This unit is based on adoption of growth and development post Brexit within small businesses and adoption of various entrepreneurial opportunities.
Learning outcomes
- Illustration of types of venture types which are considered within entrepreneurial ventures.
- Assessment of impact over economy by small businesses.
- Assessment of key aspects of entrepreneurial mind set.
- Examination of different environment which are hindering and fostering entrepreneurship.
INTRODUCTION
Entrepreneurs play an important role in increasing growth of economy of a country. Through unique ideas and extrovert techniques such persons establish small business and with contribution of best efforts of employees, they carry their business on global level also. Therefore, this type of capacity and willingness for organising and developing a new venture is known as entrepreneurship. In context with economy, this type of entrepreneurship includes basic component like land, raw materials, natural resources and capital to start a new business. The main purpose of entrepreneurs behind launching a new business is to earn more and more profit in a short interval of time. Therefore, for improving economy of country, UK Government supports new business developers in opening their associations by providing funds for them on low interest (Algado, 2013). With this assistance, present report has revealed the role of entrepreneurs as well as made a discussion about different type of ventures, impact of these on growth of economy and factor which hinder the entrepreneurship.
TASK 1 P1 Different types of entrepreneurial ventures and their related typologies
An entrepreneurial venture is type of small business in which different types of sectors invest funds in order to earn more profit. These types of ventures are generally developed when demand of a particular commodity is raised at marketplace (Neck and Greene, 2011). Therefore, due to increase in desires of customers for availing such type of products generates thoughts in minds of entrepreneurs. These persons have capacity and willingness to turn thoughts into business idea through which they launch a small enterprise and complete demands of customers on time. In UK marketplace, there are different types of entrepreneurial ventures present as given below:-
Small business entrepreneurship- This type of entrepreneurship launch at small scale in initial process. The main motive of entrepreneurs behind opening their outlets is to generate more and more profit by sales commodities as per public demand. Along with this, due to open business at small basic with low capital, generally this type of companies has less number of employees. It includes firms like small cafes and restaurants, groceries, departmental stores, consultancies etc.
Lifestyle entrepreneurship- The main purpose of entrepreneurs behind such types of business is used to improve personal life instead of earning profit. In this entrepreneurship, business owners generally focus on rewarding a person who has done something adventures in their life. Along with this, whatever money they have earned is used in enjoying life much better.
Large business entrepreneurship- These businesses are operated on the large scale therefore, for establishing such type of business, entrepreneurs need high capital and finance as well as resource (Ahmad and et.al., 2016). In addition to this, in these large business organisations, there are many people associated with business along with large number of employees. Hence, by efforts of manpower and high amount of finance, entrepreneurs get success in taking risks and maximising business in a proper way. The main purpose behind establishing such business is to run business for longer period of time.
Social entrepreneurship- These enterprises are launched in order to improve condition of society and people who live there. Therefore, social entrepreneurship provides services and products to customers for completing their basic needs. Along with this, whatever profit entrepreneurs earn, they used to denote some part of it in charities for improvement of life of helpless people.
Therefore, every business organisation has its own objectives depends upon size of company. But in context with characteristics of entrepreneurs, they have possessed different skills and capabilities which can be described as:-
Serial entrepreneur- This type of entrepreneurs used to launch business at various locations or different business at single time with an opinion to operate all simultaneously (Neck and Greene, 2011). In addition to this, serial entrepreneurs run their business till desired outcomes has occurred after then they sale the same to others.
Female entrepreneur- Enterprises which are organised, managed and run by female owners are come in this category. In UK, from statistical point of view, share earned by women from total capital of economy is near about 51%.
Male entrepreneur- These business organisations are established and operated by male with their extrovert ideas and opinion. As compare with women’s share in total economy, profit share of male is less than 2% i.e. approx 49%.
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P2 Different types of entrepreneurial ventures and similarities and differences between each
Since all type of entrepreneurial ventures has their own perceptions and way to operate business, therefore, there are various similarities and differences occur in them as shown below:
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Similarities |
Life style ventures |
Survival ventures |
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Differences |
Life style ventures |
Survival ventures |
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Similarities |
Female entrepreneurs |
Male entrepreneurs. |
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