P1 Different types of entrepreneurial ventures - Doc
Added on 2020-12-18
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Entrepreneurship andSmall Business Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Different types of entrepreneurial ventures......................................................................1P2. Similarities and differences between entrepreneurial ventures........................................4TASK 3............................................................................................................................................5P3. Impact of micro and small enterprises on UK's economy................................................5P4. Contribution of Small and start-up business to growth of social economy Post Brexit...7TASK 3............................................................................................................................................8P5. Characteristics, traits and skills of successful entrepreneurs...........................................8P6. Entrepreneurial personality reflecting entrepreneurial motivation and mindset............10TASK 4..........................................................................................................................................11P7. Impact of background and experience on entrepreneurship...........................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship refers to capacity and willingness of an individual for developing,organizing and managing an enterprise to earn profits along with its risks involved. Anentrepreneur is an individual who coordinate a risky venture of any sort and performsubstantially in a way of business entrepreneur. In this report, various types of entrepreneurialventures within different typology are been studied. An enterprise consists of micro, small andmedium sized business ventures. This report will determine various similarities and differencebetween distinct entrepreneurial ventures explaining its basis. Impact of micro and smallbusinesses over UK's economy is been identified and their contribution for the growth of socialeconomy post Brexit. Characteristics, skills and personality of an entrepreneur is been assessedthrough research on two successful entrepreneurs. At last various impacts on entrepreneurship isbeen identified.TASK 1P1. Different types of entrepreneurial venturesEntrepreneurship refers to process of planning, introducing and running a new business.In order to make profit entrepreneurs organise, develop and manage enterprise along with itsrisks involved, through their capacity and willingness (Mariotti and Glackin, 2014).Entrepreneurial activities: It is an action to generate values through creation ofeconomic activities, by innovating and identifying new products or services, processes ormarkets. Enterprise: It is a business venture accompanied by initiative and resourcefulness.Enterprise undertakes projects or works that are especially difficult, complicated or risky. Theycome up with innovations or new ideas to bring new product or services to stand out from theircompetitors (Burns and Dewhurst, 2016).Difference between Entrepreneur and Intrapreneur:BasisEntrepreneurIntrapreneurDependencyIndependent in their operations.They are dependent on owner of thefirms or entrepreneur.Fund raisingFunds required for enterprise isbeen raised by entrepreneurhimself.Intrapreneur doesn't require raisingfunds for organization.1
RiskAll risks involved in business isbeen taken by entrepreneur.Intrapreneur doesn't require to fullybear the risk involved in business.OperationFrom out-side organization,entrepreneur operates (Dees,2017).Within an organization itself,intrapreneur operates (Hatten, 2015).Types of entrepreneurshipMicro business: These are those business which having fixed investment on plants ormachinery, having a few workers and don't have a high sales volume.Roles and characteristics:◦Lower revenue and profitability: Revenue of micro business are mostly lower thanenterprises that functions on a large scale. Depending on type of business, classifiesrevenues of micro enterprises.◦Few employees: Micro entrepreneurship have fewer employees or staffs forperforming various operations. They have a maximum number of employees of ten,depending upon business type (Mugler, 2017).◦Small market area: than large private businesses or corporations, micro enterprisesoperates in much smaller areas, such as a store in local town, etc.◦Sole or partnership ownership: Business in micro sector organise as soleproprietorship, partnership or limited liability companies. As these organisationalforms gives better managerial control to owner or entrepreneurs (Sahut and Peris-Ortiz, 2014).◦Taxes: Owner or entrepreneur file taxes for businesses incomes and expenses on theirpersonal tax return, instead of filing taxes by enterprises.Small sized organisation: Enterprises that have limited number of employees or staffsthat is hundred or less required for various tasks including production, innovation, sales,marketing, etc. Roles and characteristics:◦Dependence on few employees: Most of Small sized enterprises have only fewemployees as compared to large organisations. Owner of the business may alsobecomes manager who directs all areas within enterprise.2
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