Small Entrepreneurial Venture

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Small Entrepreneurial Venture
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Small entrepreneurial venture
Table of Contents
Part 1.....................................................................................................................................................3
Types of entrepreneurial ventures......................................................................................................3
Similarities and differences of various entrepreneurial ventures.......................................................4
The impact of micro and small business on the economy..................................................................6
Part 2.....................................................................................................................................................8
Traits and skills of entrepreneurs.......................................................................................................8
Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.............11
References...........................................................................................................................................15
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Small entrepreneurial venture
Part 1
Types of entrepreneurial ventures
Different types of entrepreneurial ventures have special purposes and business structures.
Besides that, starting up a new business venture is the best example of entrepreneurial
ventures (Baker, 2007). Along with that, the entrepreneurial ventures are divided into some
significant factors such as sole traders, public limited, partnership and franchise
entrepreneurial ventures. Each and every type of entrepreneurial ventures is discussed below:
Sole traders: a single proprietor has owned this types of entrepreneurial ventures. In
addition, the sole proprietors have all power of attorney in their hands. Moreover, one and the
only sole proprietor has all decision making authority in this types of entrepreneurial
ventures.
Public limited company: with the help of governmental support and shareholders
contribution, the public limited companies includes a top managerial performance. Along
with that, these types of entrepreneurial ventures are based on privately and state-owned
businesses (Bragg and Bragg, 2005). Moreover, the public limited entrepreneurial ventures
maintain professionalism and do not propose their private parts to a general group.
Furthermore, the shareholders have also decision making power in limited entrepreneurial
ventures.
Partnership: the partnership entrepreneurial ventures are called those small businesses which
are claimed by two different proprietors. Along with that, the annual gross profit is divided
into both partners of the partnership entrepreneurial venture. Moreover, both proprietors and
partners have equal decision-making authority or power in the entrepreneurial venture in
small business (Cooper and Vlaskovits, 2005).
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Small entrepreneurial venture
Franchise entrepreneurial ventures: this types of small business can be defined as a
specialist takes the initiative to make collaboration with leading organisation and supply their
products and services. In other words, franchise entrepreneurial ventures mean an individual
can negotiate and make thoughtful approach between leading organisation and approved
individuals (Drummond, 2009).
The above mentioned entrepreneurial ventures are included in the typology of
entrepreneurship. In addition, the roles and characteristics of micro, small and medium-sized
organisations are discussed. Along with that, serial entrepreneurs includes some important
traits and qualities which differentiate them from entrepreneurs and owner managers. A
successful serial entrepreneur is a true motivator and effective leader, and he/she has proper
vision to accomplish desired goals and objectives. On the other hand, a common entrepreneur
who might be involved with franchise entrepreneurial ventures has not motivational skills and
leadership qualities to the business successfully (Epstein et al., 2010). Moreover, the
managers have the specific role to play in an organisation and the managers just control and
manage operational processes according to the directions of the leaders of the business.
Similarities and differences of various entrepreneurial ventures
Private limited entrepreneurial ventures: the private entrepreneurial ventures belong to
one proprietor who has all decision making power in own hand. In addition, the private
limited entrepreneurial ventures can be considered as sole trading (Hansen and Christensen,
2014). Moreover, the major difference between private entrepreneurial ventures and public
entrepreneurial ventures are that private entrepreneurial ventures are controlled by one
proprietor, but public entrepreneurial ventures are controlled and managed by the
government. The similarity between these two entrepreneurial ventures is that the people who
are working inside the organisation have faith and trust in their leaders.
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