Types of Entrepreneurial - Report
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Added on 2020-07-23
Types of Entrepreneurial - Report
Added on 2020-07-23
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Entrepreneurshipand Small BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1P1 Different types of mini research for examining various types of entrepreneurial ................1P2 The similarities and differences between entrepreneurial ventures.......................................2Task 2...............................................................................................................................................3P3 The way micro and small business impact on the economy..................................................3P4 The way small business and business start-up will contribute to the growth of the socialeconomy after Brexit...................................................................................................................4Task 3...............................................................................................................................................4P5 The characteristic, traits and skills of two successful entrepreneurships which differentiatethem from the other business manager........................................................................................4P6 The aspect of the entrepreneurial personality........................................................................6Task 4...............................................................................................................................................7P7 The way background and experience can hinder or foster entrepreneurship ........................7Conclusion ......................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONThere are different types of business opportunities which are existed in the market. Tobecome an entrepreneur it is important to have different set of skills, capabilities and knowledge.It is essential to develop all the products as per the needs and wants of the customers in respect toaccomplish goals. Entrepreneur can be determined as the activities in respect to set up businessand take up steps with the help of which financial risk can be managed. The present reportcovers, different types of mini research for examining various types of entrepreneurial. Alongwith this, similarities and differences between entrepreneurial ventures is evaluated. Apart fromthis, the characteristics, traits and skills of two successful entrepreneurs is determined. Task 1P1 Different types of mini research for examining various types of entrepreneurial Entrepreneurship is determined ad the process which assists individual to run the businesssuccessfully. In the first stage, an entrepreneur starts it with small business and after startedearning profit it moves toward expanding the business (Defourny and Nyssens, 2010). Theyunderstand the opportunity for prevailing the market and take up the right step through whichthey can easily accomplish their goals and objectives. It is essential for the entrepreneur tounderstand the needs and preferences of the customers and discover product accordingly.Various types of the entrepreneurial venture are as follows:Small business ventures: It is determined as a business in which low scale business isinvolved in the business. It includes hairdressers, grocery stores etc. Further at the time ofstarting a business, it is not easy to carry out all the activities of an individual. There isthe need for support so that business can be carried out effectively. In such type venture,the entrepreneur takes supports from their family members and friends who can helpthem to operate it effectively. Scalable start-up ventures: In this type of business, entrepreneurs tried to start the newbusiness with the vision of the changing the world (Dacin, Dacin and Matear, 2010). Inrespect to carrying out this type of business an individual take support of skilledemployees who can work effectively to accomplish the vision. Large company venture: In this business, there is required huge capital for starting thebusiness. Firstly entrepreneur has to plan all the activities which help in carrying out the1
business operations. They adopt some strategies as per the life cycle of the products andservices which is developed. Along with this, they also tried to change the products andservices according to the needs and wants of the customers. Social ventures: As per this venture, they have the capability to serve society according totheir requirement. For this purpose, they focus on developing new products and servicesso that requirement of society can be fulfilled (Burns, 2010). Determined entrepreneur: This types of entrepreneur believe in making their own way asthey avoid following others and their methodologies. In addition to this, they like tointroduce their own services and products with the unique concept in the market in orderto gain competitive advantages.Accomplish entrepreneur: This types of entrepreneur are such as J.K. Rowling who comeunder the accomplish entrepreneur category (Dacin, Dacin and Matear, 2010). AS it hasestablished Harry Potter which is one of the most successful brands in the market. Theyface various hurdles with respect to accomplish the success. While they also haveeffective ability to increase customer loyalty. P2 The similarities and differences between entrepreneurial venturesAs stated above there are different types of entrepreneur ventures and they all are highlybeneficial in respect to development of economy of the country. In all the ventures there aresome similarities and differences which make them successful. One of the main similarity is thatthese ventures all develop new and innovative products and services in respect to satisfy theneeds and wants of customers. Along with this, all the entrepreneur focus innovating newproducts and services so that they can survive in competitive market. On the other side smallventure and large scale ventures are different in such a way they their financial aspects areconsidered firstly. Difference between Small business, Scalable start-up and social ventures areas follows:Small Business VenturesScalable start up venturesSocial venturesThe main goal of this ventureis to sustain the market inrespect to increase the revenueHowever, scalabe startupventures set vision and they setobjectives accordingly inThis type of venture targe thepeople of society. They tried toresolve the issues of people of2
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