Types of Enterprises and Its Typologies : Report
Added on -2020-06-06
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Entrepreneurship and Small BusinessManagement (Unit 9)
Table of ContentsINTRODUCTION...........................................................................................................................1P1 Different type of entrepreneur venture and typologies..........................................................1P2 Similarities and difference among different type of entrepreneur.........................................3P3 Impact of micro and small business on economy..................................................................5P4 Importance of small businesses on the growth of social economy........................................7P5 Characteristic and traits of successful entrepreneurs.............................................................8P6 Personality of entrepreneur get affected by mindset and motivation....................................9P7 Process of entrepreneurship affect by person's background or experience..........................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurs are the person who set up the business for achieving financial gains. Theytake more risk and hope that they get profits. They play an important role in the economicgrowth because entrepreneurs have ability to design and execute business activities in order toattain higher profitability. This scenario is based on entrepreneurship which is an effectiveprocess to develop and launch a new business and offering their products to get the bestoutcomes. Mainly enterprise can be divided in four sections such as small, large, social andscalable (Entrepreneurship, 2017). All these aid in developing the growth of economy. In this,the government provides effective support to these types of businesses to set their operations inorder to get higher success in market. They produce new and innovative products and services toinvite large number of customers in order to satisfy their needs and gain higher satisfaction in aneffective manner. It helps in increasing living standard of people which directly put a hugeimpact on the economy. Present report is based on various types of enterprises and its typologies.Various similarities and difference among all the enterprise is also mentioned in this reportwhich directly impact on economic growth. Along with this, importance of small businesses oneconomy and person past experience and background is also mentioned in this project.P1 Different type of entrepreneur venture and typologiesIn business environment, entrepreneur is the person who set their operation for hope toattain higher profits. They take various risk to run their business and also achieve financial gainby delivering the quality products to their customers.Concept of entrepreneurship: It is an important process in which one person set their variousoperational activities in order to get financial gain. They take risk to look for higher achievement(Acs, Audretsch and Lehmann, 2013). There are various ventures which exist in the market thatare divided in four aspect which are as follows:Small business entrepreneurship: These types of entrepreneur operate their business atlow level because they are having limited financial resources. They invest at small scaleso that some time they fails in attracting large number of investors. For this they takefinancial help from their friends and family to run their business. The main purpose ofsetting this type of business is to make quality products to fulfil their basic needs. Formanaging whole business activities they include their family members and friends andhire local people so that they easily operate their business in effective manner. There is1
some example of small business entrepreneurship such as plumber, travel agent,electricians and many more who operate their business at small scale to make profits fortheir daily needs (Bruni, Gherardi and Poggio, 2014).Scalable start-up entrepreneurship: This type of business starts their business with newand innovative ideas which aid in attracting large number of customers toward it productsand company. With the help of unique ideas, they easily invite more investors so thatthey are able to generate number of profitability. They select and hire skilled andexperienced employees in their business for completing the work effectively thatcontribute in achieving desirable success at market. This type of business takes variousrisks to get financial gain in order to improve their productivity. The main purpose of thistype of business is to capture large market share by delivering high quality as well asinnovative products to their customers (Koellinger and Roy Thurik, 2012). For example,Twitter, Facebook, Skype all are the major part of scalable start-up entrepreneurship.Social entrepreneurship: This type of business is more effective because they solve allthe issues and problems of people so that they would easily satisfy their needs in anappropriate manner. They can be profitable and non-profitability based business. Themain purpose of this business is to solve social problems. They produce effective andfeatures product for public to attain profitability. They contribute in increase the socialwelfare to make problems free world. Large company entrepreneurship: This type of business undertakes their operationalactivities at a large level. They make as well as provide creative and innovative productsto their customers in order to satisfy their needs. In today's business environment,customer’s tastes and preferences are continuously changing (Carland Jr, Carland andCarland III, 2015). In this, they offer their products to fulfil their needs in an effectivemanner. Main aim of this type of business is to generate higher profitability by deliveringquality products to the customers. They easily set their business at international market togain foreign exchange rate which directly put an impact on economy’s growth.On the other hand, there are various entrepreneur typologies which affect the overallperformance as well as productivity of company in an appropriate manner which are as follows:Serial entrepreneur: This type of person enters in the market with new and innovativeideas and set their business in order to generate higher profit. They start their business in2
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