Entrepreneurial Ventures and Entrepreneurial Mindset - Desklib

This report revolves around types of entrepreneurial ventures and how they are related to the typology of business. The report defines the similarities and differences between entrepreneurial ventures various type of entrepreneurial ventures and their impact on the economy base on the size of business.

VENTURES AND
ENTREPRENEURIAL
MINDSET

Table of Contents
INTRODUCTION...........................................................................................................................3
PROJECT 1......................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Identify different types of entrepreneurial ventures and define how they relate to typology
of entrepreneurship......................................................................................................................3
P2 Identify similarities and differences between entrepreneurial ventures.................................5
TASK 2............................................................................................................................................6
P3 Analyze and define how micro and small business influence economy................................6
P4 Define the importance of small business and start-ups for growth of social economy..........7
PROJECT 2......................................................................................................................................8
TASK 3............................................................................................................................................8
Covered in PPT ...........................................................................................................................8
TASK 4............................................................................................................................................8
Covered in PPT............................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneur is a person who establishes and operates a business on a low budget. An
entrepreneur is someone who starts and runs a business with limited money and limited plan, and
is accountable for all of the risks and rewards that come with it (Alshebami and et.al, 2020). The
entrepreneur is prepared to risk his or her financial security and career on the line by investing
time and money to get the required financing, raw materials, manufacturing facilities, and
talented personnel for an unknown company. There are essential areas within the entrepreneur's
control including marketing, sales, and distribution (Benchrifa, Asli and Zerrad, 2017). This
report revolves around types of entrepreneurial ventures and how they are related to the typology
of business. The report defines the similarities and differences between entrepreneurial ventures
various type of entrepreneurial ventures and their impact on the economy base on the size of
business. The project also consists of a PPT where the characteristics of a successful
entrepreneur and what makes them distinct than a Business Manager has been discussed. The
PPT highlights valuable data regarding the entrepreneurial personality and ow it can be reflected
in their motivation and mindset. Lastly, PPT covers information which defines how background
and experience can hinder and foster entrepreneurship.
PROJECT 1
TASK 1
P1 Identify different types of entrepreneurial ventures and define how they relate to typology of
entrepreneurship
When a venture pursues possibilities and innovative methods in order to optimize
company development and profitability in order to achieve the organization's goals and
objectives, it is referred to as an entrepreneurial venture (Harichandran and et.al, 2018). A
business venture that is built on innovation and opportunity and focuses on maximizing the
organization's value and profitability is known as an entrepreneurial enterprise. Depending on the
nature of the firm and its financial capability, there are several sorts of entrepreneur business
ventures. Many typologies are evaluated in terms of their values, and they emerge from a variety
of methodologies and data. Entrepreneurship typology means that it is based on human behavior,
that numerous typologies are valued, and that it evolves from diverse methodologies and

samples. In order to predict current and future wants and bring the best ideas to market, an
entrepreneur may be said to have various duties, each of which necessitates certain talents and
experience.
There are several sorts of entrepreneurs and entrepreneurial ventures through which a
company may function, some of which are mentioned below:
 Small scale entrepreneurial venture- The financial resources of such a company are
derived from either public or private sources (Ismail and et.al, 2015). Grocery stores,
online commerce, carpenters, travel agents, electricians, and other small businesses are
examples of small scale entrepreneurship.
For example, Broadsword Event House, Marshfield Bakery, Fourex, and CafePod Coffee Co.
are examples of small-scale businesses in the United Kingdom.
 Innovative entrepreneurial venture- Entrepreneurial ventures that follow fresh
concepts and developments are known as innovative entrepreneurial ventures. Creative
entrepreneurs are focused on converting their innovative ideas into a commercial
endeavour with the goal of improving people's lives by increasing their motivation and
enthusiasm (Johnsson and et.al, 2016). Such entrepreneurial ventures concentrate on
producing products and services that are distinctive, allowing the company endeavour to
stand out and separate itself from other businesses.
For example, Bill Gates and Steve Jobs are two well-known innovative entrepreneurs.
 Scalable entrepreneurial venture- Scalable entrepreneurship ventures are businesses
that emphasize the ability of an organisation to affect change in the world. Such a
company venture seeks financial resources from venture capitalists and hires skilled
employees to carry out managerial tasks (Maritz and et.al, 2020). These company
ventures keep a close eye on the ever-changing business landscape and work to discover
answers to market problems. A scalable entrepreneurial endeavor is one that focuses on
company development in order to increase the organization's profit returns.
For example, Scalable entrepreneurial ventures include Uber, Facebook, and Instagram, to
highlight some.

 Social entrepreneurial venture- The goal of a social enterprise is to provide products
and services that will aid in the resolution of social disputes and the fulfillment of societal
demands (Nagel and et.al, 2020). Such a company is depending on the type of nonprofit
typology, which might be for profit or mixed.
For example, Social scale entrepreneurship and commercial initiatives include firms like
Higher Rhythm Ltd., Barnsley Community Build, CASA, and many others.
 Large entrepreneurial Venture- These are companies that have a solid financial
position and have financial resources to fulfil market demand and capture market sectors
(Outsios and Kittler, 2018). These company’s priorities brand preservation while
simultaneously upgrading their products and services through fresh updates and
innovations.
For example, Tesco, Zara, Marks & Spencer, and other large-scale entrepreneurship and
commercial ventures include Tesco, Zara, Marks & Spencer, and others.
P2 Identify similarities and differences between entrepreneurial ventures
As it can be seen that there are numerous types of entrepreneurial ventures through which
an entrepreneur can function and operate the business venture. There are various similarities and
differences between entrepreneurial ventures, some of these among different types of ventures
are listed below:
SIMILARITIES
Some of the similarities among the various entrepreneurial venture are outlined below:
PUBLIC PRIVATE SOCIAL MACRO MICRO SMALL
The main
goal of public
entrepreneuri
al ventures is
to get the
most out of
social
possibilities.
A private or
signal venture
has distinct
characteristic
s in terms of
generating
value for
individuals
(Rae and
Melton,
2017).
A social
entrepreneuri
al enterprise
is one that
focuses on
improving
society
through
working for
the benefit of
society, rather
A macro
business
venture is
important in
the economy
since it exists
throughout the
economy and
may affect
change and
economic
The goal
of a micro
business is
to
maximize
profits
while
remaining
competitiv
e in the
market.
Small
businesses are
primarily
concerned
with ensuring
that their
operations
last for a
longer length
of time and
that their

than profit. status. profits are
maximized.
A public-
sector
business
enterprise
focuses on
creating
goods and
services that
will aid in the
resolution of
societal needs
and demands.
A private
entrepreneuri
al enterprise
focuses on
products and
services that
will aid in the
resolution of
employee
conflicts.
The goal of
the social
entrepreneur
company
venture is to
satisfy social
demands that
will aid in
reducing the
difficulties
that people
experience in
society.
The macro
business
venture selects
a number of
elements that
are linked to
entrepreneurshi
p success and
failure (Rai,
Prasad and
Murthy, 2017).
Micro
businesses
are those
that
operate on
a very
small scale
with the
goal of
earning
larger
profits.
A small
entrepreneuri
al enterprise
focuses on
business
expansion
and growth
through
providing
consumers
with high-
quality items.
DIFFERENCES
Some of the differences among the various entrepreneurial venture are outlined below:
PUBLIC PRIVATE SOCIAL MACRO MICRO SMALL
A major part
of the
marketplace
is occupied
by public
sector
organizations
.
In a specific
corporate
organization, a
private
entrepreneuria
l enterprise is
created.
A social
entrepreneurial
enterprise
expands its
product and
service
offerings to
include social
events.
Macro
entrepreneuria
l ventures
expand their
operations to a
larger scale
(Secundo,
Vecchio and
Passiante,
2015).
Such a
company
venture
only works
in a niche
market.
Small
business
ventures
concentrate
on a few
main points.
TASK 2
P3 Analyze and define how micro and small business influence economy
Micro and small businesses have the potential to significantly alter the UK economy. The
average turnover of tiny businesses in the United Kingdom is £286, 879. Micro and small
businesses are critical to the UK economy. According to the study, SME's account for roughly 99
percent of all new businesses. Small businesses can only thrive in rural regions with a low
population, but in major cities, such entrepreneurial enterprises can provide a diversified
inventory that aids in providing a high-quality client experience (Shams and Kaufmann, 2016).

These ventures provide job opportunities, which is beneficial to the economy's growth. Micro
and small entrepreneurial ventures depend on local economy by bringing growth and innovation,
which may be boosted through an increase in job possibilities, the implementation of new
solutions for current ideas, and outsourcing. These entrepreneurial activities also have an impact
on the economic powerhouse, which helps to drive economic growth. This business endeavor not
only contributes to economic progress, but also to the welfare of society and at a worldwide
level, which is beneficial and developing global markets.
P4 Define the importance of small business and start-ups for growth of social economy
The rate at which small and new businesses grow has a significant influence on the
country's economy. The growth of a country's businesses is used to assess its development.
These industries are frequently formed, and they produce jobs and make substantial contributions
to the country's economy (Sudrajat, 2015). They provide people the opportunity to create their
own companies. It aids society by creating remarkable new ideas and raising their production
rate. Individuals can use it to create goods and services. It is the time in an employee's career
when they improve their skills, exhibit their talent, and move up the corporate ladder. These
small enterprises will represent the status of society's economy. The local council is in control of
the town, city, or country's affairs. Each individual's affairs, including work and financial
contributions to the country, will be under the jurisdiction of this council. True economic
development will be determined by the quality and quantity of items produced by small
enterprises. Real estate, jobs, money, and private enterprise are all part of it (Zappe, 2018). The
introduction of new technology that reduces human work but has a significant impact on
society's economic growth, as well as new developments in services, reduced investments,
increased savings, consistency in work, the discovery of more natural resources, and the
introduction of new technology that reduces human work but has a significant impact on the rate
of production in industrial sectors are all factors that increase the rate of production in industrial
sectors.

PROJECT 2
TASK 3
Covered in PPT
TASK 4
Covered in PPT
CONCLUSION
For the result, the following study focuses on the numerous factors that influence the
success of every small business. The organization has to focus on making its business processes
more effective. In this scenario, the corporation needs expand various business segments while
maintaining overall performance. This research reflected in-depth knowledge of diverse
entrepreneurial activities, their economic impact, the social economy's importance of these firms,
and entrepreneurial characteristics. Entrepreneurs must take on a number of tasks and
responsibilities, from locating finance sources to establishing customer communication channels.
Entrepreneurs must work wisely in order to achieve firm success and growth. Entrepreneurial
small firms must identify the right sources of business and produce continuous market
development in order to earn market share capital.

REFERENCES
Books and journals
Alshebami, A and et.al., 2020. Entrepreneurial education as a predicator of community college of
Abqaiq students’ entrepreneurial intention. Management Science Letters, 10(15),
pp.3605-3612.
Benchrifa, H., Asli, A. and Zerrad, J., 2017. Promoting student’s entrepreneurial mindset:
Moroccan case. Transnational Corporations Review, 9(1), pp.31-40.
Harichandran, R. S and et.al., 2018. Developing an Entrepreneurial Mindset in Engineering
Students Using Integrated E-Learning Modules. Advances in Engineering
Education, 7(1), p.n1.
Ismail, K and et.al., 2015. Entrepreneurial intention, entrepreneurial orientation of faculty and
students towards commercialization. Procedia-Social and Behavioral Sciences, 181,
pp.349-355.
Johnsson, C and et.al., 2016, September. On using games for practicing entrepreneurial mindset.
In European Conference on Innovation and Entrepreneurship (p. 336). Academic
Conferences International Limited.
Maritz, A and et.al., 2020. Entrepreneurship as the unsung hero during the current COVID-19
economic crisis: Australian perspectives. Sustainability, 12(11), p.4612.
Nagel, R and et.al., 2020. Creating an Ecosystem That Fosters Innovation and Entrepreneurial
Mindset at an Undergraduate Institution through Pathways to Innovation. Advances in
Engineering Education.
Outsios, G. and Kittler, M., 2018. The mindset of UK environmental entrepreneurs: A habitus
perspective. International Small Business Journal, 36(3), pp.285-306.
Rae, D. and Melton, D. E., 2017. Developing an entrepreneurial mindset in US engineering
education: an international view of the KEEN project. The Journal of Engineering
Entrepreneurship, 7(3).
Rai, R. S., Prasad, A. and Murthy, B. K., 2017. A review on intention models for predicting
entrepreneurial behavior. Journal of Entrepreneurship Education, 20(2), pp.1-9.
Secundo, G., Vecchio, P. D. and Passiante, G., 2015. Creating innovative entrepreneurial
mindsets as a lever for knowledge-based regional development. International Journal of
Knowledge-Based Development, 6(4), pp.276-298.
Shams, S. R. and Kaufmann, H. R., 2016. Entrepreneurial co-creation: A research vision to be
materialised. Management Decision.
Sudrajat, D., 2015. The relationships among leadership, entrepreneurial mindset, innovation and
competitive advantage (a conceptual model of logistics service industry). Binus Business
Review, 6(3), pp.477-485.
Zappe, S. E., 2018. Avoiding Construct Confusion: An Attribute-Focused Approach to Assessing
Entrepreneurial Mindset. Advances in Engineering Education, 7(1), p.n1.