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Introduction

Entrepreneurial defines as the innovations and creativity to develop business. Small business enterprises are an independent authority. New or existing small business are supported by SBDC (small business development corporation). Present report is based on small business that carry to make development in further aspects (Burns, 2016). In addition to this, it covers different types of entrepreneurial ventures. Furthermore, roles, characteristic, differences of several entrepreneurs describes. Moreover, it helps to provide small business part to create growth and effective results. At last, there are different entrepreneurs describe who possess innovative characteristics. (Burns, 2016)

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Part 1

P1 Types of entrepreneurial ventures

There are four types of entrepreneurial ventures like small business entrepreneurship, scalable start up entrepreneurship, large company entrepreneurship and social entrepreneurship.

  1. Entrepreneurship Of Small Business: In a small business entrepreneurship, they hire local employees or members of family. These types of businesses are barely profitable. Anyone who runs their own business, are entrepreneurs(Burns, 2016.). The main aim of these types of business is to fulfil the needs and requirements of the family and then make a profit, to take over any industry is not aim of these types of business because they don't provide the scale to attract capital of ventures . Related to the typology of small enterprises there are some kinds of benefits like : less time in solve the problems of customer, easy to handle client's concerns and questions immediately, ability to giving services to the customers. In small enterprises, they are able to send experts on a lesser cost. Overheads cost are lesser than other enterprises, it is more flexible because of accepting market conditions immediately(Schaper, And et.al., 2014).
  2. Entrepreneurship Of Scalable Start-Up: Where small business means risk and return is reasonable, whether scalable start-up means risk and return is unreasonable. The vision of the scalable start up business is to make a large or new market, they willing to make best of time and money(Lofstrom,, Bates, and Parker, 2014). In the order to related with typology of entrepreneurship, there are some benefits like independence to choice all aspects, entering cost is low, high quality of life, independence to ask question and so on.
  3. Entrepreneurship Of Large Company: There are requirements to create new products and to sold into new customers. In an entrepreneurship of large company there are changes in legislation, new technologies and taste of customers(Amato, And et.al., 2017). There are some benefits in according to related with typology of entrepreneurship like :
    • Accessibility to finance
    • Expansion and growth
    • Higher capacity to take risk
    • Talent of attracting customers
    • Benefits from many types of advertisement
    • Overhead cost will be lesser
    • Labour division
  4. Social Entrepreneurship: These are innovators or entrepreneurs who focus on creating that products or services which can solve the social problems and needs. By using of other entrepreneurs and start up companies, they develop fund and investment to solve the problems of environmental issues. This entrepreneurship is applicable to different type of organization with variety of sizes and beliefs(Burns, 2016). Social entrepreneurship is facilitated by using of social networking sites or social media websites. Social entrepreneurship is not a new idea but in present time it has become a popular among academic research. Social entrepreneurship can be divided into different categories like community based, social responsibility based, society economic based or industry professionals based. These enterprises are the best way to raise capital of an organization by relating with typology of entrepreneurship. It is easy to promote and marketing of their product and service. It is cost effectiveness enterprise. (Burns, 2016)

P2 similarities and differences between different types of entrepreneurship ventures

Differences between private or public sector entrepreneurship ventures :

 

Private sector

Public sector

Structure of organisation

Structure of organization is easy to understand

Structure of public org. is complex with various tasks.

performance

Performance related to return on investment

Performance is based on multiple indicators and targets.

Issues of management

Management includes issues related to shareholders and financial stringency.

Management includes issues related to private sectors

Meaning

Private enterprises means an enterprise which is controlled and managed by private entrepreneurs.

Public enterprise means an enterprise which is controlled and managed by central government or any local authority

objectives

Objectives of private enterprises is to maximize profit, to maximize shareholders wealth and fulfil wants of the customers.

Objectives of public enterprises is to secure welfare of public, to reduce gape distinction of income distribution.

forms

Forms of these enterprises can be sole proprietor, franchise and limited companies.

Forms of these enterprises can be divided into three parts like public corporation, governmental company and departmental undertakings.

Similarities between private or public sector entrepreneurship

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