Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset

ENTREPRENEURIAL VENTURES AND
EXPLORATION OF THE
ENTREPRENEURIAL MINDSET

Contents
INTRODUCTION......................................................................................................................3
TASK 1......................................................................................................................................3
TASK 2......................................................................................................................................8
CONCLUSION........................................................................................................................21
REFERENCES.........................................................................................................................36

INTRODUCTION
Entrepreneurship can be defined as art and skill of person to develop new business
and scaling it for generating profit for longer duration (Jones and Sakong, 2020).
Entrepreneurs are the big transformer those who have ability to turn small idea into
successful business. An entrepreneur takes challenge and utilise existing resources in
adequate manner so that firm can sustain in market. Present study will examine various
entrepreneurial ventures. It will evaluate differences between these ventures. Furthermore
report will describe micro business’s impact on economic growth of country. In addition,
importance of small business to social economy will be explained. Experience and back
ground of entrepreneur will be illustrated. Skills of entrepreneur will be discussed in this
assignment.
TASK 1
Entrepreneurial ventures and typologies
Entrepreneurship can be described as systematic process of managing and developing
a new business by taking risk to gain more opportunities in market (Sarasvathy, Dew and
Venkataraman, 2020). These are various ventures:
Small business
This can also be known as start-up firms, owner runs this business in which less
number of employees work. The main agenda of company is to generate reasonable amount
of profit and to attract more consumers so that it can sustain in market for longer duration.
Such kinds of small business are managed or handled by family members or friends only
(Wang and Tan, 2020). This small business focuses on offering quick services to buyers so
that they come to the place again and again. Small grosser shops,
Large business ventures
These are big and leading firms that have finite lifecycle. These companies
continuously work to improve products quality so that customer satisfaction can be raised.
Agenda of such big firms is to gain competitive advantage and become the global brand
name. As these firms have strong brand reputation hence people trust on such brand and like
to buy goods and services. These organisations have adequate financial resources and are

able to generate profit to great extent. Hilton hotel is working is large business venture (Blaug
and Towse, 2020).
Social entrepreneurship
This is another kind of venture that works for improving wellbeing of people in
society. Social welfare is the main agenda of these firms. They hire fewer employees but
people can work as volunteers in such organisation.
Public venture
These are the ventures where firm is run under guidelines of government. Board of
director and stakeholders makes decision on behalf of company. The main purpose of public
companies is to provide quality goods at affordable rates to consumers (Ahmad and et.al.,
2020). For example BBC is working as public company.
Private ventures
These are the ventures that work for profit maximization. These are run and control
over board of directors and owner takes decision on behalf of company. They work to serve
consumers well but to earn more profit. For example: Hilton hotel is working as private
company (Jones and Sakong, 2020).
Typologies
Each venture has different way to manage and run its business.
Lifestyle typology is adopted by small business ventures where owner run entire business.
Individual has full control over entire firm and its profit. Passion of entrepreneur help the
firm in gaining success, if owner has no ability to generate profit then these small business
may get fail to sustain in market for longer duration (Sarasvathy, Dew and Venkataraman,
2020).
Scalable typology is another kind of system that pays more attention on creativity and
involvement of person. This kind of typology is adopted by large business organisation those
which work for offering best quality goods and services to large consumers.
Similarities and differences between these ventures
All these ventures have their own qualities and pattern to sustain in market.

Attributes Public Private Small Large Social
Objective The main
goal of these
firms is to
help society
by providing
them cost
effective
quality goods
(Wang and
Tan, 2020).
Agenda of
these firms is
to gain high
profit and
global
expansion
These firms
has aim to
generate
small amount
of profit to
recover its
expenses
Raise
customer
satisfaction
and profit is
the main goal
of these
firms.
Take care of
social
values and
wellbeing of
customer is
the main
goal of
company.
Financial
source
These
companies
get funds
from tax,
corporate
penalties.
Government
takes
responsibility
of expense
Banks,
investors are
the main
source of
capital in
private firms.
These firms
get fund
from families
or friends
(Blaug and
Towse,2020)
These firms
can get fund
from
investors,
retained
earning,
banks
These social
companies
can get fund
from NGOs
individuals
those who
donate fund
etc.
Stakeholders Employees,
suppliers,
society,
government,
shareholders
Owner,
competitor,
employees,
managers,
investors.
Owner,
employees
Managers,
employees,
investors
Funders,
volunteers
etc.
Organisational
structure
It has tall
structure
where no
direct
coordination
held between
higher
authority and
lower level
employee.
It has flat
structure
because
employees
have right to
interact with
top
management
directly
(Wang and
Tan, 2020).
Flat structure Functional
structure
There is no
specific
structure.
Similarities
All these private, public, large, small companies need funds to run their business. If
there are inadequate funds then all these ventures will not be able to sustain in market for
longer duration. All these ventures have to face risk in market. One of the major risks is high
competition. If there is huge competition then kit may create trouble to firm as its profit may
get decline if it is unable to manage its customers well (Blaug and Towse, 2020). All these
ventures get affected with macro factors, if there is changes in political, economic condition
then these firms have to face issue in sustaining firm properly.

Small business contribution to economy
Economic condition of nation is depended upon profit generated by business. As these
firms pay tax and this amount supports economy of country greatly. Small business also
contribute well in improving economic condition of nation.
There are many small group companies who are paying large amount of tax to their
economy and their taxes are used for the public welfare ad many other things. Small
enterprises creates job opportunities for the people in their nation which helps to increase
the employment in the country and people can earn income to effort their leaving things and
increase their daily consumption. small businesses also operate locally. This gives them a
good preference for recruiting the local candidates. Big organizations often move into new
countries to exapnd their business with a group already in that place (Davis, Hall and
Mayer., 2016). This can improve a city’s population but nothing drives the growth in the
enw jobs as small companies do. Small companies have to much flexibility so people who
want to be entrepreneur or have idea in their mind can start their own small business and
give their contribution to the economy. Every business start with small and after the years
of hard work employees make them large organization.
To start the business entrepreneurs take loan from the banks and other sources and
start their own production. Production of the goods has direct contribution to the Economy.
There are many reasons in the economy which is tearing people to start their own business.
Decrease in their wages, increasing demand and personal needs and family pressure full
them toward the business. Starting up own business provide employment top the other
people and we can also create opportunities to earn money for our family or satisfy personal
needs. having the small business is a provide path to escape from a job that one dislikes or
we have to work under the people. According to the study found that nearly morev than 25
% of the people wnats to leave their jobs but they continue their jobs becuse of loans, rents,
payments and living expenses. therefore, if they are not able to quit a full-time job to start a
business or their own business, Bsinessman can start a newsmall business on the side until
their business profits enable them to quit. According to the SBA, US, the number of part-time
jobs steadily increased since the mid-1980s and is expected to increase by about 10 per cent
each year.
When people give more patronize top the small business firm,s. They are essentially
giving back money to their local community because small business are run by local

entrepreneur and local people which means our money will be hear which is good for the
economy of the nation. Local business and small business always generate high revenue for
the government which means they are paying high amount of the taxes to the government.
This money is used to maintain infrastructure of the country by making schools, collages,
healthcare system etc. This shows that the local business can also improve the economy of
the country (Jabeen, Faisal and Katsioloudes., 2017). It doesn't matter that how small
business is it has huge contribution to the countries economy, and they provide their
contribution toward the economy of the country and this increase development of the
country as well.
Importance of small business to social economy
Small business play important role for the social economy because it provides
opportunities for the people and give contribution to the economy, provide jobs to the
people, people get some benefits such as they can study in good school in less price, better
health care system etc.
Jobs creation - most of the people does not have jobs and people who have jobs does not
get salaries. In the unemployment small business play major role for the others who are
unemployed. They create job opportunities for the other s o they can earn money and use it
for their personal consumption. Salaries in the small business not that much but it is enough
ton run a comfortable life for the people (Mills., 2018). They create a jobs which does not
need higher qualification sop people who are less educated can also work in the small
corporation. Small business can be start with the small amount of business so many people
can start their own business and earn their own income.
Keep money local- when people contribute in the small business then it beneficial for the
public because flow of cash will increase and beneficial for the social economy. This will
also improve their social life because government will get more tax and their money will not
go outside of the nation and it will improve their social life, and they can get better
educational opportunities, more job opportunities will create, people will get better health
care and free medicines, so they can get better treatment free of cost. This all are benefits for
the public and This will create better life for their own community. Small business
success means more local taxes which will improve the schools and keep the most of the
befits back to the local community.

Tax Benefits To community- most of the countries are making their tax from the small
business and firms who are running their business locally (Obi And et.al., 2018). Tax is used
for the welfare of the public and make their life more comfortable. Government use Tax to
spread awareness among the people. They get better roads and highways, get electricity and
government make many polices for the farmers and poor people who are not earning
money. This TX money use for their development such as food people get food, water,
electricity etc. from the government ad they also get governmental screams which allow
them, to get get things in lower prices this is the contribution of the small business top the
social economy.
Fix Loyal Customers- Businesses with a national focus have the benefits of cultivating a
loyal client base, especially when their services are not vulnerable by big-box concatenation
stores in the region (Shepelev and Khokhlova., 2016). While this may not influence
institution growth, it insure a sure level of fiscal sustainability, and helps to ensure the
company maintains a positive reputation in at least one region. It may also help small
businesses get through tougher economic times, at least temporarily
TASK 2