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Entrepreneurial Ventures: Types, Impact, and Significance in Social Economy

Assignment submission for Entrepreneurial Ventures in the course Entrepreneurship and Small Business Management at Hounslow. Due date: 09.07.2021.

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Added on  2022-11-28

About This Document

This document discusses different types of entrepreneurial ventures, their interrelation with typology of entrepreneurship, and the impact of micro and small businesses on the economy. It also explores the significance of small businesses and startups in the success of the social economy. The document provides insights into the characteristics, skills, and traits of successful entrepreneurs.

Entrepreneurial Ventures: Types, Impact, and Significance in Social Economy

Assignment submission for Entrepreneurial Ventures in the course Entrepreneurship and Small Business Management at Hounslow. Due date: 09.07.2021.

   Added on 2022-11-28

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Entrepreneurial
Ventures
Entrepreneurial Ventures: Types, Impact, and Significance in Social Economy_1
Executive Summary
Entrepreneurship is an activity of realizing a new ideas and thought into real context
by starting a venture. There are a lot of types of venture such as social, small, large can be started
by entrepreneurs. Each and every venture is different with each other. Further, micro business
and small entities play a significant role in growth and development of social economy.
Entrepreneurial practices are highly affected with characteristics, traits, experience, background,
motivation and mind set of entrepreneurs.
Entrepreneurial Ventures: Types, Impact, and Significance in Social Economy_2
Table of Contents
INTRODUCTION.......................................................................................................................................4
Activity 1.....................................................................................................................................................4
TASK 1.......................................................................................................................................................4
P1) Discuss different kinds of entrepreneurship ventures also explain their interrelation with typology
of entrepreneurship..................................................................................................................................4
P2) Similarities and difference between entrepreneurial ventures...........................................................6
TASK 2.......................................................................................................................................................7
P3) Depict impact of micro and small business over economy through appropriate statistics and data...7
Activity 2.....................................................................................................................................................9
P4) Discuss significance of small business and start ups in success of social economy.........................9
TASK 3.....................................................................................................................................................11
P5) Characteristics, skills & traits of successful entrepreneurs..............................................................11
P6) Discuss the way in which aspects entrepreneurial personality depicts entrepreneurial mindset &
motivation..............................................................................................................................................12
TASK 4.................................................................................................................................................13
P7) Discuss how experience and background can foster and hinder entrepreneurship...........................13
CONCLUSION.........................................................................................................................................14
REFRENCES............................................................................................................................................15
Entrepreneurial Ventures: Types, Impact, and Significance in Social Economy_3
INTRODUCTION
Entrepreneurship is an activity under which a new enterprise and business is started based
on an innovative idea. Main aim of entrepreneurship is to earn substantial amount of profit
margin and bring something new & innovative in market place. Entrepreneur needs to have the
capability to undertake risk with an aim to get success and growth in current competitive market
place (Chernopyatov and et. al., 2018). The present report is based on two entrepreneurs like
Elizabeth Gooch and Tom Mercer. Elizabeth is a female entrepreneur who is founder of EG
solutions PLC and Tom Mercer is owner of a food venture named as Moma Foods. Different
types of entrepreneurial ventures, difference and similarities in different ventures has been
covered in the report. Further, it comprises attributes, skills and traits of above mentioned
entrepreneurs along with the background and experience of entrepreneurs.
Activity 1
TASK 1
P1) Discuss different kinds of entrepreneurship ventures also explain their interrelation with
typology of entrepreneurship
Large company entrepreneurial venture: These companies are generally operated at
large level and provide goods & services to large number of audience. It is analyzed that large
companies generally work at international level where they serve to domestic as well as
international audience. Large companies have main aim to earn higher amount of profit margin.
Google, Apple, Microsoft are some examples of large entrepreneurial ventures.
Scalable entrepreneurial venture: These ventures are based on innovation and creativity
with an aim to bring unique products in market place. Here, enetrepreuers undertake appropriate
steps in order to convert the thoughts in real context so that creative products can be provided to
society (Ratten, Dana and Ramadani, 2017). Apart from this, qualified employees are also hired
by entrepreneurs for helping them in business activities. Twitter, Face book are some examples
of scalable entrepreneurship.
Entrepreneurial Ventures: Types, Impact, and Significance in Social Economy_4

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