Entrepreneurship and Business Environment Report

Added on - 22 Jul 2020

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ENTREPRENEURSHIP AND ITSASPECTS OF NEWLY CREATEDBUSINESS ENVIRONMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Examining Different Types of Entrepreneurial Ventures and Explanation Of How TheyRelated With Typology Of Entrepreneurship.............................................................................1P2 Exploring the Similarities and Differences between Entrepreneurial Ventures....................2TASK 2............................................................................................................................................4P3 Illustrating Impact of Micro and Small Business on the Economy......................................4P.4 Importance of Contribution to Small Business and Business Start-Ups on Growth of.......6TASK 3............................................................................................................................................8P5 determining the traits, skills, characteristics of successful entrepreneurs..............................8P6 Assessing how aspects of entrepreneurial personality reflects on entrepreneurial mindsetand motivation.............................................................................................................................9TASK 4..........................................................................................................................................11P7 Examining How Background and Experience Can Hinder Entrepreneurship....................11CONCLUSION.............................................................................................................................12REFERENCES..............................................................................................................................13Appendices.....................................................................................................................................16
INTRODUCTIONEntrepreneurship is an aspect of business that deals with designing, developing andrunning a small business. Entrepreneurship is playing a great role in business development fromthe 21st century. There are some major impacts of entrepreneurship on the global economy butstill, it is an argumentative matter of fact. Introduction of entrepreneurship is designed to discussthe roles and importance of entrepreneur in our society (Autioet al.2014). Many countries havebeen supporting entrepreneurship so that they can reduce sustainable poverty and the resultsshow it is actually beneficiary for economic growth. This unit will further discuss the scope ofentrepreneurship and also illustrated the barriers of business start-up. This assignment willfurther discuss the balance of risk and reward of starting a new venture.TASK 1P1 Examining Different Types of Entrepreneurial Ventures and Explanation Of How TheyRelated With Typology Of EntrepreneurshipEntrepreneurial ventures are mainly focused on providing services to the mid-stage and theearly-stage organizations. They also work with troubled companies to fix their problem and theyalso help the company to reinforce in their business model. The role of entrepreneurial venturesvaries from company to company. Most of the time, the entrepreneurial ventures set their goalconsidering the stage and size of the organization. Entrepreneurial ventures took an active role instrategy development, implementation of plan and networking so that the small organizations cangrow and make maximum profit (Choi and Majumdar, 2014).Entrepreneurs are the responsible person who creates entrepreneurial ventures. The main goal ofthe organization is to make maximum profit and take maximum share in the marketplace.There are mainly four types of entrepreneurial ventures exist. These are:Small business entrepreneurship:Small business organizations are mainly independently owned and operate on profitableorganizations. The goal of such organization is to grow their business in a long-term business.They are also looking to making their business more profitable and sustainable. Restaurants,agriculture, retail stores are under small business entrepreneurship. Banks, friends or familymembers are mainly capital providers of such business. They invest in the company so that thecompany can make maximum fund to run their business for a long time period (Ibrahim and1
Lucky, 2014). Small companies also generate payroll taxes and they provide jobs but the numberof staffs hired by this company is comparatively small.Scalable start-up entrepreneurshipScalable start-up companies are not like small business company, they make theirbusiness in such a way so that they have the ability to change the whole world. The investors andthe employees of the company are knowledgeable enough about their goal and keyresponsibilities. They tend to hire the brightest candidate for their company, as it is importantthat the candidate should know about the vision and mission of the company. The main role is tosearch for a repeatable and scalable business plan (Karadag, 2015).Large company entrepreneurshipLarge companies work under finite life cycle. As the large companies are facilitated withfunds from different investors, it is easy for them to grow with sustain innovation. Moreover,they offer a large number of services and products to their customers. They have a large numberof employees. The aim of companies is to generate sustainable revenue and profit for theircompany. Mainly corporate companies are under large company entrepreneurship.Social entrepreneurshipSocial good enterprises have the desires to make the world better place by providing theirservices to the people. They aim to serve the maximum people by maximizing impact in asustainable way. This type of companies mainly dealt with global health organizations and thecompanies who are working with a philanthropic mission for development of countries. Theentrepreneurs of this type of organization are capable to make improvement in life of people.Serial Entrepreneur:It is similar with female and male entrepreneurs in context with leadershipFemale Entrepreneur:The woman who is interested for the business may be the known as thefemale entrepreneur. Generally the most important aspect for the business it is the perception ofthe society that female are less interested towards the business but its a myth.P2 Exploring the Similarities and Differences between Entrepreneurial VenturesKey similarities in between the different ventures are as follows-Discovery and exploitation of business opportunities2
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