Entrepreneurship in Tirunelveli District
Added on 2020-06-06
14 Pages4672 Words662 Views
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their topology.............................................1M1 Diverse range of entrepreneurial ventures............................................................................2D1 Critically examine scope, development of entrepreneurial ventures....................................3P2 Similarities and difference between entrepreneurial ventures...............................................3TASK 2............................................................................................................................................4P3 Impact of micro business on economy...................................................................................4M2 Differences in impact of small, medium and large business to the economy......................4D2 Critically examine impact of business on different level of economy..................................5P4 Importance of small business in growth of social economy..................................................5TASK 3............................................................................................................................................6P5 Characteristics, traits and skills of entrepreneurs..................................................................6M3 Differet lines related to entrepreneurial characteristics........................................................7D3 Traits, skills require to become successful entrepreneurs.....................................................8P6 Entrepreneurial personality....................................................................................................8TASK 4............................................................................................................................................9P7 Background and experience hider entrepreneurship..............................................................9M4 Link between entrepreneurial characteristic and influence of personal background.........10D4 Critically evaluation of background andexperience influencesentrepreneurs............................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurship can be defined as willingness of an individual to manage business riskand generate profit in the organization. Innovation, risk taking skills, motivational skills makethe person a successful entrepreneur. Entrepreneurship is considered as essential element for theeconomic growth of nation (Cerrato and Piva, 2012). Current assignment will discuss differenttypes of entrepreneurial ventures and their topologies. Furthermore, study will investigatesimilarities and differences between various entrepreneurial ventures. It will assess impact ofmicro and small business on economy of the nation. Importance of small business in the growthof social economy will be explained in this report. In addition, characteristics, skills of successfulentrepreneur with examples will be described in this study.TASK 1P1 Different types of entrepreneurial ventures and their topologyEntrepreneur is the person who put their hard efforts for gaining positive results. Itschedules activities, analysis market an make sound decision through which entity can ean moreprofit. There are many types of entrepreneur ventures, all these entities have different featuresand they conduct operations in different manner (Halme and Korpela, 2014). Purpose, workingprocess of all these ventures are different from each others. Various types of entrepreneurialventures are as following:Life style businessIt is the type of venture which is introduced by the business owner in order to earnincome. This business is based on the life style of the person. Such type of business are operatedat small scale and it has limited scalability. There main agenda is to attract customers and offerthem products and services as per their requirements (Healey, 2015). They earn limited profitand this is sufficient income sources and people can enjoy their life style through such business. Local enterprises are the great example of such type of organization. Life style businessventures are such as grocery stores, consultancy firms etc. Local people operate this business andthey hire limited people in the workplace. It is generally regulated by single owner. Owner takesall necessary decision for the venture (Storey, Keasey and Wynarczyk, 2016).High growth business venturesThis is another type of venture which conduct there operations at high scalability. Theirmain agenda is to grow well and earn more profit. These are big size firms which provide wide1
range of products and services to all types of consumers. Profit maximization and expansion arethe two main objective of such type of ventures. They look at the market situation and makenecessary modification in their operations so that they can gain competitive advantage. Highgrowth business ventures provide innovative products and services to buyers in order to satisfythem and make them loyal towards the brand (Storey, 2016). These big sized organization globally operate their business and have strong network. Ittakes support of advance technologies in order to develop relationship with customers. By thisway it becomes able to attract new customer and accomplishing its objectives. Low growth venturesThis is another type of business venture, such type of business operate at small level andhave limited profit. Due to lack of financial resources they are limited to one place, expansion isvery difficult for such type of ventures (Wilson and Post, 2013).Social entrepreneurshipThis is the type of venture which works for social welfare. They want to serve better tosociety thus, offer products that can minimize issues of societies. These are considered as nonprofit firms which are funded by government of trust. Improvement in well-being is the mainagenda of such type of entities (Schaper, M. 2016). Low growth and life style business ventures mainly have topology of earn profit. Theyprovide goods and services to buyers in such manner so that they can feel satisfied. Socialentrepreneurship ventures have topology to improve life of society members. High growthbusiness ventures have topology to expand their business and maximize profit (Schaper.andet.al., 2014). M1 Diverse range of entrepreneurial venturesThere are many types of ventures; high growth, low growth, social ventures etc. Publicsectors are considered into high growth ventures. They work to maximize their profit and globalexpansion of business. These corporates provide wide range of products to consumers as pertheir needs (Parker, Congregado and Golpe, 2012). Low growth ventures have limited funds,they just work to earn profit. Social entrepreneurship ventures are corporate sectors those whichare funded by government. They work for social welfare. 2
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