Aspects of Entrepreneurship in Newly Created Business Environment

ASPECTS OF ENTREPRENEURSHIP IN NEWLY CREATED
BUSINESS ENVIRONMENT
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Table of Contents
Introduction......................................................................................................................................3
Task 1...............................................................................................................................................3
Lo1. Illustrating the range of venture types.....................................................................................3
P1 Examining different types of entrepreneurial ventures and with the concept of how they
related with typology of entrepreneurship.......................................................................................3
P2 Exploring the similarities and differences between entrepreneurial ventures............................5
Task 2...............................................................................................................................................6
Lo2. Impact of small business on economy.....................................................................................6
P3 Illustrating impact of micro and small business on the economy..............................................6
P4 importance of contribution to small business and business start-ups on growth of social
economy...........................................................................................................................................7
Task 3...............................................................................................................................................8
Lo3. Key aspects of an entrepreneurial mindset..............................................................................8
P5 Determining the traits, skills, characteristics of successful entrepreneurs.................................8
P6 Aspects of entrepreneurial personality reflect on entrepreneurial mindset and motivation.....10
Task 4.............................................................................................................................................11
Lo4. Different environments that can hinder or foster entrepreneurship......................................11
P7 Examining how background and experience can hinder entrepreneurship..............................11
Conclusion.....................................................................................................................................12
Reference list.................................................................................................................................13
Appendixes....................................................................................................................................14
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Introduction
Entrepreneurship is a feature of companies that work on the design, development and
management of a small business. Further, it should be mentioned that entrepreneurship plays an
important function in the development of the 21st century. The introduction of entrepreneurship
aims to discuss the importance and role of entrepreneurs in our society. Many countries have
supported entrepreneurship so that they can reduce sustainable poverty and show the results of
being effectively recipients of economic growth (Autio et al. 2014).
In this context of a discussion, there is all about the brief summary for discussing the scope of
entrepreneurship and also illustrate the obstacles for start-ups. This task will further discuss the
risk/return ratio for starting a new company. It should further be concluded that all discussions
are on the basis of NUJIs (a well known online company related to daily fashion and lifestyle
goods manufacturing) entrepreneur’s thought.
Task 1
Lo1. Illustrating the range of venture types
P1 Examining different types of entrepreneurial ventures and with the concept of how they
related with typology of entrepreneurship
There are mainly four categories of entrepreneurial venture which includes-
Types of
Entrepreneurship
Related various aspects of respective entrepreneurship model
Social
entrepreneurship
This kind of entrepreneurship mainly deals with the thoughts of
providing good services to the people for world's better. In this
entrepreneurship model or respected organization mainly works with
global health organization for a philanthropic mission in countries
development. Basically, in this context of entrepreneurship model,
entrepreneurs make a decision for both public's health and organization
development.
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Small business
entrepreneurship
Small business entrepreneurship related to the small business
organization mainly looks like an independently owned and
independently conducted for making the earnings. It should always be
remembered that the main objectives of the small business are to make
more money and able to facilitate sustainable business performances
compared to MNC or big companies. As there is a sufficient amount of
members are involved in the small business environment, for expanding
the existing small business the organization may face a lot of trouble for
sustainable business performances. For getting information point of view
it is clear that the capitals or assets of this small business organization are
families, bank balance and friends support and involvement (Autio et al.
2014).
Large company
entrepreneurship
In case of the large business organization, the company must go through
some long time finite process cycles which give additional attachment for
getting the sustainable business environment as well as for increasing in
encouragement in business entrepreneurship decision making (Ibrahim
and Lucky, 2014). As large companies deal with large amounts of
products and related customers, it is always recommended for effective
business entrepreneurship decision.
Scalable startup
entrepreneurship
This kind of entrepreneurship is similar to the small business
entrepreneurship only differences in the concept of that this kind of
entrepreneur mainly invest their money and makes their decision on the
brightest candidate of organization for researching on the scalable and
repeatable business plan (Choi and Majumdar, 2014).
Table 1: Different types of entrepreneurial ventures
(Source: Ibrahim and Lucky, 2014)
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