Types of Entrepreneurship and its ventures

Entrepreneurship and small
business management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Types of Entrepreneurship and its ventures................................................................................1
Impact of types of Entrepreneurship on Economy of UK...........................................................3
TASK 2............................................................................................................................................6
Example of Entrepreneurs and there scope at local, global and social level..............................6
Situational factors, similarities and differences of the entrepreneurs.........................................6
Traits and Characteristics of entrepreneurs from the business managers...................................7
Analysis of hinder and foster of entrepreneurship with respect to background and experiences
.....................................................................................................................................................7
Conclusion drawn from comparison...........................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is starting of a new business with innovative ideas by taking the risk
and providing adequate services to the customers. Entrepreneur is a person that creates this new
business and have capability to bear the risk involve in starting a new business. Report will
include Types of Entrepreneurship that is small, large, social and scalable start-up with the help
of examples. Report will also include types of Entrepreneur ventures that is Start-up,
Acquisition, Franchise and Joint Venture. Further report will include impact of these types of
Entrepreneurship on economy of UK(Kuratko, 2016). Report will illustrate scope of
Entrepreneurship covering local, global and social enterprise. Report will also explore situational
factors and its similarities and differences. Further report will discuss about the entrepreneurial
traits and characteristics and also analyses background and experiences that can hinder and foster
entrepreneurship with the use of example. At last report will compare different entrepreneurs,
their backgrounds and experiences and also about facts that influenced them. With the help of
examples, Analysis of characteristics traits and skills and motivational drivers of being a
successful entrepreneur will be done in the report.
TASK 1
Types of Entrepreneurship and its ventures
Entrepreneur is any individual personality who is ready to take risk in order to develop
a new business and for the same have a proper planning with adequate resources and labours.
Entrepreneur finances the business in order to manufacture goods and services that are having
actual demand in market in order to earn huge profits.
Entrepreneurship is basically starting of a new business with the help of some new and
innovative ideas, by taking the risk and providing adequate services to the customers that have
actual demand of the product and services. Entrepreneurship is also having different types that is
there are four types of Entrepreneurship:-
 Small business Entrepreneurship:- Small business Entrepreneurship usually deals with
the known products and services and they deal with the known risks in the market(Burns,
2016). Some examples of these types of Entrepreneurship are travel agents, electricians,
hairdressers etc. Here, person can run its business individually or with the help of few
people as its employees. For starting such business Entrepreneurs take help of the family
and friends for financing as small business do not require huge amount for starting the
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business but results in profitability. Example of Small business in UK is Ruby
Receptionists having 95 working employees with a revenue of about $7.8 million(Parker,
2018).
 Scalable start-up Entrepreneurship:- Scalable start-up Entrepreneurship is the most risk
taking Entrepreneurship as it is started with the help of innovative ideas, which they use
in order to make the investors attracted towards them and they use repeatable business
model in order to have high growth and they enter large market and take share away from
there incumbents(Kuratko, Morris and Schindehutte, 2015). For example Igloo is a start-
up in UK having its mission to make customers homes smarter and efficient. They have
combined smart technology with simple and actionable advice.
 Large Company Entrepreneurship:- In case of Large entrepreneurship a large amount of
funding is required in order to start the business. This type of business sustain for long
period and by providing new products and services they create value of its brand in
market. Unilever is a great example of large company that was started in the year 1929
and with its good efforts and innovative ideas company now have 155,000 working
employees with a revenue of about £50.982 billion(Hoogendoorn, 2016).
 Social Entrepreneurship:- Social Entrepreneurship is having its focus over the social
welfare that is they produce product and services that can fulfil needs of the society and
people. They aim to have improvement in society rather than making profit for
themselves. There are many social Enterprise in UK like NHS founded in the year 1948
and having its focus over social welfare.
Entrepreneur Ventures:-
In order to meet the needs of the customers, products and services that are lacking in
market is been provided by forming different Entrepreneur Ventures. Entrepreneurs start their
ventures by understanding the needs of the customers and with the help of allocated resources
and funds they start their ventures and develop there market(Pato and Teixeira, 2016).
There are different types of Entrepreneur Ventures:-
 Start-up:- There are individual Entrepreneurs that comes up with innovate ideas in order
to initiate for scalable business model. These ideas are not yet reached to market and can
bring competitive advantage to the business. There are many business start-ups in UK
that have come up with new ideas and have made huge positioning in market.
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