Entrepreneurship Assignment- Types of Ventures
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Added on 2020-06-06
Entrepreneurship Assignment- Types of Ventures
Added on 2020-06-06
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Entrepreneurial ventures and relation with typology.............................................................1P2 Difference and similarities between different ventures.........................................................3TASK 2............................................................................................................................................5P3 Impact of micro and small business on economy..................................................................5P4 Importance of start-up and small business towards achieving growth in economy..............8TASK 3..........................................................................................................................................10P5 Defining characteristics skills and traits of successful entrepreneurs.................................10P6 Entrepreneurial personalities reflects motivation and mind set...........................................10P7 Background and experience of persons can hinder or foster relationship..........................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship is an act in which persons develop new and innovative ideas in order toexecute their business operations. They make use of all the resources which are available ineconomy in planned and effective ways in order to establish their business at small scales. Thesebusiness acts are very helpful in order to provide employment to large number of people so thatthey can earn money and fulfil all the basic necessities of their life (Dacin, Dacin and Matear,2010). The present report is based on various types of ventures related with enterprise andsimilarity and differences index among them, benefits of small scale business in economy, Skillsof persons who are becoming successful in their ventures, personality factors have reflection onmotivation factor and lastly personal background hinders or foster relations of employees atwork places.TASK 1P1Entrepreneurship is an act in which individual develops their own ideas to establish theirown business at smaller scales in economy. These can also be called as start up business. Riskfactors are very high in relation with management of availability of resources and funds in orderto execute their business operations. Various plans and policies are adopted in order to executetheir working in planned and effective ways. Their main objectives is to increase profitabilityfactors in order to achieve success at market place (Delgado, Porter and Stern, 2010).Entrepreneurial ventures are related with developing effective services for those businesswho are running their operations at small or start up level in economy. These ventures arefocusing on spending their precious times in order to achieve success in their businessoperations. They are having the main responsibilities in order to arrange funds for variousactivities, developing strategies for sales activities, evolution of new ideas, recruiting of potentialemployees who can increase profitability and feasibility analysis in performing businessactivities.Various types of ventures are described as:Small business ventures: They have established their business activities on smallerscales thus the number of employees who are involved in business operations are also limited.They are not able to expand their business on larger scales due to insufficient amount of money1
and availability of resources. As activities are performed on smaller scales thus their profitabilityand revenue factors are less while making comparison with large business operations. The owneris an individual person and all their acts are carried out in sole proprietorship where the businessactivities are shared among people generally referred as partnership business. Their is huge riskfaced in purchasing new and innovative machinery for executing business operations anddifficult is faced in arranging funds for different activities as business is executed at smallerscales.Large business ventures: These business are performing their activities on large scalesin economy thus providing employment to huge number of persons so that they can easily fulfilthe basic necessities of their life. This is valuable in achievement of higher profits thus increasedin revenues. If the firms adopt strategies in order to further expand their activities at internationallevels, this will results in achievement of higher profitability scales. If there is recession ineconomy then business have to face risk as all their business operations will stop thus theirprofitability ratios will also decline.Lifestyle Entrepreneur: These types of ventures are concerned with lifestyles of peoplewho are operating in economy (Gerhardt and Lainer 2011). They are not focusing on generatinghigh profitability but are centring towards increasing living standards of people. This is valuablein executing all business activities in effective and planned ways.The aims and objectives varies from each other. It can be said that all persons are notsimilar in terms of skill and abilities thus they execute business operations accordingly.Various types of entrepreneurial ventures and their relations with topology are described as:Serial entrepreneur: These individuals are developing innovative ideas in order to starttheir new business activities. They are developing plans in order to distribute roles andresponsibilities equally among all employees in order to develop healthy work environment.They are developing innovative ideas in order to grow their business transaction, there can bedepressing situations when new ideas were not able to produce effective results which helps ingrowth and development of economy. If the business on adopting similar ideas for long run thenit results in achievement of growth for business operations. Example of social entrepreneur is Oprah Winfrey.Female Entrepreneur: These ventures are focusing on achieving self assertive growth inorder to adopt new technologies by which they will execute their business operations. This2
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