Types of Entrepreneurial Ventures: Doc
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Added on 2019-12-18
Types of Entrepreneurial Ventures: Doc
Added on 2019-12-18
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Entrepreneurship
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 .........................................................................................................................................3P1. Different types of entrepreneurial ventures and explanation of them to their typology. .3P2. Similarities and differences in between entrepreneurial ventures....................................4M1 Understanding of entrepreneurship in public and corporate sector.................................6D1 Scope, development and growth of entrepreneurial ventures...........................................6TASK 2............................................................................................................................................6P3. Assessment and interpretation of relevant data and statics on the impact of micro andsmall business on UK economy.............................................................................................6M2 Difference between small, medium and large business make to the economy................7D2 Impact of small business on different level of the economy............................................8P4. Importance of small business start-ups to contribute growth of the social economy afterBREXIT..................................................................................................................................9TASK 3..........................................................................................................................................10P5.Characteristics, traits and skills of two successful entrepreneurs which differentiate them tobusiness manager .................................................................................................................10M3 Arguments relating to the entrepreneurial characteristic...............................................13D3 Characteristic traits, skills and motivational drivers of successful entrepreneurs..........13P6. Assessment of aspects entrepreneurial personality which reflect on the motivation andmindset.................................................................................................................................13TASK 4..........................................................................................................................................15P7. Background and hinder can hinder and foster entrepreneurship....................................15M4 Link between entrepreneurial characteristic and influence of personal background.....16D4 Evaluation of background and experience influences entrepreneur...............................16CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
INTRODUCTIONA process to design, launching and running a new business which starts from a smallbusiness (Welter, 2011). Most of the entrepreneurs start with the small business or a small scaleenterprise to implement their business ideas in actualization. So these are based on theentrepreneur's efforts and their understanding related to the business. This report is having focuson the different types of entrepreneurial ventures which can be used by entrepreneurs for theirstart-up and its impact on the economy of UK. Along with the description of different types ofventures, various characteristic traits and skills of successful entrepreneurs will be highlightedalong with their impact on them. It is having different characteristic of the entrepreneurs and aswell as content on the personal background of the entrepreneurs which can be hinder or foster inthe entrepreneurship. TASK 1 P1. Different types of entrepreneurial ventures and explanation of them to their typologyEntrepreneurship is based on the new innovative ideas and willingness to implementthem in to actualization to attain the profits or provide benefits to society (Onetti and et. al.,2012). An entrepreneur can start their business according to business ideas and their financialcapabilities and sources which they have to start up. So, it is based on the believe on theirbusiness ideas and their resources to execute their business activities. So, here is the descriptionon different types of entrepreneurial ventures and it relation with their typology:Small business ventures: It is a suitable format to start business activities with minimumneed of finance and human resources. Most of the entrepreneurs are use this format to start theirbusiness (Martin, McNally and Kay, 2013). It is a general type of business format which mostlyused by the entrepreneurs and also people which want to earn money with a small investment sothis is most prevalent venture.Most of the small business ventures are having relation withCraftsman Typology, because most of the small manufacturers are used this to start theirbusiness. Scalable start-up ventures: These ventures are having a motive to make changes in thevision of society for a particular aspect. Most of the entrepreneurs are having an innovativebusiness idea which they implement in actual market conditions which take time to sale aftertarget audience understand about the product and service (Leitch, Hill and Neergaard, 2010).
Skilled staff is a need of the venture to generate qualitative work to accomplish the objectives.Innovators entrepreneur typology is related with this type of venture because most of thosepeople which are having a some innovative change in their product and services are plan toenhance their standards. They want to become a successful business man. Social ventures: A venture which is providing social benefits and not having focus on theprofits is known as social ventures. So, most of the entrepreneurs are having their creative ideaswhich can be used in providing needed products and services to particular group of people.Social ventures are having motive to provide products and services which are the need of aparticular group people (Herrington and et. al., 2010). Opportunist entrepreneurship typology isrelated with social ventures because most of the people which starts their business to accomplishsocial needs. P2. Similarities and differences in between entrepreneurial venturesAbove mentioned entrepreneurial ventures are having many differences in between themwhich are based on the below given points:Difference in between entrepreneurial venturesPointsSmall businessventuresScalable start-upventuresLarge companyventureSocialventuresMind-setProduct andservice deliveriesProgress inbusinessRegular increasein profitshighest level ofcustomersatisfactionGoalsCustomer benefitswith minimumprofitsCustomer benefitswith maximumprofitsMaximumproduction ofproducts andserviceTotal benefits tothe societyProfit generationNot having focuson profitsProfits as perservice rendering.changes in theirbusiness activitiesto increase theirprofits andrevenuesoffering betterservices to theirtarget audience
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