Entrepreneurship is the act of setting up the new business or modifies existing business organization. According to the economic context, entrepreneurship refers to combine of land, resources, labor, and capital in order to make of the business profit (Allen & Meyer, 2010). The people who are involved with small businesses are called entrepreneurs. Now many people have highly interested to become the entrepreneur because now they feel that job condition is very bad every sector. So they are interested to become a successful entrepreneur and create many job vacancies for unemployed people. Now they go to many small business consultancy firms to get the idea about small business. This report is prepared in order to give the best idea about small business to new entrepreneurs. This report is investigated real examples of local business in the UK that gives the best idea about small business. Joe Woods is the very successful entrepreneur. He has local IT business in the UK. This report is going to describe different type entrepreneur's ventures, compare different environment, and evacuate entrepreneur's impact on the economy at the different level in the UK.
Task 1.- P1: Examine different types of entrepreneurial ventures and explain how they relate to the typology of enterpreneurship
Entrepreneurship has been described as creating the idea for a new business and takes all type of the financial risk for making of the business profit. The best example of entrepreneurship refers to starting of the new business (LEE-ROSS, 2015). Entrepreneurs are very important persons because they create many job opportunities for unemployed people and they also have the good contribution to the country economic growth. This part is going to describe different types of the entrepreneurial ventures and relate to the typology of entrepreneurship.
Entrepreneurial: Schumpeterian Entrepreneur:
Joseph Alois is the creator of this entrepreneur. Joseph Alois was an American economist. He was a great intellectual's person. He had developed theories of socialism, capitalist business cycles and the theory of dynamic economic growth. Entrepreneurs operate the small business organization. The entrepreneurs become the very independent person. They become the very knowledgeable person. They are the innovative and creative person. They do maintain their own business policy to run their business activity. Joseph Alois thinks that investment plays an important role in enriching the country's economically prosperous. For example, Joe Woods is very creative and innovative person. He is the very successful entrepreneur. He is the independent person. He has a local IT business.
Entrepreneurs: Employees in companies:
Employees play the very important role in the business organization. The employees help to improve the new business idea of entrepreneurs in the business organization. They keep a great contribution to the growing country economic condition by developing an entrepreneur's innovative idea. They do work for the organization successes. They take the new idea from the owner and apply this idea in the business. For example, Joe woods provide a service number of companies who take payment from the vendor by credit/debit card. He has a local IT business. Many employees do work in his IT business. They play the very important role in providing services.
Managerial: Managerial business owners:
This type of entrepreneurship venture is the very modern venture. It describes the managerial entrepreneurship process. The manager is the key person to take all type of managerial decision. Managers are the very powerful person.
Typology of entrepreneurship:
Growth firms and lifestyle firms:
The growth and lifestyle firm main purpose is to earn more profit for a business and change lifestyle. These types of firms give more focuses on the business growth and change lifestyle. For example, Joe Woods has a local IT business in the UK. He provides many facilities number of companies. It is a growth firm because Joe woods main purpose is to earn more profit for his IT business.
Small medium and micro organization: These