(Doc) Similarities And Differences Between Entrepreneurial Ventures

   

Added on  2021-02-21

17 Pages5004 Words84 Views
Entrepreneurship AndSmall businessManagement
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1.Different types of entrepreneurial ventures and their relation with typology ofentrepreneurship..........................................................................................................................1P2. Similarities and differences between entrepreneurial ventures............................................3TASK 2............................................................................................................................................5P3. Interpretation and assess of relevant data and statistics to illustrate how micro and smallbusiness impact on the economy. ...............................................................................................5P4. Importance of small business and start-up business on growth of social economy..............7TASK 3............................................................................................................................................7P5. Determine the characteristics traits and skills of successful entrepreneurs that differentiatethem from other business managers............................................................................................7P6. Assess how aspects of the entrepreneurial personality reflects entrepreneurial motivationand mindset.................................................................................................................................9TASK 4..........................................................................................................................................11P7. Examine, using relevant examples, how background and experience can hinder or fosterentrepreneurship........................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONEntrepreneurship is basically refer as a process of business operation that focus ondesigning and launching new and creative products or services to customers (Bennett, 2014).These are the business which is own and managed by person who is responsible for bearing allloses as well as enjoys all profits earned. Entrepreneurship can be describe as a capacity andwillingness of an of an individual or a group of people to mange entrepreneur venture. Smallbusiness refers to all those business which are not operating in large area. This report is based onrange of entrepreneurial venters with similarities and difference between these ventures. Itconsist of impact of small business on the economy as well as key aspects of mindset ofentrepreneurs. Different characteristic or skills of different entrepreneur is evaluated in order toanalyse reason of entrepreneur success. This report also consist of different factors ofenvironment that foster or hider entrepreneurship. TASK 1P1.Different types of entrepreneurial ventures and their relation with typology ofentrepreneurship.EntrepreneurThis is term used for person who setup their own business and take all financial risk ofbusiness. Entrepreneur is an individual or a group of individuals who manage and organisebusiness and its activities with the hope of earning profits from their business operations(Blackburn, Hart and Wainwright, 2013). Entrepreneur set up their business and willing to takerisk for their business in order to earn more money. Different types of entrepreneurial ventures Entrepreneurial ventures can be classified into four different types of ventures such assmall company, scalable, large size, social entrepreneurship. These ventures are mention below: Large size social company: This consist of all those companies which are offering itsproducts or services in large market area. Large size company is a term used to define thecompany which is operation is many areas and there motive is to earn profits bysatisfying needs and wants of customers. These companies have finite life cycle as wellas they are using high techniques and technology in their business process. Example oflarge size company is H&M TESCO etc1
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Small sized company: This type of companies which are running with the motive of earnbasic needs for owners. Small size entrepreneur ventures basically includes smallcompanies such as grocery store, plumbers, hairdressers, consultants, carpenters etc.These are the business which operates in very small area and it generally have smallnumbers of employees working in organisation. In small size company, owner is offeringits products and services in nearby or small area and earn decent amount of profits tofulfil needs of their family. Airdri is an example of this type of venture. Scalable start up entrepreneurship: These are the entrepreneur ventures which is earningprofits by creating large impact on society (Burns and Dewhurst, 2016). Scalable start upbusiness are working with the aim of changing society with the use of different tools andtechniques. These are the organisation which is using innovation technology in theirbusiness process and offering new and different products and services. For exampleFacebook, Microsoft etc.Social entrepreneurship: This types of organisation are working to with the motive ofaddressing social and environmental problems. Social entrepreneur refers to all thosecompanies which are not operating to earn profits but for the welfare of society. Theseorganisation are responsible for solving sociality and environmental issue with the aim ofbetter future. Social entrepreneur venture are also known as non profit organisation as itwork for society benefits. Example of social entrepreneurial venture is Abianda Typology of entrepreneurshipDifferent types of entrepreneurship typology is mention below:Survival firms: It includes all those business which are working to earn survival oforganisation as well as owners. Survival firm includes small sized companies and theseorganisation are earning profits to full fill basic needs (Burns, 2016). Long term survivalis one of the major goal of these business. Staff member of these firms generally includesfamily member of owner. Lifestyle firm: These are the organisation which is able to afford sufficient amount ofincome for owner by achieving level of productivity. Lifestyle business are setup with theaim of earning sufficient profits from business activities and provide a sustainablelifestyle to owner. The purpose of owner in operating these business is to follow passionand enjoy what they are doing. 2
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