Types of Entrepreneurship and Their Relation of Typology

This presentation analyzes the different types of entrepreneurship and their relation to typology. It also discusses the similarities and differences between entrepreneurial ventures and the impact of small businesses on the economy.

Assessment 1
Entrepreneurship and
Small Business Management

INTRODUCTION
Small-business and micro businesses also important in a
nation's growth. The presents report make analysis of
types of entrepreneurship and their similarities and
dissimilarities are discussed. It also makes analysis of
importance of small-business and micro businesses and
their impacts of economy. At last, it critically
examines small sunniness and their impact of different
level of market.

1.1 Types of entrepreneurship and their
relation of typology
Entrepreneurship defied as a process of designing, launching and
running a new business which typically begins as small
business. It can also refer to an idea to offers different types of
products or services to customers.

CONTINUED...
Types of Entrepreneurship
Local entrepreneurship
 It is considered that type of business which is operated by local
entrepreneurs.
 It is run and operated by local people or family members.
 It main aim is to make only profits
Global entrepreneurship
 It is that business which is run and operated at global level and require
higher capital for operating business.
 This types of ventures focus more on innovation and believe in producing
new products to its customers.

CONTINUED...
Social entrepreneurship
 This Type of entrepreneurship focus more on developing that types of
products which helps to society for fulfilling there needs.
 Main aim of such ventures is to develop different types of products so
they solve problems of common people.
Relation with typology
Each types of entrepreneurship are connected with different types of typology
such as aim of local ventures is to earn money while global ventures is
focused on international customers and ensures long term growth. Social
ventures is focus more on making social benefits.

1.2 Similarities and differences between
entrepreneurial ventures
There are various types of similarities and differences in
entrepreneurial ventures.
Similarities
 All entrepreneurial ventures is focus on developing long term
growth.
 All venture is focus on innovation.
Dissimilarities
 Not all ventures is focus on profits like social entrepreneurship
 They all require different types of funds for establishing
ventures.

1.3 Diverse range of entrepreneurship in public
and private sector
Public sector
 The aim of public sector is to serve society with its
services.
 It is always focus of making non profit activities.
Private sector
 Main aim of private sector is to earn profits along with
provide services to its customers.
 It focuses on innovation and develop its products as per
requirements of its customers.

1.4 Examine the scope, development and growth of
entrepreneurial ventures
Scope
 The scope of local venture is to making profits and
offers its services to only local people.
 The scope of global venture is to making its
products international bt using innovation for its
services.
 The scope of social ventures is to offering its
services to entire society so they can solve their
problems.

CONTINUED...
Developments
 The development of local business is only remains
to local people and their products are offers only to
a particular region.
 The developments of global business is wide and
bigger than local business and they offer its services
at international level.
 The developments of social ventures assist to
society.

CONTINUED...
Growth
 The growth of local business remain limited to only
one region or country-level.
 The growth of social and global business is very
wide and their aim is to provide their services to
entire society.

2.1 impacts of micro and small business on
economy
Small business refers to a venture which offers its services to a
limited target market area
Job Creation
The major contribution of small and micro ventures is that they help
to UK economy for creating jobs. It helps to individual for making
them employees and improving their living standards.
Higher productivity
The small and micro business helps to workers for improving their
productivity and make them responsible for accomplishing tasks
and responsibilities. .
Unemployment reduction
Small businesses play an essential role in the reduction of
unemployment rate in UK. Better employment opportunities are
provided to people and it helps for reducing unemployment
opportunities in country.

2.2 Impact of small business of
social economy
Income
The significant of small businesses of UK economy is that it increases income
of individuals. With the helps of increases in income of individual their
living standards is also improves.
Employments
Small-business generating sufficient growth and developments of individual
as well as country. With the increases in employments individual
purchasing power is enhances and improves economy of country.
Innovation
Small business helps to country for brining more innovation and develop new
ideas for expanding its business. Through innovation and new ideas they
are able to make higher profits.

2.3 Difference in between small, medium
and large businesses.

2.4 Impact of small-business on local, national and
international business.
Local market
 Increases in numbers of employments
 Able to receive low cost products
 Availability of resources at local region
National market
 Customers get wide range of products
 Improves living standards of individual's

CONTINUED...
International market
 Brings new ideas and innovation in products
 Increases in competition which leads to
reduces in prices of products.

CONCLUSION
From the above report it is concluded that there are
different types of business venture and each one have
significant impact of economy. It is also concluded
that in an economy small Business also helps to
country for improving its economic conditions.
Therefore, for developing a nation small businesses
is important.

REFERENCES
 Brunswicker, S. and Vanhaverbeke, W., 2015. Open innovation in
small and medium‐sized enterprises (SMEs): External knowledge
sourcing strategies and internal organizational facilitators.
Journal of Small Business Management. 53(4). pp.1241-1263.
 Chitura, T and et.al., 2015. Barriers to electronic commerce
adoption in small and medium enterprises: A critical literature
review. The Journal of Internet Banking and Commerce. 2008.

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