Aspects of Entrepreneurship and Entrepreneurs - Report

Added on - 21 Jul 2020

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Entrepreneurship
Index of TablesTable 1: Total Enterprises in UK 2015-2016...................................................................................7Table 2: Total Employment in UK..................................................................................................7Table 3: Gross Value Added 2015-2016.........................................................................................7Table 4: Gross Annual Turnover 2016............................................................................................8
INTRODUCTIONEntrepreneurship is the process of designing, launching and running a new business,which is more often than not, initially a small business, offering a product, process or service forsale or hire (Drucker, 2014). In accordance with this context, this report will cover the aspects ofentrepreneurship and entrepreneurs. Different types of entrepreneurial ventures will be examinedand their relationship with typology of entrepreneurs will be evaluated in this report. Further,with the help of relevant data and statistics, impact of small and mini organisations will beassessed on the economy of United Kingdom in this assignment. The traits, characteristics andskills of successful entrepreneurs will be investigated and how they reflect on their personalitywill be assessed in this assignment. Eventually, with the help of investigation, this assignmentwill aim to assess the background and experience of successful entrepreneurs.TASK 1P1 Types of entrepreneurial ventures and their relationship with typologies of entrepreneursAn entrepreneur is the person who organises, manages and assumes the risks of abusiness or enterprise.In today's world, entrepreneurship play an important role in growth anddevelopment of the national economy (Huang and Knight, 2017).Entrepreneurial typologies likeevery other typology is a classificatory scheme. There are several types of entrepreneurs whichare classified as male, female, serial and social entrepreneur.There are various small and largebusiness organisation incorporating their business activities effectively and efficiently. In thiscontext, the entrepreneurial ventures and their relationship with typologies of entrepreneurs areprovided below:Small Business Entrepreneurial Venture:Small business entrepreneurial venturesconsists of mini or small scale organisations which have limited paid up capital andtargets minimum range of customers (Lavoie, 2015). These includes small groceriesstore, electronics shops, book shops, etc. Small and mini organisations mainly composedof male and female entrepreneurs who work diligently in order to increase their sales andcontributes towards national economy effectively and efficiently. Further, theseorganisations greatly affects the national economy of United Kingdom as majority of thebusiness ventures incorporating in the country are small and medium scale organisations.Thus, it implies that small and medium scale organisations are very essential for thenational economy of the country.1
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