Similarities & Differences Between Entrepreneurial Ventures
Added on 2020-06-04
12 Pages4633 Words9634 Views
ENTREPRENEURSHIP& SMALL BUSINESS
Table of ContentsINTRODUCTION...............................................................................................................1TASK 1...............................................................................................................................1P1 Different types of entrepreneurial ventures and their relation with typology...........1P2 Similarities and differences between entrepreneurial ventures...............................2TASK 2...............................................................................................................................4P3 Relevant data to understand impact of small business on economy......................4P4 Contribution of small businesses and start ups on social growth............................5TASK 3...............................................................................................................................7P5 Traits and skills of successful entrepreneurs...........................................................7P6 Aspects of Entrepreneurial Personality....................................................................8TASK 4...............................................................................................................................8P7 Ways in which background and experience hinder and foster entrepreneurship....8CONCLUSION...................................................................................................................9REFERENCES................................................................................................................10
INTRODUCTIONAn individual who have different skills and talents and abilities of taking risks toconduct a business is called as entrepreneur and venture that he is running isenterprise (Venkataraman and et. al., 2012). Entrepreneur is a person who isresponsible for every decisions and liabilities that are related to operate activities.Entrepreneurship said to be as a procedure of running a business enterprise by aperson who is called as entrepreneur. With different sort of thought process,entrepreneur can grab opportunity of gaining competitive advantage. It is a process ofrunning a small size business firm by an individual who have different idea of producinggoods and services which will aid in making good profit and competitive advantages(Ács, Autio and Szerb, 2014). This report is analysing numerous range and typologiesof entrepreneurial ventures along with its distinct impact of business businesses overeconomy. The report is focusing over the major aspects of mind-set of entrepreneurunderstanding the aspects of hinder and foster different environment impact onentrepreneurship. TASK 1P1 Different types of entrepreneurial ventures and their relation with typologyMajor focus of every business organisation is on keeping sufficient number ofemployees so that all task and activities should be completed in requisite period of timewith full adequacy and efficiency. This action aids achievement of rival's benefits andhigher returns. Here are discussed the major types of entrepreneurship which ismentioned as below: Small Business Enterprises: These are short sized firm with less number ofemployees and their operations are operated by single human beings who are able inconducting business activities. There are some examples like carpenters, plumbers,small retail shop owners etc. These humans are running small ventures in order to fulfilnecessities of themselves and their family members (Shane, 2012). Major purpose ofthese kind of small associations are to earn higher profit by serving clients withextraordinary items.Scalable Start-Up Entrepreneurship: These firms are grown up as timepasses. When a human being runs these kind of business ventures. When a humanbeing has this kind of enterprise then he also has option to raise funds from severalinvestors. Each and every business enterprises needs funds in order to perform theirbusiness activities but on the other hand these sort of associations are having high riskassociated with them that is why every person cannot run scalable start-ups. Aggressive development firms are a kind of scalable start-upentrepreneurship. Entrepreneurs are those human beings who put their peerlessthought in activities conduction to produce special sort of products and facilities in orderto gain highest satisfaction for clients towards enterprise's offerings (Bae and et. al.,2014).Large Company Entrepreneurship: This term is also defined as corporateentrepreneurship. Business owners are individuals who take care their businessactivities for accomplishing them in appropriate manner. Main attribute of this venture isto distribute antique products and services which are able in addressing customerspecified needs and wants for ensuring greater market portion in industry. Resource of1
collecting information and knowledge is research program which owner of enterpriseconducts by taking help of an expert person. Social Entrepreneurship: Major aim of these enterprises is to deliver betterquality products and services in society to improve standard of living of corporation.Entrepreneurs are suppose to identify all problems and issues that are present inmarketplace and then should provide solutions to those troubles (Baum, Frese andBaron, 2014). Typologies of entrepreneurial ventures: This is stated by experts that entireentrepreneurial ventures are hugely associated with typologies of entrepreneurship.Hence, here are discussed some of entrepreneur types and typologies: Types of EntrepreneurSerial entrepreneur: These people initiate business with innovative and disruptiveidea for gaining success. Social entrepreneur:These individual aims over social betterment anddevelopment. Female entrepreneur: Initiate for women empowerment, women are encouragedto conduct and engage in business activities. Typologies typesThis consist of numerous typologies types which are mentioned as below: Lifestyle Ventures: Numerous types of business are initiated for gaining benefitsat market. Survival Ventures: As per this, business are initiated for gaining benefits forfamily and individual survival. It include micro and macro business like internetcafe, grocery stores etc. P2 Similarities and differences between entrepreneurial venturesOrganisation such as small, scalable-start up, large and social are various formsof enterprises which differs with each other in terms of scope, size and other features.This is description of points which specifies points which distinguish these firms arestated beneath:Objectives: This is concept which describes aim of corporation and distinguishcompanies with each other. As all small business venture want to sustain their positionand share in marketplace. Executive execute business activities, so that they are able tofulfil demands of their family members. They even want to position firm superior thancompetitors; through which they retain in marketplace for longer period of time. Value creation: Organisation require to make improvement in system; throughwhich entrepreneur is able to establish strong goodwill and brand reputation inmarketplace. By using social affiliation through which firm improve value and image inmarket. Besides this, corporation goal is to deliver adequate offerings, as entrepreneurwant to enhance social of people (Schaper and et. al., 2014). For this, small businessmanufacture products effectively and deliver quality offerings for customers; so that theirbasic aims get accomplish timely. Value creation is a concept with a business firmbegins. It is creation and delivery of value in most efficient and effective manner so thatenterprise could make profit after deducting all sort of costs. Mindset: This term specifies that every individual posses different characteristicsand thoughts. So, each person will act and behave as per their thinking and knowledge.As mindset which includes elements such as attitudes, beliefs, values and so on;2
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