Different Types of Entrepreneurial Ventures and Their Impact on the Economy

Entrepreneurial ventures and
exploration of entrepreneurial
mindset

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures.......................................................................3
P2 Similarities sand differences in different entrepreneurial ventures...................................4
M1 Range of entrepreneurial ventures and ventures in public and corporate sector.............6
D1 Scope, development and growth of Entrepreneurial ventures..........................................6
TASK 2............................................................................................................................................7
P3 Relevant data and statistics related to micro and small businesses and their effect on
economy.................................................................................................................................7
P4 Importance of start-ups and small businesses for growth of an economy........................8
M2 Difference brought in economy through small, medium and large enterprises...............9
D2 Impact of small businesses on economy...........................................................................9
TASK 3............................................................................................................................................9
P5 Characteristics, skills and traits of successful entrepreneur..............................................9
P6 Aspects of entrepreneurial personality reflecting motivation and mindset.....................10
M3 Different line of argument relating to entrepreneurial characteristics...........................11
D3 Characteristics, skills, traits and drivers for successful entrepreneurs...........................12
TASK 4..........................................................................................................................................12
P7 Effect of background and experience on entrepreneurship.............................................12
M4 Link between entrepreneurial characteristics and influence of personal background...13
D4 Influence of background and experience positively and negatively...............................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
Books and Journals...............................................................................................................15

INTRODUCTION
All those people who come up with a new idea or innovation so that they can develop a
business along with taking all the risk involved in order to earn profits out of the business are
called entrepreneurs. The vision or the innovation is the initiating point for any entrepreneurship.
It continues as this idea is converted into a business plan and that business plan is executed well
in order to earn profits through bearing all the risk attached to it (Jones and Sakong, 2020). In the
following report discussions are made on various different types of entrepreneurial ventures as
well as typologies of these ventures. The report also describes the impact of small and micro
businesses on the economy of United Kingdom. In the second part of report there is discussion
on two different entrepreneurs who have effectively set up their own businesses and come up
with ideas to earn profit on their own. Various characteristics, traits and skills of an entrepreneur
in order to run a successful business or also discussed in this report. The end of this report did
discussions are made on how background and experiences of an entrepreneur influence their
decision taking in a business.
TASK 1
P1 Different types of entrepreneurial ventures
There are a number of businesses which come in with the new ideas and innovations which
are called entrepreneurial ideas. Entrepreneurs take high risk in order to earn profits through their
businesses. There is various type of ventures through which entrepreneurs begin their businesses
which are mentioned below:
Large company entrepreneurial venture: these are all those companies which already
have various products present in the market. They come in with new ideas to increase their
product line. All their products are already linked with their older products in their market. They
already have a set customer base for their products or entrepreneurship in the market. Microsoft,
Samsung, Apple and so on can be some of large entrepreneurial ventures.
Scalable entrepreneurial venture: Scalable ventures are all those business ideas which
bring in new innovations. They are launched with an idea to change the world. They have high
aims in order to bring changes in the society. Due to these big visions they require skilled and
experienced employs for their businesses. They highly aim at achieving maximum convenience
for their customers and earn profit through it. There are a number of online shopping websites

launched these days which are included in scalable entrepreneurial ventures. Alibaba express,
eBay, Amazon are some of such examples.
Social entrepreneurial venture: These are the companies which come up with products
and services in order to deal with different issues in society. They aim at making the world a
better place to live and also bringing peace in the society (Lipset, 2018). They are usually
profitable or also include non-profitable organisations. These can be depicted through a number
of trusts as well as donation organisations. Seventh generation, micro finance and micro credit,
WHO are some of the examples for social entrepreneurial ventures.
Small company entrepreneurial venture: there are a number of small company
entrepreneurial ventures who start their business with a small fund. They usually ask their
families and friends for capital in order to start the business and do not require huge fund from
investors. The loans taken by them are usually paid off from the profits which they earn. They
include 10 or even less employees working or usually the family itself helps to establish the
company. Various carpenters, electricians, plumbers or consultants can be example of small
company entrepreneurial ventures.
P2 Similarities sand differences in different entrepreneurial ventures
Factors
Small business
entrepreneurial
ventures
Large business
entrepreneurial
ventures
Scalable start up
entrepreneurship
Social
entrepreneurial
business
Structure Organisational
structure for
these businesses
is not formed
properly. They
are run by a
single person
including family
and friends.
The structure of
these
organisations
are well-defined
and complex.
Such companies
can be Private
Limited as well
as public limited
companies.
They can be sole
proprietor ship,
partnership, or
even corporations.
The structure of
these businesses
are developed
carefully in order
to achieve profits
for business.
The structure
formed for such
organisation are
usually based on
trusts. They can
be Profitable,
non-profitable
or hybrid
organisation of
both of above.
Employee They usually The number of These There is no