Types of Entrepreneurial Ventures and their Relation to Typology of Entrepreneurship

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Small entrepreneurial venture
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Table of Contents
Task 1..........................................................................................................................................................3
Examine different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship........................................................................................................................................3
Explore the similarities and differences between entrepreneurial ventures...............................................4
Task 2..........................................................................................................................................................5
Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro and small
businesses impact on the economy.............................................................................................................5
Explain how important small businesses and business start –ups will contribute to the growth of the
social economy............................................................................................................................................6
Task 3..........................................................................................................................................................7
Determine the characteristics, traits and skills of successful entrepreneurs, which differentiate them
from other business managers....................................................................................................................7
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set. 8
Task 4..........................................................................................................................................................9
Examine, using relevant examples obtained through your mini-research, how background and
experience can hinder or foster entrepreneurship.....................................................................................9
References.................................................................................................................................................12

Task 1
Examine different types of entrepreneurial ventures and
explain how they relate to the typology of
entrepreneurship.
There are various types of organizations with various supporting structures and purposes. They
are arranged in light of the legitimate structures and developments; they are as per the following:
Sole Traders: The organizations which are possessed by a solitary proprietor. They are the sole
proprietor and director of the business. It is a typical pattern in the U.K. In addition, these types
of entrepreneurial ventures have only one owner who has all decision making authority.
Public limited Company: The organizations that are keep running with as relationship of
shareholders from the top managerial staff. In addition, these entrepreneurial ventures are
isolated into open and privately owned businesses. Organizations of Public limited don't propose
their part to the general group. Besides that, the shareholders have similar managerial power to
take decisions(Kourdi, 2009).
Partnership: When a small business is claimed by at least two proprietors that is known as
Partnership entrepreneurial ventures. Here they impart the profits to each other for working
composed. Every one of the courses of action of the business should be marked by both the
accomplices. In addition, both partners have equal decision making power in partnership
entrepreneurial ventures in small business.
Franchise entrepreneurial ventures: It implies when somebody has the specialist to utilize a small
business demonstrate for a specific time negotiate, that recognized as Franchise. Now a
sympathetic approach should be marked between the principle organization and the approved
individual(Tracy, 2017).
An idea that can be used for profiting is famously known as a small business idea.
Entrepreneurial ventures arrangements are more concerned with the service or result of a small
business that can be obtainable for moneys. Other than that, a plan for small business is the main
turning point in the method of building up an entrepreneurial venture. Apart from that, every
single fruitful business began as a thought of somebody. Therefore, the majority of the business
plans exist in conceptual frame of entrepreneurial ventures. Along with that, a favorable business
idea must have a few attributes, for example, relevant concept, uniqueness, creativity, and
gainful over the clear core interest of small entrepreneurial ventures. Thus, the adequacy of a
small business concept incudes main points to a great extent on how the creative the thought is
executed. In addition, the use of standard appropriation or generation strategies in the worldwide
market is also innovative for small entrepreneurial ventures. The techniques should be composed
in a way that has once in a while been embraced some time recently and the whole business
framework could be enhanced.

Business Opportunities: On the other hand, a business opportunity is a demonstrated idea that
produced consistent pay in small entrepreneurial ventures. A small business opportunity can be
all around recognized by meeting the accompanying criteria:
It must consume a low level of responsibility hazard.
It must take high gross edges.
The startup capital attempts must be sensible and inside the degree of what an entrepreneur can
stretch.
It must achieve victory back the principal amount wage between twelve to thirty-six months.
A businessperson should have the quality and point of confinement expected that would drive the
business to accomplishment(Hollett, 2017).
It must have possible phenomenal salary for small entrepreneurial ventures.
The energy rate of an entrepreneur for the small business must be high.
It must continue updating with time.
The critical contrast between a business thought and a business opportunity is that a
businessperson can offer a business opportunity however the specific individual can't offer a
thought. In this way, it can be presumed that the speculators put resources into business
endeavors and openings however not in business thoughts.
Explore the similarities and differences between
entrepreneurial ventures
Beginning a small entrepreneurial venture is an engaging and conceivably genuine prospect. A
small entrepreneurial venture may likewise have dangers and instabilities. At any rate whether an
entrepreneur is beginning his or her own specific business or restricting an affiliation, research is
important to rattle off the advantages and downsides that most identify with the firm. Scribbling
down the realities helps an entrepreneur be sensible about his or her business' odds of survival.
As appeared by the Small Business Management, seven out of ten new organizations will last no
under two years. Be that as it may, just a fourth of those will have the future to last no under
fifteen years(Phillips and Phillips, 2016).
Similarities One of the official reasons somebody begins a business is to get individual and in
addition proficient advantages. With another business, an entrepreneur has the variability to pick
the workplace, hours and work pace. Introduction of an organization comparatively addresses a
specific kind of versatility. Furthermore, the individual may feel free by the hindrances
experienced when working for another, containing bungle or a set number of positions inside an
organization. In addition, it gives an entrepreneur the capacity to search for after a mission in
light of his or her interests. While setting up a business can appear, from every angle, to
overwhelm, the potential for monetary achievement. An article of 2009 distributed in USA
Today alluded to research that watched that self-rulingly used businesspersons were four