Entrepreneurship Characteristics, Traits and Skills PDF
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Added on 2020-10-04
Entrepreneurship Characteristics, Traits and Skills PDF
Added on 2020-10-04
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Various types of entrepreneurial ventures and explaining the way they are related to anentrepreneurial typology.............................................................................................................1P2 Similarities as well as difference between different entrepreneurial ventures.......................2TASK 2............................................................................................................................................3P3 Illustrating the way micro as well as small business have effect on economy......................3P4 Important contribution of small business to growth of Social economy...............................5P5. Mini research in order to determine characteristics, traits and skills of two successfulentrepreneurs...............................................................................................................................6P6. Assessing aspects of entrepreneurial personality, reflecting entrepreneurial motivation andmindset........................................................................................................................................8P7. Examining background and experience hindering and fostering entrepreneurship.............9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONThe term entrepreneurship is defined as the study of business that is created and also theactual process in order to start new business.(Ang, 2018). Further, it describes different types ofentrepreneurship ventures and their relation with their typologies. It also states the similaritiesand differences between those ventures. This report also presents the importance of micro as wellas small business and also their impact on economy. This report maximises the information ofsmall business and business start-ups on the social economic growth. Thus, this assignment alsohighlights on characteristics, traits and skills of two successful entrepreneurs and also theirbackground as how it foster and hinder entrepreneurship.TASK 1P1 Various types of entrepreneurial ventures and explaining the way they are related to anentrepreneurial typologyAn entrepreneur is a person who establish as well as manages business with limitedresources. Business own or entrepreneur has control on all the business operations. They areliable for all profits and losses in business. An entrepreneurial venture can be referred to ascompanies which facilitates innovation with the purpose of producing social or economic value.It is the characteristics of an entrepreneurial venture that these firms develop those productswhich do not have presence in the market.There are mainly four types of entrepreneurial ventures these are:Small business entrepreneurial ventures: These types of entrepreneurial business areestablished as well as managed by only single person that is business owner. These types offirms have few business operations. It also operates business on small scale. Small businessentrepreneurial have high potential to foster growth. The main purpose of such types of firm is tomaintain market share. In addition to this, other objective of small business entrepreneurialventure is to provide high level of satisfaction to customers. Such organisation providesemployment opportunity to local people. An entrepreneur obtains capital or funds from familymembers or friends in order to fulfil business need. Hairdressers, electricians, plumbers areexample of small entrepreneurial business venture.
Large entrepreneurial business: Such types of firm are large in context of their size andnumber of operations performed by them. These types of companies operates business at largescale. Such firm has varieties of business operations. There are many factors such as changes incustomer preference or taste, increase in competition, advancement in technology might forcelarge organisation to facilitate innovation and for developing new products. Size as well asculture are two important or major elements due to which large companies might face difficultyin facilitating innovation. These firm sustain in highly competitive business environment byoffering innovative goods to customers. There are different functional department in largecompanies. Main purpose of these types of entrepreneurial venture is to generate high revenueand profit. For instance, Tesco is big company operating business in retail sector. Social entrepreneurship: These types of entrepreneurial venture are also considered tobe as innovators. These firm develop innovative products or services with the purpose of solvingthe various issues faced by people in the society. Objective of social entrepreneurial venture is tobring positive as well as drastic improvement in the society. These are generally non- profitorganisations. For example, Care international their main purpose is to help in reducing povertyin the nation.Medium entrepreneurial business: In such types of business, an entrepreneur is responsible formanaging all employees. These firm generally have a greater number of business operationswhich are to be performed on routine basis.Entrepreneurial TypologiesScalable start up entrepreneurial ventures: Purpose related to establishing such type ofcompany is to bring positive as well as drastic improvement in the world. Such types of firmattract investors by presenting innovative business ideas. Main objective of Scalable start-upventure is to expand business operations (Blackburn, Hart and Wainwright, 2013.). These typesventures are established as well as managed by an entrepreneur those who have depth knowledgeabout business. For instance, Vida is operating business in heal care sector.Serial entrepreneurs: These types of entrepreneur generally have innovative thinking andthey apply innovative ideas in performing routine business activities. Business owner ofsuch type of organisation have unique quality such as optimism, passion , self confidenceetc. and traits which makes them different from other entrepreneurs.
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