The Impact of Entrepreneurship on Society
Added on 2020-01-16
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ENTRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P 1 Different types of entrepreneurial ventures.........................................................................3P 2 Similarities and dissimilarity between entrepreneurial ventures.........................................5TASK 2............................................................................................................................................6P 3 Impact of the micro and small business on the economy.....................................................6P 4 Importance of small business and start ups in social economy............................................8TASK 3............................................................................................................................................9P 5 Characteristics, traits and skills of two successful entrepreneur...........................................9P6 Aspects of entrepreneurial personality and reflection of entrepreneurial motivation andmindset .....................................................................................................................................10TASK 4..........................................................................................................................................11P 7 Background and experience can hinder or foster the entrepreneurship..............................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONThe entrepreneurship is a process of executing the operation as well as the activities of abusiness. Entrepreneurship has its many kind which plays a crucial role in the economy as wellas in the society. In today competitive market condition to run a successful entrepreneurship is atough task for any person,while with some tactics and strategy it gets easy for the entrepreneur aswell (Barringer,2012). As there are profit and non profit entrepreneurship which has differentpurposes like social wellness or betterment and profit maximisation and revenue generating. Inthe following report various parts of entrepreneurial venture which affect the business in positiveas well as in negative way will be discussed. The entrepreneur should have some feature to runone business successfully in the long run. The following report elaborate that how anentrepreneur can make his maximum effort to upgrade the business. The entrepreneurship can behindered by the lack of quality in the entrepreneur like low self confidence, short tempered.TASK 1P 1 Different types of entrepreneurial venturesEntrepreneurial venture is a business task in which the business owner exploresthe new ideas and plans to get new opportunities in the the competitive market to achieve profitand revenue. As the entrepreneurial ventures are self owned business so there are many kind ofrisk and uncertainty in the entrepreneurial venture (Bruton,Ahlstrom and Obloj,2008). The sizeof the entrepreneurial venture is dependent upon the funds and investment in the business. Thereare different types of entrepreneurial venture like social venture, scalable venture, smallentrepreneurial venture, determined entrepreneurial venture, accomplish entrepreneurial ventureand research entrepreneurial venture. These can be explained as below.1. Serial entrepreneurial ventureIn the serial entrepreneurial venture more than one business of the entrepreneur. When onbusiness gets successful, another business is operated one by one by the entrepreneur. The serialentrepreneurial venture has many activities at one time in the hand of the entrepreneur.2. Female entrepreneurial ventureThis is the venture in which whole business is operated by female members. The most importantbenefit of then female entrepreneurial venture is that the purpose of the business is more socialwellness than profit maximisation.
3. Social entrepreneurial ventureSocial entrepreneurial venture is the entrepreneurial venture in which the main purpose ofthe business is to make society a better place so that the people of the society can live the betterlife in the future in the long term by the effort of the social entrepreneurial venture. For exampleUNICEF is a social entrepreneur venture at international level (Burns,2008). This organisationdeals with the issues of the society so that all the issues can be resolved and society can be betterplace for all. Social entrepreneurial venture can have many different purposes like protection ofthe environment, minimum consumption of the natural resources and the well being of the poorpeople of then society. The social entrepreneurial venture is totally dedicated to the society. Ithas no purpose of the profit making or revenue generation like any other entrepreneurialventures.4. Small business entrepreneurial ventureSmall business entrepreneurial venture is the business which is started on the smallamount of money or fund by the entrepreneur. As these are the small business, they operate theirbusiness in the local market. The small business entrepreneurial venture gets funds mostly by theclose relatives and family as it is a tiny start. For example the grocery, travel agents,andelectricians are small business entrepreneurs. The main purpose of the small business venture issurvival of family. 5. Scalable start-up business ventureScalable start up business venture is one level higher than the small business venture. Themain purpose of the scalable start-up business venture is to make a identity in the market. In thisbusiness venture the funds arrangements are little more than the small business venture as theyalready present in the market (Cohen and Winn,2007). The entrepreneur of the scalable start upis educated and has the desire to create an impact on the market.6. Determined entrepreneurial ventureDetermined entrepreneur venture is an unique business venture as in this theentrepreneur does not follow the strategy or pattern of the business like other competitor ratherhe plays as pace maker in the industry. The entrepreneur use his own different idea from other inthe4 business.7. Accomplish entrepreneurial venture
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