Different Types of Entrepreneurial Ventures | Report

Added on -2020-02-05

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ENTEREPRENURSHIP
Table of Contents...................................................................................................................................................1ENTEREPRENURSHIP................................................................................................................1INTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship......................................................................................................3P.2 The similarities and differences between entrepreneurial ventures:.....................................4TASK 2............................................................................................................................................5P.3 Micro and small businesses impact on the economy:...........................................................5P4Importance of small businesses and business start –ups in the growth of the socialeconomy......................................................................................................................................6TASK 3 ..........................................................................................................................................7P5Characteristics, traits and skills of successful entrepreneurs, which differentiate them fromother business managers..............................................................................................................7P6.Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mind-set................................................................................................................................9TASK 7............................................................................................................................................9Examine , using relevant examples obtained through your mini-research, how backgroundand experience can hinder or foster entrepreneurship. ...............................................................9Conclusion.....................................................................................................................................10REFRENCES.................................................................................................................................121Books and Journals ................................................................................................................122Online .....................................................................................................................................13
INTRODUCTIONEntrepreneurship is a trend which is these days very much in the market. He is the person whocomes up with a new idea of grooming the business. They take efforts to develop a start up andthey have to be more dedicated towards their business as they operates on small scale thereforeface more competition(Drucker,2014). Whole risk is beard by the entrepreneur himself and inthis selection of business type is very important that the best business selection should be done.Initially they start business at small scale and than do the expansion by making changes in theexisting business. In the starting the profit earned by the entrepreneurs are invested in the samebusiness for making growth. They have to be more creative and need to examine their businesson regular basis.TASK 1P1Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship.Entrepreneurship is a continuous process in which an individual take risk of new start ups andprovide the customer with new and innovative services. Te risk involved depend upon the scaleof the business which is totally shared by the entrepreneur himself/herself. There are main threetypes of entrepreneur which can be understood in detail below:1. Lifestyle entrepreneurship: These type of ventures provide management of maintenanceapproach to the the business. The income earned earned under lifestyle entrepreneurship do notfluctuate much and remains stable. These venture are selective in nature for the location but donot experiences much growth. These venture do not appoint much employees also the expansionis very slow and therefore less growth is done in these venture. They adopt the tactical business .The source of finance for these venture are self financing. Main motive of such venture is to earnnominal profit so that they can maintain their own family(Kirzner,2015). They react quickly tothe market as per the need by making and selling what customer want.2.Survival entrepreneurship: These business need not to be necessary be registered. Providemarginal assistance to the family member of the entrepreneur. These business operates with veryafew investments made on the infrastructure and also on the management process is not sotypical. They do not have much financial transactions therefore no banking activities areinvolved in these ventures and mainly cash transactions at small level take place in these
ventures. They do not come into the existence for a very long period and exists the market afterone or two year of existence.3.Managed growth ventures: These ventures experiences stable growth with time by makingchanges in the existence products and services. There is continuous entry of new ventures in thesame business line and therefore employment becomes more in these ventures and this result tothe development of different brands. These venture do not exit the market very often but eithermerge or sell their venture to other if required. Good wealth is created out of these ventures asthe do strategic management planning in the running of the business.4. Aggressive growth ventures: These venture are the one which are most technical in nature.They use the various financial sources to raise their fund for capital investment as they operateon large scale. Returns of these ventures are more as the degree of risk involve in these venture isalso higher than the other three ventures. They invest more on the premises and other fixed assetsand provide employment to a good number of employees. There growth rate is higher than theother ventures and after a particular time some venture also convert into public ventures byexpanding the scale of their business(Herrington,2010). These venture do proper planning beforestarting up the business and than direct the whole employees towards goal achievement.P.2 The similarities and differences between entrepreneurial ventures:On the basis of the scale,nature and the business type entrepreneurial venture share varioussimilarities and dissimilarity among them. Which can be understood by comparing them withone another as follows:It is believed by the people that both entrepreneurs and interpenure are similar to one another butit is of true. If compared to each other there are various differences in between them.Entrepreneur is the person who comes up with the new idea. Or he can be said as the father ofthe business and later he is supported by the interpenures to do innovations and creativity in thebusiness idea. Therefore it is wrong to use these words for the same identity. If the entrepreneurdo not exists in the business the interpenure has no work than top come up with. Other are thesocial venture whose motive is to earn profit through providing customer with what they want. Inthese venture planning is done in advance and it is examined that which product has maximumdemand in the market. This way the social venture earns the maximum profit by the increasedvolume of demand in the m,market. On the other hand the start ups comes up with their ownunique idea and try to create their demand in the market. These venture are started with less

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