Entrepreneurship: Types of Ventures, Impact on Economy, and Key Aspects of an Entrepreneurial Mindset

University
Entrepreneurship
By
Date
Name
Lecturers

Entrepreneurship
Contents
Introduction:................................................................................................................................................3
LO 1. Explore and illustrate the range of venture types that might be considered entrepreneurial..............4
There are four types of entrepreneurial ventures. Those are discussed in the below which relate to the
typology of entrepreneurship...................................................................................................................4
Explore the similarities and dissimilarities between entrepreneurial ventures.........................................6
LO 2. Assess the impact of small businesses on the economy.....................................................................7
Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro and small
businesses impact on the economy..........................................................................................................7
Explain how important small businesses and business start –ups will contribute to the growth of the
social economy........................................................................................................................................9
LO 3..........................................................................................................................................................10
Key aspects of an entrepreneurial mindset.............................................................................................10
LO 4..........................................................................................................................................................13
Different environment that fosters entrepreneurship..............................................................................13
Conclusion.................................................................................................................................................15
References:................................................................................................................................................16
Page 2 of 19

Entrepreneurship
Introduction:
The Brexit had changed the economy of UK for few months. The people of this country provided
the votes which made a huge controversy all around the world. In fact, the country was facing
economic problem for few months. Entrepreneurship has typically been explained as the
technique of preparation, commencement and organising an inventive corporation, which
naturally starts on like a minute corporation, as a pioneer company, recommending an invention,
method or checks for selling or occupy, and the populace who perform so are allowed,
entrepreneurs. It has been confidential as the potential and eagerness to enlarge, systematise, and
sprint a commerce growth all along with some of its hazards to create income. These tasks
describe and provide scrutiny with the different facet of entrepreneurship. It also comprised the
dissimilar undertakings and their individualities.
Page 3 of 19

Entrepreneurship
LO 1. Explore and illustrate the range of venture types that might be considered
entrepreneurial
There are four types of entrepreneurial ventures. Those are discussed in the below which
relate to the typology of entrepreneurship.
i. Small business entrepreneurial venture:
There is imposing figure about the small business entrepreneurship in the United Kingdom. The
business opportunity in this country is quite impressive. Among the industrial firms, almost half
of the numbers are based on the non-government companies (Park, LiPuma and Prange, 2014).
The small business includes the grocery stores, the fabrication equipment business, travel
agencies, the broadband and other household business firms. Those businesses are being built up
by the individual personalities. The maximum number of living people is recruited as the
working staffs in these companies. The aim of this kind of small business firms is not too high.
The basic goal is to set up the business well and extract the reasonable profit from the
investment. This kind of entrepreneurial venture helps to set up and boost the thinking of new
business personalities (Scarborough, Cornwall and Zimmerer, 2016).
ii. Scalable start-up entrepreneurial venture:
The motif of this sort of business venture is quite like the small business investment in the matter
of earning a small amount of profit. But the focus of scalable startup business is to attract the
investors not only in the United Kingdom but also all over the world (Lerm, Rollberg and Kurz,
2012). This kind of organisation use to recruit the meritorious and smart employees. But what
makes this venture different is that the scalable investment always follows the previous theories
of successful business groups. The owners of this scalable venture want to make the stakeholders
Page 4 of 19