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P 1 Different Types of Entrepreneurial Ventures

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Added on  2020-12-09

P 1 Different Types of Entrepreneurial Ventures

   Added on 2020-12-09

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ENTREPRENEURSHIPAND SMALLBUSINESSESMANAGEMENT
P 1 Different Types of Entrepreneurial Ventures_1
Table of ContentsINTRODUCTION......................................................................................................................2P 1 different types of entrepreneurial ventures ......................................................................3P2 Differences and Similarities between a variety of entrepreneurial ventures.....................4LO 2 ...........................................................................................................................................5P 3 Impact on economy of micro and small businesses.........................................................5P 4 Small business and business start-ups importance and their part to the growth of the social economy.......................................................................................................................7P 5 Characteristics and skills of successful entrepreneur.......................................................8P 6 Aspects of entrepreneurial personality reflect entrepreneurial motivation and mind-set.9P 7 how background, experiences can hinder or foster entrepreneurship ...........................10CONCLUSION........................................................................................................................10REFERENCES.........................................................................................................................13
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INTRODUCTIONEntrepreneurship refers to the process of creating and operating a new business orgenerating profit. Or it can also refer to a study of building and process of start new businesswith under taking risk. And the entrepreneur refers to that person who starts or builds newbusiness while taking risk to gain profit in the market. This report is going include a varietyof ventures and in what manner they are going to relate to the typology entrepreneurialventures. This also tends to explore the differences and similarities between differententrepreneurial ventures. This is going also include data and statics to know impact of smalland micro business on the economy. Furthermore this will also include the importance of thesmall business and startups to the growth of the economy. Report will also describe thecharacteristics and skills of successful entrepreneur that make them different from othermangers. This report will assess how entrepreneurial personality reflect entrepreneur andhow motivate them and set their mind. Lastly this will examine with relevant example howbackground and experience affect the entrepreneurs for doing business. LO1P 1 different types of entrepreneurial ventures Entrepreneurship is the study of creating new business and also the process ofcreating new business.Entrepreneur is the one who started the new business and work on the new createdbusiness with new idea and produce services and product that people will buy. There are four types of Entrepreneurship which are as follows:Small business Entrepreneurship - Small business are like grocery store, hairdresser,travel agents, carpenter, plumber and etc. These types of small businesses are run withthe help of their family and friends through taking loan from them. They are the mostprofitable business at domestic market. These types of business can be operated by thevery low number of employees and owner. Along with this, it focuses on getting moreclients and developing more production and services rather than generating revenue(Bhachu, P., 2017). Scalable Startup Entrepreneurship – Scalable startups are that kind of businesswhich is being started with a vision to expand business with Scalable profit. Thesetypes of business use new technology and resources and create entirely new productsfor the customers in new market. In this they focus on the scale requires more capitalventure that is being used as fuel to expand their business.
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Large CompanyEntrepreneurship– Large scale entrepreneurship and the businesshave longer life cycle and operate to maintain sustainability in the market. Thesebusinesses require large capital or amount to build business and produce productswith new innovative technology, legislation new competition (Bhachu, P., 2017).Existing companies do this by acquiring innovative companies or to attempt to builddistributive product to fulfil the need of the customers. All the changing demand ofthe customers and trends along with competition, legislation that forced organisationto distribute innovative products and services for entire market.SocialEntrepreneurship – Social entrepreneurs are the innovators that only focus onthe betterment of the society rather than to make profit like larger company. Thesebusinesses are generally build to solve the problem of the society or to provide thatservice or products that can help the society. They are non-profit or hybrid (Welterand et.al., 2017). Different types of Entrepreneurial venturesStart-up – It is created by the entrepreneur for the scalable business model with newand innovative idea, that brings different and new services in the market. Acquisition – Acquisition is the that condition in which one big company purchasethe shares of the smaller company and take control over it. This tends to obtain 50%ownership in its target market. Franchise – Franchise venture is which business condition in which company signs acontract with another company in order to sell its products and services by using itsbrand name and image. Joint venture – When two or more companies joint their resources and financialcapital to create new company in the market. Called joint venture. Public-Private partnership – This is the collaboration of the private sector andgovernment agency to deliver the goods and services the public (Burns, 2016).P2 Differences and Similarities between a variety of entrepreneurial venturesTheir are a variety of entrepreneurial ventures These are explained below:FactorsSmallentrepreneurshipbusinessScalableentrepreneurship start upLargeentrepreneurship companyEntrepreneurshipSocialGoals andobjectiveTheseorganisations nothave as suchTheseorganisationsaim is to provideTheseorganisationsmain aim is toTheseorganisations aimis to provide
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