P1.Examine Different Types of Entrepreneurial Ventures

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INTRODUCTIONIn this world,vital role is played by both small and large businesses in the economy of acountry.The word 'Entrepreneur' is derived from French word “Entreprendre” means, “toundertake”. An enterpriser is the owner of a business organization who identifies opportunity,develop, organize and manage company venture, to achieve goals by undertaking risks in acommercial enterprise (Cooper and Folta, 2017). For instance, starting up of a new businesses isan entrepreneurship. As, an entrepreneur success they possesses characteristics such aspassionate, motivated, ensure financial stability towards their business. In thisreportheterogeneous ventures of entrepreneurship,their typology, closeness and divergence, small andmicro businesses impact on an economy which is explained with the help of statistics,impact ofnew business ventures and small business,mindset and characteristics of two successfulentrepreneurs is discussed, motivation, impacts of background experience are analysed.TASK 1P1.Examine different types of entrepreneurial ventures and explaintypology ofentrepreneurship.The entrepreneurial venture is made up of two words that is entrepreneur which means toundertake things and a venture refer to a word journey in respect to gain a profit by taking uprisk of loss or failure. An entrepreneur venture refers to an organization that helps to getopportunity by innovation and creativity in order to improve and produce their economy andvalue in the existing competitive world. It is all about the risk, failure, ambiguity and learningfrom it. A business venture can invest in a group or by an individual that bring a financial gain.These are created according to demand or lack of supply in a market (Aldrich, 2017). It willenhance the participation and sharpen their ability to recommand and evaluate opportunities fora new ventures. An entrepreneurial venture involves commencement of a company, ideagenerating, sales and marketing strategies and set up for growth.Types of entrepreneurial venturesTo assess the extent to which businessperson venture is categorized into four. These aredescribed under as follow:Basically there are four types of typology in entrepreneurship, these are as follows:1
Small business entrepreneurship: This typology includes the small businesses such asgrocery stores, consultants, plumbers, carpenters, electricians, etc.or entrepreneurs.Local employees or family members handle such kind of business.For instance, if aperson is doing business of hairdresser, needs to frugal for an investment to set up theirbusiness. It require information about market, visit local vendors and other relatedfactors.Scalable start-up Entrepreneurship:In this typology of entrepreneur, they begininstitution from day one can change their world. They hire best and brightest which caneasily manageable according to a situation arises in an organization (Meyer, Neck andMeeks, 2017). It includes managed growth venture which can be maintained apparentlycondition of work.Large company Entrepreneurship:These typology have bounded life cycles. It can beaffected by changes in tastes, new technology, offering products by variants in existingone, entry of new firm, etc. can create pressure for more troubled innovation. This typeof typology is related to an aggressive entrepreneurial venture which refer to high rate ofincome required at the time of establishment of a firm.Social Entrepreneurship:It is an innovator who focuses on creating products andservices which are generally used to resolve the problems. These includes business which can benon profit, for profit or hybrid type of an enterprise.Typology of entrepreneurshipSurvival Venture: This project assist in identifying these venture that are posedwithremarkable dilemma. Purpose of this kind of business is to create a source of income foran enterprise. Survival ventureis utilised for an individual primary source of financialgain. Primary source of livelihood is created for individual in such kind of venture.Lifestyle Venture: It refers to the daily operations activities in an existing competitiveworld. Although, it related to the standard of living according to trend and cultureadopted by a surrounding environment (Acs, Autio and Szerb, 2014). This type ofventure consider the gauge for selection which includes local small firms that should beless than five year old, local competitiveness, rising performance from presentoperations, focuses on two or more location in a market place and so on.2
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