Four Types of Entrepreneurial Ventures

Added on -2020-02-12

The Brexit had changed the economy of UK for few months. The people of this country provided the votes which made a huge controversy all around the world. In fact, the country was facing economic problem for few months. Entrepreneurship has typically been explained as the technique of preparation, commencement and organising an inventive corporation, which naturally starts on like a minute corporation, as a pioneer company, recommending an invention, method or checks for selling or occupy, and the populace who perform so are allowed, entrepreneurs. 

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UniversityEntrepreneurshipByDateNameLecturers
ContentsIntroduction:....................................................................................................3LO 1. Explore and illustrate the range of venture types that might be considered entrepreneurial..............................................................................4There are four types of entrepreneurial ventures. Those are discussed in the below which relate to the typology of entrepreneurship........................4Explore the similarities and dissimilarities between entrepreneurial ventures........................................................................................................6LO 2. Assess the impact of small businesses on the economy........................7Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro and small businesses impact on the economy.............7Explain how important small businesses and business start –ups will contribute to the growth of the social economy...........................................8LO 3...............................................................................................................10Key aspects of an entrepreneurial mindset................................................10LO 4...............................................................................................................13Different environment that fosters entrepreneurship.................................13Conclusion.....................................................................................................15References:....................................................................................................16Page 2 of 24
Introduction:The Brexit had changed the economy of UK for few months. The people of this country providedthe votes which made a huge controversy all around the world. In fact, the country was facing economic problem for few months. Entrepreneurshiphas typically been explained as the technique of preparation, commencement and organising an inventivecorporation, which naturally starts on like aminute corporation, as apioneer company, recommending an invention, method or checks for selling or occupy, and the populace who perform so are allowed, entrepreneurs.It has been confidential as the potential and eagerness to enlarge, systematise, and sprint a commerce growth all along with some of its hazards to create income. These tasks describe and provide scrutiny with the different facet of entrepreneurship. It also comprised the dissimilar undertakings and their individualities.Page 3 of 24
LO 1. Explore and illustrate the range of venture types that might be considered entrepreneurialThere are four types of entrepreneurial ventures. Those are discussed in the below which relate to the typology of entrepreneurship.Entrepreneurial refers as carry the enterprise in which various individual plans to start ordevelop unique characteristics in products or services. It will assist to enhance profits andrevenue through business will accomplish their goals and make further investment plans. Thesetype of individual are known as entrepreneur and organisation is defined as entrepreneurialventure. There are different type of ventures carried which assist to promote effective results andoutcomes at workplace. They are as follows: i.Small business entrepreneurial venture:There is imposing figure about the small business entrepreneurship in the United Kingdom. The business opportunity in this country is quite impressive. Among the industrial firms, almost half of the numbers are based on the non-government companies (Park, LiPuma and Prange, 2014).The small business includes the grocery stores, the fabrication equipment business, travel agencies, the broadband and other household business firms. Those businesses are being built up by the individual personalities. The maximum number of living people is recruited as the working staffs in these companies. The aim of this kind of small business firms is not too high. The basic goal is to set up the business well and extract the reasonable profit from the investment. This kind of entrepreneurial venture helps to set up and boost the thinking of new business personalities (Scarborough, Cornwall and Zimmerer, 2016). ii.Scalable start-up entrepreneurial venture:Page 4 of 24
The motif of this sort of business venture is quite like the small business investment in the matterof earning a small amount of profit. But the focus of scalable startup business is to attract the investors not only in the United Kingdom but also all over the world (Lerm, Rollberg and Kurz, 2012). This kind of organisation use to recruit the meritorious and smart employees. But what makes this venture different is that the scalable investment always follows the previous theories of successful business groups. The owners of this scalable venture want to make the stakeholdersbound to invest from all around the world and for this very reason they make their products different and attractive.iii.Large company entrepreneurial venture:Large organisations have restricted existence sequences. Maximum cultivate is obtained throughsupporting improvement, contributing fresh foodstuffs and goods that are alternative approximately their nucleus goods. Modification in buyer experience, latest technical knowledge, management, new-fangled opponents, etc. can make demands for further troublemaking modernization– wanting big firms to generate entirely new goods to be delivered to new consumers in the newly established marketplace (K. Berger, 2015). Obtainable corporations use to perform this by either obtaining inventive corporations or endeavouring to construct unsettling manufactured goods in the interior. Sarcastically, great business firm’s dimension and background build disorderly improvement exceptionally complicated to implement.iv.Social entrepreneurial venture:Social entrepreneurs are trendsetters who use to cast a spotlight on producing goods and services so as to crack social wants and troubles (Curley and Formica, 2013). But dissimilar to scalable startups venture the ultimate objective of this kind of venture is to form the earth an excellent Page 5 of 24
environment to live, not to receive bazaar distribution or to make to prosperity for the creators. Those attempts can be for the earning or sometimes not related to money. In a single word, it is quite complicated (Cumming and Vismara, 2016).In addition to this, there are different entrepreneurial working for developing their ownoutcomes to form profitability at workplace. They are as follows:Serial entrepreneur: These types of entrepreneurs are work to start and lead businessafter carrying one organisation. In this aspect, multiple enterprises are ongoing which assist topromote and run effective results at workplace. For example, Dragons’ Den: Nick Jenkins whohas established six different businesses in one series in den which include double, slappie andmasons beans, etc. In addition to this, he is also continuous working with entrepreneurshipthrough various aspects and elements. Female entrepreneurial: Female entrepreneurs are also working very well withdetermines creativity that enhance brand image of business and country as well. In this way,performances will be enhance inside and outside the boundaries which assist to promoteeffective results. For instance, Gwyneth Paltrow and Zooey Deschanel are successfulentrepreneurs of UK who found online platform of start-up stories. Lifestyle entrepreneurial: This type of entrepreneurs are working very well who havefocus on development within the organisation to handle risk element. With assessment of risk,entrepreneur could develop effective results in successful outcomes and results which assist tomake positive functions. Page 6 of 24

Considering the outcomes gathered from the above report it must be admitted that the entrepreneurship is obviously one of the most important parts of the business which is helping a lot of startup companies to get establishment. Though most of the companies are failing to get success there are also some companies who are getting success by following the key aspects of the entrepreneurship.

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