Entrepreneurship Assignment | Typology of Entrepreneurs
Added on 2020-06-04
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1 .........................................................................................................................................1P1 Different entrepreneurial ventures and its relation with typology.........................................1P2 Difference and similarities between different entrepreneurial ventures................................3TASK 2 ...........................................................................................................................................4P3 Influence of macro and micro business on economy.............................................................4P4 Contribution of start ups and small businesses in economic growth.....................................5TASK 3 ...........................................................................................................................................6P5 Skills, traits and characteristics of successful entrepreneurs.................................................6P6 The way in which entrepreneurial personality aspect reflects motivation and mind set.......8TASK 4 ...........................................................................................................................................9P7 How background and experience can foster entrepreneurship..............................................9CONCLUSION ...........................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTION Entrepreneurship refers to the process starting new business and taking risk in the hope ofearning profits. The individual who establish new enterprises are known as entrepreneurs. Itdefines as an activity in which a person is willing to create and operate business by taking certainkinds of risks like financial, political etc. so that higher profits can be earned (Abu-Saifan,2012). The main purpose behind starting a new venture is to attain high growth and sustainabilityin the market by earning higher revenues & profits. Entrepreneurs are the innovators; they haveideas, business processes, goods and services. They have ability to identify opportunity and grabthat at right time. They convert low productivity resources into higher one in the areas with highyield. Entrepreneurs plays crucial role in economic development and growth. They have theability to think out of the box as well as competency to forecast business requirements. Thereport covers various types of entrepreneurial ventures and its similarities as well as differences.It also includes influence of macro and micro businesses on economy as well as contribution ofentrepreneurs towards it. TASK 1 P1 Different entrepreneurial ventures and its relation with typologyEntrepreneurship is a process that deals in creating and operating new venture by takingup high risks in the hope to earn profits. A person who starts a business are termed asEntrepreneur. These are the individuals who have unique ideas to establish an enterprise for theaim of earning profits by satisfying needs and desires of customers. They grab opportunitiesfrom market and combine production factors such as resources, capital and manpower in thesebusiness opportunities for yielding high profit ratios. Below defined are several entrepreneurialtypologies by which high profits can generated. These are as follows: Small business entrepreneurship: These are the small businesses which are owned and operated by an individual. These are thestart up ventures with single owner (Barringer, 2012). These ventures are considered small insize as initiation of these businesses not require high amount of funds and much human resource.In UK, these ventures are start with the aim of earning enough profits that fulfils the basic needsof individuals. The main objective of a person behind starting these businesses is to feed familymembers in spite of making profits. For instance: carpenters, grocery stores, consultants,electricians etc. 1
Scalable start up entrepreneurship:These entrepreneurs are creative and skilled. They have the ability to change world bytheir competencies and innovative ideas. They emphasize on finding out scalable and repeatablemodel of business. After found such kind of framework, they focus on getting attraction ofventure capitalist. With their creative and innovative vision, these entrepreneurs establish, growand expand their business (Baum, Frese and Baron, 2014). Large company entrepreneurship:These companies include corporate organisations with finite life cycle. Large scalefinancial activities are also included in it. Growth and development of such kind of organisationsare rely on offered goods and services to target audience, sustaining innovation etc. Theydevelop products and make alterations in them as per the needs and demands of customers whichadministers them competitive edge over competitors. These businesses are run with the objectiveof attaining higher profits & capturing large proportion of market share. Social entrepreneurship: These entrepreneurs are consider as innovators that emphasize on developing productsthat assists in solving needs and issues of society. Their main aim is to improve economiccondition of country. These enterprises are exists not only for earning profits but also contributein the well being of society. They deal with various issues like illiteracy, poverty, health care etc.Social entrepreneurship promotes interest of society and its welfare. Serial entrepreneurship:These are the entrepreneurs who constantly come up with new and creative ideas inorder to start a venture. Other entrepreneurs starts business with their own ideas and plays crucialrole in managing day to day business operations. But, serial entrepreneurs are those who comeup with ideas, start business and transform it in the hands of others. After that, they start newventure and are referred as the founder of various business organisations (Dacin, Dacin andTracey, 2011).Female entrepreneurship:In female entrepreneurship, ventures are establish by females. They start business withcreative ideas and earn high profits and serves the people of society. All the operations andactivities of the business are run and monitored by females only. They solely carry out all thefunctions. They have minimum 51% stake of the company. 2
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