Entrepreneurship is said to be an individual who run their own business rather than working as an employee in a company. Thus, they are know as innovator who creates new and innovative ideas for operating their business in an effective manner. Small business management is a kind of managing process so that all the activities are performed in a better manner (Bhachu, 2017). Different types of entrepreneurial ventures that are related to typology is mentioned in this report. Therefore, similarities and differences in context with entrepreneurial ventures is also included in this assignment. Along with this, importance of business and business start-up's has been mentioned in this report. Other than this, characteristic traits and skills of a successful entrepreneurs that can differentiate from other business managers. Lastly, background and experience that can act as a barrier in entrepreneurship is mentioned in this report.
P1 Various kind of entrepreneurial ventures and their relation with typology
Entrepreneurship can be said as a study in order to know how to operate a new business along with the process through which firm can be started. Therefore, entrepreneur uses their mind so as to develop a innovative ideas in order to manufacture products and commodities (Blackburn, Hart and Wainwright, 2013). For accomplishing this an individual makes appropriate plans and formulate policies so that all the activities are performed in a better manner. This will assist them in sustaining a good position at market area.
Normal business and entrepreneurial ventures cannot be compared with one another. Therefore, it is a business that is started by a person who have innovative mind and know how to grab the opportunities that are present in the market area. Thus, it is very useful for generating more funds but higher risk is also there which can hamper the entire business.
Entrepreneur: They are know as the person who have skills and knowledge to start a new business with limited resources that are available to them (Bridge and O'Neill, 2012). They are solely responsible for profit and loss whatever their company faces.
Types of Entrepreneurs: According to the current scenario, that are different kinds of entrepreneurs some of them are mentioned below:
Serial Entrepreneurs: Under this, an individual who every time come up with innovative ideas on a regular basis so as to start a new business. This concept is good if a person has ample amount of funds and new thoughts.
Social Entrepreneurs: They are the one who who basically works for a purpose of providing facilities to needy people (Burrows, 2015). Thus, they tries to solve problems instead of earning more and more money. Therefore, main characteristics of such people are they are ambitious and know how to perform under pressure and handling the situation in a better manner.
Female Entrepreneurs: These are mostly regulated and owned by females. Mainly, this consist of female who are eligible in taking decision and doesn't want any male counterparts for operating their business in an effective manner.
Concept of Entrepreneurship:
Entrepreneurship is a kind of process that includes designing, preparing and analysing the concept before launching their business. Whether the company is small or large if they wants to establish their business this is considered as a very helpful concept. Therefore, they are the one who are known as entrepreneurs. Although it is a unique process but it is time and cost consuming as well.
Key Ventures of Entrepreneurs
Small-business Entrepreneurship: According to the current scenarios, a large number of entrepreneurial ventures are working and they are running successfully in United Kingdom. As per the report there are around 6 million small business who are solely operating their firm in an effective manner and includes grocery stores, cafes, consultancy firms and many more. Therefore, whatever risk or profit they are facing are optimised by themselves (Butler, 2012).
Scalable Entrepreneurship: These are the companies that are formed on the basis of strong idea they have the capacity of changing the perception of the world through their innovative thoughts. For making their project possible they try to generate more money and for this they convince people so as to invest some amount of money in their business.
Social Entrepreneurship: These includes firm that solely ruin for the betterment of the people. Therefore, they manufacture goods that can provide benefits to an individual or a group. They doesn't rum their business for gaining profits but instead giving better services and facilities to general public.
Relation of ventures with Entrepreneur Typology
All the companies are inter connected with typologies is some kind, for example: Scaleable can be linked with the lifestyle and social ventures this will enable them in manage growth. Therefore, according to the current market scenario there are various types of typologies that are given below in order to understand it in a better manner:
Types of Topology
Lifestyle Ventures: They are the kind of ventures that work only for getting profits and they mainly prefer to work alone (Carsrud and Brännback, 2011).
Survival Ventures: Companies that comes under this are generally works for earning their basic livelihood. Small and medium enterprise can be categorised under this for example: grocery stores, internet, barber shop and many more.
Managed Growth Ventures: An individual who run this business is smart with his/her skills and knowledge. They know how to generate more money with limited funds and companies those who will invest in their business will not face any kind of loss and will make profits.
P2 Similarities and Difference between entrepreneurial ventures
In this society there are many ventures that are running their business for provide better services and gain profits as well (Chittithaword and et. al., 2011). They are efficient and effective at the same time, although all the firms that come under entrepreneurial ventures work with a same motive i.e. to earn maximum amount of profits. Therefore, some of the difference and similarities are given below so as to understand it in a better manner.