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Entrepreneurship : Similarities and difference

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Added on  2021-02-19

Entrepreneurship : Similarities and difference

   Added on 2021-02-19

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Entrepreneurship
Entrepreneurship : Similarities and difference_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different types of entrepreneurial ventures and their relation with typology ofentrepreneurship .........................................................................................................................3P2 : Similarities and difference between entrepreneurial ventures.............................................5TASK 2............................................................................................................................................6P3 Interpretation of statistics for showing impact of micro and small business on the economy.....................................................................................................................................................6P4 Importance of small businesses and business starts-ups in growth of social economy.........7TASK 3............................................................................................................................................8P5 Characteristic, traits and skills of successful entrepreneurs...................................................8P6 Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation.......10TASK 4..........................................................................................................................................11P7 Background and experience can hinder or foster entrepreneurship.....................................11CONCLUSION..............................................................................................................................12REFERENCES .............................................................................................................................13
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INTRODUCTIONEntrepreneurship can be defined as introducing, launching, or running of new venture ina marketplace. Individuals who makes innovative idea and takes risk for setup these venturescalled entrepreneurs. In other words, entrepreneurship is functional activity which is done byindividuals so as to earn profit in future period of time. In addition, ventures which are setup bythese individuals are termed as entrepreneurial ventures. Present assignment will discuss aboutthe several kind of entrepreneurial ventures and their relation with typology. In addition, impactof small business ventures on economy along with importance of these business ventures in thegrowth of economy will also covered under this report. Furthermore, characteristic, skills ofsuccessful entrepreneurs along with difference between managers and entrepreneurs along withhow background and experience of them have hindered or foster them towards setup of ventureswill also described in this assignment.TASK 1P1 Different types of entrepreneurial ventures and their relation with typology ofentrepreneurship Entrepreneur – Entrepreneur are those individual who have innovative ideas along withspecific skills which encourage them to setup new venture along with taking risk so that suitableprofitability can be gained by them (Akehurst, Simarro and Mas‐Tur,2012). Entrepreneurship - Entrepreneurship can be defined as a method of incorporating newventure in market along with an aim of increasing sales or profitability. Entrepreneurial ventures and Enterprises– These ventures operates their functions atsmall level but as their owners have innovative ideas so chances of gaining growth of theseventures are high in market. After getting success in market these ventures turns into enterprises.Several kind of entrepreneurial ventures are established in marketplace whose purposesand objectives are quite same because reason behind establishing these ventures is to takinggrowth and sustainability in marketplace. Types of entrepreneurial ventures are given as below:Small business: These kind of ventures are established at small level and around €1million of investment is required for its establishment. Size and scope of these ventures arenarrow because they operates their operations at small level. Purpose of these ventures is to earnprofitability so as to live livelihood through implementing innovation in existing products or
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organisation. Examples of these ventures are grocery shops, electric shops etc. which areoperating operations in private sector.Small business and entrepreneurs follow innovatortypology. This helps them to enter in market with new ideas in order to turn them according intoexecutable business. (https://www.yell.com/biz/de-ja-brew-manchester-8662767/). Large company:These ventures operates their functions at large level because of whichoperations, size and scope of these organisations are very large in nature. There is no limit onshare capital is adhere by large firms they can invest money at any level for establishing theirbusiness. Main reason behind their long time sustainability is that they are working in the marketfrom several years and they have ability to accept changes. Main example of these ventures areTesco, Marks and Spencer etc.Large entrepreneurs as well as businesses follow Growthtypology of businesses in order to expand their market area through offering inferior qualityproducts to customers. M&S is best example of large organisation as they operates businesses inseveral areas of globe. (https://www.marksandspencer.com/)Social enterprises:These kind of ventures are formed with an aim of making welfare ofsociety individuals without focusing on earning profitability. These organisation raises fundsfrom the government and multinational organisations and use this funds for welfare of society.These firms operates functions local, national or international level and workers which are worksunder it called volunteers (Bhachu, 2017). Example of these firms are Oxfam, Cancer researchinstitute etc.Oxfam is suitable example of social enterprise and they follow sociable typology intheir business as their main motive is to address social problems for enriching standards ofcommunities. Typologies of entrepreneurshipEntrepreneurship includes several kind of typologies which provides growth anddevelopment in business so that business functions can be performed effectively. Some kind oftypologies are given as below:Lifestyle Enterprise: These ventures are established for improving life standard ofsocietal individuals of a specific area where the firm is operating its business. Theseorganisations also provide job opportunities to local individuals so that they can live theirlivelihood easily. These kind of ventures are also called semi - social ventures because .High growth firms: These ventures are incorporated for earning maximum profitabilityand revenue in market. Owners or entrepreneurs of these ventures always makes new ideas and
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