Different Types of Entrepreneurial Ventures and its Relation with Typology
Added on 2020-06-04
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Different types of entrepreneurial ventures and its relation with typology .........................3P2. Differences and Similarities among various entrepreneurial ventures.................................5P3. Impact of micro and small business on the economy...........................................................6P4. Explain the importance of small business and start ups on the growth of social economy..7M1. .............................................................................................................................................9M2...............................................................................................................................................9D1................................................................................................................................................9D2................................................................................................................................................9TASK 2............................................................................................................................................9P5. Determine the characteristic traits and skills possessed by successful entrepreneur............9P6.Aspects of entrepreneurial personality that reflect motivation and mindset........................10P7. Person's background and past experiences that can hinder of foster entrepreneurship......10M3.............................................................................................................................................10M4.............................................................................................................................................10D3..............................................................................................................................................10D4..............................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurship is the important process of initiating a new business or venture in orderto carry out the whole process in effective and efficient way. It involve coming up withinnovative and fresh thoughts and ideas and it is conducted by entrepreneur. Every businessorganisation exist due to some aims and objectives that has to be fulfilled in set time period. Thisreport highlight different types of entrepreneurship ventures and its impact on the economy.Apart from it, there are certain characteristics, skills that must be possessed by business man inorder to conduct it in successful manner. Person's background and past experiences can eitherhinder or foster entrepreneurship thus, it plays an important role in entrepreneur's life. There arenumber of factors that affect the business performance in many ways. This report also throwslight on numerous risks and rewards that are associated while starting a business organisationhence, it must also be focused upon properly. TASK 1P1. Different types of entrepreneurial ventures and its relation with typology Entrepreneurial venture are established in order to accomplish set targets in set timeperiod. Their primary motive is to earn high financial gains and outcomes. Another objectivesinclude creating high market share and growth. Entrepreneur is defined as an individual who come up with innovative and new thoughtsfor running business organisation. They have to perform several duties so that their final aimscould be accomplished in proper time period (Ackermann, 2012). There are number of resourcesof diverse nature and types that has to be coordinated together for completing the work task inconducive mode. There are different types of entrepreneurial ventures that is present in businessenvironment are discussed below: Social Enterprises: This type of business organisation is constructed for rendering socialservices to people of society. Their basic aim do not include earning huge profits but tosatisfy demands and wants of people effectively. It include non cooperative societies thatis established for some purpose or action. Large scale business: It is created for conducting large scale operations and workprocess that include high amount of capital and investments. It is very much differentfrom small scale business in number of grounds.
Small scale business: It is constituted by single individual who make plans andprocedures for conducting their own business. It include plumber, carpenter, smalldepartmental and general stores. The chief characteristic of this enterprise is that it iscarried out by family members by investing their own savings and money. Start Up ventures: It refers to opening up of new business entity that has not beeninitiated yet in the environment by any business man. There are number of risks that areassociated with it hence, entrepreneur must carry out work process properly. There areinvestors that are present which provide financial aid to them (Blackburn, Hart, andWainwright, 2013). Relationship of entrepreneurship with typologies:Female entrepreneurs: As the name suggests, business is carried out by femalemembers. They perform operations and transactions similar to male members. They takeall risks and obstacles that come on their way while running business. Social Businessperson: They perform all work tasks that lead to upliftment of standardof living of individual present in society. They are voluntary organisation that is notestablished for earning profits. Serial entrepreneurs: It refers to business activity that has been performed by singleperson. It is carried forward to other individual after some period of time. They have tomanage all resources that are required to carry out business organisation in correctmanner. P2. Differences and Similarities among various entrepreneurial venturesBusiness environment is consisted of number of entrepreneurial ventures that aredifferent and similar on some basis that are described below: Male entrepreneurs Female entrepreneurs Differences Differences Male business man are strong and stiffin their nature and run their businessaccordingly. They are quite inflexiblein their decisions and want to achievetheir final goals and objectives inparticular time period without anyFemale entrepreneurs are somewheresoft and practical in nature. Theymanage all their work together whetherit is household related work or businessrelated. They are expert in maintainingbalance between their overall work
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