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INTRODUCTIONEntrepreneur are considered as those individuals who has capabilities as well as potentialto establish, manage new business enterprise at own risk. In order to achieve the success theyhave to achieve experiences and skills through continuous research and practices. In this context,various types of entrepreneur ventures are analysed to understand opportunities for individuals toachieve experience and growth. This report will provide a complete understanding aboutcontribution micro and SMEs towards development of economy of UK. It also provided acomplete understanding about the traits and characteristics which helps an individual to achievecontinuous success in life. At last, impact of European union and background ofentrepreneurship is considered that a complete understanding about the achievement of successin relevant industry. TASK 1P1 Kinds of entrepreneurial ventures and relations to typologyEntrepreneurship is considered as an ability and willingness to develop planning,organizing and managing a business to achieve the personal objectives at own risk (Soltanifar,2016). Entrepreneur develops a creative idea and plans to commence a new venture at personalfinancial resources. In this context, there are some entrepreneurial ventures in which anentrepreneur must engage to maximize profits such as:Large scale ventures:From the analysis, it is recognised that those business enterpriseswho are engaged or deals in international market are considered as large entrepreneurialventures (Szirmai, Naudé and Goedhuys, 2011). These ventures are created by bigcompany's either by merger or joint venture to continue a business at shared risk.Entrepreneurs at global level should engage in these business ventures to gain profits byintroducing new ideas and resources. Innovations and providing new goods are the mainobjective and tools of these ventures. It is also considered that existing firms involve inventures either by acquiring the business or developing a new product with newpromotional strategies. For example: KFC which has established its operations at large,Thomas cook merged with High street travel agents with cooperative group which hasprovided both the companies a profit of around £35million in financial year.Small Scale entrepreneurship : It is also a kind of entrepreneurial ventures whichincludes sole proprietorship in which a single person engage in business by developing1
creative ideas and regulate its operations and satisfy the needs of people at small scale(Audretsch, Falck and Heblich, 2011). Further, these enterprises are hair saloons, travelagents, business consultants, e-commerce websites etc. People develops their owncreative ideas and hire local but qualified individuals to runs their business activities topersonal objectives. They will take financial resources either from small finances, banksand other scalable enterprises etc. For example: Old world Inn which a trip advisor firm,Ozone coffee etc.Scalable start-up ventures: With raid growth in business, start ups has achieved a greatsignificance and provided a way to individuals or entrepreneurs to develop, organize, andmanage innovative business. These are considered as new business that generally requireslow investments and generate a sufficient amount of profits. These are also considered astypes of enterprises that provide financial resources to small business ventures. Forexample: Shanghai that is a financial hub.Social ventures:Entrepreneurs and firms give more focus on the customer needs andtheir goods and services (Huggins and Thompson, 2015). These ventures are created byindividuals with an initiative to solve the social problems and to develop theinfrastructure rather than taking the market share or maximizing wealth. They are alsoconsidered as non- profit organizations that regulate within counties with the objectivesto provide employment to people and reduce the rate of unemployment. For example:Ethex a positive investment firm, sky light crisis cafe etc.Below given are some typologies that relates to entrepreneurial ventures such as:1.Serial entrepreneurs: These are considered as those entrepreneurs that usually createsnew ideas and starts business but unlike others they will not continue with the day to dayoperations (Mitra, 2013). They often transfer ownership and responsibilities to other largescale ventures. For example: Omar Hamoui, a 35 year old, that has developed a strongmobile advertising network named “Admob” then sold it to Google. 2.Social entrepreneurs : Those individuals that creates social innovations andtransformations in various fields such as education, health care and business developmentetc. For example: SEKEM started by Dr. Ibrahim Abouleish which has provided supportin developing healthcare sector by creating new medicines for various diseases.2
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