Entrepreneurial Ventures and their Impact on the Economy

Entrepreneurship
Small business
Management
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Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship..................................................................................................3
P2 Explore the similarities and differences between entrepreneurial ventures......................4
TASK 2............................................................................................................................................5
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...........................................................................................................5
P4 Explain importance of small businesses and business start-ups to the growth of the social
economy.................................................................................................................................6
CONCLUSION................................................................................................................................7
REFRENCES...................................................................................................................................8
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INTRODUCTION
Entrepreneurship is considered as way for establishing a business unit by analysing risk
that related to starting a new venture like management risk, financial risk and many more
(Schumpeter, 1934). An individual who open and run an entrepreneurial unit is known as
entrepreneur and they have several specific skills and abilities which help in operating business
successfully. The aim of this report is understand about different kinds of entrepreneurial venture
and typologies related to it as well as it also exploring similarities and different among different
venture. Moreover it will also include evaluation of relevant data and statistics for illustrating
micro and small businesses impacting economy. This will also include importance of small
business and start-ups in the growth of social economy.
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship
Entrepreneurial Venture
An entrepreneur is considered as main owner as well as manager of a business unit who
not employed elsewhere (Brockhaus, 1980).
A person or group of individual who generally assume task as well as responsibility of
combining factors of production within business company as well as keeping firm in operating
nature (Ely and Hess, 1937).
Different types of Entrepreneurs
There are several types of entrepreneurs who establish and run entrepreneurial ventures,
from which some are given below:-
 Schumpeterian Entrepreneurs: These entrepreneurs are generally found in small firm
and they direct as well as own independent venture which innovatively destroy current
market structure (Linking Entrepreneurship Sander Wennekers and Economic Growth,
2020).
 Intrapreneurs Entrepreneurs: These are those entrepreneurs who work at large firm as
well as it is also know as corporate entrepreneur.
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