Entrepreneurial Ventures: Definition, Similarities, Differences, and Impact on Economy

This report defines entrepreneur, entrepreneurial venture, and mindset. It evaluates similarities and differences between various entrepreneurial businesses and examines competencies and characteristics of entrepreneurial mindset. It also critically examines entrepreneurial ventures and traits, characteristics, and mindset of entrepreneurs. Additionally, it discusses the impact of SMEs on the economy at local, regional, national, and international levels.

UNIT 9: ENTREPRENEURIAL
VENTURES

Table of Contents
INTRODUCTION...........................................................................................................................3
ACTIVITY 1....................................................................................................................................3
Covered in Brochure....................................................................................................................3
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurial venture is defined as a business or company that successfully and
competitively take place in the market after introducing innovation and grabbing varied
opportunities (Nsereko and et.al, 2021). The current assessment will be based on varied
entrepreneurial business such as established, small, large and high growth. The study will define
the definition of entrepreneur, entrepreneurial venture and mindset as well. It will also explain
the similarities and differences between each business and skills & characteristic of
entrepreneurial mindset. The report will specify how each skill and trait encourage the benefit it
brings and interpretation of appropriate data including statistics related to the impact that SMEs
of all size have on economy. Furthermore, the assessment will justify the comparison between
micro, small, large and medium ventures on the bases of impact they have on economy. Lastly, it
will clarify impact this impact at local, national, regional and international level.
ACTIVITY 1
Covered in Brochure

ENTREPRENEURIAL VENTURES
Defining entrepreneur, entrepreneurial venture and entrepreneurial
mindset-
Entrepreneur-A person who attempt to set up a venture or an
organization, by taking number of risks and dealing with major
challenges known as entrepreneur. They may take initiative to achieve
target aims and objectives by opening a company, through which success
in the competitive market is possible.
Entrepreneurial venture-The current term refers to a form of company,
either small or large that may take approach to innovate something new
and satisfactory for target audience, which is quite essential for them to
do so. An organization while sustaining in the market, conduct a lot of
practices, which in turn lead to increase their performance and
productivity level as well as profitability.
Entrepreneurial mindset- The current concept is defined as set of
competencies that an entrepreneur have and utilized to reach desire
outcomes. Each skill may contribute to determine and make appropriate
solutions in the context of challenges and factors that a company face
while conducting organizational practices in the corporate world.
Evaluating similarities and differences related to varied forms of
entrepreneurial businesses-
Types of entrepreneurial ventures- Established company, Small size
social venture, Large size social venture and High growth company.
Description- Established company- The current category of
entrepreneurial business, drive the attention of an entrepreneur toward
achieving strategic goals and essential objectives. TESCO is the best
example of established firm, because it operated its venture from many
years ago and establish its excellent brand image in the market, UK as
well as across national boundary. Small size social company- Funeral
care is the best example of small size social venture, which operates its
venture in the UK and work with limited resources. Large size social
company- Large size social companies, work effectively in the market,
or voluntary sector such as British red cross, for purpose of enhancing
the living standard of local people from national to international level.
High growth organization- Facebook is the best and highly progressive
company in the world, because it operates its venture at high extent.
Examination of competencies and characteristics of entrepreneurial
mindset and how to encourage the benefit it brings-
Skills- Creativity-It can be examined that creativity or creative thinking is the
best skill that an entrepreneur have and utilize to show their creativity in term
of introducing a new product or service in the market.
Problem solving-Along with above one, entrepreneurs may have current skill
as well, which they may use to solve the issues and overcome challenges occur
while conducting process of establishing a business and managing
organizational performance.
Time management-Another skill that a business man utilize to reach desire
outcomes is current one, according to which entrepreneur may manage their
time by following the schedule that they attempt to create.
Characteristics-For purpose of defining traits of entrepreneurial mindset,
OCEAN model may apply, which define varied forms of characteristic that an
entrepreneur may have and these are;
Openness- It is one of those traits that relate to entrepreneurial mindset and
provide a lot of benefits to user. For example, openness as trait may bring
varied benefits for entrepreneurs such as making them capable to adopt and
accept new things, which they attempt to conduct into practical manner.
Conscientiousness- According to current form of trait, good impulse control is
the best attribute that covers under conscientiousness. It brings a lot of benefits
to user in term of making them able to focus on essential things and be a
thoughtful person.
Extraversion- A businessman who may have this characteristic, attempt to
become a talkative person who always take approach to collect and then
provide useful data throughout conducting effective communication practice. It
may benefit them in term of taking pleasure of being a centre of attention.
Agreeableness- This feature or characteristic includes key attributes such as
kindness, trust and other prosocial behaviour. These terms may provide several
advantages to individual in term of emerging feeling in related to others caring
and empathy, which make them a good entrepreneur.
Neuroticism- It is the best example of characteristic that a businessman or
women have, and used to obtain desire outcomes. They may get benefit of
expressing their points of views, which in turn lead to bring several outcomes
as suggestions.
Similarities- The best thing about each form of entrepreneurial venture
is they tend to select the best funding source and have opportunity to
select specific one according to suitability. Another term that specify the
similarities between each type of entrepreneurial venture is creative
ideas. As each organization attempt to develop and utilize the best idea,
which help to grow their ventures. Either small or large, public or
private, entrepreneurs of any organization may have strong willed, which
they may utilize to reach desire outcomes. On the bases of driving forces
all the entrepreneurial ventures are similar. In the category of driving
elements, skilled employees, resources, and funding are included.
Critically examination of entrepreneurial ventures-It can be critically
examined that established, small size social, large size social and high growth
companies, falls under the category of entrepreneurial ventures. Each venture
attempt to run their businesses and conduct practices related to the same in
quite different manner. For example, TESCO as well-established company
attempt to enhance customer satisfaction, because it may already build wide
and loyal consumer base, which is not that easy for any firm to do so. While,
Funeral care as example of small size social company, take initiative to run its
venture appropriately, by having and using limited resources, which they may
utilize to achieve target aim and objectives. Both category of entrepreneurial
ventures, may fall under the list of a specific typology. For instance, TESCO
may include in the category of managed growth companies, among which each
company is able to manage their ventures appropriately, instead of dealing with
varied issues like lack of funding source, etc. Funeral care may also cover in a
particular entrepreneurial typology and that is survival, because it is an small
size social company, how's management may face challenges providing
appropriate and on time service to local people in the UK. British read cross is
an example of entrepreneurial venture who fall under the list of public sector
firms as typology. It may focus on improving the health of individuals and their
living standards, which may require a lot of efforts and resources in bulk.
Differences-Establish and small size social venture or other types of
companies are different on the bases of annual rate as establish venture
such as TESCO earn more than the other size ventures, like Funeral care.
Organization as compare to small companies, have capability to invest
highly in regard to technological implementation in the workplace. Small
size venture, especially that operate under voluntary sector may not invest
too much in the context of technology. They may also not have good
annual growth rate as well. As compare to small size social venture, large
size firms may invest better for purpose of implementing new
technologies. High growth companies are different from other types of
entrepreneurial ventures, because they earn more than any other brand
and also highly invest to make workplace digitalize.
Critically examine traits, characteristic and mindset of entrepreneurs- It
can be critically examined that problem solving, time management, openness,
conscientiousness, agreeableness, are those features and traits that a
businessman may have. The usage of each trait and characteristic may enable
them to achieve excellent success in the world of business. For example,
Richard Branson is one of those successful entrepreneurs who may have all
these attributes, which make him successful and well-known in the market.
They may have openness as a trait that may provide multiple benefits to him in
form of making them creative and competitive for other companies'
businessman, who may also attempt to achieve target aim by developing the
best plans and using strategies. He is the best example of those persons who
may have beliefs about themselves capabilities, which make them productive
and competitive as always. It can be said that agreeableness is also considered
as mindset of entrepreneurs, which make them capable to be kind with others
and treat them as essential resources of companies. It may enable them to
respect people time, in turn their time will be respected by the others, who may
work with entrepreneurs for purpose of obtaining desire outcomes and making
achievable commitments. Along with benefits, this trait or mindset may affect
negatively upon individuals on certain bases. For example, agreeableness may
give them chance to trust others, but affect in negative manner when the
opposite person is not trustworthy.
References
Filion, L. J., 2021. Defining the entrepreneur. In World encyclopedia of
entrepreneurship (pp. 72-83). Edward Elgar Publishing.
Nsereko, I and et.al., 2021. Personal initiative, entrepreneurial self-
efficacy and social entrepreneurial venture creation. Small Enterprise
Research. 28(3). pp.329-349.

ACTIVITY- 2 Factsheets
Impact of SMEs on economy.
The small medium enterprises play an
important role in economy and in developing
countries especially. It may have an equal and
important contribution of creating a job and
economic development globally. It represents
the 90 percent of businesses and more than 50
percent of employment ratio over the world
(Begeç and Arun 2020). The formal small
medium enterprises may have a contribution of
up to 40 percent of gross domestic product in
rising the economies. These numbers may
create a higher ratio when it includes the
informal SMEs, as per the estimation 600
million jobs may be required by 2030 to know
about the globally growing man power, which
may create the small medium enterprises
developments with the higher priority for
authorities in all over the world.
The rising markets in economy many
formal work may generated by SMEs which
may create the estimation jobs 7 out of 10. It
may have less able to be taken the bank loans
than large and multinational firms. As they
may focus to take funds internally from their
about the 2.3 trillion as 52 percent but the
actual turnover ratio is 16.3 million as 61
percent. It creates the positive impact on the
UK's economy, which help to provide more
jobs and opportunities. It makes the market
more competitive as the small business owners
who offer the cheaper products just because he
does not have to spend money on the shipping.
Medium businesses- this business have a 50 to
250 employees not more than that. The
turnover of medium-sized business is will be
more than 10 million and less than 50 million.
It has an extraordinary ability to fuel the
economic growth, which may create the
opportunities and innovations. It helps the
government to increase the infrastructures and
many manufacturing industries. It creates a
positive impact on the economy because it help
to reduce issues like the pollutions and poverty.
Large businesses- it has a more than
250 employees with 39 percent of employment
rate. The turnover of large business enterprise
is 2.1 trillion. There are 7 thousand and seven
hundred businesses were large with the 0.1
percent of business population. After the

family and friends. It may be equal to 1.4
times of the present level of international
micro, small and medium enterprises.
Comparison between the impacts of micro,
small, medium and large businesses have on
the economy.
Micro businesses- This busienss have the
employees fewer than 10 employees in the
firm. It contribute the most in the UK economy
which is 953 billions. The business population
is enhanced by 49 percent from the year 2000
to 2021 when 1.9 million new businesses came
into these market (Garrido-Prada and et.al.,
2021). It help to bring the growth and
innovations in the community where the
businesses are developed. It helps to create a
positive impact on the economic growth and by
providing the employment opportunities to
those who are unable to work with the large
busiensses.
But the trend was stopped by the pandemic and
micro business's ratio dropped by 6.5 percent
and it creates the bad impact on the UK's
economy.
Small businesses- This business have
a fewer or less than 250 of employees. It have
a 99.9 percent of business population. It has a
3/5th of the employment ratio and
approximately ½ of turnover ratio in the
private sector of UK. The estimation ratio is.
COVID- 19 the large sized business's turnover
is decreased with 10% percent and that have a
greater impact on economy. The large
businesses put negative impact on the economy
as it only have short term employment which
affect the economic growth.
which have a negative impact on the UK's
economy.
Several impacts that SMEs have on the
economy at a local, regional, national (UK)
and international level
Local level- The impact of small medium
enterprise have on the economy at the local
level is high, it helps to create more jobs for
the unemployed people and to encourage more
people to stay in their area. This will help the
people to stay close to their family and to
improve the quality of life for the people by
increasing the city revenue, create more
sustainable community and help them to get
connected with each other (Pedauga, Sáez and
Delgado-Márquez, 2022).
Regional level- Small business help for
the development at regional level which may
have a high impact on the economy (Reuschke
and Mason, 2020). large busiensses are located
in some big cities whereas, the small business
allow to spread out the nation especially in the
rural and backward area. The small medium
enterprise will lead to the development in the
International level- In the other

rural areas and they help to rise the living
standards of the people in those areas.
National level- The small medium
enterprise create the better formulation for the
UK's economy at national level. It involves the
gross domestic product which is increasing in
the rate of GDP refers to the economic growth
(Pizzi, Corbo, and Caputo, 2021). The SME
create the higher unemployment rate which
make economy stronger.
countries, the government are facing the
challenges regarding the low growth, weak
trade and investment and rising in the regular
high inequality (Salder and Bryson , 2019).
SME put the higher impact on the global
economy, it helps in achieving the economic
growth, provide employment and decent work
for all the people, it help in promote the
sustainable industrialization and raising the
innovation which help to reduce the income
inequality.
.

CONCLUSION
On the bases of above discussion, it has been concluded that utilization of appropriate
skills and competencies enabled entrepreneurs to obtained desire outcomes. By using creative
thinking and other competencies they had achieved goals. Each company have obtained
competitive benefits at own level, by selecting and using the best funding source, which in turn
provide more benefits to them. Furthermore, by summing up above discussion, it has been
summarized that SMEs has contributed to enhance the living standards of individuals by
providing the best employment opportunities throughout establishing and starting ventures, from
national to international level. Small and micro size companies in the corporate world has build
their strong existence, which helped individuals to get employment and a earning source that
they had used to fulfil their needs. Moreover, from above study it has been identified that on the
bases of annual growth, technology investment and other bases, each category of entrepreneurial
venture differs. It has been identified that over trust upon others may always not provide good
outcomes at the end of practice that two parties conduct with each other.

REFERENCES
Books and Journals
Nsereko, I and et.al, 2021. Personal initiative, entrepreneurial self-efficacy and social
entrepreneurial venture creation. Small Enterprise Research. 28(3). pp.329-349.
Begeç, S. and Arun, K., 2020. The bottleneck of intrapreneurship: are social positions and held
expectations constraints in organizations’ entrepreneur process? A conceptual view. Journal of
Entrepreneurship in Emerging Economies. 13(1). pp.131-151.
Garrido-Prada and et.al., 2021. Driving the circular economy through public environmental and
energy R&D: Evidence from SMEs in the European Union. Ecological Economics. 182.
p.106884.
Pedauga, L., Sáez, F. and Delgado-Márquez, B.L., 2022. Macroeconomic lockdown and SMEs:
the impact of the COVID-19 pandemic in Spain. Small Business Economics. 58(2). pp.665-688.
Pizzi, S., Corbo, L. and Caputo, A., 2021. Fintech and SMEs sustainable business models:
Reflections and considerations for a circular economy. Journal of Cleaner Production. 281.
p.125217.
Reuschke, D. and Mason, C., 2020. The engagement of home-based businesses in the digital
economy. Futures. p.102542.
Salder, J. and Bryson, J.R., 2019. Placing entrepreneurship and firming small town economies:
manufacturing firms, adaptive embeddedness, survival and linked enterprise
structures. Entrepreneurship & Regional Development. 31(9-10). pp.806-825.
Staub, S., Nart, S. and Dayan, H., 2019. The role of supportive leader in influencing
intrapreneurship and innovation: A study on the printing houses in Topkapi,
Istanbul. International Journal of Innovation and Technology Management. 16(04). p.1940008.
Online
The Big Five Personality Traits. 2022. [Online]. Available Through:
<https://www.verywellmind.com/the-big-five-personality-dimensions-2795422#:~:text=You
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