Entrepreneurship Ventures and Typologies Report

Added on - 22 Jul 2020

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ENTREPRENEURSHIPAND SMALL-BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurship ventures and their typologies........................................1P2 Some similarities and differences between entrepreneurial ventures....................................2TASK 2............................................................................................................................................4P3 Impact of micro and small-business on the economy............................................................4P4 Small-business and business start ups importance and contribution to the growth of socialeconomy......................................................................................................................................6TASK 3............................................................................................................................................7P5 Characteristics and traits of a successful entrepreneur in a business.....................................7P6 Aspects of the entrepreneurial personality, reflect entrepreneurial motivation and mind-set.....................................................................................................................................................8TASK 4..........................................................................................................................................10P7 How background and experience can foster or hinder entrepreneurship.............................10Conclusion.....................................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship and small-business management both are important as a business or in abusiness. Entrepreneurship helps an individual to become a successful entrepreneur in thebusiness activities and small-business helps UK to grow economy rate by providing employmentopportunities. In this introduction the different types of entrepreneurial ventures and theirtypologies are explained. There are also some similarities and differences given for theentrepreneurial ventures. The impact of small-business and micro-business upon UK economy isalso explained. The importance of small-business and start ups and their contribution towards thegrowth of global economy or social economy is also given. The introduction also includes thecharacteristics, traits and skills of a successful entrepreneur, which differentiate him from anyother business manager. The reflection of entrepreneurial personality upon the entrepreneurialmind set and motivation is also explained. Finally, the introduction ends up with the miniresearch of how experience and background of an entrepreneur hinder or foster entrepreneurship.TASK 1P1Different types of entrepreneurship ventures and their typologiesEntrepreneurship is so important for an entrepreneur and his business because it helps,creating new ideas and opportunities to take appropriate decisions. An entrepreneur faces manydifficulties and uncertainties while starting a new business. Entrepreneurs are so much focusedtowards their individual and business objectives, which help them to understand the futureopportunities and also to take decisions respectively as well. Here are some various ventures ofentrepreneurship:Local or small-business venturesStart up of a new business is very difficult work for an entrepreneur that he is aloneresponsible for all the activities and decision-making (Chell, Spence, Perrini, and Harris, 2016).Such type of businesses take support from their friends and family members for managing day today activities and operations. Small-business ventures are also managed and run by femaleentrepreneur. Local business typologies are serial that they can sell an established business toany other entrepreneur.Scalable start up ventureEntrepreneurs are highly motivated and aggressive towards starting a new business andalso set the vision for changing the world. In this business, all the employees selected by1
entrepreneur are highly skilled and motivated, which help business to accomplish its objectivesand goals, while managing the firm operations. Such businesses also managed by female andserial entrepreneurs.Large venturesLarge businesses have ability to start their business with high amount of funds andcapital, which is helpful for an entrepreneur to make effective plans to manage its businessactivities. The large ventures are focused to gain their profitability and productivity according tothe customer needs and they make plans and strategies for this objective.Social venturesSocial businesses are those who works for the society and their all activities, operationsand objectives managed for social improvement. Such type of business, provide services andproducts for the customers without earning profits. These are also known as social workers.Determined entrepreneurEntrepreneur with determination are mostly pacemakers instead of path followers. Theyare very determined for their business activities and also make their own products and services togain profitability and productivity, instead of copying anyone. They always know what they aredoing and believe in individual efforts for achieving success (Gil, Zozimo, San Román, and Jack,2016).Serial, female and social entrepreneurs are related to the business ventures ofentrepreneurship. Small-business works for earning profits through products and services andfocused towards expanding their business activities to take future advantages. Large businessventures are highly focused and motivated for increasing their productivity and profitability. Onthe other side, social business provide their services and products to society customers withouthoping profits from them. They are the social workers. These, business activities are alsomanaged by female entrepreneurs.P2 Some similarities and differences between entrepreneurial venturesEntrepreneurs are different for business in various conditions to develop and grow thefirm activities. They have similarities as well as differences to develop a business and improveits productivity and profitability. A common similarity in entrepreneurs for all kind of businessesexcluding social that they all work for profit and developing their business by managing and2
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