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P2 Explore the similarities and differences between the different ventures

   

Added on  2021-02-20

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Entrepreneurship and Small BusinessManagement
P2 Explore the similarities and differences between the different ventures_1

ContentsINTRODUCTION........................................................................................................................................................................................................3P1 Explain the types of entrepreneurial ventures and its typologies........................................................................................................................4P2 Explore the similarities and differences between the different ventures.....................................................................................................5LO 3..............................................................................................................................................................................................................................6P3 & P4 Assess the impact of small businesses on the economy............................................................................................................................6P5 Determine the key aspects of entrepreneurial mindset.......................................................................................................................................7P6 Entrepreneurial personality reflects motivation and mindset:..........................................................................................................................10LO4.............................................................................................................................................................................................................................11P7 Entrepreneurial background and experience.....................................................................................................................................................11CONCLUSION..........................................................................................................................................................................................................12REFERENCES...........................................................................................................................................................................................................13
P2 Explore the similarities and differences between the different ventures_2

INTRODUCTIONManagement is defined as the planning, managing and coordinating of all the activities in an organization. Entrepreneursand small business owners are liable for managing the multiple aspects of the firms. Whereas, entrepreneurship is related tothe thinking, designing and managing the new businesses with a view to earn maximum profitability at a low risk.Entrepreneurs as well as owners divert their ideas and opinions into a business after viewing the market opportunities. Theyneeds to understand about the managing resources, capabilities, employees as well as finance while running their ownbusinesses or thoughts. For entrepreneurship small business management McKinsey & Company is taken which isAmerican worldwide management consulting firm. It was founded in 1926 by James O. McKinsey in order to applyaccounting principles to management and headquarter in New York, United States. Under this report discussed about theentrepreneurial ventures and its typologies along with the similarities and differences in the ventures. In addition research isalso done and collect data's and statistics which impacts on the country's economy. Also, determine the skill sets and traitsto ensure the success and growth of businesses.
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Scalable start-up's entrepreneurship: These entrepreneurs start their businesswith a clear vision of could change the world from day one. They attractinvestments from venture capitalist and start-up's in UK are Freeagent, Vinayaetc. Large company entrepreneurship: These helps in offerings new products innew market and customer segments with a view to sustainable innovation whichtakes place due to the pressure of change in taste, technologies and legislations.This includes Peter Jones enterprise academy. Social entrepreneurship: These innovators focused on the developing goods andservices that helps in solving the social problems and fulfil their needs with amotive of making world a better place. For example, Gravity Light, Speaksetetc. Typologies:These are based on the growth, gender and motives etc. that can bedescribed below:Male entrepreneurship: This kind of enterprises are owned and controlled bythe young, competent and risk taker men and they are more into start-ups andlarge ventures. Female entrepreneurship: This enterprise initiated and managed by the womenand these are less in numbers because of risk avoider behaviour and they areinitiate foe mainly social ventures. Lifestyle entrepreneurship: These kind of entrepreneurs believes in small scaleand social ventures because they enjoy their life quality and less focus on thedevelopment strategy. Growth entrepreneurship: These enterprises deals in long time survival ofbusiness by making practices related to cost cutting as well as future goalcommitments. They exist in all kind of ventures. Entrepreneurial venture is defined as combination of two words such asentrepreneurial and ventures. Entrepreneurial refers to the capacity and willingnessof a person to initiate, design and manages a new business whereas, venturesprovide services to develop a positive change as well as environment within theworkplace. This can be categorised in mainly two sectors that can be consideredbelow:Public sector entrepreneurial venture: This refers to the initiation ofcreative public policies and activities as well as technological developmentwhile a country faces uncertainty issues that helps in generating higheconomic prosperity. Private sector entrepreneurial venture: Organizations which are usuallyfree from the government ownerships and control are considered as aprivate venture. This involves the sole proprietors, small and medium sizedbusiness as well as large multinational companies. For an example:McKinsey & CompanyTypes:There are four kind of entrepreneurial venture which are to be formed in a uniqueway and all are differ from each other. It can be described as:Small business entrepreneurship: The success point of view of that businessesis to feed their family and earn profits. Entrepreneurs of small businesses arethose who runs their own firm and theses are related to catering and courierservices, business consulting as well as website design.
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