Report on Difference between Social and Lifestyle Entrepreneurship

Added on - 06 Jun 2020

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ENTREPRENEURSHIP ANDSMALL BUSINESS MANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Various types of entrepreneurial ventures and their relation with typology....................1P2. Similarities and differences between entrepreneurial ventures........................................2M1 Diverse range of entrepreneurial ventures.......................................................................3D1 Scope, development and growth of entrepreneurial ventures...........................................4TASK 2............................................................................................................................................4P3. Micro and small businesses impact on economy.............................................................4P4. Importance of small businesses and business start-ups....................................................6M2 Differences small, medium and large businesses make to economy...............................7D2 Small businesses have an impact on different levels........................................................8TASK 3............................................................................................................................................8P5. Characteristic traits and skills of successful entrepreneurs..............................................8P6. Entrepreneurial personality can reflect entrepreneurial motivation and mind-set...........9M3 Different lines of argument relating to entrepreneurial Characteristics.........................10D3 Characteristic traits, skills and motivational drivers of successful entrepreneurs..........10TASK 4..........................................................................................................................................11P7. Way in which background and experience hinder or foster entrepreneurship...............11M4 Link between entrepreneurial characteristics and affect of background and experience12D4 Evaluate how background and experience influences entrepreneurs.............................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneur and small business management both offers learning to an individual aswell as student who want to begin their own business. It provides employment opportunities topeople which aid to reduce poverty line. An individual who starts micro enterprise, have possessskills of enterpriser. If any company wants to survive for long term in the market, then they haveto do their business innovatively as well as creatively. Micro and small businesses providegrowth to the nations. When people start small enterprises then it is essential for them to producegoods and services in an innovative manner(Bridge and O'Neill, 2012). It will aid them tosurvive in market and they can take advantages from their competitors also. In the present report,difference between social and lifestyle entrepreneurship will be determined. Along with that,there are some successful businessmen in the UK such as Richard Branson and MohammadYunus that will be compared in the report based on their characteristic traits and skills. Theyboth have different skills, knowledge and capabilities. The way their background and experienceinfluence them positively and negatively will also be shown here.TASK 1P1. Various types of entrepreneurial ventures and their relation with typologyBusiness visionary is a person who bears risk and develop new goods and services fortheir customers in an innovative manner. He is an individual, who is self-motivated as well asgenerate new ideas for organisation which aids in their growth and success. There are variousforms of entrepreneurial ventures that are described as below:Small business entrepreneurship:In the present scenario, there are numerous peoplewho begin their business in a little range. In the UK, there is approximately 4.8 millionindependent companies that are developing consistently.It additionally aids to enhanceemployment as well as growth to economy. They provide occupations to general public who isnot utilized by substantial organizations since they don't satisfy prerequisite of them(Preuss,2011).Scalable start up entrepreneurship:This sort of enterprise means people who beginversatile start up, start doing their business when they become more familiar with their visionthat can change the world. These kind of concern draw in more financial specialists for theirbusiness. Persons who are working with these kind of enterprises are ideal and brightest. They1
extraordinarily concentrate on investments and need fastly extension moreover. They are moreinventive as well as risk taker compare to other form of entrepreneurship.Large company entrepreneurship:These kind of business, needs more developmentand inventiveness in their goods and furthermore they offer many sorts of products andadministrations to their clients and customers. On the off chance that they need to contend incommercial center as well as develop new items or services and they can likewise adjust theirexisting goods. Along with this, in substantial organizations there are various types ofindividuals and they have their own way of life.Types of typologies:Serial entrepreneurship:Itis most popular model with the passage of time. These typesof business executives come up with new innovative ideas and techniques so that they can starttheir concern in new nation.(Henrekson and Sanandaji, 2014).These are opposite of typicalspeculator who came up with new thoughts and ideas. They play an important role in day to dayfunctioning of firm, in case of serial magnate they are different, after start operations in businessentity give responsibility to others and move on to new ventures. These type of person has a lotof new design and plans for different businesses. These businesspersons are not concentrate onany one particular career, in fact, they enjoy process of starting new venture one after another.Social entrepreneurship:Just as a magnate they can change face of entity same as socialpromoters reshape environment of society. They take risk and deed restructure the societybringing opportunities for the country. These speculators open up the ideas which are user-friendly, understandable, ethical and not for profits.P2. Similarities and differences between entrepreneurial venturesSocial business enterprise is extremely famous process, since it is largely utilized by neworganisations those need to develop in social as well as financial world. It can be distinctive asindicated by size and goal of association. A few person who begins concern for personal lifestyle. They never begin business to earn more revenues.Generally those type of entrepreneur isfocus on the reward and enjoy it. For this type of entrepreneur they should be enthusiastictowards their work.There are various differences between social and lifestyle entrepreneurial ventures whichare mentioned as below:Social entrepreneurialLifestyle entrepreneurial2
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