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Types of Entrepreneurial Venture Assignment Solution

   

Added on  2021-01-02

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ENTREPRENERUSHIP

Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Types of entrepreneurial venture and their relation to typology of entrepreneurship.......1P2 Similarities and differences between the entrepreneurial venture....................................3LO 2.................................................................................................................................................5P3. Assess relevant data and statistics to illustrate how micro and small businesses impact onthe economy............................................................................................................................5P4. Importance of small businesses and business start-ups to the growth.............................7LO 3.................................................................................................................................................8P5 Characteristic traits of successful entrepreneurs and difference between business manager.................................................................................................................................................8P6) Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mindset...........................................................................................................................10LO 4...............................................................................................................................................12P7) Examine, using relevant examples, how background and experience can hinder or fosterentrepreneurship...................................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONEntrepreneurship can be defined as a continuous process of identifying or introducing anew business idea with the purpose of earning profit. The main motive behind starting a new andinnovative business is to satisfy the needs and demands of the potential customer's. New businessis generally started after analysing the market demand and making best use of opportunitiesavailable. If these opportunities are not used in the proper manner than the resources of theorganisation will be wasted and the new business will suffer loss. The analysing of theopportunities will be based upon the recent trends of the market, preferences of the potentialcustomer's, etc. This report consist of the following topics- similarities and dissimilaritiesbetween the entrepreneurial venture, types of venture, importance of small business and theimportant skills required for being successful entrepreneur.LO1P1 Types of entrepreneurial venture and their relation to typology of entrepreneurship.Entrepreneurship is the study of improving the current business conditions and it is alsoconcerned with taking necessary steps for starting and introducing newbusiness(Entrepreneurship. 2018). It basically involves implementing the new idea for capturingand increasing the market share. The entrepreneur is an individual who makes best use of theopportunities available in the market and tries to earn profit with the help of resources available.The major qualities of the entrepreneur is to make continuous innovations in the business startedby making efforts to satisfy its customer's in the best possible manner. Another important qualityof the entrepreneur is to make best plans for the business and for the employee's who will help inachieving the planned target and goals. The various types of entrepreneurial venture areexamined below- Small business entrepreneurship- This type of entrepreneurship is formed with themotive of earning profit and satisfying the individual needs. The motive of small businessentrepreneurship is not to increase the market share of the organisation. But the motive is tosatisfy the needs of the individual and its family members. The examples of these types ofbusiness are opening a restaurant, retail shops, salon, etc. The capital and fund for these type ofbusiness is generally raised from friends, family or by taking loan from the banks (Scarborough,2016). The example of these type of entrepreneurship include Clarasys. It is the private1

organisation whereas Travelogue is the organisation which is a public sector organisation. Suchtype of organisations generally have less than 50 employee's and their net worth is approx 2million euro. Scalable start up- In this type of business the young and talented entrepreneurs start thenew business with the motive of capturing the new market or making relevant changes in theexisting market. The examples of these are introducing new medical devices or starting a newsoftware related to B2B and funds are generated from investors. These types of organisationsinclude TESCO and Marks and Spencer both the organisation belong from private sectorwhereas as NHS is a public sector organisation. Social entrepreneurship- These are introduced in the market with the motive ofproviding social services to the potential customer's and the focus is not on earning high profitsor capturing the market. The goods and services are produced as per the needs of the society. Thefund generation procedure totally depends the nature and size of the non profit organisation(Burns and Dewhurst, 2016) . This means of the size of the organisation is large than fund willbe automatically required in large quantity. The major focus of these type of entrepreneurship ison increasing the satisfaction level of customer's. This is usually done by making necessarychanges for the social welfare. The example of these organisation include save children. Typology of entrepreneurship- Typology refers to an effective classification of entrepreneurialventures, based on several characteristics such as their physical along with several contextualcharacteristics. The different type of entrepreneurship are introduced with different motive andgoals. The entrepreneurship are of various types, some of the major type are discussed below-Lifestyle Entrepreneurs- These entrepreneurs begin their business ventures for thereason of their dreams and ambitions. Successful business persons are responsible for beginningsuch ventures without consideration of profits, rather accomplishment of one's passion.Social Entrepreneurs- They are individuals which are responsible for beginning theirbusiness ventures to ensure social benefits within the society. They provide products and servicesthrough which, several communities could be benefited.Imitators- This type of typology includesentrepreneurs who make necessary changes inthe already existing market and products. The major motive of these type of entrepreneurs is tomake best use of the opportunities in the existing market so that the state of competitiveadvantage can be gained. 2

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