Report on Evaluation of Types of Entrepreneurial Venture
Added on 2020-06-04
15 Pages5029 Words77 Views
Political Science
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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and its relation with typology...........................1P2 Role, characteristic of different ventures...............................................................................3P3 Effect of micro and small business on economy...................................................................6P4 Significance of small business and business start-ups in economy development.................7TASK 2............................................................................................................................................9P5 Characteristic and traits of successful entrepreneur...............................................................9P6 Personality of entrepreneur act as a motivational tool.........................................................10P7 Background and experiences which can hinder or foster entrepreneurship.........................11CONCLUSION..............................................................................................................................11REFERENCES .............................................................................................................................12
INTRODUCTIONSmall business enterprises are entirely controlled and operated with the help of privatefirm, association, single organisations and sole traders where less workers are performing forattaining the pre determine goals and objective. Private firms are majorly helps in order toenhance the growth of economy of the nation in appropriate manner. They were build up theinnovative and creative products and services in effective way (Carland and Carland 2015). Allentrepreneurs are having higher skills and abilities for arranging and controlling all kinds ofactivities and functions within a enterprise. The report throwing some lights on the evaluation ofdifferent types of entrepreneurial venture and also depicts the similarity and difference inbetween all these venture.TASK 1P1 Different types of entrepreneurial ventures and its relation with typologyEntrepreneurship: it is a signifying and prominent pillar of the economic growth. Anentrepreneur is an individual who runs their own business by his own help along with with anentrepreneurship is simple term which is considered as a set of practises and activities which areconcerned with developing and running business by an owner for surviving in a competitivemarket with the hope of some benefits. It is generally refers as taking risk in the serving marketplace through launching a newer things or products in to market also it helps in the generation ofemployment in the nation. Other side entrepreneurship is about thinking out of the box and lookafter all the possibilities. For an entrepreneur, it is important to have ability for bearing risk causethis is the only thing that provides aid to entrepreneur in smooth running business enterprise. Entrepreneurial practices are required to be well planed in appropriate manner otherwise roadblock will occur again and again. This sited phase are focused with the venturer'sbeginning and in the middle step says, owner needs to look after all the aspects of theadvertisement. It is also means the utilisation of accessible things and planning in respect toforecasting or allocation services and product (Dennis 2011). Here in all the results comes in theregards to considering costing and risk of the firm. Entrepreneurial is a trait of a person that arehaving ability of taking financial risk and have hope of profit. Ventures of entrepreneur1
Private venture entrepreneurship: As this name explains, some of firms are privatelyoperation in the nation of UK. These kind of enterprise have single entity which facilitates themin framing more profit and offers what they wish to owner. Other side, governmental forces areapplicable in minimal manner. Scalable start-up: Small and higher scale of company comes under it. These are thosetype of business who starts their operations in very niche market with less financial tool. Theyare not dealing with nigger projects, they only serve to general people and not seek out luxuryitem. Large company entrepreneur:- hey are dealing with higher scale goods and alsoconcentrate on the higher level or class individuals. These kinds of enterprisers are havingenough financial aid for surviving their business and venture. Social business enterprises: These types of company can be both non profit or profit.The only aim of firm is to facilitates effective quality of the product and services in the marketplace in order to satisfy needs and demands of customers. These kind of firm are not seeking outsome extra profit, they are working for social cause. Typologies of Entrepreneurship:Its general mean is major classification in accordance with general types, social scienceand psychology. Lifestyle venture: Here, these entrepreneur are refers as they wish to make investment inthe area in which persons going to be serves and also create more competitiveness in market.This kinds of venture is frames in accordance to taste and preferences of the persons with theirlocal belief. It facilitates stability in earning for owner and maintain performance mode inbusiness as in sufficient manner. In this kind of enterprise owner does not seek out for theirexpansion instead they survive in single location with minimal numbers of employees (Down2010).Managed growth enterprise: According to time, same kind of venture will get stabilityin their growth and will have workable business model. In this venture, on-going investment willhappen through introducing and lunching new goods and services. This enterprise requiredregular modifications in providing demanded things in growing enterprise. Survival venture: This types of enterprise means a basic and general market added to aperson which provide help to a firm for their survival. In new market place, owner will have new2
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