Entrepreneurship Assignment - P1 Types of entrepreneurial ventures

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Types of entrepreneurial ventures and how they relate to the typology of entrepreneurship.
.....................................................................................................................................................1
P2 Similarities and differences between entrepreneurial ventures.............................................3
TASK 2............................................................................................................................................5
P3 Micro and small businesses impact on the economy.............................................................5
P4 Small businesses and business start –ups contribution to the growth of the social economy
after ‘Brexit'................................................................................................................................6
TASK 3............................................................................................................................................7
P5 Determine the characteristics, traits and skills of two successful entrepreneurs which
differentiate them........................................................................................................................7
P6 Entrepreneurial motivation and mindset................................................................................8
TASK 4............................................................................................................................................9
P7 Examine how background and experience can hinder or foster entrepreneurship................9
CONCLUSION................................................................................................................................9
REFERENCES .............................................................................................................................11

INTRODUCTION
An entrepreneur is an individual who has an idea to establish a product and services for
the people. They have the capability to convert their concept into a realistic object which has
some value to the user and the entrepreneur. As they can sale goods to earn benefit and the user
will get the satisfaction against the money they invested. Every large business organization was
once a small firm that was established from an idea of an individual. There are various small
businesses which contributes an important portion in the economy of the country. Hence, this
report comprises of different types of entrepreneurial ventures and typology, similarities and
differences between them, impact of micro and small businesses. It also incorporates the
importance of Brexit, characteristics, traits and skills of two successful entrepreneurs. The report
is also consists of entrepreneurial personality, their motivation and mindset. Moreover, it also
covers such ways that can foster the entrepreneurship (Ackermann, 2012).
TASK 1
P1 Types of entrepreneurial ventures and how they relate to the typology of entrepreneurship.
There are various small and large firms which contributes shares a large amount with the
economy of the nation. Entrepreneurship is an effective term that generates profit and revenue
with a conceptual planning and strategies to sustain in the marketplace. There are various kinds
of entrepreneur ventures that have different purpose to run their organization and that mentioned
as below -
Small Business Entrepreneurship : This types of entrepreneurs starts their business
with a limited resources and effective planning. They works as an individual personality to run
their business and they are responsible for risks and gaining profit. Small business entrepreneurs
can be anyone who run their own firm such as grocery stores, hairstylist, consultants, travel
agents, internet commerce store fronts, woodworker, etc. The main purpose of small business
entrepreneurship is to feed their family and gradually enhance the profitability. They does not
plan to acquire any other company because they are focused on their own work (Blackburn, Hart
and Wainwright, 2013).
Scalable Start-up Entrepreneurship : It is a newly emerged firm which seeks to growth
in the marketplace. The entrepreneurs have a vision that can change the surroundings. They
attracts the investors to invest in their start – up with their innovative thoughts. To reach towards
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success they put the best possible input that can assist them to reach out towards the goals. The
entrepreneurs hires talented individuals who can show their perceptive in front of the investors in
such fascinating way so that they can be impressed and invests in the business. For an example,
Facebook, Twitter, Skype begin with a vision and they reached on perch to achieve the goal
(Bridge and O'Neill, 2012).
Large Company Entrepreneurship : These companies follows a life cycle because they
wanted to stay for a long run. In order to sustain the marketplace they innovates the products and
services and they also offers some new products to satisfy the market needs. These companies
are getting affected by the customer tastes, preferences, new technologies, legislations, and
competition. So to run a business in an effective way it needs to innovate the products with an
distinct approach. The existing large companies often acquires the innovative companies to make
their products different from others. In order to innovate the goods it adopts a complex business
model that can satisfies the customers.
Social Entrepreneurship : They are the innovators who are concentrated to develop
such products and services for the society. The entrepreneurs emphasizes on the social needs and
problems and their main aim is to provide solutions to them. They does not run their business to
earn profit rather they care for the well being of society and make it a better place to live. They
does not work to take market share or earn money but they put efforts to enhance the satisfaction
of the human beings. The social entrepreneurship can work as non – profit and not for profit
organization such as “Community waste collection” in Peru.
Typology of entrepreneurship
These entrepreneurial ventures relates with the different kind of entrepreneurship
typology at some extent. Therefore, it can be define as -
Serial entrepreneur typology – This type of entrepreneurs are those who come up with
an idea and starts a firm. At the initial level it begins with a concept and expand it further by
assigning responsibilities of the company to others. The entrepreneurs establishes various
companies with innovative ideas which is a good thing for the business (Bruton, Ahlstrom and
Li, 2010). But at the same time it can be risky because the one loses focus from its idea and the
firm started to decline and demolishes. In order to get the success entrepreneurs needs to be
concentrated on the functioning so that the company can run in an effective manner. It can be
often seen with scalable start up as they initiate with an idea and starts a company and the
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