Determination of range of aspects which are contributing in order to initiate a new business by Uber and their dimensions by which hindrance and fostering is being inculcated.
- Examination of various types of ventures existed in marketplace.
- Determination of factors by which an entrepreneur become successful and understanding dimension of entrepreneurial motivation.
In current business environment, entrepreneurs has develop new ideas for working to solve social issues in an effective manner. Thus create positive impact on the nation economical growth. So that, government of United Kingdom has make rule and regulation for promoting start up's that provide high employment opportunities approx 16.1 million and new working area for people thus reduce unemployment rate (Blackburn, Hart and Wainwright, 2013). Contribution of small business in UK economy is 51 % of all private enterprises in the year of 2017. In this report select Uber which is most successful entrepreneurship venture that was established by Travis Kalanick and Garrentt Camp at US. They are develop mobile application for save time, money and effort to book a taxi in United State. Through this activities at are solve social issues and provide comfortableness to their clients. In this assignment covers different type of entrepreneurial venture and typologies of entrepreneurship. It also includes importance of small business and start up's to contribute into growth of economy in long period of time.
TASK 1 P1 Different types of entrepreneurial ventures and its interrelation typology of entrepreneurship
An entrepreneurial venture can be defined as a combination of failure, risk, ambiguity and success: embracing and learning it. It can affirm that there is a fine difference between two terms enterprise and small business venture which establish a major distinct between both of them. Entrepreneur term refer to the individual who sets a business venture considering the risk of financial asset at stake in expectation of better outcome. This can influence the economies and communities in more better manner which can also build a cascading influence on creation of job and other business segments (Bridge and O'Neill, 2012). There are numerous different entrepreneurial venture types as well as typologies which are interlinked with each other mentioned briefly as below:
- Small Business Entrepreneurship: As per the recent scenario, numerous various distinct entrepreneurial venture types that are operating their business in UK. More than 6million enterprises are recently running their commercial organisation.
- Scalable Entrepreneurship: In this, person has give new innovative ideas and they have develop vision. For that, entrepreneur has find out investor at market place for rise capital to operate business activities effectively.
- Social entrepreneurship: People has make ideas in order to solve social problem and provide benefits to all communities by delivering their goods and services. Management of the company has analyse needs, want of clients and accordingly produce commodities which help to full fill customers demand effectively.
- Large scale entrepreneurship: In competitive environment, these kind of organisation has develop strategies to run their whole business activities for profits as well as worth that help to achieve objective and sustainability in long period of time (Carsrud and Brännback, 2011).
- All typologies has interrelated with all kind of entrepreneurship venture that set their vision, mission, goals, objective in order to run their business activities which help to run enterprise in significant manner. So that there are various type of typologies which are affect business are explain as follows:
- Lifestyle venture: It is a business that set up and run by owner with the aim of sustaining some particular level of income in order to enjoy their lifestyle effectively. Its a growth plan of small enterprises for not for profits but improve living standard to their own life in the society.
- Survival venture: People has inter under this type of venture with the purpose of earning money for their livelihood. For example, grocery store, internet cafe, food stall, etc. Survival venture has run their business activities at small level mostly in local area.
- Managed development venture: Entrepreneur has managed development venture to earn fix profits with out taking high level risk as well as uncertainty. They always consider investment is not a benefits and part of the enterprise, it is definite in their nature so that owner of firms has make certain profits in long period of time with long term sustainability as well as development (Chittithaworn and et. al., 2011).
There are several kind of entrepreneurs that are work in different working area has detail below:
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Serial entrepreneur: This kind of entrepreneurs has develop one working ideas and work on that until success then after move on other business ideas and left previous enterprises to run new business activities. This serial has go on in long period of time and person has work in different type market area.
Social entrepreneur: This type of individual has operate business activities in order to reduce social issues rather then earning profits. They have ambitious and goals oriented in their nature.
Female entrepreneur: In this women person has start their own business, they have take innovate initiate. In the other word, women participation in employment and equity of enterprise activities (Chrisman and et. al., 2012).
P2 Various similarities and difference among entrepreneurial venture
Some similarities and difference of several entrepreneurial venture has explain as follows: