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Unit 9 Entrepreneurship & Small Business Management

   

Added on  2020-10-22

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Entrepreneurship and SmallBusiness ManagementUNIT 9
Unit 9 Entrepreneurship & Small Business Management_1
Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY 1....................................................................................................................................1Different types of entrepreneurial ventures and their relationship with typology ofentrepreneurship...........................................................................................................................1Similarities and differences between entrepreneurial ventures...................................................2Impact of micro, small, medium and large businesses on economy by using relevant data andstatistics........................................................................................................................................4Importance of small businesses and business start-ups to the social economy growth anddifferent level of economy...........................................................................................................5CONCLUSION ...............................................................................................................................6REFERENCES................................................................................................................................7
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INTRODUCTIONEntrepreneurship can be defined as a concept where it is considered to be as a process ofdesigning, commercializing and operating a new business with new ideas. This new businessgenerally starts with small business. The people who generates new ideas and convert it into newbusiness, called Entrepreneur (Julien, 2018). Present booklet will highlight the range of entrepreneurial venture and entrepreneurialtypologies. It will also tell about the impact of micro and small businesses on the economy.ACTIVITY 1P1. Different types of entrepreneurial ventures and their relationship with typology ofentrepreneurshipEntrepreneurial VenturesAn entrepreneurial venture may define as a kind of small business which is invested byone or more individuals in a group with the hope of earning financial gain and fulfil the needs ofcustomers.Types of Entrepreneurial VenturesThere are various types of entrepreneurial ventures which are as follows - Survival Entrepreneurial VentureThose entrepreneur companies who try to survive and meet with the obligations offinancial needs of venture is known as Survival Entrepreneurial Venture (Dana, 2018). Lifestyle Entrepreneurial VentureThose entrepreneurs who run the business with a purpose to not only want to earn profitbut also want to live the luxury life. These businesses are known as Lifestyle EntrepreneurialVenture.Dynamic Growth Entrepreneurial VentureThose entrepreneurs who reinvest the profits in their business for expand or growth ofbusiness. These profits can be earned by the selling of goods and services.Speculative Entrepreneurial VentureThose entrepreneurs who operates the business for the shorter time. Speculativeentrepreneurial venture is characterized by showing potential of the business and after sometimessell it.Typologies of Entrepreneurship and their relationship with Entrepreneurial Venture1
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