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ENTREPRENEURSHIP INTRODUCTION

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Added on  2021-01-02

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Examine different types of entrepreneurial ventures 1 P 2 Explore the similarities and differences between entrepreneurial ventures.4 P 3. Assess and interpret relevant data and statistics6 P 4 Explain how important small businesses and business start –ups 7 P 5 Determine the characteristics, traits and skills of two successful entrepreneurs 8 P 6 aspects of the entrepreneurial personality as discussed in P 5, reflect entrepreneurial motivation and mind-set.

ENTREPRENEURSHIP INTRODUCTION

   Added on 2021-01-02

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Table of ContentsINTRODUCTION...........................................................................................................................1P 1. Examine different types of entrepreneurial ventures......................................................1P 2 Explore the similarities and differences between entrepreneurial ventures.....................4P 3. Assess and interpret relevant data and statistics..............................................................6P 4 Explain how important small businesses and business start –ups....................................7P 5 Determine the characteristics, traits and skills of two successful entrepreneurs.............8P 6 aspects of the entrepreneurial personality as discussed in P 5, reflect entrepreneurialmotivation and mind-set.......................................................................................................11P 7. With practical examples obtained through your mini-research, examine how backgroundand experience can hinder or foster entrepreneurship..........................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
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INTRODUCTIONEntrepreneurship and small business management are the core areas which arecontinuously developing. Entrepreneurs need creative and innovative minds that are willing totake different levels of risks which are involved in business management. Every business start-upis established by small businesses (Scarborough, 2016). Small business contains different typesof entrepreneurial ventures for entrepreneurs. Entrepreneurship is a primary element for the economic growth of a country. More thanhalf of the employees in the private sector are employed by small business enterprises. Theobjective of the report is to explain different types of entrepreneurial ventures and its relationshipwith entrepreneurship typology. Apart from this, it will cover similarities and dissimilaritiesbetween commercial ventures. Further, it will assess and interpret relevant data to know howmicro and macro businesses impact on the economy. Moreover, it will explain characteristics,attributes and skills of successful entrepreneurs, which make them different from other businessmanagers. P 1. Examine different types of entrepreneurial venturesEntrepreneurship is all about risk, failure and success, enhancing it and learning from it.The working of entrepreneurship seems simple but it is complex and dynamic and alsocapabilities in each individual is different from one another in respect of knowledge the gain. Asmall business may also be considered as business venture. Many business ventures areestablished based on the demand or supply in the market. The entrepreneurial ventures can beexplained in different types i.e. microenterprise, small, medium sized, and large enterprises. Sole proprietorship: - it is clear by its name that sole proprietorship is a type ofbusinesses which is owned and managed by a sole proprietor i.e. an individual person. This is thesimplest form of business entity. It is a business which is run by only one person. Soleproprietorship is free from legal entity. The business has no existence separate from its owner.The sole proprietor is responsible for everything the venture does. He is entitled for all profitsand are responsible for all debts, losses and liabilities (Storey, 2016). Many new entrepreneursstart a new business as a sole proprietorship. Advantages of being in a sole proprietorship are:easy and less expensive to registerdecision making have a direct control1
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nominal working capital is required for start up profit directly goes to the ownerPartnership: - it is a type of business which is owned and managed by two or morepersons. When business is run by two or more persons, it is known as partnership. All thepartners are equally responsible for sharing either profits or losses and debts. They contributecapital, property, skills, etc. Under partnership, the workload of partners is low as they share itbetween them. It is a legal based entity formed by the agreement between two or moreentrepreneurs to run a business as owners. A partnership is different from corporation; it is not aseparate entity from its owner. Advantages of being in a partnership firm:it is easy, less expensive and fairly to form a partnershipequal share in profits, losses and capitalCorporation: - a corporation is fully independent business created by shareholders and itis the most beneficial way for the commencement of a business (Burns and Dewhurst, 2016). It isa separate legal entity. A corporation involves all the rights legally of an individual such as it hasa right to enter into contracts, borrow money, sue and can be sued, hire employees, etc. It is atype of organisation formed by a group of people, and it has rights and liabilities separated fromthose of individual. Advantages of corporation are:it is a separate legal entityit is easy to raise capitaltransferable ownershipit contains limited liabilityLarge company entrepreneurship: This type of business have finite cycles and most ofthem grow through sustaining innovation and also offer new and different products which leadstowards a change. This type of entrepreneur also makes changes in the existing product in orderto make their product more popular in the market.Small Business entrepreneurship: These type of business are grocery stores, travelagents, internet commerce storefront, carpenters and plumbers etc. these types of entrepreneuronly provide opportunities in order to lead their business to make more profitable.2
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