Different Type of Entrepreneurial Ventures

Added on -2020-02-05

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Entrepreneurship
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different type of entrepreneurial ventures.............................................................................3P2 Similarities and differences between entrepreneurial ventures.............................................4M1...............................................................................................................................................5D1................................................................................................................................................6TASK 2............................................................................................................................................6P3 Impact of small and micro business enterprises on the economy..........................................6P4 Importance of small business for the growth of social economy...........................................7M2...............................................................................................................................................8D2................................................................................................................................................8TASK 3............................................................................................................................................9P5 Characteristic, skills and traits of successful entrepreneurs...................................................9P6 Entrepreneurial motivation and mind-set.............................................................................10M3.............................................................................................................................................11D3..............................................................................................................................................11TASK 4..........................................................................................................................................11P7 Impact of background and experience on entrepreneurship................................................11M4.............................................................................................................................................12D4..............................................................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONEntrepreneurs are creators of new ventures who does not only fulfil their own targets butalso bring a huge change in the society. These changes are strongly impact upon the economyand provides job opportunity to local people. A successful entrepreneur always take a risk andthey always lead in the market. For becoming a successful entrepreneur is not difficult if theyknow that how to start the business in global competitive market (Baptista, Lima and Preto,2013). Entrepreneurship is approach of new thinking and acting upon some new sections whichbring a huge change in the economy. Entrepreneur start business and take a high amount of riskin terms of finance. It is not important that every entrepreneur will get success in their life. Thepresent report is focus on entrepreneurship and small business enterprises. Here different types ofentrepreneurial ventures and their typologies has been described. Along with this, theirsimilarities and differences has been described. Further the impact of small business on thegrowth of economy is disused and the characteristics, skills and traits of two successfulentrepreneur has been taken to describe. For the SME's UBER taxi has been selected.TASK 1P1. Different type of entrepreneurial venturesEntrepreneurs are those person who always search something new and exploits the ideasso that they can gain new opportunities. Through this they have to also accept risk which areassociated with the enterprises. Entrepreneur starts their business with small amount and try toprovide new products and services to customers. But entrepreneurial ventures starts theirbusiness individuals and having limited resources and planning and take high amount of risk toretain in market for a long period of time (Belso-Martinez, Molina-Morales and Mas-Verdu,2013). The following are some entrepreneurial ventures which has been described below.Small business ventures – These kind of ventures start their business with the motive tofulfil the needs of people. Small business includes; grocery stores, travel agents, carpenters andmany more. They have to succeed in to fulfil the needs of families, but not to earn a profits of100$ million for the business. These ventures can be anyone to run business and hire the localpeople or their families to run their business successful. The owner of UBER is Travis Kalanickwho had introduced the taxies for middle and lower class people. The aim of this firm is toprovide convenience to customers while they are travelling from one place to another. 1
Scalable start-up ventures - These kind of ventures start their business after knowingthat what they have to do from first day that they could change the vision of world. They take theadvice from the experts so that they can earn profits. Venture capitalistic support them to startbusiness in global competitive market. In the starting of business their aim is to satisfy the needsof people but after a particular period of time there main motive is to earn high amount of profit.For example, there are many entrepreneurs in country who start their business with the main ofsatisfying the needs of customers and after that they have to earn huge amount of amount. Social entrepreneurship – They are those innovators who mainly focus on needs offamilies and societies. They provide those products and services which can solve the social needsof people and their problems (Boyett, 2013). Their main is to improve the life style of localpeople and provide them a job opportunities. The following are the different types entrepreneur typology which are relate with theabove entrepreneurial ventures.Serial entrepreneur – In this person start different kind of businesses with intention tooperate any business for a long period of time. Serial entrepreneur start one business and workuntil and unless when it becomes successful, then sell it and start other business. These kind ofentrepreneurship are very risky. Female entrepreneur – In this female start the business with full confidence to controlthe business. They know how to control the business at small level. There are most successfulfemale entrepreneur who are very rich and inspire other females also to start business. Social entrepreneur – In this entrepreneur start the business with the motive of to satisfythe needs of customers. Their aim is not to earn high amount of profits. Through this they cansolve the problem of society.P2. Similarities and differences between entrepreneurial venturesThe entrepreneurial of SME are promoting the action plan which supports the education.For example, Travis Kalanick has provided job opportunities to local people for driving the car.They are also promoting competitiveness and innovation for the satisfying the needs ofcustomers. Small venture start their business with the aim of to satisfy the needs of people. Theystart their business at a small amount. Normally these ventures are supported by the venturecapitalistic. The employees of these kind of venture are their families, friends and many more.2

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