Entrepreneurship Assignment: Entrepreneurial Ventures
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Added on 2020-06-06
Entrepreneurship Assignment: Entrepreneurial Ventures
Added on 2020-06-06
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INTRODUCTION...........................................................................................................................3PART 1............................................................................................................................................3P1 Types of entrepreneur ventures and its relation with types of entrepreneurship...................3P2 Similarities and differences between types of entrepreneur ventures....................................4P3 Impact of micro and small business on economy..................................................................6P4 Importance of small business and business start-ups in economy development...................7PART 2............................................................................................................................................9P5 Characteristics and traits of successful entrepreneur.............................................................9P6 How personality of entrepreneur act as a motivational tool................................................10P7 Background and experiences which can hinder or foster entrepreneurship.........................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONSmall business enterprise are those organizations which is privately owned corporations,sole trader and partnerships having minimum employees with less revenue. In factentrepreneurship and small business management plays a very eminent role in developingeconomy by introducing innovative products. Entrepreneur is a person who handle or regulate alarge and small enterprises whose main motive is to fulfil the demand of various consumers. Thisreport is classified into two parts for explaining different types of organization by showing itsroles and responsibility towards development of whole society (Bridge, 2012). Along with this,assignment is going to highlight the impressive characteristics and traits of various successfulentrepreneurs. Therefore skilled and experienced owner plays a very eminent role in achievingthe goals and objectives of a company by implementing effective strategies. At last, this report isall about management of small business which are increases day by day due to emergence ofadvanced technology as well as to earn maximum profit. PART 1P1 Types of entrepreneur ventures and its relation with types of entrepreneurshipDefinition of Entrepreneurship and intrapreneurship. Entrepreneurship:- It is a complex term which simply mean that running a particularbusiness for earning maximum profit. Basically this word indicate “creation of brand newenterprise by coming up with creative ideas. Intrapreneurship:- Board of directors are consider as a intrapreneurship which meansmanagers or supervisors of an organization is responsible for bringing new ideas for a company .As a senior member of federation of small business it has been understood thatentrepreneurs are the owner of an organization who is responsible for all the risk and liabilityfaces by company. It means a person who is going to established a particular business on theirown risk as well as promote their business across national boundaries by introducing innovativeand creative ideas (O'Neill, 2012). Therefore overall organization is depend upon theirentrepreneur because he is a fund manager or head of a company. There are different types ofentrepreneurship ventures which is mentioned below :- Small business entrepreneurship :- Due to emergence of advanced technology numberof individuals are motivated towards establishment of a various small business with3
minimum number employees. Example of small enterprises are grocery shops,hairdressers, consultants, agents, internet, carpenters, plumbers, etc. Main reason behindestablishment of small business is to live their livelihood in comfortable by fulfilling thedemand of desired consumers. Actual definition for entrepreneur of small business is tofeed their family and trying to maximize their profit by acquiring relevant informationand data. Scalable start-up entrepreneurship:- Owner of this business established their companyto develop overall society and world by coming up with different or unique ideas.Therefore to attain their desired goals and objectives they need to hire best and skilledlabours with unique feature of handling business (Burns, 2010). Large company entrepreneurship:- Large organization have a long term vision byintroducing new and creative products at a marketplace. Basically these enterprises areexpanded across national boundaries for fulfilling the demand of a domestic as well asforeign clients. In fact entrepreneur who want to established large business requiresmaximum funds to perform their task and activities in a proper.Social entrepreneurship :- This organization is based on social services which meansthey are society oriented. Thus they believe in satisfying the demand of whole society byconsidering internal and external factors which influence various customers (Carland,2015). Social entrepreneurs are creators whose main motive is to launch different goodsfor resolving the basic needs of a society. SME: Small and medium sized business have some specific limits while running theirbusiness with short term vision. Basically these organizations are not expanded inmaximum countries due to low fund. In fact their main motive is to live their livelihoodmore comfortable by emerging with different unique ideas to fulfil the demand of desiredconsumers. Apart from this all these types of entrepreneur ventures are expanded at internationallevel by having different owner with unique personality. P2 Similarities and differences between types of entrepreneur venturesAll the entrepreneur ventures are different from each other due to their roles andresponsibility towards development of economy. There are various kinds of ventures available ata marketplace with different motive, vision, mission, techniques etc. 4
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