Types of Entrepreneurial Ventures and Their Impact on Economy

UNIT 9
ENTREPRENEURSHI
P AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Examine different types of entrepreneurial ventures and how they relate to typologies.......1
P2 Explore similarities and differences between entrepreneurial ventures.................................4
TASK2 ............................................................................................................................................5
P3 Interpret and assess relevant data and statistics to illustrate micro and small businesses
impact on economy.....................................................................................................................5
P4 Explain importance of small businesses and business start ups to growth of social economy
.....................................................................................................................................................8
TASK 3..........................................................................................................................................10
P5 Determine characteristics, skills and traits of successful entrepreneurs that differentiate
from other business manager....................................................................................................10
P6 Assess aspects of entrepreneurial personality reflect entrepreneurial motivation and
mindset......................................................................................................................................11
TASK 4..........................................................................................................................................12
P7 Examine relevant examples how background and experience can hinder and foster
entrepreneurship........................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurs are the person who create and execute new and unique ideas into reality to
satisfy demands of the market and generating high amount of money. To operate an organisation
successfully, entrepreneurs are the backbone who are working effectively for generating high
revenues and also enhancing overall economy of nation (Dana, 2018). It also helps in providing
job opportunities to local people so that their living standards are to be enhanced. This report
includes various types of entrepreneurial ventures and typologies with similarities and
differences between several entrepreneurial ventures. Further it involves relevant statistics and
data that reflects impact of micro and small business on overall country economy. It also
explains importance of small and start up businesses to growth of social economy. In this
entrepreneurial traits, characteristics, skills also involved that helps in motivating and setting
their mindset related to become successful entrepreneurs. At last it involves entrepreneurial
background and experience that hinder and foster entrepreneurship.
TASK 1
P1 Examine different types of entrepreneurial ventures and how they relate to typologies
Entrepreneurship refers to an activity of setting up businesses or a firm by taking
financial risk in gaining profits. It is an creation of value that viewed as a change by entailing
risk for gaining revenues.
Entrepreneurial activity defines as a process of businesses where firms focus on
generating values by creating economic activities. These activities are related to exploration of
new ideas that is effective for growth of an enterprise. These new thoughts are effectively
converted into reality by offering goods and services to people through their business outlet
(Julien, 2018). There are several types of entrepreneurs such as serial entrepreneurs, owners
managers etc. In this serial entrepreneurs are those in which a person focus on creating and
executing unique ideas for operating business. This type of an entrepreneurial venture are
establish business with innovation and handed over to large enterprises so that it will sustain for
more time with more capital. On the other hand owners- managers are those who can handle
small business at the time of implementing change that occurs in business environment so that
enterprise will get high profits and revenues. They face major risk and stress in their business
life.
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Enterprise refers to a business entity that is developed for profit which is mainly
associated with entrepreneurial ventures. Person who have success in entrepreneurial venture are
often known as enterprising. There are several types of entrepreneurial venture which are
demonstrate below:
Different types of entrepreneurial ventures
 Social enterprise- These type of businesses are operated in business industry for welfare
and development of society and people. In this ventures are focus on developing new
ideas for development and benefits of society. These type of firms having more scope as
they offers high opportunities to local people so that their living standard is to be
enhanced. The main motto of these ventures are welfare of society not for earning
profits. Foe Examples- Save the children and many more.
 Large companies- These type of business ventures are operate at wide level where they
are working with huge capital, large size, high scope in number of employees etc. These
ventures offers products and services to wide level of customers base and focus on
expanding business operations at global level. This type of businesses need more money
to done their operations smoothly. These companies are sustaining in competitive market
where they focus on adapt the changes for gaining more profits and revenues. For
example- Tesco Plc, Blueberry etc. that are working as private firms and NHS as public
sector.
 Small enterprises- It refers to those businesses which are regulated and owned by a
person for satisfying requirements of local people. In this mainly one or two workers are
working that induces family and relatives. The size and scope of this ventures are narrow
because they operates on small scale by offering their products and services at niche
market (Dees, 2017). These type of businesses are operated by using partnership and sole
proprietorship. The main aim of development of these type of ventures is to gain profits
and livelihood. In these firms less then 50 employees are working with net worth of €2
million. For example- Orion electrotech limited that are based on private sector.
Different types of typologies
Entrepreneurial ventures are including several typologies that are linked with
development of an organisation for making the operations more effective. Some entrepreneurial
typologies are shown below:
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