Entrepreneurship Assignment (Solved)

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Examining different types of entrepreneurial ventures and their relation with typology of
entrepreneurship..........................................................................................................................3
P2. Similarities and differences between entrepreneurial ventures............................................5
P3. Relevant data and statistics to illustrate the ways of small business impact on the
economy......................................................................................................................................6
P4. The importance of small businesses and business start-ups to the growth of the social
economy......................................................................................................................................7
TASK 2............................................................................................................................................9
P5. Determination of the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers.......................................................................9
P6. The ways through which aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset.............................................................................................................10
P7 The way in which background and experience can foster entrepreneurship.......................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurs are the business persons who are engaged themselves in the business
activities so that they can earn profit (Entrepreneurship. 2019). These person plays an important
role in the development of a business and the economy. Every economy built by entering the
new business ventures in that region. Apart from that, there are various small and medium sized
enterprises within UK which are helping the country to build its economy (Barringer, 2015).
These entrepreneurship activities also provides a larger number of job opportunities to the locals.
This assignment is based on exploring and illustrating the range of venture types which can be
considered as entrepreneurial. The impact of these business activities on economy is also
discussed in this report. Key aspects of successful entrepreneurial mindset is assessed and
determined so as to provide a succession path to the young entrepreneurs. In the end,
examination of different factors which foster and hinder the entrepreneurship activities is done.
TASK 1
P1. Examining different types of entrepreneurial ventures and their relation with typology of
entrepreneurship.
There are various kinds of entrepreneurial ventures which are helpful for both society and
the economy. These ventures are operated by the entrepreneurs so as to gain the profit. Their
values for the society and economy allow the economist to divide these ventures into different
groups. These groups are divided on the basis of net worth, number of employees, revenue
generation etc. They have different size and scope which allow them to define their purpose also.
There are two key terms within a business such as entrepreneurs and intrapreneurs.
Entrepreneurs are the persons who starts a business and take risks in order to gain profit while
intrapreneurs are the manager who promotes the innovative ideas of a company in market.
There are various kinds of entrepreneurship activities which are linked together to make
business successful (Baum, Frese and Baron, 2014). An entrepreneur should act according to
the trends of market. For example, it should purchase the raw material and sell their goods when
demand of their product is high in market. This will provide them a huge area of margin so as to
run the business smoothly.
Following are the different types of entrepreneurial ventures based in UK.
Small business entrepreneurship