TASK 1 1 P1 Types of entrepreneurial ventures

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Entrepreneurship and SmallBusiness Management
Table of ContentsEntrepreneurship and Small Business Management..............................................................1INTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Types of entrepreneurial ventures :-.................................................................................3P2 similarities and differences between different types of entrepreneurship ventures :.......5Differences between micro, small and medium sizes enterprises :........................................8P3 Impacts of micro and small businesses on economy........................................................9P4 Importance of small business and start ups businesses on the growth of social economy10P5 Determine the characteristics and skills of successful entrepreneurs............................11P6 Assessment of entrepreneurial personality which reflect entrepreneurial mindset andmotivation............................................................................................................................12P7 How can person's background and experience can foster the entrepreneurship............14CONCLUSION.............................................................................................................................14REFERENCES................................................................................................................................1
INTRODUCTIONIn order to define the entrepreneurship, it is essential to realize what is entrepreneurship.It is a hazard load-bearing act to create and manage an administration along with devising profit.The normal examples of entrepreneurship is starting a new business. It is accumulation of land,labour and natural resources or capital. By join forces all these parts' entrepreneurship increaseprofit and attain success. Furthermore, there are various types of entrepreneurial ventures whichare represented in this report and also joined relation with categorization ofentrepreneurship(Burns, 2016.). There are contrary roles, features and missions of theentrepreneurship ventures. Similarities and dissimilarities between private and public sectors arealso explained. Micro and small businesses contribute to the economy in huge manner byproviding the employee opportunities. These are the enterprises by which authorities can enlargethe activities of big scale enterprises. Apart from these, there are contrastive forms of skills andcharacteristics of entrepreneurs represented which create differentiate from others(Ribeiro-Soriano, 2017.). there are different personality of entrepreneurs which reflect the mindset ofentrepreneurs. Small businesses plays an essential role in economic growth by providingdifferent advantages such as increasing the job opportunity for the locals and giving highercontribution on the social activities.TASK 1P1 Types of entrepreneurial ventures :-Define entrepreneurship and enterprise:Entrepreneurship is a combination of land,labour, capital and natural resources. It is the concept of processing and managing theventures of business in order to achieve success and attain more profits by taking risk.Furthermore, enterprise is an organisation or institution where employees hasaccomplished there activities to achieve specific objectives.Differentiate between entrepreneurs and intrapreneurs:Entrepreneurs are the person whobears risk factors to operate there business and the main objective is to earn return andreward as profits. While, intrapreneurs are the workers of the business who get specificremuneration and wages in exchange of their efforts and activities.
Different activities that linked with entrepreneurship:The main activity of entrepreneurs to predict the marketing factors and inform thecompanies about the impacts of these factors. They analyse the market and instruct thebusiness about when products should be purchase and when it should be sold. They alsoanalyse the modifications of the market which may affect the activities of the business.There are various external factors which consider social, economical, environmental andtechnical factors which may be create opportunities for the business.There are different types of entrepreneurial ventures but generally it considers four typessuch as small businesses, scalable businesses, start up businesses and large companyentrepreneurship.Entrepreneurship of small business :In a small business entrepreneurship, they recruit localworkers or members of family. Anyone who attempt their own business concern, areentrepreneurs. Accompanying to the categorization of small enterprises here are some forms ofwelfares like : less time in figure out the difficulties of consumers, simple to business deal withclient's concerns and questions instantly, power to providing services to the consumers. In smallenterprises, they are capable to direct experts on a little value. Overheads expenditures are fewerthan other organizations, it is more bendable because of accepting market conditions instantly.These forms of enterprises are scarcely economical and profitable(Ribeiro-Soriano, 2017.). . Theprimary purpose of these types of enterprises is to accomplish the necessities and needs of thefamily and then create a profit. To take over any business is not goal of these kinds of businessbecause they don't furnish the scale of measurement to force and attract the capital of ventures.Entrepreneurship of scalable start-up: Scalable start-up means risk and return is unreasonablewhether small business means risk and return is reasonable. The main objective of the scalablestart up enterprises is to create a big or brand-new marketplace, they desired to make best of timeand wealth. In the order to attendant with categorization of entrepreneurship, there are severalwelfares like freedom to pick any prospects, incoming cost is down, high quality of living andfreedom to inquire question or so on.Entrepreneurship of large company :There are several welfares in according to related withcategorization of entrepreneurship such as approachability to economics expansion anddevelopment, higher capability to yield hazard and risk, talent of pull in customers, advantagesfrom many kinds of promotional, overhead expenditure will be little and labour division. It is
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