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Kinds of Entrepreneurial Ventures - Assignment

   

Added on  2020-07-23

14 Pages4699 Words78 Views
Entrepreneurship

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their relation with typology...................1P2 Similarities and differences between entrepreneurial ventures.........................................2TASK 2............................................................................................................................................3P3 Relevant data to understand impact of small business on economy.................................3P4 Contribution of small businesses and start ups on social growth......................................5TASK 3............................................................................................................................................6P5 Traits and skills of successful entrepreneurs.....................................................................6P6 Aspects of entrepreneurial personality..............................................................................8TASK 4............................................................................................................................................9P7 Ways in which background and experience hinder and foster entrepreneurship..............9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONEntrepreneur is an individual who takes risk to run business in an effective manner. It isessential for him to develop an innovative thoughts regarding goods and services (Drucker2014). This will improve its effectiveness as well as appropriateness. In recent era, there aremany person who is begin new firms as per their own which shows their capabilities. AustinFraser in a small organisation which is operating their business in United Kingdom. It is aconsultancy enterprise which is giving effective services to people that helps into theirdevelopment. This assignment is going to describe various kinds of entrepreneurial ventures andthey all have some differences and similarities. Small businesses provide growth anddevelopment to nation which help them to maintain their economy. There are many kinds oftraits and characteristics which are having by entrepreneurs, are going to highlight in this report.Apart from this, background as well as experience of an individual will affect career in a director indirect manner. Number of small firms and start ups are increasing on continuous basis whichhelps to render employment opportunities to individuals.TASK 1P1 Different types of entrepreneurial ventures and their relation with typologyA business will carry on in numerous manner by a person with the same kind ofobjectives i.e. to gain maximum profits. This aids organisation to take benefits from rivals atcompetitive world. There are certain firm associated with self employment will portrays asbelow:Small business entrepreneurship: This sort of business is fundamentally regulate by aperson which a targets of earn revenues. Following are some examples of this, like grocerystores, carpenters, plumbers, consultants and so forth. Individual run this kind of firm; so that,they will fulfil needs and wants of their family members. Rather than this, survival typology venture is related with small kind of business. Personneeds to do high efforts to hold up business at marketplace for long time duration. They have toprovide innovative items to customers which assist them to compete competitors at market.Nature of tiny association is independent as entire profits and loss belongs to the owner.Therefore, he needs to take overall risk to run business effectually (Kirzner, 2015).Scalable start – up entrepreneurship: According to this, person will increase it to somelevel in forthcoming time. There are many enterprises who spent fund into this sort of business1

because it is efficient. Their fundamental vision is to create a superior society. They areaccomplishing their firm in a proficient way and for this, they require sufficient amount offinance. Rather than this, it contains lots of risk; therefore, there are only some individuals whoare operating this type of affiliation.Scalable start – up is connected with aggressive development ventures entrepreneurship.Thus, persons will conduct their business through implementing new and unique idea or opinion,which aid them to obtain maximum share of market. This will help them to capture attention ofnumerous individuals (Barringer, 2012).Large company entrepreneurship: It is difficult for an enterprise to maintain an effectiveposition at marketplace. For above stated aim, they need to provide innovative items as wellservices to customers. This kind of organisation is also known as corporate entrepreneurship.Apart from all this, manager of association will conduct research because this will help them toidentify requirements and prerequisites of individuals. Henceforth, they will provide goods tothem on demand which enable them to take benefits from competitors at marketplace.This methodologies is associated with managed growth venture entrepreneurship.Because, their main aim is to keep up stability in business environment which aid them into longterm survival at market.Social entrepreneurship: Main aim of this enterprise is to provide best products toindividuals which is beneficial for them. Along with, it is required for an entrepreneur to identifyrecent problems and resolve it within certain time duration. In current time, person wantsfacilities related to medical at their own place without paying extra charge to doctor.This entrepreneurship is connected with lifestyle venture. Its main aim is to fulfil needsand wants of social people; so that, organisation will acquire monetary advantage. If financialcircumstances of firm is good and appropriate then, this will be easy for it to hold position atmarketplace for long time period (Schaper and et. al., 2014). P2 Similarities and differences between entrepreneurial venturesAbove mentioned ventures have some similarities and along with differences. It will beunderstand through following description:Objectives: Every enterprise has certain aim which will be distinctive from other firms.Small organisations want to be stable at market in terms of finance, which aid them to fulfilneeds of their family members and in addition will hold position at marketplace for long2

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