Entrepreneurship consists of ability to develop, organise and manage a new business venture along with capacity to bear risk in order to make profits. People who are indulged in creating these businesses are known as entrepreneurs.
- Identification of various types of entrepreneurial venture.
- Examining similarities and difference between various ventures in context of roles, characteristics and objectives.
- Analysis of impact rendered by businesses over economy.
- Assessing entrepreneurial personality which is reflecting entrepreneurial mind-set and level of motivation.
- Examination of the background and past experience of entrepreneur which hindered or fostered them.
INTRODUCTION
Entrepreneurship consists of ability to develop, organise and manage a new business venture along with capacity to bear risk in order to make profits. People who are indulged in creating these businesses are known as entrepreneurs. These people look for opportunities for managing and innovating products and services according to changing consumer requirements. Entrepreneurial opportunities may include organizing a business plan, hiring human resources, handling responsibility for ventures success or failure (Storey, 2017). Entrepreneurs are independent in their function but intrapreneurs are dependent upon owner of an enterprise.
Report will include various types of entrepreneurial ventures and typology of entrepreneurship . It will also include similarities and differences between types of entrepreneurial ventures. Further, it will include data which will illustrate impact of micro and small business in economy. Report also consists of characteristics, traits and skills of successful entrepreneur and background or experiences that can hinder or foster growth of entrepreneurship (Sahut and Peris-Ortiz 2014)
PART 1
P 1 Different types of entrepreneurial ventures and their relation to typology
Entrepreneurship includes how a new business can be developed as well as process of starting a new venture. An entrepreneur is a person who have creative ideas or who is engaged in creating innovative products to satisfy needs and demands of consumers, which would help an enterprise to build into successful organization. They can start any business whether it is of their interest, according to consumer’s needs or related to problems which needed to be solved.
Entrepreneurs and intrapreneurs are different from each other as enterpriser are individuals who built their own business and have full control over business whereas intra-priser are people who are employees of organization but are in charge of creating innovative and unique products. Entrepreneurs are creators of their own organization and uses resources that belongs to them whereas intra-entrepreneurs are workers who use company's resources (Lechner and Gudmundsson 2014). Entrepreneurs raised their own funds whereas other individuals like intrapreneurs are funded by organization.
Entrepreneurs tend to perform various activities which include planning of new product, introducing new item by creating market demand for it, discussing about next move. They also follow various strategies like creating products now and selling it when demand increases.
Different type of entrepreneurial ventures-
Micro enterprise: It can be defined as that business where less than 10 workers are appointed and turnover of company is less than £2 million. These enterprises consist of less amount of risk and also majority of owners are sole proprietors. They are indulged in running business like small grocery stores, electrician, plumbers, small beauty salons etc.
Small enterprise: They can be termed as those businesses where less than 50 employees are appointed and investment in plant and machinery is less than £10 million. Small business can be sole proprietorship, partnership, limited liability or close cooperation (Glaub and et.al., 2014).
Medium enterprise: These are those enterprises where less than 250 employees are appointed and organization can make investment under £50 million. Medium enterprise includes manufacturing, wholesale trade, commercial agents or retail service business.
Typology of entrepreneurship:
Small business entrepreneurship: Small business includes less risk, less investment in plant and machinery, new and innovative ideas which help in making a difference in market. Entrepreneurs have full control over organization. Individuals recruited by them are relatives or friends. Main aim is to create a basic earning for their family so they can feed them and make a reasonable amount of profit.
Scalable start-up entrepreneurship: These types of companies have started with a vision that one day they will change the world with their innovative products or techniques. Investment in these organizations is done by venture capitalist. Success for them is measured in terms when consumers are aware of their company, increase demand of products, huge amount of profit. Greater amount of risks are involved while launching start-ups (Birley and Stockley 2017).
Large company entrepreneurship: Large enterprise are type of companies which grow through creating and developing innovative items, offering new products or by utilizing resources effectively. These organizations try to understand consumer’s taste and preferences, culture and ethics, norms of government and product of competitors t . Large organization also tries to introduce old products in new market for enterprise growth and success.
Social entrepreneurship: Entrepreneurs of these enterprises create products and services that solve social and cultural needs of consumer. Main aim of this enterprise is to make world a better place . They try to make products, which are environment friendly and are socially accepted (Fayolle and Gailly 2015).
P 2 Similarities and differences between different types of ventures
|
Basis |
Micro enterprise |
Small enterprise |
Medium enterprise |
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|
Meaning |
These are those organizations in which less than 10 employees are being appointed |
It can be referred to those companies, in which less than 50 workers are being appointed. |
These are companies which less than 250 employees are appointed |
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Objectives |
Main aim of these companies are to create profit which can serve their family and relatives |
Main objective is to create profit for business growth and expanding of their e | ||||
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