Entrepreneurship and Types of Entrepreneurial Ventures
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Added on 2020-01-07
Entrepreneurship and Types of Entrepreneurial Ventures
Added on 2020-01-07
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Entrepreneurship
INTRODUCTIONEntrepreneurs are those persons who have some special skills for doing any kind ofactivity and they are also be able to pass any barrier which are associated with their dream. Theybear some risk which is going to affect their skills and profitability of their business. But theyhave some capability to pass such risk factor which are involved in business and becamesuccessful entrepreneur (Bosma and Levie, 2010). An entrepreneur has some idea which is neverintroduced by anyone else and with the help of that all such risk and barriers can be passed on.Any person can become an entrepreneur but its target achievement is difficult. They have somespecial attributes of doing work along with that they also want to change the world by fulfil theirdreams and objectives. This report is based on different start-up which helps in improving theeconomy of a country and what are the basic similarities and differences in differententrepreneur.TASK 1P1 Different types of entrepreneurial venturesEntrepreneurial ventures capture a lion’s share in the market. They are different inbusiness as well level. Entrepreneurial ventures are dependent on scenario of the market wherethe venture is to be established by entrepreneur. There are different sort of entrepreneurialventure depending on the business which are following:1.Small entrepreneurial venture- Small Entrepreneur ventures are mainly run by any person. Small entrepreneur ventureincludes grocery stores, consultants, carpenters, electrician’shairdressers travel agent’s plumbersetc. Main object of small entrepreneurial ventures is to survive by feeding their family and makeprofit.2.Scalable entrepreneurial venture- Scalable entrepreneurial venture is expandable level venture (Braunerhjelm and et. al.,2010). In this there is a lot of scope for funding by creative ideas. This venture is bigger thansmall venture.3.Large entrepreneurial venture- Large entrepreneurial venture is funded enough to capture a part of market and largeprofit is made in large entrepreneur venture. As they have to retain their existing customers and
to attract new customer, so they have to create new products as well as variations in existingproducts. Being on large level this kind of venture has its pros and cons simultaneously.4.Social entrepreneurial venture-As the name explains social entrepreneurial ventures have one main goal which iswelfare of society, to satisfy the social need and to make the world better place. So they can benon-profit also. Unlike the above entrepreneurial ventures social entrepreneurial venture does notconcentrates on to capture share of market, make profit or to attract customers.Entrepreneur typology- There are mainly three types of entrepreneur which arefollowing-1.Serial entrepreneur- Serial entrepreneur is a business person who runs business after business or more than onebusiness at a time (Dacin, Dacin and Tracey, 2011). Unlike a common entrepreneur serialentrepreneur does not handle day to day operations of a single business till the business exist orhe retires. As there are many responsibilities on serial entrepreneur, there is little possibility ofdifficult to handle all the operation for entrepreneur himself. Thus there are many benefits forthis type entrepreneur as well as disadvantages too.2.Social entrepreneur-Social entrepreneur who starts or lead the business with an aim to solve the social, cultural andenvironmental problems. This entrepreneur does not aim for monetary profit. His purpose forbusiness is to improve the condition of society. Social entrepreneur does work for developmentof community. Social entrepreneur contribute in the society as its basic purpose is the wellness ofpeople, betterment in society and solving the society issues.3.Female entrepreneur-In today world female entrepreneur are proving to be the best business person in the market likeJ.K. Rowling. She is a novelist harry porter series writer. She has been in the list of top powerfulperson of the United Kingdom (Delgado, Porter and Stern, 2010). According to her a femaleentrepreneur should have enthusiasm and boldness to face challenges. A female entrepreneurmust be hard working to be successful.P2 Similarities and differences between entrepreneurial venturesDifference between small entrepreneurial venture and large entrepreneurial venture BasisSmallentrepreneurialLargeentrepreneurial
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