Demonstrating Understanding of Entrepreneurship

   

Added on  2020-06-05

13 Pages4530 Words72 Views
UNIT 9ENTREPRENEURSHIP
Demonstrating Understanding of Entrepreneurship_1
Table of ContentsINTRODUCTION...........................................................................................................................1P1 Different types of entrepreneurial ventures...........................................................................1M1 Demonstrating understanding of entrepreneurship in both public and corporate sector......2D1 Scope, development and growth of entrepreneurial ventures...............................................3P2 Similarities and difference between entrepreneurial ventures...............................................3P3 Effects of micro and small business on the economy............................................................4M2 The difference between small, medium and large business ................................................4D2 Impact of small businesses on difference levels of economy...............................................5P4 Contribution of small business and start-ups on the growth of social economy...................5P5 Traits and skills of two successful entrepreneurs..................................................................6M3 Different lines of arguments related to characteristics of entrepreneurs..............................6D3 Examples of successful entrepreneurs...................................................................................7P6 Aspect of personality that reflects entrepreneurial mindset and motivation .........................7P7 Background and experience that hinder or foster entrepreneurship......................................7M4 Analysing the characteristics of successful entrepreneurs by giving examples...................8D4 Evaluating the backgrounds that influences entrepreneurs...................................................8CONCLUSION................................................................................................................................9REFERENCES .............................................................................................................................10
Demonstrating Understanding of Entrepreneurship_2
INTRODUCTIONEntrepreneurship is an essential factor for growth of economy. In UK, there was adownfall in businesses due to Brexit. But now the conditions are better and there areopportunities for small businesses to develop their venture of businesses. Entrepreneurship is aprocess by which the business is developed, organize and manage. These business are created byentrepreneurs (Schaper, 2016). The high risk that are involved in launching a start-ups are alsofocussed by entrepreneurship. The main objective of entrepreneurship is to earn a profit for abusiness. For the growth of economy and development entrepreneurship is beneficial.This report will examine the different types of entrepreneurship ventures. The similaritiesand differences between entrepreneurial ventures will also be explored in this report. This reportwill present the effect of small-business on the economy and the growth of socio-economy afterBrexit will also be explained in this report. The examples of two successful entrepreneurs will begiven in this report and the skills and traits that are needed to become a successful entrepreneurswill also be presented. The background and experience that hinder or foster entrepreneurship willalso be examined in this report.P1 Different types of entrepreneurial venturesThere are basically four types of entrepreneurial ventures. They are as follows-:Small business entrepreneurship Today in UK and other countries there are more number of entrepreneurs and start-upsare small businesses. About 95% of all companies are made up by them and the employment isgiven to more than 50% employees. The hairdressers, theses business are tun by the owner ofbushiness. From the family or local employees are hired by them to help them in their smallventure. The main objective of such ventures is to get a living for their family. They feed theirfamily with the profit gained form the business. There goal is not to take over nay company orearn a million dollars in that business. With help of friends and family or small business loansthey get funds for their business (Shepherd, 2015).Scalable start-up entrepreneurshipThey are different form small businesses as from day one when business starts they havea clear vision in their mind that could change the world. The best and brightest employees arehired by them. The repeatable and scalable business models is searched by them. In order to meetthe needs of market place it is new emerges fast-growing business.1
Demonstrating Understanding of Entrepreneurship_3
Large company entrepreneurshipThere are finite cycles in large companies. The pressure on large companies can becreated due to change in preference of customers, new technologies and new competitive etc.Due to this the company have to develop new products as per the changing market needs. Byeither acquiring innovative companies the existing companies do this. The execution ofdisruptive innovation is made difficult by large company size and culture.Social entrepreneurshipThey develop products and services in order to fulfil the social needs of people. The mainobjective of this venture is to work for benefit of people and not to earn profit or revenue. Theyjust want to fulfil the requirements of people. They want to make a world a better place tolive .The social needs and problems are solved by these ventures.These all entrepreneurs vesture are related to entrepreneurship as they want to developtheir business in order to fulfil their needs and objectives of business. The risk that are in theirbusiness all are analysed by these ventures so that they can achieve the objective of theirbusiness. For small business the objective is to get a living for their family. In large companiesthe goal is to earn more profit by expanding their business and the objective of social business isto solve the problems and social needs of people (Acs, Autio and Szerb, 2014). M1 Demonstrating understanding of entrepreneurship in both public and corporate sectorThe public sector organizations have faced a severe issues due to Brexit in UK. So, inorder to overcome the problems that are faced by these sectors they are now renewing andevaluating their activities. Towards market and customer-oriented concepts they are openingmore public sector activities. Due to increase in demands on accountability the organization ofpublic sectors are choosing small unit size. The development of new and existing products can bethere in public sector organization (Fayolle and Gailly, 2015).. Within large or establishedopportunity there will be development of new ideas and opportunities by using concept ofcorporate entrepreneurship. The innovation is the core of corporate entrepreneurship. The newindustry can be created by corporate entrepreneurship and balance of competition will also bealtered. The leadership continuity stage is provided by this approach2
Demonstrating Understanding of Entrepreneurship_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Impact of Small and Micro Businesses on the Economy 6 P4. The Case of Entrepreneurship TABLE OF CONTENTS
|14
|4599
|367

Entrepreneurship Assignment - Coffee Pound
|18
|6290
|38

Report on Entrepreneurship and Small Business Management
|12
|4466
|186

Unit 09: Entrepreneurship and Small Business Management Assignment
|14
|4749
|436

How entrepreneurial ventures affect business economy
|15
|4876
|262

P1. Types of Entrepreneurial Venture and their Interrelation with Typologies
|16
|4692
|119