Entrepreneurial Ventures Assignment
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Added on 2021-01-01
Entrepreneurial Ventures Assignment
Added on 2021-01-01
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Table of ContentsINTRODUCTION...........................................................................................................................1P1 Presenting different types of entrepreneurial ventures and their relation to typology ofentrepreneurship.....................................................................................................................1P2 Describing the similarities and differences between entrepreneurial ventures.................2M1...........................................................................................................................................4D1...........................................................................................................................................4P3 Presenting how micro and small business impact on the economy..................................4P4 Importance of small business to the growth of social economy.......................................6M2...........................................................................................................................................7D2...........................................................................................................................................8P5 Determining the characteristic trait and skills of successful entrepreneurs......................8P6 Describing how aspect of entrepreneurial personality reflect entrepreneurial motivationand mindset.............................................................................................................................9M3.........................................................................................................................................10D3.........................................................................................................................................10P7 Presenting how background and experience can hinder and foster entrepreneurship.....10M4.........................................................................................................................................11D4.........................................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship is the activity that helps to set up a business and also taking up financialrisk with a hope of profit. Entrepreneurship is the process of designing, launching and running abusiness in well manner. The report main aim is to describe the importance of entrepreneurshipand that is why the report describe different types of entrepreneurial ventures and their relation totypology of entrepreneurship with differences and similarities. Further it describe the impact ofsmall business in the growth of economy and importance of small business to the growth ofsocial economy. Further, the report will present the characteristic trait and skills of successfulentrepreneurs and shows how aspect of entrepreneurial personality reflect entrepreneurialmotivation and mindset. Lastly report will present how background and experience can hinderand foster entrepreneurship.P1 Presenting different types of entrepreneurial ventures and their relation to typology ofentrepreneurshipEntrepreneurial ventures is all about the ambiguity, risk, failure and success andentrepreneurs are those individual who start or run a business with some limited resources andthey are also responsible for all the risk and awards for their business ventures. Therefore, there are different types of entrepreneurial ventures and some of them are as follows:Micro entrepreneurial ventures: An independent professionals and self- employedworkers who represent a new model of an entrepreneur, they are called micro entrepreneurs. Thistype of entrepreneurs work by themselves without an intention to hire an employees or grow intoa larger company (Drucker, 2014). Further they also measure the growth by balancing theincome generation with a business autonomy, flexibility and long term self- reliance as well.For example, small grocery shops, bakeries, tailoring, photocopying shops etc.Small entrepreneurial ventures: These type of entrepreneur mainly aims to feed thefamily and make the profit only. They do not work to take over an industry, basically they cannotprovide a scale to attract venture capital. For example, carpenters, plumbers and electricians.Medium entrepreneurial ventures: These entrepreneurs mainly work to feed theirfamily and run their business with further level of success and for that they innovate new ideasinto a business with an aim of profit earning. For example, Retail shops etc. Gazelle Entrepreneurial ventures:It is the high growth company that basically raisetheir revenue by at least 20% annually and also start their business from $1 million. Moreover,1
this are characterized by their rapid growth pace, rather than their size (Kirzner, 2015). Forexample- Big firms such as TESCO, Marks and SpencerTypologies are:Serial entrepreneurship: These are those entrepreneurs who continuously come withnew ideas and also start the new business with a short period. Innovation is the top priority forand monetary gain is secondary.For example, Steve Jobs who is CEO of Apple.Social Entrepreneurship: These are those innovators who mainly focus on creatingproducts and services that helps to solve the social needs. Their main goal is to make the worldbetter and to not work to take market share. They may be non- profit, for profit and hybrid.For example,Microfinance institution, educational programs.Opportunist Entrepreneurship: They are the one who recognize an opportunity andthen moves quickly in order to capitalize it. Such that a store owner who sells umbrella quicklyorder many when rainy season begins (Shapero and Sokol, 2016).For example, George De Mestral who is Swiss engineer.P2 Describing the similarities and differences between entrepreneurial venturesSimilarities:MicroAll micro, small, medium and gazelle entrepreneurs have samepersonality trait such that they all work to fed their family and they allare ready to take risk in order to grew their business at further level ofsuccess.Apart from this, all the entrepreneurs belong to different entrepreneurialventures are also belongs to different industries but their aim is to feedtheir family and run a business.All entrepreneurs are also invest amount at initial stage and also ready tobear risk that may affect the business at positive or negative way(Baumol, 2016).Thus, this shows that all have same personality trait such that they haveinnovative skills that helps to lead a business to further level of success. Small Medium GazelleDifferences:2
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