P1 Various Kind of Entrepreneurial Venture

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1 Various kind of entrepreneurial Venture and their connection with typology.......................2
P2 Similarities and difference between entrepreneurial Ventures...............................................4
TASK 2............................................................................................................................................6
P3 Interpret data to define the impact of small businesses on an economy.................................6
P4 Importance of small business and start-up's for the growth of economy...............................8
TASK 3............................................................................................................................................9
P5 Characteristic, traits as well as skills of successful entrepreneurs..........................................9
P6 How entrepreneurial personality reflects their motivation as well as mind-set....................10
TASK 4..........................................................................................................................................11
P7 Using relevant examples, how background and experience can hinder or foster
entrepreneurship.........................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is the ability of an individual that makes them to capable to manage,
organise and develop business organisation (What is entrepreneurship, 2017) . In today's era, it is
very important for company to have a skilled, well knowledge and powerful entrepreneur, so that
productivity and performance can be improved. They are the one thatthose are responsible to
make effective decision which will be beneficial for company to generate profit considering all
related risk. To have an entrepreneurial role in an individual, it is basic to consider three
contexts such as, entrepreneur task, activity and promotion.
In this report, various types of venture are explained and their relation with typology of
entrepreneurship. Similarities and differences between various venture and importance of small
companies to the growth of social economy. A mini research is done to determine the features,
traits and skills of two business person and the example related to micro and small businesses
impact on the economy. Report also shows the practical example that can hinder or foster
entrepreneurship.
TASK 1
P1 Various kind of entrepreneurial Venture and their connection with typology.
Every company whether small or large, business have an equal significancet to the
performance and development of economy. So, it is important to understand the entrepreneurial
venture as they serve different economic function and capabilities for innovation and growth of
nation. In business world, entrepreneurial venture canmay be describe, as a firm that places
innovation and opportunities in the main centre. So, it is observed that having a powerful
business or independent venture is totally dependent on the risk taking capabilities of a person
that are working within venture. It can be said that entrepreneurial venture helps in creating a
substantial profit more for themselves and economy that a regular businesses. They generate
income in more faster and effective manner. Thus, it support them in capturing more market
share and improving market position. As a research executive the important type of
entrepreneurial venture are discussed below that develop understanding among people:
Small business entrepreneurship: There are number of entrepreneur and start-ups in
different part of UK that are consider or are actually small business (Baum, Frese and Baron,
2014). Entrepreneur always think of good thought that ass comfort in everyday life of
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individuals The main category of these small businesses are stores for common people, travel
agents, consultant, plumber,, electricians or carpenter etc. These people additionally don't face
advanced risk and danger by operating at mercantile level.
Scalable start-ups : These are basically formed for the purpose of research for a
quotable and scalable business model. The main purpose of this organisation is to determine
new innovation and instruments for making life of individual easy. They apply a scalable
business model that help ion growing revenue significantly without increasing the actual cost
base. For example, an online business, particular coffee shops etc.
Large entrepreneurship: It is considered that large companies are the main lifeline for
growth and development of economy. The manager of company focus on fresh innovation,
offering and delivering of new products that are prepared for customer according to their taste
and demands. It is basically updating new ideas and deciding to innovate old product or develop
new ones (Nga and Shamuganathan, 2010). Some of the basic example are, large food and
beverage companies like pizza Hut, domino's etc.
Social entrepreneurship: Companies create various projects to bring constructive
modification in existing goods and services that will be helpful in solving social needs and
problem of people.
Types of typology of Entrepreneurship
Serial entrepreneur: This is related to those individual bring new and creative thoughts
and ideas with the main motive to achieve company goal. The main objective of serial
entrepreneurship is to create high productive vVenture in few times and distribute duties and
responsibilities to different people depending upon their skill set of education. In companies
serial entrepreneur comes with the fresh method preform a task and than gives responsibilities to
other member and move to new ideas and new venture.
Lifestyle entrepreneur: It is related to the n individual that develop a business in order
to increase the lifestyle of community of other personnel, but not with the purpose of generating
huge profit (Bruton, Ahlstrom and Li 2010). They mainly focus to give prize to people that
help in motivating individual. start-up venture need to use resources effectively for the intention
of spending their enterprise and earnings. Whereas, large venture have resources in adequate sum
which specify that company can have big market range and customer base.
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