Types of Entrepreneurial Venture and their Relation to Typology

Entrepreneurship and
small business
management

INTRODUCTION
P1 Different types of entrepreneurial venture and how they related to the
typology......................................................................................................................... 2
P2 Evaluate similarities as well as difference of between
entrepreneurial venture.......................................................................................... 3
P3. Interpretation and assessment of relevant data or statistics for
illustrating impact of micro and small organizations on economy:...............4
........................................................................................................................................... 4
P4. Explaining importance of startups and small businesses for growth of
social economy:............................................................................................................ 5
1

INTRODUCTION
Entrepreneur can be described as an individual that creates new venture with an innovative approach
and bears risk as well as enjoy rewards of such business. This booklet covers different kinds of
entrepreneurial venture and evaluates its similarities as well as differences. Further, importance of small
businesses in social economy is explained.
P1 Different types of entrepreneurial venture and how they related to the
typology
Entrepreneur refers to a person that is focused on developing innovative ideas and pertains
capability of implementing such ideas for establishing and running business successfully.
Entrepreneurial venture indicates an enterprise which focuses on opportunism as well as
innovation for production of economic value and social value. Entrepreneurs run such organizations
with the motive of earning revenue by carrying out activities of business in legal manner.
Various types of entrepreneurial ventures are classified below:
 Small business: This entrepreneurial venture is operated and managed at a small level and
pertains objective of earning a livelihood with profit that is generated from such business
activities. An example of small business is 'Planet of the grapes' which is a wine bar and
restaurant that is situated in London, United Kingdom.
 Large company: It can be described as an organization which incorporates business
activities at large level and hence pertains finite business cycle. Apart from it,
involvement of sustainable innovation is high on large company entrepreneurship as it
consists high technological advancements. For example, 'Tesco' is a large company
that is based in United Kingdom.
 Social: This entrepreneurial venture supports and promotes activities of
society welfare by producing innovative products which helps in solving
problems of society and satisfies its requirements. Hence, it develops
funds as well as implements solutions for issues of society, culture and
environment. For example, 'Impact Hub' is a social enterprise in United
Kingdom which support people for growing social business.
 Scalable start up: This type of entrepreneurial business indicates
starting on a venture on the basis of some unique idea. 'Trouva' can be
considered as an example of scalable start up entrepreneurship which is a
boutique that bridges online as well as offline operations.
Entrepreneurial venture typologies can be described as segmentation of
various things of different types in accordance to various basis. Following are
different typologies of entrepreneurial in relevance to its link with entrepreneurs of
above mentioned ventures:
 Life Style: It indicates creation of business by an individual with the
motive of achieving personal goals rather than just profit making. Some
of the desires of such entrepreneurs are independence, value, self-
satisfaction, happiness etc. 'Dominique Auroy' who founded small
business named 'planet of the grape' and 'Jonathan Robinson' which is the
founder of 'Impact Hub' comes under this typology.
 Growth Firms: Such type of venture is established for gaining
maximum profit by achieving goals or objectives of an organization.
Here, main focus of entrepreneurs is on implementing innovations and
enhancing volume of sales for effective development and expansion of
business. Entrepreneur named, Jack Cohen, who founded a multinational
retailing company Tesco comes can be considered as an example of this
typology.