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Types of Entrepreneurial Ventures - Report
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Added on 2020-01-23
Types of Entrepreneurial Ventures - Report
Added on 2020-01-23
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UniversityEntrepreneurshipByDateNameLecture’s Name
EntrepreneurshipTable of ContentsTask 1.....................................................................................................................................................3P1 Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship..............................................................................................................................3P2 Explore the similarities and differences between entrepreneurial ventures....................................4Task 2.....................................................................................................................................................5P3 Assess and interpret relevant data and statistics in your mini-research to illustrate how micro and small businesses impact on the economy..............................................................................................5P4 Explain how important small businesses and business start-ups will contribute to the growth of the social economy................................................................................................................................8Task 3...................................................................................................................................................10P5 Determine the characteristics, traits, and skills of successful entrepreneurs, which differentiate them from other business managers...................................................................................................10P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set...............................................................................................................................................13Task 4...................................................................................................................................................15P7 Examine, using relevant examples obtained through your mini-research, how background and experience can hinder or foster entrepreneurship..............................................................................15References...........................................................................................................................................17Page 2 of 19
EntrepreneurshipTask 1P1 Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurshipEntrepreneurship carries the different meaning for different people. The ones who areplanning to open up their new business must assert the meaning and concepts ofentrepreneurship. It is having more than concepts. Entrepreneurship holds much moreimportance than just initiating a business. It involves skills and invention qualities along withqualities of management. Entrepreneurship or business as we know emphasizes on facing andsolving the risk factors. Thus, this term also means creating new ways of solutions todifferent problems (Light, 2009). Enterprise is considered to be the business organization or unit where the entrepreneur willexercise his business and management skills. Enterprise is an undertaking be it a project orsomething else. It is mainly related to business oriented purposes. Entrepreneurial activitiesrefer to the set of knowledge that the entrepreneur exercises on the business to enhance thebrand name and profitability of the schemes (Stevenson and Jarillo, 2007). Serial entrepreneurs are the ones who confidently sets up a business, and with the completesuccession of that business, they move on to some other venture or take up some new projectsand might even sell their earlier one. An intrapreneur is the ones who invents, generates andexplores new strategies for the product development and strategic marketing of that productor services. The manager will surely to have been belonging from the own business house.The owner manager is the one who owns a business, and himself manages all the procedures(Nielsen and Sarasvathy, 2011). Page 3 of 19
EntrepreneurshipThe lifestyle businesses tend to maintain their business growth like turtles, that is it may seesignificant growth else not. However, like other business, it keeps a constant pace ofventuring and rendering enough profit for the owner. This type of ventures are profitable butdoes not influence rapid revenue growth and economy. The growth business, on the otherhand, focuses on the acute and targeted marketplaces. The find potential and robust growingelements of the business activities and in the subsequent developing years. There aretechnological developments and innovations that revolve around the dynamics of thecustomers that create new market expansions. The growth is promising one and brings inhuge developmental growth in the market or niche and interacts with the customer needs tokeep on developing and meeting customer demands making them attain the ultimate customersatisfaction (Schindehutte and Morris, 2009). P2 Explore the similarities and differences between entrepreneurial venturesEntrepreneurial activities can take place in any context apart from the organizational sector.The type of entrepreneurship that is to be discussed is the corporate entrepreneurship thatsums up then most profit and revenue of the country economy. An entrepreneurial venture isone that locks in no less than one of Schumpeter's four classes of behaviour and conduct: thatis, the vital objectives of an entrepreneurial venture are benefit, profitability and developmentand the business is described by innovative vital practices and strategies.Differnt types of entrepreneurship are discussed below:Small business: They have maximum 500 employees. Such types of buisnesses aretravel agents, grocery shops, plumbers, electricians etc. Theese types of business areowned by the individual itself. They hire workers or suport is provided by familymembers. They acuire investemns from relatives or banks.Page 4 of 19
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