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(PDF)Similarities and Differences Between Entrepreneurial Venture

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Added on  2020-10-22

(PDF)Similarities and Differences Between Entrepreneurial Venture

   Added on 2020-10-22

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Entrepreneurship andSmall BusinessManagement
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Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Types of Entrepreneurial ventures and Relation with typology of Entrepreneurship.................1Similarities and Differences between Entrepreneurial ventures.................................................3Diverse Range of Entrepreneurial Ventures in Public and Private Sector..................................4Scope, Development and growth of entrepreneurial ventures....................................................4Interpreting and Assessing the Impact of Micro and Small Businesses on the Economy..........4Differences in Between Small, Medium and Large Businesses.................................................5Impact of Small Scale Businesses on Economy.........................................................................6Importance of Small Businesses and business in Economic Growth.........................................6Characteristics, Traits and Skills of Successful Entrepreneurs Different From Managers.........7Assessment of Entrepreneurial Personality Reflect Entrepreneurial Motivation and Mindset...8Explore and examine Arguments relating to Entrepreneurial Characteristics............................9Analysing Characteristic Traits, Skills and Motivational Drivers of Successful Entrepreneurs,Supported by Examples.............................................................................................................10Examining, Using Relevant Examples Impact of Background and Experience onEntrepreneurship.......................................................................................................................10Link between entrepreneurial characteristics and the influence of personal background andexperience to Entrepreneurs......................................................................................................11Critically evaluate how background and experience influences entrepreneurs, both positivelyand negatively, by comparing and contrasting examples..........................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13INTRODUCTIONEntrepreneurship refers to the process of creating a new enterprise, with a view ofmaking profit (A Definition of Entrepreneurship, 2019). It is a process of developing and
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implementing a business idea into real life and is basically concerned with building a life onone’s own terms as in what an individual take as their career and dreams and lead it in theirdirection of their own choice. An entrepreneur is a person who sets up the business and managesthe enterprise in order to be successful they start on a small scale. The entrepreneurs are requiredto create something by analysing the needs of customers so that they can be successful. Asuccessful leader plays an important role in success of an organisation as he always knows howto effectively use resources.This study has been conducted, in order to have a detailed study of entrepreneurship and smallbusiness management. In the context of this study it is essential to analyse the relationshipbetween entrepreneurship and various typologies associated with it. And the study will help inidentifying various factors which motivates an individual to achieve the goals.MAIN BODYTypes of Entrepreneurial ventures and Relation with typology of EntrepreneurshipEntrepreneurship refers to a process of establishing a business venture by analysing theneed of customers and managing it along with its risk in order to make profit (Afroz and et. al.,2015). And an entrepreneur is a person who accepts all the responsibilities of business and takebenefit of all the opportunities. He accepts all the risk associated with an aim to earn profit.There are various serial entrepreneurs which are required to be explained. They are: Serial entrepreneurs EntrepreneursOwner managersIt refers to a person whocreates an enterprise by takingall its risk.These are those individualswho have to promote anddevelop an innovative idea.It is an individual who isresponsible for controlling thebusinessThese are those individualswho comes up comes up withnew ideas They are the risk takersThey are the risk averse.They work for the sake ofsatisfying customers need.They work for the sake ofdevelopmentThey work for the sake ofsalary.Ventures categorised according to the size are as follows: Small Scale enterprise: It refers to a business which employs small number of workers andhave small volume of sales. Majorly these are owned by sole-proprietors in order to meet their
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basic expenses (Barral, 2013). The employees working there are sometimes family members orrelatives. Example of these are grocery stores, food joints, etc.Micro enterprise:It refers to a business which is employing very less number of people workingin it. Medium enterprise: It refers to an enterprise in which the investment is more than 5 crore butnot more than 10 crore. The examples of medium businesses are Captify, Smith Brother Ltd etc. Large Scale enterprise: It refers to a business which employs large number of workers sincemultiple number of operations are going at the same time. These enterprise generally have hugeinfrastructure and created large number of job opportunities for all. These enterprise works hardon growing their customer base by adding some additional features products. Example of theseenterprise are: Apple, Oppo,etc.Typologies of entrepreneurship: These enterprises work in business environment which plays an important role in theestablishment and development of various typologies which affects a lot the way an entrepreneurmakes the decision and work for the establishment of an enterprise. Some of the typologies are:Male Entrepreneur: These entrepreneurs are known as risk takers, as they are young inage they tend to take more risk. Since they are risk takers they control large organisationsbecause large organisations require such risk takers who can help in growth of theorganisation. They blame market forces if any loss incurs.Female Entrepreneur: These entrepreneurs are known as stable entrepreneurs, as theydo not like to take any risk because risk are associated with losses also. Theseentrepreneurs work for small scale enterprise as such enterprises are concerned aboutevery small or big decision made by them as the entrepreneurs blame themselves if anyloss incurs (Hangarki and Hangarki, 2012). Lifestyle enterprise: This enterprise is focus on the enhancing the standard of the peopleby providing to their customers various products and services. Other, those enterprisewhich are included in this category formed their startegies to maintain a specific level ofincome by providing higher services to the customers so that they can live a better life.Hence, the public sector comes under the lifestyle enterprise as they are operating theiractivities only with the purpose of social service.
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