Unit 9 Entrepreneurial Ventures
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Added on 2020-12-29
Unit 9 Entrepreneurial Ventures
Added on 2020-12-29
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UNIT-9ENTREPRENERUSHIP
TABLE OF CONTENTSLO 1.................................................................................................................................................3P1. Different types of entrepreneurial venture and analysing the way they related to thetypology of entrepreneurship......................................................................................................3P2. Difference as well as similarities between entrepreneurial business venture ......................5LO 2.................................................................................................................................................7P3. Assessing relevant data and statics in order to illustrate the way micro as well a smallbusiness effect economy ............................................................................................................7P4. Analysing the significance of small business and Start ups to growth of social economy...8LO 3.................................................................................................................................................8P5. Determining the characteristics and skills of successful entrepreneur ...............................8P6. Assessing the aspects of Entrepreneurial personality reflect entrepreneurial motivation awell as mindset. ..........................................................................................................................9LO 4...............................................................................................................................................10P 7. Analysing the way background as well as experience can hinder or fosterentrepreneurship. ......................................................................................................................10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTION Entrepreneurship can be defined as the procedure of establishing business and takingfinancial risk in order to earn high profit. It can also be defined as the capacity and willingness todevelop, organise as well as manage business. A person who establish as well as managebusiness is known as an entrepreneur. An entrepreneur requires special skills and knowledge forlaunching and managing business. The main purpose of entrepreneurship is to maintain thesustainability of business in the market. Entrepreneurship has great importance as it can changethe way an individual live. In addition to this, entrepreneurship is considered to be as one of themost crucial input in economic development of nation. The report will focus on identifying the different types of entrepreneurial venture. Studyalso emphasizes on assessing the effect of small business on the economy of the nation. Reportwill also highlight the significance of small business in context of social and economicdevelopment of nation.LO 1P1. Different types of entrepreneurial venture and analysing the way they related to the typologyof entrepreneurshipEntrepreneurship can also be referred to as a procedure of designing, launching andmanaging new business. There are different types of entrepreneurial ventures and the way theyare related to typology are as follows :Small business entrepreneurship : It is basically an organisation which is owned aswell as managed by one person. An entrepreneur establishes business by utilising limitedresources as well as developing plan. Business owner is mainly responsible for all risks a swellas rewards. A business Ideas is basically related to the development of new goods or servicesrather than existing business model. In context of UK, nation consists of approx. 5.7 millionsmall business entrepreneurship (Bruton, Zahra and Cai, 2018). Some of small businessentrepreneurial ventures are grocery stores, travel agents, electricians etc. They are those peoplewho establish as well as run their own business. The main purpose of small businessentrepreneurial venture is to earn high profit and revenue in order to feed their family. Anindividual takes bank loan , borrows money from friends as well as family members for fulfillingthe need of financial resources required for establishing business. The small b business have
turnover of less than £40 m. Sole trader , these are those firms which are owned as well asmanaged by an individual person. Scalable Start- up entrepreneurship : Such types of entrepreneurial business ventureare also established by an individual. Business owner is liable for profit as well as losses. Themain purpose of establishing scalable start up business is to bring the positive change in thesociety. An entrepreneur of such type of business venture from the first day of establishingbusiness are aware about the fact that their vision could changer the world. Businessentrepreneur by sharing the innovative ideas attracts the investors and influence them to makeinvestment in their venture. The job of business owner in such types of business venture is toidentify repeatable as well as scalable business model. An entrepreneur of scalable Start upentrepreneurship mainly concentrates on identifying suitable ways to expand business (Julien,2018.). Business owner takes financial risk which is related to the implementation of innovativebusiness idea. Establishing the scaleable start ups typically requires external risk capital todevelop market demand. An individual needs to take unreasonable risk as well as efforts inorder to set up scalable start up business. Some of the scale start ups are Facebook, google etc.these types of enterprise generally has low volume of sales. Large company entrepreneurship: Such types of entrepreneurial ventures generallyconsist of large number of employees. These type of businesses have complex management.Large company entrepreneurship have number of business operations. The main objective ofsuch type of business venture to earn high profit as well as revenue. There are few externalvariables such as changes in social factors, increase in competitions, amendment in laws forcesan enterprise for developing completely new products (Acs, Estrin and Szerb, 2018.). Theexisting organisation facilitates disruptive innovation and fulfils the demand of customers byacquiring innovative small firms. It is the size as well as culture which creates the hurdles ininnovation by large companies. Large companies generally have turnover of more than 1.5billion euros.Typologies The typologies is basically a term which is utilised in order to describe the classificationsof different entrepreneurship. Entrepreneurs are classified on the basis of type of business:
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