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(PDF) Assignment on Entrepreneurship

   

Added on  2020-09-17

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Entrepreneurship

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Entrepreneurial ventures and their relevance with entrepreneurial typology.......................1P2 Similarities and differences between entrepreneurial ventures.............................................3TASK 2............................................................................................................................................6P3. Impact of micro and small enterprise on economy...............................................................6P4. Significance of small business in growth of economy..........................................................8TASK 3............................................................................................................................................9P5 Describe traits, characteristics and skills of entrepreneurs....................................................9P6 Entrepreneurs reflect entrepreneurial mind set and motivations.........................................10TASK 4..........................................................................................................................................11P7 Experience and background can force and hinder entrepreneurship...................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONAn entrepreneur is the person who runs small businesses by assuming their all risks aswell as rewards of the venture. The person is also known as an innovator who generates uniqueideas and concepts in order to run its working activities. Along with this, entrepreneurship is theprocess of launching and running a small business in order to earn profits. It is an activity ofregulating a business and take financial risks so as to earn profits in target market. In this modernera, small business plays a vital role in economic growth and success of a country by providingjob opportunities to people (Blackburn, Hart and Wainwright 2013). The report will state varioustypes of entrepreneurial ventures and entrepreneurial typology. A research will be conduct thathow small businesses influence economy. In addition, different skills and characteristics are alsodescribed in this report. The assignment will be also evaluate how entrepreneurs reflectentrepreneurial motivation and mind set. TASK 1P1. Entrepreneurial ventures and their relevance with entrepreneurial typologyEntrepreneurship is an intermixture of different business operations which will beperformed by entrepreneurs in order to deliver something new and innovative to people. Suchpeople are always trying to provide something new and innovate to society with an aim ofgetting higher level of satisfaction from customers. For this purpose, entrepreneurs emphasismore and more on marketing research to understand current market trends. However,entrepreneurship also renders attractive employment opportunities to people for improving theirlifestyle (Stokes, Wilson and Wilson, 2010). Entrepreneurs have effective capabilities andwillingness to evolve, manage and organise a venture by carrying out all risks. But, largenumber of entrepreneurs are forcefully closed due to lack of funding, poor decision makingprocesses and financial downturns. Apart from this, there are diverse working activities are done by an entrepreneur whichassists him or her to run business organisation very efficiently and smoothly.; these tasks are-strong decision making process, operation management, trend analysis, problem solving,competitors analysis, formulation of business strategies and its execution etc. Successfulimplementation of working operations and practices, also helps business owners to achieve goalsand objectives in a certain time period (Entrepreneurship. 2017). There is described followingentrepreneurial ventures, such are stated as under - 1

Small scale entrepreneurship – Small scale businesses occupy an significant place inindustrial sectors. It provides wide range of opportunities to entrepreneurs in order toestablish their own venture in capital market. In addition, small enterprises are having agood scope as well as enormous potential therefore, they can use innovative andtechnological products to society (Shane, 2012). In this, entrepreneurs can easily exploit aprofitable business for earning profits and increasing sales revenue. Scalable start up entrepreneurship – These business are totally differ from small scalebusiness entities. Scaleable start ups business are run by those entrepreneurs who knowthat their idea can change the world. They have something new and innovative which willprovide them high returns in forth coming period. Apart from this, in order to run theirbusiness very effectively such entrepreneurs attract investors or venture capitalists so asto increase their funds and capital in an effective manner. In addition, they hire suchpeople who have best technical skills and knowledge. Large company entrepreneurship – These are the companies which have finite lifecycles. Large business enterprises have huge which helps them for effectively completionof working activities. The main objective of these entrepreneurs is to provide qualitativeand value added products to customers' in order to gain higher customer satisfaction level(Schaper, 2016). However, organisational cultural and size of large companies can makedisruptive innovation that is very hard to execute. Social entrepreneurship – These are the entrepreneurs who's prime objective is to createsuch products which are able to fulfil social needs and resolve their problems. Socialenterprises are worked for growth and development of society for improving their livingliving standards and values. They might be executed for profit, non-profit or hybrid. Below mentioned entrepreneurial typology: - Academic entrepreneurs – Such entrepreneurs also known as knowledge entrepreneurs.Academic entrepreneurs are tend towards certain activities that leads to innovation andcommercialisation (Neck and Greene, 2011). Such people are focuses more and more onresearch and development activities in order to deal with external market. Public entrepreneurs -Such entrepreneurs are found mostly in public sector, whichencompasses government and semi-government companies. They appliesentrepreneurship rules and principles in order to manage their working activities. 2

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