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Entrepreneurship Assignment Report

   

Added on  2020-07-23

12 Pages4358 Words62 Views
EntrepreneurshipMechanical Engineering
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ENTREPRENEURSHIP
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1LO1.............................................................................................................................................1P1: Different types of entrepreneurial venture............................................................................1P2: Differences & similarities between entrepreneurial ventures...............................................2TASK 2............................................................................................................................................3LO2.............................................................................................................................................3P3: impact of small businesses on economy...............................................................................3P4: Importance of SME's & Start ups after BREXIT.................................................................4TASK 3............................................................................................................................................5LO3.............................................................................................................................................5P5: characteristics, traits & skills of entrepreneurs.....................................................................5P6: Reflection on Entrepreneurial motivation & mindset...........................................................7TASK 4............................................................................................................................................8LO4:............................................................................................................................................8P7: Effect of background & experience in entrepreneurship......................................................8Conclusion:.................................................................................................................................9References:.....................................................................................................................................10
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INTRODUCTIONEntrepreneurship is a process of innovating, designing, developing, launching & run abusiness idea which turns to be a small business with passage of time. People who innovate ordevelop such ideas are called entrepreneurs. They take high risks, sometimes invest personalcapital or go for a venture (Bae and et.al., 2014). Although, such entrepreneurial business ideasare susceptible to get close down due to lack of sufficient funding, work force, support & manyother factors. But entrepreneurship has played a significant role in the improvement of economyof a country. The company we will choose here for the context will be Telson Resources Inc. It isa SME which work in the mineral resource development. In this report we will discuss typologyof different entrepreneurship ventures, their effect on economy, conditions of start-ups postBREXIT, factors supporting entrepreneurial approaches.TASK 1LO1P1: Different types of entrepreneurial ventureEntrepreneurship is an approach to invest capital in some or the other capital venture orinnovative idea to create or develop a business. It can be on a personal level or public& sociallevel. Different types of entrepreneurial ventures are developed in the market which provides awide variety of services & products. Basically, the entrepreneurial ventures are divided intofollowing categories:Small business Entrepreneurship: A small business is an entrepreneurial venture inwhich a person, or an entrepreneur invest his money on a very small scale & develop hisown, personal business. He work by himself or employ local employees/ family membersto assist or support him in his venture. There is not as such any scalability of the business& the main target is to get back the revenue to run the business & make moderate profits.Such business include grocery store, travel agents, consultants etc.Scalable Start up Entrepreneurship: They are also known as, 'small scale businesses'.It is about the scalability of the business or the targeted position which an entrepreneur ora venture investor sees while making investment in a business idea (Baum, Frese andBaron, 2014.). They have a precise goal & world tossing innovation idea which theyknow, will be a definite success. They make the life simplifying services or products &1
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attract the risk taking but believing fund donors or venture capitalist who invest theircapital & effort in a business idea. They will hire the best & innovative employees whowill work equally for the business. They will look after for a scalable business model &will attract venture capitalist to invest money to increase their expansion (Bhachu, 2017).Such businesses, usually evolve at a specific geographical location or place known asnurture hub or innovation hotspot. This places provide all the required conditions for abusiness to grow & develop. For example: Apple, Microsoft etc.Large Company Entrepreneurship:They have a finite life cycles. They keep asustainable development scale and innovation ratio. Although, change in customer'sdemand, market conditions, laws& policies & competition may lead them to developmore innovative products & services which may sometimes fail. They have an expandingpolicy which they follow by acquiring small or medium scale firms. They have largesources of revenue & income & trusting fundraisers & investors. But, many times, thelarge scale of the enterprise make it difficult for an innovation to execute. For exampleReliance corporation etc.Social Entrepreneurship:They are the innovators who work for the betterment of thesociety & welfare of the people. They want the betterment of people with their services &products & do not take any share in profit or revenue for themselves. They may be non-profit, hybrid, non governmental organisation which work for the society & sometimesprovide their services for philanthropic causes (Drucker, 2014). P2: Differences & similarities between entrepreneurial venturesEntrepreneurial ventures are the scope that allows the growth of an economy &betterment of the society with or without their own profit margins. They work with innovations,zeal to achieve something & for betterment of the people & society. There are many factorswhich act as the similarities as well as the difference factor for various types of theentrepreneurial ventures. Similarities among the various entrepreneurial ventures is that whether it is a small scaleventure or a large scale or a social venture, they all need initial capital or money investment fortheir start-up. The monetary requirement is the core, key requirement which is common & alikein all the entrepreneurial ventures. Besides this, they require work force or employees to manage2
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