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P1 Different types of entrepreneurial venture and its relation

   

Added on  2020-10-22

13 Pages4404 Words483 Views
Entrepreneurship and SmallBusiness Management

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different types of entrepreneurial venture and its relation with typology ofentrepreneurship.....................................................................................................................3P2 Similarities and dissimilarities between different entrepreneurial venture.......................5TASK 2............................................................................................................................................6P3 Explain how small businesses impact on the economy.....................................................6P4 Illustrate how small businesses and start –ups help the economy after the incident of‘Brexit’...................................................................................................................................7TASK 3............................................................................................................................................8P5 Analyse the characteristics and skills of any two successful entrepreneurs....................8P6 How entrepreneur personality motivates others.............................................................10TASK 4 .........................................................................................................................................11P7 How background and experience can affect entrepreneur..............................................11CONCLUSION .............................................................................................................................12REFERENCES .............................................................................................................................13

INTRODUCTIONEntrepreneurship and small business provide a great support to nation in the upliftment ofeconomy. Entrepreneur is a person who creates new business by facing risk and uncertainty forachieving profit and growth (Burns and Dewhurst, 2016). Entrepreneurship is a process ofrecognising or creating an opportunity, analysing the market and collecting the requiredresources such as land ,labour ,capital and machinery for creating a business. This reportdescribe various types of entrepreneurial venture and its similarities and dissimilarities. It alsoinforms about the Brexit impact in the economy and how small business and start up help toovercome this adverse situation. Moreover, two successful entrepreneur are taken intoconsideration in order to understand their skills and characteristic different from the managers.Along with this it also suggest how entrepreneur personalities and skills motivate other personsof the society. The creation of new business depends upon the background and experience ofentrepreneur during life. TASK 1P1 Different types of entrepreneurial venture and its relation with typology of entrepreneurshipEntrepreneur : An entrepreneur is an individual who organises and manages a enterpriseafter assuming all risks and opportunities for the sake of profit. Any person who starts a businessfor the first time is a entrepreneur.Entrepreneurship : It is the activity of an individual, who starts business activity forbeing self employed. It is a process under which a person or business make strong presence inmarket by recognising external opportunities (Epifanova and et. al., 2015).Entrepreneurial venture : It is the effort of owner to create job opportunities forthemselves. It is defined as an enterprise which mainly do innovations and creativity forgenerating revenue and social existence. Main aim of creating entrepreneurial venture is tobring something innovative, creative as well in generating new things. Due to these venturesmarket get something different which is unknown to them.Types of entrepreneurial venture are as follows :Small business entrepreneurship : It includes those individuals who start their businesson a small scale by taking funds from relatives, friends or through loans. Small business aregrocery shops, hairdresser, travel agents, plumber, electricians etc. Any individual of society can

start this type of business. They start these kinds of business to feed their family through earninga profit and not to become a market leader. They hire local employees or family members.Large scale entrepreneurship : Large companies are those who can easily makechanges in the existing product cycle in order to fulfil the demands of the customer as comparedto other business. Changes in customer's taste and adopting new technologies by competitorscreate pressure on large companies to develop a completely new product for new market. Largecompanies size and culture face difficulty in executing continuous innovation (Fayolle andGailly, 2015). Social entrepreneurship : Social entrepreneurs main aim is development of society andnot earning profit. They are innovators and creators whose concentration is on the creatingproduct and services which can solve social needs and problems. They are completely differentfrom other entrepreneurs whose goal is to create wealth for the founders. They want to create abetter world for the people which bring equality in different section of the society.Typology of entrepreneurial venture Social entrepreneur : A person who starts a business with the objective of servingsociety rather than earning profit. These are the entrepreneur who starts a business in order todevelop and implement solution of social and environmental issues. For example : micro financeinstitution, providing bank services in remote areas and helping orphanage people withdangerous diseases. They take various initiatives and risk in order to bring positive change in thesociety.Female entrepreneur : There are the individual who apply feminist values andapproaches through their entrepreneurship business. Generally female entrepreneursconcentration remain on improving life and well being of girls and women.Serial entrepreneur : The serial entrepreneur comes with new idea and make thingsstarted and then give responsibilities to some other individual of organisation to move on newidea and new venture. They are completely different from typical entrepreneur who come withsingle idea and start the company and take participation into day to day activities.Life style entrepreneur : An individual who creates a firm with the aim of makingchanges in their personal lifestyle not only for earning profit. They are the business owner whoseprioritizes is making their life comfortable over profit. These entrepreneur business is driven bytheir lifestyle preferences ,interest and passion (Goss, 2015).

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