(PDF) P1 Different Types of Entrepreneurial Venture
Added on 2020-10-22
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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial venture and relate to type of typology ofentrepreneurship..........................................................................................................................1P2 Various similarities and difference among entrepreneurial venture......................................3TASK 2............................................................................................................................................5P3 Interpreting and assessing the impact of small business in economy growth........................5P4 Importance of small businesses and start-ups........................................................................7TASK 3............................................................................................................................................8P5 Traits and skills that entrepreneurs have to make business successful..................................8P6 Aspects of the entrepreneurial personality reflect its motivation and mindset....................10TASK 4..........................................................................................................................................11P7 Component that foster or hinder entrepreneurship..............................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneur is a person those are capable to develop innovative ideas of completing taskor produce goods. They are able to convert idea into reality through this individual are producehighly innovative commodities as compare to others. Entrepreneurial venture is an organisationthat are place opportunism as well as innovation at their hearts to produce economic product forsocial value. In United Kingdom there are approx 51 % of total private firm has small in theirnature so that government of the nation has develop strategies in order to promote start ups inwhich they are organise seminar etc (Burns, 2016). In this report select Ensoft limited companyto analysis the impact of entrepreneurial venture in economy as well as on society at whole. Itwas established in the year 1997. Here work around 71 employees and all are engineers. Theyare produce high quality networking software. In this assignment covers type of entrepreneurialventure and its topology, impact of macro factors in small business. It also covers characteristicsof entrepreneurs and its impact on organisation performance. TASK 1P1 Different types of entrepreneurial venture and relate to type of typology of entrepreneurshipEntrepreneurial ventures are known as firms started by individuals to use funds andgenerate adequate revenue. Organisation have collection of risk, success and failure which is dueto market environment which is dynamic and keeps on changing with time. This defines thatadministration require to make changes in system and make it function in according to conditionsprevailing in market. An entrepreneur is a person who establish new venture and take risk associated withfinancial assets which require to get expected results and outcomes. These firm enhanceemployment opportunities and help government to improve state of country by providing peopletactic to get appropriate money to purchase things to maintain their living standards. Entrepreneurial ventures have different typologies and types which have inter-connectionand link with each other (Schaper and et. al., 2015). Types of Entrepreneurial venture: These are various forms of organisation which aredescribed below:Social entrepreneurship: This kind of firm is started and operated by individuals toutilise capital and deliver appropriate items and services in market for welfare of society.1
Entrepreneur aim is to have adequate funds to solve problems that are faced by public and don'thave objective to generate revenue from business. Female entrepreneurship: It is another form which includes organisation that areincorporated by women to gain adequate profit. This helps entrepreneur to execute businessoperations which advantage them to get appropriate amount of funds for their living. There aremany firms which are controlled by both male and female, but major share is of women which is51% (Storey, 2016). Small business entrepreneurship: This is type of firm which defines that individuals setup outlet to generate adequate profit from business. Entrepreneur have limited capital andresources which impact on scale of operations that are organised by enterprise to accomplishgoals and objectives. Ensoft is small scale firm which is a software company that provideappropriate services to clients. This helps owner to utilise funds and gain sufficient revenue frombusiness. Scalable entrepreneurship: Executive have innovative idea which are used by them tostart business and set up new venture in market. Entrepreneur execute market research toacknowledge opportunities which are present in market. This define that individuals search forinvestors which help them to have adequate funds to raise capital and execute businessoperations effectively. Large scale entrepreneurship: This is another form of venture which specifiesinformation about organisation which requires to have appropriate amount of funds to establishbranches in more than one nation. It is necessary that entrepreneur formulate strategies and useadequate tools and techniques help administration in attaining objectives within defined time.Along this, company provide different items and services in respect to needs and wants of peoplewhich benefits management generate adequate profit from business (Blackburn, Hart andWainwright, 2013). Henceforth, entrepreneur frame statement which specifies information about vision,mission, goal and objective. This help administration to use funds and execute operations in suchmanner that appropriate outcomes are achieved by them. Thus, these are various forms oftypologies which are defined beneath:Managed development venture: This form of organisation determine that entrepreneurorganise activities and set up outlets to gain adequate revenue. It is necessary that2
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