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Types of Entrepreneurial Ventures and Entrepreneurship : Assignment

   

Added on  2020-07-23

13 Pages3946 Words58 Views
Entrepreneurship andSmall Business Management

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Determine the typology of entrepreneurship.........................................................................3P2 Examine the differences and similarities between entrepreneurial ventures.........................4TASK 2 ...........................................................................................................................................6P3 Examine how small and micro impact the economy.............................................................6P4 importance of small business and start-ups to economy........................................................7TASK 2............................................................................................................................................8P5 Determinants of successful entrepreneur...............................................................................8P6: Aspects of the entrepreneurial personality............................................................................9P7: Influence of person’s background and past experiences that hinder or..............................11foster entrepreneurship. ...........................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONEntrepreneurship is refereed to an activity which involves all the factors taken toestablish a new business. For example, designing, launching, risks, etc. It is the capacity orwillingness to develop, organize and manage business along with risks in order to make a profit.The person who starts a new venture is known as entrepreneur. It is necessary to have great willto start a new thing as it involves various risks and no guarantee of it success. There are manyhurdles and issues which comes along with new business, successful entrepreneur is that whoovercome all the factors with confidence. This assignment will focus on different types ofentrepreneurial ventures and their relation with entrepreneurship. Different roles, objectives andcharacteristics of different ventures and different size are mentioned in this assignment.Interpretation of small and micro business and its impact on economy. Different characteristicsfor becoming a successful entrepreneur and how entrepreneurial personality reflectsentrepreneurial motivation are discussed in this assignment, in addition to this, how personalityis shaped by different factors and hoe person's background and past experience can hinder andfoster entrepreneurship is also mentioned. TASK 1P1 Determine the typology of entrepreneurshipEntrepreneurship can be defined as a process of designing, developing and managingability of a person or a group of persons to initiate a new business venture for earning higherprofits. These people who willingly creates these start ups by identifying opportunities andevaluating them for creating goods and services that caters needs of customers are known asEntrepreneurs. Thus, by starting new business entrepreneurship helps in creating new andinnovative goods and services which results in providing employee opportunities for peopleleading to more and more economic growth and development for a nation (Drucker, 2014).Mentioned below are various typology of entrepreneurs through which an entrepreneur can earnprofits : Small-Business Entrepreneurship: This type of business is owned and mange by asingle-proprietor. Most of starts up falls into this category as they initially required lessfinancial, human and capital resources and mainly focuses on producing goods andservices as per customers requirements so as to earn minimal profits to ensure their

survival. In UK small entities share 94% of total businesses and employ 50% of allgovernment workers.Scalable Start-up Entrepreneurship: A scalable start-up are those enterprises wholooks for repeatable and scalable business that converts entire firm into profitable, high-growth enterprise. It is done by earning new market shares and entering into new marketshaving good growth opportunities by taking risks. These firms mainly focus on rapidchange and development of business.Large Company Entrepreneurship: Large business firms are those who grow byproviding new and innovative products and services as per customers. They involveshuge capital investment, greater risks, abundant human, financial and other resources.The main motive of these firms is to earn higher profits and to gain compensative edgeover its rivals to capture market share (Pott and Pott, 2012).Social Entrepreneurship: These enterprises focuses on manufacturing those product &services that helps in solving society problem such as poverty, unemployment etc. orfulfil its need. With the aim of improving economic condition of country and to servesociety they make up a perfect amalgamation of profitable, non-profitable or hybridbusinesses. Female Entrepreneurship: This are the enterprise that are stated and managed byfemale entrepreneurs who are having minimum financial interest of 51% of share capitaland generating atleast 51% employment purely by women.P2 Examine the differences and similarities between entrepreneurial venturesFrom the above mentioned different types of entrepreneurs, it is evident that they arequite different from each other in terms of their size, growth, profits, aims etc. Every venture hasits own characteristic which differs from other firms but at the same time they too have certainsimilarities between them (Welter, 2011). Mentioned below are some similarities anddifferences between social & large scale business, female & male entrepreneur: Social EnterpriseLarge Scale EnterpriseDifferences Social enterprises are created with themain aim of providing social benefits orDifferences The main motive of these organizationis to earn maximum profits by

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