Characteristics of Entrepreneurial Ventures Entrepreneurship 30 |

Introduction Characteristics of an entrepreneurial venture are limitless and may be at differing levels of complexity. They include: a set goal – something that needs to be accomplished an element of risk – an individual is taking a chance personal commitment – dedication to the business planning and preparation a commitment of numerous resources.

Types of Entrepreneurial Organizations Profit Non-profit Large scale Service production Local Provincial National International Co-operatives

Other Types of Organizations Entrepreneurs may also develop ventures around social issues including: environmental concerns globalization reduced agricultural productivity aging population unemployment stresses on the health care system managing deficits technological advancements agricultural development, and our multicultural society.

Profit A business or other organization whose primary goal is making money (a profit), as opposed to a non profit organization which focuses a goal such as helping the community and is concerned with money only as much as necessary to keep the organization operating. Most companies considered to be businesses are for profit organizations; this includes anything from retail stores to restaurants to insurance companies to real estate companies.

Non Profit An incorporated organization which exists for educational or charitable reasons, and from which its shareholders or trustees do not benefit financially. Any money earned must be retained by the organization, and used for its own expenses, operations, and programs. Many non-profit organizations also seek tax exempt status, and may also be exempt from local taxes including sales taxes or property taxes. Well- known non-profit organizations include Habitat for Humanity, the Red Cross, and United Way. also called not-for-profit

Large Scale Organization A business with many locations, large employee base and is usually a national or international based business – Home Depot, Boston Pizza,

Service Organization A commercial enterprise that provides work performed in an expert manner by an individual or team for the benefit of its customers. The typical service business provides intangible products, such as accounting, banking, consulting, cleaning, landscaping, education, insurance, treatment, and transportation services.

Local Organization A company which provides goods or services to a local population. Though most often used when referring to a locally-owned business, the term may also be used to describe a franchise or corporate branch operating within a local area.

Provincial Organizations A business that stays in operation throughout the province has many locations in different cities and towns.

National Organization A business that stays in operation within the country it was formed and has many locations in different provinces.

International Organizations A business that stays in operation throughout the world has many locations in different countries.

Cooperative Organizations Firm owned, controlled, and operated by a group of users for their own benefit. Each member contributes equity capital, and shares in the control of the firm on the basis of one-member, one-vote principle (and not in proportion to his or her equity contribution). The Co-Op in town is an example of this.