How entrepreneurial ventures affect business economy
Added on 2021-01-02
15 Pages4876 Words262 Views
|
|
|
ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their typology........................................1P2 Similarities and differences between entrepreneurial ventures:........................................2TASK 2............................................................................................................................................5P3 Interpret relevant data and statistics which impact on business economy........................5P4 Importance of small business and how it contributes to make growth of social economyafter Brexit:.............................................................................................................................5TASK 3............................................................................................................................................6P5 Characteristics, traits and skills of successful entrepreneurs:...........................................6P6 How entrepreneurial personality reflect on motivation and mindset of entrepreneurs:....8TASK 4............................................................................................................................................9P7 Practical example of entrepreneurs and their background and experience which hinder andfoster entrepreneurship:..........................................................................................................9CONCLUSION..............................................................................................................................10REFERENCE.................................................................................................................................12
INTRODUCTIONEntrepreneurship defines as the way which carrying by an individual to plan and createnew venture with unique features. In this way, high profitability will be earn through considersuccessful program and activities. On the basis of aims and objectives, they create activities andtasks which need to be completed to ascertain more growth of new business. In this context,present study based on case of Joe Woods who is successful entrepreneur from last 2 years. He isowner of IT company which set up to attain more growth and stability in business (Hoppe,2016). For gaining insight information of the present report, it covers different types ofentrepreneurial ventures and their typology. Furthermore, it includes relevant data and statisticswhich impact on business economy. Moreover, report explains characteristics, traits and skills ofsuccessful entrepreneurs. At last, it assists to determine practical example of entrepreneurs andtheir background to hinder and foster entrepreneurship. TASK 1P1 Different types of entrepreneurial ventures and their typologyEntrepreneurship considers important role in business success and development. On thebasis of new features and effectiveness, every successful entrepreneur able to accomplish theirgoals and objectives. In the present case study, Joe Woods consider their successful work tomake high growth and profitability. Following are different entrepreneurs ventures engaged indifferent kinds of operations:Small business entrepreneurship: In order to determines small business entrepreneurship,it can be stated that unique and innovative entrepreneurial venture ascertain theirfunctions which influence individual towards the enterprise. It is very important forperson who create plan to start this kind of venture. For example, in this way differenttypes of businesses exist such as grocery stores, plumbers, travels agency, etc. In UKmarket, small business venture carrying functions and operations to provide opportunitieswith fund to increase successful results (North and Kumta, 2018). It assists to encourageentrepreneurs with stated goals and objectives. Typology of this business is that personmaintain stability and ability to feed their family members. Hence, they are trying to earnmore profits to develop successful results. 1
Scalable start-up venture: Furthermore, this kind of entrepreneurship venture considerinnovations and attract maximum number of investors those focuses on maintainfavourable idea. It assists to provide opportunities to entrepreneurs to increase their brandimage for future development. Business idea is unique so that successful results easilyattain to focus on new areas of development. Typology of this venture is to attaininnovations and creativity with products and services to attract maximum number ofpeople. Scalable entrepreneur have main aim to change the world. In this entrepreneurhave set strategy to bring stability in business like investor who help to step up businessin organizations.Social entrepreneurship: In addition to this, social entrepreneurship assists to providesocial services in community for welfare and caring of people. Such kind of venture haveno aim to attain profit but benefiting to society. Typology of this business is that societywill be serve effectively and efficiently to attain maximum benefits. In other hand socialentrepreneur have main aim to provide social services to Society people which benefitsalso goes to society people.Large entrepreneurship- large entrepreneur main purpose to grow the business finite. Thlarger business entrepreneur have to offers numinous products and services to customersand their main aim to retain customers long time (Jenkins and McKelvie, 2016). Largeentrepreneur have provided variety of services and they also face new competitors inmarket.Lifestyle entrepreneurs: This kind of entrepreneur have ability to maintained businessaccording to the prospectors' life style and the employees' lifestyle. This kind ofentrepreneur present products according to the consumer demands and their lifestyle. Thmain motive to start business to provide products according to consumers lifestyle.P2 Similarities and differences between entrepreneurial ventures:Entrepreneurial ventures are always looking for the new changes and objectives thatmakes the new environments and new changes in order to make the new working approach andtask oriented works (Zahra, Newey and Li 2014). Overall, things are not very much effective andchallenging according to needs and wants. All small and large business organisation will makemore presentable and creative most enlarging performance level. Every entrepreneur mustalways be attentive and risk taker to enhance the business values and growth of channel. This is2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents