Entrepreneurship: Types of Ventures, Impact on Economy, and Characteristics of Successful Entrepreneurs

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examination of different types of entrepreneurial ventures and explain how they relate to
the typology of entrepreneurship............................................................................................3
P2 Exploration of the similarities and differences between entrepreneurial ventures...........4
TASK 2............................................................................................................................................6
P3 Interpretation and assessment relevant data and statistics to illustrate how micro and small
business impact on the economy............................................................................................6
P4 Explanation of the importance of small businesses and business starts-ups to the growth of
social economy.......................................................................................................................9
TASK 3..........................................................................................................................................10
P5 Determination of the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers.................................................................10
P6 Assessment of aspects of the entrepreneurial aspect’s personality reflect entrepreneurial
motivation and mindset........................................................................................................12
TASK 4..........................................................................................................................................13
P7 Examination of ways in which background and experience can hinder or foster
entrepreneurship...................................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
An individual can be called an entrepreneur work when they come up with a new innovative
idea for a business and also develop the plan to conduct the business along with the risk involved
in it (Barbosa, Castañeda-Ayarza and Ferreira, 2020). They usually perform such businesses in
order to earn profit out of it. Entrepreneurship starts when the idea is generated in the mind of an
entrepreneur. This is followed with converting the idea into a business plan. In the following
report a description of various types of entrepreneurial ideas and different venture along with
their typology has been discussed. There is also relevant data regarding micro businesses and
their impact on economy discussed. The report consists discussions on the background,
characteristic, skills and traits of an individual affecting the decision making of an entrepreneur
along with leadership style used by them while running the business.
TASK 1
P1 Examination of different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship
There are a number of different type of ventures through which entrepreneur bring their
businesses into the market. These usually depend upon size, objective, structure of the business.
Below mentioned are various different types of entrepreneurship ventures:
Small business entrepreneurship ventures: these are those type of enterprises which bring
in small new innovations through the services and products which they provide in the market.
The major motive of these business is to make sure that they are running the business and finding
customers which will help them in generating revenue (Lingo and Elmes, 2019). Very less
capital is required to start such businesses. The business is usually done by the family itself
including some friends and relatives. These businesses hire smart and skilled employees who can
effectively carry on their activities. There are a number of examples of such business which can
be plumbers, carpenters, advisors and so on. The scope for small business enterprises is great in
regional and local levels.
Scalable start up entrepreneurship: Scalable start-up businesses are those businesses to
focus on bringing in a number of new innovation and ideas in the world. It is required by an
entrepreneur to have great ideas which have never thought of been earlier launched by any other
company. They require huge capital to start this business due to which the amount of risk

involved with this business is also high. It is required by these businesses to make sure that
they’re hiring smart and skilled employees who can effectively carry on all the activities
regarding new innovationis in the business. Facebook, YouTube for example of some scalable
start-up enterprises. The start-ups are supported by government and there are a number of
venture capitalist ready to invest in such firms which generates great scope for such
entrepreneurial ventures.
Large company entrepreneurship: large company entrepreneurship is been an already
existing company brings in a new product or service in the market which is related to some of the
products and services which they’re already delivering to the market. The major innovation
brought by the company is in the already existing product in order to grab more market share
with the help of innovation. Their major aim is to work internationally and expand their business
into a number of countries so that they can do their profits and revenues. Examples of such
enterprises can be Apple, Microsoft, Windows and so on. Getting new opportunities for long
running large enterprises is necessary so that organisations can sustainably grow in the market
for a longer period of time.
Social start-up enterprises: Social entrepreneur ships are those businesses who aim at
resolving various different issues occurring in the society. They focus on making the world a
better place to live for people. They also focus on the enhancing the living style of people with
the help of a number of issues they solve. They can be profitable organisation. Or nonprofitable
or a mix of both organisations known as hybrid organisation. It is often seen that a number of
people already join these organisations in order to serve society. They do not need to focus on
human resource requirement as people voluntarily join such organisations. There are many
examples of such organisation running in domestic as well as international regions. World health
organisation is a social entrepreneurship. Social enterprises have great scope as they have
voluntary help and can be profitable, non-profitable or hybrid. There are not many restriction on
such organisations as they are working for the benefit of society.
P2 Exploration of the similarities and differences between entrepreneurial ventures
Basis
Small
entrepreneurship
Scalable
enterprises Large
entrepreneurship
Social
entrepreneur
ship business