Type of Entrepreneurial Ventures | Report
Added on 2020-01-28
13 Pages4565 Words36 Views
Entrepreneurship
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1P1. Different types of entrepreneurial ventures and its relation with typology ofentrepreneurship..........................................................................................................................1P2. Similarities and differences between entrepreneurial ventures............................................2TASK 2............................................................................................................................................3P3. Micro and small businesses impact on the economy............................................................3P4. Importance of small businesses and business start –ups that contribute to the growth of thesocial economy after ‘Brexit’......................................................................................................4TASK 3............................................................................................................................................5P5. Determine the characteristics, traits and skills of two successful entrepreneurs, whichdifferentiate them from other business managers.......................................................................5P6. Aspects of entrepreneurial personality reflect entrepreneurial motivation and mind-set.....6TASK 4............................................................................................................................................7P7. Background and experience hinder or foster entrepreneurship............................................7CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONThere are different type of business opportunities that prevail in the market.Opportunities are prevailed by those who seek the issues or problems that are faced by people.All the products are developed as per the type of needs and requirements that that individuals arein need of. It is important to make sure that people understand the requirement and take up stepswith the help of which innovation can be made (Welter, 2011). Entrepreneurship can bedetermined as the activities for setting up businesses and taking up effective steps through whichfinancial risks can be managed. In other work, it is a concept that shows up the willingness andcapacity to develop, manage and organize business with an aim to gain profit. Present reportcover different aspect of entrepreneurship. This report includes different type of entrepreneurialventures that can be operated by individuals. Further, it covers differences and similaritiesamong entrepreneurial ventures. Lastly, it also includes importance of small businesses andbusiness start –ups that contribute to the growth of the social economy after ‘Brexit'.P1. Different types of entrepreneurial ventures and its relation with typology of entrepreneurshipEntrepreneurship can be determined as the process through which individual designs,runs and launches a new business. At the initial stage, it is started with a small business, thenslowly with the profitability venture start of expand. People who start up with a new business areknown as entrepreneurs (Morris, Kuratko and Covin, 2010). They understand the opportunitythat prevail in the market and take up appropriate steps with the help of which they achieve theirdesired goals and objectives. There are different type of issues that are faced by people andentrepreneurs aim to understand them and develop products and services. There are differenttype of entrepreneurial ventures and below given are four of them:Small business ventures: This can be determined as the business in which there is lowscale of business involved. With this respect, it includes consultants, hairdressers, grocery stores,etc. When is business started, then it is not possible to perform all type activities on individualbasis (Storey and Greene, 2010). It is important to have effective support so that all theoperations can be conducted effectively and efficiently. In this venture, entrepreneur take supportfrom their family members who help them to operate the business operation efficiently. Scalable start up venture: As per this business, entrepreneurs have motive in order tostart with new venture and they also have vision that will change the world. In order to conduct1
the business operation, entrepreneurs are specific to select the most effective and skilfulemployees who will be supportive enough to achieve the vision for which business is started. Large company venture: These are type of business operations that have started withhigher capital. Entrepreneurs have planned all the required activities that will enable to make itan effective one (Bridge and O'Neill, 2012). They have developed their strategies as per he lifecycle of the product or service developed. Further, they also make changes as per the needs andrequirement of customers and they also make sure that service users are satisfied. Social ventures: As per this venture, they have the capability to serve society as per theirneeds and requirements. With this respect, they focus on developing total new product or servicethat is helpful to meet the requirement of society. These type of firms can be of non profitorganizations or for profit companies. All these are related with typology of entrepreneurship. In order words, it can be statedthat all the above given ventures are connected with typologies. Main aim of small businessventure is to gain maximum profit and for this purpose, they small ventures are developed whichare helpful enough to satisfy users (Burns, 2010). Further, large scale businesses are those that inwhich high investment is involved and they focus on gaining maximum profit. Entrepreneursalso aim at providing products that are of high importance and beneficial for the society. P2. Similarities and differences between entrepreneurial venturesAs stated above, there are different type of entrepreneurial ventures and all these arehighly beneficial for the society and individuals and for the development of the economy. Allthese ventures have certain similarities and differences. One of the main similarity of theseventures is to develop an effective business and the product or services provided to customersenables to satisfy the requirement of customers (Dacin, Dacin and Matear, 2010). In addition tothis, all the entrepreneurial ventures focus on innovations so that better services can be deliveredwhen compared with competitors. Small venture and large scale ventures are different in a way that the financial aspect thatare considered by these are different. In order to start up small scale venture the investment madeby entrepreneurs are low when compared with the investment that is made in large scalebusiness. Further, in small ventures, family members support is taken so that business operationsare operated. On the other hand, in large scale venture, skilled workers are taken into2
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