Entrepreneurship consider important role in the business success and development to increase growth and development of particular company. In this regard, several innovations and creativity are taken into consideration at workplace of small business to make effective functioning and outcomes in the business (Phillips, Lee and James, 2015). Present report is based on the small business development with entrepreneurship so that effectiveness will be ascertained to focus on the accomplishment of desired results. In this context, it covers entrepreneurship ventures and their typology to focus on the desired results. Furthermore, it also includes similarities and differences between different ventures to develop more significant results at workplace. In addition to this, small business also helps to focus on the systematic performances so that start-up business social economy development consider in systematic manner.
P1 Different types of entrepreneurship and their typology
Entrepreneurship defines as the innovative and creative characteristics that help to make more profits and revenue as well. With the help of innovative tools and techniques, planning of start-up business ascertained to maintain creativity at different ventures (Carter, Mwaura and Jones, 2015). Following are different kinds of entrepreneurship ventures that have been explained with their typology to attain creative results:
Small business entrepreneurship: In this kind of entrepreneurship venture, unique and creative entrepreneurial which influence to the individual towards the business. As results, it is important for the people those consider planning to start new business that is already exist in the market (Bruton, Khavul and Wright, 2015). In this consideration, it is important to involve business grocery stores, barber shop, travel agency, etc. All these kinds of people are highly skilled so that innovative ideas and process is considered to attain and maintain high profits in the enterprise. Their main objective is to increase profits and revenue through targeting more people. In the UK, small business venture consider significant results in the enterprise (Smallbone and Welter, 2017). It helps to encourage entrepreneurs to design their goals and attain more profits as well. In this regard, typology involves to earn more profits to feed their family and fulfil their basic needs as well.
Sealable start up entrepreneurship: In this aspect, entrepreneurial venture concerned with unique characteristics and innovations to attract several people at workplace. They focus on the investors who consider their operations on the favourable business idea. It considers opportunity to get high investment and increase brand image in future business as well. Beside this, ideas require unique so that maximum customer attraction could be develop. This venture has typology to provide innovation in products and services to attract maximum people at workplace (Henry, Foss and Ahl, 2016).
Social entrepreneurship: Furthermore, this kind of entrepreneurs assists to develop social services in the community for their welfare and development. Such ventures carried only for well-being of people not for earning profits. Hence, they develop their consideration for society development. Typology involved in this way is that serve for society in efficient and effective way (Carter, Mwaura and Jones, 2015).
Serial entrepreneur: These kinds of entrepreneurs consider their outcomes for future development to look for new venture. They determine unique and innovative characteristics to provide services to customers. Main typology involved in this is innovative elements to develop future results (Smallbone and Welter, 2017).
Female entrepreneur: These kinds of entrepreneurs are focused on expansion of business in international areas with different quality as male. They possess something different understanding as male entrepreneurs with effective management skills.
Lifestyle entrepreneur: Moreover, such kinds of entrepreneurs are focused on future development to obtain risk handling capacity (Bridge and O'Neill, 2012).
P2 Similarities and differences between different entrepreneurial ventures
In respect to consider different types of entrepreneurship ventures, following are differences and similarities that exist at workplace:
Size and structure: In the small business, this kind of activities play important role in success and develop effective results. This is because it helps to attain desired results with meeting their needs and requirements. As compared to large business, SME enterprises consider unique and creative characteristics to attract them in the business. For example, entrepreneur creates planning to start new retail business so that they need to understand big enterprise concept such as Tesco, Asda, etc. Therefore, they are able to develop effective results in systematic manner. Identifying this concept helps small business to create innovative ideas and make success that is attained in systematic manner. However, in the sealable start up business has size and structure not create any matter because it is not required to do their functioning.
Aims and objectives: It is another difference which lies to attain creative results for accomplishing aims and objectives among different entrepreneurial ventures. Hence, social entrepreneurship has opportunity to create better life and improve revenue of the organisation as well. Besides this, sealable start up venture assists to provide innovative ideas and earn high profitability in long term consideration. As results, it can be assessed that there it is the most important similarities and differences in term of aims and objectives to provide high quality in products and services (Bruton, Khavul and Wright, 2015).
Source of finance: It is another difference in terms of creates finance arrangement in different entrepreneurship. As results, it is important for entrepreneurs to arrange money in the company for expansion of the business. In order to compare it with the social entrepreneurs, they need to be focused on the welfare of society and not only on earning profits. Main similarity considers that is unique concept to attain desired results.