Entrepreneurship Assignment
Added on 2020-12-28
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ENTREPRENEURSHIP
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of Entrepreneurial Ventures and their Typologies...................................1P2 Similarities and Differences Between Entrepreneurial Ventures......................................3P3 Statistics to Illustrate Impact of Micro and Small Businesses on the Economy...............5P4 Contribution of SMEs in the growth of social economy after Brexit...............................7P5 Characteristics, traits and skills of 2 successful entrepreneurs.........................................7P6 Assessment of entrepreneurial personality that reflects their mind set and motivation....9P7 Background and Experience can hinder or foster entrepreneurship...............................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship is a process of developing, designing, running and launching a business.It is also explained as the capacity and willingness to develop, manage and organize a businessventure. The project report is the mini research conducted on entrepreneurship to include all theelements of the booklet. This report contains mini researches conducted on different types ofentrepreneurial ventures with their typologies accompanied with similarities and differencesbetween entrepreneurial ventures. Practical aspect of this report promotes statistical data toillustrate impact of micro and small businesses on the economy. Further, impacts of smallbusinesses on the economy of UK after Brexit are also highlighted with their contributions toeconomic growth. The assignment put light on entrepreneurial characteristics, traits and skills bytaking 2 examples of successful entrepreneurs which accompanied by mini research. Further, itwill also shed light on the manner in which entrepreneurship activities are affected fromeducational background, past experiences etc. TASK 1P1 Different types of Entrepreneurial Ventures and their TypologiesThere are different types of entrepreneurial ventures that an entrepreneur could opt forwhile setting up of business. Each type is different from other, depending upon its size,management and operations and surely has a significant impact on economy for its growth anddevelopment. Some of them are as follows: Small Business Entrepreneurship: There are number of start-ups and entrepreneurs inUnited Kingdom that are small businesses which are increasing day by day. 5.7 Millionsmall business in UK contribute to around 50% employment of all private sector workers(Ács and Audretsch, 2010). The simple and direct aim of these businesses is to feed theirfamily by making a profit and not to take over an industry. Funding is done in these typeof businesses through friends, family or small business loans.Scalable Start up Entrepreneurship: This is what Silicon Valley and venture investorsdo. Entrepreneurs opening these type of venture know the fact from the very first daythat their vision could change the world completely and attract investment from financialinvestors like venture capitalists. 1
Large Company Entrepreneurship: These type of entrepreneurship has finite numberof cycles which grows from sustaining innovation, legislation, law, technologies,emerging competitors, etc. Large companies need to create new products which are soldinto new customer markets. It is extremely difficult to execute and manage suchbusinesses. Social Entrepreneurship: These entrepreneurs focuses and put emphasis on solvingsocial problems and needs through creation of products and services (Austin, Stevensonand Wei-Skillern, 2012). Their goal is to make world a better place for living not to takeover market share or to create wealth.Typologies of entrepreneurial ventures:Enterprise Level Entrepreneurship: It is the process of redefining purposes or reasonsfor which organizations exists.It is done when purposes of the organization are beingrecognised as unattainable or obsolete.Corporate Level Entrepreneurship: It could be defined as the radical restructuring ofthe function of different business units which makes up the corporation. It could also besaid that, corporate level entrepreneurship is the transformation of organization throughrenewal of key concepts on which it is constructed.Business Level Entrepreneurship: It is possible to divide entrepreneurial activity basedon its existence within an existing business or founding up of new business unit. Functional Level Entrepreneurship: It includes development of new products,processes, technologies that resulted in renewal of a function or a group within anorganization.Criteria that is most commonly used to develop entrepreneurial typologies:2
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