P1. Different types of entrepreneurial ventures and the typology
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Added on 2020-10-22
P1. Different types of entrepreneurial ventures and the typology
Added on 2020-10-22
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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................3TASK1.............................................................................................................................................3P1. Different types of entrepreneurial ventures and the typology..............................................3P2. Similarities and differences between entrepreneurial venture..............................................5TASK2.............................................................................................................................................7P3. Interpret and asses relevant data and statistics to illustrate the impact of small and microbusinesses on economy...............................................................................................................7P4. Importance of small business and start-ups. ........................................................................8TASK3 ............................................................................................................................................9P5. Characteristics, traits and skill of successful entrepreneurs which differentiate them fromother business managers..............................................................................................................9P6. The entrepreneurial personality reflects entrepreneurial motivation and mindset..............12TASK4 ..........................................................................................................................................13P7. Background can hinder or foster entrepreneurship. ...........................................................13CONCLUSION .............................................................................................................................14REFERENCE.................................................................................................................................15
INTRODUCTIONEntrepreneurship is the phenomenon which helps in illustrating the learning about a freshbusiness which is to be created and the real procedure of developing a new business. In this, anentrepreneur is the person who is accountable for creating and developing new businessenterprise by bearing all the risk for the purpose of creating profitability (Burns, 2016). In theprocess of entrepreneurship, the person or an entrepreneur is involved in undertaking everchallenge which is coming in the way. This report will explain the range of different types ofventures which will be taken into account by an entrepreneur. It will assess the impact of smallbusinesses on the economy. It will also determine the important aspects of an entrepreneurialmind-set. And the last part of the report will examine the background of the entrepreneurs whichcan hinder or foster their entrepreneurship. TASK1P1. Different types of entrepreneurial ventures and the typology.Entrepreneur : Entrepreneur is the person who has the potentiality of commencing anew business by taking risk and using the available resources in a best possible manner. They arethe people who are considered as the initiator for the business and takes the advantages of anopportunity. Entrepreneurship : Entrepreneurship is the act, capacity or willingness of an individualwho is involved in building, organising and managing the operations and functions of thebusiness enterprise. This is considered to be an economic activity where it includes designing,initiation and administrating a new business for the intention of earning profits.Entrepreneurial venture : Entrepreneurial venture is defined as the business enterprisewhich is involved in placing innovation and opportunities as the most crucial aspect in order togenerate social and economic benefits for the firm (Scarborough, 2016).Enterprise : Enterprise is a word which is concerned with the profitability of thebusiness and is commonly associated with the entrepreneurial venture. Small business entrepreneurship: In present business scenario, major part of thebusinesses are still small in their operations and working. The primary purpose of smallbusiness entrepreneurial venture is to make little earning or profits through which they
can support their families and livings. They are funded through friends, relatives, savings,etc. For instance, some of the small business entrepreneurial venture are like electricians,carpenters, plumbers, grocery shop, etc.Scalable start up: In this type of entrepreneurial ventures, the individuals orentrepreneur begin their business enterprise with the purpose that their vision will changethe world (Burns and Dewhurst, 2016). They are funded through venture capitalist andhave the ability to hire best skilled and expertise employees. For instance, some of thescalable start up business are Facebook, Instagram, etc. Large company entrepreneurship: These types of entrepreneurial ventures areconcerned with providing the people with new and innovated products on regular basiswhich will satisfy their need. New and innovative products are made because of changingcustomer tastes and preferences and advancement in technology. For instance, Google,Samsung, Sony, etc. Types of entrepreneurial venturesThere are different types of entrepreneurial ventures which must be considered by anentrepreneur and they are discussed below:Survival firm : The primary objective of this venture is to survive and fulfil the businessgoals and objectives for accomplishment of the financial ventures of the business.Example : plumber, carpenter, etc.Lifestyle firm : These firms are set for the purpose of accomplishing the business goalsand objectives which are enjoyed by the owner and attains the level of productivity whichis useful for the owner in affording sufficient income. Example : TESCO, Facebook. Public sector entrepreneurship : This type of entrepreneurship is concerned withencompassing the varied set of measures that are usually adopted and developed byregional, local and national authorities (Hans, 2017). This helps in assisting anddeveloping the self employed people to start their own ventures and develops networksfor them. Example : BBC, etc.Social enterprise : Such entrepreneurial ventures are concerned with emphasising oncreating and developing new products and services which will solve the needs and
requirements of social problems (Julien, 2018). These organisations can be non-profit,hybrid or for the purpose of earning profits. For instance, National health services, cancerresearch centre, etc.Serial intrapreneur: The Serial Intraprenuer is the one who makes various innovationsinside their jobs and business organisation. This helps in finding new working methodssuch that software will fir better in order to inspire and motivate the workers. Forinstance, Sony PlayStation is one of the innovation which was developed and innovatedby one of the worker working inside the organisation. P2. Similarities and differences between entrepreneurial venture.Differences between different entrepreneurial ventures are discussed below :BasisSurvival Lifestyle Managedgrowth AggressivegrowthAnnual growthrateThe growth rateof theses firmsare reducing dayby day. The growth rateof these firms areflourishing at agreater rateThe growth inmanaged growthfirms aremoderate.The growth ofsuch firms arealso increasingdue to higherlevelofcompetition. Time horizonShorter durationof time from 1-8monthsLonger timeperiod, say formore than 10yearsAverage durationof time from 8months to 2 yearsMore duration oftime and last for2-4 years.Managerialfocus The focus is onearning basicincome withselling theproducts andservices(Hamburg andVladut, 2018). The focus ofmanager is onplanning,organisation,directing andcontrolling.The focus is onimproving theprocess ofproductionwithin thebusiness.The focus is oncontinuouslygrabbing newand innovativeopportunitiesprevailing in themarket.
ManagerialstyleLaissez faire isthe style ofmanagementwhich will beused under this. Situational stylewill be usedunder this wherethe manager willuse differentleadership stylesdepending uponthe situations.Inthisdemocraticapproach will beused where dueto the stability ofthe organisationdifferentemployees willbe involved indecision makingprocess.In this, autocraticstyle will be usedbecause suchmanagers will bedirect their teamwith rules andregulation anddoes not involvethem in decisionmaking.Similarities of different entrepreneurial ventures In an entrepreneurship, there are different ventures and each venture is different fromanother and it is already discussed above. But at the same time there are certain similarities alsowhich needs to be taken into consideration (Read and et. al., 2016). For instance, the smallentrepreneurial venture and social ventures, do not work for earning higher level of profitabilityand also there is lesser risk involved in both the ventures. The main motive of both theorganisation is to provide better living to the people with basic needs and requirements. Whereasthe large organisations and scalable organisation, are concerned with rendering new andinnovative products to the customers which will be technology enabled. Apart from this, boththese organisations require huge investment of funds and works for the purpose of earninggreater profitability. Constant innovation : The large organisation and those who are operating for thepurpose of earning profit are involved in producing regular innovation to the customers.For example : Apple, etc.as it is involved in producing innovative and new models of Iphone continuously with better features and effectiveness. Apart from this, the Amazon isalso one of the best example of regular innovation where it kept on producing variousnew products and services for making their delivery services better and effective. Strong willed entrepreneur : The public sector entrepreneur and social entrepreneur hasa similarity that both of these entrepreneur are having strong will power and they stay
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