This unit is related to analyzing ways by which entrepreneurship can be developed at the workplace in order to start a new venture.
- Explain various kinds of entrepreneurial ventures and analyze the relationship with the typology of entrepreneurship.
- Compare and contrast different types of entrepreneurial ventures.
- Identify and explain the influence of small enterprises on the economy and social economy of the UK.
- Determine characteristics and traits of a successful entrepreneur.
- Examine the role of past experiences in hindering or fostering entrepreneurial skills.
Entrepreneurship is an appropriate process to organise, manage and develop a new business with the aim of making higher numbers of profits. Person who start as well as run a new venture by bearing all risk is known as entrepreneurs (Burns, 2016). With this, it gave its contribution in developing the growth of economy of the country by giving them employment. In this report, it involves several kinds of entrepreneurial business as well as relations with its typologies. Additionally, difference and similarities within entrepreneurial business are also discussed in this task.
Section 1: Different kinds of entrepreneurial business and relate them with its typologies
Entrepreneurship can be understood as a procedure of designing, running along with launching a whole new business (Burns, 2016). People who develop these business concerns are known as entrepreneurs. This process mostly starts at small scale. Entrepreneur is a human being which are highly creative, risk taker, financial hazard, innovative etc. in their nature which start new business unit in order to achieve goals in appropriate manner. All entrepreneurship has relationship with several entrepreneurs typologies. Each one firm has their own mission, vision, goals, nature and objectives etc. to completing work effectively (Fayolle and Gailly, 2015). Apart from this, it has been analysed that there are ample number of entrepreneurial ventures are present in business world and some of these like Intrapreneur, Owner Manager and Serial Entrepreneur. These are described beneath in a detailed manner:
A person who is already in an organisation which is trying to promote innovative various commodities with the help of development along with marketing can be known as Intrapreneur (Schaper, 2016). In other words, intrapreneurs are those who try to implement or bring changes at workstation in order to develop gain competitive advantages at marketplace. This can be anyone within an organisation like employee, other staff who carries a thinking that he/she owns the business firms. In order to bring in alterations, person takes risks and tries to actuate others with using traditional and motivational approaches. Skunk works can be taken as a good example of intrapreneur.
An individual who owns a business and runs it can be known as owner manager. Person wholly own this sort of venture as well as manages its operational activities. Owner manager can only be said to a person of he/she owns at least 50% of total share of a firm. Along with this, in most small business, the owner and manager are one person who manage as well as owns business (Autio and Fu, 2015). He/ she tries to manage and maintain the operations of the business with the purpose of attaining better growth. Renato Martins can be taken here as an example of owner manager who is a photographer which runs a business and manages it.
A person who likes to accept different challenges and faces them on a regular basis can be known as serial entrepreneur. It has been analysed that, these type of entrepreneurs takes risks than any other entrepreneur ventures. Apart from this, it is being found that once a company runs in a successful manner serial entrepreneurs tries to get into a whole new business in order to gain more benefits. Serial Entrepreneurs are the persons who are inly working for the welfare of the society. It is much required for this person to have someone responsible to whom he/she can handle the business and move to another. Best example in present context i.e. Richard Branson which is a founder of Virgin Group Plc and currently is an owner of more than 400 business firms.
All entrepreneurship has relationship with several entrepreneurs typologies. Each one firm has their own mission, vision, goals, nature and objectives etc. to completing work effectively (Kuratko, 2016). So that, there are various type of typologies and its interrelation with several ventures are done beneath:
These are the small organisations which helps in uplifting the income level of their owner which is almost similar to earning when they are working for employer. Serial entrepreneur can take in use of these sort of small firms to run business for them of the company.
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Business which is being owned by an entrepreneur in order to build up lifestyle as per needs and requirements of people. A business set up which run by owners keeping the aim of making sustainability strong with the help of generating appropriate income as per their need and requirement. Owner managers can be linked with lifestyles firms because they manages and owns a business and tries to sustain at marketplace for a longer period of time.
These are the business organisations which try to bring new and updated products for its consumers in the market with the help of seizing opportunities. Intrapreneur can have a connection here, because they also try to bring in changes among existing products and services (Roig-Tierno, Alcazar and Ribeiro-Navarrete, 2015). Through entrepreneurial firms it can be said that Intrapreneur can take initiatives through which many benefits can easily be gained like enhancement in sales or gaining good position within market in short period of time.
As per above task it has been concluded that various kinds of entrepreneurial business along with that it relates with entrepreneurship typologies can be helpful in running business in successful manner.
Section 2 Similarities and Difference between entrepreneurial ventures
According to entrepreneurs personality traits they are start new work which are full fill their aim as well as enhance self satisfaction in significant ways by this they are develop strong positive brand image in clients mind thus provide high profitability or sustainability in long period of time effectively (Kautonen, van Gelderen and Fink, 2015).
Along with this, it also identifies the difference as well as similarities within entrepreneurial business as it contribute in making positive as well as effective image within market
Section 3 Demonstrate an entrepreneurship understanding within both corporate and public sector
Corporate sector entrepreneurship is a enterprise which run with the aim of increasing revenue as well as profits (Hunt, 2015). These kinds of business run privately. On other side, public organisation are run as well as consider as a government property. They give several services to buyers for increasing their level of profits. These kinds of company are giving public services which are their within stock market. It is much required for entrepreneurs to understand the concepts that are related to both corporate and public sector business. For an instance, intrapreneur ventures along with public sector company i.e. 3M. This organisation sells their shares in stock market. Vanguard Group hold much number of shares of it. This could considered as intraprenuer venturing.
On the other hand, Gore-Tex fabric can be considered as a good example of Intrapreneur under corporate sector. It has been found that Sir Richard Branson tries to deliver every single resource to new entrepreneurs that are having new and innovative ideas of venturing with keeping a condition that the person have to use the name of Virgin Group.