Entrepreneurship and Small Business Management: Types of Ventures, Impact on Economy and Social Economy Enhancement

V
Introduction
Entrepreneurship is defined as the process of finding new opportunities and creating
new and innovative enterprises to gain profitability through bearing all the risk. It is basically
an mindset that allows an individual to find opportunity in each and every situation, there
creativity leads them either to build a business ideas or find capabilities in others that can
benefits entrepreneur in enhancing that business. The person who starts a business entity is
know as entrepreneur. For this report Bill Gates is chosen as an entrepreneur. Bill gates is one
of the most successful entrepreneur of microcomputer revolution. He was born in
Washington and in the year 1975 he founded Microsoft. This report highlights the various
kinds of entrepreneurial ventures and how they are connected to the typology of
entrepreneurship. Differences and similarities of various entrepreneurial ventures and the
relevant data to understand the impact of small businesses on economy is also mentioned in
this report (Amoroso and Link, 2018). In addition to this benefits of small business in
enhancing social economy and the skills of an entrepreneur in comparison to the manager is
also highlighted.
Discuss various kinds of entrepreneurial ventures and explain how they are connected to
typology of entrepreneurship
The entrepreneurship is the process of creating new and innovative business
enterprises in order to gain profit and satisfy the needs and wants of the customers. The
entrepreneurial ventures are started by the entrepreneur, he is someone who finds creative
ideas and opportunities from any of situation and contiguously work towards converting
those opportunities into profitable entrepreneurial ventures. In order to start the business
ventures he bears all the risk (Baumol, 2021). Entrepreneurs are considered to be someone
who has different mindset which leads them to achieve their desired goals and objectives and
successful implement their vision also.
Small business vs. Entrepreneurial ventures: The small business are relatively small in
size started with very less amount of capital. Also the small business mainly deals with well
know products and services and avoids taking any kind of risk as they are small in size.
Whereas the entrepreneurial ventures are the kind of ventures started by the entrepreneur with
some innovative and creative ideas. Entrepreneur are always ready to take risk and because of
this they always deal with unknown risk in the market (Ben Arfi and Hikkesrova, 2021).
There are different types of entrepreneurial mainly depending on the size, scope and purpose.
The various types of entrepreneurial ventures are highlighted below:
 Small business entrepreneurship: The first type of entrepreneurship venture is
the small business entrepreneurship, these type of ventures are generally small
in size and started by a single entrepreneur with very less number of
employees. All the business activities are owned and managed by the
entrepreneur himself. The main focus of these types of ventures is not
maximising the profit but satisfy the needs of their customers. Most of the
small business are started by the family members or friends to provide quality
services.
 Scalable start-up entrepreneurship: The another type of entrepreneurial
ventures is the scalable start-up entrepreneurship, this kind of ventures are
started with some creative and innovative ideas. Entrepreneurs believe in
brining the change in the world with their innovation and creative ideas. These
kind of ventures are also started with some innovative ideas only.
 Large company entrepreneurship: In case of large company entrepreneurship,
these kind of entrepreneurial ventures are large in size started with large
amount of capital. Large company ventures focus on offering quality services
to their customers and satisfying their needs. The main aim of these ventures is
maximising their profitability and retaining their customers for long period of
time. They also focus on changing customers needs and preferences and
accordingly offers quality products to them (Coulibaly and et. al., 2018).
 Social entrepreneurship: The last type of entrepreneurial venture is the social
entrepreneurship, these are generally started in order to satisfy the needs and
wants of the society. The entrepreneur focus on solving social problem
through their creative and innovative products and services. These kind of
entrepreneurial continuously work towards brining new changes in the society
and working towards their welfare.
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT (Part 1)