Report on Types of Entrepreneurial Ventures and Topologies

Added on - 06 Jun 2020

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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Various form of entrepreneur venture and relation with typology of entrepreneurship...1P2 Similarities and differences between entrepreneur ventures.............................................3M1 Response to entrepreneurship in public and corporate sector.........................................4D1 Growth and development of entrepreneurial ventures.....................................................4TASK 2............................................................................................................................................4P 3 Impact of micro and small business on economy............................................................4P4 Contribution of small businesses and business start ups to the growth of social economy6M2 Difference between small, medium and large enterprises:..............................................7D2 Business impact on economy...........................................................................................7TASK 3............................................................................................................................................8P5 Traits, characteristics and skills of Richard Branson which differentiate them from otherbusiness manger......................................................................................................................8P6 Reflection of entrepreneurial motivation and mindset of Richard Branson:....................9M3 Argument relating to entrepreneurs characteristics.......................................................10D3 Analysis of traits,skills and motivational derives..........................................................10TASK 4..........................................................................................................................................10P7 Background and experience foster or hinder entrepreneurship.......................................10M4 Relation between entrepreneurial characteristics and personal background.................11D4: critical evaluation of backgrounds of entrepreneurs.....................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship act as internal organ for every business activities. Every company has astarting phase which starts from small business and than reaches at growth stage when businessactivities are established. The economy is becoming volatile and thus people have differentknowledge and skills to start up their own business. Efficient skills are needed in every businessactivities so that desired goals and objectives can be achieved by organisations. They had desiredcapacity to turn business into growth and prosperity (Ding and et. al., 2011). Entrepreneurshipand small business takes risk to start up new business by investing money in organising differentbusiness activities. Small business activities are organised at smaller scales and they does nothave their business operations at larger scale, less employees are working in an organisation andthus selling activities are at smaller levels. The activities of small business requires knowledge,traits and skills of persons to run business activities as to achieve growth. The report contains thestudy about different types of entrepreneurial ventures and their relationship with topologies,similarities and difference between these ventures, impact of small business activities oneconomy, importance of business for growth of economy. Aspects which are related withmindset of enterprise. How different personality of enterprise are reflecting mindset andmotivation and lastly enterprise can hinder or foster relationships.TASK 1P1 Various form of entrepreneur venture and relation with typology of entrepreneurshipEntrepreneurs are persons who have skill and traits to turn their business ideas intorealities. They invest huge finance to establish business activities and face risk which act asobstacles. Entrepreneurial venture drives many ideas for business operations like finance,designed marketing strategies for selling products and services, team management to carry outdesired goals and objectives. All these ventures helps in attaining growth for organisations.Various types of entrepreneur ventures are described below (Fung, 2013).Survival Ventures: These ventures are helpful in providing assistance and support tofamilies of persons who are starting their business activities. They are running their businesswith few assets and thus their business are also not registered as their operations are at smallerlevels. These business are following barter system in which activities are carried out withexchanges for goods and services. Activities related with these business are carried out in those1
markets where there is competition. This is helpful in achieving competitive advantage forcompanies.Lifestyle Ventures: They are proving financial gain to business owners. Competitivebusiness environment can be achieved by making reinvestment in business operations. Theseventures are having employees but they are appointed for those times when there is requirementin business to mange the work thus they are not recruited permanently. They are not able toachieve economies of scale as their business activities are not able to achieve huge growth andprosperity.Managed growth ventures:These ventures are focusing on future growth of businessactivities. It deals with launching of new products, expanding the product line by entrance intonew markets etc. Expanding of business operations globally and regionally so that firm canachieve success and growth of its activities. Growth and prosperity are essential for business asthey help business to expand its process rapidly in short span of time.Aggressive growth ventures:These ventures are based on innovation and advancementin technologies. Advancement in technologies are thus helpful in growth of business for assignedtarget markets (Gilmour, K., 2014). They arrange funds for business operations from equityshares. They are focusing on capturing national and internation markets for selling their productsand services.Relationship of ventures with Topologies:Serial entrepreneur: These are persons who implement their own ideas for businessstart-ups and thereafter they assign roles and responsibilities to other employees for successfulrunning their business operations. They are able to generate new ideas for their business,innovative skills are needed to implement the ideas. These innovative ideas can be harmful ifthey are not able to succeed business activities. Oprah Winfrey is one of the known serialentrepreneur who started business start up by implementing his own ideas.Social Entrepreneur:These persons have various innovative ideas by which the problemcan be easily solved. They implement changes by making alteration in system and structures ofsociety. They are concerned about growth and development of society rather than making profits.They consider the problems of society while caring out business operations (Gilmour, K., 2014).These entrepreneurs are friendly with people of society and they generate ethical ideas forbusiness operations.2
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