Entrepreneurship and Small Business Management Activity: Doc
Added on 2021-02-20
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Table of ContentsActivity 1 ........................................................................................................................................................................................................................................................................................................................P1 Examine different types of entrepreneurial ventures and explain how they relate to typology of entrepreneurship......................................................................................................................................................................................................................................P2 Comparison of different types of entrepreneurial ventures............................................................................................................................................................................................................P3 Interpret and assessment of relevant data with examples to show how micro and macro influence the economy.............................................................................................................................................................................................................................................P4 Explaining the importance of small-business in relation with the growth of the economy.........................................................................................................................................................................................................................................................................................CONCLUSION.................................................................................................................................................................................................................................................................................................................REFERENCES.................................................................................................................................................................................................................................................................................................................P1 Examine different types of entrepreneurial ventures andexplain how they relate to typology ofentrepreneurship.Entrepreneurs refers to an individual who innovate newideas and posses skill to implement it in reality and produce thatgoods or services which are in demand. The main objective ofan entrepreneur is to achieve higher growth through earninghigher profit. Bill gates and Oprah Winfrey both were born inOctober and they have worked hard to becomes the successfuland influential persons. Entrepreneurial Venture refers to the enterprise whichare of different sizes and scopes which is owned and controlledby an entrepreneur with a view of achieving specified objective.There are different types of entrepreneurial ventures which aredescribed as- Small business entrepreneurship- This consist ofenterprises which are controlled by a single entrepreneur atsmall scale. The size and scope of this type of entrepreneurshipis limited as they are based on the industrial sector for theirrevenue generation. For example, travel agents, bakery shopsetc.
Scalable start-up's entrepreneurship- This is a type ofbusiness in which a entrepreneur create a innovative idea and goafter a existing plan and act on it. This refers to the developmentof an existing enterprise and putting creative idea in it. Thisresult in increase scale of operation of existing enterprise.Large company Entrepreneurship- In this type ofentrepreneurship, the operation of activities takes place at largescale and this includes high amount of fund to run theenterprise. This type of entrepreneurship includes regularadvancements of technology and offering new services to theircustomers according to their preferences.Social entrepreneurship- This type of business includesteeping in the market with the aim of providing innovativegoods and services to satisfy the needs of the customers andthey work with the aim of developing nations.Typology of Entrepreneurship- The major ideas of entrepreneurship is developed bymen but in current era, women are more in this field than menas they possess more patience but this type of entrepreneurshipare managed and controlled by both men and women so thatthey can achieve the success and growth of the enterprise.P2 Comparison of different types of entrepreneurial ventures.There are various types of entrepreneurial ventures such as small-business, scalable, large and social types of entrepreneurship which havesome differences and similarities which are described as below-BasisSmall-businessEntrepreneurshipScalableentrepreneurshipLargeentrepreneurshipSocialentrepreneurshipDefinitionThis is abusinesswhichoperates atsmall scaleand requirelowinvestment.This is atype ofbusinesswhich hastheir a newvision toachieveand for thisthe level ofscale ofoperationsisincreased.This is atype ofbusinesswhichrequirehugeamount offund tocarry outtheir day todayoperationsat largelevel.This is atype ofbusinesswhere anentrepreneur create anidea withthe aim offulfillingsocialneeds.
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