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(PDF) Entrepreneurial Ventures and Small Business

   

Added on  2021-01-02

19 Pages3008 Words274 Views
EntrepreneurshipProfessional DevelopmentPolitical Science
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ENTREPRENEURIALVENTURES
(PDF) Entrepreneurial Ventures and Small Business_1

TABLE OF CONTENTSACTIVITY 1........................................................................................................................................3P1 Different types of entrepreneurial ventures and how they relate to the typology of entrepreneurship...............................................................................................................................3P2 Similarities and differences between entrepreneurial ventures.................................................5M1 Entrepreneurship in public and private sector...........................................................................6D1 Scope, development and growth of entrepreneurship ventures.................................................7P3 Micro and small business impact on economy...........................................................................8M2 Evaluation of different small, medium and large business make to the economy..................10P4 Importance of the small business in growth of social economy...............................................11D2 Impact of small business different economy............................................................................12REFERENCES...................................................................................................................................13
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ACTIVITY 1P1 Different types of entrepreneurial venturesand how they relate to the typology ofentrepreneurshipEntrepreneurship is an unavoidable life callingpursued by those who are fortunate enough totake chances. Entrepreneurship is the process ofmaking profit on own risk, start a new businesswith an innovative idea which can differentiatewith the existing businesses or similar to theexisting businesses. It is the line to being smallbusiness owner. Micro and small size businesscontributes a major part in the economicdevelopment of the country. Small business Small business introduced withestablished product and servicesLimited growth with continuallyprofitabilityEntrepreneurship ventures- Entrepreneurship venture focuses oninnovating new idea.It targets growth with high revenue.Types of entrepreneurship ventureMicro enterprises- Micro enterprisesexist in all around the world such as very smallshops, ice cream parlour etc. Micro businessconsiders maximum 10 employees in thebusiness. They add worth in the economicdevelopment. To introduce the micro business, alittle capital needed. Cultural entrepreneur arethe agent of cultural change and resourcesvisionaries who organise cultural, finance, socialand human capital. Cultural entrepreneurs sharethe same goal of business to bettersociety(Storey, 2017).Small enterprises- The small businessoperates more than 10 and fewer than 50employees. It is the severally owned businesswhich operates with limited size and capital.Some examples of small business are smallrestaurants, law firms, engineering andarchitectural firm etc.Medium enterprises- Medium scaleenterprises made up with more than 50employees and less than 250 employees. Theseentities emerge from the slow and steady growthof business. To introduce the medium businessthere is need to heavy capital with building,equipment, recruitment of more employees.
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Large enterprises- Large-scalebusinesses exists with more than 250employees, in more complex management thanin the medium-scale businesses. They haveoutstanding number of business transactiondaily. Such enterprises are characterised bymany clients, business contacts, and largevolume of business communication.Different types of entrepreneurship typologyrelates with entrepreneurship are followingSocial entrepreneurship- Socialentrepreneurship comes into market tounderstand the needs and wants of the people tosolve their problem. It focuses on social demandand how to solve the problems of customer andfulfil their needs. Social entrepreneurship doesnot focus on making profit and market share.Intrapreneurship- Generally this typeof entrepreneurship typology considers in largebusiness. It is the concept in which an employeewho is working with an organisation, act likeentrepreneur. This refers to employees who takeresponsibilities for creating innovation and idea(Mariotti and Glackin, 2015).Serial entrepreneurship- It considers aperson who comes with new ideas and start thebusiness. The serial entrepreneur starts onebusiness and work for it, until it change stateprofitable. After that they sale the business thenagain start new enterprise. A serial entrepreneuris not involved with the individuals' company.Own manager- Own-manager createsand manage the business with taking own riskand capital. It is the entrepreneur who introducethe business with new idea or innovation or itmay be possible that they introduce the businesswith existing product or services. Own manageris the person who starts the business with hisown risk and resources. The person who iscapable to take risk for start the business andmake profitability. They raised capital frombank loan, society loan etc. Intrapreneurship is linked to thetypology of entrepreneurship in public sector. Inthis type of entrepreneurial venture worker aregiven high importance to achieve the growthand improvement of economy. The typology ofsocial entrepreneurship can be linked to thesmall business because generally theentrepreneurs who want to fulfil the satisfactionlevel of themselves, comes with small business.Feminism related with the micro business, theyoften choose micro business
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