Entrepreneurship Ventures Typology
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Added on 2020-10-05
Entrepreneurship Ventures Typology
Added on 2020-10-05
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Entrepreneurship 1
Table of ContentsIntroduction ................................................................................................................................................3P1 different types of entrepreneurial ventures and their relation to typology of entrepreneurship..........3P2 Similarities and differences between different types of ventures..........................................................4P3 statistics to illustrate the impact micro and small business have on the economy................................5P4 importance that small businesses and business start-ups on the growth of the social economy after brexit...........................................................................................................................................................7P5: Carry out a mini-research to determine the characteristics, traits and skills of two successful entrepreneurs, which differentiate them from other business managers...................................................7P6: Assess how aspects of the entrepreneurial personality as discussed in P5, reflect entrepreneurial motivation and mindset...............................................................................................................................9P7: Examine, using relevant examples, the factors that hinder or foster entrepreneurship. ...................10Conclusion ................................................................................................................................................112
Introduction The term entrepreneurship can be defined as an overall capability and willingness of aperson to create, manage and organize any business unit along with the risk factors in order toearn some profit (Florah, Moses and Isaac, 2015). It is all about using one’s own skill set andknowledge so as to deliver revenues and generate an income source for family (Ugorji and Ani,2018). The present study has thus made an attempt to focus on different kinds of entrepreneurialventures that exist and finding out similarities and differences between them. Then is the need togive focus on statistical information about impact created by small medium enterprises on UKeconomy. This will be followed by discussing the entrepreneurial skills of two well-knownbusiness persons being Steve Jobs and Narayan Murthy. P1 Different types of entrepreneurial ventures and their relation to typology ofentrepreneurshipEntrepreneurship involves for study of how new business ventures are established and what isthe actual process of starting a new business. The entrepreneurs are involved in this activity andthese are the ones who create a product or service offering that can then be bought by people(Dikshit and Dikshit, 2014). These entrepreneurs have a capability to manage a business and alsotake risks so that good profit can be earned. In this regard, there is an existence of different kindsof entrepreneurial ventures;Small business ventures – These are inclusive of travel agents, beauty salons, plumbers,technician etc. who run their own business and hire local people or family members asemployees. Their main aim is to earn a profit so as to feed their family. They cannot attractventure capitals and usually get funds from family, friends or small business loans from banks.UK has an existence of around 5 million small business ventures and they account for 33 percentof total turnover within private sector. For example, Floral and Hardy florist shop; GrateExpectations (fireplace specialist); Bonnie Tiler Tiling and Plumbing service provider (Gough,2017). Scalable Startup ventures – These kinds of entrepreneurs are the ones who start abusiness with a vision to bring drastic change in world. They are able to attract investments fromfinanciers and hire the best and brightest of employees. They further make a search for3
repeatable and Scalable business models (Jimoh and Ezeana, 2014). As soon as they find one,their main focus is towards rapid expansion. As per the case study, the business venture of Joewoods fall into this category. These businesses are around 58000 in number within UK.Examples include Carwow (involved in car selling business); Bloom & Wild (flower delivery);Clear Score (access to credit scores and reports). Large business ventures – These businesses have got presence of finite life cycles andgrow through innovation, new product offerings among others. They further indulge into aprocess of disruptive innovation on account of change in consumer taste, new technology, alteredregulations etc. For example, Sainsbury, Starbucks, ASDA lies in this category (Fashanu andOkunloye, 2017). Social ventures – These are the ones who are involved in making products and servicesin order to solve social needs of people. They thus work on an aim to make this world a betterplace to live in rather than taking market share or creating wealth for owners. There has been ahuge increase in social business ventures within UK and the number has reached to 70000. Forexample, CASA is the one that provides support services to old and disabled people (PAUL andCHEMMALAR, 2017). P2 Similarities and differences between different types of venturesPrivate Ventures Public ventures Social ventures RolesThese ventures assist inensuring towardseconomic developmentof the nation and alsorender contribution tonational income (Senerand Hacıoglu, 2017).This is followed bygenerating large numberof jobs for citizens.They take urbandevelopment projects inhand and thus assist inoverall development ofcountry as well. Theseventures help inreducing poverty. These ventures createincome sources for massesand also help in capitalformation (Acs, Autio andSzerb, 2014). Focus is alsogiven on development ofinfrastructure facilities likecommunication, education,transportation among others.They thus assist in creationof a strong industrial base forUK. These ventures act aschange agents and work oncreating social value withinthe nation. Characteristics These kinds of venturesare under the control ofThese are those job venturesthat come under control ofThese ventures usually havea presence of independent4
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