Report On Entrepreneurship & Types Of Entrepreneurial Venture
Added on 2020-02-03
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INTRODUCTIONEntrepreneurship is very wide concept that determines high aptitude with changes,characteristics and many more things. This creates creativity in the organization fordevelopment and high profits (Failla, Melillo and Reichstein, 2017). Entrepreneur is theperson who organize, manage and control all things through enterprise can get revenue andpositive results. It will make profitability through assess elements and forces of market. As results, the company can make strategy to enhance operations and functions indifferent areas. In respect to this, present report covers different types of entrepreneurialventure and relate with typology of entrepreneurship. Furthermore, it also includes similaritiesand difference between entrepreneurial ventures. Moreover, it involves importance of smallbusiness to contribute growth of economy. In addition to this, it assess entrepreneurialpersonality which reflect to motivation of business environment. Apart from this, it determineexample that how background and experience can hinder and foster to entrepreneurship. TASK 1P1 Types of entrepreneurial ventures and relate with typology of entrepreneurshipThere are different author gives effective definition for defining entrepreneurialconcept. One author says that entrepreneurship is emphasize on innovation which create newproduct, method and market in which the company can perform functions and operations(Ahlstrom and Ding, 2014). It creates positive results, for generate more demand throughcombine various factors through wealth can be create. Wealth is creating with positive resultsthrough values can be exceed regarding business products and services. Innovative mannerattract customer regarding organization activity and actions. Following are differententrepreneurial ventures take place within the business environment in term of typology ofentrepreneurship:Entrepreneurship vs. small businessThis term is used by various entrepreneur in which their organization signifydifference among entrepreneurial venture and small business. It can be determine in followingways:
Amount of wealth creation: In order to generate simple meaning, entrepreneurship developmodern outcomes of small business. This is because, successful entrepreneur create valuesthrough operating different activities. It assist to save more money at workplace throughdemonstrate positive results (Cullen, Johnson and Parboteeah, 2014). Speed of wealth creation: With the help of entrepreneurship, the organization cancreate high wealth through performing activities and actions that support to entrepreneurshipof the firm. Within few years, the company can make and generate high revenue fromentrepreneurship results and activities. It will assist to make positive working environment tooperate various functions (Shinnar, Hsu and Powell, 2014). Risk: In entrepreneurship, risk is very high so that opportunity is very low to enhanceoutcomes and operations. In this aspect, idea are given at workplace which determine formaintain profitability and effective working environment. With the help of pursuing ideas,entrepreneur can evaluates their performances for protect business environment. Innovation: Entrepreneurship always perceive innovation in products, method andstrategy through business can achieve their targets and goals. In this aspect, company need tofocus on strategy which make sustainability of creativity at workplace of the enterprise. Itcreates wealth and competitive advantages through creating new products and services indifferent areas of the world (Wyrwich, Stuetzer and Sternberg, 2016). The Entrepreneur Venture Types: These are as follows:Small business entrepreneurship : These businesses are operated at small scale and they work with objective to earn profits. Example of small scale business are plumbers, electricians, general stores. They focuses on earning profit to fulfill their own needs. Scalable entrepreneurship : These businesses are also small ones abut their business idea is innovative. They give this idea to world. These entrepreneurs comes up with new idea with use of new technology. Large company entrepreneurship: main motive of these organizations is doing business with innovation. Their goals is not limited with earning profit. They do business to lead in competitive market.Social entrepreneurship : This kind of businesses are done to fulfill social needs of people. They make products and services which can help individual to solve the problem of community people.
P2 Similarities and difference between entrepreneur ventureIn order to perform different functions, various types of entrepreneur participate toachieve goals and objectives. In this aspect, following are such entrepreneur venture are existin market:Skeptical entrepreneurCopycat entrepreneurResearch entrepreneurDetermined entrepreneurAccomplish entrepreneurAll these type of entrepreneur perform functions to enhance profits and growth of thecompany. They all are analysis market to determine objectives so that company can easilyascertain their results through different activities and actions. In this way, skepticalentrepreneur success can be made that aids in to take decisions and match all outcomes withbusiness goals (Cullen, Johnson and Parboteeah, 2014). Further, copycat entrepreneur are tries to copy other entrepreneur strategy throughthey can perform various functions and operations. It will make success through copyingother entrepreneur style through continuous watching them and perform as well. This is quitedifferent from skeptical style which assist to determine profitability and positive results. Research entrepreneur are those who love learn through they can assist to targets andpositive results. In this aspect, the firm is matching their activity and performances withdifferent people. Hence, they can take advantages to determine positive results andperformances at workplace. With the help of conducting research program, the business canimplement their services and outcomes which make success of company. Hence, they caneasily get new results with information (Gherardi and Giampietro, 2014). Determined entrepreneur make their operations through copying and start businessthrough growing. In this aspect, goals and objectives can be ascertain to make positive andeffective results. For this type of entrepreneur, it is very difficult to operate functions andoperations so that growing business is very hard at workplace. They are focusing on variouspeople who are perform functions according to people interest so that objectives and goals canbe taken to develop activities and actions (Rivera-Santos, Holt Littlewood and Kolk, 2015).
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