logo

Types of Entrepreneurial Ventures and their Relationship with Entrepreneur Typologies

15 Pages4194 Words122 Views
   

Added on  2020-06-04

About This Document

Entrepreneurship is the process of conceiving, launching, and running a new business, and it is most commonly a small business that sells or leases products, processes, or services. As a result, this report will focus on entrepreneurship and entrepreneurs. The mini-research will be carried out in this assignment in order to identify the different types of entrepreneurial ventures and their relationship with entrepreneur typologies.

Types of Entrepreneurial Ventures and their Relationship with Entrepreneur Typologies

   Added on 2020-06-04

ShareRelated Documents
ENTREPRENEURSHIP
Types of Entrepreneurial Ventures and their Relationship with Entrepreneur Typologies_1
1
Types of Entrepreneurial Ventures and their Relationship with Entrepreneur Typologies_2
INTRODUCTIONEntrepreneurship is the process of designing, launching and running a new business,which is more often than not, initially a small business, offering a product, process or service forsale or hire (Eddleston, Mitteness and Balachandra, 2016). In accordance with this context, thisreport will cover the aspects of entrepreneurship and entrepreneurs. The mini research will becarried out in this assignment in order to identify the different types of entrepreneurial venturesand their relationship with entrepreneur typologies. The similarities and difference between eachidentified entrepreneurial venture and typologies will be assessed in this assignment. With thehelp of relevant data and statistics the impact of small business will be assessed in this report.The trait, characteristics and skills of two successful entrepreneurs will be evaluated and theaspects of entrepreneurial personality will be discussed in this assignment.TASK 1P1 Entrepreneurial ventures and their relationship with typologies of entrepreneursIn today's market economy, entrepreneurship plays a vital and essential role.Entrepreneurs are those entities who set up a business or busiensseses taking on financial risk inthe hope of profits. There are four different types of entrepreneurial ventrues exist in the marketeconomy of United Kingdom. The four types of entrepreneurial ventures and their relationshipwith typologies are provided below:Small Business Entrepreneurial Venture: Small business entrepreneurial ventures arethose ventures which have limited paid up capital and deals with limited customers.These include mini stores like grocery stores, book shop, small retail store or generalstore. These small organisations are mainly based of sole proprietorship and controlledeither by male or female entrepreneurs (Morris, Jang and Kuratko, 2016). Three are morethan 5 million small and medium size enterprises currently incorporating their businessactivities in United Kingdom. They help in providing effective support to the nationaleconomy of the country. Further, small businesses entrepreneurial ventures deal withlimited range of products and services.Scalable Strat-Up Entrepreneurship Ventures: Scalable start up entrepreneurshipventures are the types of organisation which are newly established in the market. The aimof these organisations is to increase their profits and sales by delivering excellent qualityof goods and services to customers. They generally trade online on electronic platforms2
Types of Entrepreneurial Ventures and their Relationship with Entrepreneur Typologies_3
and their motive is to improve their profitability and promulgate their productivity. Serialentrepreneurs engaged in scalable start up organisations. These organisations providedifferent and efficient quality of products and services to the customers. There are manynew start up emerging in the market economy of United Kingdom that aid in growth anddevelopment of national economy of the country.Large Organisation and ventures: Large organisations and ventures are opposite fromsmall entrepreneurial ventures in terms of their size, customer base and profits (Alvarez‐Garrido and Dushnitsky, 2016). The aim of large organisation venture is to maximisetheir sales and revenue. They have finite product life cycle and needs continuousimprovement and innovation in order to sustain in market economy of United Kingdom.The types of entrepreneurs engaged in large organisational ventures are males and femaleentrepreneurs. Their aim is to increase the productivity and profitability of theorganisation. Further, the capital invested in order to operate large organisations is moreas compared to any other entrepreneurial ventures.Social Entrepreneurial ventures: Social entrepreneurs are innovators who focus oncreating products and services that solve social needs and problems (Rasmussen, Moseyand Wright, 2014). The goals and objectives of social entrepreneurial ventures are todeliver those products and services that aim to eliminate the social problems and provideeffective and efficient support to the societies and communities. These are mainlycomposed of non for profit or non-governmental organisations (NGOs) whose motivesare to provide welfare and development of the society. Social entrepreneurs are engagedin social entrepreneurial ventures. In United Kingdom, there are multiple socialentrepreneurial ventures emerging that work collectively in order to develop the societyand community of the country.P2 Similarities and difference between the types of entrepreneurial venturesThere are multiple similarities and differences between different types of entrepreneurialventures and typologies. In this context, this part will consist of similarities and differences thatexist between the types of entrepreneurial ventures and typologies. The similarities anddifferences are provided below:Similarities3
Types of Entrepreneurial Ventures and their Relationship with Entrepreneur Typologies_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
The UK Enterprises' Entrepreneurship Index
|20
|5125
|297

Characteristic, Traits and Skills of Successful Entrepreneur : Report
|15
|5016
|58

Entrepreneurship And Management Of Small Business : PDF
|16
|5332
|264

Entrepreneurship Assignment
|15
|4333
|125

Entrepreneurship: Ventures, Typologies, and Impact on Economy
|11
|2585
|32

Entrepreneurship and Small Business Management Assignment | Microsoft
|6
|971
|212