Entrepreneurial Ventures and their Impact on Economy

Running head: MANAGEMENT
Management
Name of the student
Name of the university
Author’s note

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Table of Contents
LO1............................................................................................................................................2
P1 Examining the different type of entrepreneurial ventures.................................................2
Venture type according to sector............................................................................................2
P2 Exploring the similarities and differences between the entrepreneurial ventures.............3
M1 Investigating a diverse range of entrepreneurial ventures...............................................4
D1 Critically examining the scope, development and growth of entrepreneurial ventures. . .4
LO2............................................................................................................................................5
P3 Interpreting and assessing relevant data and statistics to illustrate micro and small
business impact on economy..................................................................................................5
P4 Examining the importance of small businesses and business start ups to the growth of
social economy.......................................................................................................................7
M2 Evaluating the differences small, medium and large businesses make to the economy..8
D2 Critically examining how small businesses have an impact on different levels of the
economy.................................................................................................................................9
LO3..........................................................................................................................................10
P5 Determining the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers.................................................................10
P6 Assessing how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset........................................................................................................11
M3 Exploring and examining different lines of argument relating to entrepreneurial
characteristics.......................................................................................................................12

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D3 Analysing the characteristics traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples....................................................................12
LO4..........................................................................................................................................13
P7 Examining using relevant examples, how background and experience can foster or
hinder entrepreneurship........................................................................................................13
M4 Analysing the link between entrepreneurial characteristics and the influence of
personal background and experience to specific successful entrepreneurs..........................14
D4 Critically evaluating how background and experience influences entrepreneurs, both
positively as well as negatively, by comparing and contrasting examples..........................15
Reference..................................................................................................................................16

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LO1
P1 Examining the different type of entrepreneurial ventures
Entrepreneurship is the manner in which a business can be set up by considering the
risks related to it, which includes the financial, as well as the managerial. As stated by
Brenkert (2017) the main differences between entrepreneur and intrapreneur are that an
entrepreneur is the leader of an operation whereas an intrapreneur is an employee. Baum et
al. (2014) stated that owner-managers denote a person owning and managing a business. The
classification of entrepreneur can be done as:
Venture type according to size
Small business entrepreneurship: The owners can only run these types of start-up
businesses and the number of employees is very low. Examples include hairdressers, grocery
stores.
Venture type according to purpose
Social entrepreneurship: This type of entrepreneurship is focused on solving various
social problems by the use of corporate social responsibilities. An example can be medical
entrepreneurs or NGOs.
Venture type according to sector
Public sector: Public sector enterprise includes the public goods and government
services. Examples of these types of sectors include the military, law enforcement, health
department and so on.
Venture type according to growth rate