Examine Different Types of Entrepreneurial Ventures

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Examine different types of entrepreneurial ventures.............................................................1
P2 Similarities and Differences between Entrepreneurial Ventures...........................................2
TASK 2............................................................................................................................................4
P3 Impact of micro and small businesses on the economy.........................................................4
P4 Importance of contribution by SME towards the society and Economy...............................7
P5 Determining the characteristics, traits and skills of two successful entrepreneurs................8
P6 Entrepreneurial personality striking their state of mind and motivation...............................9
TASK 3..........................................................................................................................................10
P7 Experience and background can surrogate and obstruct entrepreneurship..........................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
In a market place, when the process of framing, launching and running a new business
process is said to be as entrepreneurship. This is basically a small business at the time it is
started. The people who starts these kinds of business or start ups are called entrepreneurs. There
are various elements which are present in entrepreneur business from the point of view of
economics and they are resources, assets and capital which will be crucial elements for growth of
business firm ( Schaper ed., 2016). There is a great saying that the higher the risk will be, the
more profit will in occurred. In this report, there are certain crucial things which will be
discussed like the range of ventures which are considered as entrepreneurial. Apart from that
there are various impacts of small business on the social and economical factors which will be
briefed along with with key aspects of an entrepreneurial mindset. Beside this, various
environment are present in marketplace which can hamper the entrepreneur elements.
TASK 1
P1 Examine different types of entrepreneurial ventures
While starting up a new business there are four kinds of entrepreneur venture in which a
business can be segmented and those are described below: Small Business Entrepreneurship: It is a kind of segment in which the large number of
business are started and even every kind of business who are large in scale once was
started in small scale business. In today's scenario, large number of entrepreneur are
focusing on launching new start ups with new innovative ideas. There are 6.3 million
business which are working under UK marketplace and has acquired marketplace around
95% and thus it lead to reduce the unemployment rate upto 42% of all non governmental
workers. Small business enterprise mainly consist of grocery stores, agencies, carpenters,
small stores in petrol pump and many others. This is basically done with the motive of
getting secured financially and this is the security typology of business as the motive is
secured and achieved. This kind of business basically helps out in getting financially
secured and earn livelihood for family and provide better standard of living like better
education facilities, good clothes, home to live and other basic needs (Berglund,
Johannisson and Schwartz, 2012).

 Scalable Start up Entrepreneurship: This kind of entrepreneurship is started up with
different motive and that is bringing good change in economy and provide elements to
development. This requires high fund for starting up business and thus for that investors
are required which have same vision just like entrepreneur got. After getting financial
investors, it is required to have high skilled workers who can work on same vision and
acquire objectives. Having angel investors and high skilled workers will boost the
confidence level in entrepreneur and will improve morale level. There are various other
elements which are involved which aids company to attain the purpose and motive and
that are high focus on aims and objectives and extracting skills for development on rapid
speed. Large scale Entrepreneurship: As per the name it is cleared that it is a large scale
business which requires high investment and fund raising. They have facility to adopt
new and latest technology and various tools and techniques which can enhance the
productivity and profitability. Several techniques which can be used like analysing
competitor pattern of growing in market, product modification and development. Large
scale company follows the guideline in which the customer can be attracted in more
manner. They have a department who has duty towards analysation of market in deep and
thus determining the actual needs and wants of customers and then providing them such
products and services which can provide them high satisfaction level. This kind of
entrepreneurship mainly focus on gaining sustainability which aids them to obtain growth
and success which is acquiring more customers and large market share (What is
Entrepreneurship?. 2015.).
 Social Entrepreneurship: This kind of entrepreneurship by its name do the same and that
is providing products and services which can fulfil the needs and wants of social factors.
Entrepreneur basically has the motive of making economy a better place and provide
development which can uphold the standard of people living in an sociality. This kind of
entrepreneurship is basically done with purpose of non profit or very low profit. With this
entrepreneurship style the typology which can be linked with this is mindset towards
growth and success of firm which enables people who are living in a society.