Different types of entrepreneurial ventures and their relation to typologies

Assessment

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Different types of entrepreneurial ventures and their relation to typologies..........................1
P2 Similarities and differences between entrepreneurial ventures..............................................1
LO 2.................................................................................................................................................3
P3 Relevant Data and statistical that how small and micro businesses impact the social
economy.......................................................................................................................................3
P4 Importance of start-up and small businesses to the growth of the social economy................3
LO 3.................................................................................................................................................4
P5 Characteristic traits and skills of successful entrepreneur that differ them from businessman
......................................................................................................................................................4
P6 Aspects of the entrepreneurial personality reflect their motivation and mindset...................5
LO 4.................................................................................................................................................6
P7 How background and experience of successful entrepreneur hinder and foster
entrepreneurship...........................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneur is an individual who run a business and activities which are being
performed by him/her is known as entrepreneurship (Kirzner, 2015). This study is going to show
differences between entrepreneurial ventures in the context of size, structure and aim. It will also
show interrelationship of typologies with entrepreneurial ventures like sole proprietor,
partnership, micro business, small and large businesses.
P1 Different types of entrepreneurial ventures and their relation to typologies
Entrepreneurial venture: Entrepreneurial ventures refers a business who is being run by
an individual called entrepreneur that works as a owner of an organization and provides advisory
services to mid and early stage of companies with the main aim of uplifting people and make
money.
Types of enterprises:
Social: This type of enterprises includes all those businesses whose preliminary aim is to
serve vulnerable people rather than making money. By serving people and providing them basic
needs of services, entrepreneurs improve living standard of people. Examples: Police, Doctors.
Corporate: Corporate entrepreneurial ventures are those who support employees to think
and treat as like entrepreneurs. Those employees are encouraged and given advisory services
who have skills to identify opportunities and develop ideas to make innovative things. Limited
liability partnership, joint stock companies.
Public: It refers those organizations who are owned by their staff and deliver public
services (Carraher, Welsh and Svilokos, 2016). Some telecommunication and other utilities like
electricity.
Some typologies which have interrelation with entrepreneurial ventures such as:
Sole proprietor: Sole proprietor is an individual who works and perform all activities as
a owner of a business. Those type of businesses which is being run by one person is called sole
proprietor. It may be social and corporate.
Partnership: Partnership is a type of business in which 2 or more than 2 people share
profits, loss and management. The share of profits and loss depends on their investment amount.
P2 Similarities and differences between entrepreneurial ventures
1

Similarities Social Corporate Public
Aim The main aim of
social entrepreneurial
ventures is to fulfil
needs of society.
This type of
businesses wants to
earn money but by
satisfying needs of
people.
This type of businesses
wants to earn money
along with providing
services to people.
Sustainability Managing
sustainability is the
same feature of this
company.
Sustainable business
model is followed.
To provide sustainable
services to people.
Differences Social Corporate Public
Risk This ventures
mainly work for
society and not
for earning
money so, they
do not have to
face risk of
human resources,
technical and
other sources.
It faces multiple risk as it is
large in the size and work
mainly for earning money.
Political, reputation,
financial are some risks.
There is less chances of
risks as it is a public
company and get most of
the benefits from the
government.
Size In the context of
size, it can
depend upon the
number of
employees and
volunteers that
Maximum number of
employees in corporate
type is more than 10.
In the context of size it can
be said that there is no
particular limit of
employees in public sector.
2