Tools and Techniques of Entrepreneurial Ventures : Report

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Examining different entrepreneurial ventures and their relation with the typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and Differences between Entrepreneurial Ventures...........................................2
TASK 2............................................................................................................................................4
P4 Importance of contribution by SME towards the society and Economy...............................7
P5 Determining the characteristics, traits and skills of two successful entrepreneurs................8
P6 Entrepreneurial personality striking their state of mind and motivation...............................9
TASK 3..........................................................................................................................................10
P7 Experience and background can surrogate and obstruct entrepreneurship..........................10
CONCLUSION..............................................................................................................................11
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship is something which is being done with the motive is earning financial
security and those who start up a business process are called Entrepreneurs. The criteria of
business owner is to innovate and manufacture new kinds of products and services within
marketplace in order to acquire large market share (Baum, Frese and Baron, 2014). The mind set
of an entrepreneur is to provide unique and new experience which can be long lasting in the
marketplace. For growth and success, it can be stated as crucial element. Thus, it can be stated
that for developing social and economical factors, entrepreneurship can be useful tool. In this
report, there are various tools and techniques which will be explored like various entrepreneurial
ventures within market. In addition, analysation will be done of the impacts of small scale
entrepreneurs in aspect of economic sector. Number of other factors which can affect the foster
entrepreneurship in negative manner will also be discussed.
TASK 1
P1. Examining different entrepreneurial ventures and their relation with the typology of
entrepreneurship
In a marketplace there are four types of entrepreneur ventures which are being
established while in case of starting up a business: Small business Entrepreneurship: In current situation, there are number of entrepreneurs
who are making up their way within the market of United Kingdom and they are setting
up at initial and small scale business. In UK market, there are appro0x 5.7 million small
scale business which has almost covered up the criteria of 9.7% of business and thus due
to that rate of unemployment has also been reduced which has came up-to 50% of all non
governmental workers (Bhachu, 2017). Most common small scale business which are
being observed are grocery stores, agencies, wood store, electricity products and this is
all done with the motive of getting financially secured so that the basic needs of himself
and family can be fulfilled and also it can secure the future in terms of basic needs and
education and other desires. So, fulfilling basic needs is main typology of this kind of
business.
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 Scalable Start up Entrepreneurship: In this type of entrepreneurship style, business is
being started with the motive of bringing change within the economy of country through
a vision. In order to make the motive of vision successful, entrepreneurs mainly looks out
for the investors who have equal mindset and can provide support. Apart from this,
working on vision needs skilled and experienced workers who are being recruited for
working in an effective manner. This kind of planning and high moral level leads to
growth and success of firm. The kind of typology which can be implemented is the
aggressive growth ventures (Burrows, 2015). There are various other elements which are
being involved in the process of entrepreneurship and thus they mainly focus on attaining
aims and objectives of firm along with bringing out skills and abilities for developing n
rapid speed. Large Scale Entrepreneurship: In this kind of entrepreneurship style, business is majorly
being conducted on large scale as they are being formed with huge amount of fund. There
are various techniques and tools which are being utilised to gain growth and success and
those techniques can be like innovation in new kind of products, using latest technologies
and recognising the pattern of competition. The main focus of entrepreneur is on
determining and analysing the actual wants and desires of customers within marketplace
and thus satisfying them in maximum manner (Butler, 2012). The typology which is
related to large scale entrepreneurship is on focusing on sustainability which will help
them to grow and get success which they have desired and that can b done by capturing
large number of customers and market share and satisfying customers in better manner.
 Social Entrepreneurship: This kind of entrepreneurship mainly focuses on manufacturing
certain products and services which can be used to fulfil the needs and find the proper
solution for the social needs and issues. In this, entrepreneurs have main motive and that
is making economy a better place so that prosperity can be seen. These are mainly non-
profit or hybrid in nature (Dacin, Dacin and Tracey, 2011). The kind of typology which
can be related to this kind of entrepreneurship style is behaviour regarding growth and
success so that it can enable people who are living in an economy in order to develop
themselves and thus live with better life style.
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