Understanding Entrepreneurship
Added on 2020-06-06
14 Pages4269 Words84 Views
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Entrepreneurship and Small BusinessManagement
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1 ...........................................................................................................................................1P1 Various types of entrepreneurial ventures & typologies of entrepreneurship.......................1P2 Difference and similarities between different entrepreneurial ventures................................3TASK 2............................................................................................................................................4P3 Relevant data and statics related with effect on small-business on economy........................4P4 Significant of small businesses and start ups to growth of social economy..........................6TASK 3............................................................................................................................................7P5 Traits and characteristic of successful entrepreneurs ............................................................7P6 Entrepreneurial personality that impact entrepreneurial mindset and motivation.................8TASK 4............................................................................................................................................9P7 Experience and background can hinder and foster entrepreneurship....................................9CONCLUSION .............................................................................................................................10REFERENCES..............................................................................................................................11.......................................................................................................................................................12
INTRODUCTION Entrepreneurship is define as the willingness and capacity in order to organize, manageand develop a business venture without any risk (What is Entrepreneurship?, 2015). It is alsoknow as the process of launching, running and designing a new enterprise which is rarely asmall-business. The people who design innovative and unique products in order to attract largenumber of the buyers as well as earn more profits (Mariotti and Glackin, 2014). There are mainlyfour kind of organisation such as large, social, scalable and small. They play essential role insocial development and economic growth of a country. This report is based on ALDI is a multinational and leading company which located inUnited Kingdom. This assignment described about the different types of venture as well asentrepreneurship typology. Further, main difference and similarities between certain organizationand how their activities and actions impacts by them. Two types of entrepreneur and their traits& characteristic that effect their motivation and mindset. TASK 1 P1 Various types of entrepreneurial ventures & typologies of entrepreneurshipEntrepreneurship: It is define as a process of conducting research, design a betterproduct, identify buyers needs, offer and launch the same in order to fulfil clients requirementsand earn more profits. Various organisation provides featured and unique services or facilities toits buyers to capture large number of market share. Different kind of entrepreneurial venturewhich can be determined under this: Small-business entrepreneurship: In the UK, there are approx 90 % businesses are small scale.Such kind of organization are manger as well as run be a person in a systematic manner. In thisway, enterprise owner take essential and effective judgement related to the business operations orfunctions (Hatten, 2012). Main example of these is Hairdressers, electricians consultants, travelagent, plumbers and grocer stores etc. These kind of company manager recruit their family andrelatives to handle. Scalable start up entrepreneurship: It is another type which is important for the economysuccess and growth. Who start and run business activities and functions with aim of achievingimpressive vision are known as scalable. Main focus of these is to modify the universe withspecific time duration. Various financial investors and venture capitalist are play important role1
in this, so they give high return. For the purpose of executing operations they can employknowledgable and bright candidates. Large business entrepreneurship: These is also a part of organisation who can accomplish theircommercial or technical activities at large level. In this way, customer satisfaction and productvariety are more important part in business success and development (Neck and Greene, 2011).Business operations could be impacted by certain factors which existence in the environment likegovernments, competitors, policies, technology and other aspects. Social Entrepreneurs: They are also main part of the enterprise which conduct research orinvestigation as well as interpreted production procedure in order to offer innovative productsand unique services to target clients. Due to this, company can sort out issues and problems ofclients effectively. Above all ventures are connected with different typologies which are determined underthis: Survival ventures: Such kind of person start and run their business operations in regards toachieve more amount of money for them or their relatives. They are never located at specificlocations and does not linked with banks. They mainly focus on earning revenues and sales forsurviving themselves. Serial entrepreneur: They are research innovative approach of looking new concepts andbusiness in marketplace. They play essential role in order to identify market trends and help inscheduling entire activities of company. These persons are very supportive for the enterprisebecause they inform regarding essential practices systematically.Lifestyle ventures: Who are keeps modifying their structure, objectives and strategies accordingto market environment and trends (Fassin and et. al., 2011). Such type of enterprise mainlyincludes lesser growth & expansion, accurate areas, workers and premises of company. Female entrepreneur: These type of person work with development and betterment of femaleworkers in the community. They can cater all variation in the method through transpiring allinformations and essential aspects. One of the main purpose of these is to maximise livingstandard of female and bring justices and equality for them in society. Male entrepreneur: They are also main part of the business start-up's which play essential rolein its success and growth. Male sole proprietors generate larger revenue as compare to women. 2
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