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Entrepreneur, Entrepreneurship , and Entrepreneurial ventures

   

Added on  2021-01-03

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INTRODUCTIONEntrepreneurship is considered to be the act of initiating and operating an enterprisesthrough an individual who offer creative product , process and service. It is the ability orwillingness by which an individual can develop, organize and manage a business by taking itsrisks in order to make profit (A Definition of Entrepreneurship, 2019). An individual whoperforms all these functions is known as an Entrepreneur. An entrepreneur is generally a self-employed, self-motivated, and ambitious person who takes risk to to meet the goals. Anentrepreneur is needed to form and develop few things through examining the need and demandof consumers.In this report, the detailed explanation of Entrepreneur, Entrepreneurship ,Entrepreneurial ventures and Enterprise. The study will also define various typology ofentrepreneurship and will also explain the importance of micro, small business and start-ups inthe economy . With the help of this study, the researcher will be able to identify variousmotivation, skills and drivers of the traits that can be used by famous as well as successfulbusiness persons. Different Entrepreneurial ventures and their relation with typology of entrepreneurship.In the modern world, it is very important to create an innovative product becausecustomers today focus on the advancement which is offered by a product for which they are evenready to pay more. In order to create innovative offerings an entrepreneur performs a crucial roleinto offering a new product and bears total risk and profit associated with the business.Entrepreneurship is defined as a framework that help in identifying requirements of customersas well as earn profit for the same. A entrepreneur is an individual who is needs to hold each andevery function of their business operation along with new innovation and creative ideas in aneffective manner. Different type of entrepreneur which depends on various scale of marketplace.Survival firms: These were those firms which are just surviving in the market, they arenot generating much profits. Basically these are the start-up ventures, whose goal is tosustain into the environment of the enterprises. Lifestyle companies: These are these companies which creates and sustains a certainincome level for proprietor. These companies works exclusively for achieving profit.

Managed Growth Firms: This is considered to be that companies which focuses uponaccomplishing profitability through reducing the risk level present into enterprises( Zacca, Dayan and Ahrens, 2015).Aggressive Growth firms : This is considered to be that companies which seeks forachieving more profitability in less durations. Public Sector Entrepreneurship: Public sector entrepreneur are taking responsibilitiestowards initiatives of economy by performing different and attractive activities that arebeneficial for general public. It affects transformation by mainly exploding knowledge ofdifferent networks. (Bennett, 2014).Social Enterprise: Social enterprise mainly concentrates upon satisfying customerdemands rather than generating profits. And whatever profit generated by these firmswill be used for providing effective opportunities to the people.Typology of entrepreneurshipEstablished Company : It refers to those companies which are already existing in thecurrent market. It is generally recognised and approved because it has existed for a longtime. For example: Tesco is a multinational grocery store, which is an already establishedcompany and is easily known by the customers, as in this era customers prefer to buy allthe products under one-roof.

Small Size Social venture: It refers to small sized venture which is facilitating socialservices for societal welfare. These types of organisations generally does not earn muchprofit and even if they do so, they usage this for providing effective services toindividuals. For example: Funeral care is a business that provides interment and andfuneral services for the dead and their families (Belz and Binder, 2017). These servicesare not opted by every individual, as these services are not affordable for everyone.Large Size Social venture : It refers to big-sized social ventures which are providingvarious social services at low costs for the welfare of people. These organisations attainsmaximum amount of profits but at the same time they are using the earned profit toprovide better services to people. For example: NHS, it known to be the system of publicfunded health care which facilitates low-cost and free healthcare services to all the legalresident of United Kingdom.High Growth Firms : It refers to those companies which are growing faster in thecompetitive business environment. These organisations earns huge amount of profits andhave a good reputation in the market. These are found in all type of industries and aregood at providing employment opportunities. Foe example : Google is considered to bethe leading multinational technology organisation which deals into internet basedproducts as well as services. The company is earning huge amount of profits, as in today'sworld no online business transaction is possible without internet.Venture ExampleSectorRelation withtypologyEstablished companyTescoCorporate and PrivatesectorThe typology used is“Public sectorentrepreneurship”.Small size socialventureFuneral care Public sectorThe typology used is“survival firms”.Large sized socialventure National HealthServicePublic SectorThe typology used is“lifestyle firms”.High growthGoogleCorporate and PrivatesectorThe typology used is“Aggressive growth3

firm”.Difference between serial entrepreneur, entrepreneur and owner mangerBasisSerial EntrepreneurIntrapreneureOwn mangersMeaning A serial entrepreneuris one who comes upcontinuously with newideas and starts newbusiness Intrapreneure refers toemployees of anorganisation who is incharge of undertakinginnovation in productand services etc. It refers to anindividual who is incharge of certain groupof task or sub set of acompany Approach Inductive Restorative Productive Capital Raised by anentrepreneurFinancedbyorganisationRaised by differentsources such as sharesand debentures. Similarities and Differences between Entrepreneurial ventures.Different types of entrepreneur venture are there in competitive marketplace. Variousentrepreneur are running their business operation with their innovative and creative ideas inorder to survive in the competitive edge. For instance there are certain similarities along withdifferences. The chosen business are established company, small scale social venture, large scalesocial venture and high growth firms.Similarities Similarities which are there in these businesses are: there are different types oforganisation who are surviving in the market in order to earn profit as it is the main motive.Along with such entrepreneur there are some business enterprise who come up with innovativeand creative idea so that they can satisfy customers need and demand. All these organisations aresurviving just because of the creative idea of the business (Burns and Dewhurst, 2016). The mainreason of the business existence it present for satisfying the consumers requirements throughexamining market trends as well as requirements. All three firms were operating for societalwelfare through facilitatingseveral opportunities for job except small scale social venture.4

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