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Acquisition of Entrepreneurship - Report

   

Added on  2020-01-16

21 Pages6667 Words255 Views
ENTREPRENURSHIP

TABLE OF CONTENTINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Examining different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship......................................................................................................1P2. Exploring the similarities and differences between entrepreneurial ventures......................2M1. Investigating a diverse range of entrepreneurial ventures to demonstrate an understandingof entrepreneurship in both the public and corporate sector.......................................................3D1. Critically examining the scope, development and growth of entrepreneurial ventures.......3TASK 2............................................................................................................................................3P3. Assessing and interpreting relevant data and statistics to illustrate how micro and smallbusinesses impact on the economy.............................................................................................3M2 Evaluating the differences that small, medium and large businesses make to the economy,applying relevant data and statistics............................................................................................4P4. Explaining how important small businesses and business start –ups will contribute to thegrowth of the social economy after ‘Brexit’...............................................................................4D2 Critically examining how small businesses have an impact on different levels of theeconomy in a local, regional, national and international context................................................5TASK 3 ...........................................................................................................................................5P5. Determining the characteristics, traits and skills of two successful entrepreneurs, whichdifferentiate them from other business managers.......................................................................5P6. Assessing the aspects of the entrepreneurial personality as discussed in P5 to reflectentrepreneurial motivation and mindset......................................................................................6M3. Exploring and examining different lines of argument relating to entrepreneurialcharacteristics..............................................................................................................................8D3 Analysing the characteristics, traits, skills and motivational drivers of successfulentrepreneurs, supported by specific examples...........................................................................8TASK 4............................................................................................................................................9P7. With practical examples obtained through your mini-research, examining howbackground and experience can hinder or foster entrepreneurship.............................................9

M4 Linking the entrepreneurial characteristics and the influence of personal background andexperience to specific successful entrepreneurs..........................................................................9D4 Critically evaluating the way in which background and experience influencesentrepreneurs, both positively and negatively, by comparing and contrasting examples.........10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONThe term entrepreneurship being a conventional term is referred to the capability andwillingness of an individual to evolve, form and handle a business enterprise. It is howevercomposed of some leading number of risks associated with this process to generate liable amountof profits. An apparent illustration of this term entrepreneurship is commencing a new businessestablishment. It is together outlined as a procedure of scheming, launching and operating a newbusiness venture that typically starts as a small business entity reflecting a start-up organisationthat offers product and services either on sale or rent (Drucker, 2014). Herein, the people gettinginto such procedure are referred as entrepreneurs and in economics, the term entrepreneurship isbeing united with the proposition of land, natural resources, labour and capital to make profits.However, this spirit of entrepreneurship is featured by a vital principle of invention with a risktaking attitude and in turn is reflected to be the most crucial part that outlines the capability of anation to prosper in a dynamic, competing and rising market all over the globe. The below reporthas demonstrated a similar acquisition of entrepreneurship by referring to the bestowed casescenarios. TASK 1P1. Examining different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurshipEntrepreneurial ventures helps in attaining primary goals and also enhance theprofitability as well as growth. Moreover, it is characterised by the innovative strategic practices.Entrepreneurial ventures helps in developing the basic business idea in improving themerchandise and services with the target market as well as consumers (Baum, Frese and Baron,2014). It also succour in scanning the external environment which locate the different factors ofthe opportunities and threats. Different type of entrepreneurial ventures which are related withthe typology. They are: Type of entrepreneurial ventureDescription Small business venturesThere are those ventures who start the business by takingrisk and generate more revenue. It is related withaccomplished entrepreneur. This entrepreneur gone throughthe all stages of entrepreneurship and helps in building1

successful business. Scalable start up venturesThese venture having a moto that they have to change thevision as well as mission statement (Kuratko, 2016). It isrelated with a determined entrepreneur which helps inattaining success without doing copy any things. Large company ventureThese ventures helps in making large and long terminvestment and also include different factors likeinnovation creativity etc. It is related with the skepticalentrepreneur which assist in examining the whole businessif any problem found then then they have to resolve. Social ventureThese venture focus on creating the new product or developthe existing one (Carland, Carland and Stewart, 2015). It isrelated to research entrepreneur. In this they have to doproper research to improve the business by usingappropriate strategy. Different types of entrepreneurs are discussed below:Trading Entrepreneur: these type of business persons conducts activities related totrading. They purchase products from producers and these goods are sold to thecustomers either directly or through retailers. They act as a mediator betweenmanufacturer and consumers.Manufacturing Entrepreneur: They are engaged in manufacturing products andcommodities. Needs and requirements of the customers are identified and accordinglyresources and technology is used in development process.Agricultural Entrepreneur: they are basically involved into agricultural activities such ascultivation, irrigation, marketing of agricultural products.Technical : They are engaged into running business based on science and use oftechnology. They always attempt to make use of innovative approach and latesttechnology in the processes.2

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