Entrepreneurship: Types, Impact on Economy, Traits and Skills

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
Different types of entrepreneur ventures and typology .........................................................3
Task 2 ..............................................................................................................................................8
Impact of Micro and small business on international economy. ...........................................8
Impact of small business in Growth of social economy in UK..............................................8
Task 3...............................................................................................................................................9
Characteristics traits and skills of successful entrepreneurs that differentiate the from other
business managers. ................................................................................................................9
Aspects of entrepreneurial personality for motivation and mindset. ...................................11
TASK 4..........................................................................................................................................12
Influence of Positive and Negative Background on Entrepreneurs......................................12
CONCLUSION .............................................................................................................................15
REFERENCES .............................................................................................................................16

INTRODUCTION
Entrepreneur is a person who takes risk to earn profitability for their business.
Entrepreneur is a person who work hard for success of business at a large scale. Person is ready
to sacrifice for growth of business. And he is able to solve problems on their own. Entrepreneurs
have a passion to develop new things and product and services to achieve their goals easily. They
have a plan and vision for future development of their business. Entrepreneur is important to
develop employment opportunities help to bring change in society. Report will discuss
entrepreneurship and difference between entrepreneur and intrapreneur. Discuss different
activities of an entrepreneur for their success. Discuss different ventures and difference between
those ventures.
TASK 1
Different types of entrepreneur ventures and typology
Entrepreneurship
Entrepreneurship is a process to create a business to generate profit. Entrepreneurship
comes with different types of risk which will affect overall working of a business and a
person(DeSantola and Gulati, 2017) . An entrepreneur is a person who starts a business for their
own success. Person need to have some skills and abilities to develop a business. Overall
experience help person to manage business smoothly and also affect success of business at a
large scale. Entrepreneurship aim to change the world and solve all problems of an individual.
Entrepreneurship brings innovation and creativity in an individual. Aim to bring all people
together to achieve a common goal.
Difference between entrepreneur and intrapreneur
Entrepreneur is a person who starts his own business with creativity and innovative idea.
Whereas intrapreneur is employee for business who is responsible for developing innovation in
product and services of organization(Lahiri and et.al., 2019) . Entrepreneur develop their own
resources that they have and intrapreneur use those resources that are provided by their
organization. Entrepreneur earn a profit from business and intrapreneur earn salary for their
efforts in organization. Entrepreneur is an independent person make his own rules and regulation
whereas intrapreneur need to depend and work according to rules set by company. Entrepreneur
aim to innovate new product in market and intrapreneur aim to develop sustainability of
organization in market.

Different activities of entrepreneurship
Entrepreneur is a busy person always do something for success of business. Entrepreneur
analyze market situation to know innovation and demand of customers and develop products
according to requirement and bring changes in their product. Plan for next product by developing
new technologies, new product help entrepreneur to earn new advantage increase sales of their
business to grow at a large scale. New product help them to earn profitability in their business.
Brainstorming the next business is an activity which each and every entrepreneur develop once
in a life(Wallmeroth, Wirtz and Groh, 2018) . Due to changes in market entrepreneur need to
bring variety in their product and services to gran a large number of share in market. Success of
organization largely depends on effectiveness of employees and entrepreneur need to monitor
working of their employees to minimize wastage and to make employees understand working.
Different ventures undertaken by entrepreneur
Small business entrepreneurship
Large number of small business are working now days. Small businesses are not too
profitable but able to earn a small amount of money. Different big brand and investors are not
attracted towards those business. Small business are also a leading sector to provide employment
to workers all over the world.
Scalable startup
Scalable entrepreneurs start their business to bring change in world. Aim to get best
employees in their business.
Large company
Large companies offer innovative and attractive products which help to attract customers
easily. Their aim to fulfill customers needs and improve technology to develop effective product
and services.
Social entrepreneurship
Social entrepreneurs are those who works for welfare of society and serve to solve
problem and fulfill social needs. They are non profitable organization and aim to make a world
better place to live.
Different between entrepreneurial ventures
Each and every entrepreneur venture is different from one another are as follows.
Basis Private Public