Entrepreneurial Ventures and Mindset: Types, Characteristics, Impact on Economy

This report discusses the definition and scope of entrepreneurship, types of entrepreneurial ventures, their characteristics, similarities and differences, and their impact on the economy at local, national, and international levels. It also explores the impact of micro and small business start-ups on the economy and the social economy.

Entrepreneurial
Ventures and
Mindset

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Types of entrepreneurial ventures ..............................................................................................1
Explain the characteristics of different types of entrepreneurial ventures, with examples from
the three you have selected, or any others you wish to refer to. ................................................2
Evaluate the similarities and differences between the entrepreneurial ventures you have
selected........................................................................................................................................2
Describe, compare and critically evaluate the impact of your selected ventures on the
economy at local, regional and national level.............................................................................3
Explain and critically evaluate the extent to which micro and small business start-ups impact
on the local, national and international economy and make sure you include reference to the
social economy............................................................................................................................4
Compare the impact that micro and small businesses have on the economy to the impact of
medium and large businesses......................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
The entrepreneur mind is defined as the mindset of an individual which leads in creativity
, problem solving skills and propensity to innovation. In this project, definition and scope of
entrepreneurship is discussed along with entrepreneurial activities and enterprise. It is very
important for the entrepreneur to think in a different way in order to serve teh customers. The
entrepreneurship includes the busienss ventures in order to make profits. It is teh most useful for
teh company and as well as indiovidual to develop the venture in a different way. An
entrepreneur has a ability to se their skills in order to use the most of the opportunities avaiabale.
(Chang, . and Huang, 2022) This report will include various topic such as various types of
ventures , the charatcteristics of teh ventures discussed, differences and similarities between teh
different entrepreneurial venture, impact of teh ventures at local, regional, national and
international market and at last the impact of micro and small scale busiensses over teh economy
of the large scale ventures.
MAIN BODY
Types of entrepreneurial ventures
The entrepreneurship is defined as the process of establishment and development of the
new company and this bring risk bearing factors if the enterprise is aiming for earning profits.
The entrepreneur is defined as an individual who owns and manages a business entity, and the
person has a creative mindset in order to bring innovation and development in order to generate
profits and serve to the society. There are various types of entrepreneur ventures which re
discussed below:
 Small Business Entrepreneurship: Small business entrepreneurs mainly concentrates on
start-up which includes the single product or service and this focus on the single market.
In such types on entrepreneurship teh ownersdoes not focus on teh expansion where as
they fpcus on earning profits.. the small scale entrepreneuship busienss are easy to own
and manage. (Corrales-Estrada, . ed., 2019)
 Large Company Entrepreneurship: These are defined as teh large sacle businesse
which include teh companies with large investment and involves the large functional
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areas to work upon. These kind of businesses are diffciult yo form as they require lengthy
procedures and regulations. Operational activities are more along with the requirement
of more employees.
 Scalable Start-Up Entrepreneurship: The main aim is to achieve major growth and
become a huge profitable enterprise but only has started. It involves requirement of
external capital and risk bearing capacity to expand magnitude of dimensions.(Ejupi-
Ibrahimi, Ramadani, . and Ejupi, 2020).
Explain the characteristics of different types of entrepreneurial ventures, with examples from the
three you have selected, or any others you wish to refer to.
There are various characteristics of the different types of ventures which are discussed below:
 In order to be the successful entrepreneur it is very important that an individual has a
curiosity in themselves in order to innovate the product or service in the different manner.
 The adaptability is the another characteristics which is required where the changes in the
environment need to be adopted by the enterprise in order to be successful.
 It is very important for the entrepreneur to develop their team in such a way that they can
make the best out of various opportunities.
Evaluate the similarities and differences between the entrepreneurial ventures you have selected.
Differences
Small business
entrepreneurship
Large company
entrepreneurship
Scalable start-up
entrepreneurship
 It is very easy to forma
a small scale enterprise
in order to earn profits
as there are less
formalities.
 An individual is
responsible for the
profits and losses and is
 These are the
companies which are
formed with the various
compensation and large
investment.
 These kinds of
businesses have more
employees and more
 Scalable start-ups can be
easy to formulate but as
they expand it involves
various steps for their
closure.
 These start-ups can have
more than one owner.
 Initially management is
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the owner of the
organisation.
 These ventures are
wholly owned and
managed by a single
prop rotor.
 It requires less funds
and external capital to
perform business
operations.
than one owner.
 Management is complex
and involve hierarchical
structure.
 Huge funds and external
capital is required.
simple but with
expansion they seek
proper management of
operations.
 Moderate amount of
funds is needed as these
start-ups seeks growth
and expansion.
Similarities
It is identified that the businesses are very similar to each pother as they have a common
motive of earning the profits and maximizing the revenue. The main objective of the
organisation is to serve to the society and innovate the different ideas for the development of the
society. (Farrell, 2018.)
Describe, compare and critically evaluate the impact of your selected ventures on the economy at
local, regional and national level.
It is been identified that the small and medium and large scale business have a huge
impact on the economy at the different levels which need to be taken into consideration. It is
identified that the companies have a impact over the various factors which need to be controlled .
The impact of the small scale business over the different levels is discusser below:
 Local level- It is identified that the impact over the local level is that there is the
opportunities for the people to enter within the business organisation. This can help the
people to identify the various opportunities for job which can help them in generating
revenue.
 National level- The small scale business help the economy in generating the revenue at
the national level the various ventures helps in bring the development to the society.
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 Regional level- The impact of the business organisation over the regional level is that
there will increase in the rise of the employment opportunities which will lead to rise in
the economy development.
 Internationally- It is identified that there is the vast impact of the business ventures over
the international market as there are various rise in the opportunities.
Explain and critically evaluate the extent to which micro and small business start-ups impact on
the local, national and international economy and make sure you include reference to the
social economy.
It is identified that the small and medium sized business ventures have a significant impact over
the economy. The extent to which these micro and small medium sized businesses have over the
local, national ,regional and international level. As it is identified that they help in the various
factors in order to increase the economic development and growth An organisation is classified
as a micro business if it employs less than six people. The impact of these businesses on
economy can be understood by the following points:
 Employment generation- It is identified that the micro and small scale business can help
in generating the employment opportunities as the establishment of the ventures can
produce the employment for the local people living in the particular country.
 Development of various sectors- The growth of the small scale enterprises can also lead
to the development of the various sectors in which the company is dealing it. The
development of the sector is possible because of the innovations of development in the
micro business. (Kyvik,, 2018)
 International growth- The international growth is possible because of the micro and
small scale businesses as they tend to increase in the modifications and development of
the living standard within the business organisation.
Compare the impact that micro and small businesses have on the economy to the impact of
medium and large businesses.
It is identified that the micro and small ventures have a diverse impact over the economy
of the medium and large businesses. As it is identified that the large business organisation
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capture the wide market which impact the small businesses. This also leads to the market
development for the various business organisations. The economy of the medium and large scale
business have been impacted because the small scale businesses have a low cost margin and the
customer are attracted towards them, which leads to decrees in the ales of the large companies.
(Lazaris, . and Freeman, 2018).
CONCLUSION
From the above report it is concluded that entrepreneurship is the innovation and
development of products or services in such a manner that it can benefit to the society. It is very
important to have various skills to be an successful entrepreneurial in order to gain the
competitive advantage. There are various types of entrepreneurship ventures such as small scale,
large scale, scalable ventures. These help the society and the development in the living standard
of people. There are various similarities and differences between the types of ventures. The
impact of the small scale ventures of the economy is that it helps in generating the employment
opportunities and development of the various sectors.
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REFERENCES
Books and Journals
Chang, C.W. and Huang, H.C., 2022. How global mindset drives innovation and exporting
performance: the roles of relational and bricolage capabilities. Journal of Business &
Industrial Marketing.
Corrales-Estrada, M. ed., 2019. Innovation and Entrepreneurship: A New Mindset for Emerging
Markets (pp. 267-278). Emerald Publishing Limited.
Ejupi-Ibrahimi, A., Ramadani, V. and Ejupi, D., 2020. Family businesses in North Macedonia:
evidence on the second generation motivation and entrepreneurial mindset. Journal of
Family Business Management.
Farrell, K., 2018. Embedding Ethical and Sustainable Thinking in the Entrepreneurial
Mindset. Level, 3(14), p.1.
Kyvik, O., 2018. The global mindset: A must for international innovation and
entrepreneurship. International Entrepreneurship and Management Journal, 14(2),
pp.309-327.
Lazaris, M. and Freeman, S., 2018. An examination of global mindset and international market
opportunities among SMEs. International Studies of Management &
Organization, 48(2), pp.181-203.
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