Different Types of Entrepreneurial Ventures and Their Impact on Economy

Unit 9

Table of Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1) Different types of entrepreneurial ventures along with their relation with typology of
entrepreneurship......................................................................................................................................3
P2) Similarities as well as differences between different entrepreneurial ventures..................................5
M2) Discuss different range of entrepreneurial ventures to demonstrate understanding of
entrepreneurship in public and corporate sector......................................................................................6
TASK 2.......................................................................................................................................................6
P3) Assess data and statistics to demonstrate the impact of micro and small business on economy........6
P4) Discuss importance of small business and startups in growth of social economy.............................8
M2) Evaluate difference between large, medium and small enterprise with appropriate data and
statistics...................................................................................................................................................9
TASK 3.....................................................................................................................................................10
P5) Discuss different traits, characteristics and skills of successful entrepreneurs................................10
P6) Discuss the way in which entrepreneurial personality reflect entrepreneurial motivation and mind
set..........................................................................................................................................................12
M3) Explore different lines of argument in relation of entrepreneurial characteristics..........................12
TASK 4.....................................................................................................................................................13
P7) Discuss relevant examples to depict how background and experience can foster or hinder
entrepreneurial practice.........................................................................................................................13
M4) Analyze association between characteristics of entrepreneurs and the influence of their personal
background and experience with specific example of successful entrepreneurs....................................13
CONCLUSION.........................................................................................................................................15
REFRENCES............................................................................................................................................16

INTRODUCTION
Entrepreneurship is an activity that is associated with risk taking to bring new as well as
innovative ideas among customers. It is undertake by entrepreneurs with an aim to earn
substantial amount of sales and profitability. They take higher risk to ensure sustainability of a
new venture in competitive market place (Hoppe, 2016). In the current report two entrepreneurs
such as Elizabeth Gooch who is a lady entrepreneur and founder of EG solutions PLC. The
another entrepreneur is Tom Mercer and known for a food venture called Moma foods. The
current report comprise different types of entrepreneurial ventures along with difference and
similarities in different ventures. Apart from this ,skills, attributes, traits of above mention two
entrepreneurs have also been discussed in the present report. Lastly, impact of background,
personal experiences on promoting entrepreneurship have been also included in the following
report.
TASK 1
P1) Different types of entrepreneurial ventures along with their relation with typology of
entrepreneurship
Large company entrepreneurial venture: These companies work at large level by
providing a lot of products and services to customers. Here, large companies generally operate at
international level to serve global audience in significant manner. There is huge investment
require to operate this kind of companies. Main aim of large organizations is to earn substantial
profit margin by providing quality services and products to customers. For instance Google,
Apple, Amazon are some large companies which are working at global level.
Scalable entrepreneurial venture: Under this, innovative approaches are used by entrepreneurs
in order to bring innovation and uniqueness in products. They undertake effective actions to
convert the ideas and thoughts in reality. They also take assistance of competent individuals for
further growth and success of business. For instance, Face book, Twitter, Instragram are some
renowned examples of this kind of entrepreneurship venture (Badulescu and Badulescu, 2016).

Small business entrepreneurial ventures: These kinds of business units are started by
individuals with lower amount of investment and resources. For this, it is imperative to have
some creative as well as innovative ideas so that there are higher probabilities of sustainability.
These ventures are undertaken to develop risk taking abilities in individuals. Here, entrepreneurs
take necessary money generally from friends, family and acquaintances to start business. Now,
there are some other options such as angle investors and venture capitalist are also present in
market who funded small business with an aim to earn substantial profit in future. Small bakery
shops, plumber, carpenters are some example of small business venture.
Social Entrepreneurial venture: It refers to the venture that has been started with an aim
to serve the society. Main aim of these individuals is to maximize societal growth and upliftment
by undertaking necessary business functions. They put efforts to bring some positive and
necessary changes in society. For this, social entrepreneurs work to provide quality products to
customers at lower price in order to enhance their living standards. There are some social entities
like safepoint trust which are working to provide better health services and treatments to
individuals (Welter, Baker and Wirsching, 2019).
Therefore, there are several entrepreneurial ventures that have been started with different
aims such as earning profit, facilitating social wellbeing and more. Different typologies of
entrepreneurship are mentioned below:
Aggressive growth ventures: It is stated that majority of business ventures undertake
innovative and unique methods with an aim to provide better services to customers. New
ventures are generally started with an aim to earn substantial amount of profit margin by
providing quality products and services to buyers.
Lifestyle venture: These entities are operated with an aim to provide quality services to
customers in order to enhance their living standards. There is lower investment is done in these
kind of entities.
Manages growth venture: Here, these kind of ventures are initiated for exploring
business at wide level (Donckels and Miettinen, 2019). In this, entrepreneurs work to expand
business at international level so that they can target domestic as well as international audience
in an efficient manner.