P1 Different types of entrepreneurial ventures (Doc)

Entrepreneurship and small
business management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and relation with entrepreneurship typology....1
P2 Similarities and differences between entrepreneurial ventures.............................................2
P3 Impact of the small and the micro business on the economy................................................4
P4 Importance of small start- ups and small business on the economy......................................5
TASK 2............................................................................................................................................5
P5 Characteristics, traits and skills of successful entrepreneurship............................................5
P6 Aspects of entrepreneurial personality reflecting the entrepreneurial mindset and
motivation...................................................................................................................................6
P7 Analysis that how experience and background fosters or hinders the entrepreneurship.......7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship is the process in which the budding entrepreneur who designs, launches
and run and manage a new business which is generally small scale business at the initial stage.
The people conducting this whole process is known as the entrepreneur. The report will outline
the different types of the entrepreneurial ventures. Further the report will reflect the similarities
and the differences between the different types of entrepreneurial ventures. Also the report will
highlight the impact of the micro and the small businesses on the economy. Also the report will
depict the importance of small business on the economy. After that the report will discuss the
traits and skills of the successful entrepreneurs. Also it will analysis that how entrepreneurial
personality reflects the entrepreneurial mindset and the motivation. At last the report will
highlight that how the experience and background of entrepreneur fosters or hinders the process
of entrepreneurship.
TASK 1
P1 Different types of entrepreneurial ventures and relation with entrepreneurship typology
The entrepreneur is a person who starts, manages and runs the business with limited
resources and taking huge amount of risk and then getting reward according to the risk taken
(Hoogendoorn, 2016). An entrepreneurial venture is a project or any business activity which is
new and upcoming in the market by the entrepreneur and the success of the venture is uncertain
and difficult because it involves the risk of failure also. There are four different types of
entrepreneurial ventures which can be opened up by the entrepreneurs. These ventures are
discussed below:
Micro business entrepreneurship- these are small businesses with a minimum number of
employees and with use of least capital. A micro enterprise generally operates with less than 10
employees and minimum capital. These venture adds value to the economy because it creates a
micro business which enhances the income and lowers the overall cost of the business.
Small business entrepreneurship- this type of entrepreneurial venture is a business which is
privately owned and operated, it has smaller number of employees and also has low volume of
sales. It generally operates with minimum 10 number of employees and maximum 49 employees
and also these types of ventures requires limited capital to operate. Some examples of small
1