Entrepreneurship Assignment: Types of Entrepreneurial Ventures
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Added on 2020-06-06
Entrepreneurship Assignment: Types of Entrepreneurial Ventures
Added on 2020-06-06
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Unit 9Entrepreneurship
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and typologies of entrepreneurship...................1P2 Exploring the similarities and dissimilarities between entrepreneurial ventures...................3TASK 2............................................................................................................................................5P3 Assessing the relevant data on how micro and small business impact on economy.............5P4 Explaining the importance of small-scale industries in growth of social economy in the UKafter Brexit. ................................................................................................................................6TASK 3............................................................................................................................................8P5 Determining the characteristics, traits and skills of two successful entrepreneurs whichdifferentiate them from other business managers.......................................................................8P6 Assessing how entrepreneurial personality aspects reflect entrepreneurial motivation andmindset........................................................................................................................................9P7 Explaining how background and experience can foster entrepreneurship...........................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONAn entrepreneur is basically an individual who performs to organise and manage,which help to grow the entire organisation. It is the process which designs and help torun the business successfully. Entrepreneurship is that individual personality whichprovides the good business environment to their employees and helps to increase theworking abilities of them. In this report about entrepreneurship, there will be different entrepreneur venturesworking in an economy and small-scale business is having a big impact on theeconomy. Small businesses and business start-ups will contribute to the growth ofsocial economy just after Brexit in the UK. A successful entrepreneur has some differentcharacteristic, traits and skills which differentiate them from the other businessmanagers. Entrepreneurial personalities always reflect the entrepreneurial motivationand the mindset. An entrepreneurs background and his experience also hinder andfoster entrepreneurship to a great extent. Post-Brexit there are many opportunitiestowards small business in the UK and they just need to explore them all.TASK 1P1 Different types of entrepreneurial ventures and typologies of entrepreneurshipEntrepreneurship define as a capable personality which organise, manage andhave ability to perform well in the business organisation. It is based on the relationbetween the capital, labour and land with the natural resources in a discriminative waywhich has the aim to maximize profits (Bah, De-Hana and Strom, 2016.). Entrepreneurventures are those personalities which perform their task with the aim of achievement ofgoals and maximizing the profits in long run. There are various kinds of ventures, butbased on economic term it is classified in four essential types:Sole proprietorship: These kinds of ventures are referring to those businesspersonalities which perform the operating activities in small-businessorganisations. This is basically a survival for small scale business personalities.In this type of business, the owner makes all the decisions and not obligates toanyone when it comes to deciding the location of the business, what to sell, who
to hire or anything else. The entrepreneur is a recipient of all the profitsgenerated by business as is not legally bound to share the profits with anyoneelse.Partnership- it is that type of venture which is owned by two or by more personsat the same time they all in the said ratio distribute all profits and losses. Allpartners help in the setting up of the business, financing, and the ongoingbusiness expenses (Chatterjee, Glaser and Kerr, 2014). The profit percentagedepends upon the ratio in which they have done the investment at the time of setup in the venture and apply when business is sued in the court of law and eachpartner is liable to it.Corporation- it is a more complex form of an entrepreneur venture as it hascertain rights, privileges and liabilities beyond that of an individual. Corporation ismainly run by thousands of shareholders who own 100% of the corporation eachdefined by their percentage of investment in the company. Corporation has aseparate legal entity from its owners and the owners or the shareholders have alimited liability to that of the percentage of share.Non-profit corporation- is a legal entity which is typically runner to achieve anideal goal like the social motive rather than just for profit making. They worktogether for the betterment of the section of society of for what they have formed.Profit making is not as per their part but any profit is gained then it is againinvested in the social motive only.Social enterprise- they are those type of enterprise which are set up to work forthe betterment of society and they help the people who are in requirement offinancial or moral support. They are mainly set up for social motive rather thanjust to earn profits.
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