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In this report, there will be a brief classification of the different entrepreneurship ventures. Entrepreneurship is the activity or systematic process of setting up a new business or start-up with new ideas and innovations will be defined. The similarities and differences between different ventures will also described. The impact of the small, medium and large businesses on the economy is highlighted that how they help in the growth of the country economy will be discussed. The objective of this report is to have knowledge about the ventures and how they help in generating employment will define in this report.
Entrepreneurship- Entrepreneurship defines how an entrepreneur does research in the market about the new opportunities and then captures the best one and tries to convert that opportunity by starting a new business or start-up. They focus on finding out the new ideas and innovation which can give the society, world something new which adds on something good in the life of the people.
The small business includes sole proprietors and partnership firms. Business ethics and principles of entrepreneurship can be easily learned from the small business enterprise (Morris et al, 2018).
Public Sector- The public organization are those where all the control over the organization is of the government only, they are the only ones who take the various decision for the organization that how they have to run it. There is no enrolment of the private sector people on the public organization. They have a big amount of investment in their projects as compared to the private sector (Demircioglu & Audretsch, 2017).
Corporate Sector - The Corporate sector organization is owned and run by the sole proprietors or group of people in the form of a partnership firm. They come up with new ideas and innovations most of the time to serve their customer something better and unique all the time. The amount of investment maybe not that big as compared to the public sector (Morgan, 2016).
Small Business- The small businesses are opened at a small level. They are opened in the local area where the owner of the small business lives. Their motive to open such a business is to support their living. In the small business, the amount of the investment is very small as compared to the other types of businesses.
Medium Business- Medium business also has an impact on the economy as when new medium-size (Parrilli & Radicic, 2020). Businesses open they generate more amount of employment as compared to small businesses. They also come up with the products and services which will help in generating money.
Large business- Large businesses make more good impact on the economy as compared to small and medium-sized businesses. They create a large number of employments in the country which reduces the ratio of unemployment which boosts up the economy of the country. Large businesses create new ideas and innovation which help in the solving of the problems of society (Olayemi & Bolanle, 2020).
Local Level Economy- Small businesses have a good impact on the local economy as by establishing a business in such areas they bring new products and services in the local areas where nothing was available. They give employment to the local peoples. With the help of the small businesses, they give growth to the rural areas where good products and services were not available. They also help in the local government earnings in the form of taxes.
Regional Level Economy- The regional level economy is classified in the form of geographical area. The various small businesses are opened in the different regional areas of the country. The different regions have their unique demands of products (Roos Lindgreen et al, 2019). and services which they need and small business help them by providing them what they need and they also contribute the small in creating jobs for the people. They somehow solve the problems of society by giving innovative products and services.
National Level Economy- Small businesses also help in the growth of the economy at the national level. By increasing the growth of both the rural and urban areas they contribute to the national economy as it is linked with both this areas. When help in developing the infrastructure of the country which contributes to the growth of the national economy. They generate employment at a high level and they also give employment to both skilled and unskilled peoples in the businesses (Martin & Sunley, 2020).
From the above report it can be concluded that entrepreneurship are highlighted which explain its types of ventures, how small, medium, and large businesses impact the economy. There are different types of characteristics and skills of successful entrepreneurs which help them in success of their business. The findings from this report are that nowadays various types of small business are opening which give the boost to the economy of the country. The entrepreneurs come up with innovations that improve the living standard of the people.
Proper Planning- Successful entrepreneurs believe in proper planning and making a good outline of their business.
Passion Towards work- Successful entrepreneurs are always passionate about the work that they want to do.
Clear Vision- Every successful entrepreneur has a clear vision that describes the purpose
Focusing on the Weaknesses- The successful entrepreneurs focus on their weakness also that what they don't know (Baqutayan, 2016).
Good Communication Skills- the Successful Entrepreneurs have good communication skills as it is very important for every entrepreneur.
Management Skills- Management skills are very important in the field of business.
Creative Thinking- This differentiate them from another business manager as they have the capabilities to find out the creative solution of the problems (Almahry et al, 2018).
Passionate- These personalities of the entrepreneurs have a good impact on their mindset and their motivation.
Dynamic- The entrepreneurs with dynamic personalities are always ready to adopt the new changes.
Always ready to face problems and issues- The entrepreneurs with these personalities are always ready to face problems (Chavez, 2016).
Always motivated- They have a clear mindset for their work, which helps them to achieve their desired goals.
Optimistic - Ready to accept the changes which may occur in the environment.
Opportunity capture- they do proper research of the market and always ready to see and capture the good opportunities (Davis et al, 2017).
Ineffective planning- Most of the time the entrepreneurs are not able to make the proper planning.
Improper management skills- are not always so effective that they can manage the tasks or works properly.
Lack effective communication- They are sometimes not able to communicate their thoughts properly to their team members (Fodor & Pintea, 2017).
Improve work efficiency- it helps them to do their work and build up their business in a very effective way and manner.
Systematic way of work builds in them.
Always motivate to deal different situations while dealing and working with others (Clark et al, 2018).
Positive impact on business growth and success.
Generate good idea and implementation throughout their business cycle.
Always not come with good implementation of their new idea in the business.
No sure chances of success all the time they start business(Tarling et al, 2016).
Passionate towards work and idea which they think and they work for them with full passion to achieve something.
Past learnings- Teach them something all the time which help them in future.
Flexibility- flexible with their work environment and always ready to adopt the changes this link with their experience (Lee & Kim, 2019).
To start something new by seeing the outside world.
High self-confidence which help them to lead others.
Poor knowledge of the past experience affect the business.
Over confident leads them to take wrong decisions in the hurry which can cause the loss of their business and their growth (Nguyen, 2018).
From the above presentation it can conclude that Entrepreneurial Skills impact their business and their personality reflect what they know and various positive or negative arguments tells a lot about them and their background and experience also have linkage with their business success and growth and their decisions which they take.
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Basole, R,C, Park, H, and Chao, R,O, 2018, 'Visual analysis of venture similarity in entrepreneurial ecosystems', IEEE Transactions on Engineering Management, 66(4), pp.568-582.
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Margiono, A, Zolin, R, and Chang, A, 2018, 'A typology of social venture business model configurations', International Journal of Entrepreneurial Behavior & Research.
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Morgan, R, Ensor, T, and Waters, H, 2016, 'Performance of private sector health care: implications for universal health coverage', The Lancet, 388(10044), pp.606-612.
Morris, M,H, Neumeyer, X, Jang, Y, and Kuratko, D,F, 2018, 'Distinguishing types of entrepreneurial ventures: An identity?based perspective', Journal of Small Business Management, 56(3), pp.453-474.
Olayemi, S,O,O, and Bolanle, A,O, 2020, 'Performance of Small and Medium Enterprises in Ondo State, Nigeria: Does Application of Information and Communication Technology Make a Difference?', INTERNATIONAL JOURNAL OF ACADEMIC RESEARCH IN BUSINESS AND SOCIAL SCIENCES, 10(3), pp.749-760.
Parrilli, M,D, and Radicic, D, 2020, 'STI and DUI innovation modes in micro-, small-, medium-and large-sized firms: distinctive patterns across Europe and the US', European Planning Studies, pp.1-23.
Roos Lindgreen, E, Salomone, R, and Reyes, T, 2020, 'A Critical Review of Academic Approaches, Methods and Tools to Assess Circular Economy at the Micro Level', Sustainability, 12(12), p.4973.
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