P2 Similarities and differences between public and private ventures

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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Types of entrepreneurial venture among with their different typology............................3P2 Similarities and differences between public and private ventures....................................4TASK 2............................................................................................................................................5P3 Interpret of data and statistics that show impact of micro and small business on theeconomic condition................................................................................................................5P4 Importance of small business and starts-ups in the growth of social economy................7TASK 3............................................................................................................................................8P5 characteristic traits and skills of successful entrepreneurs that differentiate them from otherbusiness managers..................................................................................................................8P6 Aspects of the entrepreneurial personality which reflect entrepreneurial personality andmindset...................................................................................................................................9TASK 4.........................................................................................................................................10P7 Background and experience that can hinder or foster entrepreneurship.........................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneur is a person who takes different initiatives by arranging a venture that helpsto take many benefits from an opportunity. This decisions are developed by them that helps toconvert several aspect into a good or service. An entrepreneur invest capital in the market anddevelop different alternatives for overcoming from different risk factors for controlling andmonitoring business activities and functions. Moreover an entrepreneur is also known as soleproprietor, partner etc. that holds major shares in an organisation. This project highlights ondifferent types of entrepreneurial venture and its typology that exist in market(Hibbert andCunliffe, 2015). Further similarities and differences between entrepreneur and ventures. Data andstatistics that is related with micro and small business and impacts on the economy of countryalso be discuss in the project. Importance of small business and the starts-ups will also beincluded in this report.TASK 1P1 Types of entrepreneurial venture among with their different typologyIn this task various types of entrepreneur and their typology will be explain below:Public Sector-Public sector entrepreneurship is a new area that is developed by anperson or an authority for providing good quality goods to customers. Along with this they workto provide goods for customers at low or minimum rates. They are related with naturalentrepreneurs as they work for providing the benefit to society. Example of public sectorentrepreneurship is Crown prosecution service that works to provide justice in the society.Private entrepreneurship-This persons or individuals are related with organisation whoare working in the society by implementing their own sources. Private enterprise or business areowned by an individual(Grint, Jones and Holt, 2016). It determines that owner are whole-soledecision maker for individual. This factor is related with male or female typology as both ofthem are capable to run an organisation. M&S is the best example of private organisation as theyare operating their business among overall world.Social entrepreneurship-The social entrepreneur are those person who operates aventure to reduce the problems of society individuals. They work with motive of solving aparticular social problem. This works as organizing, creating and managing a social venture thatexecutes different dynamic change in society. Lifestyle typology is implemented by social
entrepreneur as they work to improve the standard of society individuals. Oxfam is the exampleof social entrepreneur because they work with the motive of removing poverty in the society.Corporate entrepreneurship-It is a process that is used to develop new or innovativeproducts and services in an existing organisation that is operating their business at global level.Major intention of corporate entrepreneurship is to increase the value of their products throughadopting essential changes. They follow the typology of time honoured in order to increase theirmarket share as they have more life experience. Peter Jones is the most suitable example ofcorporate entrepreneurship who is a successful proprietor, investor and director of television.Academic entrepreneur-The common definition of academic entrepreneur is similar tobasic types of entrepreneur. They work with motive of increasing the knowledge of theorganisation or society. Moreover it is a income oriented activity that helps to generates revenuesform implementing technological changes in the society. In context of example University ofOxford is an example of academic entrepreneur(Glukhov and Balashova, 2015).Difference between entrepreneur and intrapreneurAn entrepreneur is a person who owned the organisation while an intrapreneur is knownas employee who work for the organisation. Entrepreneur are creative and focus on the newinitiatives. While intrapreneur complete their with traditional approach as they are lack increative skill.Activities performed by an entrepreneurDecision making-An entrepreneur is a single entity who complete the work that isperformed by the business. Moreover they are responsible and authorise for the profits and lossof the organisation.Innovation-To raise the sale of an organisation it is important for entrepreneurs to makeessential modification in their existing products. Like implement of new technology, makeproducts according to the market trends. Innovation result that it assist them to cover broaderarea of market.P2 Similarities and differences between public and private venturesSimilaritiesParticularPrivatePublicOpportunities of employmentEmployment is provided at alllevel and in differentDifferent governmentorganisation or authorities
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