Entrepreneurial Ventures and the Entrepreneurial Mindset

Entrepreneurial
Ventures and exploration
of the Entrepreneurial
Mindset

Contents
INTRODUCTION.....................................................................................................................................3
LO 1............................................................................................................................................................3
P1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship......................................................................................................................................3
P2 Similarities and differences between entrepreneurial ventures...........................................................4
LO 2............................................................................................................................................................5
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact
on the economy.......................................................................................................................................5
P4 Importance of small businesses and business start-ups to the growth of the social economy.............6
LO 3 and LO 4...........................................................................................................................................7
(Covered in PPT).....................................................................................................................................7
CONCLUSION..........................................................................................................................................7
REFERENCES..........................................................................................................................................8

INTRODUCTION
Entrepreneurship can be defined as the ability to develop, organize and run a business
with the main aim of making of a profit. A venture that is setup by an entrepreneur is known as
an entrepreneurial venture and basically aims to provide services to middle level companies.
There are different kinds of entrepreneurial businesses that can contribute towards the overall
development of an economy significantly (Blundel, Lockett and Wang, 2017). Organization
chosen for this report is CafePod, which is an independent coffee company, based in South
London. The company was established in 2011 by two friends, Peter Grainger and Brent
Hadfield. The report explains the different kinds of entrepreneurial ventures, similarities and
dissimilarities between them. It also explains how micro and small businesses impact the
economy. The importance of small businesses and start-ups for the growth of social economy is
also explained.
LO 1
P1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship
An entrepreneurial venture can be defined as a start-up which has been established with
the primary aim of generating profit (York, O'Neil and Sarasvathy, 2016). The different types of
entrepreneurial ventures are explained below –
 Small Business Entrepreneurship – Hairdressers, grocery stores, carpenters, plumbers
etc. are some examples of small business entrepreneurship. Personal businesses wherein
family members are also involved also fall in this category (Burns, 2016). CafePod is
also an example of a small business.
 Large Business Entrepreneurship – Large Businesses grow as a result of constant
innovation and offering new products to the customers from time to time.
 Social Enterprises – Social entrepreneurs are people who basically focus on developing
ad providing services that solve the social needs and problems of people within the
society.