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P1) Various type of entrepreneurial ventures and their typology

   

Added on  2020-11-12

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Entrepreneurship
P1) Various type of entrepreneurial ventures and their typology_1

Table of ContentsINTRODUCTION...........................................................................................................................1PROJECT 1......................................................................................................................................1TASK 1............................................................................................................................................1P1) Various type of entrepreneurial ventures and their typology...........................................1P2) Similarities and differences between entrepreneurial ventures.......................................2M1) An understanding of entrepreneurship in both the public and corporate sector.............5D1) Scope as well as growth of entrepreneur venture ...........................................................5TASK 2............................................................................................................................................5P3) Impact of Micro as well as small business on the economy............................................5P4) Importance of SME in the social economic growth and development..........................12M2) Difference between small, medium and large business ...............................................13D2) Impact of small business on UK economy....................................................................13TASK 3..........................................................................................................................................13P5) Characteristic, traits as well as skills of Elizabeth Gooch and Tom Mercer................13P6) Characteristic of entrepreneurial reflect entrepreneurial motivation and mind set.......13M3) Different lines of argument relating to entrepreneurial characteristics........................14D3) The characteristic, traits as well as skills.....................................................................14TASK 4..........................................................................................................................................14P7) Background as well as experiences that hinders the entrepreneurship..........................14M4) Link between characteristics and its influence on entrepreneurial ventures................15D4) Personal background influences enterprise...................................................................15CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
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INTRODUCTIONEntrepreneurship is a very crucial aspect of any economy, it is not possible for anyeconomy to grow and prosper without having right kind of entrepreneurs. If a economy wants togrow, it will have to make sure that individuals within the economy do have a different mindsetthen just getting a job. There are various types of entrepreneurial avenues that are being availableto an individual, which he can use for the purpose of opening up his own venture for a longerperiod of time. It is also important that Government and authorities make sure that right kind ofrules as well as regulations are there in place which will promote the entrepreneurialenvironment at the market place . There is a need that proper and effective training are given toindividuals regarding entrepreneurship. Which will further enhance the aspects of individualsbecoming successful entrepreneurs (Blackburn, Hart and Wainwright, 2013). The current reportwill have a detailed discussion regarding the various types of entrepreneurship and its typologiesavailable for entrepreneurs to conduct business and how the same can be enhanced and used forthe purpose of effective development. The impact of small businesses on the overall growth anddevelopment of economy will also be discussed in detail under the current report.PROJECT 1TASK 1P1) Various type of entrepreneurial ventures and their typologyThe owner of a small and medium size business is called entrepreneurs and there arevarious types of opportunities that are available to an individual to start up his ownentrepreneurial venture, The ventures are categorised on the basis of revenue that an organisationconduct within a year and the number of employees that company posses, etc. these ventures areas follows: Small Business Entrepreneurship: These are small business entrepreneurs who do havecertain interest in conducting business as well as making profits. These people will putcapital in the business upfront and are usually risk averse that means are not ready to takemuch risk. They will have to make necessary profit for the purpose of their living andfulfilling needs and wants of their families. They are not aspirant to become big businesspeople but usually conduct business for the purpose of satisfying the needs and demandsof families and living a livelihood. These ventures usually do have a small number of1
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employees. Examples are. Plumbers, Electricians as well as other consultants who runand manage their small business on their own.An example of such kind of business canbe Trio Telecom which is a small business.Large Company Entrepreneurship: These are owned as well as managed by more thenone entrepreneurs and thus it is essential to have enough capital to manage and run abusiness. It is set up by entrepreneurs who does not lack funds and are having enoughfunds for fuelling the growth as well as development of business in an effective as well asefficient manner.For Example, Virgin Group.Scalable Business: These types of business are new as well as unique but are known topeople These types of ventures help in creating and development of new and innovativeproducts as well as services in the longer run. Large and reputed investor are usuallyattracted towards these businesses. The products and services of these types of businessesare usually served around the world. Apple Computers Inc. can be a good example ofScalable Business (Carraher and Paridon, 2015).Types of Entrepreneurs:Research Entrepreneur: These are the people who will conduct business after having properresearch regarding the business and then will initiate a new business. It is highly essential to haveright kind of business opportunities and proper research before putting at stake the concernedmoney or capital. This will allow them to conduct business with all the anticipation of failurebeing priced in already.Determined Entrepreneur: These are determined individuals who are having an ideology anddreams that they want to replicate into a physical existence. These are people who are ready toput their money or capital in business and are ready for the necessary risk that will come. Theyare the one who innovate new sorts of things and are not ready to copy other, they innovate newideas for the purpose of growth as well as development of business.Skeptical Entrepreneur: These types of entrepreneurs does not have much confidence in theirself abilities and rather believe that the ultimate growth and development of a business dependson good luck and other factors, they are not hopeful for future results through their own efforts.Thus they are sceptical over the results that they will get from the business (Carsrud andBrännback, 2011).Entrepreneurial Typologies2
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Life style Ventures – These kind of organizations provides fast welfare to theorganizations. In this entrepreneur are mainly like to work on their own rules as well as norms.These ventures are aimed at growing business on own and aim is to ramp up the lifestyle of theentrepreneur himself.Survival Ventures – The aim is to earn enough, so that support to family can be provideda better living standard can be maintained by the family in the longer run. These ventures areopened by entrepreneurs who's ultimate aim is not to become big but fulfil their needs as well asdemands (Chaston, 2014).Managed Growth Ventures: These are organisations which are being managed by thepeople who do have expertise as well as knowledge to attain higher level of profits in the longerrun. They are managed in an effective way which will ensure that a particular return on capitalwill be achieved and investor's money will not be wasted in any case.P2) Similarities and differences between entrepreneurial venturesTypesDifferencesSimilaritiesLarge and ScalableEntrepreneur Venture.The operations as well asfunctions of an largeentrepreneurial venture isdifferent.Large ventures usuallyhave large businessplan as compared to thescalable business.The need of resourcesof large business ishigh and thus theirfinance requirement isalso large and theyattract large investorsthrough a big andinnovative businessideas. Thus, scalableBoth business systems areusually established by theentrepreneurs.The main purpose ofbothbusinessenterprises is toachieve long termorganisational goals aswell as targets. Theseorganisations put theirall efforts for thepurpose of long termstability of thebusiness.The offered productsand services areinnovative and are3
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business does notrequire much financialresources and they relyon innovation for thepurpose of gaininggrowthanddevelopment (DennisJr, 2011).Scalable business isalso large in size butthey differ in character.They attract investorsthrough effective andinnovative products aswell as services.usually different fromexistingmarketplayers, also they havenecessary resources totackle changes withinthebusinessenvironment easily.Social as well as smallbusiness Venture.The main aim of socialbusiness venture is toserve society throughtheir business activitiesand their aim is not tomake profits but toultimately serve societyin the longer run.The objectives as wellas the purpose ofoperating a business isdifferent for both theorganisation. Smallbusiness owners wantsto fulfil the needs aswell as wants of familyBoth the organisationaims at achieving thegoals as well as targetsof the company ingeneral.The aim is to developnew techniques for thepurpose of solvingcustomers needs andwants in an effective aswell as efficient way.The ultimate aim is tosurvive in the marketthrough proper growthas well as development4
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