Question :
This is the assignment which is based on Wiser Co. is a recruitment and creative business entity who gives dynamic as well as young persons a platform where they can dream higher in order to achieve all their goals. This is a report which includes
- Discussion about different sort of entrepreneurial venture.
- Identify the influence of micro and small ventures on economy of UK.
- Define the main aspects of entrepreneurial characteristics and mindset.
- Examine the different factors, like past experience and background, that hinder or foster entrepreneurship in an individual.
Answer :
INTRODUCTION
Entrepreneurship is a person with different ideas is an corporate entity as well as entrepreneur which they are operating is to be known as business. Procedure of running a enterprise by an entrepreneur is called as entrepreneurship. Their are various ways in which different ideas can be used in the process of production, process of sales and distribution etc. Important benefits of entrepreneurship is that it allows enterprise personnel for meeting competitors advantages which help in making a marketplace stronger than rivals in business. This assignment is based on Wiser Co. which is a recruitment and creative company as well as give dynamic and young persons to a platform where they can dream higher to achieve all achievements which they can meet in their lifetime (Ács, Autio and Szerb, 2014). In this report they have also discussed about various kinds of typologies along with that similarities and differences within entrepreneurs ventures.
TASK 1
P1 Various kinds of entrepreneurial ventures and their relation with typology
Major entrepreneurs anxiety is to have a proper numbers of workers who able to work all tasks efficiency as well as various employees should be perfect mean that it should not be so less whom they will not able to achieve all benefits along with that not so large which may increase price within a limited period of time. Fixed numbers of workers are help in achieving all benefits by doing all tasks in a very profitable way. Some of ventures is related to sole proprietorship are as follows:
- Small business enterprise: These ventures begins by a particular peoples for satisfying requirements of family members as well as himself. Companies examples are plumbers, owners of grocery shops, painters etc. these persons operate their industry for fulfilling their requirements. Small scale business are interrelated with others typologies of enterprise (Bae and et. al., 2014). They are those personnels who give their efforts in this business for achieving a better advantages of financial and higher market share. The activities which makes an business successful by satisfying the requirements of customers by providing them quality of products and services along with that its main reason behind it is manufacturing a different items as well as facilities for achieving buyers satisfaction at a higher level. Either profits or loss to a business will be of entrepreneur itself.
- Scalable Start-Ups Entrepreneurship: These business take a growth as per time goes. When a people run these kind of companies then it means entrepreneur will able to earn money from different sources. Most important concern of these business are to improve society level by providing extraordinary quality of services and goods. All the activities of enterprise are depend on financial resources as well as it is needed from businessman that he have to arrange proper amount of finance for organising all activities in a perfect way due to having a lots of risk in these types of ventures which is not bearable by everyone.
- Social Entrepreneurship: Important purpose of these kind of business are to provide good quality of services and goods to society as well as these business also have to facilitate the members of society in increasing their standards of living by giving opportunity of employments to dynamic and young personnels from total population. Facilities can be anything like as education to those peoples who are not having proper resources of finance.
Types of Topology - The different kinds of Entrepreneurial typologies are :-
- Lifestyle Ventures – These kind of enterprise provide immediate profits to industry. They mainly likes to work alone (Baum, Frese and Baron, 2014).
- Survival Ventures – These are kinds of enterprise which is began just to earn a livelihood for family. It is mainly a small enterprise which can be in a form of internet cafe, Grocery store, barber store etc.
- Managed Growth Ventures: These are the enterprises that is operated by a smart enterprise man as they knows how to generate money. The person who invest in company knows that there finance will not waste as well as they will generate profits.
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P2 Differences and similarities between entrepreneurial ventures
There are different kinds of entrepreneurial business that are operating within society . All these are efficient and effective way. They all are having some similarities along with that they are very different from one another. So, the differences and similarities are represent between the kinds of entrepreneurial business are as follows:
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SIMILARITIES |
Lifestyle Ventures |
Social Entrepreneurs |
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DIFFERENCES |
Lifestyle Ventures |
Serial Entrepreneurs |
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