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Similarities and Differences Between Entrepreneurial Ventures

   

Added on  2020-02-03

15 Pages4805 Words419 Views
ENTREPRENEURSHIPAND SMALL BUSINESSENTERPRISE

Table of ContentsINTRODUCTION...........................................................................................................................1P1 examination of different type of entrepreneural venture and relation to the typology ofentrepreneurship .........................................................................................................................1P2 Similarities and differences between entrepreneurial ventures.............................................2M1...............................................................................................................................................4D1................................................................................................................................................4TASK 2............................................................................................................................................4P3 Micro and the small businesses impact on the economy.......................................................4P4 Contribution of small businesses and business start-up to the growth of the social economyafter brexit...................................................................................................................................5M2...............................................................................................................................................7TASK 3............................................................................................................................................7P5 Determining the characteristics, traits and skills of two successful entrepreneurs, whichdifferentiate them from other business managers.......................................................................7M3...............................................................................................................................................8D2................................................................................................................................................8P6 How entrepreneurial personality can reflect to motivate people and ascertain their mindset................................................................................................................................................9TASK 4............................................................................................................................................9P7 How background and experience hinder anf foster entrepreneurship .................................9M4.............................................................................................................................................10CONCLUSION .............................................................................................................................10REFERENCES................................................................................................................................1

INTRODUCTIONIn order to make effective functions and operations, entrepreneurship assists to improvestandard of living person. It creates wealth from different entrepreneurial venture and jobs forprospectus society (Onetti, Zucchella and McDougall-Covin, 2012). In today's timeentrepreneurial development is very significant aspect which assist to make successful venture. Itcreates way for doing innovations and creativity which related to operations. In this context,present report is based on small venture entrepreneurship which generate profits and revenuethrough operating various activities. For ascertain focus on this report, it covers different types ofentrepreneurial venture which relate to typology of entrepreneurship. Furthermore, it includesrelevant data and that assists to assess aspects which demonstrate entrepreneurial personalityreflect on motivation and mind set. Moreover, it includes examples which obtained through miniresearch to analysis hinder performances. P1 examination of different type of entrepreneural venture and relation to the typology ofentrepreneurship Entrepreneurial venture generally known as the start-up entity developed with theintention of generating profit, fill the loop hole in the society, and these ventures may also beconsidered as small business. Entrepreneural ventures are created on the basis of demand of themarket or lack in the supply of the market. Basically what entrepreneural ventures do is, they tapon the need of the customer for a product or a service and then entrepreneurs develop the idea,promote the idea and sell the the developed product or service (Onetti, Zucchella andMcDougall-Covin, 2012). Small business entrepreneurship, Today the increasing number of entrepreneurs andstart-ups around the globe are small business. In the context of entrepreneurship small businessescan be grocery stores, consultancy services, travel agents, carpenter, plumber, electrician etc.(McGowan, Redeker and Greenan, 2012). Small businesses mostly deal with already known andestablished products and services and mostly known market risks. Small businesses are prefer toremain confined in their own domain and group. The targets which set by the small businessesare limited growth and continuous profitability (Blenker, Frederiksen and Thrane, 2012). Scalable start-up entrepreneurship, Scalable start-up are different from smallbusinesses. Scalable start-ups are concerned with the entrepreneur who start the venture have1

robust knoowledge about the area of the expertise. The vision which scalable start-upentrepreneurs carry is that they could change the world. They generate funds from the venturecapitalists and hire the best talent to carry forward the job. Scalable start up consist with some ofthe unique characteristics which make them different from small business such as, innovativevalue proposition, repeatable business model, high growth, high margin, great potential ofdistribution and high rewards or return for the taken risk (Onetti, Zucchella and McDougall-Covin, 2012).Large company entrepreneurship, The concept of large business entrepreneurship isgenerally considered as the development of new ideas and opportunities in already establishedbusiness. It works towards increasing the business profitability and enhanced the competitivenessof an existing business. In these format of entrepreneurship companies try to expand theirbusiness through innovation, launching new products and services, bring changes in the customertaste, offer new technologies, new competitors etc. (Blenker, Frederiksen and Thrane, 2012).Social entrepreneurship, The combination of resourcefullness, opportunity andinnovation for addressing the challenges occured at social and enviourmental level cosidered associal entrepreneurship. Social entrepreneurship is also comes under the catagory of innovationand focus on developing products and services that solve social needs and fulfil the requirementof the society (Carland, Carland and Stewart, 2015). The primary goal of social entrepreneurshipis to make a world a better palce not unlike other ventures which have focus on generatingprofits. Organization in social entrepreneurship can be for profit, non for profit and hybrid. P2 Similarities and differences between entrepreneurial venturesThe variety in the entrepreneurial venture make it distinctly similar and different fromeach other at various level. The techniques and tools which are use in entrepreneurship in totallybased upon the type of the ventures and some of the tools are interchangeable. For the betterunderstanding of the similarities and differences in entrepreneurial ventures we can distribute theventure according to following different catagories (Onetti, Zucchella and McDougall-Covin,2012).GoalsIn the goal setting process small business entrepreneurs are revaluating the old processand assemble it with new ideas which generate more productivity and profit for the enterprise.Small business entrepreneurs start focusing on their employee, communicate with their customer,2

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