Factors Affecting Entrepreneurial Mindset
Added on 2020-10-22
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Entrepreneurship And SmallBusiness Management
Table of ContentsTable of Contents.............................................................................................................................2INTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1. Different types of entrepreneurial ventures and their interconnectivity with the typology ofentrepreneurship..........................................................................................................................1P2. Similarities and differences between entrepreneurial ventures.............................................3LO2..................................................................................................................................................4P3. Impact of micro and small businesses on the economy........................................................4P4. Importance of small business and start ups to the growth of social economy......................6LO3..................................................................................................................................................7P5. Characteristic traits and skills of successful entrepreneurs...................................................7P6. Reflection of Entrepreneurial personality.............................................................................9LO4................................................................................................................................................10P7. Foster of entrepreneurship through background and experience........................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship refers to setting up a new business taking financial risks for the purposeof profitability (Kirzner, 2015). It is the process of designing and launching innovative productsin the marketplace. It defines as the capacity and willingness to develop new products. Smallbusinesses are initially set up by the entrepreneurs. These type of owners are fully responsible formanaging all the aspects of the Company. These business owners use management skills to drivetheir firms towards profitability.The Project report will outline different types of entrepreneurial ventures. Further it willexplain how they relate to the typology. The report will explore similarities and differencesbetween entrepreneurial ventures. It will interpret and assess relevant data and statistics. Thenthe report will explain the importance of small businesses. Report will determine thecharacteristic traits of Entrepreneurs. Lastly the report will provide relevant examples to showhow background and experience can foster entrepreneurship.LO1P1. Different types of entrepreneurial ventures and their interconnectivity with the typology ofentrepreneurshipEntrepreneurship defines as an activity of setting up a business and taking financial risksin order to drive profitability. It is process of launching new firm with innovative products andservices and continuously doing innovative (Dees, 2017). Different types of Entrepreneurial venturesSmall Business Entrepreneurship – Small Business are privately owned corporations. Thisbusiness starts with small amount of Capital. This type of firm’s owners is fully responsible formanaging all the tasks of Company. Small Businesses can be corporations, partnerships and soleproprietors. They have fewer employees and have less annual revenue. The Companies ownersarrange capital from their own contribution and by taking support from their families and friends.This enterprise includes grocery stores, electricians, plumbers, carpenters and consultants.Scalable Start-up Entrepreneurship - Scalable Start-up Entrepreneurship are repeatablebusiness model that will turn into high growth. The funding comes from ventures capitalists.This types of enterprises makes small proportion of profits due to risk capital and outsizedreturns. For example, these scalable start-ups are Facebook, Instagram and online shoppingstores.1
Large Company Entrepreneurship – The Large Company Entrepreneurship offers newproducts that are variants around their core product line. They develop new products to meet thecurrent demand of customers and for technological advancement. They manage capitalrequirements by taking loans from various financial institutes. These Companies also go formergers and acquisitions in order to expand their businesses and for increasing their marketshare. For example, these are Google, Microsoft and Samsung.Social Entrepreneurship – These types of Entrepreneurship creates products and services thatfulfil social needs and problems. Their goal is to make world a better place to live. They arenon-profit organizations and they do not acquire wealth. The funds are arranged from thetrustees, sponsors and donations from the general public. For example, Safe point Trust is aSocial Enterprise.Typologies of EntrepreneurshipTypology – It refers to the term generally used to classify the types. Therefore, typologiesof entrepreneurship defines in following ways -Serial Entrepreneur – Serial Entrepreneur comes up with new ideas and start new businesses. Itgives responsibility of business in others hand and move to a new idea and a new venture. Theindividual has lots of unique ideas and is the best one suited to get each one started. SerialEntrepreneur works with people and partners. It pays others and utilizes the platforms. It doesdifferent things or does things differently. Lifestyle Entrepreneur – It is an individual person that creates a business with the purpose ofaltering their personal lifestyle and for sole purpose of making profits. Lifestyle Entrepreneurfocuses more on life rewards. This rewards are provided to the people that enjoy and have apassion for what they are doing. There is possibility that the business will drive profitabilitysince the individual has a passion in its working (Kuratko, 2016).Intrapreneur – Intrapreneur are the employees of the Company that are assigned to work on aspecial project or tasks of the Company. They are given the freedom in order to develop theproject as an entrepreneur. The Entrepreneur visualize creates a Company from the ground up.The Intrapreneur has a border vision that drives the Company towards profitability. They haveresources and capabilities that help in business in growth.2
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