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Entrepreneurial Venture - Similarities & Differences

   

Added on  2020-12-29

17 Pages5042 Words155 Views
Entrepreneurship

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Different type of entrepreneurial project and their relation with typology...........................1P2 Similarities and differences between various entrepreneurial venture..................................3TASK 2............................................................................................................................................5P3. Assessment and interpretation of data to analyse micro and small business impact oneconomy .....................................................................................................................................5P4. Importance of small business or start-ups in social economy after Brexit...........................6TASK 3............................................................................................................................................7P5. Determination of characteristics, traits and skills of successful entrepreneur......................7P6. Identify various aspects of entrepreneurial personality........................................................9TASK 4..........................................................................................................................................10P7. Background and experience that can foster entrepreneurship............................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONEntrepreneurship refers to the process of setting up a business with an unique andinnovative idea in order to earn maximum profit and expanding business by bearing all thefinancial and operational risk. Entrepreneurial ventures are very essential for economical growthof a country as their main aim is maximization of production at minimum cost. Entrepreneurshipis a process of establishing a venture which starts from generating a new business ideas,resourcing, creating and managing the company to achieve a market place as well as maximumrevenue (Ahlstrom and Ding, 2014). This report contain various types of entrepreneurial ventureand their relation with typologies. Further this project discuss about the impact of Brexit overeconomy and the how the small & micro firms help country in achieving economical stability. Inaddition to this it also discuss about various factor that either hinder or foster the entrepreneursand which are very essential components to build-up a successful entrepreneur.TASK 1P1: Different type of entrepreneurial project and their relation with typologyAn entrepreneur is an individual who is a pioneer in nurturing an idea, processing it into aconcept and form a business venture out of it by grasping the prevailing market opportunities.They are risk taker who willing put their financial and career security on verge to introducechange in society by bringing new and innovative ideas for fulfilling present and futurerequirements of customers (The Four Types of Entrepreneurship, 2018). For optimum andefficient utilization of its limited resources, an entrepreneur is requisite to identify and analysingvarious types of entrepreneurial business and evaluate the most suitable and profitable one incontext to project.1

Source : The Entrepreneurial process, 2018This picture shows the process of starting up a new venture, which generally starts fromcreate a business idea and after setting up a business the main aim of entrepreneur is to createvalue among customer and earn higher revenue. Mentioned below are four different types of ventures that are the present in businessenvironment:Large scale Corporation: These type of ventures requires huge capital investment alongwith large amount of physical, human and other resources. They have a infinite lifecycle and are always prone to high level of competition and risk from constantlychanging market dynamics (Audretsch, 2017). In order to attain growth andsustainability, these organisations synthesize innovative goods and services. Also in orderto maintain their market share and to get an edge over their rivals; these ventures keepson modifying their existing products as per taste, preferences , market trends and otherbusiness factorsSmall Scale Business: UK has immense potential for small start ups who are also themajor contributors in providing large number of employment opportunities for the nation.One of the major benefit associated with these ventures is that they require limited moneyinvestment and resources and are also subject to low risk. It includes start ups such as2Illustration 1: The Entrepreneurial process

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