Differences & Similarities Between Entrepreneurial Ventures - Assignment

   

Added on  2020-10-22

19 Pages5438 Words368 Views
ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Differences & Similarities Between Entrepreneurial Ventures - Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1Various types of entrepreneurial ventures which relate to typology of entrepreneurship...........1Differences and similarities between entrepreneurial ventures...................................................3Diverse range of entrepreneurial ventures...................................................................................8Scope, growth and development of entrepreneurial ventures......................................................8how micro and small businesses impact on the economy..........................................................9Importance of small businesses and business start-ups to the growth of the social economy.10Evaluate the differences small, medium and large businesses make to the economy, applyingrelevant data and statistics.........................................................................................................11Critically examination of small businesses which have an impact on different levels of theeconomy.....................................................................................................................................11The characteristic traits and skills of successful entrepreneur...................................................11Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.....12Explore and examine different lines of argument relating to entrepreneurial characteristics...13Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs,supported by specific examples.................................................................................................14Examine, using relevant examples, how background and experience can hinder or fosterentrepreneurship.........................................................................................................................14the link between entrepreneurial characteristics and the influence of personal background and....................................................................................................................................................15experience.................................................................................................................................15Evaluate how background and experience influences entrepreneur..........................................15CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................17
Differences & Similarities Between Entrepreneurial Ventures - Assignment_2
INTRODUCTIONEntrepreneurship deals with introducing a new business unit by taking risks of finance.Entrepreneur start with small units to make profit in less time. It can be on individual basis or onteam basis. Small business units are also like start- ups but have more number of employees ascompared to entrepreneurship. This report discuss about types of entrepreneurial ventures relatedto topology of entrepreneurship. It includes the accessing of micro and small business oneconomy growth. It also determines the characteristics traits and skills of successfulentrepreneur. It include some examples to explore the influence of background and experienceon success of entrepreneur. Entrepreneur: Entrepreneur is the person who build or set up his/her businesses, bytaking a lot of risks in believe of increasing profit. Entrepreneurship: Entrepreneurship is one of the best activity or action of setting upany businesses, taking on financial risks in hope of achieve goals and business objectives.Entrepreneurial venture: The entrepreneur is a person or individual who runs and startsher/his business with few plannings and resources, and they are responsible for all rewards andrisks of businesses venture. Entrepreneurial venture ideas basically encompasses new servicesand products rather than the existing business structure. Enterprise: Enterprise is other word for company or profit organization, but it is oftenassociated with entrepreneurial ventures.Various types of entrepreneurial ventures which relate to typology of entrepreneurshipSmall size social businesses- Small size social organizations work for the well fare ofpeople, they provide the best services and products. Small size social business concentrate onsupporting economy and help in development of healthy society (Morris and et.al., 2018). In UKnumber of start-ups and entrepreneurs are still small businesses that run its ventures perfectly.Funeral care, NHS and other businesses is considered as small size social ventures, who run her/his business effectively. Established firms- Establish business are just similar to the large ventures who isinterested to make money, just more than small entrepreneurial ventures. Establishedorganizations for example, TESCO and Marks & Spencer run businesses knowing from day onethat its vision will change the whole world, usually they would attract investment from financialinvestors (Cardon and Kirk, 2015). 1
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Large size social business- Large firms in UK foe example NHS and red cross havefinite business life cycle, they generate a lot of profit which is very beneficial for economy orcountry growth. Large size social organizations work or perform all over the world and serve it'sthe best services and products to people according to their needs and expectations. They innovatenew goods and used new technologies that helps to serve its best and appropriate service. High growth entrepreneurial ventures- High growth firm are considered as the mostbeneficial companies who have higher profit much than the another in UK. High growthorganizations for example, Facebook perform better than small businesses and scalable ventures. Types of typologies- Survival firms- Non subsidiary small organizations and medium size firms are included in this type oftypologies. Survival companies may be formally registered, has no premises, operates ventureson barter basis (James, 2015). Booth is included in survival typology because, they survive a lotjust to make profit within having few resources.Lifestyles- Lifestyles typologies give comparatively stable profit stream for business sowers basedon performance able businesses structure and also provide maintenance approach to highermanagement. TESCO is included in lifestyles firm, they make profit and interested to increaseprofitability and productivity the most. TESCO is considered in Lifestyles typologies becausethey work by measuring the life style of people and perform according to it.Managed growth companies- Facebook entrepreneurial ventures is considered in managed growth organizations. Theyincrease profit much higher than the other. They invest a lot of money for making innovativeproducts and services. Facebook is include in managed growth company as they try to managedtheir business by applying many plans or strategies. Social enterprise: Social enterprise is the company that applies commercial plans and strategies to increaseimprovements in social, financial and environmental well being, this will include increasingsocial affect alongside profits for outside shareholders. 2
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