I’m studying for my Business class and need an explanation.
Please compare the four types of entrepreneurial ventures in the following categories:
1. Number of employees.
2. Annual revenue.
3. Capital needed to start the firm.
4. Technological complexity.
5. Potential for sustained growth to over $1M in annual sales.
6. Ability to replace large, established corporations.
4 types of entrepreneurial ventures:
There are many types of new entrepreneurial ventures. These include:
Micro businesses like ‘Mom and Pop’ shops and stores. These are often
comprised of 1 to 2 people and are often lifestyle businesses that have an
annual income of approximately $100,000. Most start-ups and small
businesses are micro businesses.
Restaurants and franchises. Owning a restaurant or franchise business is a
well-established way to be an entrepreneur.
Family businesses. Some entrepreneurial ventures are family run businesses.
For example, a father might start a small business that his son joins and grows
over ensuing generations.
High-tech, high-growth. These types of businesses often overshadow other
types of new businesses. Companies like Google and Apple can be considered
high-tech, high growth. Within this space, there are several types of industries
that can impact how the business is started, managed, and grown. These
include physical devices (like Apple), information technology (like Google), bio
technology (genetic drug companies), and nano technology. This course will
focus primarily on these types of firms, as they are arguably the most complex
to begin and to grow successfully.