Entrepreneurial Ventures: Types, Impact, and Importance

ENTREPRENEURIAL
VENTURES
(PART-1)

TABLE OF CONTENT
ENTREPRENEURIAL VENTURES.................................................................................................1
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1Examining different types of entrepreneurial ventures and explaining how they relate to the
typology of entrepreneurship..................................................................................................3
P2 Exploring the similarities and differences between entrepreneurial ventures and
investigating a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector.......................................................4
TASK 2............................................................................................................................................7
P3 Interpreting and assessing relevant statistics and data for illustrating how small and micro
business impact on the economy............................................................................................7
P4 Explaining the importance of small businesses and business start-ups to the growth of
social economy. Evaluating the differences small, medium and large businesses make to the
economy relevant to the data and statistics............................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is defined as process or procedure of designing, running and launching a
new business venture. It is said that this type of business is similar to small businesses and has
willingness, capacity and ability for developing, organizing and managing a new venture along
with minimizing risks and maximizing profits. Entrepreneur is the person who takes the
responsibility of carrying out activities of entrepreneurship to make a new business successful.
There are different types of ownership structures in entrepreneurial ventures and entrepreneurs
require particular characteristics and skills for developing and managing a business (Bertoni,
Martí and Reverte, 2019).
The ability, experience and background of an entrepreneur hold diverse impact on the
entrepreneurship that could hinder or foster a business. The present study is focusing on various
types of entrepreneurial ventures and their impact on the business and an economy. Along with
this, mindset and skills required for setting up a new business would be explained with the
personal background, experience and way that could affect the new business.
TASK 1
P1Examining different types of entrepreneurial ventures and explaining how they relate to the
typology of entrepreneurship
Entrepreneurial ventures could be defined as an organization that focuses on placing innovation
for producing social or economic value. Entrepreneurial ventures are generally correlated with
the characteristics of entrepreneur. The different kinds of entrepreneurial ventures may include:
Scalable start up entrepreneurship: This is the type of business that starts with the motive of
bringing innovative ideas and focusing on offering innovative services and products from the
beginning of business. These are the kind of entrepreneurs who have belief and confidence on
their ideas as they could contribute in changing the world. This type of entrepreneurs gets
investment from different venture capitalists. This specific organization focuses and looks for
skilled, brightest and talented mind for the various operations of business and they make sure
that selected talented mind set up a model of scalable business (Lee and Huang, 2018).
Small business entrepreneurship: This is the kind of start up business that is run by owners and
has few numbers of workers or employees. In the small business the generation of revenue is in
at small scale and this business is more concerned about attracting more number of clients and

developing their own services and products. This is the kind of business that could be with
members of family, friends and relatives as partner. Therefore, there are varieties of small
businesses that offer innovative services or products and grow exceptionally.
Large company entrepreneurship: The large companies have multiple life cycles and they are
more concerned about offering new services or products to the consumers for longevity,
sustainability and development of the business. The demands and requirements of consumers
change continuously with legislation and competition that ultimately force large companies to
bring innovation and focus on new products for the whole new market. Hence, it is also observed
that because of the size of organization that is large it creates difficulty in bringing innovation in
every step and stage of different operations.
Social Entrepreneurship: This is the kind of entrepreneurship that is concerned about resolving
social issues and problems by offering services and products that could solve those problems.
This is the kind of companies that focus on developing world by creating more opportunities and
this could be done for the motive of earning profits. In this there are various companies that do
not have motive to earn profits but to serve people of the society for their betterment (Bertoni,
Martí and Reverte, 2019).
P2 Exploring the similarities and differences between entrepreneurial ventures and investigating
a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector
There are certain similarities and differences between entrepreneurial ventures that are defined
below:
Factors Scalable start up
entrepreneurship
Small business
entrepreneurship
Large company
entrepreneurship
Social
entrepreneurship
Objectives and
goals
The main goal of
the scalable start
up
entrepreneurship
is to offer
products or
services that are
innovative in
This is the type
entrepreneurial
ventures that do
not focus on
objective of
earning profit at
initial stages but
it is more
This is the type
of organization
that targets
towards attaining
maximum
market share by
fulfilling
expectations and
This is the
organization that
focuses on
offering great
quality products
and services for
helping society
and making