Entrepreneurship: Concepts, Types, and Scope

This presentation explores the concepts of entrepreneurship, including risk-bearing, innovation, managerial skills, and more. It discusses different types of entrepreneur ventures, such as established companies, small size social ventures, large size social ventures, and high growth ventures. The presentation also covers the typologies of entrepreneur ventures, including survival firms, lifestyle firms, managed growth firms, aggressive growth firms, and entrepreneur in the public sector. Additionally, it examines the scope of new entrepreneur ventures in delivering innovative products and the development and growth of small size businesses in the UK with innovations in products. Overall, it provides insights into the role of entrepreneurship in the economy and the impact of entrepreneurial ventures on industries and the social economy. Course code: N/A, Course name: N/A, College/University: N/A

GROUP PRESENTATION

TABLE OF CONTENT
• Introduction
• Concept of Entrepreneur
• Types of Entrepreneur Venture
• Typologies of Entrepreneur Ventures
• Scope of New entrepreneur Venture in Delivery of Innovative product
• Development and Growth of Small Size Business in UK With Innovations in Products
• Conclusion

INTRODUCTION
• An entrepreneur is an individual person who starts a new business and taking all the risks on behalf of
organization and gain most of the profit in return. Generally an entrepreneur is known as an innovator,
source of ideas, services, goods, money and business procedures. The role of entrepreneur is most important
in organization. In entrepreneurship is full of risk but the rewards are also high in this. Entrepreneurship
starts from an innovative idea which help individual to rise a business in market. This presentation is
consists of different concept of entrepreneurship with help of different examples. Different types of
entrepreneur ventures are explained with differences between individual type of entrepreneur venture. The
concept of Entrepreneurship typology is explained with the correlation between different type of
entrepreneurs. The existence of entrepreneur is evaluated in the presentation.

CONCEPT OF ENTREPRENEUR
There are some qualities of entrepreneur which are essential to start a new business. The entrepreneur is
the person who starts a new business and take risk to generate profit. Here are some concepts of
entrepreneurship are-
Risk Bearing Concept
• This is one of the most popular concept in entrepreneurship. The job of entrepreneur is
consists of unlimited risks. To open a new business and run it with efficiency the person need to take
high amount of risk. This risks are related to the market conditions and fluctuations. From other
perspective it is also considered as capacities of Bering uncertainties. The risks are not predictable
and so it is difficult to face it suddenly.

CONT…
Innovation Concept
• As an entrepreneur the person need to be more creative and innovative. The innovation of person lead the business to
success. The concept of innovation in organization the adaptation in business procedures. The innovation is the key of
success. Entrepreneur should have quality to accept new changes in industry. This particular changes in business
methods and procedures can help to expand business.
Managerial Skill Concept
• Entrepreneur is head of business and it is their duty to manage the things with in the business and industry. Good
management skills of person drives the success of company. The management skills are related to time management
and task and work management.

CONT…
• Creative and Leadership Concept
• This concept of leadership and creativeness is required in entrepreneur to introduce innovation in the
business. The leadership skills of person is related to the decision taking and business handling capacity of person. The
entrepreneur is the person who holds power to take decisions. So they must have leadership skills with creativeness.
• High Achievement Capacity concept
• Other than taking decision for the organization and be creative it is essential to have capacity to handle larger
achievement. After getting achievements it is important for the entrepreneur to take further decision related to the
method used in business. The decision of selecting previous and new method is in hand of entrepreneur and this can
lead to success or failure.

CONT…
Professional Concept
• The behaviour of the person need to have professional behaviour. It is duty of entrepreneur to motivate or
encourage the staff members and employees to stay professional while working. The professional working can help the
industry to complete tasks with in the time limits and complete the work with effectiveness.
Organization and Coordination Concept
• Entrepreneur is the person who organize the things in the organization and the actions with in the
organization are coordinated by them. If the entrepreneur is not having good coordination skills and organizing skill this
will be difficult for organization to manage the work and success level.

CONT…
• Business Oriented Concept
• The work of the organization is and entrepreneur is based on the business procedures and methods. The
operations and methods are work oriented. The target of entrepreneur is to follow the procedures. The profit gain by the
organization is generated from following particular procedure and method.
• Result Oriented
• In this concept the method follow by organization or entrepreneur is based on predefined result, goal or
target. The operations of company are designed to achieve the company goal. Pre determined target guide the
organization to work accordingly. This quite different for business concept because their work is process oriented.

CONT…
Personality or Role Transformation Process Concept
• In this type of concept the goal of entrepreneur is to present a role model in front of other people to follow.
The purpose of this is to develop personality of employees to improve the performance of company and generate more
profit for the company.

TYPES OF ENTREPRENEUR VENTURE
Established Company
• The established company are known as the organization are working form long time. The organization
which is having good experience. The established company is already having good market share and
entrepreneur has enough experience to utilise it for further use.
Small Size Social Venture
• Small size venture is the organization which is consists of low number of employees and the business
area and size of market share is also not of large size. The experience of entrepreneur is also not high.
The revenue of company is also not more than 10 million.

CONT…
Large Size Social Venture
• The large size social ventures are the organization which are well settled in the market and have good knowledge and
information of market. The number of employee in the organization are also high. The company leaders are well
experienced and this type of organization. This types of organizations works for the public well-fare. The purpose of
this organization is only to serve people for their better conditions.
High Growth Ventures
• The high growth ventures are the organizations which have strong market base and strong market image. The
organization which are having the goal of faster growth then average rate. The companies which are already having
good market base better technology are known as high growth venture.

CONT…
Similarities between Entrepreneur Ventures
• This all organization have strong will to perform on the market place. With this strong will they can work better
in difficult situation. All type of venture have high capital resources to survive in different conditions. The
constant innovation are possible for all organizations. Each kind of organization have it's driving forces
performing in the market.

CONT…
• Differences Between Different Entrepreneur Venture
Survival Life Style Managed growth Aggressive growth
Annual
growth Rate
Increasing growth rate Constant Growth Constant Growth Intensive high growth
Managerial focus High focus cause of less work force Moderate focus Well managed monitoring High focus on management
Entrepreneur
orientation
Profit based Work Based Work based Result based
Managerial skills Low level Moderate High skills Developed skills
Technology
Investment
Normal investment Moderate investment Regular improvement Continuous improvement
Exit approach Easy and faster Plane to do Managed approached Liquidation approach
Source of finance Individual person Individual person Group of people and shareholders Shareholders
Organisation Structure Flat structure Horizontal hierarchy Vertical hierarchy Matrix structure

TYPOLOGIES OF ENTREPRENEUR VENTURES
Survival Firms
• The survival type of firms are consists less than 50 employees and their purpose in the economy to survive
for longer time and generate optimum profit. The goal of entrepreneur is to keep performing in the local market. So,
small business enterprises are considered as survival firms. The example of survival firm is LMA recruitment. The
operation of this company are for survival with sm,all of profit in market.
Lifestyle firm
• The lifestyle firm is run by an entrepreneur whose purpose is to maintain particular level of income and they
don't expect more than that. This income is used by entrepreneur to maintain a foundation to enjoy a particular lifestyle.
The food and restaurant business can be considered in the category. The purpose of restaurant business is to earn little
profit for personal and client satisfaction.

CONT…
Managed Growth firms
• This type of companies are growing more than their peers on a wider economic level. This growth can't be defined with hard
structure or criterion. The annual profit of this kind of organization is more than average. The companies like Microsoft also
can be considered as managed growth firm. This kind of organization are working on based of work procedures.
Aggressive Growth Firm
• In this kind of business the investment of entrepreneur is mutual and the purpose of this investment is to gain higher among
growth stocks. The expecting of growth is faster than overall stock market. The google is the company which is too
aggressive about success and growth. The things like innovation and creative working is most important for the
organization.

CONT…
Entrepreneur in Public Sector
• The organization which are in health care services are some time consider as public sector
entrepreneur. The company only work to serve the people and only take money in exchange of services. The
purpose of this organization is only to provide quality service to people. The activities of the public sector
company or entrepreneur to complete their goals. The structure of these companies is including government
sector and private sector. The policies of the organization are based on government rules and regulations. The
example of this kind of organization are mostly comes in health care services and public private partnerships. In
this type of businesses funds are provided by government and production and services are handled by private
sector.

SCOPE OF NEW ENTREPRENEUR VENTURE IN
DELIVERY OF INNOVATIVE PRODUCT
• New and small level of entrepreneur have larger scope to introduce innovation ion their work or product. The
most important thing in small size organization are they are not afraid of changes and innovations. The
market of these companies are small and on the failure it is easy for them to move on from current loss. Cause
of small market the loss will be low. In case the performance of innovative product is high can help the
company to grow fast. Cause of this innovative product the growth rate become high and because of small
size business the implementation of changes is easy and faster. This how the innovative products help the
organization to grow faster. Less risk and faster implementation make their operation more effective. Better
supply chain and better communication between the different department drive their success in the market.

Development and Growth of Small Size Business in
UK With Innovations in Products
Development and Growth of Small Size Business in UK With Innovations in Products
The main source better economy of United Kingdoms is the small and medium size organizations. In the private the 66 %
of all private sector is contributed by small medium enterprises. This can state that the most of the stability of United
Kingdom's economy is cause of this small size entrepreneur organizations. The growth of this small size business is a lot
faster than large and multinational size organizations. The market size in Uk is suitable for innovation and their
implementation. The government of UK is supporting different small size organization to grow by providing them with
different facility to introduce new product in market. The capital required in the implementation of innovation is provided
by government as loan on lower taxes. This help them to start new business. The local conditions of local market provide
more convenient situation to entrepreneur venture to grow and develop their business.

CONCLUSION
From the above study, it has been summarized that entrepreneur is an important person in the corporate world as he plays
an important role in the economy of nation. There are various entrepreneurial ventures which impact the industry as they
bring innovation in the industry and change the current trends of the sectors which directly impact the social economy of
the country. There are various entrepreneurs who are running their business in public and private sectors of the industries.
These sectors impact the various aspects of entrepreneurship.

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