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(pdf) Distinguishing Type of Entrepreneurial Ventures

   

Added on  2019-12-28

13 Pages4810 Words509 Views
Entrepreneurship and SmallBusiness Management 1

TABLE OF CONTENTINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Various types of entrepreneurial ventures and relation with their typology.....................3M1Demonstration of diverse range of entrepreneurial ventures in public and corporate sector................................................................................................................................................4P2 Similarities and difference between entrepreneurial ventures..........................................4D1 Critical examination the scope, developments and growth of entrepreneurial ventures..5TASK 2............................................................................................................................................6P3 Micro and small business impact on the UK economy.....................................................6P4 Importance of the small business in the growth of the social economy............................7D2 Critical examination of the impact of the small business on different level of economy7M2 Evaluation of the difference between the small, medium and large business.................8TASK 3............................................................................................................................................8P5 Characteristics, traits and skills of the successful entrepreneurs......................................8M3 Explore and examine different types of line of argument relating to entrepreneurialcharacteristic...........................................................................................................................9P6 Assessment of the skills, characteristics and traits which motivates the entrepreneurs....9D3 Analyse the characteristics traits, skills and motivational drivers of successfulentrepreneurs........................................................................................................................10TASK 4..........................................................................................................................................11P7 Examination of the experience and background which can hinder and foster for theentrepreneurs........................................................................................................................11M4 Analyse a link between entrepreneurial characteristics and influence of personalbackground and experience..................................................................................................11D4 Critical evaluation of background and experience influences entrepreneurs positively andnegatively.............................................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................122

INTRODUCTIONPersonal skills and risk taking abilities which motivates to a person to start their ownbusiness can be stated as an entrepreneur (Yallapragada and Bhuiyan, 2011). These persons arehighly ambitious for their objectives and they are committed to get them by their restless efforts.So entrepreneurs can start their business according to the capacity, but it not necessary toconsider them by their financial conditions. Their business ideas can be charged with the successso it is essential for the business entities which are working in the same sector to take them as amarket competition. The present report is based on the entrepreneurs and entrepreneurialbusiness ventures. These business ventures can be differentiates by the business structure butthese all are having a huge impact on the different level of economy which described under thisreport. These entrepreneurs are having charged by their personal experience and backgroundwhich can be work as motivational charger on them. TASK 1P1 Various types of entrepreneurial ventures and relation with their typologyEntrepreneurial ventures are based on the skills of the entrepreneurs so it is essential forthem to use their innovative ideas in to increase and improve the effectiveness of the business.Most of the entrepreneurs start their business with the limited capital investment. A brief isproviding under here which has a description of different types of entrepreneurial ventures andtheir relation with typology;Small business entrepreneurship: It can stated as a primary level to start a business and most ofthe entrepreneurs start their business by the small business but their innovative ideas has apotential to take a small business in to the large scale company (Stokes, Wilson and Wilson,2010). A small business sis having many types of features e.g. lower investment of capital, lowerneed of the finance and human resources by which an entrepreneur can start their business easily.These type of business are having relation with the minimum profits by limited efforts. Theseentrepreneurial ventures are mainly depends on the entrepreneurs and their skills. Scalable business entrepreneurship: It is related to the business who is based on theentrepreneur’s business ideas and in which an entrepreneur make a changes according to thebusiness scale. It is a best option to start the business cause in this entrepreneur is having scaledetail of the essential factors. Scaled information’s and factors help to the entrepreneur to make3

changes according to the factors and data. So this type of business is related to the minimum butconsistent growth. Large business entrepreneurship: Most of the time, these business are related to the high needof the finance which can help to the entrepreneur to make higher returns. These type ofentrepreneurs are highly ambitious towards the growth of the business (Schaper and et. al.,2014). These can be called as a limited company which is having huge need of the higherinvestments and as well as it is having huge need of the human resource to produce products andservices. So these types of entrepreneurial ventures are related to the higher profit makingobjectives. Social business entrepreneurship: By this type of entrepreneurial ventures, entrepreneur wantsto provide their help and support to the society. So mainly it is based on the entrepreneurs to usetheir innovative business ideas to execute services in the account of society. Most of theentrepreneurs works on the needs of the society and provide their innovative products andservices on the cost level prices. so these types of business entities are having a simple cause toprovide their help to society. M1Demonstration of diverse range of entrepreneurial ventures in public and corporate sectorMost of the entrepreneurial ventures are working on the corporate sector to generateprofits by the collective efforts of the subordinates. So these entrepreneurial ventures are can besmall, medium and large structured but they are having a main objective to make profits byproviding products and services in their target market. On the other side entrepreneurial ventureswhich are working in the public sector to provide their services are not having a motive to makeprofits from the society, they are having an objective to provide their services which can help tothe society (Scarborough, 2012). These are similar to the social entrepreneurial ventures whichare working to provide benefits by their services.P2 &D1 Similarities and difference between entrepreneurial venturesThese entrepreneurial ventures are based on the entrepreneur’s skills and their workexperience. Work experience can help to the entrepreneurs to take decisions regarding to theirbusiness activities. Entrepreneurial ventures are working in the public sector and private sectorare having similarities and differences in between them, these entrepreneurial ventures arehaving some type of similarities which are:4

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