Roles and Characteristics of Successful Entrepreneurs : Report

Added on - 22 Jul 2020

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ENTREPRENEURSHIP
INTRODUCTIONAn entrepreneur is person who starts his business with an aim of achieving maximum profit.Entrepreneur is a person who is involved with all the risk and return of the business and thusperforms the work alone . When any person invest his own capital in the business then it is knownas a firm and any person who invests in his own business is known as an entrepreneur. It involvesnew business creation with the idea of innovation and creation and the facility of economic growthand development. It is also created for the new market and industries and for the existing firms inthe market. It gives proper understanding about the roles and characteristics that help to get successin the life. Complete understanding give the impact on the European union for the success inrelevant market.TASK 1P1.Analysis the various types of entrepreneurial ventures and how it is related to the typologyEntrepreneurs are considered as the people who with a very limited resources initiates abusiness and are themselves responsible for their personal business ventures. Ventures means thestarting of the new business with is own capital and then gaining maximum profit. The main aim ofentrepreneur is to gain profit and customer satisfaction. The different types of entrepreneurialventures can be according to the amount of money invested in te entrepreneurial business. If moremoney is invested then the venture may grow and the profit is also increased and if less amount isinvested then the venture may not grow and thus the profit is not increase so according to the sizeof the business venture is also growth and thus profit increases and the entrepreneur may retain forlong time period in the market.Entrepreneur ventures are considered as the factors of innovationand various opportunities so that the business might be able to achieve a great social value. Thereare various types of entrepreneurial ventures and these are discussed as following :1.Skeptical entrepreneur: He is person who skips some ideas and then does the business andstarts gaining profit in the long run.2.Copycat entrepreneur:He is a person who copy the other person and starts is business. Efollows all the business policy of other business and then he starts his work and thenaccordingly he gains.3.Research entrepreneur:Before starting a business a person who does the research isknown as research entrepreneur. He researches that what type of business should be startedso that e gains the customer satisfaction and gains profit in the long run and type of businessshould retain in the market.4.Determined entrepreneur:This is a person whose aim is fixed for doing business and the
Peterson who does the business keeping in mind his aim then he is known as determinedentrepreneur. E establishes his business according to a given target and then he is known asdetermined entrepreneur.5.Accomplished entrepreneur:He is a person who takes over the business of another person.Means e purchases another’s businesses so he can be a accomplished entrepreneur. Thewhole business is purchased so goodwill of the business is also purchased and thus he gainsmore profit in the long run and stays in the market.These different ventures are made with the main aim of increasing profit and long term stability inthe market.There are various types of entrepreneurial ventures and these are classified as under :Small business venturesSmall scale ventures are classified as those ventures that start on a very small scale andinvolves businesses like grocery stores, restaurants, cobblers etc. These businesses do not dreambigger but to an extent that they can achieve their motives and what they want.Start up venturesThese ventures are classified as those ventures who consider the fact that their vision canactually help in changing the whole world as they are creative enough. They take financial helpfrom investors known as venture capitalists. Also, they are known for hiring the suitable and bestindividuals so that they can help in changing the vision and making it more creative and efficient.P2.Similarities and difference between entrepreneurial venturesThe basic difference between an entrepreneurial and venture is that the venture is made when thebusiness is newly started and the enterprise is when the business is growing at a large pace. Ventureis a grown up business so less amount is invested in the business that if the business is nor grownthen the venture and closed and the enterprise is which a business is grown up and makes profit inthe long run. Complete research is been done before starting new research. The biggest similarity isthat only the capital amount is been invested by the owner or the entrepreneur of the business. Thedifference between a venture and an entrepreneur is that the venture is for a limited time span andentrepreneur is for a long time span.The following are the differences between the entrepreneurial ventures:Differences1.Goals:The business entrepreneur has the goal of achieving the profit in doing the businessand remain in the market whereas their social;l entrepreneur has the goal of social impartingand thus social values and ideas are the major key terms used in the success of the business.2.Value creation:The value of each entrepreneur is created in the minds of customers so
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