- Discuss about the Relationship Between Entrepreneurial Ventures.
- Discuss about the Typology of Entrepreneurship.
INTRODUCTION
Entrepreneurship is a quality which develops in a person who see the new business opportunities. On the basis of opportunities, the person start their start-up or business for achieving great profit in the market. On the other side, entrepreneurship is also an ability to develop and innovate new business venture on the basis of market requirements. Self-motivation is too necessary to be a successful entrepreneur in the market. Each successful entrepreneur always try to develop or improve entrepreneurship quality for achieving better results. Entrepreneurship is always looking for provide such products and services to the customers which no business is currently provided. Earning high profit is not only main objective of entrepreneurship. Many times entrepreneurs start organizations for fulfilling their social responsibilities as well. This report is discusses various types of entrepreneurial ventures and their relationship with typology of entrepreneurship. This is also discusses the major roles of micro, small and large businesses in social economy.
LO1
P1: Entrepreneurial Ventures
There are various types of entrepreneurial ventures running their business operations in the market. In these ventures three most popular are High growth ventures, Middle growth ventures and Survivor growth ventures. These all are discusses below;
High Growth: The first motive of the high growth ventures is gain the highest profit in the market (Zeller, 2018). In the high growth ventures there are mainly public and private companies are included. For example: British Petroleum (a Public limited company) and Iceland (a Private limited company).
Middle Growth: Earning high profit in the market is first motive of ventures which are included in the middle growth ventures. There are middle growth ventures, which gain profit in the market but not much high as compare to high growth ventures. There are both types of companies (public and private) comes under middle growth ventures. Mostly private companies are the part of middle growth ventures, because they are not able to earn high like public companies.
Survivor Growth: In survivor growth, mostly those organizations and companies are included which only work for fulfil social responsibilities. All NGOs (non-profit organization) are the part survivor ventures. The main objective of these ventures is collect fund within the market and spend them in social welfare. For example; The Children's Society (Cook, 2016). Survivor growth ventures are not gaining profit in the market by selling any product or services. Charity is the main source of earning for these ventures. Get Assignment Examples.Talk to our Experts!
Typology of Entrepreneurship
There are three types of entrepreneurship mainly existing in the market called; Life style, Scalable and Social entrepreneurship.
Life Style: When any person who highly like to do activities related to the business will always become a successful entrepreneur. In this type of entrepreneurship, self-motivation of a person encourage them for start a new business. Most of the people which related to the life style entrepreneurship are currently owners of high growth and middle growth ventures (Gregg and Parthasarathy, 2017). Life style entrepreneurship is always looking for new business opportunity in the market to earn high profit in the future.
Scalable: Scalable entrepreneurship is developed when any person realize anything is missing in the current market. It is also based on the innovation and creativity. Person who related to this entrepreneurship always try to innovate such exclusive product or service for the customers which no one currently provided in the market.
Social: Social entrepreneurship is developed such entrepreneurs who want to do something good for social welfare. Founders of NGOs mainly comes under social entrepreneurship (Leitch and Volery, 2017). The main aim of social entrepreneurship is to make a happy and healthy societies in all around the world. Order assignment help from our experts!
Relationship Between Entrepreneurial Ventures and Typology of Entrepreneurship
Typology of entrepreneurship is completely relating to the all entrepreneurial ventures which discusses below;
|
Entrepreneurial Ventures |
Organization |
Sector |
Relationship With Typology |
|
High Growth |
British Petroleum |
Public |
Life style entrepreneurship mostly able to build high growth ventures in the market, like; British Petroleum, because they always passionate for do things related to the business. Here is a scalable entrepreneurship is also able to develop high growth ventures by their innovation ability. |
|
Middle Growth |
Iceland (Retail Co.) |
Private |
Middle growth ventures like; Iceland are also developed by both life style and scalable entrepreneurships. The owner of Iceland company was see the opportunity of new business in the retail industry and then established this company which is currently on its progressive path. |
|
Survivor Growth |
The Children's Society |
Charity |
Social entrepreneurship is always runs survivor growth ventures in the market, like; The children's society. It is a charity organization which is work for support to poor children in the UK (Giudici, 2016). Hare is charity is the biggest source of earning for these survivor growth ventures. |
P2: Similarities and Differences Between Entrepreneurial Ventures
Similarities
There are many similarities are exiting between all entrepreneurial ventures which discusses below on some basis;
- Strong Willed Entrepreneur: All entrepreneurial ventures are started by the string willed entrepreneurs which want to do something related to the business in their life. Here is each entrepreneur in these ventures want to achieve high success through their operations.
- Funding: There are all entrepreneurial ventures are always looking for sources of funding (Leković and Marić, 2017). For these ventures funding is very important, because with the help of it these ventures are able to run their operations.
- Innovation: Innovation factor is always exiting in these all entrepreneurial ventures, because with the support of innovation they are easily found different productive ways for achieve effective results in the market.
- Brand Name: Each venture always has a specific brand name. With brand name entrepreneurial ventures are able to gain people attention in the market. All entrepreneurs within these ventures try to give an effective brand name to their particular venture for achieve high brand image in the market.
Differences
There are many differences are also exiting between these entrepreneurial ventures which mentioned below;
|
Basis |
High Growth Ventures |
Middle Growth Ventures |
Survivor Growth Ventures |
|
Annual growth rate |
Annual growth rate in high growth ventures is always very high in the comparison of rest type of ventures. |
Mostly medium growth rate is achieved by the middle growth ventures. They always succeed in achieve favourable profit in the market. |
Its annual growth rate is always depends on the charity amount which it gained in a year (Krueger,2017). It has less growth rate than high and middle growth ventures. |
|
Managerial Skills |
Managerial skills in these ventures are existing in highly developed form. With high developed managerial skills these are able to achieve high profit in the market. |
In middle growth ventures managerial skills are not much developed as compare to high growth ventures, but these ventures most time working on develop such skills. |
In these ventures no need of high managerial skills for run its operations, because these are not working for earn high profit. |
|
Technology Investment |
These ventures are highly invested on employ new technologies in their operations. |
Middle growth ventures always try to expend such only amount on technology which highly needed in their operations. |
Survivor growth ventures are not highly invest on technology, because their most operations are regulating without hi-fi technological gadgets. |
|
Structure |
Organizational structure of high growth ventures is mostly highly spread, because these are conducting large number of activities in the market. |
Organizational structure of these ventures are not much bigger than growth, because these are only running their activities in selected segments. |
Structure size of survivor ventures is always depends on its fund inflow (Cardon, Post and Forster, 2017). Generally most of the survivor ventures has small organizational structure. |
LO2
P3: Impact of Micro and Small Businesses
Currently in the growth of UK's economy there are micro and small businesses giving great contribution. The reason behind this statement is, these micro and small businesses are highly spread in each market segment and providing jobs to the many people. These are generating huge employment opportunities for the people. In other words these micro and small businesses are currently backbone for country's economy. Without these businesses the country is not able to increase its GDP percentage. The UK is one of the richest countries in the world. In which micro and small businesses played biggest role in current reputation of this country.
Micro Businesses
Those businesses are comes under UK's micro businesses which has less than 10 employees and gain €2 million turnover each year (Chen and Thompson, 2016). These businesses are highly needed to register their particular business in the PAYE and VAT.
Small Businesses
Those businesses are comes under UK's small businesses which has less than 50 employees and gain €10 million turnover each year. Currently the government of UK is running many policies for small business which are very supportive to them. By the support of government these are able take loans from banks on minimum interest rate. There are small businesses are also needed be to registered in PAYE and VAT.
Impact on the Economy
Over 5.9 million businesses are currently running their operations in the United Kingdom. In these businesses approx 5.82 million are micro and small businesses (with 0-9 employees) and rest are medium and large businesses. 99.3% are the small businesses in the all businesses of the United Kingdom and still rising year by year.
Small businesses are provided 13.2 million jobs to the people and gained £1.5 trillion turnover in the last year. This contribution of micro and small businesses is too good for the UK's economy. Year by year small businesses are opening in this country and presenting many employment opportunities for the people. These businesses are provided jobs to those people too which are comes from outside UK.
Employment which these businesses are provided is very favourable for the growth of the UK's economy. Most of these small ans micro businesses trying to expand their business different market segments of the United Kingdom (Brandt and Svendsen, 2016). These steps of the small businesses will also give high contribution in the country's economic conditions.
P4: Importance of Small Businesses
There are small businesses very important for the growth of country's social economy. Without these businesses the UK is not able to improve condition of their socia
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