Assignment on Entrepreneurial (PDF)
Added on 2020-10-22
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ENTREPRENEURSHIP
INTRODUCTIONThe word “Entrepreneurship” can be describe as a process of launching, planning andrunning a brand new business in the market place. The person who come up with an idea ofestablishing it is known as “Entrepreneur'. In simple words, it can be define as an activity ofopening a new company and taking financial risk in the hope of making higher profits as well(Abu-Saifan, 2012). According to Schumpeter, “an entrepreneur is a person who has thepotential to convert an idea into successful innovation that ultimately provide benefit to societyand its members”. In-fact they are significantly contributing towards country's growth anddevelopment The primary objective of given report is to determine how different range ofentrepreneurial venture assist in maximising GDP of respective country. It also covers theinfluence of SME's on overall UK's economic growth, skills and traits of successfulentrepreneurs and lastly discuss how background of successful entrepreneur fosterentrepreneurship. P1 Illustrate different range of entrepreneurial venture Entrepreneurship can be describe as the process of establishing and running a brand-newbusiness enterprise which is principally small at its initial phase in terms of size (Welter, 2011).Basically it define the willingness and potential of an entrepreneur who develop, manage andorganize a venture along with any sort of risk associated with it in order to make a profit. Itcombine key factor of production namely land, capital, resources and labor and convert it intobusiness opportunity that results in generating higher profitability ratio. Discussed below arevarious range of entrepreneurial venture:-Small-Business Entrepreneurship: Today large number of start-ups and entrepreneur(approx 5.7 million) in United Kingdom are still small scale business. They constitute99.7% of all businesses and provide employment opportunity to near about 50% of allnon-governmental workers. Some of its example include hairdressers, grocery store,travel agents, plumbers, electricians etc. They are the one who runs his/her own businessand involve family member or local employee for further assistance (Barringer, 2012).Their meaning of success is to earn sufficient amount of profit to feed its familymembers. Such types of venture are usually funded by family members or by takingsmall business loans. 1
Scalable Start-up Entrepreneurship: In this type of entrepreneurial venture,entrepreneur launch a new business venture considering the fact that their vision has thepotential to change the world (Abu-Saifan, 2012). It means they come up with an uniqueidea and searches for repeatable and scalable business model that turn company intoprofitable one. They attract investment from pool of venture capitalists which are equallycrazy as they are. Social Entrepreneurship: They are the one who focus on producing such goods andservices that solve various problems and needs prevailing in a society in an effectivemanner (Baum, Frese and Baron, 2014). Their main objective is to make the nation abetter and good place to live rather than attaining high market share. They mainly dealswith issues such as illiteracy, poverty, health care that possess direct impact on economiccondition of the country. Serial Entrepreneurship: Such types of entrepreneur takes challenges on frequent basis.Constantly, they come up with an innovative idea for starting a new business venture andplay key role in managing its day to day function and operations (Wiklund and et. al.,2011). Once the idea is actually executed, they give responsibility to someone else andmove on to generate new idea or venture. Mostly, they referred as founder of thecompany. Female Entrepreneurship: In this type of entrepreneurial venture, a new business iscreated by female entrepreneur (Barringer, 2012). In-fact they organize all factors ofproduction, provide employment to others and undertake risk. However the definition ofthis can not be differentiated on the ground of sex rather it allude how a brand neworganization is set by female with its potential and skills. P2 Explain the similarities and difference between entrepreneurial venturesEach business enterprise possess some distinct characteristic which makes them uniquefrom others rivalry firm but at the same time there have certain traits which makes them identicalin respect to other organization (Dacin, Dacin and Tracey, 2011). Discussed below are some ofthe key similarities and differences that between different entrepreneurial venture:-Lifestyle Business venture SimilaritiesTheir aim is to generate higher profitsSerial Business Venture SimilaritiesMain objective of serial entrepreneur is2
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