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Entrepreneurial Ventures and Typologies : Report

   

Added on  2020-01-21

21 Pages6021 Words91 Views
Business DevelopmentEntrepreneurshipProfessional Development
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Entrepreneurship andsmall businessmanagement
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Table of ContentsINTRODUCTION...........................................................................................................................1ASSIGNMENT 1 LO1 and LO2.....................................................................................................1TASK 1............................................................................................................................................1P1 Identify different kinds of entrepreneurial ventures and how this related to the typology ofentrepreneurship.....................................................................................................................1P2 Explain the similarities and differences between entrepreneurial ventures......................5P3 Assess the importance of business data and statistics to show how micro and smallbusiness impact on the economy............................................................................................6P4 Describe the significance of small business and start up to the growth of social economy7CONCLUSION................................................................................................................................8TASK 2 Enclosed in ppt..................................................................................................................8ASSIGNMENT 2 LO 3 and LO4....................................................................................................8INTRODUCTION...........................................................................................................................8TASK 1............................................................................................................................................8P5 Determine the traits and attributes of successful entrepreneurs that differentiate frombusiness managers..................................................................................................................8P6 Assesses how aspects of entrepreneurial personality reflect its motivation and mindset10P7 Examine how background and experience can foster entrepreneurship with examples.11TASK 2..........................................................................................................................................13M3 Describe different lines of discussion in relation to entrepreneurial characteristics.....13M4 Analyses the relationship between entrepreneurial traits and its influence of personalbackground to a specific entrepreneur..................................................................................14TASK 3..........................................................................................................................................14D3 Analyze attributes and motivational drivers of successful entrepreneur using examples14D4 critically evaluate positive or negative influence of background or experience on anentrepreneur..........................................................................................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
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Illustration IndexIllustration 1: Mentality of an entrepreneur.....................................................................................9Illustration 2: Determination of Entrepreneur..................................................................................9Illustration 3: Personality traits......................................................................................................10Illustration 4: Entrepreneur foster-ship..........................................................................................12Illustration 5: Nesta organization...................................................................................................13
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INTRODUCTIONOrganizing, managing and risk taking capabilities in business are found in anentrepreneur. Entrepreneurship and SBM provides the initiatives to other in order to learn uniqueand aspiring ways to start new businesses and generate employ-ability in evolving smallbusinesses. The report provides the deep knowledge about the entrepreneurship and createbusiness management skills and techniques (Schaper And et.al., 2014). Beginning of everyorganization started with small business which is led by an entrepreneur. Through innovativethinking, knowledge, skills and techniques this small business are created in large ventures.Entrepreneur and SBM are formulated in order to put entrepreneur skills in stages. Therelationship and uniqueness developed in-between the entrepreneurship and SBM createscontribution in economy, job creation and development of country. The report provides the ideaof how entrepreneurs have developed their business idea into small business management andcontributed in providing goods and services to market. The report provides the details about theentrepreneurial ventures and various typologies. Similarities and differences are being discussedbetween entrepreneurial ventures and need of business data and statistics for business start-up.Furthermore, significance of SBM in countries economic contribution is being described.Moreover, the report contains details about the entrepreneurial mindset and motivation neededfor the business development as well as various factors which influences the entrepreneurship. ASSIGNMENT 1 LO1 and LO2TASK 1P1 Identify different kinds of entrepreneurial ventures and how this related to the typology ofentrepreneurshipEntrepreneurship can be defined as the person which have the capabilities andwillingness to create, organize, manage and ability to take risk in business venture to make profitand provide new goods and services to the market (Hatten, 2015). In terms of economics, it is thecombination between capital, labour, land, and natural resources in an innovative way in order tocreate profit.Entrepreneur ventures are this person which have the goals and objective set for achieving theprofitability and growth. Business done by this person are characterized as innovative strategic1
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practice. Entrepreneur ventures are created by the entrepreneurs which have all the abovequalities mentioned. In terms of economics entrepreneurial venture of four types. These are: Survival Ventures: This type of business ventures are operated by small business and lifestylebusiness. They are independently owned and are main motive is to earn profit. The long termgoals for such firm is to have growth in long term business which is profitable and providessustainable development to them. This type of business are not registered and no businessbanking relation. The business values depend on the market values are such firm faces highcompetition in market (Carraher and Paridon, 2015). Lifestyle Ventures: This business ventures are source to provide stable income stream. This typeof business are brought near management and is far way from the entrepreneur. For the marketcompetitiveness relative modest investment are required. The firm contain limited number ofemployees. Due to such reason the company is unable to generate economics operations. Managed Growth Ventures: This type of the system have workable business environment. Thecompany seeks to have relative growth along with time. The company shows the growth throughlaunching new product in market, providing various facilities. The company have strong socialand local brand value. In this type of business the development continues and company focus onthe investment of the ongoing firm. Aggressive Growth Ventures: Sometimes it's known as gazelles. The firm is mostly based on thetechnological industry. Mostly they focus on the innovative thing and development in terms ofgrowth and profitability. The businesses can be expended nationally or internationally and havelarge number of employees working under them (Carland and Carland,2015.). 2
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Typologies related to entrepreneurial ventures are shown below: Aggressive Lifestyle Managed SurvivalGrowth rateAnnuallyMore than 20%Less than 5%Between 10-15%NominalBusinessdevelopment 03-6 yearsMonth 1-2 years DailyFocusofmanagement Scale-able Working businessmodelIncrementalstrategic growthSimple productselling Style adopted bymanagement Strategic Low ModerateReactiveEntrepreneurorientation More LessModerateVery lessTechnologicalinvestmentHigh Limited Moderate-Liabilities Not signified SignifiedLess signifiedSignifiedFinancial supportBank,stakeholder,private investor Self, bank, familySelf, bank,private, familySelfBusiness exitMerge, sell,public Shut down, sellMerge, sellSellBusiness structureMarket based,functional,product based Simple FunctionalNoneMotive Profit and growth Incomesubstitution Profit and growth Self sustainRewardCapitalexpansion, equityBonus, salary,incentivesSalary, equity,incentivesSalaryEntrepreneur Orientation is multidimensional construct, which is used for evaluationpurpose like risk taking, innovativeness and pro- activeness. This is more in the aggressive,3
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