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P1 Different Types of Entrepreneurial Ventures

   

Added on  2020-10-22

14 Pages3778 Words193 Views
ENTREPRENEURSHIPANDSMALL BUSINESS MANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and its related typology................................1P2 The similarities and differences between entrepreneurial ventures..................................3M1 Diverse range of entrepreneurial ventures to demonstrate an understanding ofentrepreneurship in both public and corporate sector.............................................................6D1 Examine the scope, development and growth of entrepreneurial ventures......................7P3 Interpret and assess relevant data and statistics to illustrate how micro and small businessimpact on the economy...........................................................................................................7P4 The importance of small businesses and business start ups to growth of the social economy................................................................................................................................................9M2 The differences small, medium and large businesses to make to the economy, applyingrelevant data and statistics....................................................................................................10D2 Examine how small business have an impact on different levels of the economy.........10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12

INTRODUCTIONAn entrepreneur is someone who create and develop new ideas regarding to new product& services for acquires to much more profit. Entrepreneurship is the process of creating anddeveloping businesses while structuring and scaling it to generate a profit. They are not notmotivated for earning profit but also create standard for accomplish rewards and success. Thepresent study based on, entrepreneurship and small business management, in this report analysisof different types of entrepreneurial ventures and relation with typology of entrepreneurship (Acsand et.al., 2012). There is exploring similarities and differences between entrepreneurialventures. In addition, interpret and assess data of micro and small business, importance of smallbusinesses and business start ups to the growth of social economy. Apart from determinedifferent aspects of the entrepreneurial personality to reflect on motivation, analysis of hinderand foster Entrepreneurship. TASK 1P1 Different types of entrepreneurial ventures and its related typologyEntrepreneur An entrepreneur is a single person who are working as an employee, founds and run forsmall business. They are already conducting all market research according to their business andestimate overcoming risks and rewards of the venture. The entrepreneur generally known asinnovator, a source of new ideas, stocks, services and business or procedures. Entrepreneurial Ventures Entrepreneurial ventures develop substantial wealth more than regular businesses andthey create it faster too. It can be defined as an organisation that which is related to innovationand opportunism in the manner to develop values of economical and social. It is highlycorrelated with entrepreneurial characteristics. It is centred on supply consultative services toearly and mid stage companies.Entrepreneurship Types According to business world there is various types of entrepreneurs which are connectedto different fields and provided their services in different way. It is helping to nation growth andbuild successful economy - 1

Innovative Entrepreneur – These types of entrepreneur focus on develop new productand try to create new idea, method or processes in order to cover whole market. They are knownas industry leaders and provide helps for economic growth of the country. Re create Entrepreneur – In this type of entrepreneur who can observe particular productand innovate in their way. It can also known as modification of product but copy old processes,technology and methods (Audretsch, 2012). Socialism Entrepreneur – In this type they are believing in changes of social issues sothey are creating new products for provide help to every one. There types are immediately didnot take action because firstly they can observe social problem after them take appropriate stepsand innovate some thing new. Modulation Entrepreneur – These types of entrepreneur happy with present things andcan not modify any type of changes in products. They are reluctant to changes and do not want tomake any changes in the organization. Entrepreneurship Entrepreneurship is the disposition to take risks and develop, coordinate and carry off abusiness venture in a competitive global market place that is perpetually germinating. In thismanner include any individual person who become entrepreneur like innovators, investors,pioneers and leaders. They are at the position of social and technological motion – in theirforwards think and in their fields. Types of Entrepreneurial Ventures In present time, there is different types of entrepreneurial ventures which is defined typesof entrepreneurship in order to know about them - Scalable Entrepreneurship – There entrepreneurs start a company knowing from dayone that their vision could change the world. Scalable start-ups are what element valleyentrepreneurs and their ventures investors do. They are mainly work to attracting investors andhire the best and brightest people (Dees, 2017). Small Business Entrepreneurship – In current time, about 8 million people are startingtheir business and make up 99.7% of all companies and employ 505 of all non governmentworkers. In small business consist of hairdressers, plumbers, electricians, travel agents, grocerystores etc. 2

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