Exploring Entrepreneurial Ventures: Types, Typology, and Analysis

Entrepreneurship involves creating, improving, and developing a business using entrepreneurial skills to achieve profits, bring about social change, and introduce life-changing ideas. Various researchers have proposed typologies of entrepreneurship based on criteria such as security, recognition, decision-making, power, and need for achievement. Different types of entrepreneurial ventures include small business entrepreneurship, growth ventures, large company entrepreneurship, social entrepreneurship, and scalable startup entrepreneurship. These ventures differ in their focus on product development, growth, sustainability, social impact, and innovation. In both the public and corporate sectors, entrepreneurial ventures play an important role in economic development. Public sector ventures focus on social development and welfare, while corporate sector ventures focus on continuous improvement and competitive advantage. The scope, development, and growth of entrepreneurial ventures are influenced by factors such as market demand and competition.  

LO1 Exploring and illustrating the range of venture types that might be considered
entrepreneurial.
P1 Description of different types of entrepreneurial ventures and the ways those relate to the
typology of entrepreneurship
Nowadays, entrepreneurship means to create, improve and develop a business with different
entrepreneurial skills for gaining the desired profits, bringing and measuring the changes in the
society, and also introducing some life-changing ideas. There have various researchers who
have provided their typologies of entrepreneurship based on various criteria like security,
recognition, decision-making, power need for achievement, etc. The different types of
entrepreneurial ventures and their related typologies are described below:
Small Business Entrepreneurship: In this type of startup business mainly focuses on the
development of its product and services and trying to get more customers and not possible to
make higher profits. The small businesses like travel agents, plumbers, storfronts, grocery
shores, etc. Furthermore, these small businesses are providing new and innovative products
and services and grow substantially (Dahlstrand and Stevenson, 2017).
Growth Venture: This venture is working on accomplishing the desire to contribute to the
organization’s growth to do well in the competitive environment. In this present situation,
Zoom, Peloton, DoorDash, etc. led strong-growing ventures in 2020.
Large company Entrepreneurship: These types of organizations have a limited lifecycle and
work on the durability and sustainability of the business by offering innovative and new
products and services to their potential customers. Some of the large companies in the UK are
McLaren Technology Group, Greenergy Int. Ltd., Brakes Group, Arcadic Group, etc.
Social Entrepreneurship: By solving and mitigating all the different social problems, this type of
organization emphasizes making the world better and also can be non-profitable, profitable,
and hybrid (Scarborough and Cornwall, 2018). The creativity in democracy, law courts, schools
are the examples of social entrepreneurship.

Scalable Startup Entrepreneurship: This type of venture mainly focuses on creativity, quality,
and improvement of the products and services and also inquires after for doing investment
from the venture capitalists. Instagram, Twitter, Facebook, Google are the some exapmles of
this entrepreneurship.
M1 Investigating the diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and corporate sectors
The diverse range of entrepreneurial ventures to elucidate the understanding of
entrepreneurship in both the sectors of public and corporate are explained below:
Public Sectors: As public sectors are governed directly and indirectly by the government, these
ventures focus on social development and welfare rather than attaining profitability. NHS is one
of the famous ventures in public sectors that offers emergency services, healthcare services,
health care, transplant, etc. The government supervises those organizations and also invests
money to finance those organizations to offer quality and good products and services.
Corporate Sectors: There are many organizations such as scalable entrepreneurship ventures
those are connected with corporate sectors that emphasize continuable improvement through
concentrating on the competitors by taking different strategies to achieve competitive
advantages(Burns and Dewhurst, 2016). These organizations like Greenergy International Ltd.,
largest supplier of fuels, play an important part in the domestic economy which helps to
enhance the economic situations.
D1 Examination of the Scope, development, and growth of entrepreneurial ventures
As the recession rate in the UK is reducing day by day, the development, scope, and also growth
sector is enhancing and the entrepreneurial ventures also play an essential role for each level of
the organizations. If organizations operate their activities with the format of these estimating
three elements of entrepreneurial ventures, those organizations will able to satisfy the
customers’ needs by developing their products and services through ensuring profitability as
well. Nowadays, people are trying to evolve in many more entrepreneurial ventures with their
innovative and creative skills. But the development and scope are mainly set free for those

ventures which are small and medium-sized businesses as about 99.03% of the businesses are
operated and managed by small and medium organizations. Moreover, the growth and
development of any entrepreneurial ventures mainly depend on the performances of the
ventures of providing quality products and services and taking sustainable and flexible
strategies to compete in the competitive market.