(Doc) P1 Different Types of Entrepreneurial Ventures
Added on 2020-11-12
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TASK 1............................................................................................................................................4P1 Different types of entrepreneurial ventures and their relation to typology ofentrepreneurship.....................................................................................................................4P2 Similarities and differences between entrepreneurial ventures.........................................6TASK 2............................................................................................................................................8P3 Assess and interpret impact of micro and small business on economy............................8P4 Small and start-ups contribution to growth of social economy after Brexit...................10TASK 3..........................................................................................................................................12P5 Characteristics and traits of successful entrepreneurs and difference with business manager..............................................................................................................................................12P6 Assess entrepreneurial personality reflect their motivation and mindset........................14TASK 4..........................................................................................................................................15P7 Background and experience hinder or foster entrepreneurship.......................................15CONCLUSION..............................................................................................................................16
INTRODUCTIONEntrepreneurship is a process which is executed by an individual to set up new businessto generate profit and take financial risks. Market opportunities that is unmet needs of people areidentified by them to provide products and services for fulfilling their demands. This helps themto develop an idea and convert them into reality that is establishing firm. It is essential thatperson have capability and willingness to incorporate and manage a venture. Along this, theyeven require to allocate resources properly for creation of value in market (Blackburn, Hart andWainwright, 2013). This assignment defines different entrepreneurial ventures and their relationwith typologies. Impact of micro and small business on the economic and social growth ofcountry is stated. Key aspects of an entrepreneurial personality reflection on their mindset andmotivation is defined. Besides this, experience and background foster or hinder entrepreneurshipis also described in report. TASK 1P1 Different types of entrepreneurial ventures and their relation to typology of entrepreneurshipEntrepreneurship: This is an act by which an individual incorporate a new venture formaking revenue. This is creative approach in which business operations are organised andmanaged by an entrepreneur. Along this, people are lead and make to function effectively forattainment of goals and objectives. Thus, entrepreneurship is process through which economicand social value of nation improves. These are different forms of enterprises which arementioned beneath: Small business entrepreneurship: These are organisation which are started and managedby an individual which require to generate income for maintaining their livelihood. Forexample: Grocery store, plumber, hairdresser, electrician, etc. are various firms which arelead by a single person. Social entrepreneurship: These are firms which are set up by person for developing,funding and implementing solutions in respect to social and environmental problems.For- profit, hybrid and non- profit are kinds of this whose aim is to enhance conditions ofsociety. Thus, items and services are provided in according to needs of communitypeople.
Scalable start-up entrepreneurship: These are business which are incorporated and runby person for changing the world. Innovative and creative business ideas are formulatedand implemented in firm which helps entrepreneur to make high growth and profitability.Along this, they are also able to increase market share and enlarge firm by delivering newand creative products and services to people. Large entrepreneurship: These are companies which are managed by business personswhich make decisions and run system for making good profitability. This helps firm tohave adequate funds, material and manpower for execution of operations effectively.New technologies are implemented in system which aids top personnel to deliverdifferent offerings to people. Thus, large scale firms have branches in different placeswhich benefit them to have large customer base, thereby enhance sales and revenue. Entrepreneurial ventures: It can be referred to organisation which keeps innovation atfirst priority for utilising market opportunities. This helps entrepreneur to make social andeconomic value by delivering creative products and services in market. These are various typesof entrepreneurial ventures which are as follows: Lifestyle entrepreneurial venture: These are firms which are run by people to makemoney for maintaining their living standards. Such enterprise are incorporated byindividual for completion of their passion and require to conduct activities economically. Survival entrepreneurial venture: These are business whose aim is to sustain firm'sposition and market share for longer time. Advanced technologies and tools areimplemented in system which helps management to execute activities effectively.Production costs are reduced and workers perform tasks for delivering quality productsand services to people (Carsrud and Brännback, 2011). Hence, business person is able toattain financial obligations of venture by making revenue in good amount. Corporate sector- These organisations are operate their business with the intention ofearning money and making profit through their business. Private sector enterprise is thepart of the economy and these organisations run by individuals and companies formaking profit and not state controlled. There are various type of business which areoperate by private sector such as small and mid sized businesses, large corporations andmultinationals, professionals and trade associations, trade unions, sole proprietorshipsand partnerships.
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