Types of Entrepreneurial Ventures : Report
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Added on 2020-06-04
Types of Entrepreneurial Ventures : Report
Added on 2020-06-04
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Entrepreneurship and SmallBusiness Management
ContentsINTRODUCTION.......................................................................................................................................2PART 1.......................................................................................................................................................3P1 Various kinds of entrepreneurship ventures that are related to typology of entrepreneurship.............3P2 Similarities and differences between entrepreneurial ventures...........................................................4P3 Impact of micro and small business on economy...............................................................................5P4 Value of contribution by small and medium enterprise in society and economy of a country............6PART 2.......................................................................................................................................................7P5 Traits and Skills of a successful business entrepreneur......................................................................7P6 Aspects entrepreneurial personality....................................................................................................8P7 Different ways by which background and experience can hamper the performance ofentrepreneurship......................................................................................................................................9CONCLUSION...........................................................................................................................................9
INTRODUCTIONEntrepreneurs are those who have a different mindset are works separately rather thanworking under somebody else. Therefore, they can be defined as one who are innovator, starttheir own business with new ideas and tries to provide good service and facilities respectively.Entrepreneurship is a kind of process under which process and designing of new business forlaunching comes (Drucker, 2014). The losses and profits are their own and they are solelyresponsible for that. Talent Plus is a small consultancy firm that runs their business in UnitedKingdom and gives advices to those who are having problem in operating their business in aneffective manner. This report will highlight different types of entrepreneurial ventures that arerelated to typology. Similarities and differences between various ventures along with the roles,characteristics and objectives have been included in this assignment. Apart from this,interpretation and assessment of applicable data in order to evaluate the impact of micro andsmall business on economy is included in this report. Other than this, assessment of aspects ofentrepreneurial personality reflects entrepreneurial motivation and mindset is mentioned in thisassignment. PART 1P1 Various kinds of entrepreneurship ventures that are related to typology ofentrepreneurshipEntrepreneurial ventures can be said as those places of a company where a person cangive or express his/her innovative ideas in order to increase the economic and social value of anorganization. Suitable number of employees in a firm is required if the enterprise wants to runtheir business in an appropriate manner. Workers can assist the company in obtaining theobjectives in specific time period. Therefore, entrepreneurship is divided into different categoriesand some of them are given below:Small Business Enterprise:These are generally small and around 100 workers work witha low scale of sales. They are basically sole proprietors and privately owned their company.Other than this, small scale enterprise is short with finance and has minimum net profits. Theymainly work to earn profits for themselves andprovide job opportunities to their communitiesitself (Kirzner, 2015).Scalable Start-Ups: This can be said as small business that start-up for earning maximumprofits by delivering their services to customers for quite a period of time. Therefore, they tellabout their plans to different firms so that they can invest in their business operations. Throughthis process these scalable Start-ups tries to generate as much as funds so that they can attainfuture goals and objectives. People who work in this field are very enthusiastic and motivated inachieving the set targets.
Large Corporation Entrepreneurship: Firms that have large amount of profits comesunder this. Thus, for generating maximum number of profits they tries to manufacture productsas per the needs and demands of customers. Therefore, large corporation companies implementinnovative ideas and make unique strategies for enhancing their brand image and market value aswell (Kuratko, 2016). Social Entrepreneurship: The main purpose of establishing this business is to giveessential needs and wants to people who cannot afford. Therefore, firms working under this arehelping individuals so that they can raise their standards. Thus, they work for satisfying thedemands of people and mainly the organization that are regulated by government come underthis in order to give better facilities. Types of entrepreneurial typologiesLifestyle Ventures: This kind of typology is for those who want to work alone so as toincrease their sales and profitability. As a result they will get maximum benefits which willenable them in retaining superior position for a longer period of time. This kind of work willprovide them competitive advantages through which all the goals and targets can be achieved bythe organization (Santos, 2012). Survival ventures: Under this, firms mostly work for fulfilling the demands ofthemselves so that they can live in the society. They prefer to use barter system for exchangingthe goods rather than doing bank contacts.Managed growth ventures: Organization that work under this have less number ofemployees who perform the entire task by their own and focus on gaining maximum benefits.Aggressive growth ventures: Mostly companies that come under this, perform their taskaggressively so that they can get maximum benefits. For this, firm majorly utilize all the latesttools and technologies that can help them in growing in forward direction. Therefore, all the elements that have mentioned above are helping the organization orthose who want their business in an effective manner (Martin, McNally and Kay, 2013). P2 Similarities and differences between entrepreneurial venturesTo understand this in a better manner some of the similarities and dissimilarities amongstentrepreneurial ventures are given below:Types of EnterpriseSimilaritiesDifferencesSmall v/s large businessenterpriseBothe small and largecompanies work for theirbenefits along with givingbetter services and facilities tocustomers. This enables themFinancial status is the biggestdifference between small andlarge business enterprise.Small company may not haveample amount of money in
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