P1: Different type of entrepreneurial project and their relation with typology (Doc)
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Added on 2020-12-26
P1: Different type of entrepreneurial project and their relation with typology (Doc)
Added on 2020-12-26
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Entrepreneurship and Small Business Management
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1: Different type of entrepreneurial project and their relation with typology......................1P2 Similarities and differences between various entrepreneurial ventures............................3TASK 2............................................................................................................................................5P3 Impact of micro and small business on economy.............................................................5TASK 2............................................................................................................................................7P4. Importance of firm start-up's and small business to growth of social economy after Brexit7P5. Skills, characteristic and traits of entrepreneurs...............................................................8TASK 3............................................................................................................................................9P6 Entrepreneurial personality reflect entrepreneurial mind-set and motivation...................9TASK 4 .........................................................................................................................................10P7 Background and experience can hinder or foster entrepreneurs ....................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTION Entrepreneurship forms an integral part of every business as every large and successfulfirm started out as a small enterprise led by an entrepreneur (What is Entrepreneurship?, 2017).An entrepreneur is an individual who take initiative to think an innovative idea, nurture it into aconcept and then assemble all the working into a business venture by capturing marketopportunities and taking risk of losses due to market uncertainties and dynamics (Acs, Autio andSzerb, 2014). The report will evaluate various entrepreneurial ventures along with analysis ofvalid similarities and differences of various business typologies. The project will also providesynopsis about probable impact and importance of start-up's and small scale business firms on theeconomy of UK. Further it will also discuss various traits and skills that is requisite forentrepreneur to bear all risks capabilities that is essential to have to compete and lead in dynamicmarket environment. Also it will ascertain impact of background and experience in success orfailure of a company and entrepreneur. TASK 1P1: Different type of entrepreneurial project and their relation with typologyEntrepreneurship forms integral part of any business as every large organisation startedout as a small venture lead by an entrepreneur. According to Ducker, (2014) entrepreneurship isone of most creative process towards a company and its various activities to organize, handle andlead individuals towards one objective. Thus, an entrepreneur is an individual who willing takerisk and put up its career and financial security for bringing change in society. Entrepreneurialventure could be defined as a start-up that is at initial phase and is associated with lower capitalinvestment and limited business operations. Entrepreneurial enterprise on other hand could bedefined as a business that is well established and is known for its huge capital investment andlarge scale of business operations. Through a business venture or a start-up business Petersonintroduce new and innovative ideas for anticipating current and future requirements of customers.Therefore, in order to successfully utilize all its limited resources for getting maximum outcomesand higher profits an entrepreneur is liable to conduct a thorough research about various marketaspects including in depth analysis of various types of entrepreneurial ventures and evaluate andselect most suitable one in the light of chooses project and its requirements. Mentioned below aresome prominent types of ventures:
Large Corporations: Large corporations are having definite life cycle and they acquiregrowth and sustainability by synthesizing new products and services as per customers’requirements. These enterprises are also subject to huge capital investment and heavymarket competition, hence they are required to mould their goods and services accordingto business dynamics in order to maintain and sustain is market position. For instance,TESCO UK is one the largest British multinational retail chain that deals in groceries andother general merchandise. Small Scale Corporation: UK is one of the greatest hub for start-up or small scalecorporations that significantly contributes in providing employment to nation. Small scalebusiness includes start-ups such as cafes, consultants, grocery stores etc. that requireslimits capital and resources to carry put its business activities (Bhachu, 2017). Also theyare less prone to risk and are single owned and managed by an individual owner. Forinstance, Oak cash and carry is one the successful small scale retail business in UK thatoffers wide range of goods in bulk for retailers, offices, caters etc. Social Enterprise: These ventures works with the main objective to provide and developproducts and services for betterment of society by providing them basic merchandises ataffordable prices. These non-profit organizations don’t not have profit generation as theirmain motive ad it focuses on manufacturing goods and services that would enhanceeffectiveness and efficiency of society and its environment. For instance, Oxfaminternational is a association of 20 charitable firms that works with the main objective toeradicate global poverty and to for sustainable development of its society people.Scalable Business: These organisations mainly emphasis upon quality and creativeaspects of a business venture rather merely manufacturing in products in bulk. Theseenterprises are quit focused and determined towards their vision and business concept andthey use innovative ideas to attract investors who shares same vision.Types of entrepreneurial typology: Serial Entrepreneur: These entrepreneurs have a high spirit to take up new challengesand come up with something new and innovative on repetitive basis so as to givesomething new and distinctive to world. After successfully establishing one venture theseserial entrepreneurs delegated roles and responsibility of undertaking operations to someefficient and capable individual and they themselves shift their focus on something more
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