Report on Opportunities of Business Venture to Entrepreneur
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Added on 2020-06-06
Report on Opportunities of Business Venture to Entrepreneur
Added on 2020-06-06
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ENTREPRENEURSHIP
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1P1 Introduction of different types of entrepreneurial ventures and their relation with differenttype of entrepreneurship..............................................................................................................1P2 Exploration of similarities between different type of entrepreneurial ventures....................3M1 Investigation of diverse entrepreneurial venture range to understand the entrepreneurshipin private and public sector.........................................................................................................4D1 Critical examination of the scope, development and growth of entrepreneurial ventures....4P3 Interpretation and assessment of impact of micro and small business on the economy,.......4P4 Explain the importance that small businesses and start-ups on the growth of socialeconomy......................................................................................................................................5M2 Evaluating the differences that small, medium and large businesses make to the economy. .....................................................................................................................................................6D2 Examine the effect of small business on local, regional and international context...............6PART 2............................................................................................................................................6P5 Determination of the abilities needed to become a successful entrepreneur.........................6P6 Assess the impact of entrepreneurial personality on motivation and mindset ofentrepreneur.................................................................................................................................7M3 Exploration and examination of different lines of argument relating to entrepreneurialcharacteristics..............................................................................................................................8D3 Analysing the characteristic traits, skills and motivational drivers of successfulentrepreneurship..........................................................................................................................8P7 How past experience and background of a person can hinder or foster entrepreneurship.....8M4 Analysing connection between entrepreneurial characteristics and impact of personalbackgrounds................................................................................................................................9D4 Evaluation of positive and negative impact of background and experiences onentrepreneurs...............................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONEntrepreneurship is not about thoughts but it's about making ideas happen. The process ofdesigning, starting and running a new business is known as entrepreneurship (Dacin and et.al,2011). This report is undertaken to explore the opportunities of business venture available toentrepreneurs. This study further assesses the impact of small business on the growth of thesocial economy. The learning also reflects the insights of different 'entrepreneurial mindset',personalities, traits and their background that will help in fostering entrepreneurship. Moreover,both positive and negative impact of past experiences are evaluated in this report. In order to understand this assignment a report aiming at encouraging entrepreneurs isprepared by the senior manager of Federation of Small Business (FSB). This report is helpful inevaluation of some essential factors of small business entrepreneurship. PART 1P1 Introduction of different types of entrepreneurial ventures and their relation with differenttype of entrepreneurship.Entrepreneurship is defined as the capacity and disposition to develop, arrange and pulloff a business venture. It is also about dealing with the the risks associated with the businessproject in order to earn profit (Defourny and Nyssens, 2010). In the present study, the impact ison growth of entrepreneurial activities in a small-scale business is discussed. For such businessentities, an entrepreneur has good opportunity and vast scope in different sectors that involvesindustrial, agricultural and service. Small size is beneficial because they have high fecundity,high skilfulness and low employee turnover. There are basically nine different type ofentrepreneurship as explained below: Administrative - In this type of entrepreneurship, the functions revolves around theadministrative tools. The crucial techniques of this type include the total qualitymanagement, implementation of new strategies, etc.Opportunistic - This type of entrepreneurship, opportunities knocks the door forentrepreneurs. Acquisitive - This type of entrepreneurship learns from the other competencies. Theknowledge of others is grasped in this type.
Incubative - The new ideas are brought into the organisation through this type. Theexecution of fresh thoughts related to the business growth took place. Imitative Entrepreneurship- Depending upon the best practices of entrepreneurs presentin the market, imitation is done (Oosterbeek and et.al, 2010). The best one is selected andimplemented in the organisation. Private - This type of entrepreneurship is started under private sector but governmentprovides them support. Public - Government bodies undertake such type of entrepreneurship. Further, theyprovide support to the private one. Individual - This type involves an individual for its functioning.Mass - This type of entrepreneurship involves a mass of number for the process. It is usedto enhance the number of small and medium enterprises in nation. There are three main types of entrepreneurial ventures in which these entrepreneurship stylescan be assigned and they are as follows:Public- These ventures are performed by the government bodies and it includes thepublic, administrative, mass and acquisitive entrepreneurship.2Illustration 1: Types ofentrepreneurship(Source:Defourny andNyssens, 2010)
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