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P1. Types of entrepreneurial venture and their interrelationship with its typology

   

Added on  2020-10-05

14 Pages4765 Words392 Views
Entrepreneurshipand Small BusinessManagement
P1. Types of entrepreneurial venture and their interrelationship with its typology_1
CONTENTSContents...........................................................................................................................................2INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Types of entrepreneurial venture and their interrelationship with its typology....................1P2. Similarities and differences between entrepreneurial ventures.............................................2TASK 2............................................................................................................................................4P3. Impact of micro and small businesses over economy...........................................................4P4. Contribution of small businesses and business start-ups toward the growth of socialeconomy after Brexit...................................................................................................................6TASK 3............................................................................................................................................7P5. Characteristics, traits and skills of successful entrepreneurs that differentiate them fromothers............................................................................................................................................7P6. Aspects of entrepreneurial personality that reflect entrepreneurial motivation and mind-set.....................................................................................................................................................9TASK 4..........................................................................................................................................10P7. How Background and experience either hinder or foster an entrepreneur..........................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONEntrepreneurship refers to the process of planning, creating and managing a businessventure by taking all the financial risk in hope of achieving maximum profit in future. It plays amajor role in development of country as well as its economy by contributing toward improvingGDP, living standard, employment rate and bringing FDI (Scarborough, 2016). This projectdescribes about types of entrepreneurial venture and their relation with typology along withsimilarities and differences between them. In addition to this it explains about the impact ofmicro and small business over country’s economy. Further it talks about characteristics and skillsthat differentiate an entrepreneur from others and how these factor affect over mind-set ofentrepreneurs. Apart from this report will also describe about how background or past experiencehinder or foster an entrepreneur.TASK 1P1. Types of entrepreneurial venture and their interrelationship with its typologyAn entrepreneur is a person who comes up with some new and innovative idea to set up abusiness venture by taking all the financial risk in hope of making profit. These individualsassess the market opportunity and try to satisfy the need of customers by providing uniqueproduct or services. On the other hand, entrepreneurship refers to the process of forming,organizing, running and managing a business venture with some unique idea. There are varioustypes of entrepreneurial venture present in business environment that are explained below: Small scale enterprises:- It refers to the type of businesses that are owned and operatedby sole proprietors which employ workers that are not more than 50 (Schaper andGibson, 2014). These businesses only hire local peoples or family members and theirmain aim is to earn their livelihood. Small scale businesses include consultants, travelagents, hairdressers, plumber etc. Large scale enterprises:- These are type of enterprises which are mostly grown upthrough offering new product, sustaining innovation and acquiring innovationcompanies. Main aim of large scale organizations is to earn maximum profit by capturinglarge market share. These enterprises operate its business in highly competitive marketplace and have at least 5000 employees in their premises. Scalable start-up enterprise:- It refers to the type of entrepreneurial venture where anentrepreneur identifies the opportunity and come up with innovative idea to scale up its1
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business. These entrepreneurial ventures are generally setup with a vision to change theworld. Scalable entrepreneurs generally setup their business with some innovative ideaand then after establishing their business they sale it and move toward scaling newbusiness with some other innovative approach. Social enterprises:- It refers to the type of businesses that focuses on creating andoffering product or services that help in solving the problem of society. Social enterprisesgenerally work for the welfare of society. These enterprises can be profit, not for profit orhybrid organizations that are established after identifying the need of society(Burns andDewhurst, 2016). All are the type of entrepreneurial venture that exist in business environment and aredifferent in term of their size, goals and objectives. But apart from this, these entrepreneurialventures belong to different typology of entrepreneurship which can be better understood usingfollowing points:Copycat entrepreneur:- This type of entrepreneurs who set up their business by seeingthe success of other, as they think this will provide them better success. These are smallbusiness enterprises which copies other businesses present in market. Their main aim isto earn profit and not to achieve high growth.Research entrepreneur:- This type of entrepreneurs are more focused toward learningand experiencing new thing by analysing the dynamics of market through conductingresearch. These entrepreneurs belong to large scale enterprises which always focuses onidentifying the factors that work and what changes to be implement to achieve highergrowth (Burns, 2016). This type of entrepreneurs are more successful as they search,learn and then implement actions that always provide positive result. P2. Similarities and differences between entrepreneurial venturesThere are different types of entrepreneurial venture that are present in businessenvironment which are different in term of its size, type or scope. But apart from this there arecertain characteristics which are similar in these enterprises which can be better explained usingfollowing points:Similarities between social and large scale enterprises:- Both the enterprises aresimilar in term of their objective because social as well as large organization work toward2
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