Types of Entrepreneurial Ventures and Their Similarities and Differences

This presentation explores the different types of entrepreneurial ventures and their similarities and differences. It discusses the importance of business start-ups and small businesses to the growth of the social economy. It also delves into the skills and characteristics traits of successful entrepreneurs that differentiate them from other business managers. Additionally, it examines how aspects of entrepreneurial personality reflect the entrepreneurial mindset and motivation. Lastly, it explores how experience and background can either foster or hinder entrepreneurship.

Entrepreneurship and Small
Business Management

Different types of entrepreneurial ventures and it relate to
typology of entrepreneurship
 Entrepreneur- Entrepreneur is the person who sets up the businesses and
responsible for all potential risks and taking on financial risk in hope of
profitability .Entrepreneur set up their business with innovative and great ideas that
recognises need for creation of the venture.
 Entrepreneurship- Entrepreneurship is the activity held by entrepreneur for
setting up the new businesses and invest money in hope of increasing profit. In
short it is the procedure of running, launching and designing new business which is
often initially the small or medium size business.
 Entrepreneurial venture- Entrepreneur is the individual who runs and starts the
business with limited planning and resources, he or she is responsible for all
rewards, profit and risks of business venture.
 Enterprise- It is a business specially the organization that will earn money for
running their business and daily operations successfully.

Differences and similarities between various types of entrepreneurial ventures
Similarities bases Established company Small size social venture Large size social
venture
High Growth firms
Creative idea These companies
constantly focus on
creating new things and
make some changes in
their existing which helps
to grab the attention of
customers (Obeng, Robson
and Haugh, 2014). As
similar to the other firms
TESCO management bring
creative ideas which is
beneficial for them.
Just like the established
companies’ small social
ventures also efforts to
run their business
effectively with the help
of creative ideas.
Large size social
venture such as Red
Cross focus on
creating new ideas in
order to serve its best
to peoples and make
them fir and healthy
in their lives.
High growth companies
for example, Facebook
already has built their
higher position within
market with the help of
creative ideas in order to
gain profitability and
maintain its reputation.
Funding sources TESCO take funds for
running their business
from banks and investors.
Just like another
company funeral care
also required to take
funds from some
business investors.
Large size social
venture gathers funds
via events and
campaigns related to
social well fare.
On the other side like the
small, large and
established company’s
high growth firm also
take loans for
implementing new
technologies.

Small and micro businesses impact on economy
 Small business impact on economy and play essential role in growth of UK economy creation of jobs,
social integration and innovation (Mazzarol, 2014). 99% of small and micro businesses within UK
provide employment opportunities to local and residential peoples which helps to managed their lives.
Small business provides 35% employment opportunities to peoples and support to managed living
standards. Small businesses contribute to economies by bringing innovation and growth to community in
which business is well established.

Importance of business start-ups and small businesses to
growth of social economy
 Small businesses and business start-up are very essential for economic growth, they offer the best job
facilities to local and residential peoples. Small companies impact on local level as they provide jobs
opportunities which is essential for the growth of social economy. When they expand their business at
national level small business were also given people support via offering them the best job opportunities
as it is important for economic growth. If they expand their business at global level in order to increase
profit, they must hire new peoples and adopt new market culture which is beneficial for them as well as
social economy (Julien, 2018). They play vital role in maximizing growth rate of economy in term of
employment. On the other side, start up business will be beneficial for increasing progress rate of social
economy within UK. Start up companies required skilled and talented peoples who helps to run their
business and accomplish tasks effectively. They are important to growth of economy in term of
employment opportunities.

Skills and characteristics traits of successful entrepreneurs
that different from other business managers
Skills of successful entrepreneurs-
James Dyson is one of the successful entrepreneurs in UK, he is the founder of Dyson company. He has the
best leadership skills which helps to lead their team, he can be able to communicate with its team members effectively
as compare to other successful mangers within UK.
Richard Branson has time management skills and He has ability to think differently from another
company manager which is beneficial for its business.
Characteristic traits of successful entrepreneurs-
Richard Branson is very passionate which help them to determine ways that is required to become
successful businessman.
James Dyson has learning characteristics which help to understand different things and contribute in
producing their product. He has creative and innovative characteristics which make James Dyson able to continuously
developed new ideas that will support in improving continuing growth of business. All the skills is different from
other business manager based on their working style, because manager is accountable for managing the work of
employees and business.

Aspects of entrepreneurial personality reflect entrepreneurial
mindset and motivation
 Ocean model define entrepreneurial personalities reflect on their motivation and mind set-
 Openness- James Dyson always feel open to create ideas and make excellent ones which
is beneficial for them as well as business growth. Richard Branson also interest in creating new ideas and
implement in business structure.
 Conscientiousness- James Dyson are always prepared to adopt new changes and facing
risk within business which make them able to become stronger and wise. On the other hand Richard
Branson exacting in their work, they can be able to adopt new changes and achieve goals.
 Extraversion- James Dyson and Richard Branson both are extraversion, they like to
except challenges and able to accomplish desired goals and business objectives.
 Agreeableness- James Dyson is generous and helpful person he helps other people
working in their team and encourage all of them to work hard. It reflects on their mindset and motivate
him to do more and innovate new things. Richard Branson is not interested in other peoples issues they
only focuses on making money which motivate him in their life.
 Neuroticism- it defines the tendency to experience negative emotions such as anxiety,
anger or depression. James Dyson experience positive emotion in his past life and it will motivate him to
go beyond their boarders and make them able to overcome within negative environment. Richard
Branson also face failure situation which motivate him to do more and become stronger than before he
learns from his past.

Experience and background foster or hinder entrepreneurship
 Local entrepreneur-
J.K Rowling is one of the local entrepreneurs, his family and personal life experiences foster her
to become successful writer. She faces many difficult situations as a single mother and learn a lot during that
time which helps to make her stronger and able to achieve their goals and get desired outcomes, it can be shows
that experience of her past life foster J.K Rowling towards become successful entrepreneur.
 International entrepreneur-
James Dyson is one of the international entrepreneurs he learned a lot in his past life, as belongs
to educated family background Dyson always drive towards creativity which foster him. As belongs to
educational family they always try to learn something new or different and efforts to understand things which
helps to increase their knowledge more and more and drive them towards achieving success.
 Social entrepreneur-
Florence Nightingale is an English social statistician and founder of modern nursing, she serves
services as trainer and manager of nurses this experience drive her towards become social entrepreneur and
foster to make modern nursing home.