Types of Entrepreneurial Ventures and Their Relationship to Typology of Entrepreneurship

UNIT 9

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
P1 Types of entrepreneurial ventures and relationship to the typology of entrepreneurship. 1
P2 Similarities and differences between entrepreneurial ventures.........................................2
P3 Micro and small businesses impact on the economy with data and statistics..................5
P4 Importance of small businesses and business start-ups to the growth of the social economy
................................................................................................................................................5
P5 Traits and skills of successful entrepreneurs that differentiate them from other business
managers.................................................................................................................................6
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set
................................................................................................................................................8
P7 How background and experience can hinder or foster entrepreneurship..........................9
CONCLUSION................................................................................................................................9
References:.....................................................................................................................................10

INTRODUCTION
Entrepreneurship is defined as the generating a new business or expanding the existing
one by following all the business guidelines, operations, marketing strategies and ethics. Small
business is defined as the newly start-up businesses which are not very much explored and
provides less number of services initially with less number of employees working in an
organization (What Determines Small Business vs. Large Business?, 2020). The following report
is based on the types of ventures relating to typology, similarities and differences between them,
impact of small businesses on economy, importance of micro businesses, differentiating the
successful and small businesses, motivation and mindset of big entrepreneurs and discussion
using various examples of experience in entrepreneurs.
MAIN BODY
P1 Types of entrepreneurial ventures and relationship to the typology of entrepreneurship
Types of ventures
 Small: These are the organizations which are independent and mainly operated for profit
purpose on a small scale which is not dominant in their field. It's goals is to transform
their business into long term and big organizations by increasing their product and
services range, increasing their funds, sales and marketing strategies and improvement in
performances. These businesses are usually restaurants, construction firms, retail stores
and agriculture. They generally raise the funds through micro loans, personal funds, bank
loan, family and friends (Ahl and Marlow, 2019). Their outcomes includes generation of
employment and payroll taxes but not on large scale, they offer necessary products and
services in relation to retail and goods. It's relationship with research and survival
typology can be these business are established with more deep analysis of new
innovations and ideas and initially they focus on the survival of the business in order to
first gain the stability in the market. Large: These are the organizations already established which are independent and mainly
operated for profit purpose on a large scale which is dominant in their field. It's goals is
focus on generating the profits and revenues substantially. These businesses are usually
big IT companies or specific brand range like Infosys, TCS, Wipro, L&T and many more.
They generally raise the funds through revenues, subsidiaries and tax credits. They have
1