Entrepreneurship and Small Business Management Types - Doc
Added on 2020-10-22
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Entrepreneurship
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Different types of entrepreneurial venturesEntrepreneur refers to a process which encourage aperson in developing a new business venture so thatthey can serve the society in order to fulfil need anddemand of customers in proper and effective way.Moreover, when a person starts a new business theyhave to conduct various things such as such asanalysis market, develop strategies, products andservices, analysis capital and so on (El Ebrashi,2013). Along with this they also face various riskwhich are related to dissatisfaction of customers,financial risk and so on. There are diverse kind ofentrepreneur in a marketplace, some major of themare explain below: - Type of Entrepreneurial venture- Large enterprises:There type of ventureare based on large scale and they requiredhuge amount of fund so that they can offerproducts and services accordingly. Theygenerally provide expensive and luxuryproducts for fulfilling need as well asrequirement of customers in proper way.Moreover, they design products accordingto latest trends of marketplace. Example oflarge scale organisation are Unilever,Marks and Spencer, Tesco, Burberry andso on. Small enterprise: There type of ventureare based on small level and it requiredless amount of capital in respect of largescale enterprise. These entrepreneurs aregenerally manufacture a products andservices with new as well as innovativetrends. Such as cafe, restaurants and so on.For example- Crew Clothing CompanyComparison: -oProducts and services: Products andservices offer by Burberry areclothing, accessories, perfumes andcosmetics whereas Crew clothingcompany offer casual clothing forboth men as well as women. oArea Served: Burberry serve theirproduct range at international level sotheir customer's base is high whereasCrew clothing company offer theirproducts at national level i.e. UnitedKingdom due to which theircustomer's base is low as compare toBurberry. Social enterprise: These type of enterpriseconducts their business operation as wellas function in order to satisfy need andENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
demand of customers so that they canimprove their standard of living. Kind of venture entrepreneurial typology-Serial entrepreneur: There type ofentrepreneur are very creative and alsoready to take risk as well as facechallenges (Griffiths, Gundry and Kickul,2013). They generally offer their productsand services in all areas so that they canfulfil need as well as requirement ofcustomers properly. Male Entrepreneur: These entrepreneurdesign products and services according torequirement and demand of customers.Along with this they are also creative andinnovative which help them in gaininghigh profitability ratio and market shares.Some successful male entrepreneur is likeBill Gates, Mark Zuckerberg and so on. Life Style Entrepreneur: Theseentrepreneurs are more focus on offeringproducts and services according to newtrends which fulfil requirement ofcustomers in effective and appropriatemanner. Female Entrepreneur: It refers to thoseentrepreneurs which are more innovateand creative in comparison to others.Along with this their main aim is to earnhigh profitability ratio as well as marketshares (Humphrey, 2013). Some of thefamous female entrepreneur are EmmaKane who is a chief executive officer ofRed Leaf Communication company. Similarities and differences betweenentrepreneurial venturesEach and every entrepreneurial venture is differentand similarity because their motive as well as aim isdiverse. Some of the major difference andsimilarity of some entrepreneurial ventures areexplain below:Difference: -Large scale and Small Scale EntrepreneurialVenturesLarge Entrepreneurial Ventures:Meaning: These entrepreneurial venture isdeveloped on large scale and they requiredhuge amount of money so that they canoperate their function as well as operationsproperly.Decision making: Here decision makingis little bit time taking because they followorganisational hierarchy.Process: Process follow by respectiveventure if formal type.Small Entrepreneurial Ventures:Meaning: It is a venture which requiredless amount of capital as comparison tolarge scale entrepreneurship.Decision making: In this entrepreneurshipdecision is taken by owner of a company. Process: Here procedure is informal innature. Social and Scalable Entrepreneurial VentureSocial Entrepreneurial VentureDefinition: The main aim of this type ofventure is to serve the society.Aim: Its main aim is to serve products orservices for society welfare.Scalable Entrepreneurial VentureDefinition: The objective of this companyis to sustain in market for a long time.Aim: Its aim is to bring unique as well asinnovative ideas for the business.Similarities:Large and small businessAim of both business is to earn profit.Main focus of these ventures are to grabattention of customer and investors.Social and scalable businessBoth business is based on creativity andinnovation. They both want to sustain in marketplacefor a long timeInterpret and assess relevant data and statisticsEntrepreneur is of various type which impact on aneconomy in various ways. In United Kingdomeconomy is mainly impacted by micro and smallbusiness ventures. Micro enterprise is those venturewhich have generally 5 or less staffs at a particularworkplace. Along with this small venture areindependently owned where very less employees
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