Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset

ENTREPRENEURIAL VENTURES
AND EXPLORATION OF THE
ENTREPRENEURIAL MINDSET

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Examine different types of 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............................................................................................................................................5
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...............................................................................................................5
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................6
TASK 3............................................................................................................................................7
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers............................................................................................7
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set................................................................................................................................8
TASK 4............................................................................................................................................9
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.
Zuber and Mohsin Essa:..............................................................................................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is a term used to describe a never ending list of activities that are
performed by respective entrepreneurs. Every business present today was once started by an
entrepreneur with a vision and efforts for success. As there are many different types of
businesses around the world there are equally different types of entrepreneurship. Entrepreneur is
an individual who is willing to take risk and invest one's time and capital in the idea of business.
For this every entrepreneur must be sure about the personal skill set and uniqueness that
differentiates the individual from everyone else (Kaffka, and Krueger, 2018). This report is
based on a case study of of two entrepreneurs Zuber and Mohsin Essa founder of Euro Garage.
This report includes, illustration of range of ventures types that are considered as entrepreneurial,
impact of small businesses on economy, determination and assessment of key factors of an
entrepreneurial mindset, examining various environments which fosters entrepreneurship along
with its conclusion.
MAIN BODY
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Entrepreneurship include the activities necessaries for the business initiation and
sustainability. Hence these activities majorly depend upon the type of a business and the vision
of the entrepreneur himself (Bekki, and et. al. 2018). As the businesses are of various ventures
so are the types of entrepreneurship. Following is a brief on types of entrepreneurial ventures.
Small Business Entrepreneurship: This type of entrepreneurship runs business started on
a small scale. Majority of the businesses fall under this category. Such a business is usually
started by an individual or two for the earning of a daily household (Moore, McIntyre and
Lanivich, 2021). The ideas on which it has been started are basic idea and fulfil basic
necessaries. It is because of numerous competitors in the market the growth of the small business
entrepreneurship is limited on a general basis. Small groceries, salons, vegetable vendors, food
stalls and clothing shops are among the small business entrepreneurship. Small business uses
growth typology is focused on building small and slow growth there major aim is to covers their
start up cost.

Large Company Entrepreneurship: This is the type Entrepreneur ventures which have
large amount of capital to invest in the professionals. Such entrepreneurship often focuses on
creating new product and services based on the need and demand of the market. Some examples
are Google and Apple. In order to execute the vision of the company a relatively high number of
people are hired as the task is not just limited to the owner but also requires multiple level of
employees, from manager to working staff (Bosman, Fernhaber and SpringerLink 2018). Large
company is focused of having growth typology that aims at earning profits for their company.
Innovative Entrepreneurship: Entrepreneurs who are engaged in innovative thinking and
are always indulged in bringing out a new product or service are said to be practising innovative
entrepreneurship (Korte, Smith and Li, 2018). Such entrepreneurs are always motivated and keep
an enthusiastic approach. They do not work for the time bound success but continue for their
vision with a never giving up attitude. In order to innovate they always keep a close eye on the
market need that people didn't even know existed. The best example of innovative
entrepreneurship are Steve Jobs and Bill Gates.
Imitator Entrepreneurship: Entrepreneurs who try to copy the idea of other already
existing on hiking ventures with the addition of little enhancement are said to be contributing to
imitator entrepreneurship (Blake Hylton,Mikesell, Yoder, and LeBlanc, 2020). Such practices
require a good market and trend analysis and the execution of additional modification based on
the interest of market. Such entrepreneur can learn from the mistakes and feedbacks of other
ventures they picked up the idea from. Some of examples of Imitator entrepreneurship is Mark
Zuckerberg co founder Facebook and Oliver Samwer who is serial start up cloner. This
entrepreneurship uses growth typology to build a brand image in minds of customers and
generate profits.
P2 Explore the similarities and differences between entrepreneurial ventures
With all these types of wide classification of entrepreneurship arises a question of the
similarities and differences among them. . Furtherance is a discussion in brief on the similarities
and differences.
Similarities: Entrepreneurs around the world are recognized by some characteristics. And
their characteristics are ever present in these individual regardless of what particular venture they
are associated with. Taking up example of Mark Zuckerberg co founder of Facebook and Steve
Jobs CEO of Apple carries same similarities as an entrepreneurs as both entrepreneurs are risk