Entrepreneurial Ventures: A Comparison of Different Types

Entrepreneurship
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1) Entrepreneurial ventures.......................................................................................................3
P2) Comparing different ventures...............................................................................................4
TASK 2............................................................................................................................................6
P3) Impact on economy by micro and small businesses.............................................................6
P4) Small businesses and start-ups adding to social economy....................................................6
TASK 3............................................................................................................................................8
P5) Characteristics, traits and skills of two entrepreneurs...........................................................8
P6) Entrepreneurial personality reflects motivation and their mind-sets....................................9
TASK 4..........................................................................................................................................10
P7) The impact of background and experiences........................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13
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INTRODUCTION
Entrepreneurship is utilising own skills and knowledge for developing self-ideas and
thoughts in the form of business. The widespread of multinationals has created a lot of job
opportunities for people but non-flexibility and less income has urged individuals to opt for
developing their own business and earn without any restrictions. In this report, the different types
of entrepreneurial ventures have been depicted with a comparison describing the similarities and
differences amongst them. Entrepreneurial ventures can be on a large scale or a business start-up
depending on the amount of resources and capital implied. This assessment consists of
information regarding the impact which micro and small businesses have on national economy.
Moreover, the basic characteristics and traits which are shown by famous entrepreneurs like Bill
Gates and Mark Zuckerberg have been portrayed in this report with a brief discussion about their
background and experiences during business development.
TASK 1
P1) Entrepreneurial ventures
When a person inputs resources and funds for developing his/her idea in the form of
business for self-defined goals and objectives, then this person is termed as an entrepreneur.
There are different types of entrepreneurial ventures which have been witnessed in current
market structures. These are described as follows:
Start-ups: An entrepreneurial venture which is formed with help of minimum funds and
with a motive to provide solutions to particular problems (What does Brexit mean for business
funding in Wales?, 2017). Start-ups have become the trending culture in various developing
countries especially in the ones where strong economic growth is perceived. It is possible that
individuals can aim to launch their business start-ups on a small, medium or large scale
depending on the amount of finance and money regulated. The amount of innovation in
developing ideas has to be maximum for successful functioning of businesses. For instance, the
use of technology in developing shopping portals like Amazon and Flipkart are some of the
famous start-ups which became successful due to their uniqueness (Drucker, 2014). Hence,
business start-ups can be aided largely with help of innovation and uniqueness.
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Social Entrepreneurship ventures: The society requires working on certain strategies
which aim to be beneficial for the weaker sections. When individuals work for the same
objective without considering the net profits and losses, then this type of entrepreneurship is
regarded as social ventures (Kirzner, 2015). Generally, a venture capitalists would less support
such kind of start-ups or businesses but once successful, good amount of recognition can be
attained by the concerned entrepreneur. Social entrepreneurship ventures are objected towards
the social good.
Large scale ventures: There is huge number of multinationals working in the country and
abroad with an aim of business expansion. The entrepreneurs that operate businesses on this
scale are considered as owners of large scale ventures. Individuals develop their ideas into chain
of business quarters which help in economic growth and development of the country on a
massive scale (Baum, Frese and Baron, 2014). Large scale ventures have large amount of risk
involved unless the company becomes a brand name. For instance, when the owner of Red
Carnation Hotel had launched his idea in UK, there must have been some sort of risk involved in
the initial stages of his business development. Hence, large scale ventures involve high risk but
large profits too.
The typology of entrepreneurship is basically classification which is done for getting
better understanding about the term and principle of entrepreneurship. The leader or the person
who develops his idea into practical applications is an important figure in the organisation. This
empirical figure has to perform appropriate researches so that decisions can be taken effectively
(Schaper and et. al., 2014). The typology of entrepreneurship related with aforementioned
ventures is related with the nature and attributes of individuals who are setting up such
businesses. The amount of research work and analysis is important to be performed by each
person because of their vision and objective to be successful.
P2) Comparing different ventures
The similarities that are related with each and every entrepreneurial venture holds is risk
associated with the idea. Job security and continuous flow of income is the comfort that is
provided to people when they work for a multinational firm (Kuratko, 2016). But business start-
ups and the entrepreneurial ventures do not have such guarantees. They are focused more on
effective use of skills so that the threats which come up in the form of risks are handled or
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