Unit 9 Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset

Entrepreneurial Ventures and
Exploration of the
Entrepreneurial Mindset

INTRODUCTION
Entrepreneurship can be defined as an ability of an individual known as entrepreneur to
develop organised and run a business enterprise along with bear to where all the risk associated
with the business organisation in order to make profit. Entrepreneur is the person who starts
entrepreneur adventure by identifying opportunity and developing product by identifying the gap
between existing product and needs and desires of the customer. This report discusses about
entrepreneur real Ventures and similarities and differences between different entrepreneurship
Ventures. This report will also discuss about small businesses and their impact on Economy
small business can be defined as business with limited scope and invested capital. Followed by
this report will discuss about characteristic traits and skills of a successful entrepreneur and how
they differentiate entrepreneurs from business managers and will discuss about personality of
entrepreneur. Success of entrepreneur is result of fostering there entrepreneurship. There are
several factors that affect entrepreneurship and contribute in fostering entrepreneurship and they
can also hinder entrepreneurship of the entrepreneur. This report will discuss about those factors
of entrepreneurship.
MAIN BODY
Different types of entrepreneurial ventures
Entrepreneurship is an act of creating a new venture by identifying the scope of growth
and analysing existing need for the product and service being sold by the venture, and along with
this bearing all the risk associated with in order to generate profit from the venture (Kier and
McMullen, 2018). Entrepreneurship can be defined as something which involves creation and
extraction of value (Gaddefors and Anderson, 2017).
There are several concepts regarding entrepreneurship.
Serial entrepreneur
As one of the important characteristic of entrepreneurs which includes identifying and coming up
with new ideas serial entrepreneurs are those who come up with new ideas and start new
businesses on the basis of those ideas. The difference in entrepreneur and serial entrepreneur is

those entrepreneurs come up with new ideas and develop the company and then run the company
they have developed. Serial entrepreneur is on the other hand comes up with several ideas and
start businesses instead of starting only one business.
Intrapreneurs
Intrapreneurs can be defined as an employee use task in the organisation is to develop innovative
ideas and products for company. Intrapreneurs are save from risk of failure is there not
developing Idea on their own. But at the same time they also did not get complete benefit of the
innovation they have done.
Owner manager
Owner manager can be defined as a person who has started the business and is owner of the
business and along with that also play important role in day to day management of the business.
These are known as owner managers (Karagiannaki, Trachana and Doukidis, 2018).
These were some of the types of entrepreneurs. Now the discussion will include types of
entrepreneur Ventures.
Typology of entrepreneurship is as follows-
Survival entrepreneurship
Survival entrepreneurship involves micro and small ventures. These are known as
survival because they are able to give profit which is required for fulfilling substantial needs of
the entrepreneurs. Scope of this type of ventures is limited in growth and their scope and area of
operations is also limited. These types of business operate to the area of their locality or the city
where they exist. The difference in small and micro enterprise is that small business might
employ less than 50 employees whereas employees employed in micro firm are less than 10.
Lifestyle entrepreneurship
Lifestyle entrepreneurship includes businesses which are able to provide a high standard
of life to entrepreneurs and the ventures operated under this are medium size ventures. In this
type of ventures maximum employees employed are 250.