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Examine Different Types of Entrepreneurial Ventures - Assignment

   

Added on  2020-10-22

12 Pages3449 Words354 Views
Entrepreneurship

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY..................................................................................................................................1TASK 1............................................................................................................................................11Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship.......................................................................................................12 The similarities and differences between entrepreneurial ventures..........................................23 Demonstrate an understanding of entrepreneurship in both the public and corporate sector...44 Examine the scope, development and growth of entrepreneurial ventures..............................4TASK 3............................................................................................................................................51Determine the characteristic traits and skills of successful entrepreneurs that differentiatethem from other business managers............................................................................................52 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation andmindset.........................................................................................................................................63Explore and examine to entrepreneurial characteristics that entrepreneurs are born or made.64Examine, using relevant examples, how background and experience can hinder or fosterentrepreneurship..........................................................................................................................75Analyse the link between entrepreneurial characteristics and the influence of personalbackground and experience.........................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTION Entrepreneur is the person or an individual that implement an idea or concept to establisha business or business activities. Entrepreneurship is the process to carry out the business actionsand activities that lead to the setting of a business and generate a decent amount of revenue(Singer, Amorós and Arreola, 2015). For the report, Nom foods is been chosen. It is a UK basedpackaged food enterprise.The report will cover the types of entrepreneurial ventures with their typologies. Also thesimilarities and differences between this ventures and the understanding of entrepreneurship incorporate and public sector is been analysed. The scope, development and growth of thisventures is also evaluated. Other than this, characteristics, traits and skills with theentrepreneurial personality showcasing the mind set of an individual to have the motivationaldrivers and the factors that can foster or hinder the entrepreneurial growth and development ofthe firm with proper example of backgrounds and experiences.MAIN BODYTASK 11Examine different types of entrepreneurial ventures and explain how they relate to the typologyof entrepreneurshipEntrepreneurship is the activity that helps the organization to have the best of theoperations that will lead to the setting of a business operations and enterprise.Entrepreneurial activities consists of the actions which will lead an individual to have agood amount of profit and establish a business operations and activities in an effective andsignificant manner (Kirzner, 2015). An enterprise is an organization or a firm that is been set by an entrepreneur to carry outthe business activities and action plans that will help to generate a good amount of revenue andmeeting of their business goals.There are various sort of entrepreneurial ventures that will help the firm to meet their operationalrequirements and operations in much effective way. Some of them are as follows:Serial Entrepreneurs: In such form of entrepreneurship, the individual starts and set upthe proper entrepreneurial venture or a business organization and then moves to any otheridea or concept. For Example, Sir Richard Branson initiated as the music label seller and1

then moved to telecommunication industry, followed by media house and now operatingin space travelling ventures.Intraprenuers: They are more likely to be the managers or directors within a businessorganization. They handle the issues and other problems that occurs within a venture andwill also perform the risk assessment.Owner manager: This is the type of entrepreneurial venture in which the persons set upand manages his venture by his own. In this, the person will have to carry out thedifferent business activities and operations by their own (Bruton and et.al., 2015).The typology of entrepreneurial venture is as follows:Micro organization: This are the most basic form of entrepreneurial ventures which isbeen set by an individual and thus will help in the effective management of the businessoperations that are been carried out in the effective manner.Small organization: they are quite bigger than the micro firms but are not of the scale ofmedium enterprises. They may be operating on the local as well as on intercity level,improving their revenue generation and placing of business activities.Medium organization: It is bigger than the small enterprise and have the higher scope ofexpansion and growth. This operates with a criteria to meet their operations and activitiesto generate a high amount of revenue.Social Enterprises: They mainly consist of NGO and other social service firms thatwork for the goodwill and betterment of society. Their profit is been used for the reasonto develop good quality products and services for people.2 The similarities and differences between entrepreneurial venturesThe different entrepreneurial ventures have a wide range of similarities and differencesthat will impacts its operations and action plans that will help in identifying the better growth anddevelopment of the organisation in an effective and significant manner. The major similaritybetween various entrepreneurial ventures are as follows:FactorsEntrepreneurial venturesMarketing All the entrepreneurial ventures, includingmicro and small, regardless to their size andscalability are required to have a goodmarketing in order to promote their services2

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