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Entrepreneurship

   

Added on  2020-01-28

16 Pages5171 Words83 Views
ENTREPRENEURSHIPStudent ID:Student Name:Professor Name:

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IntroductionThe beginning of a new business is often referred to as entrepreneurship. It includes thedesigning of the business, launching it and finally running the organisation. The entrepreneurshave the capacity and urge of developing, organizing and managing a business venture alongwith handling any kind of possible risks for making profits. The person who runs the enterpriseis called the entrepreneur and he is responsible for all kinds of operations of the business. Theperson does not work as an employee but as a business leader who is skilled and innovative.Entrepreneurship constitutes of leadership, team-building and management capabilities.In this report, the main concern is given on different entrepreneurial ventures and thererelationship with topology is assessed. Further similarities and differences of different venturesare explained. Moreover, relevant statistic data and various researches are examined. The reporthas also described the role of start ups and small businesses in the growth of social economy.Furthermore, different characteristics and entrepreneurial motivation and mindset arehighlighted. Impact of entrepreneur's background, family in fostering and hindering the businessare described. Task 1P1 Different entrepreneurial ventures and their relation to typologyAs stated by Autio et al. (2014), are several types of entrepreneurial ventures that include smallbusiness venture, scalable start-up venture, large company ventures and social ventures. Smallbusiness ventures refer to the enterprises run by an individual on his own. They hire people fromthe locality or family as employees. They most run these in order to make profit to feed theirfamily. These small businesses get their funds from either friends or family of from small loans.Examples of these businesses are carpenters, plumbers, grocery stores and so on. Scalableentrepreneurs start their business with a vision of changing the world. Investments in theseenterprises are made from financial investors or venture capitalists. Such entrepreneurs seekmodels of repeatable and scalable business. Scalable ventures always look forward to rapidexpansion. As stated by Drucker (2014), large company ventures have a definite life cycle.These ventures regularly offer new products that revolve around their core products. Newcompetitors, technologies and changes in customer preferences influence them. Often the large3

size and culture of a company makes it difficult to execute the disruptive innovation. Socialventures mainly develop services and products that target at solving social needs and issues.Instead of focussing on market share or increase wealth, such companies aim at creating a betterworld. These types can non-profit, profit or hybrid organisations.Each of these ventures is related to the typology of entrepreneurship. The typology includesseveral entrepreneurs. Serial entrepreneurs are those who develop new ideas and businesses on aregular basis. This is often related to the large-scale ventures as new ideas helps in expanding thebusiness. Lifestyle entrepreneurs refer to the individuals who start business only with the aim ofchanging the personal lifestyles instead of solely making profits. These are often related tosmall-scale entrepreneurship and have greater possibility for success as the person is working forintrinsic passion. Women entrepreneurship is closely linked to the economic growth and caninvolve any kind of ventures. Women entrepreneurs for themselves create new opportunities.Women also help the society by providing different kinds solutions to managements and otherbusiness problems. However, they often face several challenges and are prone to endorse insmall-scale entrepreneurial ventures. Male entrepreneurship is the most common ventures allaround the world.In the UK, male entrepreneurship dominates most of the leaderships of small UK companies; onthe contrary, women only constitute 6.4% of the board members (Ft.com, 2017). An example ofa successful serial entrepreneur venture of UK is ‘Gojimo’ run by the young George Burgess.The business publishes different revision apps and exam preparation tools. Example of lifestyleentrepreneur is ‘The Six Figure Mentor’ in UK. It is run by Stuart Ross and provides people witha training program to get a greater free and flexible life. Different types of entrepreneurialventures are closely associated and related to the typology. However, each of the ventures issomewhat similar and different from others, that will be assessed in the next parts of theassignment.P2 Similarities and Differences of the venturesThe entrepreneurial ventures are all-similar in terms of the practices and set up. Each venture is aform of business and run by an individual. However, the aims, targets, challenges faced as wellas the scope of profits are different for each entrepreneurship. A detailed analysis of the4

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