Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset

ENTREPRENEURIAL VENTURES AND
EXPLORATION OF THE
ENTREPRENEURIAL MINDSET

Contents
INTRODUCTION......................................................................................................................3
LO 1...........................................................................................................................................3
P1 different entrepreneurial ventures and their typologies....................................................3
P2 similarities and differences between these ventures.........................................................5
LO 2...........................................................................................................................................6
P3 Small business contribution to economy..........................................................................6
P4 Importance of small business to social economy..............................................................6
LO 3...........................................................................................................................................6
P5 Traits and skills of entrepreneur.......................................................................................6
P6 entrepreneurial personality and mind set..........................................................................6
LO 4...........................................................................................................................................6
P7 background and experiences of entrepreneur...................................................................6
CONCLUSION..........................................................................................................................6
REFERENCES...........................................................................................................................7

INTRODUCTION
Entrepreneurship is the 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 similarities and differences between these ventures. Furthermore report will
describe impact of micro small business 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.
LO 1
P1 different entrepreneurial ventures and their 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