(PDF) Pros & Cons of Entrepreneurship

ContentsTask 1.............................................................................................................................................................................1
Entrepreneurship......................................................................................................................................................1
Why to peruse entrepreneurship?............................................................................................................................1
Pros and Cons of Entrepreneurship.........................................................................................................................2
Entrepreneurial ventures..........................................................................................................................................3
Small Company Entrepreneurship...........................................................................................................................3
Large company entrepreneurship............................................................................................................................4
Sole Proprietorship....................................................................................................................................................4
Scalable startup entrepreneurship...........................................................................................................................4
Social entrepreneurship............................................................................................................................................5
Innovative entrepreneurship....................................................................................................................................5
Hustler entrepreneurship..........................................................................................................................................5
Imitator entrepreneurship........................................................................................................................................5
Researcher entrepreneurship...................................................................................................................................6
Buyer entrepreneurship............................................................................................................................................6
Food Businesses:........................................................................................................................................................6
Haleem Ghar and Savour Foods...............................................................................................................................6
Savour Foods:............................................................................................................................................................7
Local and International Food Business....................................................................................................................7
Differences between Private and Public Sector Enterprises...................................................................................8
Challenges Faced by New Start-Ups in Pakistan at Governmental and other levels.............................................9
Successful & Failed Local and International Entrepreneurs................................................................................10
1. Salim Ghauri:......................................................................................................................................................10
2. Umar Saif:............................................................................................................................................................11
3. Jehan Ara:............................................................................................................................................................11
4. Farhan Masood:...................................................................................................................................................12
5. Zeeshan Akhtar:..................................................................................................................................................12
TASK 2.........................................................................................................................................................................13
Difference between manager & entrepreneurs......................................................................................................13
Skills Observed In Your Selected Entrepreneur...................................................................................................14
Traits of an Entrepreneur.......................................................................................................................................15
Traits observed in your selected Entrepreneur.....................................................................................................15
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The Big 5 Model.......................................................................................................................................................16
How This Model Applied on Your Selected Entrepreneur...................................................................................16
Openness..................................................................................................................................................................16
Conscientiousness....................................................................................................................................................16
Extraversion.............................................................................................................................................................17
Agreeableness..........................................................................................................................................................17
Neuroticism..............................................................................................................................................................17
Business Resources:.................................................................................................................................................18
Human Resources:...................................................................................................................................................18
Business Resources..................................................................................................................................................19
Four Types of Business Resources..........................................................................................................................19
1) Physical Resources:.............................................................................................................................................19
2) Human resources:...............................................................................................................................................19
3) Intellectual resources:.........................................................................................................................................20
4) Financial resources:............................................................................................................................................20
Leaders Are Born to Be Made:...............................................................................................................................20
Leaders are made not born:....................................................................................................................................21
The Verdict:.............................................................................................................................................................21
Critical Evaluation of the Factors That Influence an Entrepreneurship.............................................................22
Background:............................................................................................................................................................22
Characteristics.........................................................................................................................................................23
Experience................................................................................................................................................................23
Conclusion:..............................................................................................................................................................23
Task 3...........................................................................................................................................................................24
Entrepreneurs Influence on Countries Economy:.................................................................................................24
Influence of Entrepreneurship on the Economy of Pakistan:...............................................................................25
Bibliography............................................................................................................................................................26
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Task 1
Entrepreneurship
The contractor is defined as a person who is capable
and willing to start, manage and succeed in a start-up
company, and to make profits from the risk.
Entrepreneurship is the ability and willingness to
develop, organize and operate a business company and
take advantage of its uncertainties. The start of new
enterprises is the most prominent example of
entrepreneurship. In economics, land, labor, natural
resources, and capital-related entrepreneurship can
generate profits. The entrepreneurial vision is defined
by discovery and risk-taking and is essential to the
ability of a nation to achieve ever change and competitiveness (What is Entrepreneurship? Meaning, Types,
Characteristics, Importance, 2021).
Why to peruse entrepreneurship?
Entrepreneurial efforts in various countries had a significant impact
on the economic, business, and employment conditions. They
contribute significantly to the GDP of the country and are
frequently called national assets. When you started your own
business, the days were thought to be risky or fit for brick-and-
mortar shops. Entrepreneurship is witnessing a growth in popularity
with the innovative ideas put forward by start-up owners.
Entrepreneurial ventures contribute significantly to national
income, putting the wheels in motion for economic development.
One of the motors for financial pros in a country (Top reasons why
entrepreneurship is important - The European
Business Review, 2021).
Pros and Cons of Entrepreneurship
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Pros of Entrepreneurship Cons of Entrepreneurship
There’s no denying that one of the best
parts of being an entrepreneur is the
complete freedom you have to do your
own thing.
Not only is the future of your business in
your hands but so is your next paycheck.
Moving away from a salaried job to an
unstable income is hard.
And with all that extra responsibility comes
flexibility. Many people are excited to work
for themselves because it means they can
work when they want and where they
want.
As the business owner, you will take on
much of the risk associated with starting a
new venture.
Many budding entrepreneurs value control.
Getting your own venture off the ground
requires heavy lifting but at the end of the
day, it’s your dream and you are in control
of making it happen.
It takes serious hustle to get a new
business up and running, and for the most
part, you’ll be doing all the grunt work –
especially in the early stages.
Having influence over the direction of the
company is one of the most exciting parts
of being an entrepreneur.
The idea of running your own business can
be very different to the reality. From late
nights to lonely weekends, being an
entrepreneur is not without its challenges.
Instead of making others richer, now your
profits can slide right into your own pocket.
This means each business success becomes
your success, and as your business grows,
so does your potential income.
You can also find it quite limiting in the
early stages, without the funding of a big
name or well-established business behind
you.
(Australia, 2021)
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Entrepreneurial ventures
The performance of the economy is critically
important for small and large enterprises. However,
it is helpful to distinguish between entrepreneurship
and entrepreneurship as they serve different
economic functions and have various innovation and
growth potential. It presents a model of the
transitional business model for behavior and the
strategic approach of the entrepreneurial venture
based on the perspective of entrepreneurship,
entrepreneurial marketing, and high growth value
innovation logic (Entrepreneurs and
Entrepreneurship Defined, 2021).
Small Company Entrepreneurship
Small enterprise often occurs when a person owns and runs his
own business. They typically employ local staff and members of
the family. The category of entrepreneurship includes local
grocery stores, hairdressers, small shops, consultants, and
plumbers. A small business is a little enterprise owned and
operated by a particular person or a group of persons. A small
company can be managed easily. Some people and groups,
therefore, prefer this simplicity. A small enterprise's main
objective is profits; however, the profitability of a small company is limited because the owners don't want to
explore new business opportunities. Ownership and component (Difference Between Small Business and
Entrepreneurship | Compare the Difference Between Similar Terms, 2021).
Large company entrepreneurship
The big business is when a company has endless life
cycles. This type of business is for an advanced
professional who knows how innovation is maintained.
They often belong to a sizeable C-level team. Large
companies are constantly building new products and
services that meet market demand based on consumer
preferences. When the company proliferates, small
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business enterprises can become large enterprises. This can also be achieved by acquiring a large company.
Examples of such entrepreneurship are companies such as Microsoft, Google, and Disney (Difference Between
Small Business and Entrepreneurship | Compare the Difference Between Similar Terms, 2021).
Sole Proprietorship
The most straightforward and most convenient structure for starting a
small business can be a sole proprietorship. This is a company that an
individual owns and operates. The owner bears profits and losses
because he or she is liable for the company's debts without limitation
(Difference Between Small Business and Entrepreneurship |
Compare the Difference Between Similar Terms, 2021).
Scalable startup entrepreneurship
Entrepreneurs believe that their company can change the
world in this way. They are often financed by risk
capitalists and employ specialist workers. Scalable
startups are looking and developing solutions for things
that are missing on the market. Many of these kinds of
companies begin in Silicon Valley and focus on
technology. They are looking for rapid growth and large
profits. For instance, Facebook, Instagram, and Uber are
scalable startups.
Social entrepreneurship
An entrepreneur who wants to solve social problems
with his products and services is in this business
category. Its main objective is to improve the world. It's
not about making big profits or wealth. Such
entrepreneurs tend instead to create non-profits or
firms which work towards social well-being.
Innovative entrepreneurship
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