Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset

Entrepreneurial Ventures and Exploration
of the Entrepreneurial Mindset
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Table of Contents
INTRODUCTION...........................................................................................................................3
Task 1...............................................................................................................................................3
P1 Different types of entrepreneurial ventures and explanation of their relationship with the
typology of entrepreneurship......................................................................................................3
P2 Exploring similarities and differences between entrepreneurial ventures.............................5
Task 2...............................................................................................................................................7
P3 Interpretation and assessment of relevant data and statistics for the illustration of micro and
small business impact on an economy........................................................................................7
P4 Explanation of the importance of small business and start up for the growth of the social
economy .....................................................................................................................................9
Task 3.............................................................................................................................................10
P5: Determination of the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers.....................................................................10
P6: Assessment of the aspects of entrepreneurial personality which reflect entrepreneurial
motivation and mind-set............................................................................................................11
Task 4 ............................................................................................................................................13
P7: Examining and ascertaining how background and experience can hinder or foster
entrepreneurship........................................................................................................................13
Conclusion.....................................................................................................................................14
REFERENCES ...............................................................................................................................1
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INTRODUCTION
Entrepreneurship is the capability of developing, organising and running a firm or
enterprise with different uncertainties present and risks in order to earn a profit. One of the
examples of entrepreneurship is incorporation of a new business. There are different factors
present in entrepreneurship that help in generating profits like land, capital, natural resources and
labour. Basically it involves activities like discovering new things and and risk taking.
Entrepreneurs are the people who have capability of establishing a new business or start
up to make profits with associated risks. Entrepreneurs are responsible for bringing out new
ideas to make changes and new innovation and inventions (Alvarez and Barney, 2020).
This report would include identifying different entrepreneurial businesses with relation to
the typologies of entrepreneurship, explanation of similarities and differences among
entrepreneurial ventures and interpretation of information in a graph. This would also cover
about traits and features of entrepreneurs from the managers of business that gives reflection of
motivation and contribution of experiences in fostering the entrepreneurship.
Task 1
Different types of entrepreneurial ventures and explanation of their relationship with the
typology of entrepreneurship
Entrepreneurship is a process of creating a new start up with the aim of generating
profit by overcoming all uncertainties and risks. It can be defined as solving problems by
bringing innovations. Entrepreneurs are responsible to make first step towards start ups to make
a better place. The different types of entrepreneurial ventures are entrepreneurs, serial
entrepreneurs, intrapreneurs and owner managers.
Entrepreneur: It is a word that is derived from French word 'enterprenedre' which
means to undertake. Entrepreneurs are people who are responsible for undertaking and operating
a new business or venture and are accountable for taking risks. It is a term that was applied in a
business by an economist from France named Cantillon in the century of 18. This economist
designated a dealer who does the purchase of mode of production by combining products into
marketable (Apostolopoulos and et. al., 2018).
Serial entrepreneur: It is a person who is very creative in taking out new ideas of
businesses and responsible for working hard for those ideas for setting up a new business or firm.
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They are the people who fail again and again and learn from the lessons of failures and convert
them into a successful venture. They are only people who create magic with their continuous
focus on becoming creative by bringing new ideas and innovation. They run multiple ventures at
a single time.
Small venture: There are many businesses that are small businesses. They are more
interested in generating profits which can support and help family and live a modern lifestyle.
They do not focus on seeking larger profits and funds from venture capitalists. They are
entrepreneurs who own and do their personal business. They have indulged in recruiting
employees from local areas. Some of their examples operating in UK are: boutiques, consultancy
firms, grocery shops and so on.
Large venture: It is a company who has many life cycles. These are for the professionals
who are advance and helps in sustaining innovation. They are basically involved in creating and
making new goods and services according to the preferences and needs of people from the
market. Small businesses can be converted into large organisations when the organisation grows.
These organisations can also be acquired by the large firms. Some of the examples are:
hospitality, telecommunication, auto-mobiles and so on (Bekmansurov and et. al., 2019).
Scalable venture: These entrepreneurs believe that their organisations could change the
world. They get funds from the venture capitalists and recruit specialized workforce. They
generally find things that are missing and find solutions. They indulge in expansion of businesses
and making higher profits.
Social venture: They are the entrepreneurs who are involved in resolving issues that are
social. Their main objective is to make a world good place. They are not focused on generating
profits and big wealth. They are the type of entrepreneurs with non profit organisations for the
good of socials.
Intrapreneurs: An intrapreneur is a person who is an employee responsible for
developing ideas that are innovative in a company or organisation. An intrapreneur does not face
any risks of outsized or rewards of outsized of entrepreneurs. Intrapreneurs have access to all the
resources of an organisations and firms.
Typologies: Typologies help in depicting the nature of entrepreneurship and connecting
it to the business or venture. It is the process which helps in identifying models of business that
are normally used by businesses to carry out tasks and activities.
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