Entrepreneurship Assignment: Entrepreneurial Ventures and Types
Added on -2020-06-06
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Entrepreneurship
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1. Types of entrepreneurial ventures and typologies.................................................................1P2. Similarities and differences between entrepreneurial ventures.............................................3P3 Impact of small and micro business on the economy.............................................................5TASK 2............................................................................................................................................6P4 Importance of business start-up's and small business.............................................................6P5 Characteristic, skill and traits of entrepreneurs......................................................................8P6 Entrepreneurial personality impact their mind-set and motivation......................................10TASK 3..........................................................................................................................................11P7 Experience and background can foster and hinder entrepreneurship...................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTION Entrepreneurship refers to the process of planning, organising and implementing abusiness venture (What is Entrepreneurship?, 2017.). The people who run this venture are calledentrepreneurs who understand the possibilities of failure and success before starting journey ofnew business establishment. They often cater alternation in the structure or system which alreadyexists. It is their duty to allocate limited resources according unlimited requirements of businessor people which helps in functioning entire operations. Purpose of this study is to understandvarious entrepreneurial ventures and typologies by recognising the characteristics. It will alsoevaluate local, national, international and regional impact of small business on United Kingdom.TASK 1P1. Types of entrepreneurial ventures and typologiesEntrepreneur is an individual who begins a venture considering entire failure and successprobability. Despite of stressing on the probability, they lessons themselves from unsuccessfulefforts and encourage themselves to work harder. Ventures of entrepreneur is the adventurousjourney in which management of unlimited wants within limited resources is attempted formeeting desired goals and objectives.Small Business EntrepreneurshipSmall businesses are often initiated by a person or group of people in order to earn theirliving or betterment of surviving which includes businesses of grocery, saloon, travel agents,electricians and many others (Alsos, Carter and Ljunggren eds., 2011). These organisations failto attract investors or sponsors for them so they hire bank loans, family or friends loans etc. forthe fulfilment of funds. They are interlinked with the survival ventures. Scalable Start-up EntrepreneurshipSuch business persons are often visionary people who initiate their idea as a businesshoping to changes the entire concept of market. These entrepreneurs look for those investors whogladly sponsor their entire idea such as capitalist venture. The major aim of these people are togain more benefits or revenues and to build a structure which is repeatable and measurable.These entrepreneurs often employ those candidates who are hardworking and potential workersfor performing tasks in their start-ups. Large Company Entrepreneurship1
These organisations are framed to build and develop the amount of revenues. Withassistance of innovation techniques, these modify and advance their services and products tosustain in the market (Audretsch, Falck and Heblich eds., 2011). Alternation is can stress theirbusiness functions, for which the use of technique of disruptive services is made which is noteasy to implement in industry. Social EntrepreneurshipThese entrepreneurs aim to establish peace and develop society for which they executevarious strategies and events. These can be both non-benefit and benefit oriented organisationwhose purposes to reduce the issues in the society and create the world a better place to live. These ventures are interlinked with all typologies of business which are discussed asbelow:Survival VenturesThese are interrelated with small business entrepreneur as they aim to earn the living fortheir survival. These businesses are not particularly licensed, properly situated and no connectionwith any banks mainly. Main purpose of these ventures are gaining revenues for fulfil their needsand requirements. Serial EntrepreneurSuch business persons or entrepreneurs pursuit for the new concept or idea or bringchange in market. These play a vital role in industry trends as well as help in managing allorganisational activities. These are useful in conveying and communicating new activities andpractices in industry or business. Lifestyle Ventures The ventures of lifestyles are those who alter their plans, strategies, objectives andframework of operations according to the market trends. Such business enterprise containpremise worker, accurate locations and less explanation and growth of business. These includesconstant number of employee in company. Female Entrepreneur Major purpose of these entrepreneurs are to develop and modify the place of businesswomen in society and change the traditional systems by communicating new message or ideas.These often aim to form justice and equality to women in society in matter of work (Awogbenleand Iwuamadi, 2010).2
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