Different types of Entrepreneurial Ventures (PDF)
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Added on 2021-02-21
Different types of Entrepreneurial Ventures (PDF)
Added on 2021-02-21
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Entrepreneurship & Small BusinessManagement
Table of ContentsINTRODUCTION:..........................................................................................................................1TASK 1............................................................................................................................................1P1 : Different types of Entrepreneurial ventures and Topology of entrepreneurship ................1P2 : Differences and Similarities between Entrepreneurial Ventures :......................................3TASK 2............................................................................................................................................4P3 Impact of small micro enterprises on Economy:...................................................................4P4 : Importance of small businesses and business start-ups to the growth of the socialeconomy......................................................................................................................................6P5 Explain the characteristics traits and skills of successful entrepreneur that differentiatethem from other business managers............................................................................................8P6 Aspects of entrepreneurial reflect entrepreneurial motivation and their mindset................10TASK 4..........................................................................................................................................12P7 examine using relevant examples, how background and experience can hinder or fosterentrepreneurship........................................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES .............................................................................................................................14
INTRODUCTION:Entrepreneurship is a process in which a new business is started by an individual knownas entrepreneur. They make investments in form of capital through which business is started .After that various required inputs are arranged such as material, land, labour etc. based on therequirements of business. In entrepreneurship risk is also undertaken by entrepreneurhimself(Agetue and Nnamdi, 2017). At initial stages of every business mostly all tasks areperformed by entrepreneur himself but as expansion and growth takes place there is involvementof more people. There are various skills required by entrepreneurs such as technical skills,management skills, personal qualities like discipline, patience, intelligence, honesty etc.managing a small business is not a easy task it requires lot of time and efforts by owner. Thisreport focuses on understanding what entrepreneurship is, its topologies, different entrepreneurialventures and skills & traits required by entrepreneur in managing and running a businesseffectively.TASK 1P1 : Different types of Entrepreneurial ventures and Topology of entrepreneurship Entrepreneurial Ventures : There are different types of entrepreneurial ventures they choose aparticular type according to availability of funds and amount of risks they are willing to take.Some of these are mentioned below:Different types of entrepreneurial ventures are1.Small Business Entrepreneurial venture: Small business ventures are those which arestarted and owned by a single person. Any person who starts a business and involvestheir family members, known ones or local workers in that business(Agrawal, 2017).These are less profitable form of ventures and main aim here is to earn that much whichcan help them in surviving and fulfilling their basic needs.2.Scalable Start up Entrepreneurial venture: These entrepreneurs start a business with avision and belief that they can bring a change in society. Their main source of finance isthrough venture capitalists who provide high amount of funds to them. After startingventure they work on its expansion through more investments by venture capitalists.
3.Large Company Entrepreneurial venture: There are companies who survive in market bymaking new innovations and expansion in their existing and core products. Dynamicexternal environment often creates pressure for large companies to make changesbecause of changing customer tastes & preferences, changing technologies, emergenceof new competitors(Apetrei, Kureshi and Horodnic, 2015). This type of pressure forcesthem to expand and make changes in their existing ventures.4.Social Entrepreneurial venture: Main aim of entrepreneur here is not to earn profits buttheir focus is on solving a social problem or issue. They want to work for society'sbenefits and their focus is not to maximize profits. Topology of entrepreneurship;Typology is described as different types of entrepreneurs who are involved in startingtheir own business and undertaking all risks associated with it at same time making efforts tomaximize profits. Various types of Typology are discussed below:1.Male: These type of Entrepreneurs are male dominated and are started & controlled by amale entrepreneur(Apetrei, Kureshi and Horodnic, 2015). It is believed that maleentrepreneurs are willing to take more risks in financial terms and they are more taskoriented, they can make quick decisions.2.Female: when a business is operated by a female entrepreneur it is a female typology ofentrepreneurship. There are basic characteristic of a female entrepreneur that Females aresaid to have less funds, they want to minimize risk but they are believed to be moreenthusiastic and make sensible decisions.3.Survival: These ventures are those who make attempts to survive in market by reducingtheir overall costs, increasing motivation and morale of their employees so that they worktowards achieving their set goals. These entrepreneurs believe in long term survival inmarket and they make efforts for it.4.Lifestyle: These Entrepreneurs are those who want that their business can affect lifestyleof people in a positive way. They make efforts to increase the quality of life of people insociety. They have a passion for it and apart from earning profits this is one of majorobjectives for such entrepreneurs.
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