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Entrepreneurship Venture Typology

   

Added on  2020-10-23

15 Pages4631 Words50 Views
Entrepreneurship

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Types of entrepreneurial venture and relation with typology of entrepreneurship................1P2 Similarities and differences of entrepreneurial venture.........................................................3TASK 2............................................................................................................................................5P3 Impact of small businesses on the economy of the country...................................................5P4 Importance of small businesses in contributing towards economic growth..........................7TASK 3............................................................................................................................................8P5 Characteristics, skills, traits of successful entrepreneurs.......................................................8P6 Factors of entrepreneurial personality reflect entrepreneurial motivation and mindset........9TASK 4..........................................................................................................................................10P7 Examine how background and experience can hinder or foster entrepreneurship..............10CONCLUSION..............................................................................................................................11

INTRODUCTIONEntrepreneurship is that process of launching, operating, framing and developing a newbusiness suggesting goods and services in the large market place. This is generally capacity anddesires for set up the creative and innovative company with risk to develop profit. Entrepreneurare those who think towards the box and they have certain ability to afford risks. This is mainlyconcentrate on generating new ideas and manage the business ventures. Such time have badbusiness decisions, economical issues and problems, lack of funding will force the innovators toshut down the business operation (Ackermann, 2012). Apart from this, entrepreneur has someopportunities to grab the whole market needs by launching their new products and services. Inthis report, it can be discussed the similarities and differences of ventures. They are directlyimpact and contributing with small business and entrepreneurs skills and this will affecting thefactors that can be determined. TASK 1P1 Types of entrepreneurial venture and relation with typology of entrepreneurshipEntrepreneurial is the thinking in an individual who will developing and introducing newbusiness with huge profit level. This is an activity of a person which assist them in show casetheir innovation in large market place. There are four types of ventures that are as follows:Survival ventures- Such type of venture may be register and they have no limit orpremises. They smoothly run the business with some assets and no baking relation has beeninvolved. This is that type of sector which has been regulated and operated in high competitiverate. Lifestyle venture- This will provide actual stabilized income and revenue forbusinessmen. It is based on work oriented business set up and run the management approach.This venture has constant number of employees and this will not desire towards particulardevelopment (Blackburn, Hart and Wainwright, 2013). Growth venture- The venture has some opportunities for stable growth and developmentand they have ability to prepare reinvestment in project and can take entry in the new marketplace. The moderate growth will assist the owners for developing and formulating business. 1

Aggressive growth- It is that venture which is based on technology along with makinginnovative products with the help of new ideas so they are able for expanding their business andsuch growth are funded by equity capital. Typology- This can be define as the classification as per the general type, social scienceand psychology (Bridge and O'Neill, 2012). An individual required to formulate and developtheir business operations in such market area for going with market research. There are somekind of typology that are as follows:Private venture entrepreneurship- This type of company has single entity and it can bedetermine as one possession are there which provide facilities to innovator for having effectiveincome or profit. Scalable start-up- This will cover small and high level of ventures. Along with this,small business has start with niche market so they are run for surviving in the livelihood and theyhave not required financial techniques and methods. Large company- The people mainly deals with large scale along with large projects. Thissector have target marketplace and they are focusing on expensive items. Entrepreneur havecertain finance to expand their business and also face many issues or problems. Social business entrepreneur- Such are non profit organisation which main motive is toprovides quality based stuffs in large market for satisfying their customers. This type oforganisation does not need to gain benefits but they are doing work for social cause.There are different types of typologies that are as follows:Female entrepreneurs- This is called as the entrepreneurial venture in which womenstart and regulate or operate their business that can be conducted by their own (Bruton,Ahlstrom and Li, 2010). Female are talented in arranging and organising the various things, staffand administration so that this is the duty for managing and handling the venture and they aregetting feeling of risk while smoothly running the business. Social entrepreneur- It is that type of business where entrepreneur perform for socialwelfare and also generate innovation in various fields such as education, health, development,hospitals of business and survive in sound environment. Serial entrepreneur- In this form of business, entrepreneurs mainly coming forward withcertain innovative ideas and thoughts in the enterprise. The main motive of this entrepreneur is tointroducing successful company with attractive and creative ideas and sell them to other person. 2

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