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Report on Types of Entfrepreneurship Venture and their relation with Entrepreneurship

   

Added on  2020-06-04

15 Pages4613 Words52 Views
ENTREPRENEURSHIP AND SMALL BUSINESSMANAGEMENT

TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................1P1 Various types of entrepreneurial venture and their interrelation.......................................1P2 Similarities and differences among venture......................................................................2P3 Micro and small business effects on economy..................................................................4P4 Small business contribution to the social economy..........................................................6P5 Characteristic, skills and traits of successful entrepreneurs .............................................7P6 Aspects of entrepreneurial personality which reflects the mind-set.................................9P7 Experience and background which hinder entrepreneurship..........................................10CONCLUSION .............................................................................................................................11REFERENCES .............................................................................................................................12

INTRODUCTION Entrepreneurship and small business management is the best activity which is based onthe improvement such as development of innovative business with new plan. It is a dynamicprocess and way which is intricate in opening a start-up. It is also determines capabilities as wellas willingness which is necessary for the control and improvement of an enterprise by calculatinguncertainty in order to create profit and revenues. Various innovative entrepreneur are emergingdaily and making better benefaction for the improvement of the associate organisation. Further,this assignment is founded on the base of entrepreneurship and it will focus on encouraging thepeople who want to become entrepreneurs in upcoming time (Bridge and O'Neill, 2012). It helpand motivate them so they can start there on start-ups. This report will define different types ofentrepreneurial venture and their relation with entrepreneurship, different characteristic, skill andtraits, contribution of small business etc. P1 Various entrepreneurial ventures and their interrelationThe ventures of entrepreneur are of different types which create an important role in themarket. Those are as follows :Lifestyles venture: This can be determined as the best type who encourage in providingconstants and fixed income to its owners on the support of presentation approach formanagement and trade structure such as modal. As a manager of Federation of Small Businessesmake investment in this business and maintain local market competition. It is find in just oneplace and are not eager to have much development and growth.Survival venture: Under this type of venture are innovative in market place and onlycontribute in a living of their family member and owner (Burns, 2010). Apart from this businessdo not have proper workplace and not having proper registration.Managed growth venture: These types of venture have fixed and appropriate growthand development. For achieving the moderate growth, different business are having theirinvestment on permanent basis from their investors and managers. The introduction ofinnovative goods and necessary facilities which is related to their staff and the proper expansionof places are the qualities of this venture. 1

Aggressive growth venture: Different business will be having several new technologiesand capability for solid growth and innovation. Under this, they receive funds from venture andcapital related to opportunity driven.The types of different ventures related to various types of entrepreneurship are as follows:Small entrepreneurship: This is based on the small level of business like plumbers,consultants, market store and different travelling agents etc. they are connected such as relationwith survival business and they can not make large funding (Carland, and Carland, 2015). Theseenterprises are complete by friends, relatives and small scale loans etc. Small entrepreneurship isthe one in which the business is own by an individual independently. The number of employeesare less than 50. These are based on their own criteria and the benchmark their annual salesturnover. The aim of such type of entrepreneurship is to produce high quality services andproducts. The management capabilities are very sound and financial management is prudent.This type of entrepreneurship will be having good scope for human resource management. Themarketing strategies will be very strong and they will have very strong network with theirsuppliers, this will be helpful in increasing their sales rate. Medium entrepreneurship: The economic growth of the country is dependent on themedium sized entrepreneurship. These type of businesses are retail stores, food chains,restaurants etc. The number of employees in this is less than 150. The aim of thisentrepreneurship is to gain competitive advantage in the market over other big companies byproducing quality products. Large entrepreneurship:There is an interrelation between growth ventures and thistype of entrepreneurs. It is the best way that make growth by producing new product andservices. If they have power that will be change customer mind set related to taste it due to thatwill be stress on disruptive innovation. Large businesses will be having more than averageamount of measurement scale. Their turn over is very high as compare to small and mediumenterprises. The number of employees are more than 250. This entrepreneurship business canafford to take higher risk because they are having higher capital. The resources used by them isalso very high. For making any decision, it will take more time for them to decide because ofvarious internal and external factors. 2

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