Entrepreneurship Assignment (Solution)
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Added on 2020-12-30
Entrepreneurship Assignment (Solution)
Added on 2020-12-30
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ENTREPRENERUSHIP
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Various types of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurship..........................................................................................................................1P2 Similarities and differences between entrepreneurial ventures.............................................3TASK 2............................................................................................................................................4P3 Micro and small businesses impact on the economy.............................................................4P4 Important small businesses and business start –ups will contribute to the growth of thesocial economy after ‘Brexit’......................................................................................................6TASK 3............................................................................................................................................7P5 Characteristics, traits and skills of two successful entrepreneurs..........................................7P6 Entrepreneurial motivation and mindset................................................................................9TASK 4..........................................................................................................................................10P7 Background and experience can hinder or foster entrepreneurship.....................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTION Entrepreneurship refers to process of designing, launching and also running new businessinitially at small scale. It is explained as willingness and capacity of a person to create, organize,manage and control business venture with any risk in context to make profit. The person whodevelop these businesses are known as entrepreneurs. They play a necessary role in an economybecause they have capabilities to anticipate the current as well as future requirements ofconsumers. An entrepreneurial spirit is characterized through risk taking and innovation.Entrepreneurs which prove to be more successful in order to taking risk of start up that rewardedwith profits, growth opportunities and fame (Aldrich, 2017). Under this, mentioned report willdiscuss about various kinds of entrepreneurial ventures and their relationship with typologies ofentrepreneurship. There will be discussion about similarities as well as differences among theentrepreneurial ventures. The start- ups and small businesses will contribute towardsdevelopment of social economy after the Brexit will be discussed in mention report. TASK 1P1 Various types of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurshipAn entrepreneurship refers to activity of setting up business for taking financial risks inhope of profit. The main focus of entrepreneurship is to launch as well as run business and alsodeal with risks. An entrepreneurship is process through which team or person determines variousbusiness opportunities as well as acquires required resources for the purpose of its exploitation.An entrepreneur begins new business venture by developing enterprises to unsatisfied needs ofcustomers. It is necessary that business venture needs unique or new process. At the time ofbuilding new business, entrepreneurs face several obstacles for an instance hiring talent,overcoming bureaucracy and also obtaining the financing (Bae and et. al., 2014). There are different types of entrepreneurial ventures. Some of them are given below:Micro- It refers to small businesses which employ small number of people. In micro enterprises,there are less than people are working and it began with small capital amount. These firms arespecialized in offering services or products for local areas. These contribute towards socialstability, equity and economic growth of country. 1
Small ventures- These are privately owned partnerships, sole- proprietorship andcorporations which have small number of staff members and minimum annual revenue. In smallbusinesses involve grocery stores, hairdressers, convenience stores, bakeries and many others.The risk involved in small businesses are less as comparison to large size businesses. Large ventures- These entrepreneurial ventures plays a necessary role in increasingeconomic growth of country. These types of ventures conduct its business operation at largescale or globally (Barringer, 2015). There are more than 500 staff members working here. Themain focus of these enterprises are earn more profit by satisfying needs of customers in aneffective manner. There are different entrepreneurial typologies mentioned below as above:Serial entrepreneur- This type of entrepreneur comes up with the new ideas oncontinuous basis and also begins new businesses by implementing those ideas. It will come upwith single idea, begin firm and then plays a necessary role in daily functioning activities. Thisentrepreneur is engaged with the many businesses. Social entrepreneur- These are the individuals which establish a firm with an objectiveof solving issues or impacting the social change. Their main focus is on work towards benefit ofsociety. The social entrepreneur works towards create, fund and execute the solutions to cultural,environmental and social problems. They work towards welfare to people of society not to earnprofit. These entrepreneurs work towards a way that help in improve lives of society people(Bruton and et. al., 2015). Lifestyle entrepreneurs- It refers to an individual which setup their businesses with anaim to sustain a particular income level for the sake of owner. This business is one which allow aperson to operate its business without making any sacrifice in their personal life. It is alsoconsider to be an alternative option to retirement.Male entrepreneur- The businesses which are run, managed and also controlled througha male is known as Male entrepreneur. This person is always ready to deal with risks and takebetter decisions. The share of male entrepreneur in an organization is about 49%.Female entrepreneurs- Those businesses which are owned and managed by the female isknown as female entrepreneur. They have skills and capabilities to deal with any issues. Fromthe total capital, share of female entrepreneur is around 51%.2
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