ESBM P1: Examining Entrepreneurial Ventures and Their Typology

[ESBM]
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P1 EXAMINE DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND
EXPLAIN HOW THEY RELATE TO THE TYPOLOGY OF ENTREPRENEURSHIP
VENTURES, INCLUDING EXAMPLES OF EACH TYPE
Entrepreneurship is defined as the competency and eagerness to plan, create, establish and
manage a venture related to the business and concerning any kind of risk associated to that
specific venture so that profits can be earned and the one who conducts all the activities for
this is called as entrepreneurs (Kirzner, 2015). The most common example relates to the
entrepreneurship is setting up a new business. There are various types of entrepreneurship
from which some of them are discussed below:
 THE SKEPTICAL ENTREPRENEURSHIP: Under this, the business is initiated by using the
success idea of other entrepreneurs the entrepreneurs observe the business of others and
tries to find the lucky factors or the legacy that the other entrepreneur might have received.
Such entrepreneurship is skeptical of one's success and believes behind this is not the well-
planned ideas but the stars falling into right place for the other entrepreneur whose ideas
are being examined.
 THE COPYCAT ENTREPRENEURSHIP: As the name suggests under this type of
entrepreneurship the ideas of a successful entrepreneur's business is copied in exactly same
pattern to start a new business. Everything in this entrepreneurship is similar the business
idea, the website, the ways entrepreneurs will present themselves, business cards etc.
 THE RESEARCHED ENTREPRENEURSHIP: Such type of entrepreneurship is carried out by
learning, the business is started after a proper research by practically thinking of every
situation and the results for the tactics that are planned to start and further grow the
business (Jain and Singh, 2017.).
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 THE DETERMINED ENTREPRENEURSHIP: In such type of entrepreneurship the
entrepreneurs have not done anything yet but will definitely do as they are determined
towards their work and no matter what the situation is they will carry out their work will full
effectiveness. This type of entrepreneurship is when the entrepreneur finds value in
entrepreneurship and finds it that success can be attained without copying others and
works on the ideas that they w=feel are good for their new business and its growth.
THE WAYS THE TYPES OF ENTREPRENEURSHIP EXPLAINED ABOVE RELATE TO THE TYPOLOGY
OF ENTREPRENEURSHIP VENTURES
Different and variant types of entrepreneurship ventures are called as the typology of the
entrepreneurship venture. There are mainly four types of entrepreneurship ventures those are
Small scale business entrepreneurship, Scalable startup entrepreneurship venture, Large
company entrepreneurship venture, Social entrepreneurship venture. The relation among the
entrepreneurship explained above and the types of entrepreneurship ventures are as follows:
 A skeptical entrepreneurship will always think for a small business entrepreneurship
venture such as grocery, consultants, and travel agencies or will choose such business
those they find more likely to match with their starts instead of their ideas.
 The copycat entrepreneurship can relate to any kind of entrepreneurship ventures and it
totally depends on which type of entrepreneur they are copying to and what aims the
entrepreneur they copied to have for their business.
 The researched entrepreneurship will likely relate to large company entrepreneurship
venture typology as they do the entire research on the different types of entrepreneurship
venture and which will most suit their business ideas and help the business in gaining
profits and such entrepreneurship venture develops through creative and new offerings
which are likely to be found during the research.
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