Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset

Entrepreneurial
Ventures and
Exploration of the
Entrepreneurial
Mindset

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK1.............................................................................................................................................3
P1. Carry out a mini research to examine different types of entrepreneurial ventures and
explain how they relate to the typology of entrepreneurship......................................................3
P2 Explore the similarities and differences between entrepreneurial ventures...........................4
TASK 2............................................................................................................................................6
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...............................................................................................................6
P4. Explain how important small businesses and business start –ups will contribute to the
growth of the social economy.....................................................................................................8
TASK 3..........................................................................................................................................10
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers..........................................................................................10
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set..............................................................................................................................11
Task4 .............................................................................................................................................12
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................12

INTRODUCTION
This report revolves around entrepreneurship venues along with the mind-set that an
entrepreneur should have. The report reflects on entrepreneurs of ASDA. Zuber and Mohsin Issa
are commonly known as the Issa brothers. Both of them are well known all over the globe
because of their understanding of entrepreneurship ethics and application of innovation in the
same (Ács, Autio and Szerb, 2014). In addition to that, the report also sheds light on the
relationship between typology of entrepreneurship and entrepreneurial venues. The study also
discusses similarities and differences in different entrepreneur venues. The study is based on
secondary data interpretation in order to draw more reliable conclusions. The report also focuses
on the importance of small businesses along with start-ups that accumulated towards the growth
of social economy post BREXIT.
MAIN BODY
TASK1
P1. Carry out a mini research to examine different types of entrepreneurial ventures and explain
how they relate to the typology of entrepreneurship.
Entrepreneurial ventures can be defined as the organizations that uses the concepts of
opportunism and innovation at the core in order to contribute in social and economic value. The
entrepreneurs around whom this report revolves around are Issa brothers. Zuber and Mohsin Issa
are well known all over the globe for their understanding of this concept. Issa brother are known
for their contribution towards the same.
Serial entrepreneur: Serial entrepreneur's are entrepreneur's that have ideas regularly and
willingness to invest in new businesses. Serial entrepreneurs focuses on creativity, innovation
and look forward in grasping more opportunities (Blackburn, Hart and Wainwright, 2013). some
of the example of serial entrepreneur includes Steve jobs, Elon musk.
Social entrepreneur: Social entrepreneurs have different beliefs as they focus on solving
societal problems. These entrepreneur's encourages on creating a positive impact on the people
of the society. Martin Riddiford and Jim reeves are example of social entrepreneur who develop
gravity light.
Female entrepreneur: In rapidly changing society, women's are the new face of
entrepreneurship. Female entrepreneur focuses on organizing, managing an organization in

most effective and efficient ways. Deborah Meaden is one the successful female entrepreneurs
she is part of many successful entrepreneurs, she is well known for Dragon's Den where she has
made investment of 2 million pounds across 34 different business.
Typologies of entrepreneurship ventures:
Topologies is an interpretation or classification of things according to some specific types
for examples classification on the basis of structure, form, style and plan. Mentioned below there
are four types of typologies that are mainly found in entrepreneurship:
Survival Ventures: These ventures mainly indulge in the activity to survives and fulfil
basic necessities. Firms in these sectors are not registered and doesn't operate their business
functions in any kind of premises. They perform their activities with limited resources and
generally does not have any type of banking relationship. Type of business in this venture
includes micro-ventures (Bosma, 2012). Example of survival entrepreneur includes the “mom
and pop stores”. Gas stations, mini marts and small retail stores.
Lifestyle Ventures: Lifestyle ventures are set up to achieve effective level of productivity
to fulfil income an entrepreneur. Business organisations in this type of ventures are not
subjected to growth and expansion. Lifestyle ventures have constant number of employees and
operate their business activities in a single premises. Firms covered in this segment includes
small business organisations. Example of lifestyle venture is Tim Ferris who is known as one of
the most innovative business ventures.
Managed Growth Ventures: Organisations in this segment aims towards stable growth.
Most of their focus is on expanding their facilities in steady way, launching new products and
services with innovative ideas, shifting their geographical locations and hire new staff. This type
of venture is continuously in reinvestment mode (Choi and Majumdar, 2014). Business firms in
these ventures are medium sized organisation.
Aggressive Growth Ventures: In aggressive growth ventures, there is technology based
nature and strong innovative potential. Funds in these organisations are generated through equity
capital and they seek more exponential growth. Their main aim is to take their business ventures
in different international and national market. Organisations in this type of venture include all
large scale business enterprises (Bridge and O'Neill, 2012).
P2 Explore the similarities and differences between entrepreneurial ventures
Basis Lifestyle ventures similarities Serial entrepreneurs ventures