Exploring the range of venture types that might be considered entrepreneurial

Entrepreneurship and Small Business Management
UNIT 9
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Contents
Task 1:........................................................................................................................ 3
LO1 (M1, D1): Explore and illustrate the range of venture types that might be
considered entrepreneurial........................................................................................ 3
P1: Examining the different types of entrepreneurial ventures and how they relate
to the typology of entrepreneurship........................................................................3
P2: Exploring the similarities and differences between entrepreneurial ventures...6
LO2 (M2, D3): Assess the impact of small businesses on the economy......................9
P3: Impact of micro and small businesses on the economy....................................9
P4: Importance of small businesses and business start-ups that contribute to the
growth of the social economy after ‘Brexit.'..........................................................12
P5: Carry out a mini-research to determine the characteristics, traits and skills of
two successful entrepreneurs, which differentiate them from other business
managers.............................................................................................................. 13
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mind set........................................................................................ 15
LO4 (M4, D4): The different environments that foster or hinder entrepreneurship. .16
P7: With practical examples obtained through your mini-research, examine how
background and experience can hinder or foster entrepreneurship......................16
References................................................................................................................ 20
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Task 1:
LO1 (M1, D1): Explore and illustrate the range of venture
types that might be considered entrepreneurial
P1: Examining the different types of entrepreneurial
ventures and how they relate to the typology of
entrepreneurship
Entrepreneurship is a developing culture that initiates the need of doing
business amongst the new business-oriented new comers and future entrepreneurs.
It is very much significant that the need of the economic development is a hiking
aspect that seeks to strive the development in the sector of self-owned and
emerging business bodies be it small scale or large.
The entrepreneurial development is an essential factor on which depends the actual
purpose of regional growth, industrial development, and generation of
employment. It is to be considered that the entrepreneurs as seeds of the
development of the industry and therefore, apart from growing up owned capitals,
it gives a huge opportunity for the other common people to get into employment
that further result in the development of the economy of the country. The per capita
income, standard of living and revenue collection of the government increases with
the increase in the industrial development of the country via strategic business
development.
An entrepreneur is a word that is derived from the French language, a verb
‘enterprendre’ which means ‘to undertake.' Enterprises are undertaken by
entrepreneurs, and the process of creation is termed as entrepreneurship. The
motive of entrepreneurs is to find something new and innovative abide by its form
of business for serving better and generating higher profit possibilities along with
taking up different risk factors.
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Figure 1: The process of entrepreneurship
(Source: www.entrepreneurialprocess.com)
Entrepreneurial ventures are focused on the services advisory for the mid-stage
and early staged companies. Venturing means to expose out in risk zones and
entrepreneurial ventures thus, relates to the fact that business persons risk their
opportunities in the open market and carry out strategic planning to make their
enterprise survive and come out with flying colours.
The main purpose of assessing the different type of ventures is to help to modulate
and regenerate business models and development in the business objectives. The
culture and structure are the essential factors on which the business stand and
therefore, the development of the overall business affairs. The role of the ventures
varies with the stage of the company and its economic position.
The last few decades have been an emerging and enthusiastic period for the
development of the entrepreneurship, and thus it is significant to the research field
of relevant areas. Accumulative fragmentation is the term that entrepreneurship
owned.
Creation and innovation are the soul prospect of the entrepreneurship that helps
to develop the facilities for the growth of the economy and development of the
markets and industrial sector with the help of new technologies and associated
parties. Entrepreneurial processes and activities give rise to the new market and the
level of sector wise implementation of ideas that helps to motivate the
development of the business ventures indifferent forms and with different aspects.
There is mainly the corporate entrepreneurship that leads the market and has
different significance. Categorising the types of entrepreneurs, we can classify
many different forms of them like innovative entrepreneurs, imitating entrepreneur,
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fabian entrepreneurs, drone entrepreneurs and social entrepreneurs. There are many
entrepreneurs who are well defined with the individual terms. They are –
Femele antrpreneur and male antrepreneur
Serial entrepreneurs:
A serial entrepreneur is a person who comes with a unique methodology for
the development of his or her organisation. A serial entrepreneur is not only just
uses to do things himself or herself but also a person who takes innovative ideas
from the working staffs of the respective organisation. In fact, the entrepreneur
leads the whole team by distributing different responsibilities to respected
employees.
Growth entrepreneurs:
A growth entrepreneur's role can easily be defined with the contribution of
that person to a firm. This kind of entrepreneurs uses to take risks to develop
the different sectors of a company whether it is skill or about the investments.
But many times the risky steps bring a vast change in the marketing segment.
Corporate entrepreneurs:
In the true sense corporative entrepreneurs play the role of a sailor who takes
their companies to another level by leading from the front. This kind of
entrepreneurs makes profitable strategies to make the organisation in the
limelight and also to make their products different from the other companies.
Social entrepreneurs:
The contribution of social entrepreneurs differ them from the other
entrepreneurs. The social entrepreneurs use to take some remarkable steps in which
education, social help, and unemployment are included. The ideas seem to be non-
profitable, but it never brings draught in the progress of the company.
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P2: Exploring the similarities and differences between
entrepreneurial ventures
The innovative entrepreneurial venture seeks to develop new technologies for the
products and markets. This involves the inventing as well as discovering new
things to make faculties of creative thinking who evolves and evaluates the market
opportunities. Assuming the risks is the most important part of the hands of these
creative ventures to assess the prospects of the system.
This system not only fosters the growth of the economy system of the country but
also in health, rights and environment development of the worker and other
humans. This form of entrepreneurship undertakes the poverty alleviations
seriously and extends their objective to do betterment with the zeal of business
practices to overcome the traditional drawbacks.
The diversified culture of the human society makes a difference and conflicts in the
well-being and development of the societal affairs. However, the entrepreneurial
sector seeks to keep all these matters aside and focus on the development of the
industry and seeks to bring forth all the particles of society and evolve.
The corporate activities of entrepreneurship include different stages of the
decision of strategic planning and orientation of the creativity that includes
processes, services, products, and innovation. There are four models of
entrepreneurship as defined by Wolcott and Lippitz (2007). The corporation is
differentiated by two dimensions that are resource authority and organisational
ownership.
SOCIAL ENTREPRENOR: social entrepreneur is a particular person who can
inaugurates an enterprise with a specific aim of solving social issues or problems.
Social entrepreneurs are very much focussed and dedicated. They are able to solve
social issues and conflicts with innovative ideas or solution. Social entrepreneurs
having best ideas, thoughts that are very much user-friendly, ethical,
understandable for everyone. Social entrepreneurs most of the time apply their
ideas in crisis time for social welfare. Social entrepreneurs mainly the realists and
visionaries with the implementation of unique ideas they can shape the social
problem.
LIFE STYLE ENTREPRENOR: life style entrepreneur referred as an individual
who start up a business with the purpose of exchanging their private life and not
for making profit in the market. Life style entrepreneurs much dedicated with the
peoples life through providing life rewards. Through this process people can enjoy
their life and what they are doing. Main function of lifestyle entrepreneurs is to
turning the individual’s interest and passions into the productivity and services.by
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