Entrepreneurship Assignment - Report
Added on -2020-07-23
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Entrepreneurship
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Different kinds of entrepreneurial ventures and their relation with typology ofentrepreneurship..........................................................................................................................1TASK 2............................................................................................................................................4P3. Data and statistics briefing about the impact of small businesses on economy....................4P4. Small and business start ups contribute to growth of social economy after Brexit..............5TASK 3............................................................................................................................................7P5. Traits and skills of two successful entrepreneurs which differentiate them from otherbusiness managers.......................................................................................................................7P6. Personality of entrepreneur reflecting entrepreneurial motivation and mindset...................9TASK 4..........................................................................................................................................10P7. Impact of past experience and personal background..........................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONIt is referred to as art of doing business activities carried out by an entrepreneur and he isan individual who utilises the resources available in the business environment. The raw materialsare converted into final goods thus then it is sold to customer with aim of earning profit. Theirproduction is based on unique and creative concept as they use innovative marketing strategies tosell goods to targeted customers. The objective of entrepreneur business is to create a demand fordifferent goods and services thus convincing people to buy it as it posses certain features.Federation of Small Business (ESB) is putting their efforts to develop a business environmentwhere small scale companies can expand their operations (Storey and Greene, 2010). Growth ofenterprises is required for an economy as through this there will be more employmentopportunities for individuals and at the same time they know that they have to introduce a newproduct which is totally unique for people. A fully featured product creates a monopoly inmarket as they have came up with something which was not available in the market. This reportgives us an insight about methods and programs run by FSB to encourage entrepreneurialactivities in local areas of UKTASK 1P1. Different kinds of entrepreneurial ventures and their relation with typology ofentrepreneurship.An entrepreneur is a person who initiates the business with limited resources andplanning and is responsible for all risks and rewards of his or her business venture. They comeout with a new idea shaped in a product or services with a new business model. Entrepreneurialventures aims for high return with equally high level of uncertainty. The concept ofentrepreneurial ventures emphasis on new innovative offerings and they are ready for uncertainrisks. Following are some of the entrepreneurial ventures and their typology:- Social Enterprises:- Any organisation who has been initiated so that they can improvethe social setting are part of this. They believes in philanthropic work and are involved in anykind of humanitarian work. Such enterprises hardly focuses on profit making and it can be saidthat normally their services are free of cost (Burns, 2010). The profit making organisationsometime also analyse the market and tries to find out interests of people thus bringing productsaccording to demands. For example; Coffee beans are main crop of Uganda but due to less1
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