Types of Entrepreneurship Ventures
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Added on 2020-10-22
Types of Entrepreneurship Ventures
Added on 2020-10-22
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Entrepreneurship
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11. Examining different types of ventures in relation to typology of entrepreneurship...........12. Exploring similarities and difference between entrepreneurial ventures...........................23. Impact of micro and small businesses on the economy....................................................44. Small businesses and start –ups contribution to growth of the social economy................65. Characteristics, traits and skills required for successful entrepreneur...............................86. Aspects for entrepreneurial motivation and mind-set........................................................97. Background and experience that foster or hinder entrepreneurship.................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTION Entrepreneurship is to start new business by taking financial risks and the one who startsthis business are known as entrepreneur. An individual who has the willingness and ability todevelop, organise and manage firm by taking the risks in order to gain profit is calledentrepreneur. Different types of entrepreneurial ventures are discussed in this report. Focus onsimilarities and differences between various ventures in entrepreneurship is mentioned. Inaddition to this, relevant data and statistics in micro and small businesses which impact on theeconomy has been specified in this report. Moreover, small businesses and start–ups contributeto growth of the social economy has been mentioned. Different types of traits and characteristicsof successful entrepreneur is described in this state as compared to other managers oforganisation. Motivation of entrepreneurial is reflected by others and experience fostersentrepreneurship has been covered in this research.1. Examining different types of ventures in relation to typology of entrepreneurship. Different types of entrepreneurial ventures can be Small business, Scalable start up,Large company and Social. All ventures related in typology of entrepreneurship which has beendiscussed belowSmall Business Entrepreneurship:In today's world also, there are many small businesses such as store of grocery, work ofplumbers, electricians, agents of travel, carpenters, consultants and many more. They are the onewho runs business individually and also meet employee's directly (Burns, 2016). Most of themare not profitable easily. Their main motive is to feed their family along with making better profitin firm. They are not able to attract customers directly but through friends or families, firm isable to attract more clients. Moreover, small business units are not in more progress with relationto typology of entrepreneurship as differences are emerging in founder's identity of institution.Scalable Start up Entrepreneurship: Scalable business is performing with innovative ideas and through different search forrepeated models of firm. This will result in high profit and growth of business. In relation to itstypology they specify different implications for development of business and later put in toorganisational practices (Goss, 2015). In addition to this, it also helps in building perfectstructure of firm to attract investors in an effective manner. They should also build group which
has to be strong and capable in moving on through difficult situations. Entrepreneurs in thisbusiness are aware that their powerful vision can change the global world. Moreover, throughthis they can attract investors rapidly. They are in search of repeated models which helps inraising scale of business and helps in expansion. Being aware of this they also invite risk factorsin organisation. Large Company Entrepreneurship: This business runs with finite values and they grow with innovation in new products thatare helpful enough to attract customers. They are pressurised for using new techniques accordingto change in consumer's demand and competitors who have entered newly (Drucker,2014).Factor that contribute in typology of entrepreneurship is involvement of management for thecapital that helps to continue in new inventions. The companies which are already exists inmarket perform in this order to acquire new techniques and also to build varieties in products. Inlarge companies, they depend on advance technology in order to reduce cost. In context toexecute this wild innovation in business also creates difficulty in it. By receiving outside capitalsources in relation to typology they would reduce cost of production and will lead to higher profitin business. Many ventures who perform jointly in this business always perform positively. Social Entrepreneurship:Here, entrepreneurs work in order to fulfil social needs and for satisfying their serviceusers. They also work for making world globally better by creating wealth for founders ofcompany (Storey, 2016). In addition to this working here in this firm can be profitable or not bein terms of profit as it relates to social enterprise. They do not work for gaining profit but aremore concerned with primarily objectives of society. In relation to this typology ofentrepreneurship, they desire for bringing positive change in society.2. Exploring similarities and difference between entrepreneurial ventures.Entrepreneurial ventures work for better development of business and for their growth inmarket. Different types of ventures work for delivering different services that are provided tocustomers. They perform in relation to consumers’ demand and gaining high profitability inbusiness. Looking high, entrepreneurs work for achievement of financial goals also. However,this all ventures work in relation to achieve financial aims but it also involves risk to firm(Turner and Pennington, 2015). They also prepare strategies to avoid risk factors in organisation.
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