Concept of Entrepreneurship Act

ENTREPRENEURSHIP
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Table of Contents
Introduction......................................................................................................................................3
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial. 3
Anatomy of Ventures and their relationship (P1)............................................................................3
Conformities and Distinctions between entrepreneurial ventures (P2)...........................................4
LO2: Assess the impact of small businesses on the economy.........................................................5
The significance of Small enterprises on Economy (P3).................................................................5
Explanation of importance and contribution of small businesses and business start-ups to social
economic growth (P4)......................................................................................................................6
Task 3: LO3: Determination and assessment of key entrepreneurial mindset aspects....................8
Differences between successful entrepreneurs and other business managers (P5).........................8
Assessment of aspects of entrepreneurial personality (P6)...........................................................11
Task 4: Examination of different environments............................................................................13
Effects of experience and background in entrepreneurship (P7)...................................................13
Conclusion.....................................................................................................................................14
Reference List................................................................................................................................15
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Introduction
Entrepreneurship is the part of taking new risk setting up a business. It is essential for economic
growth and development. Persons who think to start a new organization for independent work
must understand how to be a successful entrepreneur. Entrepreneurship includes taking the
proper initiative after making an environmental analysis to do something new in a competitive
environment. It enhances new business ventures that share a commitment to convert an idea into
a profitable business. It is also needed to know that for good entrepreneurship some techniques
should be known to reach the new customers correctly. Proper risk taking capacity can make an
entrepreneur successful. If high risk can be correctly implemented then higher rate of return is
assured.
LO1: Explore and illustrate the range of venture types that might be
considered entrepreneurial
Anatomy of Ventures and their relationship (P1)
Concept of entrepreneurship
Act of starting and setting up own business rather than working for others. They
encounter huge number of issue while setting up business. such issues salary of employees,
unavailability of resources and income generation issue etc. Entrepreneurship is termed as
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launching a business which can help in generating employment for the country. There are four
types of entrepreneurship ventures which are as follows: Small scale entrepreneurship ventures: This type enterprise are small in size and are
generally in form of start ups . This kind of businesses are run by two or more more
person. Entrepreneur of this business hires local are people to provide them employment.
These businesses are usually run with aim of fulfilling own needs with revenue generated
revenue. Example of this entrepreneurship venture are : grocery stores, general stores,
small shops etc. Scalable entrepreneurship ventures : They are different fro small businesses. They start
a n enterprise with aim of making changes in world. They hire candidates which are best
suitable for their company. Bright and expert employees are hired by them. They get
funding for their business from big enterprises. They find out business models which is
scalable. Large entrepreneurship ventures : These business are long terms businesses. They
implement innovation in their products. Their major aim is lead the competitive market
by making enhancements in products. They make product to satisfy needs of customers
which in turn helps them in generating more revenue.
 Social entrepreneurship : This kind of enterprise are run to fulfill social need of local
community people. their major objective is to provide product and services which can
help local are people in their livelihood. These ventures are non profitable in nature.
Example of thes venture are NGO, voluntary organizations.
Entrepreneur generally gets engage in small scale business because there is low risk in this kind
of businesses. In this people generally initiates start up business. start up are opened with the aim
of getting revenue which can help them to bear their livelihood.
Scope and typology of entrepreneurship:
 It is impulsive and helps in generating employment for people.
 innovation is required in entrepreneurship to lead the market.
 There is always a risk in this business. It requires patience in any entrepreneur to
get revenue from businesses.
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