Types of Entrepreneurial Ventures and Their Impact on the Economy

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Types of entrepreneurial ventures and its relationship to different typology of
entrepreneurship.....................................................................................................................3
P2 Various similarities as well as difference in between various entrepreneurial ventures...5
TASK2.............................................................................................................................................7
P3 Interpret relevant data on how micro and small businesses impact economy..................7
P4 Importance of small business and start-ups for economic growth....................................9
TASK 3..........................................................................................................................................10
P5 Characteristics and traits of successful entrepreneurs that differentiate them from others10
P6 Aspects of entrepreneurial personality reflecting entrepreneurial motivation and mindset12
TASK 4..........................................................................................................................................13
P7 Background and experiences hindering or fostering entrepreneurship...........................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
An Entrepreneur is someone who is responsible for any new business idea who takes efforts and
brings the plan in action while taking in consideration all the risks as well as returns which are
attached to that business. These are usually those ideas which were never used or thought of
earlier by any other person. Beginning of entrepreneurship is when the thought sand ideas are
converted into a plan and executed well (Burns and Dewhurst, 2016). Designing, producing and
introducing new idea in marketplace consists of entrepreneurial activities. In the following report
manager of Sainsbury is conducting a research about small businesses. The following report
consists of description of various entrepreneurial ventures. There are also difference and
similarities of these mentioned. Relevant data related to performance of small and micro
enterprises in an economy is also mentioned. Other than this there are two case studies in this
report from which two entrepreneurs are chosen and an analysis on their behaviour, decision
making and effects of their background on their entrepreneurship is also done.
TASK 1
P1 Types of entrepreneurial ventures and its relationship to different typology of
entrepreneurship
Entrepreneurial idea can be defined as an opportunities and innovation to run business in an
economy. Entrepreneurship is a measure by which entitles are refined by taking risks and
concern in order to gain profits and acquire. These ventures are categorized into four different
types:
Large Company Entrepreneurial Venture: These companies generally arise with products
which correlate to its existing products in market. In order to fulfil the need of customer and to
compete with others as per latest technology these products are being launched. To expand their
business is main motive. They generally purchase other companies or become partner with
existing firms. YouTube, Google, Microsoft and many more are examples of this.
Scalable Entrepreneurial Venture: Scalable entrepreneurs are the ones who deliver
new concept in order to bring revolution in world. Their perception is much bigger than other
entrepreneurs in the market. Scalable entrepreneurs are those who imports concept to change the
world. Their motive is to recruit numerous skilled human resources. They also examine for

convenient business model usually extensible enough to boost profits. Instagram, Facebook,
online shopping applications and many more are various examples of such ventures.
Small business Entrepreneurial Venture: Now a day’s various types of small business
can be seen in market. 90% of business in US are small venture which recruits number of
employees who are non-governmental (Cooper and Folta, 2017). There motive is to fulfil their
daily needs and expenses. This business does not require much capital therefore capitalist show
very less interest in this business. They generally seek help from their friends and family to start
this business. Some examples of such business are carpenters, plumbers, consultants and many
more.
Social Entrepreneurial Venture: This investment generally expands product and services in
order to deal with issues in market. Their motive is to make world better place to live. They are
also non- profit organisation, profitable organisation or a hybrid or mixture of them. For
example, Safe Point Trust. They concentrate on manufacturing syringe which are reusable. They
Collaborate with various small hospitals and clinics who cannot afford expensive treatments. Till
now they manufactured more than 4 billion such syringe circulates over 41 countries in world.
These different types of ventures are important in establishing topologies of business.
These topologies have great effect on running of business and opinion taken by entrepreneurs.
Some of these topologies are quoted below;
Various typologies of entrepreneur’s ventures-
Topology can be defined as, differentiating things on the basis of their types. Structure,
form, plan, style is some basis of differentiation. Some of these topologies are mentioned below:
Aggressive growth Ventures: This topology uses more advance technology and
innovative ideas then others. Their motive is to stay for longer period of time in market and focus
on growth. There motive is to expand their business globally. Large scale enterprises are
focusing on achieving huge growth in market.
Lifestyle Ventures: These ventures focus on providing satisfaction to its customer rather
than expansion or growth of business. These ventures have limited number of human resources.
They run their business in single place. Business organisation which works in single place can be
defined as life style venture.