Various Types of Entrepreneurship | Assignment
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Added on 2020-02-03
Various Types of Entrepreneurship | Assignment
Added on 2020-02-03
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Entrepreneurship and SmallBusiness Management
TABLE OF CONTENTSINTRODUCTION...............................................................................................................1PART 1...............................................................................................................................1P1. Entrepreneurial ventures and their relation with entrepreneurship (M1)............1P2. Similarities and differences between entrepreneurial ventures (M1).................3P3. Impact on economy (M2)....................................................................................4P4. Importance of small business on social economy (M2)......................................5PART 2...............................................................................................................................6P5. Skills and characteristic of a successful entrepreneur (M3)...............................6P6. Personality of entrepreneurs reflects motivation and their mind-set (M3)..........7P7. Background impact and experience (M4)...........................................................8CONCLUSION.................................................................................................................10REFERENCES................................................................................................................11
INTRODUCTIONEntrepreneurship is the new way of thinking, acting and reasoning to launch anew business. The new business can be a small one like any start up firm. This meansthat the capability and more than that the willingness to develop, organize and managethe business by taking all the risk factors into account (Schaper and et.al., 2014). Thesmall business management is the coordination of several activities run in anorganization to manage the business and achieve the goals and objectives set by thecompany. This assignment will show the various types of entrepreneurship and theirway of usage in an organization. PART 1P1. Entrepreneurial ventures and their relation with entrepreneurship (M1)All type of entrepreneurship ventures are not the same. The classification ofentrepreneurship ventures can be done in 4 ways;Small Business Entrepreneurship: The total number of start ups and smallbusiness entrepreneurs are still less in UK (Carraher and Paridon, 2015). Smallbusiness like travel agents, consultants, carpenters, plumbers, hairdresser etc. Theowner of these people are the one who is running their small business on their own. Allof these small business are less profitable as compare to a well established business.Their main aim is to earn something for their family and fulfil their basic needs, not tobuild a huge industry with huge turn over. These type of business are not able to attractmore investors, so they generally fund their business via business loans orfamily/friends capital.Start-up Entrepreneurship: They are not like the entrepreneurs of smallbusiness. Scalable start-ups are like those who are running in stock exchange ofLondon. Such type of people or entrepreneurs start a small company by keeping thevision that one day their idea and vision could change the way of doing business(Carland, Carland and Stewart, 2015.). The aim is to attract more investors and toincrease the capital of ventures. Scalable start-ups are in very small percentage of totalentrepreneurs but they gain more return then their investments, and this attract all theinvestors who wants to take risk.1
Large company entrepreneurship: These companies are having their finite lifecycle. They go through constant and sustainable innovation and offers new productswhich are according to the customer's taste and based on new technology. But the sizeof the company and culture makes it very difficult to execute. Social Entrepreneurship: The social entrepreneurs are those who concentrateon creating such kind of products, which can solve the social problems and needs. Themain aim of such entrepreneurship is to make the world a better place, not to gain profitand create more money to the founders. These may be non-profitable, profitable or canbe hybrid also. Typology means the classification of entrepreneurs based on the type of business; 1.On the basis of development: This is further classified into three categories, firstgeneration, second generation and classical entrepreneurs (Carland andCarland, 2015). First generation entrepreneurs start the business on their own,second generation passes the family business from one generation to other andclassical entrepreneurs aims to maximize their profit.2.On the basis of motivation: They are pure entrepreneurs and inducedentrepreneurs. They become entrepreneurs because they are motivated orbecause of their ego or by the policies of government which gives incentives tothem. 3.On the basis of technology: They are classified into three categories, technical,non-technical and professional entrepreneurs. 4.On the basis of Capital ownership: They are private, state or joint entrepreneurs.The private ones are individual ones which arranges the finance on their ownrisk. The state entrepreneurs are the ones which take over the business whichwas held by government and joint entrepreneurs are the combination of privateand state entrepreneurs. All these classification of entrepreneurship are either public entrepreneur orprivate entrepreneur. The private entrepreneurs are having more risk associated with it.Because they are owned by an individual, so the risk is more. In public sector, it is notthe case. Because they are getting constant flow of money from the investors or fromthe government. 2
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