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What do Entrepreneurs Create?

Understanding Four Types of Ventures

Michael H. Morris and Donald F. Kuratko

Four different types of ventures created by entrepreneurs are explored in What Do Entrepreneurs Create?: survival, lifestyle, managed growth and aggressive growth. The concept of a balanced venture portfolio is introduced to guide public policy formulation and the development of entrepreneurial ecosystems.
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Chapter 11: Why all ventures matter: toward a portfolio perspective

Michael H. Morris and Donald F. Kuratko


The relative contributions of each of the four venture types are assessed. Relationships and interdependencies among the four types are investigated and the disproportionate benefits produced by aggressive growth ventures are tied to these interdependencies. A series of arguments are presented regarding the need to encourage all four types of ventures. Based on these arguments, the adoption of a portfolio perspective is advocated. As with a financial portfolio, risks and returns to society will be maximized when there is a balance across the portfolio of ventures. Implications are drawn for venture portfolios that are unbalanced, or over-emphasize a particular type of venture.

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