Entrepreneurial Ventures and Entrepreneurial Mindset

This document explores different types of entrepreneurial ventures and their relation to the typology of entrepreneurship. It also assesses the impact of micro and small businesses on the economy and explains the importance of small businesses and startups for social economy growth.

Entrepreneurial
Ventures and
Entrepreneurial
Mindset

Table of Contents
Table of Contents.............................................................................................................................3
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Examine different types of entrepreneurial ventures. entrepreneurial ventures and explain
how they relate to the typology of entrepreneurship...................................................................1
P2 Explore the similarities and differences between entrepreneurial ventures...........................2
TASK 2............................................................................................................................................3
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy................................................................................................................3
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................5
TASK 3............................................................................................................................................6
Covered in PPT................................................................................................................................6
TASK 4............................................................................................................................................6
Covered in PPT................................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCE..................................................................................................................................7

INTRODUCTION
Business ventures are of different types which are running their functions and activities
for the purpose of making money in various ways. Entrepreneurship is the ability and learning
capability to develop, organise, and run their business in the changing environment. The
entrepreneurs is the one who has ability and desire to establish a business and succeed in start-up
venture along with risk entitled that can help to develop the organization and managing the
higher performance. The management of organization is playing important role who conduct the
market analysis and bring the products and services accordingly (Jones and Ratten, 2020).
The report is based on McKinsey & Company that is large size management Consultant
Company that provides different types of services. The report covers type of entrepreneurship,
typology, scope, development and growth. On the other side, examples of entrepreneurs,
situational factors , entrepreneurial traits, how background and experience that foster
entrepreneurship.
TASK 1
P1 Examine different types of entrepreneurial ventures. entrepreneurial ventures and explain how
they relate to the typology of entrepreneurship.
Entrepreneurship is the main activity or classification of small, medium, and larger
organization that are running for filling the demand and increasing performance. In other words,
entrepreneurship is the source of new ideas, and innovation which used to introduce the new
products and services. The different types of entrepreneurial venture are as defined:
Small entrepreneurship: This type of business is run and handling by own person or local
employee for the purpose of running their business and making small amount of money. this
profit is able to feed to feed their family and not to make 100 million business. For instance,
grocery store, hair dresser, carpenter, and others.
Scalable entrepreneurship: This type of business involves start-up and business who
aims to change the world. This attracts investors who encourage the people and get them ready to
buy the products. The researcher is required to focus on scalable business and experiment model
which develop the business performance. For example, Blogs, digital products, and others
(Klofsten and et.al., 2019).
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Large entrepreneurship: The large company have big lifecycle. The large organization
means where number of people works collectively in expectation of receiving money and getting
the higher productivity. The management brings the new technology and innovation at their
workplace which can help to attaining the goals. For example, McKinsey & Company, Bentley
Motors, Sainsbury.
Social entrepreneurship: This entrepreneurship mainly focuses on products and services
for the purpose of running their business and solving their problems and managing their
functions. The aims of entrepreneurship are to do work for society and helping help to live
properly. For NGO, save the children and others (Morgan, 2020).
Typology of entrepreneurship
Male typology: This is the main typology that is related to male and used to run and start
the business effectively. This can help to develop the organizational performance by bring new
innovation and technology at the workplace. This is related large and scalable entrepreneurship
which are used to introduce something new and attracts the larger number of people which can
help maintain higher performance.
Female typology: This is based on women empower and their needs which can help to
start up and running a business by operating all function. The woman’s who have skills and
ability to run their business and develop the activities properly. This typology is related small
and social entrepreneurship that thinks about people which develop the higher performance.
P2 Explore the similarities and differences between entrepreneurial ventures
Difference between entrepreneurial venture
Basis Small Scalable Social Large
Meaning This means a
business which
can be operate by
single person and
less people.
This involves
people who have
good skills and
thinks to bring
something new.
This means a
business which is
operating by
community and
social people.
This means
number of people
who involves in
business activities
and functions for
providing range of
products.
Scope and
development
This has smaller
scope as it do not
This has big
scope as it brings
This has very
small scope as it
Larger
organization has
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take any risks
(Mayled, and
et.al., 2019).
new technology
and people works
collectively.
works for people
welfare and
community for
improving their
life.
broader scope as it
expand its business
in other country
and develop the
business activities.
Objectives This main
objectives of
small business is
to fill needs of
their customers
and family by
providing
products.
The objectives of
scalable business
is to grow their
functions and
activity by using
new innovation
and technology.
To provide the
good health and
safety to their
customers by
understanding
their demand and
needs.
To increase the
organizational
sales and
profitability by
offering range of
products and
services.
Similarities
Engaging and operating by human being: A business whether small, medium, social,
and large are operating by human being for offering range of products. Without human being it
will not be possible to run without people.
Aims to fill goals: Businesses are operating for the purpose of attaining their personal and
professional goals as it understand the requirement and bring the products accordingly which can
help to maintain performance (Chang and et.al., 2020).
Generating money: Small, social, large, and scalable entrepreneurship is running for
making by providing products and services. This can help to increase the organizational function
and productivity.
TASK 2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy.
In UK there are different types of business which are operating for different purpose and
attaining the productivity. Micro is the generally defined as very small business which is
operating by single person for filling needs of their potential customers. This business is
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understanding the demand and managing the all functions and activities. Small business is the
privately owned business that can be in the form of partnership, sole proprietorship and others
which can help to develop the organizational performance. In UK, there are number of small
businesses which are operating for providing small range of products and services. From the data
it interpreted as there are almost 5.9 million businesses in start of 2020.
From the analysis it has been interpreted that 99.3% of total businesses where third fifth of
the employment and around half of turnover are having in UK private sector. This is developed
country that brings the innovation and growth by conducting analysis and attaining the
performance. Between 2000 and 2020 the business population increased by 2.5 million (+72%),
with the highest rate of increase was +7% between 2003 and 2004, and between 2013 and 2014.
This can help to develop the growth by generating the higher performance. This has contributed
wider part in UK economy by providing the job opportunities to all local people and fills their
needs. There are less number of larger organization as compare to small and micro business that
affected the positively UK’s economy and maintaining the higher performance. Thus, from the
above data analysis it can be interpreted that micro and small businesses impacts effectively on
organization and performance (Clark and et.al., 2020).
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P4 Explain the importance of small businesses and business start-ups to the growth of the social
economy.
Small business are those business which are running for daily life, social, and business demand
by providing products and services in the changing environment. UK is the growing and
developing country where number of businesses are existing in the form of small, medium, and
large. Small businesses are important as it contributed in social growth economy.
Local hiring – The higher contribution of small business in social economy is providing
job opportunities to the people. It has seen that small business are operating locally that give the
strong preference to recruit the people from locally. This can help to increase the employment
rate and provide the good opportunity who are unemployment and willing to work for filling
needs.
Turnover – The many businesses who are established in UK get eventually fails where
turnover gives community an opportunity to learn, rebuild, and recover. Thus, small business
make the strong turnover by developing the business growth (Bavestrelli, B., 2020 Șerban-
Oprescu, 2020).
Competition – It has seen that competition is increasing day by day where clients are asking
reasonable products and services. By establishing a small business it will be easy for customers
to get the products at optimum cost and no extra charges needs to pay on shipping which can be
improve the social economy.
Increasing the living standard of people – The small business who run their business is
require to pay the local taxes, road tax as per the government regulation that can be used to
improve the living of people. The small businesses contributes the amount which is used to
opening the schools, hospitals, and others which improve the living standard and maintain higher
performance (Tanim, 2019).
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TASK 3
Covered in PPT
TASK 4
Covered in PPT
CONCLUSION
From the report it can be concluded that entrepreneurs are the important person in
business buzz who understand the requirement and provide the products accordingly. Small,
scalable, and large organization is having different scope and objectives which are operating in
expectation of meet with them. The small type business have impacted on UK economy and
social economy by contributing taxes, providing employment opportunity, and improving living
standards. Skills and characteristics of an individual is used to have for bringing the changes and
attracting the large number of customers. Ocean model is used to state the different personality
out of them is possessed by a person for running their business accurately.
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