Report on Types of Entrepreneurial Venture

Added on - 06 Jun 2020

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ENTREPRENEURSHIP
Table of ContentsIntroduction......................................................................................................................................4TASK 1.......................................................................................................................................4P1. Different types of entrepreneurial ventures and its relationship with typology ofentrepreneurship..........................................................................................................................4P2. Similarities and differences of various entrepreneurial ventures..........................................6TASK 2.......................................................................................................................................7P3 Micro and small businesses impact on the economy.............................................................7P4 Small businesses contribute to the growth of social economy..............................................8TASK 3.....................................................................................................................................10P5 Characteristics, traits and skills of successful entrepreneurs in respect of another manager....................................................................................................................................................10P6 aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set....................................................................................................................................................11TASK 4.....................................................................................................................................12P7 Examine how background and experience can hinder or foster entrepreneurship..............12CONCLUSION..............................................................................................................................13REFERENCES.............................................................................................................................14
IntroductionA person who start his own business rather than working as an employee in anotherorganisation. It the process in which includes designing, launching and running a business tooffers a products and services for selling purpose. Any person who starts or create the business iscalled entrepreneurs (Drucker, 2014). The entrepreneur is commonly seen as an innovator, asource of new ideas, goods, services and business or procedure. It is described the abilities,capacities and willingness to starts, develop, organize and manage a business venture by takingany kinds of risks and making profits. It typically focusses on the launching and running ofbusinesses and they have to face several kinds of problems as in this involves high risk whenlaunching start-ups, lack of funding, economic crises, lack of market demand and many moreduring the business.In this report it will find the answers of several questions as such as different types ofentrepreneurial venture and their relationship with typologies of entrepreneurship and how theyare similar with each other that will help to understand the different types of entrepreneur styles.It will also help to know about the impact of micro and small businesses on economy as how itsupports in economic growth and their traits, characteristics and skills that helps to makeorganisation effective or successful. For best entrepreneurship as it can be hinder or fosterthrough backgrounds and experience according to the research. It involves identifyingopportunities and evaluating them in the best way possible and then decide to exploitopportunities by making new products and services or launch new industry or firms so thatwealth is created by them.TASK 1P1. Different types of entrepreneurial ventures and its relationship with typology ofentrepreneurshipEntrepreneur: A person who is setting his business on financial risk with the hope of profit.These kind of persons are thinker whom thinks out of the box and have ability to bear loss.
Entrepreneurship is defined as an individual who starts his own venture by investingsmall amount of funds with purpose of earn money as well as to maximise profit and develop thebusiness.There are various types of entrepreneurial ventures in the present era that are as follows:Small scale business:In this consider the small businesses where one or moreindividuals comes with ideas, plans, some resources to start their own venture at small level asthe invest with expectations of generating profits and incomes and run their business. Smalllevel businesses such as journal stores (Kirzner, 2015). Grocery stores, tour and travels agencies,internet commerce store fronts, electricians, carpenters, plumbers etc.Scalable start up entrepreneurship:In this entrepreneur undertakes in their mind thattheir vision could change the world, so they start the business with passionate and confidence.Successful organisations growth depends on the scalable business model that helps in achievingorganisation goals and objectives and also support to decrease the cost and expenses. Their aimis to attract more investments from financial investors for venture capital. New venture startswith hope of taking current business to the next or high level for growing business (Barringer,2012).Large business:Large scale companies are described the all activities that run in thebusiness from excess transaction to more general as doing big things to develop the organisation.It included the large-scale, corporate-controlled business or financial activities. These kinds ofbusiness mostly grow through sustaining innovations, offering new products and services.Social enterprise:It focus on the social needs as they find the best way to satisfy theircustomer by creating products and services to fulfil customer’s demand, needs and wants andmeet their requirements or expectations. In this involves profit making and non-profit makingorganisations, sole proprietors, non-governmental organisation or hybrid.Imitators entrepreneur:These types of entrepreneurs iterate a certain innovation orfeatures in particular products and services to make it more appealing and have a competitiveedge over the current market. It preferred in underdeveloped countries because of few risk taker,lack of awareness and people are not well educated.
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