Entrepreneurship (ENTRE) : Assignment

Added on - Dec 2020

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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.......................7TASK 3............................................................................................................................................8P.5 Skills and traits of entrepreneurs......................................................................................8P6. Identify various aspects of entrepreneurial personality....................................................9TASK 4..........................................................................................................................................10P7. Background and experience that can foster entrepreneurship........................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship is the business unit set up by individuals with some new concept that isnot common in society. These days entrepreneurship has much scope to expend business.Through entrepreneurship there is benefits to person as well as society. This helps to generateemployment, increases living of standards, etc. government provides rebate in tax toentrepreneurs to run business effectively. Entrepreneur is the person who comes with new ideaand establish business. In initial days there are possibilities of loss to business or no profitsafterwards it goes at hype (Aldrich, 2017). But at the same time risk is also there is go down,hence there are some qualities which help person to be in long run competition. This reportdiscusses about types of entrepreneurial venture and its relation with typologies, effect of Brexit,types of business firms which helps to achieve economic stability. Apart from this report also en-lights hinder and foster for entrepreneurs.TASK 1P1. Different type of entrepreneurial project and their relation with typologyEntrepreneurship is known as the capacity to develop, organise and manage businessactivities with various type of risks in order to generate number of profits. An entrepreneur isindividual who is taking high risk for starting and running a new business. They are forming anidea and convert that concept into a business venture. Entrepreneur are risk takers who ready totake an initiative to start a business by bearing financial losses in the hopes of generating higherearnings in near future(entrepreneur. 2018). They are managing resources like land, man power,capital and many more in an effective way to achieve desired objectives for maximising theprofit.There are various types of entrepreneurial venture that are as follows:Small business entrepreneurship: This is type of an enterprise that is started by anindividual and it is managed by less number of employees and having low volume ofsales. Small businesses are hairdressers, electricians, carpenters, travel agents, etc. thatare run and managed by an individual and they recruit only local people or familymembers. This type of business is funded by small business loan and family/ friends andthe main objective is to generate higher profits to feed its family(Choi and Majumdar,2014).1
Scale start ups:This type of business mainly concentrate on innovation & quality andnot on producing in bulk. Entrepreneur who are operating scalable business are veryconfident about their vision, concept and ideas to take opportunities for capturingattention of investors who has same vision for investing in their projects and only recruitprofessionals for performing their operations.Large scale enterprises:It is another type of business which needs huge amount ofcapital investment and also needs large workforce and other resources. Large scalebusinesses have infinite life cycle and always faces high level of competition & risk fromfrequently changing business environment(Cooper and Folta, 2017)To achieve growthand success business have to produce innovative products and services. For increasingthe market share, company must offer commodities as per the customer's needs andrequirements.Social enterprise:This business is set up with the goal to provides quality products andservices according to the requirement of society in order to satisfy consumers needs andwants. Social enterprise are emphasis on the social values of the people and alsoimproves their standard of living.Types of entrepreneurial typology:Serial entrepreneur:This business venture is introduce new ideas and taking challengeson repetitively basis which helps in developing different objectives in the world. Theseventure initiates their operations by delegating responsibilities for managing their actionsand moving towards next more challenging business.Female entrepreneur: As society is not providing equal opportunities to women ascompared to men. There are many women in society who are taking initiative andrunning up their own business successfully and proved their capabilities by brings changein the society.Large number of entrepreneurs carry out business activities in a fast changing andcomplex business environment. For achieve set business objective, it is very essential forentrepreneurs to examine the various elements exist in business environment and formulatestrategy as per that. To be a successful entrepreneur, it is very essential for an individual totake decision as per the changes take place in external environment. For example, if companypurchase raw materials to undertake its production process and there are chances that prices2
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