Research Project of Entrepreneurship - Assignment
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Added on 2020-07-23
Research Project of Entrepreneurship - Assignment
Added on 2020-07-23
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Entrepreneurship
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Examining different entrepreneurial ventures and their relation with the typology ofentrepreneurship..........................................................................................................................1P2. Similarities and differences between entrepreneurial ventures ...........................................2TASK 2............................................................................................................................................3P4 Contribution of small business to social economy after Brexit.............................................5TASK 3............................................................................................................................................6P5 Characteristics, traits and skills of successful entrepreneurs.................................................6P6 Aspects of the entrepreneurial personality.............................................................................8TASK 4............................................................................................................................................9P7 Role of background and past experiences in fostering or hindering entrepreneurship..........9CONCLUSION ...........................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONIn a marketplace, entrepreneurship can be said as a process undertaken by an individualin order earn financial security. The main focus of an individual is on creating and innovatingnew products and services in marketplace for capturing large number of customers. The mainmotive of being an entrepreneur is to give marketplace a new experience which it has not gainedyet (Blackburn, Hart and Wainwright, 2013). This is a crucial element which can be the keyelement for growth. So, basically it can be stated that entrepreneurship is a tool for developingpersonal and economic factors. In this report, there are certain things which will be explored likedifferent entrepreneurial ventures within market. Moreover, the small scale entrepreneurs whoseimpacts will also be analysed in the aspect of economy sector. There are various other elementswhich can hamper of foster entrepreneurship will be briefed. TASK 1P1. Examining different entrepreneurial ventures and their relation with the typology ofentrepreneurshipThere are different entrepreneurial ventures in which an entrepreneur generallymanufactures a product and sell it in the market place. Differentiation can be done on the basis ofpurpose and other objectives of a venture. The kind of creativity which is offered in market oftenresults in financial security and some of the entrepreneurs do it for completing their passion.There is difference between small owner and an entrepreneur and that is regarding innovationand creativity which is being used by an entrepreneur so that he\she can manufacture, launch anddeliver the products and services to the market place (Bridge and O'Neill, 2012). There arenumber of entrepreneurial ventures which are present in the market place and entrepreneur issegmented through company operations. Following are the ventures which are described as: Small Scale Start-ups: This kind of venture is the most common entrepreneurship stylewhich can be observed in marketplace. The main motive of this kind of style is to get securedfinancially and earn living for oneself and for the family. These kinds of entrepreneurship arebasically very small in scale and thus, in result it provide small rate of employment to otherpeople. Examples of starts up can be restaurants, bakeries and cafés or it can be small shops forplumber, wood and many others. They focus on enhancing the market share and acquire largenumber of customers (Unger and et. al., 2011). The typology related to this kind of venture is tosurvival nature which is undertaken by the entrepreneur so that basic needs can be fulfilled and
thus, survival can be done in healthful manner. It needs to get ensured that the business willprovide financial income in a stable manner. Scaleable Start-Up Entrepreneurship: This kind of entrepreneurship is basicallyestablished with a motive of bringing change in an economy. These starts up have thecapabilities and capacity to expand themselves on a large scale within desired framework. Inorder to support the idea of start-up, entrepreneur looks out for the angel investors who have thesame mind set and can support this kind of idea. The kind of typology which can be applied isthe aggressive growth ventures. There are various tools and techniques which can be used by thiskind of entrepreneur like innovation, adoption of the latest technology and high investment. Large Company Entrepreneurship: This kind of entrepreneurship is basicallyestablished for the purpose of bringing competitiveness in the marketplace. This kind oforganisation is coming up with different innovative products and services in the market. Now-a-days, they are being enforced to incorporate themselves into business ventures so that operationscan be handled in an effective manner and for a long period of time (Carsrud and Brännback,2011). The kind of typology which goes with this kind of entrepreneurship is that managinggrowth and ensuring that it is done and regulated. Their main focus is on bringing sustainabilityin the market place. This can in turn helps them to launch new products in market place andattain set aim and objectives of firm. Social Entrepreneurship: This kind of entrepreneurship is basically done to enhance thesocial and economic factors by creating and modifying products and services in the market place.Main focus on entrepreneurs is to grow their services along with the contribution in an economyand less concerned about returns and focus on social outcomes. This kind of entrepreneurship isbasically linked with steady return kind of typology. Female Entrepreneurs: Females handle such kind of entrepreneurship in order to gainfinancial gains. They mainly focus on driving out changes and other objectives which are beingfaced by women of the society. P2. Similarities and differences between entrepreneurial venturesFrom the above mentioned elements in various kind of ventures, individuals who areentrepreneurs have some kind of differences as well as similarities among each other. Maindifferentiation can be done on the basis of their operations conducted and other objectives whichare achieved (Chittithaworn and et al., 2011). While, on the other hand, some kind of ventures
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