Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset

ENTREPRENEURIAL
VENTURES AND
EXPLORATION OF THE
ENTREPRENEURIAL
MINDSET

Table of Contents
INTRODUCTION...........................................................................................................................................3
PART 1.........................................................................................................................................................3
Various types of entrepreneurial ventures and they are related to typology of entrepreneurship.............3
Differences and Similarities between entrepreneurial ventures...............................................................4
Interpretation of relevant statistics and data to illustrate small and micro business impact on the
economy..................................................................................................................................................7
Evaluate the importance of small businesses and business start-ups in the growth of the social economy
.................................................................................................................................................................9
PART 2.......................................................................................................................................................10
Determine the skills and characteristic traits of successful entrepreneurs that make them different from
other business managers........................................................................................................................10
Assessment of aspects of entrepreneurial personality reflects entrepreneurial mindset and motivation.11
Experience and background can foster and hinder entrepreneurship by using relevant examples.........12
CONCLUSION.............................................................................................................................................14
REFERENCES..............................................................................................................................................15

INTRODUCTION
Entrepreneurship refers as extraction and creation of value. It is view as a change. In general it
means coming up with some creative and innovative idea in the market and starting up own business set
up (Pfeifer, Šarlija and Zekić Sušac, 2016). Entrepreneurs have capacity to take risk for earning higher
profitability. The study is based on Rubies in the Rubble. The firm is founded by Jenny Costa who is an
entrepreneur and started this company with a mission to reduce food wastage. The company is founded by
her in the year 2011 when she feels uninspired by a career in finance. The company tends to save
vegetables and fruits from stop going it to bins and make products from them. The products include Jams,
Chutneys, Relishes and Ketchups.
The report will cover explanation of types of entrepreneurial ventures. It will explain how it is
related with typology of entrepreneurship. The study will explore the differences and similarities of
entrepreneurial ventures. Furthermore, it will interpret relevant data and statistics for illustrating small
and micro business impact on economy. Then, it will explain the significance of small business and
startups for the growth of social economy. It will determine the skills and characteristics of successful
entrepreneurs that make them different from other business managers. It will define aspects of
entrepreneurial personality that reflects entrepreneurial mindset and motivation. Lastly, the study will
examine the experience and background which hinder entrepreneurship with the help of examples.
PART 1
Various types of entrepreneurial ventures and they are related to typology of entrepreneurship
Entrepreneurship businesses are generally those businesses that launch new and innovative
product in the market which are totally different from any other firm (Frederick, O'Connor and Kuratko,
2018). Different types of Entrepreneurial Ventures are as follows -
Small business entrepreneurship - This type of business is done to fulfill the living and supporting
requirements of family. The business motive is to earn profit just for the survival. It is only run by
business owner and number of employees and workers are also low. They are unable to attract venture
capitalists. The business is funded through family, friends and SME's loans. For example, these are
consultants, electricians, small stores etc.
Scalable business entrepreneurship – This type of business owners startup their business with an
ideology that they want to make a change in the world (Jabeen, Faisal and Katsioloudes, 2017). The

funding is done with the help of venture capitalists. They tend to hire best employees for the vacant job.
The motive of this business is to find a repeatable and scalable business model. For example, Facebook,
Amazon, Instagram are the examples of scalable businesses.
Large Companies - These companies offers new products which are different from their core products
by sustaining innovation (Shepherd.and Patzelt, 2018). These products are developed for meeting the
needs and wants of customers. It is also done with partnering with innovative companies. For example,
Google is large company entrepreneurship.
Social Entrepreneurship - In this Entrepreneur manufacture and produce the goods for the benefit or
sake of society. The goods are creating to resolve the social issues. The goal of such entrepreneurship is
to make world a better place or not a motive to generate wealth or profits. This can be non profit or
hybrid. For example, Safe point Trust is social entrepreneurship.
Serial entrepreneur- this is a type of entrepreneur who continuously work come with new idea and try to
start the new enterprise. These are the entrepreneur which runs a multiple type of business during their
whole career.
Intrapreneur- the intrapreneur is the manager within the company who promotes the product development
and the marketing of the product in the innovative and creative manner. The inrapreneurs are both rhe
employees and the leaders of the company as well and it is essential for the large organization to have
intrapreneurs.
Differences and Similarities between entrepreneurial ventures
Differences between Entrepreneurial Ventures
Basis Small business Scalable startup Large company Social
Entrepreneurship
Goal This type of
organization
doesn't have any
specific goal but to
generate some
amount of profit
for feeding the
family.
Their aim is to
provide innovative
products to the
customers and
increase their
satisfaction level
(Günzel-Jensen,
Moberg. and
The goal is to
maintain
sustainability in
the market through
developing new
marketing
strategies and
To provide
solutions and
products that helps
to resolve social
problems and
contribute
something to