This sample will let you know about:
- Explain Different types of entrepreneurial ventures.
- What is Typologies of Entrepreneurship?
- Discuss Importance of small businesses and business start-ups to the growth of the social economy.
INTRODUCTION
Entrepreneurship encompasses the creation, launch, and management of a new and innovative business, typically starting small. An entrepreneur, the driving force behind such ventures, aims for profitability and serves early to mid-level companies (Belz and Binder, 2017). The size of an entrepreneurial enterprise varies based on its services, influenced by personal experience and background. Successful entrepreneurs possess key traits like strong work ethics and passion, crucial for venture success. Entrepreneurship is vital for job creation, improving living standards, and community development.
This report focuses on CafePod, an independent coffee company in London. Founded in 2011 by Peter Grainger and Brent Hadfield, CafePod's mission is to provide top-quality coffee. It delves into entrepreneurial business types, their relationships to business typologies, and the unique traits of successful entrepreneurs, distinguishing them from other managers. Explore our experts' assignment help services for further insights!
Different types of entrepreneurial ventures and how they relate to the typology of entrepreneurship
Entrepreneurship can be considered as a process in which an entrepreneur emphasises on rendering or providing advisory services to new ventures and middle stage companies. The role of Entrepreneurial ventures changes according to different phase of organisation. It is about learning or embracing how to deal with success, failure and risky situations. The term Entrepreneurship venture focuses on start ups, large scale industries , public and corporate sector. It will help employees to sharpen their knowledge,skill quality and abilities to identify opportunity for small scale industries, as well as resolve their difficulty in extremely complicated situations (Brush and et. al., 2019). In assistance of this, the main purpose is to increase sales and profitability of the entrepreneurship for the future growth of business. They generally convert new or innovative ideas into reality that results in contribution towards growth or development of the company. There are four types of Entrepreneurial ventures which are mentioned below -
- Small Business Entrepreneurship - Herein, It includes plumbers, food market, hairstylist, consultants and travel agents who run their personal enterprise as well as hire family members or general employees for growth of business organisations (Burns, 2016). The respective company, CafePod is an example of a small business entrepreneurial venture.
- Large Business Entrepreneurship - Large companies are those who invests large capital in their business in order to attracts large number of customers. Such organisations have enough resources to move into another country for future growth or success of business organisation.
- Social Enterprises - These companies emphasised on helping individual and works for welfare and benefit of the society. It focuses on improving standard of living of people in the society. It is considered as a non profit company whose main purpose is to manufacture or deliver product to serve the social needs or wants as well as their problems.
- Scalable start up Entrepreneurship - Hereby,From starting a company knows that their vision or mission could change the universe. The main focus of this company is to attract best financial investor for brightest future of the company.
Typologies of Entrepreneurship
From the above mentioned various types of entrepreneurship business, the identification of typologies assists business can become more attractive. There are three types of typologies which are given below:
- Growth firms - In this category, the main purpose is to maximise their revenues and profit for growth or success of company. The Entrepreneur identifies those new or innovative ideas that helps in enhancing the profitability of business organisation. In addition to this, the focus of company is to effectively satisfy needs or wants of consumer (DeTienne and Wennberg, 2016). The main purpose of these firms is to earn more revenue or profit than industrial average over a period of time. It enhancing scale of production thus it helps in earning more and more revenue for future growth or development of business organisation.
- Lifestyle Enterprises - This enterprise emphasised on offering various job opportunities to individuals thus it results in enhancing income or revenue of people. The main purpose of this enterprise is to increase status, prestige and standard of living of people as well as change their lifestyle and esteem.
- Survival Firms - Herein, the main purpose of enterprise is survival and maintenance on long term basis. It mainly includes new venture or start up who works for survival as well as enhancing goodwill or image of that company (Devece, Peris-Ortiz and Rueda-Armengot, 2016). In this period the main focus is to make a unique or special image of company in front of customer by satisfying their needs or wants.
Entrepreneurship ventures and typologies are related to each other and result in enhancing future growth or development of company by reducing several problems related to economy such as large scale companies emphasised on long term success or future growth that helps in increasing efficiency of company. Furthermore, Small scale industry focuses on survival or maintenance of business organisation. Moreover, Scalable start up enterprise knows from starting that their vision or mission could change the universe so they emphasised on enhancing lifestyle of individual that results in brightest future of the company.
Similarities and differences between entrepreneurial ventures
Similarities
|
Basis |
Small business |
Large Business |
Social Enterprise |
Scalability enterprise |
|
Meeting the social need and Upliftment |
The aim of small business is to offer job opportunities to people as well as satisfying wants or needs of consumers (Doern, 2016). CafePod aims to become the number one retail brand for coffee. |
Large scale organisation provided resources to individuals for satisfying them as well as enhancing standard of living,status and prestige of people |
This business focuses on providing resources to people for satisfying the demands or wants of people as well as upliftment and boosting of standard of individual in the society. |
The Scalability enterprise emphasised on attracting customer by satisfying their needs and wants for bright future of the company. |
|
Profit Making |
Herein, the purpose is to earn profit for survival or maintenance of business organisation. |
The focus of large organisation is to gain more and more profit for the future growth or success of the company. |
The aim of social enterprise is enhancing welfare of society thus helps in increasing profit of the company. |
The motive of Scalability enterprise is to gain profit for the brightest future of the company. |
Differences
|
Basis |
Small Business |
Large Business |
Social Enterprise |
Scalable Enterprise |
|
Scale |
It operates at a small scale because they have very limited amount of money to invest in the enterprise (Fayolle Verzat and Wapshott, 2016). |
This company runs at large scale because they have a huge quantity of money for future success or development of the company. |
These companies operate at local level with the help of this they fulfill needs or wants of consumer |
Herein, enterprise operates at niche scale because they knows their vision or mission could change or alter the whole universe. |
|
Purpose |
The main aim of small companies is to earn profit for survival, livelihood or maintenance of business organisation. |
The main purpose of large scale companies is to gain more and more profit for execution of new or innovative ideas (He, Lu and Qian, 2019). |
The main motive of social enterprise is to enhance living standard of people and focus on welfare of society. |
The main aim of scalability enterprise is to attract best financial investor for brightest future of company. |
|
Characteristics |
The requirement of resources in this type of company is very low as well as involvement of government is also quite low. |
The government imposes several rules, regulations, policies and procedure in order to monitor and control the performance of business organisation. In addition to this, the requirement of huge capital or human resource is more because they run their business at large scale. |
In this enterprise government provided resources which is required by them in order to to offer several services to the people of society. |
The interference of government in scalable business is at moderate level. In addition to this, the main aim to provide resources that attract customer for bright future of company.
|
Data and statistics to explain how micro and small businesses impact on the economy
A micro business is a small business that usually has a small number of employees (less than 10 people) working for it and play a major role in the development of an economy. These types of businesses are generally formed as a part of either partnership or sole proprietorship. On the other hand, a small business is generally privately owned and is operated in a limited size (Henry, Hill and Leitch, 2017). Most small businesses rely on intensive labour for their functioning and are generally started with the primary aim of fulfilling the needs of customers. Small and micro businesses contribute towards employment generation and overall development of a community which is the reason why government within a country supports such initiatives. For example- CafePod has grown to be the UK's 7th largest roast and ground coffee brand in a metter of just seven years. Such businesses also bring in innovation and creativity within a country which can be further enhanced to ensure overall de
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