Different types of Entrepreneurial Ventures - Assignment
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Added on 2020-12-18
Different types of Entrepreneurial Ventures - Assignment
Added on 2020-12-18
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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11.Different types of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurship.....................................................................................................................12. Similarities and differences between entrepreneurial ventures..........................................33. How micro and small businesses impact on economy.......................................................54. How important small businesses and business start –ups will contribute to the growth of thesocial economy after ‘Brexit’.................................................................................................75. Determine the characteristics, traits and skills of two successful entrepreneurs, whichdifferentiate them from other business managers...................................................................86. How background and experience can hinder or foster entrepreneurship.........................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONIn UK, small and medium sized organisations basically consist of approximate 95%businesses in numerous distinct countries. These established small sized businesses are called asentrepreneurial venture (Blackburn, Hart and Wainwright, 2013). In other term, entrepreneurshipcan be refer to the procedure of planning, designing, launching and operating a new idea i.e.often refer to small business. The individual who initiate or establish the business ideas are calledentrepreneur. These ventures play significant role in the country’s economy as these provideemployment opportunities and enhance overall GDP etc. This report will analyse numerousaspects of entrepreneurial ventures and distinct typologies associated with these. This will alsodemonstrate influence of micro, small and medium sized business in UK on the economy ofnation as well as society. The decision making of an entrepreneur are highly influenced by somedeterminants such as family, experience and background of individual which will also beassessed in the report for a better understanding over this. MAIN BODY1.Different types of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurshipEntrepreneurship is the procedure of designing, running and launching the new businessthat is started at the initial level. An individual who create and develop those businesses areknown as entrepreneurs. Entrepreneurial venture can be defined as the combination of failure,risk, success and ambiguity; embracing and learning from this (Bridge and O'Neill, 2012). Thereare numerous differences between a small business organisation and entrepreneurial venture thatdevelop a key distinction between both of these terms. SMEs often are related with products andservices that are already established whereas an entrepreneur is the person who sets theirundertakings of business along with financial risks in order to make positive outcome of it. Theseventures influence the economies and communities in significant way that creates cascadinginfluence on the commercial sector and creation of employment opportunities. Initially, this isessential to understand the basic types of entrepreneurial venture before assessing the impact ofit i.e. briefly discussed below:Small-business Entrepreneurship: As per the current market scenario, numerous sort ofsmall size ventures are being established within UK. Such companies approx. covers more than 6million enterprises that are introduced in order to earn survival and small money (Carsrud andBrännback, 2011). This consists of ventures including internet cafe owner, barber, travel agents,1
electrician, grocery stores, carpenter etc. These entrepreneurs put their financial assets at stake tomaximise their benefits.Scalable Entrepreneurship: These are one of those ventures which are developed forinvesting in the innovative ideas of business. They create a specific goals and vision to makechange in the existing structure or idea. For performing operation, this sort of enterprise managesfunds from investors which are willing to invest in the business ideas. Social Entrepreneurship: This sort of business enterprise seeks the social benefits andperforms operation and delivers service to benefits their communities despite of maximisingbenefits. They create only those services and products which are helpful for people who need theimprovement and are in miserable condition. Large Scale Entrepreneurship: This sort of business are arranged or coordinated to gainbenefits in competitive marketplace. Such kind of enterprises focus over benefits enhancementand creating broad market space. Whole typologies of entrepreneurial venture are associated with the entrepreneur whodetermines the nature, purpose and mission of performing idea in market. Hence, here arediscussed some of typologies that demonstrated different ventures and are associated with them: Lifestyle Venture: These businesses render immediate business outcomes and profits. Inthis, entrepreneur often operates activities by their own (Chittithaworn and et. al., 2011).Survival Venture: These ventures are structured with the aim of managing their living.Basically, these refer to the small scale enterprise including grocery stores, cafe, barber store etc.Managed Growth: These are often created for the monetary benefits. These people investin those ventures which ensure them benefits and free from risk.Social Entrepreneur: Under this, individual perform the business practices for socialbenefits. Beside of aiming of maximisation of benefits, these focus on social welfare and servicescommunity to its betterment. Serial Entrepreneur: These people are those who continuously established business andtrade in market. In exchange of monetary assets, they trade their creative ideas to individual whoinvest in the same. Female entrepreneur: These entrepreneurs work in context of empowerment of femalein the competitive world and create change with their creative and innovative idea. 2
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