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How Entrepreneurship Impacts the Social Economy

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Added on  2020-01-28

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Entrepreneurship INTRODUCTION 1 TASK 11 P1Types of entrepreneurial venture: 1 P2 Similarities and Differences between Entrepreneurial Ventures: 2 TASK 24 P3: Micro and small business impact on the economy:4 P4& | D2 Small business and business start-up with contribute to the growth of the social economy 5 TASK 36 P6 & D1 Aspect of Entrepreneurial Personality Reflect Motivation and Mind Set8 TASK 49 P7&M4 Background and experience can hinder

How Entrepreneurship Impacts the Social Economy

   Added on 2020-01-28

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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1Types of entrepreneurial venture:......................................................................................1P2 Similarities and Differences between Entrepreneurial Ventures:....................................2TASK 2............................................................................................................................................4P3: Micro and small business impact on the economy:.........................................................4P4& D2 Small business and business start-up with contribute to the growth of the socialeconomy.................................................................................................................................5TASK 3 ...........................................................................................................................................6P6 & D1 Aspect of Entrepreneurial Personality Reflect Motivation and Mind Set...............8TASK 4 ...........................................................................................................................................9P7&M4 Background and experience can hinder or foster entrepreneurship.........................9CONCLUSION................................................................................................................................9REFERENCES .............................................................................................................................10
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INTRODUCTIONThe new opportunities in business have taken a long way after Brixit. Entrepreneurial ventureshave made huge investment towards the economy people have now emerged with the ideas of startingtheir own business. An entrepreneur is a person who have new ideas and he uses those ideas to have astart-up of his own business activities(West 2011.). Brixit no doubt brings threats, but it also broughtmany opportunities for people to start their own business plans . UK government at the initial phasehelps people for small medium enterprise project(SME).An entrepreneur is a person who explores newventures and start-up by taking risk because a person never knows his start-up will make him achievegrowth or loss he has the ability to take risk and fight with the situation(Amorós, Basco and Romaní,2016) . He is always motivated by his work and he does take courage to do his work with motivationand encourages other people to start-up their own ventures.TASK 1P1Types of entrepreneurial venture:There are different types of entrepreneurship ventures that are related to the activities of theentrepreneur they are summarised as follows:Small Business Entrepreneurship Ventures: Small business ventures have emerged aroundthe wheels .People in U.K are still having their small business with 500 peoples working underthem. Small business includes grocery,carpenter, travel agent,contractors etc. They are thepeople who run their own business and most of the businesses are profitable. Success in truesense comes into picture when a person is able to fulfil his necessary requirement and he isready to feed his family members and most of the new entrepreneurs take funds for theirbusiness from their family members.Scalable Start-up Entrepreneurship: Unlike the small businesses scalable start-up are alsoknown as the silicon valley entrepreneurs and their ventures are done by the investors(Anantadjaya,, Finardi and Nawangwulan, 2010.).These entrepreneurs start their ventures fromthe first day and their vision could change the world. They attract the investment from thefinancial investors that is venture capitalist. They search the repeatable and scalable businessmodels which can be implemented and thus they focuses on the scale required to capture morecapital venture to get rapid business expansion. Scalable start-up are mostly in the innovationclusters like silicon valley,new york, Israel etc. they make up a small percentage of theenterprisers and start-up because the outside returns attract almost the risk of capital returns.1
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Large Company Enterprises: Large companies have a finite life cycle. They grew throughsustaining innovations and offering new products to the customers that are different from theircore products (D’Almeida, 2016). Changes in the taste and preferences of the customers,innovation in the technology, change in laws,competitors position etc. can create a pressure formore innovation in the product line and thus entry of the new products and the new customersin the market. Existing company do this by either acquiring the product or by making changesin the existing product which can attract the customers towards the product(Bratianu, andStanciu, 2010) . Ironically large size of companies and culture make it difficult to bringinnovation in the products. Innovation in the product is necessary to sustain the business for thelong run because people demands changes according to their needs and requirements andchanges in the product makes the product modify according top the needs of the customers.Social Entrepreneurship Venture: Social entrepreneurs are the innovators who focuses oncreating the product and the services according to the need and demands of the customers andthus solving their social needs .But unlike the idea of the scalable start-up they main aim is tomake the world a better and comfortable place to work in , not to take any share from themarket focus on how the funds can be generated initially and to create the wealth for thefounders(Sundar, 2016) . They may work for non-profit,profit or hybrid.P2 Similarities and Differences between Entrepreneurial Ventures:There are many similarities and differences between different capital ventures which aresummarised as:Differences between the capital ventures:BasisSmall businessSocial GoodEnterpriseScalable start-up(highgrowth companies)Type of firmDefinitionGoalSmall business firmThese are independentowned business runningfor profit maximizationand is not dominanttowards its fieldTo grow into a longSocial good businessThe business is basedon innovation solutionsand their desire to makethe world a better placeMaximising the impactScalable start-upThey focused on theyoung minds with thepotential to create thenew market or makeinnovation in theproductsCompany focuses on2
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