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Unit 9 Entrepreneurship and Small Business Management | assignment

   

Added on  2021-02-19

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Unit 9ESB
Unit 9 Entrepreneurship and Small Business Management | assignment_1

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INTRODUCTION Entrepreneurship is considered as one of the key indicator that is significant for acountry's economic development. An individual must have some specific knowledge, skills andcharacteristics to become a successful entrepreneur. The person with entrepreneur spirit have thetemperament to identify the possibilities and also have the capabilities to use those opportunities.Entrepreneurship is basically a mindset which is more than a method to earn money. (Omorede,Thorgren and Wincent, 2015).The organization which have been chosen by the inter of McKinsey & co. is Alcove care-tech company which is developed by new entrepreneur Hellen Bowey in 2104. This articleconcentrates on the central concepts and their significance on the entrepreneurship. It alsoinvolves the relationship between entrepreneurship and various business ventures, differencesand similarities between various enterprising ventures are placed in the assignment.The following report puts efforts to find out different entrepreneurial skills, characteristicsand factors which influence an individual to build a career in entrepreneurship.TASK 1P1 Entrepreneurial venturesType of Entrepreneurial Ventures:Local entrepreneurship: Local entrepreneurial venture is the idea of providing goods orservices to the local customers. Local entrepreneurship helps in developing a enterprise whichderive its business from a local region or area which cover locations less than a country. Forinstance, the co-founder and CEO of Alcove Care-tech Company is a local entrepreneur whouses advance technology and software to provide security and safety to the local population ofLondon at their homes. Global entrepreneurship: Global entrepreneurship is the set of characteristics and traitsthat provide courage to an entrepreneur to promote and derive its business on a global platform.Global entrepreneurs are capable to provide a huge growth to the economy by conducting theirbusiness on a large level such as Amazon Inc. which has been developed by Jeff Bezos, is thelargest E-commerce company and creating huge impact over the economy.Social entrepreneurship: Social entrepreneur are those courageous risk takers whodevelop new business ideas to solve the societal or global problems and issues or to serve a1
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quality life to the community or society. The social entrepreneurship is a rising trend nowadaysbecause it is developed to create a better and peaceful world (Jain, Jain and Jain, 2017). Thistype of enterprises are non-profit generating organizations such as Gravity Light Organizationwhich designs lanterns to replace harmful kerosene lamps. It uses law of gravity to producepower to lit lamps.Typology of Entrepreneurship:Craftsman Entrepreneurship: Craftsman entrepreneurship represents the characterisedand traits of an entrepreneur that the person have good professional and technical skills andexperience but communication or team management skills of the person are weak. A craftsmanentrepreneur don't feel comfortable in working with others and feels uneasy in communicatinghis/her ideas and creativities.Opportunists Entrepreneurship: Opportunist entrepreneurship as its name shows,express the quality of the entrepreneur that the person knows very well that how to grab theopportunities and utilise them for business growth. The entrepreneur is able to identify thepossibilities and implement the ideas within the business before anyone else to take the benefit ofchances (Nabi and others, 2017). P2 Difference and similarities between various entrepreneurial venturesSimilarities among different ventures:All the entrepreneurs social, local and global, majorly concentrate on making earningswhether for the social or organization welfare. The main and primary duty is to profit themultitudes either outside or inside the establishment.Global, local and social entrepreneurs are creative and innovative, focused, determined,assured, positive and fearless, take and endeavour risks, have a go-getter and can-doattitude. They have personal skills and strong workplace ethics and are self-motivated.The organizational venture can be big or small, whether in a rural or urbanized area,intangible or tangible, pertaining any quantity of assets and investment, its provides anchance to make the changes and growth in the guild to the group or person bringing forththe idea and that is the best part of both the business establishments.2
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