Entrepreneurship and start-up's (pdf)
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Added on 2021-01-02
Entrepreneurship and start-up's (pdf)
Added on 2021-01-02
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TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurship..........................................................................................................................1P2 Similarities and differences between entrepreneurial ventures..............................................3TASK 2............................................................................................................................................4P3 Relevant data and statistics in your mini-research and how micro and small businessesimpact on the economy................................................................................................................4P4 Important small businesses and business start –ups will contribute to the growth of thesocial economy after ‘Brexit........................................................................................................7TASK 3............................................................................................................................................8P5 Determine the characteristics, traits and skills of successful entrepreneurs, whichdifferentiate them from other business managers........................................................................8P6 Aspects of the entrepreneurial personality as discussed in reflect entrepreneurial motivationand mindset..................................................................................................................................9TASK 4..........................................................................................................................................10P7 How background and experience can hinder or foster entrepreneurship.............................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship refer to the process of establishing new business with innovative ideas.Under this activity, person who develop as well as operate new venture is called entrepreneurs.Mainly it is important aspect for economic because it create number of job opportunities for localpeople which may improve their living standard (Bae and et. al., 2014). This will directlycontribute in enhancing overall growth of the nation. In addition of this, person who start a newbusiness has ability to take risk with the purpose of converting into profitability. The mainpurpose of this type of activity is to serve quality products to its customers for attaining theirhigher satisfaction. Present report is based on the entrepreneurship and start-up's which help increating economy strong. Various type of entrepreneurship and its typologies are mentioned inthis project. Along with this, similarities and difference between entrepreneurial ventures are alsodiscussed. Impact of small and micro business is described here which may contribute enhancingliving standard of the local people. Lastly, skills and characteristic of two successfulentrepreneurs are also mentioned here. TASK 1P1 Different types of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurshipEntrepreneurThis will be known as the person which has power to start their own business and to takesome amount of risks to earn profits and sustain in market for long period of time. There arelarge number of skills are present in the person which allows him to evaluate the current trendspresent in market and successfully start their own business and satisfy the different needs ofcustomers. Application of the skills and abilities provides an opportunity to the new entrepreneurto become success in market and grab large market share.EntrepreneurshipThis will be known as the process of launching of new and small business with the hopeof generating high amount of profits (Barringer, 2015). There are many contributions which areprovided by such kind of entrepreneurship's in the development of economy and society. One ofthe benefit which is associated with the concept of entrepreneurship is about creation of large
number of job opportunities and contributes in the overall development of living standard ofpeople living in society.Entrepreneurial ventureThis will includes about the different kind of organisations which operates their businessoperation's with the help of innovative capabilities and opportunities present in market with theaim of providing social and economic value towards a nation (Cooper and Folta, 2017). Theredifferent kind of ventures and prevail in business environment. All these ventures having theirdifferent size, role and purpose of doing business. Government of nation also takes manyinitiatives regarding development of the such type of ventures. The different type of venturesalong wit their role and purpose is defined below:Small business entrepreneurship: The ventures which are included under this are thosewhich are operated by single and or group of people for the purpose of doing business and earnprofit. The size of these kind of ventures is small with having clear aim and objectives. Thenumber of employee's whom are working in this organisation is quite less in comparison to otherorganisations. The main aim for which such kind of organisations are working is to earn the suchamount of profits which help to effectively line their life. The kind of businesses which arecomes under this are known as travel agents, grocery stores and others. Scalable start-up's entrepreneurship: This will includes such type of business whichcomes up with new ideas in market for the purpose of attaining high growth. They are having theaim about earning of large number of profits and to transform their dream into reality. Also, oneof the aspect which is associate with these type of ventures is that they sold their existingbusiness after setup and run new business which aid in earning more amount of profits. Social entrepreneurship: This will includes the ventures which provides their businessactivities for the purpose of welfare of society. Also, another aim for which they conduct theirbusiness activities is that to generate large number of employment opportunities and improvetheir living standard (Dees, 2017). They also having the aim about fulfilment of basic needs ofpeople and to provide adequate amount of safety.Large scale entrepreneurship: This will includes the large organisation which areoperating their business for the purpose of earning huge amount of profits. To sustain in marketit is necessary for them to adopt innovation within their business operations.Entrepreneurial typologies
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