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ENTREPRENEURSHIP TABLE OF CONTENTS

   

Added on  2020-06-06

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ENTREPRENEURSHIP

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Description on various kinds of entrepreneurial ventures and its relation with the activitiesof entrepreneurship......................................................................................................................1P2 Dissimilarities and similarities betwixt entrepreneurial ventures..........................................2TASK 2............................................................................................................................................3P3 Effect of micro and small business on the economy of UK..................................................3P4 Description on the contribution of the SME and start up on the growth of social economyafter the Brexit.............................................................................................................................5TASK 3............................................................................................................................................5P5 Features, attributes and ability of entrepreneur and make difference with business mangers......................................................................................................................................................5P6 Explain the motivation and mindset of entrepreneurial with the help of entrepreneurialpersonality. .................................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8

INTRODUCTIONThe term entrepreneurship refers to establishing the business venture and taking allfinancial risks with intentions of earning high profitability and increasing productivity in thebusiness. The person who is capable enough to have own risk take any risk in the business forearning revenue, is known as entrepreneur. He should have the abilities to develop theorganisation and manage venture on his own behalf. He does all business-related activities inorder to gain profits (Dooley and Kenny, 2014). The following activities are covered under theaspect of entrepreneurship are as borrow land, natural resources and working capital etc. Inaddition to this the skills and ability of the business owner who is opting the process of carryingthe activities related to the venture have also been described in this assignment. This report isgiving its major focus on the activities like contribution of the SME after the Brexit in the UKeconomy. It is also inclusive of details about two successful entrepreneurs who took variousinitiative to promote the growth of the entity are as Richard Branson and Mark Zuckerberg.TASK 1P1. Description on various kinds of entrepreneurial ventures and its relation with the activities ofentrepreneurshipThe business is set up by the individual for earning profits is known as entrepreneurship.In addition to this it is inclusive of various kinds of the entrepreneurial ventures which isestablished with the diverse aim and objective of the firm. The types of ventures are as follows- 1. Small business entrepreneurship- It is initial stage for establishing a business venture.This venture inclusive of the following activities like small groceries store, plumber, travel agentand many others. This all firms opens with the aim to earn profits by carrying activities relates tobusiness so they can fulfil the basic needs of family. They are carrying out business activities' notto gain high amount of profit but just to earn their livelihood (Cherny and et.al., 2016). Theywork in the manner to appoint local people and provide them training so they can serve to theircustomer in effective manner. At initial level to set up business funds are taken by friends andfamily. They take their own step in order to find out the needs and expectation of customer. Themain aim to full fill requirements of buyer. With the help of this kind of activities they can serveas per necessary of customers. 1

2. Scalable start-up entrepreneurship- In this kind of business, activities are related to processof innovation. They work in this manner to attract the buyers so that growth of firm can bemaximised. The main vision of these organisations is to provide new and innovative kinds ofservices to the customer so they can gather the attraction of various customer. In this manner,they hire the effective and efficient professional person who can develop the strong image of hisenterprise (Cerrato and Piva, 2012). The company gives main priority to full fill the needs of thecustomer so firm can earn maximum profit. They work in the manner to bring modern approachin society with their modified and well-developed products. In UK, this kind of venture aretaking their effective approach to introduce the buyer with the fancy ideas regarding the terms ofthe technology. The main approach is to bring high potentiality to the firm.3. Large company entrepreneurship- The main objective is to earn high amount ofprofitability and productivity to firm. They work in manner to gather attention of buyers bybringing modification in their goods and services. This kind of firms have lots of rivals in themarket (George and Bock, 2011). With the aim of this they want to develop competitiveadvantage by introducing new and well-developed technology products. They help in bringingthe modern approach to the firm. They used to give their major focus on the big amount of deals.The typology of this kind of firm is to find out the target market where they can start expandingthe business activities.4. Social entrepreneurship- As the name suggest the meaning of this word is to provideinnovative service to the society but not with aim to earn profit but for welfare of society. Theyrender those services which can solve the issue and help in the manner to bring betterment tosociety. These kinds of firm are known as non-profit organisation who aims to serve the society.So, they can have the will modified and develop product which can help them to raise theirlivelihood. P2 Dissimilarities and similarities between entrepreneurial ventures.In market, there are various kinds of ventures some of which are operating at large scalewhile other are carrying their business-related activities at small level. The main object of allfirm is to find outneeds of th customers and take initiatives to full-fill them. The major differencebetween entrepreneurial ventures in the size of the organisation.Size and structure of venture- The size reflect the type of the structure carried bydifferent venture. Small business entrepreneurship are operated at the small level to meet2

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