Entrepreneurial Ventures and Typologies
Added on 2020-10-05
14 Pages3222 Words392 Views
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Entrepreneurship and Smallbusiness management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1 Different type of entrepreneurial venture and typology of entrepreneurship. ......................1M1 ..............................................................................................................................................2D1 ...............................................................................................................................................2P2 Similarities and differences between entrepreneurial ventures ............................................2D2 ...............................................................................................................................................4P3 Statistics data to illustrate the impact of micro and small businesses on economy...............5P4 Importance of small businesses and business start – up to the growth of social economy . .6TASK 2 ..........................................................................................................................................7
P5 Characteristic traits and skills of successful entrepreneur and differentiate them from othermanager ......................................................................................................................................7Conclusion ....................................................................................................................................10REFERENCES .............................................................................................................................11
INTRODUCTIONEntrepreneurship is the study of how business started by designing, launching and running a newbusiness which is small business level. The person who start the business with his innovativeideas are known as entrepreneurs. Also, the entrepreneur have the capacity and also willingnessto start the business and also have the ability to manage the things in right way. TASK 1 P1 Different type of entrepreneurial venture and typology of entrepreneurship. Types of entrepreneurial ventures are -Micro business entrepreneurial venture – It is basically operates with low scale and also with lessthan 10 employees and serve good and services to local community . Small business entrepreneurial venture – Small business entrepreneurship create large jobs andalso comes with the lot of innovative ideas of doing old things. Also in this type of venture thereis less revenue and also lower risk but it is typically kept moving ahead. And work with feweremployees and with sufficient capital with focus on offering products and services to the localcommunity (Sallehudin, Razak and Ismail , 2015).Medium entrepreneurial venture – This type of entrepreneurial venture creates job opportunityand also by the help of there knowledge it increases sales of the business and also maximise theprofit of the business. The venture in which 100- 999 employees are being engage is known asmedium entrepreneurial venture. Large entrepreneurial venture – This type of venture operates in big level and focus onmaximising the sales and increasing profit by continuous innovation of product and services. Gazelle entrepreneurial venture – This type of venture known for its fastness as it grow rapidlyand also with consistent expansion and diversification and also with good turnover. Private entrepreneurial venture – This type of venture initiates under private sector in which itsmain motive is to maximization of profit and also few members operate and control the venturewith no intervention of government. Public entrepreneurial venture – This type of venture is control and operate by the governmentand hence it is more complicated type and focus is to maximise the interest of the customers. 1
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