The purpose of this report is to develop understanding of learner over entrepreneurship, its importance and scope. Through this learner can analyze the influence of entrepreneurial ventures in the nation and economy development.
- Evaluate the range of different type of ventures and its typologies.
- Determine the impact of small business over the economy of a country.
- Identify the crucial aspects relevant to entrepreneurial mindset.
- Discuss several environments that can hinder and foster entrepreneurship.
Entrepreneurship is a capacity and ability to start a business unit with the hope of achieving goals as well as profits. Entrepreneur is a person those take high risk in order to run enterprise in an effective manner. They are creative in nature so that find out new working area to solve social issues effectively. Through this person has able to full fill their dream to work for their own objective as well as aim it provide high satisfaction in long period of time. In this report select softwire firm to analyse the impact of entrepreneurship and small business (Blackburn, Hart and Wainwright, 2013). It is established in the year of 2000 and now its have around 130 workers have worked in their work place. Company has produce outstanding software and provide specialists consultancy services to their clients in an effective ways. In this assignment covers various type of entrepreneurship venture and similarities as well as difference between entrepreneurial venture. Its also covers contribution of small business into society and characteristic of entrepreneurs or many more.
P1 Different types of entrepreneurial ventures and its interrelation typology of entrepreneurship
Entrepreneur: Entrepreneurs is a person which have creative as well as high risk taker in their nature. They are work for achieving their goals and aim effectively, for this people start new enterprise to receive profits.
Entrepreneurial venture: It is a combination of risk factor, success, failure, ambiguity, learning, embracing and many more. There are very big difference between small business unit and entrepreneurial venture. The main difference in both is entrepreneur has creative as well as high risk taker and can not run business only for profits, it operate for self satisfaction or for their aim. But small organisation has work for earn profits with low risk in order to achieve goals in an effective manner in limited period of time (Bridge and O'Neill, 2012). Here various different kind of entrepreneur venture has explain as follows:
- Small-business Entrepreneurship: In United Kingdom several small business entrepreneurial venture has run and contribute higher amount into nation economy effectively. Approx 6 million has operated enterprise in this sector. For example, cafe, car rent, travel agents, electricians, grocery store, carpenters etc. they are work for only profits with low risk that is why earning should be also very less.
- Scalable Entrepreneurship: In this, enterprise venture has invest their money into new and creative ideas. They are formulated their vision and mission to implemented change into work place which help to convert idea into reality in long period of time. In order to carry out whole work into effective ways they are gather found by various investment sources (Carsrud and Brännback, 2011).
- Social Entrepreneurship: They are realise and find out social issues in make innovative ideas to remove it appropriately to increase comfort level of entire society. Accordingly they are make product which have economic in price as well as easy to used. For example, Unber owner Travis Kalanick has find out problem in hiring cab so that to reduce complexity to rent a car into US. Through this, they are able to remove community issues and earn lot of profits as well as sustainability in long period time.
- Large Scale Entrepreneurship: In this unit has established for gain higher profitability in long period so that they are develop innovative and highly technical product to compete competition effectively as well as spread market share to gain high profits with sustainability.
Entire into typologies which has interrelated with each others, they have set their vision, mission, goals, objective, nature and many more in order to perform work to shaping enterprises into significant manner. So that there are several kind of typologies which has interlinked with venture has detail below:
- Lifestyle Venture: Such kind of business has run for improve lifestyle people in the nation through this they are build strong positive brand image in customer mind and earn profits.
- Survival venture: Entrepreneurs has start business unit for their own survival in their life as well as family so they they are run enterprise which has low risk factor, investment and small in size (Chittithaworn and et. al., 2011). For example, internet cafe.
- Managed development venture: Entrepreneur those wants more fund to operate business unit with innovative ideas. They has develop strategies in order to get finance form market. So that their benefits should be definite in nature thus help to provide certain rate of return of entire investment.
Hence, it claimed that there are several kind of entrepreneurs has exist into country are detail below:
- Serial Entrepreneur: This kind of person has start business with new ideas and established which has provide profits. After that they have handover this enterprise to other and work on other new innovative ideas in order to implemented their aim into reality (Chrisman and et. al., 2012). From each one business unit they have learn something new which enhance satisfaction as well as groom personality.
- Social Entrepreneur: They are find out opportunities in society and make enterprises plan in order to improve comfortability of life. Through this, they are some time work for non profits sector and build brand image at market place.
- Female entrepreneur: Female owner of the business unit has run company with high dedication as compare to male person at market place. So that, firm those operated by female has contribute around 51% of employment opportunities at United Kingdom.