P1.Different Types of Entrepreneurial Ventures
Added on 2020-12-09
11 Pages3405 Words367 Views
Entrepreneurship and Small BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1P1.Different types of entrepreneurial ventures and explaining how they relate to the typologyof entrepreneurship......................................................................................................................1P2. Similarities and difference in between all the venture..........................................................2P3. Impact of micro and small business on the economy of United Kingdom...........................4P4. Importance of small business and businesses start-ups to the growth of the socialeconomy......................................................................................................................................5P5. Traits, Skills and Characteristics of a Successful Entrepreneur...........................................6P6. Reflection of aspects of entrepreneurial personalities on motivation and mindsets.............6P7. Examine the background and experience that hinder and foster entrepreneurship...............8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONEntrepreneurship is a term which refers to an individual starts a business by takingfinancial risk in the hope of earning profit. Entrepreneur is an individual who takes advantages ofopportunities in the marketplace. It is the capableness and willingness to create, organize andmanage a business venture. In this assessment, the report will make us understand about theentrepreneurship and small business management as well as its characterise and traits to becomea successful entrepreneur. The study describes the types of entrepreneurship ventures and theresimilarities with different kinds of entrepreneurship. The report will also examine the impact ofsmall businesses of the development and the growth of economy and its importance of smallbusinesses in the evolution and maturation of the economy of nation. The differentcharacteristics, skills and traits of a successful entrepreneur is also discussed in this report.Furthermore, this assessment also comes to examine the background and experience of twodifferent entrepreneurs. P1.Different types of entrepreneurial ventures and explaining how they relate to the typology ofentrepreneurship.PrivateEntrepreneurship- Private undertakings are those businesses which is controland manage by the single person or a group of individual. The main intention of privateundertakings is to earned more profit by increasing the sale and expand its business. The risk andprofit both is born by the individual or group of person (Amato and et.al, 2017). Large amount ofpeople are employed by private ventures.PublicEntrepreneurship- Public undertakings are those businesses which is control andmanage by the government of the nation. The entire working function is control and manage bylegal authority of the nation. In order to provide employment to large number of people, publicenterprise has large amount of contribution even the main intention of public undertakings is toprovide employment to people. SocialEntrepreneurship- Social undertakings are those business which has mainpurpose to do welfare for community rather than earning profit. The profit earned by theseundertakings are utilized for the betterment of society. There are many social enterprisesoperating in UK. Cawthrone Children;s Centre, CASA and OSEP are the social undertakings
working in UK for the development and betterment of society and have the greatest impact onthe economy. SmallEntrepreneurship- Small and micro businesses are those undertakings which havesmall amount of capital and investment. The functional activities are also not so large, it islimited. Resources for operation is also limited. For example- a general store, a small cycle store,medical store and various other small undertakings falls in the category of smallentrepreneurship (Irene, 2017).LargeEntrepreneurship- Large undertakings are those businesses which have immenseamount of fund is invested in order to start the business. The functional and operational activitiesboth are in large extend. The infrastructure, capital, assets and liabilities are very vast and huge. ScalableEntrepreneurship- Scalable undertakings are those businesses which start itsbusiness with the purpose of earning profit by establishing the structured enterprise ororganization. It can be run by an individual or a group of people.P2. Similarities and difference in between all the venture.As we discuss above, there are different kinds of entrepreneurship which have differentvision and mission with various functional activities, strategies and plans. But there are somesimilarities as well. Basis of DifferencesPrivatePublicSocialPurposeThe purpose of privateenterprises are to earnprofit by maximizingthe sales. The main purpose ofpublic enterprises aretoprovideemployment to largeamount of people. The purpose of socialenterprises are to dowelfare for communityrather than earning andmaximizing profit.OwnershipThe private enterprisesare owned and controlby an individual ormay be group ofindividual. The public enterprisesare owned and controlby legal authority ofcountry,i.egovernment. The social enterprisesare owned and controlby government or asingle person or maybe from group ofpeople.InfrastructureHuge amount ofThe infrastructure ofThe infrastructure of
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