LO 1 1 Types of entrepreneurial venture and their interrelation with typologies
Added on 2020-10-22
15 Pages4847 Words309 Views
Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1Types of entrepreneurial venture and their interrelation with typologies..............................1Similarities and difference between entrepreneurial ventures................................................3LO 2.................................................................................................................................................4Assess and interpret how small and micro business impact on economy..............................4Small firms and start-ups contribute to growth of social economy after 'Brexit'...................6LO 3.................................................................................................................................................7Characteristics, traits and skills of entrepreneurs and differentiation with manager.............7Entrepreneurial personality reflect entrepreneurial motivation & mindset............................9LO 4...............................................................................................................................................10Examine background and experience can hinder or foster entrepreneurship.......................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship is the business which is executed by one or two member with an ideawhich does not exist in market. Entrepreneurs are the people who research in market or feel anyissue in dealing in society. There is less resources because idea is new so entrepreneurship isrisky approach. There are some changes which has to be made in this business due to change indemand of consumers. Entrepreneurship business can be done by person who accepts new andinnovative ideas and courage to take risk (Burns and Dewhurst, 2016). To run entrepreneurialbusiness, there is requirement of many resources, so it is essential for person to plan businessoperations properly. These days’ trend for entrepreneurship is increasing government isencouraging them. In this report, there is discussion about types of entrepreneurial venture,impact of small businesses on the economy, characteristics, skills of entrepreneurs, differentenvironmental factors which are hinder and foster entrepreneurship. LO 1Types of entrepreneurial venture and their interrelation with typologiesEntrepreneurship is the business which is started by individual having new idea in mind.This idea does not existing in society. This idea is fresh so there are possibilities of less resourceswhich might affect business growth and development. Typologies refers to different types ofbusiness which has some basic motto behind starting it. These ideas are related to businessorganisation.Entrepreneurship business with some idea behind it. There is difference in concept ofevery entrepreneur, so it is essential to deliver information about it. As there are differententrepreneurial ideas, different ventures are set up. Entrepreneurship is the business which assistin growth and development of economy of country. Some entrepreneurial ventures are discussedas under-Small scale enterprises- This is the business which is smallest in terms of revenue aswell as operations. This business operates at small level by one person or family members. Thereis lack of funds, so some times this business gets shut down. These business are operated to earnbasic livelihood. With the revenue of this business, individual is able to fulfil basic need. Scaleable start ups – This is the business which starts with one idea and entrepreneuranalyse market regularly to start new business. Hence in this business, person come with newand innovative approach to launch new business (Doern, 2016). They launch new business,1
analyse it properly and then hand over to other person. These people are more crazy and theywant collaboration of similar mind-set people. These are the people who want to change worldwith new energy. This venture is related to male entrepreneurs because these ventures are morerisk taking. Social enterprise- These are the entrepreneurs who works for some social reason. Thereare many problems which people residing in society are facing, so these entrepreneurs havemotto to resist them so image of society can be improved. They do not operate to earn profits.They have main motto to serve society to improve condition of people. Social enterprise isrelated to female enterprise because they have aim to provide society benefits. Large scale enterprise- This are the largest business organisation which has main mottoto earn profits and business expansion. They have good amount of resources which assist them toperform business operations in appropriate manner. They want long term sustainability inindustry, so they accept environmental changes. Lifestyle venture is related to large scaleorganisation because they run according to current trends of market. Apart from this entrepreneurship venture, there are some entrepreneurial typologieswhich are related to these ventures. They help to achieve aims and objectives of entrepreneurialventures. Some of typologies are as under-Male entrepreneurs- These enterprises run, operated and organised by men (Fayolle andGailly, 2015). They have power to take decisions and alter business operations according toexternal market. Scaleable entrepreneurship belongs to male entrepreneurs because they havemore risk taking power and they can analyse external market in best and relevant manner. Female entrepreneurs- These are the enterprises which is run, organised by female.Social business entrepreneurs are related to this enterprise. They work for the social benefitssuch as stitching work through which status of women gets improved.Lifestyle entrepreneurs- As there is change in external environment demand of people ischanging frequently, so these business organisations are run as scalable and large scaleorganisations. When change happens in demand of consumer so they accept it and take actions tosatisfy consumers. Hence they are able to make long term existence in industry. From the above discussion it is clear that there is difference in reason behind mootto ofestablishing business. Different typologies assist in making changes which are relevant and2
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