Entrepreneurship Assignment - Coffee Pound
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Added on 2020-07-22
Entrepreneurship Assignment - Coffee Pound
Added on 2020-07-22
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UNIT 9ENTREPRENEURSHIP
ContentsINTRODUCTION...........................................................................................................................1P1 Different types of entrepreneurial ventures.......................................................................1P2 Similarities and difference between entrepreneurial ventures..........................................3P3 Effects of micro and small business on the economy.......................................................5P4 Contribution of small business and start-ups on the growth of social economy...............8P5 Traits and skills of two successful entrepreneurs..............................................................9P6 Aspect of personality that reflects entrepreneurial mindset and motivation...................10P7 Background and experience that hinder or foster entrepreneurship................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
INTRODUCTIONEntrepreneurship is an essential factor for growth of economy. In UK, there was adownfall in businesses due to Brexit. But now the conditions are better and there areopportunities for small businesses to develop their venture of businesses. Entrepreneurship is aprocess by which the business is developed, organize and manage. These businesses are createdby entrepreneurs (Schaper, 2016). The high risk that are involved in launching a start-up are alsofocussed by entrepreneurship. The main objective of entrepreneurship is to earn a profit for abusiness. For the growth of economy and development entrepreneurship is beneficial.This assignment will be taking an example of Coffee Pound company which is a smallscale organisation swerving top notch coffee to people. The report will also examine the differenttypes of entrepreneurship ventures. The similarities and differences between entrepreneurialventures will also be explored in this report. This report will present the effect of small-businesson the economy and the growth of socio-economy after Brexit will also be explained in thisreport. The examples of two successful entrepreneurs will be given in this report and the skillsand traits that are needed to become a successful entrepreneur will also be presented. Thebackground and experience that hinder or foster entrepreneurship will also be examined in thisreport.P1 Different types of entrepreneurial venturesEntrepreneurship ventures are stated to be the one which are formed to earn profits andserve society with good quality of services. These are the enterprises which are established by anindividual who is known as an entrepreneur. He is stated to be an individual who puts his ideainto reality and leads from the front to solve every problem as to earn high amount of profits.Coffee Pound is one of the best example that is there for entrepreneurial venture which has beenestablished to serve society with a better quality of coffee. BasisEntrepreneurIntra-preneurDefinitionEntrepreneur refers to the persom whoestablishes his own businessenterprise. Intra-preneurs are worker of anestablishment and they take care ofdifferent types of goods and services. ApproachThey practice intuitive approachThey practise restorative approachResources They use their own resourcesThey employ resources of organisationRiskAccountable for all the threatAll the risk is taken by company and1
not individualThere are basically four types of entrepreneurial ventures. They are as follows-:Small business entrepreneurship Today in UK and other countries there are more number of entrepreneurs and start-upsare small businesses. About 95% of all companies are made up by them and the employment isgiven to more than 50% employees. The hairdressers, theses business is tune by the owner ofbushiness. From the family or local employees are hired by them to help them in their smallventure. The main objective of such ventures is to get a living for their family. They feed theirfamily with the profit gained form the business. Their goal is not to take over nay company orearn a million dollars in that business. With help of friends and family or small business loansthey get funds for their business (Shepherd, 2015).Scalable start-up entrepreneurshipThey are different form small businesses as from day one when business starts they havea clear vision in their mind that could change the world. The best and brightest employees arehired by them. The repeatable and scalable business models is searched by them. To meet theneeds of market place it is new emerges fast-growing business.Large company entrepreneurshipThere are finite cycles in large companies. The pressure on large companies can becreated due to change in preference of customers, new technologies and new competition etc.Due to this the company must develop new products as per the changing market needs. By eitheracquiring innovative companies the existing companies do this. The execution of disruptiveinnovation is made difficult by large company size and culture.Social entrepreneurshipThey develop products and services to fulfil the social needs of people. The mainobjective of this venture is to work for benefit of people and not to earn profit or revenue. Theyjust want to fulfil the requirements of people. They want to make a world a better place to live.The social needs and problems are solved by these ventures.These all entrepreneurs venture are related to entrepreneurship as they want to developtheir business to fulfil their needs and objectives of business. The risk that are in their businessall are analysed by these ventures so that they can achieve the objective of their business. There2
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