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P1 Types of entrepreneurial venture and the typology of entrepreneurship

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Added on  2020-12-18

P1 Types of entrepreneurial venture and the typology of entrepreneurship

   Added on 2020-12-18

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Entrepreneurship and SmallBusiness Management
P1 Types of entrepreneurial venture and the typology of entrepreneurship_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1P1. Types of entrepreneurial venture and the way they relate to typology of entrepreneurship................................................................................................................................................1P2. Similarities and differences between entrepreneurial ventures........................................3M1...........................................................................................................................................5D1...........................................................................................................................................6P3. Impact of micro and small business on economy............................................................6P4. Importance of small businesses and business start-up on the social economic growth...8M2. Impact of small, medium and large businesses on economy..........................................9D2. Small business impact in local, regional, national and international areas.....................9PART 2............................................................................................................................................9P5. Successful entrepreneur - Bill Gates................................................................................9P6. Entrepreneur common/ distinct personality traits..........................................................11M3.........................................................................................................................................12D3.........................................................................................................................................12P7. Bill Gates background and past experience...................................................................12M4.........................................................................................................................................13D4.........................................................................................................................................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................15
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INTRODUCTIONEntrepreneurship is an activity of business start-ups and taking risk to developorganization at the next level. Small, medium and micro; all are those businesses which operateat local area but give a large contribution in country’s economy (Amato and et.al., 2017). Private,public and social enterprises have different aims like private sector wants to earn more profit forcompany expansion and customer’s attraction. Further, public organization work for governmentproductivity and social company focus on to develop society. Private companies follow ownpolicies for business expansion. While, public or social follows government rules to run theorganization. Report explains types of entrepreneurial ventures, differences and similaritiesbetween them and impact of SMEs in the economy of United Kingdom. It describes the skills,characteristic or traits of an entrepreneur like Bill Gates along with his cultural background,education and lifestyle’s role in his success. PART 1P1. Types of entrepreneurial venture and the way they relate to typology of entrepreneurshipEntrepreneurship and enterprise- An entrepreneur is a person who starts business onfinancial risks in the hope of profit. He works as an employee, founds and operates a smallbusiness as well as assumes all risks or rewards of venture. Entrepreneur looks like as aninnovator, sources of new ideas as well as products and services. Their role is the key ofeconomic success. These are the people who have skills and initiatives compulsory to anticipatepresent or future requirements and come into market with new ideas.Entrepreneurship is the process of designing, introducing and running new businesswhich is generally initially a small scale company (Bhagavatula, Mudambi and Murmann, 2017).It is an act of being an entrepreneur or owner of an organization who through risk and initiativeattempts to earn profit. Enterprise is another word for company but it is usually related with entrepreneurialventures. There are different forms of legal enterprise like sole proprietorship, partnership,corporation, Limited Liability Company and professional organization. Difference between entrepreneursBasisEntrepreneursIntrapreneur1
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OwnershipEntrepreneur is the owner orleader of whole operation. Intrapreneur is an employee ofbusiness.RiskThey are risk taker.They avoid taking risk.InnovatorThey are the source of newideas.They follow pre-definedbusiness rule. Intrapreneur arenot innovators.Entrepreneur performs different activities for business expansion or more profit. Theypredict future market situation and make efforts to reduce risk. They purchase raw material atminimum cost or sell products at high price. Market fluctuation decides the rate of goods andservices. There are different typology of entrepreneurial ventures which drive their work accordingto size of business.Private entrepreneurial venture- It is the best option for self-employed. Smallorganizations are those which want to enjoy a fix tax regime or simplifies reportingprocedures and engaged in operate non-risk business. It plays an important role incountry’s development, make strategies for promoting economic growth and reducepoverty in developing countries. Small business is the initial stage of privateorganization. It is related to small business which works for own profit. This kind oforganization is operated by an individual. Future growth scope of small business is thatthey want to turn small into medium. In this, company owner has entire profit in hispocket. Saloon is the best example of small entrepreneurship. Bakery shops, clothingoutlets etc. are the example of private entrepreneur. For example, TESCO Public entrepreneurial venture- Public entrepreneur are who generally think of asindividual which require a great deal of business freedom to make decisions, taking risk,and earn personal fortune. This type of venture follows government rules and regulationsand relates with medium enterprises. A scalable business can increase revenues withoutadditional sky-high incremental cost. Public hospital like NHS is the example of publicentrepreneurial venture. They follow government rules to complete their job. Scope ofpublic entrepreneurship is that they want to connect more people through their services to2
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