Skills and Traits of Tom Mercer and Elizabeth Gooch

TASK 1P1 Different types of entrepreneurial ventures and its interrelation typology of entrepreneurship

An Enterprising business can be defined as a mixture of risk, success, failure in relation to the activities which are being conducted in the company. It should not be mixed with small business as both them are different from each other. This is working very effectively and helping the company in earning large amount of revenue as well.

Entrepreneur –She/he can be a person who is the main owner of the business and are doing their business with the limited resources they are having. They are the ones who had the innovative in their mind and now they have converted them into reality (Fassin, Van Rossem and Buelens, 2011). Therefore, they are only the financiers, investors and risk takers etc.

Types of Entrepreneurs – There are various kinds of entrepreneur. These are as follows:

• Serial Entrepreneurs – These are the entrepreneurs who likes to take challenges on a daily basis. Once their one business is established in a proper manner then they delegate the responsibility to some responsible person and start working in other businesses as well.
• Social Enterpriser – These are the kind of entrepreneurs who develops their own organisation with the aim of solving the issues of society and bringing a social change in the society. They don't have an aim of earning profit and rather they focus on solving the problems on society.
• Female Entrepreneurs – These are the kind of business which is run by the women entrepreneurs mainly and these are chiefly belong and directed by women and are obligated for developing 51% of employment.

Concept of Entrepreneurship – This can be referred as a procedure in which a new business is planned, designed and yen finally launched in the market. At the initial level, it is of small size but it will have the capability to take a big form in the market. The people who start this business are being called as the entrepreneurs (Gorgievski, Ascalon and Stephan,  2011).

Central Project of Enterpriser – The different forms of Enterprising projects are as follows:-

Small-business Entrepreneurship – As per the reports collected by a leading company, it was ascertained that there are approx more than 6 million small sized companies that are working in UK. It normally includes all the small businesses that are running in the society like the grocery stores, consultancy offices, internet cafes etc. The people who are running this kind of business are having their own investment in this and they are also taking whole risk all alone. 

Scalable Entrepreneurship – This kind of entrepreneurship is found very rarely in the market because it is being formed by those entrepreneurs who are having a strong idea with themselves. They have a vision to do a new innovation win the market and bring changes in it. Their only task is to convince the investors to invest into their idea.

Social Entrepreneurship – These are the kind of ventures which is just started so as to provide benefit to the society from the products they will be producing. Like Patanjali products are being created with a sole purpose to provide benefit to its users.

Relation of ventures with Entrepreneur Typology –All these types of ventures are having some connection with one another like scalable entrepreneurship is connected with the lifestyle ventures and social entrepreneurship is having their connection with managed growth venture (Hall, Daneke and Lenox, 2010).

Types of Topology 

Lifestyle Ventures – These are the type of businesses which provides immediate profits to the company. These ventures are started just to earn a proper living and here mainly the entrepreneur generally like to work alone.

Survival Ventures – These are the type of businesses which is started just to earn their daily wages so that they can survive in the society. It is generally a small business which is being run by the local retailers. ex- Grocery store, internet cafe, barber store etc.

Managed Growth Ventures – These are the kind of ventures which is being run by the smart entrepreneurs which knows how to grow their business and earn more amount of profit as well (Islam and et. al.,2011). The people who are investing in this process knows that their money will be utilized in a proper manner and then they will make money from here as well.        

P2 Similarities and Difference between entrepreneurial ventures

Entrepreneurship can be considered as a combination of creative ideas which is implemented by taking lots of risk in the business environment since the competition is very huge in the market. Here, the entrepreneur is having the responsibility to manage all the activities which is being taken place in the company so that growth and development can be achieved by them in the market area. Since there are so many types of entrepreneurial ventures which are present in the business environment so an entrepreneur is required to study all of them before start conducting their activities then only they will be able to choose the best one for their company. The similarities and differenced between all these types of entrepreneurial ventures are as follows: