TASK 1 1 P1 Examine different types of entrepreneurial ventures

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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1P1 Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship......................................................................................................1P2 Similarities and differences between entrepreneurial ventures............................................2M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an understandingof entrepreneurship......................................................................................................................3TASK 2............................................................................................................................................4P3 Impact of micro and small business on economy..................................................................4P4 Explain the importance of small businesses and business start-ups to the growth of thesocial economy............................................................................................................................5P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiatethem from other business managers...........................................................................................6P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mindset.................................................................................................................................8M3 Explore and examine different lines of argument relating to entrepreneurial characteristics...................................................................................................................................................10P7 How background and experience can hinder or foster entrepreneurship.............................11M4 Analyse the link between entrepreneurial characteristics and the influence of personalbackground and experience.......................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................141
INTRODUCTIONEntrepreneurship is an activity of designing, developing, launching and running a smallbusiness taking all the financial risk associated with it. Managing and running a small businessrequires lot of time and effort and is defined as the management and coordination of all thebusiness activities in the organisation in a proper manner (Blackburn, Hart and Wainwright,2013). It assist in the growth of the economy. Business owners should develop specific skills inorder to provide innovative products and services and gain competitive advantage. The presentassignment focuses on range of various entrepreneurial ventures along with the similarities anddifferences between them. It also explains importance of small businesses for the growth ofsocial economy.TASK 1P1 Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship.Entrepreneurs are the individuals who have the ability to develop, start and manage theirown business in order to achieve profits and deliver economic and social benefits to the society.Entrepreneurial ventures greatly assist in the economic development of the country alsogenerates employment opportunities for the individuals thereby increasing their standard ofliving. There are various types of ventures that are set up the entrepreneurs in order to achievethe objectives. These are described as follows-Scalable entrepreneurship-These types of entrepreneurs enters the business marketwith a strong vision and huge amount of funds with the aim of changing the lifestyle of theindividuals. They attract lot of funds from the venture capitalist and then attracts huge investorstowards them. They are focused towards provides qualitative products and services with themotive of changing the world. Unilever is the best example of scalable entrepreneurship whichprovides innovative products to the consumers.Large Scale Entrepreneurship-With the rising competition, new technologies andlegislations increased customers demand in context to the products and services. These types ofentrepreneurs start venture of providing innovative products and services to meet the needs of theindividuals and brings technological advancement in the their business venture. Sainsbury retailstores can be best example for large entrepreneurship (Carsrud and Brännback, 2011).1
Micro enterprises venture: It states as a small business employing few or ninepeople having a balance sheet less than a certain amount example: phP 3 million. Theemployees working in this type of business are less than 10 people and are geographicallyrestricted. Generally it starts with small amount funding known as micro credit or microfinance.Gazelle venture: It is a high growth company that has been raising it's revenue by20% annually for four years or more starting revenue base of at least$100,000. This firmare characterized by their sales volume, growth pace, can range in size from small firm tovery huge enterprise, mostly are on the smaller end of the scale.Small Business Entrepreneur-In this case of venture, when the entrepreneur startsthe business it is in the form of small business. It includes businesses such as small grocerystores, electric shops, carpenters, small saloons etc. These individuals are the local people ofthe UK and their motive is to earn their livelihood by earning huge profits. Theseentrepreneurs take minimum amount of loans from the banks or their family members tostart their business (Bridge and O'Neill, 2012).Social Enterprise- These are the type of entrepreneur who aim at resolving theissues of the customers in a sustainable manner. They pay attention to social issues likehealth issues and the problems faced by the underprivileged kids. Their main focus is toprovide standard of living to all its customers thereby making the society a better place tolive.CASAis best example of social entrepreneurship.Typology of Entrepreneurs-Male Entrepreneurs-Here the business is managed and owned by male individuals whohave more skills and capabilities to bear losses and achieves success in their business.This can be effectively help in the development of large scale enterprises.Female Entrepreneurs-These types of businesses are owned and managed by thefemales who have a creative mindset.These can be the small scale enterprises which canbe managed and run by the females.Copy Cat Entrepreneurship-These are entrepreneurs who usually copy the idea ofother entrepreneurs and develop and starts the business accordingly. It leads to heavycompetition between them. These are the normally the small scale enterprise which aremost developed in the market as they copy the idea of each other.2
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