(solved) Entrepreneruship Assignment

Added on - 21 Jul 2020

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ENTREPRENERUSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and how they relate to typology........................1TASK 2............................................................................................................................................3P2 Similarities and differences between different types of ventures..........................................3P3 Impact of macro and small businesses on national economy................................................6P4 Importance of small business and start-ups for growth of social economy...........................7TASK 3............................................................................................................................................8P5 Characteristics and skills of successful entrepreneurs...........................................................8P6 Entrepreneurial personality which act as motivation and mindset......................................10TASK 4..........................................................................................................................................11P7 Background and experience hinder and foster entrepreneurship.........................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONIn this modern world number of individuals are coming with distinct ideas for gainingmaximum benefits by satisfying the customers needs or demands. Their main objective is tointroduce creative thoughts which for developing the economy of a nation. All the members arehaving distinct reason for establishing business but similar in few extent such as; acquiring ofprofit. Basically, number of successful entrepreneurs are already existing at marketplace whichare famous for their work and talent (Blackburn, Hart and Wainwright, 2013). Thus, assignmentis going to focus on various types of ventures and their typology which are different from eachother. Along with this, shows the significant role which is played by micro and mediumenterprises in developing the nation. It means, SMEs are crucial for overall development ofcountry because they are engaged in launching creative ideas at marketplace. Furthermore, skillsand attractive characteristics of some major leaders are going to expressed in this project formotivating others to become successful entrepreneur. Last but not the least, how experience andknowledge of any individual will encourage and discourage to them is also outlined in thisproject.TASK 1P1 Different types of entrepreneurial ventures and how they relate to typologyThere are many types of entrepreneurial ventures which can be started by the individuals.There is huge support is provided by the government of UK to promote new businesses. In thisregard, large number of relaxation is provided in various legislations and taxation policies. Also,provide adequate amount of funds at low interest rate. This will create large number ofopportunities in front of individuals of society to earn their livelihood by taking some amount ofrisk(Bridge and O'Neill, 201). Through operation of such different business activities largenumber of benefits are received by society such as more job opportunities, development ofinfrastructure, providence of good quality products and services at reasonable price. All theventures are different from each other and having their own advantages and disadvantage. Somekind of risk is always is associated with all types of entrepreneurial ventures which is required totake by the entrepreneur to get success in market. There is significant difference is presentbetween both terms entrepreneur and entrepreneurship which is defined below:1
Entrepreneur: It is refers as the individual who possess new business ideas and havingthe objective to start their own small business. Such individual takes some amount of risk inprocess of earning profits from the venture which is started by him. There is huge sum of effortis provided by such new entrepreneurial venture in development of nation and society.Entrepreneurship: It is refers as the business which is started by entrepreneur. Any kindof business is started with some objective according to which further future actions oforganisations are designed which guides the employees in performance of their tasks related tosuch objectives. The process which is used while launching a business includes designing,managing and starting-up of business(Carsrud and Brännback, 2011).Different type of entrepreneurial venturesThere are many type of ventures which are different in many terms are defined below:Small business-entrepreneurship:This will includes all businesses which are small innature and having limited functions in market. The different type of activities which are carriedby small organisations includes grocery stores, travel agents, carpenters, plumbers, electriciansetc. The most number of individuals who are employed within such type of organisation includeslocal employees and family members. It is analysed from past data that more than 50% of peopleof society are working in non government sector. The total number of small businesses which areoperating in UK till now is around the number of 5.7 million.Scalable start-up entrepreneurship:Such kind of ventures have the vision from the dayone is about changing world from their business operations(Chittithaworn and et. al., 2011).The persons who invest money in such kind of ventures are known as craziest person who arealways ready to take high amount of risk. The employees which are hired within the organisationis best in all terms and provides their optimum efforts in success of organisation in future periodof time. Such kind of ventures are start in small numbers because the amount of return is limitedand high risk is involved with business activities.Large company entrepreneurship:Such kind of organisations have finite life cycles.For attaining success such type of organisations is required to bring continuous improvement intheir offerings such as products and services to cater the diversified needs of customers. There ishuge amount of risk is associated with operations of large organisations like frequent changes inthe tastes of customers, emergence of new technologies, high amount of legislations andcompetitors etc. All these factors are present in external business environment and hinders the2
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