meeting the market’s demand. Examples are: Google, Microsoft
and Disney.
The scalable business entrepreneurship is owned by the idea that they are capable of
changing the world. The venture hire specialised employees and have funding ventures capitalist.
They made the things that are missing and form solution for the market (Goyal, Agrawal and
Sergi, 2020). They aim for rapid expansion along with big profit returns. Examples are:
Facebook, Uber and Instagram.
Social business entrepreneurship aims to solve social problems with their products and
services in market. These ventures do not work for gaining profit or wealth but for making the
world a better place. They are working for serving social good.
Impact of micro and small businesses on the economy
Micro and small businesses have vital roles in the economy and the standard for living in
the country. It is thought that the owner is working hard to build their own business for their
families but they are doing a lot for a bulk of local people, region as well as state and country.
The small and micro business provides a competition and dynamic to the national economy for
keeping it vital, diligent and healthy. The business provides the economy with the wealth
creation and sharing by investment of the resources, attracting capital for investing in them from
the lenders, investors and public (Radzi, Nor and Ali, 2017). This mobilizes the public wealth
and helps the growth of the business, which is the goal for the economic development.
The small and micro business provides the job seekers with the job by creating job for
them. This job creation by the business adds in the fundamental goal of the economic
development. Thus the government promote and help the initiation of the start-up for creating
plenty of jobs and improving the standards of living in the world.
The micro and small business are also helping the balanced development in the regional
areas. When the business is set in the backward as well as less developed areas it facilitates the
enhancement in the infrastructure by having better roads, airports, rail links, and installation of
the schools, malls, hospitals, other public and private services in those areas where they may not
be provided without the businesses. Thus the business are indirectly providing various other jobs
in the area and help in the giving the output for the native as well as the regional development.
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The small and the micro business help in the development of the standard of living for the
community in which they are serving and this is also the aim for the development of the
economy (Sycheva and et.al, 2018). This is done by the businesses by adopting new innovations
that improve the quality of life of the customers, employees along with the stakeholders in the
community. This can be explained by the taking the example of the automation that helps in
reducing the production prices and allow faster production.
Importance of small businesses and business start-ups to the growth of the social economy
The small business and the start-up are the back bone of the economy. The nations have
their own ways of living standards as well as demands. The small business helps in meeting the
daily life, business and social demands. The small business is a part of community that help
people as well get profit from working hard in it. The demand of the society is met by the small
businesses in exchange of money. Small business provides the customers with quick services.
They nearest shops, markets and the services providers are easy to reach out by the people. They
small business provides the services to the people quick as they are present in the locality to meet
the demand of the people, they also provide with the delivery services for more convenience.
The small business can be the grocery store, sanitary items, shoe store, private and public
parking, petrol pump, schools and many more such businesses (Levkina and Titova, 2019). All
the people use these services and they are necessary for maintaining the living standards.
The small businesses are important as they provide solution of the problem for the customers and
the bigger companies. They are the necessity of the nations for the economic, social and the
entrepreneur development. The small businesses are the platform for selling the products and the
services. The big and the small businesses are dependent on each other. The big business attracts
the customers by investing on the advertisement of the products and the services. The big
business uses the small business for the distribution of the products and the services in the
market to fulfil the demands. The small business provides the opportunity for the skilled as well
as the unskilled people. When a small business is started it helps the government, nation as well
as the society for reducing the problem of unemployment (Uwonda and et.al, 2017). The small
business has the capability to become a big entrepreneur with the hard work and the innovation.
With the expansion the number of employees working will be increased and this will be a big
help to the community.
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CONCLUSION
From the above assignment it has been summarized that there are many different kinds of
entrespreneurial ventures. Each of then has their goals and objectives and purposes. Each of
these enterprises have some similarities and differences among them. It has further been
concluded that small and micro business has its own importance and plays a vital and important
role in growth of overall economy of a country.
PROJECT 2
1. Examples of one local entrepreneur, one global entrepreneur and one social entrepreneur
Natasha Faith is the local entrepreneur in London. Natasha is designer and chief executive
of the company La Diosa. Natasha shared business with one partner named Semhal Zemikael.
This made instant success for Natasha and the company which increased business even more and
encouraged her to reach great heights and success. This continually made the factor that Natasha
was able to grow despite recession (Liu and et.al., 2020). Then also, Natasha managed and
initiated growth which helped Natasha in creating big showroom in Hatton Garden in London.
This local business made Natasha a big entrepreneur and she was able to make it reach the scale
of what is known best for growing and developing business.
Steve Jobs is the global entrepreneur in London. Steve Jobs was the Apple founder and
former CEO who introduced iphone. Steve Jobs became an entrepreneur with the co – founder
Steve Wozniak. This tech company has huge market capitalization and this has made more of
what the business has achieved and is growing since the very year. Steve framed this business
and became entrepreneur for longest and is still known as the global entrepreneur of the
company. The company also gained great success creatively initiated the terms on big scale of
earning profits by providing services to the customers. Thus, Steve Jobs created this tech – savvy
business for the business to grow.
Jeremy Jeresky is the social entrepreneur in London. Jeremy created a social school which
is open to all community members. The school in the society helps the adults and the youth by
providing opportunities to deal with the issues of mental health, social barriers and poverty
(Bublitz and et.al., 2021). Jeremy has partnership with Neighborhood Resource Centers and
other agencies in the community which offers programs dealing with issues that adults and youth
is facing in London. Through this, Jeremy is helping many adults to cope up their issues
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regarding the mental health and other social issues which they are facing while living in the
society. Therefore, Jeremy being social entrepreneur is helping the society
2. Difference between different types of business managers and their entrepreneur personality
Difference between business managers and entrepreneurs is described as follows –
Business Managers Entrepreneurs
1. Business Managers do not bear any risk and
they work typically only for salary (Valentinov
and et.al., 2021).
1. Entrepreneurs are creative and visionary and
they are always ready to bear financial risk
which may occur.
2. Business Managers focus on daily activities
of business and whether they are running
smoothly or not in the company.
2. Entrepreneurs focus on how to expand idea
and knowledge for new entrepreneurial set –
up.
3. Managers are self – motivated as they seek
power from themselves as per their position.
3. Entrepreneurs are motivated by their key
achievements which they have gained through
hard – work (Werthes and et.al., 2018).
4. The problems which managers face are all
on formal grounds and they solve it on priority.
4. Entrepreneurs are all in manner of being
casual and informal and follow this approach
throughout.
5. For managers, remuneration is salary which
is drawn by company for them.
5. The profit earned by entrepreneur is reward
from enterprise.
Business managers and Entrepreneurs have different personalities which they have
depicted in their business manner in which they are in.
Personality of Business Manager – The business managers has the formal personality which
denotes that all the decisions are taken on formal note. The business manager follows all rules
and regulations which are of favour to the organization. This is the main personality character
which the business manager seeks. The manager follows proper time management and is strict
towards what is being done in the business schedules (Anwar and et.al., 2019).
Personality of Entrepreneur – Entrepreneurs are risk – takers, creative, passionate towards
their work which they have initiated. Entrepreneurs are professional individuals having social
skills of how to make their business achieve great scales and height. Entrepreneurs are open
minded people who are engaged in learning and even face the failures when they occur.
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Therefore, they are adaptive to changes which their business requires them to be and this makes
them one of the finest people in the business industry on large scale.
3. Entrepreneur traits and characteristics
Traits and characteristics of entrepreneurs which they imbibe are - Entrepreneurs are
individuals who run their business on their own by initiating some plan and working towards it to
making their earning and gain profit in market. Entrepreneurs are the most creative individuals as
they have the capacity to think and then they act towards what they have to do (Mazzarol and
et.al., 2020). The main characteristic which the entrepreneurs hold are that they are versatile,
visionary and creative and are always motivated to perform their work and deliver duties of what
they have. Along with this, entrepreneurs are also flexible towards any changes or adopting
anything new which they believe will improve and enhance their business and through that they
seek growth in their business.
Furthermore, Entrepreneurs are the individuals who have high risk tolerance and therefore
they are not afraid of taking risks. They are hard workers and they prefer that whatever they
achieve in their life is due to hard work and business skills which they have. They are active
learners who prefer to learn and gain knowledge from the surroundings and from themselves.
Also, entrepreneurs are self aware of what they have to achieve and this makes them more
enthusiastic towards what they have to achieve and what is their goal (Kerr and et.al., 2017).As
they are also goal - oriented entrepreneurs work on the scale of how easily and effectively they
innovate their business. Entrepreneurs are also self – motivated which makes them rely on things
and take risks. Through their self motivational practice they make their business achieve heights
and accomplish goals and objectives which they have set in their business. Thus, entrepreneurs
are individuals are make their own business and follow their business by creating what they
actually gain in their business and make their position in market effectively and significantly.
Ways in which backgrounds and experience of entrepreneurs can either hinder or foster
entrepreneurship
Background and experience of entrepreneurs can directly impact entrepreneurship and their
experience in both positive and negative manner. there are many different ways in which
entrepreneurship background and their experience can either work as a hindrance or can foster
their entrepreneurship in many different ways (Johara, Yahya and Tehseen, 2017). Some of the
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main background and experience factors that can impact entrepreneur’s entrepreneurship by
working as hindrance or by fostering it are as follows:
 Steve Jobs: Steve jobs was from a family where his parents were not able to afford his tuition
fees which resulted him in dropping out from college. He then further started reading about
empathy, ingenuity which resulted in motivating him to do something. His interest in
engineering resulted in dropping out from Reed, experience of working as a video game
designer helped in in discovering and founding Apple.
 Natasha Faith: Interest of Natasha Faith in Jewellery and her belief that Jewellery is not only
apart of beauty but a part of a person inspired her to work upon starting up her own business.
Her interest in Jewellery and enhancing beauty of a women helped her in developing a
growing large business. Today her business is large business that First Lady Michelle Obama
and the Duchess of Cambridge, Kate Middleton wore her jewellery.
 Jeremy Jeresky: Jeremy’s interest in art and support of his family members helped him in
starting his own social organization that helps him in enhancing the quality of life and the
creative vitality of London in order to fulfil his goal of nurturing the awareness of art, by
supporting people who wish to learn art.
CONCLUSION
From the above presentation it has been summarized that that are various kinds of
entrepreneurs and each of then has different characteristics and traits that makes them different
from business managers. Each entrepreneur is from different background and have different
experience. These background and experiences of entrepreneurs can either work as hindrance or
can foster their business in an adequate manner that can result in either success or failure of
business. Above example of background and experience of entrepreneurs clearly helps in
understanding ways in which experience and background of entrepreneurs impact their
entrepreneurship.
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REFERENCES
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Goyal, Agrawal and Sergi, 2020. Social entrepreneurship for scalable solutions addressing
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