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(solution) Assignment on Entrepreneurship

   

Added on  2020-01-23

14 Pages4952 Words257 Views
ENTREPRENEURSHIP

Table of ContentsINTRODUCTION...........................................................................................................................1LO1. Exploring and illustrating the range of venture types that might be consideredentrepreneurial.............................................................................................................................1P2. Distinguishing among several enterprises............................................................................2P3. Defining and interpreting relevant data and statistics in my mini research to illustrate howmicro and small business impact on the economy:.....................................................................4LO2. Assess the impact of small businesses on the economy.........................................................5P5: Actuate the characteristics, attributes and skills of successful entrepreneurs, which makethem different from other business managers.............................................................................6LO4. Probing of different environments that foster or hinder entrepreneurship ............................8P7. Exploring, using relevant examples obtained through the mini-research, background andexperience can hinder or foster entrepreneurship.......................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONThe word ‘Entrepreneur’ is being taken from a French word enterprendre. The process ofdeveloping and managing a business venture along with the risk of earning of earning profit isknown as entrepreneurship. One of the best examples of entrepreneurship is setting up of a newbusiness in a country that will enrich its financial income. Leottaet al. (2016) stated that asuccessful entrepreneur is one who has the spirit of taking more risk in his business to earn moreprofit in a competitive market. According to Steve Blank, there are four types ofentrepreneurship: firstly the small business entrepreneurship secondly large businessentrepreneurship thirdly Scalable startup entrepreneurship and fourthly Social entrepreneurship.In order to be a good entrepreneur , he should be well mannered, open minded, self starter,creative, determinant, competitive ,hard working ethics and passionate. If an entrepreneur fulfillsthese types of qualities, he can definitely guide his business to success. In this report, I am aconsultant entrepreneur who is tasked to guide the emerging entrepreneurs on Brexit. Theimportance of small business on the smooth running of the economy and its positive effects onthe growth of the nation are also explored here. The various environmental factors that nurture orcreate barrier for the growth of the benefits of entrepreneurship are also elaborated in this report.In addition to that, the various entrepreneurial ventures and their relation with the typology ofentrepreneurship is also given in this report. LO1. Exploring and illustrating the range of venture types that might be consideredentrepreneurial.P1:In United Kingdom, in order to be a successful entrepreneur a sum of minimum 50000pounds is to be invested and a visa prior to 3 months is too applied for. In order to stay in UnitedKingdom a time limit of 3 years and 4 months is to be maintained. Ibrahim (2014) opined thatwhile doing a business one should not be involved in other activities that may hamper theirongoing business operations. In addition to that, an entrepreneur should not engage themselves inany other business or drown themselves in any illegal work, as this may take a toll on theirbusiness. An entrepreneur cannot take public funds in their business. A certain amount of fees isto be paid by the entrepreneurs and that depends on the situation where you are and by whatmode you apply i.e. by online or by post or being applied outside United kingdom. 1

It is paramount for the entrepreneur to set a business objective so that it will help them to guidein the future. Normally an entrepreneur starts their business with limited resources and materialsthat will aid them to assist in analyzing the risks associated with the introduction of anorganization. All these types of entrepreneur and their inception into the business market can betermed as entrepreneurial ventures. The different types of entrepreneurial ventures can beexplained in the following points:a) Large scale entrepreneur- It can be known by the process of licensing and registration of thegovernment within the said time limit. The capital investment must be 5 Crore and above and arerelatively more capital intensive. These industries have higher input of technology and arelocated in metropolitan and urban areas. A well proficient management is required for thesmooth running of this kind of entrepreneurship. These types of entrepreneurship are moremarket oriented. A group of specialized and skilled people carries the work procedure. Thetraining facilities are directed by specialized institution and modern modes of management areused .The gestation period in this type of entrepreneurship is comparatively long. b) Small scale entrepreneur- They are required to register as SSI units with the director of thestates or union territories. The government intervention in these types of industries is notrequired and the capital investment for plant and machinery does not exceed 1 core. Vesperietal. (2015) opined that sole proprietary or partnership type of ownership prevails in this type ofownership. The technology used in this type of entrepreneurship are less capital intensive andmore labor intensive and are located in cities as well as urban and semi urban areas. They use oldtechniques, machinery, and lacks proficient management system. These types of industries areless market oriented as they are done with the help of local people. Individual entrepreneurhimself carries the work procedure. The types of techniques used are non specialized. Thegestation period for this kind of entrepreneurship is short. Hence these are the different types of entrepreneurship, which an entrepreneur can be classifiedin accordance with their size, location, intervention, capital investment, management, workprocedure, gestation period and their techniques which are discussed above in details.P2. Distinguishing among several enterprisesEntrepreneurial Ventures may be of three types namely Individual, Partnership andCorporate ventures (Cera and Furxhiu, 2017, p.173). These three types of ventures have differenttypes of characteristics, which help to identify their target market. For successful establishment2

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