Types of Entrepreneurial Ventures - Assignment
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Added on 2020-01-23
Types of Entrepreneurial Ventures - Assignment
Added on 2020-01-23
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ENTREPRENEURSHIP AND SMALL BUSINESSMANAGEMENTStudent NameStudent IDProfessor NameAssignment Name
IntroductionThe entrepreneurship can be regarded as the act of setting up business entities with the objectiveof gaining business profits. The small business entities can be transformed into multinationalcorporations through utilising effective growth and harvesting strategies. In addition, the smallbusiness management can be successful if emphasis can be laid upon the utilisation ofentrepreneurial skills for improving bottom line. This assignment will be making discourse onthe exploration and illustration on different types of entrepreneurial ventures and their relation toentrepreneurship typology. In addition, the similarities and differences between entrepreneurialventures will be highlighted. It will also be illustrated how micro and small business entities play important role in puttingimpact on UK economy. The explanation will be given on what role the local businesses andregional start-ups play for ensuring the higher level of social economy. The comparativeanalysis will be conducted between the specific, attribute and mastery of successfulentrepreneurs and those of managers. Moreover, the assessment will be conducted on theinfluences of different aspects of entrepreneurial personality on motivation and mindset. It willalso be shown how background and experience play prominent role in hinderingentrepreneurship. In this way, this assignment will be discussing different aspects ofentrepreneurship and local business management.Task 1 Types of Businessman Ventures and Their relations with EntrepreneurshipTypology (P1)The entrepreneurial ventures are what plays prominent role in targeting high level of return oninvestment. The entrepreneurial ventures also plays prominent role in ensuring the arrangementfor capital and raw materials with the objective of producing goods and offering services to thecustomers. The small business can be developed into entrepreneurial ventures with the adoptionof effective strategy for dealing with unknown predictable and unpredictable business risks. In accordance with the opinion of Linton and Solomon (2017), the entrepreneurs play the role ofboth-initiator and driver. The entrepreneurs play prominent role in taking initiative for thecreation of business entity with the objective of creating wealth. On the other hand, the2
entrepreneurs are required to utilise their leadership skills with the objective of improvingbottom line. The entrepreneurs have the capability of customising the business for gainingcompetitive as well as strategic advantage over industrial rivals.Tselepis et al. (2016) have highlighted some of the basic concepts related with entrepreneurship,such as measurement of business risks, utilisation of creativity, fiscal responsibility, utilisation ofmanagement skills and so on. These things are needed for entrepreneurs in order to developsmall business into entrepreneurial ventures. The utilisation of management skills can be helpfulfor entrepreneurs in ensuring business success. In addition, the capability of taking calculatedrisks can play prominent role in ensuring the success in terms of business revenue generation andfinancial profitability.There are different kinds of entrepreneurial ventures, such as survival venture, managed growthventure aggressive growth venture and so on. In these types of ventures, the entrepreneursengage in with the objective of creating wealth. As stated by McKeown (2017), the survivalentrepreneurial ventures have to conduct its business activities through limited assets. Soleproprietorship can be fallen under this category. The basic source of capital is the income ofindividuals. The business operations are conducted based upon cash. This of entrepreneurialventure has to struggle in highly competitive market for ensuring survival. The concept ofbusiness banking relationship is not existent in the context of survival entrepreneurial ventures.The entrepreneurial orientation is at low level. The entrepreneurs take reactive approach whiledealing with business related issues.The managed growth entrepreneurial ventures’ business operations are run through effectivebusiness models. The stability in the the business growth can be ensured over a period of timewith the launch of different kinds of product and service portfolio. As stated by Schaper (2016),the effective expansion of the business can be ensured through growth and harvest strategies.The staffs, facilities and locations are expanded through the effective business developmentstrategies. The business can be developed through effective utilisation of organisationaldevelopment and change models. The organisations lay emphasis on innovation and R&Dactivities for creating value in business activities. The entrepreneurial orientation is at moderatelevel. The entrepreneurs take strategic approach while dealing with business related issues.The aggressive growth entrepreneurial ventures utilise state-of-the-art technology for ensuringrapid business growth. The utilisation of equity capital plays prominent role in funding the3
business thereby resulting in ensuring business growth. The growth of revenue reaches at highlevel within five years. Within a short period of time, the firms gain competitive advantage overindustrial rivals through following effective business models. As opined by Hong and Lu (2016),the organisations adopt aggressive marketing and sales strategy for increasing market share. Theentrepreneurs take strategic and proactive approach for increasing market share. Entrepreneurialorientation is at very high level in this venture. In addition, the lifestyle entrepreneurial ventures adopt tactical approach for dealing withbusiness issues. They rely upon operational and basic level of managerial skills for conductingbusiness operations.The entrepreneurial ventures can be related with different kinds of entrepreneurs. The serialentrepreneurs play significant role in coming up with new ideas for improving businessperformance of different kinds of business ventures. As opined by Woodfield et al. (2017), theserial entrepreneurship can play prominent role in developing small business entities intoentrepreneurship ventures.The social entrepreneurs are required to possess passion for making the change into reality. Thesocial entrepreneurs can play prominent role in ensuring driving social innovation as well astransformation in the context of enterprise development. As notified by El-Gohary et al. (2016),the social entrepreneurs can be able to ensure the development of different entrepreneursventures through laying emphasis on innovation and transformation.The women have been playing prominent role in utilisation of entrepreneurial skills forimproving business productivity. As averred by Chell et al. (2016), the female entrepreneurshave been facing challenges as a lot of women are expected to maintain balance between familyand business. In addition, female entrepreneurship has to counter its male counterpart. Despiteall these challenges, the female entrepreneurship has been keeping on playing significant role inimproving the business performance of different entrepreneurship ventures. The limited accessto funding has become also challenging for the development of female entrepreneurship.With the help of your research distinguish between the entrepreneurialventures and also find its similarities (P2)Some of the similarities and differences between the entrepreneurial ventures are givenbelow:4
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