Present unit include case scenario of Elizabeth Gooch and EG Solutions PLC and Tom Mercer and MOMA Foods. They are booming entrepreneurs who have successfully managed their small scale entrepreneurial ventures. In order to become prosperous entrepreneur emphasize upon certain topics are required to be made:
- Different entrepreneurial ventures and difference and similarities among lifestyle and social entrepreneurship.
- Small scale, micro business and start-up impact and importance upon nation economy.
- Determine entrepreneurial mindset key aspects and skills and traits of Tom Mercer and Elizabeth Gooch.
- Evaluated different factors in environment that can hinder or foster entrepreneurship.
Entrepreneurship is a very innovative concept which is going on in the market since a very long time. Here, basically a business is started by single person with the support of a creative idea on the basis of which they strive to gain competitive advantage in the market. It has also been noticed that little and average sized organisations have a share of more than 95% in the market area in various countries (Dennis Jr, 2011). This is a very profitable situation for the country as well as through this the economy development of the country will also takes place and employment will also be generated. In this report, two case studies will be discussed. One is related to Elizabeth Gooch who founded EG solution and another one is of Tom Mercer who is the founder of “MOMA”. Here, various types of entrepreneurial ventures will be discussed and its relation with the typologies. Along with this, the effect of small and large enterprise, contribution of small business in the economy will be discussed.
TASK 1P1 Different types of entrepreneurial ventures and its interrelation typology of entrepreneurship
An Enterprising business can be defined as a mixture of risk, success, failure in relation to the activities which are being conducted in the company. It should not be mixed with small business as both them are different from each other. This is working very effectively and helping the company in earning large amount of revenue as well.
Entrepreneur –She/he can be a person who is the main owner of the business and are doing their business with the limited resources they are having. They are the ones who had the innovative in their mind and now they have converted them into reality (Fassin, Van Rossem and Buelens, 2011). Therefore, they are only the financiers, investors and risk takers etc.
Types of Entrepreneurs – There are various kinds of entrepreneur. These are as follows:
- Serial Entrepreneurs – These are the entrepreneurs who likes to take challenges on a daily basis. Once their one business is established in a proper manner then they delegate the responsibility to some responsible person and start working in other businesses as well.
- Social Enterpriser – These are the kind of entrepreneurs who develops their own organisation with the aim of solving the issues of society and bringing a social change in the society. They don't have an aim of earning profit and rather they focus on solving the problems on society.
- Female Entrepreneurs – These are the kind of business which is run by the women entrepreneurs mainly and these are chiefly belong and directed by women and are obligated for developing 51% of employment.
Concept of Entrepreneurship – This can be referred as a procedure in which a new business is planned, designed and yen finally launched in the market. At the initial level, it is of small size but it will have the capability to take a big form in the market. The people who start this business are being called as the entrepreneurs (Gorgievski, Ascalon and Stephan, 2011).
Central Project of Enterpriser – The different forms of Enterprising projects are as follows:-
Small-business Entrepreneurship – As per the reports collected by a leading company, it was ascertained that there are approx more than 6 million small sized companies that are working in UK. It normally includes all the small businesses that are running in the society like the grocery stores, consultancy offices, internet cafes etc. The people who are running this kind of business are having their own investment in this and they are also taking whole risk all alone.
Scalable Entrepreneurship – This kind of entrepreneurship is found very rarely in the market because it is being formed by those entrepreneurs who are having a strong idea with themselves. They have a vision to do a new innovation win the market and bring changes in it. Their only task is to convince the investors to invest into their idea.
Social Entrepreneurship – These are the kind of ventures which is just started so as to provide benefit to the society from the products they will be producing. Like Patanjali products are being created with a sole purpose to provide benefit to its users.
Relation of ventures with Entrepreneur Typology –All these types of ventures are having some connection with one another like scalable entrepreneurship is connected with the lifestyle ventures and social entrepreneurship is having their connection with managed growth venture (Hall, Daneke and Lenox, 2010).
Types of Topology
Lifestyle Ventures – These are the type of businesses which provides immediate profits to the company. These ventures are started just to earn a proper living and here mainly the entrepreneur generally like to work alone.
Survival Ventures – These are the type of businesses which is started just to earn their daily wages so that they can survive in the society. It is generally a small business which is being run by the local retailers. ex- Grocery store, internet cafe, barber store etc.
Managed Growth Ventures – These are the kind of ventures which is being run by the smart entrepreneurs which knows how to grow their business and earn more amount of profit as well (Islam and et. al.,2011). The people who are investing in this process knows that their money will be utilized in a proper manner and then they will make money from here as well.
P2 Similarities and Difference between entrepreneurial ventures
Entrepreneurship can be considered as a combination of creative ideas which is implemented by taking lots of risk in the business environment since the competition is very huge in the market. Here, the entrepreneur is having the responsibility to manage all the activities which is being taken place in the company so that growth and development can be achieved by them in the market area. Since there are so many types of entrepreneurial ventures which are present in the business environment so an entrepreneur is required to study all of them before start conducting their activities then only they will be able to choose the best one for their company. The similarities and differenced between all these types of entrepreneurial ventures are as follows: