Entrepreneurship and Small Business Management - Assignment Sample
Added on 2021-02-20
12 Pages2312 Words21 Views
Entrepreneurship and Small BusinessManagement
Table of Contents
INTRODUCTIONEntrepreneurship is the process of designing, launching and running a new business atinitial level. This report will give the details the different types of entrepreneurial venture andhow their relation with different typologies and shows the differences and similarities betweenvarious entrepreneurial ventures. The study will interpret data and statistics to illustrates smalland micro business and their impact on UK economy. Further the report describes theimportance of small business and new start ups to the growth of social economy and the reportalso identify the traits and skills of a successful entrepreneur which differentiate from otherbusinessman. And the study also shows how entrepreneurial personality affects the motivationand mindsets of the entrepreneur. Summary will also shows the historical background ofentrepreneur which hinder or foster the entrepreneurship. LO1P1 Different types of entrepreneurial ventures and their relation with typology ofentrepreneurship.Entrepreneur venture provides services to mid stage and early stage companies. There are different types of entrepreneurial ventures such as- Large growth ventureLarge growth of venture are focused on innovation and offering new products which arenot produced by any other companies. Large companies focus on aggressive expansion andwider risk. The purpose of this venture is to earn large amount of profit. Shell is the largegrowth venture in UK(Burns and Dewhurst eds., 2016).Survival growth venture These venture are not formally registered and has no premises, no bank account and workwith very few assets. And survival venture operates on cash basis or barter basis. The purpose ofthis business is to earn minimum amount of profit on daily basis so that they can survive.Middle growth ventureThese types of venture have a workable business model which seeks a stable growth overcertain period of time. The purpose of these venture is to provide reinvestment in the businesses.These venture not earn large profit. It earns normal profit by providing products at reasonableprices. Verdant Leisure is the middle growth venture in UK (Mugler, 2017).Public venture1T
Public venture is created for the welfare of public. The purpose of this venture is toprovide quality products at reasonable prices. For example, Aviva.Private venturePrivate venture is created by the private companies to earn large amount of profit by theprivate companies. The purpose of this venture is to earn huge profit by offering high priceproducts. Private venture in UK is John Louis. There are various typologies which are followed by different ventures are as follows- Scalable typology Scalable enterprises are institutions which can deal with increased market demands.Scalable enterprise maintains or increase its profit margin as when sales volume increases.Scalable typology is followed by large growth ventures.Social typology Social typology can be of social goals as well as business goals. Social typology can benon profit organisations.Social typology meets the basic needs of people by providing incomegeneration opportunities (Karadag, 2015 ).Lifestyle typology Lifestyle companies are created by the entrepreneur primarily and the main aim is tosustain a particular level of income. The aim of the lifestyle typology is to increase the life styleof the people or maintain a minimum level of standards. The lifestyle typology is commonlyused by survival venture.P2 Differences and similarities between different entrepreneurial venturesLarge growthventureSurvivalgrowthventure Middle growthventurePublic venturePrivate ventureObjectiveThe objectiveof this ventureis to offer highqualityproducts athigh prices.The objectiveof this ventureis to dobusiness withminimumprofitability.The objectiveis to provideinvestmentwhich assistmoderatebusinessThe objectiveof publicventure is tosell the qualityproducts topublic inThe objectiveof privateventure is toearn highamount ofprofit by2T
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Types of Entrepreneurial Ventures and Their Impact on the Economylg...
|11
|2965
|295
Entrepreneurship & Small Business Managementlg...
|17
|4487
|97
Entrepreneurship and Small Businesslg...
|15
|906
|89
Entrepreneurship and Small Business Managementlg...
|14
|1109
|70
Entrepreneurship and Small Business Managementlg...
|13
|4126
|64
Exploration of Entrepreneur Mind Setlg...
|9
|1851
|40