P1 Examine different types of entrepreneurial venture and explain their typology (Doc)

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Table of ContentsP1 Examine different types of entrepreneurial ventures and explainhow they relate to typology of entrepreneurship......................................................................................................................................................................................................................................P2 The similarities and difference between entrepreneurial venture...............................................................................................................................................................................................P3 Interpret and assess relevant data and statistics to illustrate itsimpact on the economy.........................................................................................................................................................................................................................................................................................P4 Explain the importance of small businesses and business start-up'sto the growth of the social economy................................................................................................................................................................................................................................................................CONCLUSION.............................................................................................................................................................................................................................................................................................................REFERENCES.................................................................................................................................................................................................................................................................................................................P1 Examine different types of entrepreneurial ventures andexplain how they relate to typology of entrepreneurship.Entrepreneur is an individual who possess ability togenerate new ideas and able to implement in and establish aenterprise. Entrepreneur is an innovator who innovatesomething and formulate a business. They play key role ineconomy as these people possess required skills and initiativenecessary to forecast current and future needs.There are four types of entrepreneurial ventures which aredefined on the basis of annual growth rate, time horizon,management focus, technology investmen, source of finance,management skills, structure, reward emphasis and variousbasis are there. The ventures are described as following-
Small business entrepreneurship-This type ofbusinesses operates independently at small scale level (Berner,Gomez and Knorringa, 2012). This business focus on providingsupport to their families due to this they face problems inattracting venture capital and they raise capital through theirfriends or family. Example of this type of venture are grocerystores, carpenters, plumbers, consultant etc.Large company entrepreneurship-This type of venturefocus on innovation and offer new products which are variantaround their core product. They develop new products to meetwith changing consumer need and advanced technology.Example of this venture are Google, Microsoft, Samsung etc.Social entrepreneurship-This type of venture providesproduct or services to serve social needs and to solve theproblems of society. The goal of this type of venture to create aworld as better place and not to make or earn profit or acquirehealth. They can be classified into profit, non- profit and hybrid.Example of this venture are Safe point trust which work inrespect to redesign tool and provide inexpensive non- reusablesyringes for clinic who are underfunded (Fama and French,2017).Different typology of entrepreneurship-Lifestyle venture- This type of venture focus onincreasing their own lifestyle. These ventures are startedwith the intent of helping the entrepreneur to providepay for their expenses related to high standard lifestyle.The venture has focus on reducing the cost of highlifestyle rather than making profit These type oftypology is followed by small enterprise who focus onthe particular lifestyle of the region.Growth-potential venture- this type of venture focus onincreasing profitability of venture which result in rapidgrowth of venture. It includes identification of newtechniques to satisfy the unsatisfied need of economy.These type of typology is used by large scale enterprisewho has focus on the growth and profitability of theenterprise.
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