Entrepreneurship Consultancy Assignment (Solution)
Added on 2021-02-21
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Entrepreneurship Consultancy1
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................3explain what makes a venture “entrepreneurial”.........................................................................3Entrepreneurial venture................................................................................................................3Investigate entrepreneurial ventures and its ranges....................................................................4Explore the venture similarities as well as disimilarities.............................................................5TASK 2............................................................................................................................................6Statistics of small business as well as micro economic impact...................................................6Importance of business start-ups and small businesses to the social economic growth.............6TASK 3............................................................................................................................................7Characteristic traits as well as skills of entrepreneurs who are successful..................................7Aspects of the personality which is entrepreneural which reflect the mindset also motivation..8TASK 4 ...........................................................................................................................................9How background also experience helps in foster or hinder entrepreneurship.............................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................112
INTRODUCTION Entrepreneurship defined as set of actives that helps to launching and running new ideasin a small business as well as taking risk which is financial for the objective of profitability(Basco,.2019). Entrepreneur brings innovative ideas in the business to lead up towards success.Thus, its have capacity to willingness, develop then organize and there after manage a venturerelated to business in order to make a profit along with risks.The project report is based on Entrepreneurship Consultancy. The report which willdescribe the venture of different types. Furthermore, Assignment will describe similarities, alsodifference between the ventures which is entreprenual. Moreover, report will evaluate smallbusiness impact in the economy and asses main aspect of entrepreneur mindset. Lastly, reportwill describe the different environment that hinder and foster entrepreneur journey. TASK 1explain what makes a venture “entrepreneurial”EntrepreneurAn entrepreneur is one who likes to starts a new business with new and innovative ideasand runs the business using minimum resources also planning, and entrepreneur is taking all theresponsible for the risks which arise when run the business activity and also responsible forrewards which is included in the business venture. Such venture which is enterprenual targetreturns which are high and profits with an risk which is of high level (Lo, Huarng and Rey-Martí,2019.).The Characteristics of taking risk and challenges makes the different form others as theyable to arrange the requirements of capital and resources. Thus, by arranging all the businessactivity entrepreneur can control the Marketing, sales and distribution activity. Entrepreneurship It is an activity of entry, moving and creating a business which is of new unit. It isfrequently a small business at starting stageEntrepreneurial ventureIt is the initial stage of start up new entities for the purpose of earning profits. Theseventure are successful when the demand of product and services is meet the needs andrequirements of customer. Thus, to fulfill the needs of customer entrepreneur make the productand run the business in the market. 3
Investigate entrepreneurial ventures and its rangesTypes of entrepreneur venturesThere are different types of entrepreneur ventures which describe as follows - Lifestyle firms entrepreneurship - This firms are those when entrepreneur running the businessfor the purpose of changing their own lifestyle rather than earning profits and generate revenues.Thus, this firm run only for the purpose of achieving particular aim and objective that is help toenhance the income level and providing fund so that lifestyle can be improved. Public sector entrepreneurship - This types of entrepreneurship successful when the publicsupport thepolicy initiatives that create better economic condition and transforming goodeconomic environment into the nation. Thus, this economic units who support the environmentengaging in creative and innovative activities (Boutillier, 2019). Social enterprise entrepreneurship - This entity are those who support the society byimplement commercial practices in the business in order to enhance profit and reputation insociety. The entrepreneurship which is social is an activity of entrepreneur as well as start ups,in which they develop, implement as well as fund solutions which is to social, environmental andsocial.Types of typologyEstablished company - This company are those who already exist in the market for long periodand make innovative ideas for the purpose of earning profits. For example, Tesco is the one ofthe firm who establish as business which is small-scale and only deals in selling groceriesproducts. But in current scenario Tesco deal in different types of products such as financialservices, toys, books, furniture, software and many more.Large size social company – The social company which is of large size is usually invest hugeamount in the business to run in the market. This group are usually huge group like NHS. It isthe biggest social enterprise who work on globally (Lee,.2019). NHS serve the various types ofmedical services such as medical, hospitals, dental etc. This is the biggest social group thatprovide the social services in many states like Scotland, Wales, etc.Small size social company – This ventures are small entity which is run and established bysocial entrepreneurs who have new and innovative ideas. These entities provide the solution andidea for the society in order to achieve social and sustainable objective. This business provide the4
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