Entrepreneurial Ventures: Types, Impact, and Mindset Analysis

This report delves into the multifaceted world of entrepreneurial ventures, categorizing them into types such as social enterprises, profit-driven companies, and public entities. It examines the impact of small businesses on both national and international economies, highlighting their contribution to employment, innovation, and economic growth. The report further explores the characteristic traits, skills, and motivational drives of successful entrepreneurs, using the example of Lee Byung-chul of Samsung. It analyzes the various mindsets that contribute to entrepreneurial success, including social and growth mindsets, and assesses entrepreneurial motivation through the OCEAN model. The report also considers how an entrepreneur's background and experience can either foster or hinder their success, concluding with a summary of key findings and references to relevant sources.

Exploration of entrepreneur
mind set

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
Types and typology of different entrepreneurial venture with similarities and difference....1
Impact of small business on national and international economy..........................................3
PART B............................................................................................................................................3
Characteristic traits, skills and motivational drives................................................................3
Various characteristic of the entrepreneurial personality reflect entrepreneurial motivation.4
Background and experience on entrepreneurship...................................................................5
CONCLUSION................................................................................................................................5
References........................................................................................................................................6

INTRODUCTION
Entrepreneur is the set of business or other business which are takes financial risk with
positive hope of profit. Entrepreneur mind set is determine the what, how and when work is done
in effective manner (Amato and et.al., 2017). This report is going to explore different range of
venture types of entrepreneurial and impact of small business on the economy. The presentation
will base on the successful entrepreneur of Samsung. This will determine and assess by the key
aspects of an entrepreneurial mind set. It will also examine different environmental that foster
and hinder entrepreneurship.
PART A
Types and typology of different entrepreneurial venture with similarities and difference.
There are different types of entrepreneurial venture which are as follows; Social enterprise is refers free services to peoples. This types of companies are open for
give the best life people without earn money. For example: NHS is the best social
company which is provided free medical services to clients for their healthy motives.
They are open there business without earning money. Profit motive company is open by individual person for achieve money like Samsung.
This company have motive to earn money at marketplace by sell of their products and
services (Burns and Dewhurst, 2016).
 Public company is owned by individual but it concerns in public company. Like TCG
consulting company is public company. That have main motive to earn money not on
profit and loss by giving advice to peoples.
Typology of entrepreneurial venture: Small business entrepreneurship is privately owned business to survive in life. That
types of business are earned money for survive like Ice cream shop and general retail
shops. Scalable start-up entrepreneurship are takes innovation in their business for promote
that in marketplace. They are turn their business into high growth and profitable
company. This business can increase revenue of business at market place. Like Facebook
company is firstly start business and after some turn into high growth.
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 Large company is generally believed refers to develop new ideas and opportunities in
large business. That directly improve organization profitability and enhanced
competition. Like McDonald's is large company that make their growth by lunching new
food items.
 Social entrepreneurship is technique by which companies are start business for develop
and implementing solution like culture, social and environmental issues.
There are had various similarities and difference between entrepreneurial venture which are
mentioned below:
Similarities between different entrepreneurial venture:
 Profit earning is similar in each type of entrepreneur because all entrepreneur like social,
private, public and lifestyle business are run for earn money and profits. Creating brand name is also similar in each type because all business man want success
and best goodwill at marketplace.
Difference between different entrepreneurial venture:
Basis Survival
entrepreneur
Lifestyle
entrepreneur
Managed growth
(private
entrepreneur)
Aggressive
growth (social
entrepreneur)
Profit seeking That type of
entrepreneur
always looks for
profit because in
case of failure it
will not sustain
their market.
That type of
business is also
looked for profit
by sell their
products and
services at
marketplace
(Burns, 2016).
That type of
business is open
for earn more
money.
That type of
business is not
open for earn
money.
Technology
investment
Their business are
not invested on
technology.
They are use
more technology
for reach out the
current trends.
That type is
business are more
invest on
technology for
compete in
Here is need to
invest in
technology for get
idea of new
treatment for
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market place. peoples.
Impact of small business on national and international economy.
In the context of developing and generating economy, small and medium size enterprises
impacts to the great extent. It is analysed and accounted that there are about 99.8% of the total
enterprises of UK are small and medium size. It is also analysed and stated that there were total
5.2 billion businesses in the UK was small and medium size in the year of 2014. All these
businesses have ability to fuel economic growth and are innovators that brings new ideas and
skills of doing things (Donckels and Miettinen, 2019).
It also helps in providing 33 % employment to the people which generate 19% turnover.
Micro businesses are also increasing and on booming stage. There were about 5 million
businesses are medium size organizations. All these businesses have great impact in generating
economy. As per the report which published in the year of 2015, these businesses provided 600
million jobs which help them in creating around 33% of the national income & 45% of the total
employment in emerging countries.
PART B
Characteristic traits, skills and motivational drives.
There are various characteristics which are help to entrepreneur for become successful
entrepreneur at marketplace. Success of entrepreneur is based on their characteristic not on
money and idea. Self motivation is most important and effective trait and characteristic of successful
entrepreneur of Samsung is Lee Byung-chul. He is self motivate for work and reach
towards success. Risk taker is other characteristic of successful entrepreneur. Successful entrepreneur have
to understand risk and solve to that in effective manner.
 Passions is another characteristic of entrepreneur with the help of passion they are able to
achieve success in there life. This give the best motivation to them fore reach success
with high growth.
For example: owner of Samsung is Lee Byung-chul is successful entrepreneur he was take
various risk in success. Other hand, characteristic, skills and motivational drives of successful
manager are different. Every manager and entrepreneur have their own characteristic, skill and
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motivation tools which has support to them to achieve success. Motivational tools are friends,
family and economy drivers.
Various characteristic of the entrepreneurial personality reflect entrepreneurial motivation.
Entrepreneur mind set is effective which is often missing by important conversation. It is
about the certain ways of thinking. Mind set is give chance for face challenges and mistakes in
effective manner. There are different types of mind sets of Samsung entrepreneur are as follows:
 Social mind set types of peoples are love with peoples like make new friends and explore
new culture and ways of life. This types of mind set have advantage which is easier make
new friends and peoples by promoting their business.
 Growth mind set is best for get success in their life by promoting high values. This type
of peoples are always thought about new for improving themselves. The advantage of this
type of mind set is to be improved various and unique areas of life at fast pace.
Those are types of mind set and it is important for entrepreneur to become a successful
entrepreneur. This is important for encourage creativity and innovative idea for work. To
analysis the motivation here is look towards OCEAN model are as follows:
 Openness to experience is art, emotion, idea and curiosity of entrepreneurial experience.
Entrepreneur of Samsung was open with their experience by that they intellectually and
open with all emotions. This element made peoples more creatives to thinks for success.
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 Conscientiousness is the display of self-discipline, act and ready for achieve all the thinks
which are important for peoples. Lee Byung-chul was always ready and paid full
attention for achieve details.
 Extraversion is set of various activities which has important for entrepreneur to get
success at workplace. This creates energy by external peoples. By this they comfortable
around the peoples.
 Agreeableness reflect behaviour of individual in general concerns to the social harmony.
This people have optimistic view of human nature.
 Neuroticism is experience of negative emotions such as anger, depression etc. this type of
peoples are not get success easily. They get irritated, stressed and upset easily.
Background and experience on entrepreneurship.
Background and experience of entrepreneur can hinder and foster. This can give high
success to peoples in their life. The owner of Samsung is Lee Byung-chul is successful
entrepreneur of South Korea businesses. He was born in 12th Feb 1912 in South Korea. He was
son of healthy and wealthy family. After, completing their school they have take admission in
college. He was attended college at Waseda university in Tokyo, but he was not able to complete
their degree. He was started rice mill, but it not gets success it got failure in life. After that, they
have started export business which name is Samsung trading company. In 1960, he was started
business into electronics industry. They got success in electronics industry. Their background
and experience was foster by this they got success in their life in effective manner.
CONCLUSION
From the above study is had been concluded that entrepreneurial have various such as
survival, lifestyle and managed growth firm. Other hand typology of entrepreneurial venture has
different types which has similarities and difference like creative ideas. The presentations have
shows the characteristic of successful entrepreneur and mind sets. The growth, social mind set of
people help to achieve success in life. The background and experience of peoples can foster and
hinder which has highly supportive for success.
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References
Books and Journals
Amato and et.al., 2017. Regulatory modes and entrepreneurship: the mediational role of alertness
in small business success. Journal of Small Business Management. 55. pp.27-42.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Donckels, R. and Miettinen, A., 2019. Entrepreneurship and SME research: on its way to the
next millennium. Routledge.
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