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Posted By Admin @ Feb 28, 2022
Introduction of Entrepreneurial Ventures
In the growth of the social and economic condition of a country, entrepreneurship has a vital role. Entrepreneurship not only contributes to the national development but also bring improvement in the economic and social conditions of the local and regional markets. Even the term entrepreneurship is considered a simple term but it relates to dynamic and complex working. We cannot limit entrepreneurship to a single occupation and field of work. It relates to many areas of work and requires different strategies and capabilities each time. In this present work, various types of entrepreneurial ventures are discussed in detail. Present work also throws light on scope, development and growth of the economy and entrepreneurial ventures in the country of Oman.
Types of Entrepreneurial Ventures
According to the research study of Ducker (2014), entrepreneurship is a creative business approach that depends upon innovative ideas and creative outcomes. In entrepreneurship, entrepreneurs control, organize and manage people working with them in an innovative and most influential way to accomplish organizational goals. There are various types of entrepreneurial ventures associated with the organization and companies. Large corporates work in a highly competitive market. Because of stable demand and high-profit margin many companies prefer to work as a corporate (Reed, 2018). Although, it is essential to ensure effective changes in the enterprises business whenever the need arises to become more adaptive and suitable for customers. Entrepreneurs with their innovativeness and creativity manifest best in the change management system. Another type of entrepreneurship venture is entrepreneurship of small business. Such small business entrepreneurs are quite common in the markets of the UK. In accordance with the statistics of 2015 and 2016, around 3630 new enterprises were initiated as a small business in the markets of the United Kingdom. Analysis indicates that small business entrepreneurship provides employment opportunities to the 19.8% labour market of the UK. The third type of entrepreneurial ventures is scalable business startups which itself work as a source to generate revenue and funds. Social entrepreneurship is the 4th type of entrepreneurial ventures which aims to provide services and products for the betterment of society and targeted group of people. Social entrepreneurship based manufacturing plants pay emphasis on the production of products that contributes to the increase of society an environment efficiency and effectiveness.