P1 Various Types of Entrepreneurial Ventures
Added on 2020-10-23
15 Pages4910 Words456 Views
ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1 Various types of entrepreneurial ventures and how it is related to typology ofentrepreneurship.....................................................................................................................1P2 Similarities and differences between entrepreneurial ventures.........................................3TASK 2............................................................................................................................................5P3 Interpretation of data and statistics for illustrating impact of micro and small business oneconomy.................................................................................................................................5P4 Importance of small business in business start-ups for the growth of economy after Brexit7TASK 3............................................................................................................................................8P5 Mini-research for determining characteristics, traits and skills of two successfulentrepreneurs..........................................................................................................................8P6 Aspect of entrepreneurial personality...............................................................................9TASK 4..........................................................................................................................................10P7 Background and experience can hinder or foster entrepreneurship................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship is a dynamic process of generating incremental wealth and innovativethings of value which have a bearing on the welfare of an entrepreneur. It renders civilisationwith a wide range of goods and services in order to raise growth of social welfare. Whereas anentrepreneur is the person who perceives what has not been seen and acts upon perceptions.Therefore, entrepreneurship means an advent of new ventures in order to convert innovativeideas into reality. It also raise up living standard of society as if people will get new and valueadded products; it makes their life much better or easier (Bridge and O'Neill, 2012). this report isgoing to explain different entrepreneurial ventures and their relations with entrepreneurshiptypology. Along with the, similarities and differences between entrepreneurial ventures. Readerswill also come to know about impact of micro and small businesses on an economy as well asimportance of entrepreneurship. Furthermore, successful entrepreneur have severalcharacteristics and skills because there is requirement of several necessary abilities as well asquality in individual for running a venture in effectual manner. TASK 1 P1 Various types of entrepreneurial ventures and how it is related to typology ofentrepreneurshipThe term entrepreneurship consists with a process of actions thus to identify somethingnew and then exploit these ideas into opportunities. Although, entrepreneurial development hasbecome one of the vital concept for an economy as it renders fruitful benefits, like – jobopportunities, improve standard of living, increase per capital income and balance regionaldevelopment. Running a small business is totally differ to run a well established organisation asSMEs are fresh in market and they have no idea about customers needs and wants. The mainfocus of new ventures is to facilitate new and innovative products instead of generating moreprofits (Carsrud and Brännback, 2011). Operating their business in effective manner and gainhigh market success, entrepreneurs consists high risk in which most common is putting funds orinvestment in new business. In local communities, various types of entrepreneurial ventures areestablished with their significance in which some of them are stated as under - Small business enterprises – In UK, an ample range of small businesses are developingand delivering excellent facilities to customers. It is overviewed that, approximately more than 61
millions ventures are come under category of small business. These kind of firms involveelectricians, travel agents, plumbers, carpenters, grocery or general stores etc., which areestablished in order to earn some sort of money and fulfil basic needs of their family. Along withthis, small business enterprises are also liable for providing economic growth or viability to anation, generating job opportunities, eradication of poverty and further social issues within localcommunities. Entrepreneurs of SMEs have great business ideas by which they provides valueadded and low costs products to people for improvising their living standard. Theseentrepreneurs also don't face high risks and uncertainties from marketplace. Scalable enterprises – These businesses which enter in the market with a new andinnovative ideas. Most important is that scalable business follow flexible business strategiesbecause business environment is dynamic in nature and can require modification in existingstrategy anytime. Such enterprises assist owner of the business in expanding their functional areaas well as in imperative decision making which takes firm in the forward direction. Moreover,motive behind starting an scalable enterprise is to bring something new or innovative that canfacilitate individuals life. Social enterprises – These are the innovators who usually focus on transmutation ofstatus quo of the world thus to make it an adequate or better place. In this manner, socialentrepreneurs conduct different events or programmes thus to possess positive change insocieties and also empower them for raising arrivals which may deeply affect lives of people inrespect of enlarging resources and tools (Chittithaworn and et. al., 2011). Similarly scalableentrepreneurs, social entrepreneurs also emphasis to booming up whole world in lieu of makingcapital for founders. Large scale enterprises – These business enterprises are regulated with an aim to obtainhigh profit margins and sales revenues by create large pool of client base. Large scale enterprisesfocus to attain customers and get high competitive edge. For this purpose, they sets target anddevelop strategies to achieve in a speculated time frame. Companies come under this categoryare well established with a high market share. Apart from this, there is a closer relationship between typology and ventures with thisentrepreneurs can attain their vision and mission statements as well as give shape to theirbusiness. Following is defined different entrepreneurial typology, such as - 2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Aspects of Entrepreneurial Ventureslg...
|14
|4022
|68
Similarities and Differences Between Entrepreneurial Venturelg...
|15
|4831
|170
Entrepreneurship and Small Business Management INTRODUCTION 1 ASSESSMENTlg...
|18
|5648
|59
Entrepreneurship and Small Business Managementlg...
|16
|4376
|1
Entrepreneurship and Small Business Managementlg...
|26
|8092
|2
(solved)Entrepreneurship and Small Business Management Doclg...
|16
|5289
|96