Entrepreneurship and Its Skills | Report

Added on -2020-02-17

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ENTREPRENERUSHIP
Table of ContentsENTREPRENERUSHIP..................................................................................................................1INTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship......................................................................................................3P2Explore the similarities and differences between entrepreneurial ventures............................4TASK 2............................................................................................................................................5P3Assess and interpret relevant data and statistics in your mini-research, to illustrate howmicro and small businesses impact on the economy. .................................................................5P4 Explain how important small businesses and business start –ups will contribute to thegrowth of the social economy.....................................................................................................6TASK 3............................................................................................................................................8P5 Determine the characteristics, traits and skills of successful entrepreneurs, whichdifferentiate them from other business managers.......................................................................8P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mind-set..............................................................................................................................10TASK 4..........................................................................................................................................11P7Examine , using relevant examples obtained through your mini-research, how backgroundand experience can hinder or foster entrepreneurship...............................................................11CONCLUSION..............................................................................................................................12REFERECES.................................................................................................................................13
INTRODUCTIONEntrepreneurship played a important role for each and every country growth anddevelopment. An entrepreneur is a person who start business and transform in to a large businessorganisation. It provide a large number of jobs in a variety of sector such as retail, hospitality,information technology and so on. There are various micro and macro factors which can affectsthe growth and development of these businesses. These factors can be economic factors, industryfactors, personal and professional experience, fund issues and competitive advantage(Gronum,Verreynne, and Kastelle, 2012). These entrepreneurship contribute approx. 99 percentin the UK economy with 5.6 million small and medium enterprises. The purpose of this report isto identified factors which can influenced entrepreneurship and its skills. The research report alsoprovide an detailed analyses all these factors and its role in the social and national economy. TASK 1P1Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship.Entrepreneurship is a process which is related with the creating, designing, anddeveloping a new idea in a appropriate manner. As a entrepreneurship there are variouschallenges which can be faced by them in order to develop a consistent growth in their businessand its profitability (Altman, Sabato,nd Wilson, 2010). There are following entrepreneurshipventures which as given below:Local entrepreneurship: This is one of the basic form of small business enterpriseswhich run and control these business. It can includes local grocery stores, hairdressers, marketingconsultants and so on. Most of these SME are running by the family members and they can hireslocal people for their daily operations. The main objectives of such business organisation is toearn profit in order to selling goods and services to its customers. Global entrepreneurship: These are considered by the large corporate houses which canoperate their business in to large geographical area. The size and scope of these business unitsare quite large as compare to other business firm's. They provide products and services in tomore than one country and their risk is also quite large. There are various factors which caninfluenced the business operations of these business units (Cowling,Liu,and Ledger, 2012). The
main objectives of these businesses are earn profit through providing high quality goods andservices. Social entrepreneurship: This is another form of business which is related with thesocial services. There are various start up which are focused on the community welfare andworks for its betterment. They provide goods and services to the society which can help toimprove its standard of living. Scalable start ups: There are various small businesses which are related with theinnovation, information technology and other aspects. It can involved business research, e-commerce platforms, mobile apps etc. they required highly educated and skilled workforce inorder to implementation their ideas in to the reality. Its vision to change world with theinnovation and technology. Female entrepreneurship: This is another types of entrepreneurship in which a smallbusiness can be controlled and managed by the female. This is essential for the society in orderto empower women through generating entrepreneurship skills and capabilities so that they canrun a business in a effective manner (Islam, Khan, ,and Alam, 2011). Serial entrepreneurship: A person who continuously comes up with a new andinnovative idea in order to start a new business. They are different form the traditionalentrepreneur who come up with the new idea and involving in to daily operations. Thesebusiness sell their business after a period of time and start new business. In addition, they are related to typology of entrepreneurship it means various types ofentrepreneurship are connected with typologies. Local business which is run by local people toearn profit while global entrepreneurship is focused on offering their services at internationallevel and require more capital to run business. It main aim is to earn wealth maximization alongwith long term growth. They mainly aim to get higher returns on the products and services thathas been offered by them to publicP2Explore the similarities and differences between entrepreneurial ventures.There are various types of similarities and differences between entrepreneurial ventures ,different - different types of ventures are helps to define benefits , issues for society and localetc. These are help to develop economic growth and also increase GDP of the country. Theseventures can includes local ventures, global ventures, social ventures, female ventures etc. thereare various similarities and differences between them (Forsman, 2011). Business ventures are

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