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Similarities & Difference Between Entrepreneurial Ventures

   

Added on  2020-06-03

18 Pages5728 Words529 Views
ENTREPRENEURSHIP AND SMALL BUSINESSMANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1P1. Types of entrepreneurial ventures and their relation with typologies..............................1P2. Similarities and differences between entrepreneurial ventures........................................4P3 Interpret and assess relevant data and statistics to illustrate how micro and small businessimpact on the economy...........................................................................................................7P4. Significance of small businesses towards development of national economy.................9M1. Investigation of diverse range of entrepreneurial ventures to demonstrate anunderstanding of entrepreneurship in both public and private sector:.................................12D1. Scope development and growth of entrepreneurship ventures......................................13D2 Impact of small business on different level of economy................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................16

INTRODUCTIONIt can be said that entrepreneurship and small business management plays an importantand vital role in order to develop domestic market that helps to increase economic advantage forparticular nation effectively (Wright and Stigliani, 2013). The report will cover different types ofentrepreneurial ventures and how they relate to the typology (different types) ofentrepreneurship. In addition to this, the similarities and differences between each fentrepreneurial ventures and considering the roles, characteristics and Objectives of differenttypes of ventures: private; public; social enterprises - as well as different sized ventures: micro;small; medium will be discussed in this report. The report will also demonstrate and presentrelevant data and statistic to illustrate the impact micro and small business have on the economy.Finally, the report will cover the importance that small businesses and business start-ups on thegrowth of the social economy.PART 1P1. Types of entrepreneurial ventures and their relation with typologiesEntrepreneurship: Entrepreneurship is an process of building something new of value bydevoting the necessary time and efforts. Entrepreneur venture make efforts to accepting andacknowledging the necessary financial, psychological and social risk within the business in orderto meet their desired entrepreneurial goals and objectives (Trimi and Berbegal-Mirabent, 2012).It is a process of creating something new value and assuming the risk and rewards withinentrepreneurial venture. In addition, entrepreneur is an individual who is dedicated to executionof such activities and leading their own business and nature them for growing and prosperity ofbusiness. They are entitled to creating the changes by identifying appropriate opportunitieswhich make differences from other organisations which are operating in current market.Intrepreneur: An intrepreneur is a person who behaves like an entrepreneur whilst beingemployed. Intrepreneurs are usually encourages to develop their ideas into a workable product bythe companies they work for (Schaper, 2016). Like an entrepreneur, an intrepreneur is motivated,creative, and able to think outside of the box. The difference between entrepreneurs and intrapreneur are provided below: BasisEntrepreneurIntrapreneur MeaningRefers to an individual whoestablish own business.Employee in a company whois responsible for undertaking1

innovation. ApproachIntuitiveRestorativeResourcesUtilise own resourcesCompany provide resourcesRiskBorne by himBorne by companyEnterpriseNewly establishedExisting oneDependencyIndependentDependentWorks forDeveloping own marketpositionTransformationandredesigning organisationalsystemCapitalRaised by himFinanced by companyDifferent types of entrepreneur:Small business entrepreneur: Small business entrepreneur are those who pick up shortideas by which they can develop short form of products and services by which they can attainshort terms business objectives efficiently. Small business operates their business functioning forgaining short terms financial goals.Large business entrepreneurs: Large business entrepreneur have goals and objectives tointroducing large kinds of products and services who has potential to make differences betweenexisting same types of goods in marketplace. They mostly utilised approaches to implementationof innovation within core business products and gaining wide range of profitability. Large scaleof business entrepreneur taking initiatives for making innovation within existing products andthrough large amount of products, gaining high range of profitability (Morris, 2015).Social business entrepreneur: These are those entrepreneurs, who work for socialwelfare program in order to generating sufficient amount of success by provision of effectivesocial welfare products. It has examined that, social business entrepreneur works for furnishingproducts and services by which communities development can be executed within societalenvironmental efficiently. Social entrepreneur introduce variety of services at free of cost andthey contain aim for earning non-profitability.Scalable business entrepreneur: Scalable entrepreneur ventures are those who work forcoming up into market by introducing totally different innovative products and services whichconduct characteristic antithetic from existing products in the marketplace. So they have majoraim to introducing unique product and services for earning large amount of profitability or2

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