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Differences and Similarities Between Entrepreneurial Ventures

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Added on  2020-06-06

Differences and Similarities Between Entrepreneurial Ventures

   Added on 2020-06-06

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Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1P 1.Types of entrepreneurship ventures their relation with entrepreneurship typology.........1P 2. Differences and similarities between entrepreneurial ventures.......................................2Task 2...............................................................................................................................................3P 3. Assessment of the impacts of micro and small business on UK economy.....................3P 4.Importance of small business and start ups in the social growth of economy after Brexit4Task 3...............................................................................................................................................6P 5.Characteristics, traits and skills of two successful entrepreneurs....................................6P 6.Aspects of entrepreneurial personality that reflects entrepreneurial motivation and mindset................................................................................................................................................7P 7.How background and experience can hinder entrepreneurship.......................................8CONCLUSION................................................................................................................................9REFERENCES ...............................................................................................................................9
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INTRODUCTIONThis assignment will discuss about small business and entrepreneurs. An economy cangrow by tiny entities and organisations. These enterprises provide job opportunities and generatemore revenues for countries. There are numerous sectors like hospitality, IT, innovation areavailable that provide employment and support to economy of any nation. Various factors arethere to affect small firms and its business. The present report is based on small business unitsand its significance in UK (Bae and et. al. 2014). Further, its main purpose is to determinefactors that can affect a small start up and its growth. Moreover, the role of an entrepreneur insmall medium enterprises (SME) will also be described.Task 1P 1.Types of entrepreneurship ventures their relation with entrepreneurship typologyEntrepreneur is the person who start and run small units with limited available resourcesand plans to take every risk and reward for his venture (Baum, Frese and Baron, 2014).Entrepreneur ventures is considered as a business that can be run by individuals or any groupwho serves quality services to people. Key projects are ventures in which administrators engagein local and global enterprises. There are various types of entrepreneurial projects which can bestarted by individuals or group of persons. These are as follows:Small business entrepreneurship: This kind of start up is the most common to start a newbusiness. It includes tiny grocery stores, travel agents, car painters, store fronts etc. these areunits that are opened to earn some revenue and feed families. The small ventures can easily beseen UK. They merely earn anything and it is hard for them to even feed their families. Theobjective of its entrepreneurs is to not earn high profits and market shares. Initially. They takefunds from their family and other relatives to start a firm and hire local workers to servecustomers. In this type of business, owners personally conduct surveys to identify needs ofpeople and serve them accordingly. Its typology is to get profits to run family (Bruton and et. al.2015).Scalable start up entrepreneurship:This type of entrepreneurialism attracts investors for fundsand it is about projecting new ideas towards them. The scalable start up is related to innovation.Its vision to give something new to people and change world by this. It hires best andexperienced professionals due to have foresighted vision of serving the world. Its chances ofgrowth is also very high. Furthermore, Silicon Valley entrepreneurs programs has to be carried1
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out to give such administrators a platform to share their ideas. The typology of such enterprisesis to provide different and innovative products to consumers. In UK various business set ups hasbeen witnessed regarding new ideas and technology.Large company entrepreneurship: This is the typical kind of venture which mainly focuses ongrowth of organisation. For this, the entrepreneurs of companies offer high quality products andservices to buyers. Through it they want to earn profits and revenues for their firms as much aspossible. Moreover, this venture concerns about market competition and work continuously to becompetitive all the time. To obtain this, they acquire new organisations and develop new productstrategy to attract more customers. Its typology is to establish as a large company in targetmarket.Social entrepreneurship: As the name indicates, its objective is to give innovative products forsocial welfare. It does not operate to earn personal profits. The main aim for this venture to servesociety and work for it. These firms render the services that can resolve social matters. It can becategorised as non profit organisation as it is not based on generating profits. These can be seenin various parts of UK P 2. Differences and similarities between entrepreneurial venturesThere are many differences between ventures discussed above. Some of them are asfollows:Structure and size: In case of small units, they are to very tiny and aim to earn profits fortheir own and family needs. Whereas, large firms are made to generate huge revenuesand shares. They are also responsible to create employment possibilities. It can also besaid that these organisations are the contributors to provide jobs and economic growth.For instance, Tesco and Lidl are large companies that helps to stable the economy of UK.The size of such big enterprises is also big (Nguyen Na Mi, 2013). If talk about smallentities, all operations and functions are performed at one shop only. On the other hand,big firms have multiple chains across country. Sometimes they operate internationally. Inscalable start ups, size does not matter, here ideas and innovations take place.Aims and objectives: This is the biggest difference between ventures. Each type of entityruns with a different motive and aim. In social entrepreneurialism, administrators payfocus to work for social needs and public welfare. On the other hand, the scalable startups pay attention to market profits and revenues with new ideas to change world. The2
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