Different Traits and Skills of Successful Entrepreneurs

INTRODUCTION
Entrepreneurship is define as procedure to develop, manage as well as organize business
activities along with facing risk in order to achieve profits (Acs and et.al., 2016). In addition to
this, it is refereed to those actions that help in mobilizing resources in order to introduce projects
and create company whose goods and services will meet the needs of society. The present report
will includes certain different example to determine the different forms of ventures. This report
interprets about different entrepreneurial ventures and with typologies. Along with this, it
explains about similarities and differences between different types of entrepreneurial ventures.
Further the assignment will study the critical impact of medium and small business on economy
with the help of graph and their importance for the growth of social economy. There are various
entrepreneurs who became successful after going through different hindrances such as family
background, financially, friends and many more.
TASK 1
P1 various kinds of entrepreneurial ventures and relation with typology.
Venture of Entrepreneur is defined as a process in which a company place innovation as
well as opportunity as a priority so that they can produce various forms of economy or social
value. There are various categories of entrepreneurial ventures which is describes as follows:
Scalable start-up Entrepreneurship: This entrepreneurial venture describes about those
entrepreneurs who start their business by believing that the vision of the company can change the
working style of the market. Funds for running organisation is arranged from venture capital
through which they are able to hire skilled and talented staff for their organization. The main
goal of entrepreneur is to determine the scalable and repeatable business model. Along with this,
scalable start-ups take small area due to risk capital as well as large returns.
Small Business Entrepreneurship: There are various entrepreneurs which carry small
business. For example in US there are 99.7% of business which are small business, and they
enhances at least 50% of non-governmental workers (What Is Entrepreneurship? – Types &
Importance, 2019). Like: Inzpire Limited company is considers as a small business
entrepreneurship in UK which is provide defence management service to their customers. The
main motive of entrepreneur to run small business is respect of earning higher profit in order to

raise their standard of living and support their families. These entrepreneurs arrange funds
through friends, families, and others.
Social Entrepreneurship: It is define as an entrepreneur who deal in producing or
delivering goods and service in order to serve societies and communities in order to attain their
social needs and issues(Allen and Truman, 2016). for example: NHS is social company which is
social company. That provides various medical services to customers. The primary of social
entrepreneurship initiates the amount of ideas to bring changes in the world a better world
instead of earning profit. These entrepreneurs majorly include non-profit organization.
Large Company Entrepreneurship: It is refereed to those entrepreneurships in which
company sustain by offering differentiate products and adding extra value to it with the help of
innovation. The company produce goods and also deal in services according to the changing
taste and demand of the appropriate customers so that they make them happy as well as satisfied.
Typologies of entrepreneurship:
Survival Typology: This typology mainly focusses on performing their function as well
as operation of company in context of surviving in the market for longer term duration. This can
be done with the help of satisfying customer needs and demands. These types of typologies are
small in size and perform company activities in limited resources.
Lifestyle Typology: company who fall under lifestyle typology produce their goods and
services as per the latest trend which help them in fulfilling customer taste and preferences.
These companies perform their business operation under single premise.
Growth firm: the growth firm is a type of company which is growing at a faster pace
than its competitors in the economy. This type of firms significantly has a faster rate of growth as
compared to the other economies. The growth company reinvests all its profitable investment
back within the company only and this again yields more profits.
Relation of typology with entrepreneurial venture
The entrepreneurial venture is a very much related with the typology of the
entrepreneurship. This is majorly because of the fact that both have a huge relation among them.
The entrepreneurial venture that is small business entrepreneurship is related with the typology
of survival. This is majorly because of the reason that small business is established for the long
survival of the business. That is why the small business entrepreneurship is mainly focused on
survival. The example is Inzpire limited is within the private sector and focuses on survival.