Entrepreneurship & Small Business Management- Venture Types

Added on - 21 Feb 2021

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Entrepreneurship &Small BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1P1. Explain different types of entrepreneurial venture and how they related to the typology....1P2. Evaluate similarities and difference between entrepreneurial venture..................................3Impacts of small businesses ventures on economy:.........................................................................5TASK 2............................................................................................................................................5P3: Interpret and assess relevant data and statistics to illustrate how micro and smallbusinesses impact on the economy..............................................................................................5P4: Explain the importance of small businesses and business start-ups to the growth of thesocial economy.............................................................................................................................6P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiatethem from other business managers.............................................................................................7P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mindset..................................................................................................................................8P7: Examine, using relevant examples, how background and experience can hinder or fosterentrepreneurship...........................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship & Small Business Management is the study where small organizationlearn various things from large organization (Gartner 2019). Because initially these organizationalso started from the lower base. An individual, who start business from the zero base anddevelop something creating which have huge demand in the market. In order to increaseeconomic growth, country have to promote small businessman. Now a days economic becomemore volatile, required specific skills and knowledge to start new business which has to beinnovative or creative. This report based on range of venture types, impact of small business inthe economy and required characteristics for an entrepreneurial. Along with this, evaluate howthey different from others.MAIN BODYP1. Explain different types of entrepreneurial venture and how they related to the typologyEntrepreneur is a person who introduce new product or services in the market along withsome creativity or innovation. Main purpose of the organization is to satisfy their customerthrough providing quality product and services. Along with this, satisfy their needs & desireswith the help of their products. Entrepreneur is the person who take risk because there is a fear offailure in the market due to introduce new product or services for the first time in the market.There are various types of business venture and it will discussed below:Small business entrepreneurship: A person r who run business and singly handle ormanager all the business activities called small business entrepreneurship. These people run theirbusiness on small level and have objective to earn for their livelihood only. In order to start newbusiness they do not required any technical skills, high qualification and huge capital investmentfor such business. For example: grocery stores, tour and travel agency, retail stores and smallcafe will be managed by single person.Scalable start up entrepreneurship: In this venture entrepreneur develop somethinginnovating in order to get growth and development in the market. With the help of marketanalysis, entrepreneur identify the need of customers and specific demand for the product. Aftersuccessful analysis, person able to formulate strategy in order to satisfy customers demand. Inthis venture, main aim of this business is to change world through providing quality products andservices to satisfy consumers at every level. With the help of their creative idea and innovation1
they attracts investment for sustainable growth in the business operations. There are someexamples of scalable business entrepreneurship such as online shopping store, Instagram,Facebook etc.Social entrepreneurship: This business venture develop by some group of people whowanted to resolve social issues. Main objective is to provide sustainable world where everyindividual satisfy with their needs. This venture does not focus on profits because they work forthe society. These types of organization get the funding from government agencies and there aresome examples which consider into this categories such as Safe Point trust and British council.Large entrepreneurship: This ventures focus on growth of the organization andfunctional activities in order to maximise productivity or profitability. They also focus onexpanding their business with the help of innovation and offer new products & services in themarket and it will be possible by using latest technology in the business operations. Theseproducts & services will be develop to meet individual needs which helps in maximising profit.Scope, development and growth of entrepreneurial ventures:Entrepreneurialventure is very important for every organization where its scope willcontinuously increase. On the other hand, people start inventing in the business rather then doing9 to 5 job. Mentality of individual will change and they focus on introducing something whichinnovating and creative which provide market hike. There are three entrepreneurial venturewhich is very important because without this no organization can smoothly run. Such asentrepreneur,intrapreneur and managerial ventures. After the success of many entrepreneurpeople get motivated towards innovation and they wanted to involve in this venture or generatenew ideas. According to the statistics, growth or development of these ventures beneficial for thesmall or medium size organization. Entrepreneur is the person who deeply study about marketand then identify market trend, customer demand, preference, taste, desire etc. It further helps informulating strategy and make them capable to achieve growth & development in the market.Entrepreneurial venture typology:Different typology will be classified below and it differently impact the individual ororganization:Male typology: Under this typology only male entrepreneurs allow to start business andmake all the important decisions by themselves. Basically, it will be related to the small business2
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