Ventures and Typology of Entrepreneurship : Report

Added on - 22 Jul 2020

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ENTREPRENERUSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Different types of entrepreneurial ventures and relation with typology of entrepreneurship.....................................................................................................................................................1P2. Similarities and differences between entrepreneurial ventures............................................2TASK 2............................................................................................................................................3P3 Impact of small businesses on economy of the country........................................................3P4 Contribution of small business enterprises to social economy after Brexit...........................5TASK 3............................................................................................................................................6P5 Characteristics, traits and skills of successful entrepreneurs.................................................6P6 Aspects of the entrepreneurial personality.............................................................................8TASK 4............................................................................................................................................9P7 Role of background and past experiences in fostering or hindering entrepreneurship..........9CONCLUSION...........................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneur is said to be the person who starts a new business with innovative ideas. He/she mainly aims to make huge profit by taking risk in marketplace. This can also be understoodas changing of ideas into business, managing it and continuous development can be stated asentrepreneurship. Entrepreneurs provide employment to the needy people in local market. Nobusiness can be done without any risk and these are the people which can put a positive impacton economic growth of a country. In this assessment, different ventures are included withdiscussing the typology of entrepreneurship. Also in this report, various types ofentrepreneurship and their similarities and differences are assessed. At last, in this report, theway small business enterprises of a country helps in development of economy is highlighted(Baum, Frese and Baron, 2014).TASK 1P1. Different types of entrepreneurial ventures and relation with typology of entrepreneurshipEntrepreneurship: A person who is taking risks, implementing plans, organising andrunning new business in the marketplace can be stated as an entrepreneur. The functions thathe/she is doing to make maximum profit in his/her business are known as entrepreneurship.These are the persons who help in enhancement of economic growth of country. They makeplans as well as execute and manage them so that profit can be earned. There are different sortsof activities that an entrepreneur does like manufacturing goods, providing services to consumersby aiming just one thing and that is profit maximising. By the above discussed things, theseentrepreneurs attract people towards their business and make them buy products according totheir requirements.Several types of entrepreneurial ventures that are in marketplace have been mentioned asbelow:Small business entrepreneurship:In today's world, on daily basis, people are formingnew businesses in a large number. These entrepreneurs are running small businesses but in ahuge number. In the United Kingdom, around millions of people having their own business andare given with employment to almost half of the continent. Businesses like small grocery stores,consultants, saloons, etc. come in this sector(Bhachu, 2017). Main aim of these smallorganisation is to provide financial stability so that they can stay safe and get secured. These1
small scale businesses give employment to others but do not offer much salary depending ontheir profit and hardly put impact on economic growth of country.Scaleable Start-Up Entrepreneurship:In this, entrepreneur’s main motive is to makeprofit at its maximum and also, keep an eye on developing economic growth of a state or of acountry. Mainly, these firms start from small scale only but then depending on their profit, theyusually expand business at a large scale. Hereby, stakeholders and investors who have same sortof mind are said to be a kind of support who help these entrepreneurs which enhances business.To expand business, these scalable industries can use new updated technology and ideas thatincrease the sale of goods-services and higher amount of investors.Large organisational Entrepreneurship:This type of entrepreneurship put a hugeimpact on the economic growth of country. Their main aim is to give hard competition to othersby bringing new techniques in their business that enhances their business. This helps them inmaking profit in a proficient manner. Organisations like McDonald's and Burger King areconducting business in the same sector and that is fast food but have different ways of operatingtheir firm. They give competition to each other which enhances businesses of their own andhelps ineconomicgrowth of country(Burrows, 2015).Social Entrepreneurship:These entrepreneurial organisations enhance awareness insocial and economic market. Entrepreneurs under this mainly aim to develop people of thecountry and don't work to make profit. These make programmes that help in the improvement ofhuman life socially.Female Entrepreneurship:In this type of entrepreneurship, female entrepreneurs mainlyconcentrate on the wellbeing of females. This type of entrepreneurship can be both profit makingor for social awareness. Depending upon the objective of that individual, these organisation’smain aim is to give empowerment and equal rights to women of country.P2. Similarities and differences between entrepreneurial venturesEntrepreneurial ventures have many differences as well as some similarities like mainmoto and etcetera depending upon their objectives. Theseventures can be differentiated on thebasis of their aim and objectives. Some have aim to become the leading brand in marketplacewhile, others focus on welfare of people in social market(Butler, 2012). Similarities betweencompanies that have same objectives like making profit may have similar innovative ideas that2
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