An Entrepreneurship is the heart of every business. Every large company have stared out small business, led by an entrepreneur. Entrepreneurship are also demand to established the companies. The Entrepreneurship and the small business management sequence offers unique learning to the student who are aspired to start business, the program help the student to identify career options in small business, expand their knowledge of entrepreneurship and develop venture management and skills (Parker, 2018). Every person started their business in small area, small place, small resources or according to time they increase there business. Is the small business development and study for student studying and who are interested to start their business.
P1 Different types of entrepreneurial ventures and they related to the typology of entrepreneurship:
Different types of entrepreneurial: The entrepreneur is one who organize, manage assumes risk of a business or entrepreneur. There is four types of entrepreneurial venture:
- Small business entrepreneurship- The small business are stores, consultants, travels, beauty stores, carpenters, plumbers, electricians, they are anyone who runs own business. They hire employees or family, and their aim is to gain profit. The Thomas Alva Edison started there business at small stage. He developed most of the devices form small platform and they increase there business strongly. (Burns, 2016).
- Scalable start-up entrepreneurship- The scalable start-up of business to attract investor to invest in their business to start small business. And the aim is to increase business in the largest platform. The Thomas also increase there business in large platform, the Thomas insist to investor to invest money in their business for growing the huge business.
- Large company entrepreneurship- The sir Edison organization having finite life cycle, they include innovation, offering new products. Changes customers test, include new technology and faced new competitor in the business. (Bhachu, 2017).
- Social entrepreneurship- The social entrepreneur are who create products for social needs and solve social problems, in our world there is many social problems they include business as well. The social needs full fill by social entrepreneur. The Thomas Edison also invent those products who helps for social needs and fulfil customer's social needs.
The entrepreneurial venture related to the typology of entrepreneurship:
The entrepreneur venture are related to the entrepreneurship they venture are decide to start small business and entrepreneurship are strategy how to start small business to larger business. The entrepreneurship are build the business in many platforms, small business, larger business, social business and the venture are planing business (Fayolle, and Gailly, 2015).
The Edison group adopts the entrepreneurial venture. The Thomas Alva Edison was an America inventor and businessman. The Thomas started their business in small stage they adopt the entrepreneur in his life, they adopt innovation concept the Edison repair telegraph devices, the Thomas Edison are become “the wizard of Menlo park” they having experience of new things and they applied in their life. The sir Thomas is business inventors of that time, the Thomas Edison started their business smaller to the largest company. The Thomas career start with the very small manner they handled small things very preciously. Thomas small business become Americas the largest business because they adopt entrepreneur venture in their business, they organize their business in small platform after that they manage their business very preciously (Morris., 2015).
P2 Similarities and differences between entrepreneurial venture:
The similarities are those entrepreneurs venture are started there business into the small platform. The similarities between small business entrepreneurship and large business entrepreneurship is in both are started there business small platforms like stores, travels company, electricians. For example store become the largest show room and the travels company become most popular international company. The business become smallest to the largest platform. And the difference between small entrepreneurship and large entrepreneurship is the small business takes lots times to become lager business but the largest business larger in ghastly because largest entrepreneurship takes risk to start their business and their aim is to become business very larger and top most.
The similarities between social entrepreneurship and scalable start-up entrepreneurship they both in different ways, In social business entrepreneurship the business aim is to full fill social needs of people. In these business products creates to full social needs but the scalable start-ups their goals to make worlds better place, not create share or to create wealth of founder. They may be a non profit or profit. The main similarities in four entrepreneurship venture they are started business in small place, small profit, small dreams (Urbano and Aparicio, 2016). And the main difference is in four venture they all are gain profit in money, fame, popularity etc. and the difference in each venture, each venture have different-different goals. For example. The small business goals to achieve successful business or gain profit and achieve popularity. The scalable start-up business include to achieve goals to make world better place. In this business the investors invest their money for business. And the large company investigator they have finite life cycle and their goals is to develop the largest business. In the social entrepreneurship there is to full fill the social needs of people, in this business they create the products for social needs (Torey, 2016). The Thomas Edison is a great entrepreneur he is started there business in small stage. The Thomas is inventor of electrical device. Hie is invent the simply devices which helps for people and they are using for people's social needs. The Thomas also develop the telegraph's device which is starting resource of there