P2.Similarities and Differences between entrepreneurial ventures

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Entrepreneurship andSmall-BusinessManagementTable of Contents
INTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1: Types of Entrepreneurial Ventures and their relation with the typology ofEntrepreneurship.........................................................................................................................4P2.Similarities and Differences between entrepreneurial ventures.............................................4TASK 2............................................................................................................................................6P3.Interpret and assess relevant data and statistics to illustrate how micro and small businessesimpact on the economy...............................................................................................................6P4.Importance of small businesses and business start-ups to the growth of the social economy......................................................................................................................................................6TASK 3............................................................................................................................................6P5: Characteristic Traits and Skills of Successful Entrepreneurs that differentiate them frombusiness managers.......................................................................................................................6P6: Aspects Of Entrepreneurial Personality Reflect Entrepreneurial Motivation And Mindset......................................................................................................................................................6TASK 4............................................................................................................................................8P7: Background and Experience can hinder or foster Entrepreneurship....................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONEntrepreneurship refers to procedure of creating new business idea and implementing iteffectively for developing business that provides value to all. Entrepreneur is the one who ownscapability of managing work at their own level and also converts it into successful business.Entrepreneurs often starts work with small scale and later convert it into a good business with theattainment of goals and objectives(Ahmad, 2015). The current project provides knowledge ondifferent types of entrepreneurs along with their respective typologies. At next, it provides briefdescription about similarities and differences between entrepreneur ventures. Also, impact ofsmall scale businesses on economy will going to be explored. Assessment of key aspects ofentrepreneurial mindset will also be addressed in project. At last, several environmental factorswhich hinders or foster entrepreneurship will going to examined effectively.TASK 1P1: Types of Entrepreneurial Ventures and their relation with the typology of EntrepreneurshipEntrepreneurship refers to activity of establishing a company with the acceptance of allrisks and profits associated with it. Entrepreneur basically initiates its business with an effectiveidea and willing accepts its risks for gaining monetary benefits. There are different types ofentrepreneurial ventures completely depends upon scale are described as below:Small Scale Enterprise: These businesses are mainly operated by single proprietor whoworks for managing their basic expenses. In this type of venture, business is basicallyoperated by two or more workers. Here, entrepreneur often chooses to their familymember or relatives in order to execute business work. Some main example of these kindof enterprises are carpenters, grocery stores, street shop owners, brokers etc.Large Scale Enterprise: This type of entrepreneurial venture includes those businessenterprises in which numerous of business activities are operated at single time. Theseventures have developed various kind of job opportunities for people. In this, main aid ofenterprises is to bring more innovations in their products and services for motive ofmaintaining customers base(Audretsch and Caiazza, 2016). Example of large scaleenterprises are Samsung, Nokia, Apple etc.Scaleable Enterprise: These types of entrepreneurs brings innovation in the society. Theymainly places efforts to use their innovative and creative ideas for satisfying needs and
requirements of customers can be fulfilled. Once after making their business successfulthese entrepreneurs sells their business to large scale company and moves forward tointroduce any other business idea for converting it into successful business. Some coreexample of these entrepreneurship ventures are Facebook, Amazon, etc.Social Enterprise:These entrepreneurs mainly emphasises to bring innovation for socialwelfare motive so that customers could get solution for their specific issues. Here,preliminary motive of entrepreneur is to serve society with their hard work and afterfulfilment of this another motive is to generate benefit from it. Some common example ofsocial entrepreneurs are Hill Holt Wood, Cafédirect, etc.All of these enterprises work in the society and cooperative work life that places majorrole in establishment of various typologies that affects a lot on entrepreneurs and their workingpart. Typology of entrepreneur also influences their decision making and establishment ofenterprise(Kassean and et. al., 2015). Some of main typologies are:Male Entrepreneur:Male entrepreneurs are more risk taker who takes risk as persituation by analysing all associated factors. There main motive is to earn higher profits. For this,they take ample number of risk which is associated with the business organisation and as a resultthey will be able to covert their business into large scale organisation.Female Entrepreneur: Females are seen as more stable as compared to maleentrepreneurs. Majorly it has been observed that females are less likely to take risk as they arehaving numerous of responsibility which influences them to not take any kind of risk. They alsoensures to work with the small scale enterprises only as it does not require huge investment.Females are self motivated and concentrated toward their work(Bryson and Daniels, 2015).These typologies play a varied role in the establishment of entrepreneurial ventures in thebusiness environment.P2.Similarities and Differences between entrepreneurial venturesThere are various types of entrepreneurial ventures which is available at the marketplacehelp in generating more profitability as well as for the development and welfare of the society. Ithas been analysed that there are some similarities along with differences within them(Belz andBinder, 2017). Some of these includes small scale, large scale, scalable, social, researcherenterprises and many more.Difference:-
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