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Introduction

Entrepreneurship refers as an important process through which a person run their business by taking risk and converting into larger profitability. It is a dynamic process to create the chances of attaining wealth which may leads in improving the economic growth. In addition of this, entrepreneurs also define new and innovative ideas to set their business and at the same time also deliver quality products and services (Blackburn, Hart and Wainwright, 2013). For attaining higher growth level in market, entrepreneur should make innovative products to invite larger number of customers towards its products. In addition of this, small business management is also play important role in managing as well as developing process in an effective manner for attaining positive outcomes. The main aim of this is to generate profitability level at market place. Current report is discussed about venture types with typologies. Along with this, impact of small business also defined in this report to improve the economic growth. Furthermore, key aspects of entrepreneurial aspects also mentioned in this project which foster on hinder the entrepreneurship.

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Task 1

P1 Types of entrepreneurial ventures and their relationship with typologies

Entrepreneurial Ventures:

It is refer to smaller venture which is operate with the aim of attaining day to day profit. Along with this, it is that type of business which make as well as run by individual with new and innovative way to attain number of opportunities. This will directly contribute in developing economic growth. Along with this, entrepreneurial venture are contribute in developing economic condition and creating wealth by taking huge risk. This will aid in producing creative goods and services.

Entrepreneur:

An individual who run their business with limited resources and huge risk as well. Along with this they are only one person who make new and creative goods, take risk with the purpose of generating larger profitability (Bridge and O'Neill, 2012).

Types of Entrepreneurs: There are some entrepreneurs who operate their business with their specific goals and objectives. All these can be understood by following points:

  • Serial Entrepreneurs: These type of people are start their business with new and innovative ideas and also implement on continuous basis. They having enough funds to operate their business in appropriate way (Carsrud and Brännback, 2011).
  • Social Entrepreneurs: These type of people who operate their business for resolving society problems not generate profits. Along with this, they are capable for handling issues of society in order to provide them solution. This will lead in improving development of economic growth.
  • Female Entrepreneurs: These type of entrepreneurs are mostly women who start entire business activities with effective way. These type of companies ate owed by female entrepreneurs as they are highly responsible for determining 51% employment.

Concept of Entrepreneurship:

It is consider as an important process of designing, preparing for launching new and innovative business with the purpose of attaining profitability level. In this they take huge risk to convert into profit. Along with this, it is an effective and creative process which take lots of time and energy to run business for grabbing customers attention towards attractive products.

Key Ventures of Entrepreneurs:

  • Small business entrepreneurship: In current scenario, various small business are operate in UK market. Mainly, approx 6 million operate their business at small level with the aim of improving the economic growth (Micro and small-business ventures, 2017). This type of business includes various firm such as travel agents, carpenters, electricians, cafe owner and many more. IN addition of this, all these type of business operate in their risk which the aim of attaining larger profitability at market place.
  • Scalable entrepreneurship: These type of venture are define new and ideas with the purpose of change the world. In addition of this, they also manager as well as arrange funds for market to improving the overall performance level.
  • Social entrepreneurship: These type of business are operate with the purpose of providing benefits to society by providing them quality products (Chittithaworn and et. al., 2011). They also set their process for improving their living standard which contribute developing economic growth of the nation. One of the main aim of this type of business organization is to provide solution to the society in order to improve their living standard.

Relation of Venture With Entrepreneur Typolog:


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