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P1 Several types of entrepreneurial ventures and typology of entrepreneurship

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Added on  2020-12-09

P1 Several types of entrepreneurial ventures and typology of entrepreneurship

   Added on 2020-12-09

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Entrepreneurship andSmall BusinessManagement
P1 Several types of entrepreneurial ventures and typology of entrepreneurship_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Several types of entrepreneurial ventures and typology of entrepreneurship..................3P2. Differences and similarities between entrepreneurial ventures........................................5TASK 2............................................................................................................................................7P3. Micro and small business impact on the economy...........................................................7P4. Importance of small business start-ups to the growth of the social economy..................9TASK 3..........................................................................................................................................10P5. Characteristics, traits and skills of successful entrepreneurs.........................................10P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mindset...........................................................................................................................12TASK 4..........................................................................................................................................13P7. Use relevant examples to examine that how background and experience can hinder orfoster entrepreneurship.........................................................................................................13CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
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INTRODUCTIONEntrepreneur termed as a willingness to effectively build up, arrange and handleorganisational venture in addition with risk taking capacity as to earn profitability. Entrepreneuris an individual those who start a business to earn profit from an opportunity rather than as anemployee (Baum, Frese and Baron, 2014). The individual convert own ideas in to business andorganise a venture with the main object to gain huge profit. The person design, launch and run anew organisational venture which is mainly initiated in a small level, this is known asentrepreneurship. It can be an activity of setting up a business by implementing wide range ofnew and innovative thoughts as well as ideas along with taking risk related to finance. It suggeststhat it is essential for business owner to effectively have focused approach towards generation ofnew marketplace for their services and products that are mainly based on a business plan.Entrepreneurial venture aids country economy in various different segments. In this reportformative discussion has been made on concept of entrepreneur along with their impact oneconomy. Further report covers key aspects that are related to entrepreneurial mindset along withnumerous factors that hinder entrepreneurship. TASK 1P1. Several types of entrepreneurial ventures and typology of entrepreneurshipEntrepreneurIt refers to a person who have the capacity and willingness to launch, organise and run aventure in order to earn huge profit. Entrepreneur acts as an individual those who effectivelyperform their operations while taking risks and rewards aspects of small business venture. Entrepreneurial ventureEntrepreneurial venture refers to business that differ in size and scope and founds or runsby different peoples for various purposes. They are small businesses and aid in nationeconomical growth aspects along with country development. Mentioned below there are somedistinguished form of entrepreneurial venture: Small business entrepreneurship- It consist those business which are mainly small sizeorganisation and with the small investment, they run at small level (Burns and Dewhurst, 2016).These business are operated by independently by an individual because they have small size
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capitalization and mainly initiate their business at small level. Organisations within this developtheir business within marketplace with a main motive to earn livelihood as they have smallorganisational structure. Scalable start up entrepreneurship- Within this entrepreneurial segment individualmainly does not initiate their business within large marketplace as they have no certificate interms of being implemented within marketplace. In this business are mainly established anddeveloped by sole person those who initiate scalable business model. Major purpose that is holdby them is to effectively create business model with the help of which market needs can beeffectively fulfilled. Large company entrepreneurship- Within this, there are large scale businessorganisation those who suitability grow their business with new products offering, innovationand more. In this there is an investment of large capital and a motive which is to offer adequatesatisfaction to consumers and earn large base of profitability. Social enterprise- Basically these organisations are social firms and NGOs which arefounded by individual for the welfare of the society and solve social needs and problems. Theseorganisations help in making improvement in the individual’s living standards by offering themadequate opportunities of employment. The main objective of these kind of firms are to make theworld a better place.Typology of entrepreneurship-There are different kind of entrepreneurs, they are as mentionedbelow:Male- In this entrepreneurship, the entire business are run an operated by the male andthey are responsible for designing and developing policies, rules and regulations of the firm.Females are restricted to participate in decision making process.Female- In this entrepreneurship, female are responsible for operating and running thebusiness of the firm. They operate whole business and formulate business policies, strategies andtake decisions for the development of the organisation.Managed growth- It is the combination of both entrepreneurship in which male andfemale for are responsible for the proper running of the firm (Drucker, 2014). They both developpolices and strategies by making participation in decision making process and both help in thegrowth of the firm.
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