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Entrepreneurship is the process in which new and innovative ideas are generated and can easily develop creative ideas. It assists the organization to sell unique products to users. It results in increasing the satisfaction level of firm. This helps the company to enhance the revenues and can enhance the market share (entrepreneur, 2018). Hence it can expand their operations and task in various countries Assignment describes about a successful entrepreneur Joe Woods and they had started a IT business. They sell online credit and debit cards to all companies. Report explains about range of entrepreneur ventures and different types that are considered entrepreneurial. It also explain about the evaluation of impact of small business on economy. It also describes about the assessing the key aspects of entrepreneurial mindset. It also discuses about the evaluating different environment that can foster or hinder the entrepr
P.1 Different types of entrepreneurial ventures and their relation with typology
Entrepreneurship:It is the process through which a person creates innovative strategies and policies. It helps the company to effectively manage all activities and operations. So organization can earn huge revenues. Hence it results in growth and development of firm.
Different types of entrepreneurial ventures:
There are various entrepreneurial ventures which are operated by a single person. They take huge risk so that enterprises can earn huge revenues. All ventures are completely different from each other and has various objectives. Hence they operate their activities and function sin different manner. Different types of entrepreneurial ventures are described below:
Large entrepreneurship: It is kind of entrepreneurship which includes maximum amount of funds and risk so that they can operate all their activities and operations (Arend, Sarooghi and Burkemper, 2015). Thy use innovative and creative technologies and legislations so that they can easily increase the satisfaction level of all customers. It also helps in creating the suitability in the business.
Social entrepreneurship:In this organization creates new plan and policies so that they can give contribution to social activities and operations. This is done so that they can give solution to problems and issues of all people. These business are not created for performing activities and operations bur they ate started to perform activities so that they can help the poor people. Enterprises can give funds to charitable institutions so that company can assist these institutions.
Scalable start ups entrepreneurship:These business have potential and capabilities to become successful entrepreneurs. Main objective of these entrepreneurs is high and they believe that they can perform activities and operations if there any changes in company. It involve maximum risks and revenues (Boh, De-Haan and Strom, 2016). These enterprises are to be funded by crazy capitalist which can take huge risk and wants to earn more profits. Main objective is to make changes and to modify the universe by creating innovative ideas and thoughts. These business need huge fund as then only they can operate their activities.
Small business entrepreneurship:It involves different tasks and various functions in which staff members are less than 50 and it has turnover of 6.5 billion. It needs less amount of capital and less risk so that business operations and activities are effectively and efficiently managed. Small business such as consultants, plumbers, electricians and agents etc.
Typologies of entrepreneurship:
There are different companies which are available and they delvers their products and services of that they can develop the society. Main objective is to satisfy the needs and wants of all people. It also leads to growth of economy. Typologies are described below:
Serial entrepreneurs:These entrepreneurs starts a business and after the successful running of business, then they start the new venture. It also includes different enterprises who exist with the innovative plans and policies This helps to run their activities and operations effectively and efficiently. In day to day activities and proper and efficient functioning, entrepreneurs can give their full efforts and dedication. Main objective is to earn huge revenues. They are related to buis entrepreneurship ventures.
Lifestyle ventures:It is a small company that administers and control, independence and control the company. Main objective is to attract many people and there is optimum and effective utilization of all resources. It also helps in giving the flexibility in meetings, seminars and other places(Henry, Foss and Ahl,2016). Main objective is to earn huge revenues for their living and they can earn livelihood by becoming an entrepreneur. It can be related to small business entrepr