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Entrepreneurship Research Literature Review

   

Added on  2020-01-07

13 Pages4421 Words155 Views
EntrepreneurshipProfessional DevelopmentEconomics
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ENTERPRENEURSHIP
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INTRODUCTIONEntrepreneurship is the process in which an individual want to start a business in order tomake career in the private sector with its own expectations and demand for the maximum profitsand success. The decision of entrepreneurship is the persons self made and it is carried out withthe help of full fledged requirements of capital, labour and technology. Basicallyentrepreneurship is the business programme started by the person with its own interest accordingto start its carrier in the industry in order to compete the challenges with the globalentrepreneurship. The people who are engaged in the entrepreneurship are men and women both.They should be very professional by knowing the terms and conditions of the business withcomplete knowledge , skill, education , money-power and willing to participate in theentrepreneurship. In order to start or run the business one should adopt the risky situationsassociated with the entrepreneurship without any assessments of profit's and losses. Basicallyentrepreneurship is the advance planning process, one should plan out the strategies beforestaring any business and implement according to that, without strategic planning it is verydifficult in order to start or participate in the business. There are certain age limitations withrespect to entrepreneurship. The minimum age of staring a carrier in business is between 35 to 40years. These are the findings in relation with entrepreneurship (Tang, 2011).TASK 1P1 Different types of entrepreneurial ventures and their relations with the typology ofentrepreneurship.According to the UK economy, there are certain no entrepreneurial ventures and thereclassification is as follows :-Small business entrepreneurship – Generally these types of business includes small enterprisesor small firms . They do not posses any strong policies and norms in their business . Their cost ofproduction is low. Their trade is depend only to meet their family requirements. The persons whoengaged in this type of business are middle class people, common man or family member's. Foran instance beauty parlours, barber shop, grocery store , electrician , fashion boutique and cybercafe etc. about 6 million population of UK economy is depend upon the small enterprises.Generally their income is depend upon the family member's, friends and small business loans .
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Large business enterprises – generally large business ventures are considered with largecompanies, big enterprises , outsourcing firms and private limited companies. They areconsidered as employment providers . They have maximum cost of production in order toproduce enormous amount of goods and services. They are maximum profit seekers and involvedin the business strategic development in order to attain goals or targets. There are certain policiesassociated with these large enterprise ventures. They help in providing many employmentopportunities. There are some consultancies which provides jobs . Some of the examples of largeenterprises are ford group , national governmental organizations , unicorn grocery etc.Social ventures – these types of ventures are associated with societal issues. They are relatedwith the non governmental organizations like charity organizations, organizations for belowpoverty line people, organizations for schedule castes and schedule development. The basicimportant aim of these organizations are to provide assistance for poor, provide free educationfor BPL children including food, transportation and overcome their basic needs. They alsoprovide assistance for disabled person (Tracey, 2011 ).Scalable ventures- this is a special category of entrepreneurial ventures. These entrepreneurs arevery strong, talent, enthusiastic and profession. It includes with those entrepreneurial out sousingfirms which are related with employment. Their role is to provide job opportunities in differentclasses of employees . Their basic motto is to select the best talent which fits to the job . Theyonly consider the talent and acquisition inside the employee personality. These are the followingentrepreneurial ventures (Valdivia, 2011 ).P2 similarities and differences between entrepreneurial ventures.Every entrepreneur has its own ideas and thoughts according to work strategies andachievements. The determination of work hard is came from the idea of achieving targets andfame across the business world. The basic differences are come from the different standards ofworking conditions and criteria. There are different themes and motives in different businessbecause every business is not same , their manufacturing is different , their targets are different ,their scopes are different. But the similarity in these types of business is their goals andambitions in order to achieve success and fame. They work according to the strategy of profitmaximization or wealth creation by the methods of strategic implementation. Their policies areaccording to the working conditions of the business environment and conflict resolution ideas inorder to run a business with full cooperation. The income generation is the basic aim and
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