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Added on  2021-02-19

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Entrepreneurshipand SmallBusinessManagement

ACTIVITY 1Entrepreneurship is related with a specific activity in whichsingle or a group of individual takes risks and builds theirventure for earning profit. These individuals are called asentrepreneurs. In addition to this, these are the backbone ofeconomy in which they supports the nation in terms ofproviding employment opportunities along with tax duties sothat wealth and economic development can be maintainedwithin the nation.

Activity 1P1 Different types of entrepreneurial venture and theirrelation to the typology of entrepreneurshipEntrepreneurs are the persons who are liable in order toforming new business ventures for delivering goods and servicesto the customers so that income or daily activities can be carriedout in easy manner. These ventures are setup by individuals withdifferent purposes and they perform their duties for thesepurposes so that their pre-determined goals can be achieved in aneasy manner. Several kinds of ventures are present in marketwhose goals, purposes, size and scope are different with eachother.Entrepreneurial activity- Entrepreneurial activities can bedefined as the purpose of business in which the firm generatestheir quantity through generating economical functions. Theseactions are related with identification of new idea so their venturegets achieved growth and success in market. These specificthought are reborn by them into actuality through establishingventure in market.Different type of venturesSmall business: These speculation are formed on thefoundation of small size of employees, capital or operations inwhich entrepreneurs invests their small amount of funds i.e. €1million so as to earning profit or livelihood. Size and scope of thesespeculation are small because they operate their ventures orbusiness in niche market. Examples of such businesses are groceryshops, orion electrotech limited.Large company:These business tasks operate theirbusiness purpose at vast level due to which they have no liabilityof adhering limits in their operations, functions or investments.Presences of these firms are spread in more than one location dueto having large number of employees than the small or mediumsized ventures. Because of this, growth or sustainability of theseorganisations are very high in market. Example of these venturesare Vodafone which is a private firm whereas, NHS is a healthcareorganisation which is operated by Government and healthdepartment of UK.Social enterprises:These ventures are incorporated bysome specific individuals so that development and welfare ofsociety can be possible in an easy manner. These organisations arealso supported by the governments of nations because theirpurpose is to uplifting standard of needy or poor people of society.Example of these ventures is Oxfam or Save the children etc.Types of entrepreneurial ventureSmall-business entrepreneurshipLarge company entrepreneurshipSocial entrepreneurship

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