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Various types of entrepreneurial ventures and their relation with typology

   

Added on  2020-06-06

12 Pages3410 Words209 Views
Leadership Management
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Entrepreneurship
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Various type of entrepreneurial ventures and their relation with typology.....................1P2: Similarities and Difference entrepreneurial ventures.......................................................3TASK 2............................................................................................................................................4P3: Interpreting and assessing relevant data statistics to illustrating the impact on UKeconomy.................................................................................................................................4P4: Importance of small business and business start-ups to the growth of the social economy.5TASK 3............................................................................................................................................6P5: Characteristics, traits and skills of Wang Jianlin and Nandan Nilekani..........................6P6: Characteristics of entrepreneurial reflect entrepreneurial motivation and mind set........7TASK 4............................................................................................................................................8Covered in PPT.......................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONThere are lots of ventures exist in market which are started by single individuals throughinvesting capital with an objective of bringing new products and services so as to fulfil the needsand requirements. An individual who has an ability to take risk and manage all business activitiesin an effective and efficient manner is called as entrepreneur. Such business enterprise startingby entrepreneur is known as entrepreneurship. This will help in developing the economy of thecountry through generating huge employment opportunities to the maximum number of people.The decision of starting new business venture comes in the mind of an individuals when theyhave new ideas and concepts which help them in gaining competitive advantage. Generally,small business is started with limited capital with a hope of fulfilling basic necessities of family,friends and relatives (Carraher and Paridon, 2015).TASK 1P1: Various type of entrepreneurial ventures and their relation with typologyThere are different types of ventures established in market by single individual only toprovide something new and different products to people at an affordable prices. Such individualis known as entrepreneur who are willingness and ability to take all risks and manage businessfunctions solely in an effective and efficient manner. Having limited capital and workforce, anentrepreneur should required to have a capability to manage and control all activities in order toachieve growth and success as soon as possible. In market, there are number of entrepreneurialventures which are started with some aims and objectives. Such entrepreneurial ventures arebriefly described under as below:Small business entrepreneurship: Such kind of entrepreneurs includes grocery stores,consultants, travel agents, hairdressers etc. which are exist in market in large numbers. In UKitself, there are approx. 5 million small business ventures are exist which are employed 50% ofall non-government staff workers. In addition with this, such small business ventures mainlyfocuses to provide employment opportunities to local people with the purpose of enhancing theirstandard of living due to which they contribute more to the economy of country. But due tolimited financial resources, they are restricted within a country to provide products and services(Chrisman and et. al., 2012).1
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Scalable start-up business: Such type of small business ventures comes into market withnew and innovative ideas with an objective to change trends in market. Due to this, such businessventure can easily attract lots of investors as they can easily influence them with their new andinnovative ideas and concepts. Thus, to execute their ideas in an appropriate manner anentrepreneur recruited more qualified and skilled employees which help them in achievingdesired goals and objectives.Schumpeterian entrepreneur venture: It is such type of business venture which areentering into market with the purpose of fulfilling the needs and requirements of their familiesand relatives thus exist in market for shorter period of time. Due to this, an entrepreneur haveinvested limited capital and therefore capture limited market share (Fassin, Van Rossem andBuelens, 2011).Established venture: Such type of business venture who are operated business functionson large scale and engaged in providing variety of products and services to the customers. Themain objective of such venture is to generate huge profits and sustain in competitive market forlonger duration. Due to operating on large scale, the business operations of such venture aremuch affected from different external factors such as political, economical, technological etc.Such type of venture contribute maximum to the economy of country though creating lots ofemployment opportunities which indirectly maximises their standard of living.Social good enterprise: Such kind of venture comes into market with an objective ofbetterment of society through providing quality products and services at reasonable prices.Through this, they play an important role in improving standard of living of people. For anillustration, many organisation performed CSR activities for the betterment of society whichincreases their reputation in customer's mind due to which they are successfully make loyalcustomers for longer period of time (George and Bock, 2011).Relation of ventures with Entrepreneur Typology:There are number of typologies which are easily interconnected with different types ofentrepreneurial ventures. For example, scalable entrepreneurship can be connected with lifestyleventures or social entrepreneurship can be connected with growth typology. Following are thesome types of typologies which are interconnected with various types of ventures:Types of Typology:2
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