This report explores the theories and concepts of entrepreneurship, the nature of an enterprise, and the importance of entrepreneurship to individuals, organizations, and the economy. It includes a case study on Richard Branson and the Virgin Group. Find study material and solved assignments on entrepreneurship at Desklib.
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Entreprenurship in business
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Table of Contents Introduction.........................................................................................................................................3 Main body............................................................................................................................................3 Q1 theories and concept of entrepreneurship.....................................................................................3 Q2 Nature of an enterprise.................................................................................................................5 Q3 Importance entrepreneurship to the organisation individual an economy at large........................7 Conclusion............................................................................................................................................9 REFERENCE....................................................................................................................................10
Introduction Entrepreneurs are the person who individually create their own business, they take most of their risk to enjoy higher rewards through the business. EntrepreneurNot only get all the benefits but they also play key role an economy to grow by providing jobs, pay taxes and contributes the local economy as well. They always come up with the new ideas that add some value in customers life. Thisreportwillidentifythekeyconceptandtheoriesoftheenterpriseand entrepreneurship. It will also Analyse the different nature of enterpriseAnd explain the type of entrepreneurial ventures. In the end of this report well critically evaluate importance of entrepreneurship to the individual, organisational and the large economy. this report will explain through taking the example of successful entrepreneur from UK. Main body Q1 theories and concept of entrepreneurship Entrepreneurship refers to the concept of managing and developing business ventures in order to gain higher profits by taking some of the risk in this corporate world (Nguyen and Pham., 2020). People who want to become a successful entrepreneur in their life the test take risk and achieve success. It is necessary for every entrepreneurto have willingness for starting a new venture. It is in universal fact that entrepreneurship is an important factor and the development of economy of the country. A persons who want to be become entrepreneur they takes Risk and work underUncertainty. There are some theories and concepts that are introduced different different authors that explain the nature and concept of the entrepreneurship. Innovation theory This territory was introduced by the Schumpeter And according to this beauty entrepreneur is basically a innovator or the inventor And the combination of both introduce thenew product to the world. it is always necessary for an entrepreneur Toby innovator or inventor so they can give something new to the world and it will help them to get success in their life and they can show their presence all around the world. It can help them to achieve their life goals Anne and they can also earn huge profit in their business.This combination of theory can cover different different cases such as the introduction of the new product to the customers are not yet familiar or of new quality of good. It is important for the entrepreneur
to be aware that the introduction of the new method of production, that one not yet tested by experience in the branch of manufacturing concerned, which need bye no means be founded upon our discovery scientifically knew an can also exist in a new way of handling community commercially. Need of achievement theory This theory was developed by David and he concerned himself with the growth of an economy and some of the factors that influence the economy. According to this Storey entrepreneurs try to find the internal factors such as motivation of employment human values that lead man to exploit some of the opportunities, it helps them to take advantages of favourabletradeconditionsandThisiswhytheygiveimportancetotheinnovation characteristics of entrepreneur role (Machmud., 2017). An Research studies on the routes of physiological of entrepreneurship reveal that the higher achievements can be orientation an insured the success of the person. But the concept given by the David are highly suspect and one wonders how many of individuals who are just to have high an achievement could we succeed an utilising it in a practises. Theory often social change This theory was introduced by Max weber who look the stand that entrepreneurial growth and their development he's totally depend on the value system of society concerned. Max opined That the spirit of higher growth often industry depends upon the technology they are using an acquisition of the money an it’s rational use of productivity and how they are multiplying the money. This element of industrial growth depends upon specific value oriented individual. People who want to become a successful investors they should believe on themselves and they should work hard toward their goals and their objective so they can be successful and their business and they can achieve all what they want to achieve. It believe makethemprovidestrengthandmotivationtoachievesomethingintheirlife.The motivational force for the entrepreneur activities is given by the cleanest Ethics irrespective of the cultural background, personality type of individual and social environment which they live. Theory of leadership Entrepreneurs are owner often business so it is important for them to learn how to lead there employees who are working within their organisation. It is necessary for the
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entrepreneur to have leadership skill so they can lead effectively an create vision for the people who are working for them. entrepreneurs who are successful in their life always have a leadership skill in themselves that helped them to lead toward their success and they always know what they are doing. I entrepreneur s have to show their ability And ability to manage the things within a business. There are some leadership styles that can be used to buy entrepreneurtobesuccessfulleader.situationleadershipstylecanbeusefulforan entrepreneur to lead effective. In this leadership style leaders change their leadership according to the situation within a organisation. they have to find The best leadership style that can be used during the current situation (Kim. and et.al., 2017). This leadership style can be develop if the entrepreneur have knowledge of all other leadership styles then only they can apply a situational leadership style to lead employees effectively. Q2 Nature of an enterprise Ourbusinessventureisinentrepreneurialenterprisethatisopenedbythe businessman to earn money or create money. Enterprise an organisations are sociotechnical System of the people along with the things made by them self. Virgin group The Virgin group of companies is one of the largest organisation in all over the world and this company was founded by the UKentrepreneur Richard Branson, Much of the culture of the Virgin girl is influenced by some of the personal beliefs. An physiologies off these groups founder Anne Richard is only person who is reason behind the success of an organisation. The entrepreneur gives highly value to all the employees who are working there an takes personal responsibility to ensure that their beliefs are installed among All of them Richardhascreatedthesecentralisestructurewithintheirworkplacebygivingtheir employees a higher authority to take decision’s thereby and it helps big company to reduce bureaucracy. Workers are encouraged to not always follow procedures on the national basis Anne they increase them to think them themselves (Fairlie.and Fossen.., 2018). This group include both profitable and not profitable ventures Anne there's some of the companies are privately owned and they work too gain higher profits it means they are large organisations but some of the part of Virgin group such as Virgin start up are not profitable companies. They are helping entrepreneurs across the UK to start are they find them to scale up there business. The Organism become delivery partner for the UK government start up business loan company they were providing loans and finance both around 25,000 to 500 pound an
they also include advice and monitoring for the entrepreneurs to start their own business and it gives them support to achieve success in their business. This setup programme it's organised to support to start up business so the economy of the country can be improved and business can be started. After one year at launches that uk's 1st equity based crowdfunding accelerator programme called crowd boost. Types of ventures There are different different type of entrepreneurial ventures that can be chosen by the entrepreneurs to start their own business. Here are explanation of all the entrepreneurial ventures. Survival ventures Survival ventures are ventures in which entrepreneurs only on to survive and their life First off it is very common in informal sectors an dissectors can include business that are not officially registered in any kind of national account and they are not subject to the rules of the contracts. There does not require any kind of licence, taxation an any kind of Labour practises or inspection (Kraus And et.al., 2018). It can be opened by normal people who want to earn limited money so they can live their life. For example- mini stores, And small retail stores. Lifestyle ventures A lifestyle business is one that is geared toward supporting the owners income and personal requirements rather than maximising their revenue. The main goal of this kind of businesses are to create a sustainable life balance Ann leave their life effectively. their profession is roaming the world and showing their lifestyle to the people and for that only they get money. One of the best example of lifestyle venture are Managed growth ventures A managed growth ventures are the unique kind of businesses or entity that are combined with the ongoing pursuit of opportunities and new innovations with a proper efficiency Anne expansion with a control. this kind of ventures or business are only look for to set goals and target not more than that. They tried to achieve those goals and when their business accordingly. resources in this kind of ventures are limited and they also invest
limited within a business. small businesses are known as managed growth ventures and they try to achieve set goals and targets in a proper and mannered way. Aggressive growth ventures The aggressive growth ventures are large business welcome national an international level and they are having huge contribution toward the economic development of country. Resources an capital of this venture is very high Anne they always look to expand their businesses and grow rapidly in the industry where their operating their business. Aggressive growth ventures are often disruptive businesses that charge society’s, markets and industries first up although fewer in numbers they create this appropriate number of jobs, patents and wealth in society and can enhance the global competitiveness of the nation (Abdulhaq., 2016). Aggressive growth when just can generate higher returns for their investors but they also represent a higher risk within a business Social enterprise Social ventures are non profitable enterprise’s that work toward developer of society and health of the people. Entrepreneur do social work by taking the donations from bigger organisation and they are the only source off running their business. They help people who are physically unconscious our people who don't have family or anything similar situations. They donate money or help them without taking money from them. Best examples of social enterprise are NGOs who help people without taking fee from them. Social ventures are non profitable enterprise’s that work toward developer of society and health of the people. Entrepreneur do social work by taking the donations from bigger organisation and they are the only source off running their business. Q3 Importance entrepreneurship to the organisation individual an economy at large Entrepreneurshipplayimportantrolefortheorganization,individuallyand economically at the large. It is necessary for the countries to motivate people to start their own business or become a entrepreneur so they can help to grow economy they can support themselves and organisation as well. There are some entrepreneurs like Richard Branson who is the founder of Virgin group give their support toward all Individually, organisation an economically. Richard Branson (foun)
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Sir Richard Branson is an case one of the most successful entrepreneur who is owner or founder of one of the known group called Virgin group and right now this Virgin group is controlling over more than 400 companies in different different fields. Branson came from Poor family Anne he started his own business in age of 16. in ear 1970 Richard opened his own Mail order record business and he operated chain of record store Called Virgin records. After some time Branson change the name from Virgin records to the Virgin megastores. During the 1980 the version brand was growing rapidly and with that Branson Atlantic. (Machmud., 2017). In March 2000 Branson was knighted at Buckingham Palace for service to entrepreneur,In yearRichard become prominent global figure for his work him using transport, and His good work toward the society. Richard was brilliant in a business that he already showed when he was young and his own motivation make him successful in their business. he belong to the poor family when he was just 16 still he start his own business and make himself successful entrepreneur. Richard characteristics are that he is very confident, he always take decision on time, have new ideas related to the business. He and he always find a new way to doing a work and understand how he can provide satisfaction to the customers by providing his own products and services. Individually Richard Benson his individually supporting himself an his family through their businesses. Richard is an top businessman who is earning millions and billions of money. this shows that entrepreneurship support individually for a person they can earn more than a job can provide them. Entrepreneurs are owner of the business so they does not need to listen to anyone Anne they can run business accordingly. Organizational Entrepreneurs not only set up the business but they are most important part of the organisation and they have to look for the welfare and support their employees so they can give their best and achieve companies targets and their goals. The entrepreneur gives highly value to all the employees who are working there an takes personal responsibility to ensure that their beliefs are installed among All of them Richard has created these centralise structure within their workplace by giving their employees a higher authority to take decision’s thereby and it helps big company to reduce bureaucracy. Workers are encouraged to not always follow procedures on the national basis Anne they increase them to think them themselves.
Economical growth Entrepreneur has huge contribution toward the economy growth of the country because they provide jobs opportunity’s to the people with the skill and no skilled both. Businesses started by the entrepreneurs pay taxes and it is And it is used by government to pass benefits to the local people and improve the infrastructure of the country (Abdulhaq., 2016).Similarly,Virgingroupalsohelpinggovernmentbysupportingthesmall entrepreneurs within the UK. Virgin start up are not profitable companies. They are helping entrepreneurs across the UK to start are they find them to scale up there business. Conclusion This report has been identified the key concept and theories of the enterprise and entrepreneurship. It also has beenAnalysed the different nature of enterprise And explain the type of entrepreneurial ventures. In the end of this report has been criticallyevaluated importance of entrepreneurship to the individual, organisational and the large economy. this report has beenexplained through taking the example of successful entrepreneur from UK.
REFERENCE Books and journals Abdulhaq, N., 2016.Jewish and Greek communities in Egypt: entrepreneurship and business before Nasser. Bloomsbury Publishing. Czarniewski, S., 2016. Small and medium-sized enterprises in the context of innovation and entrepreneurship in the economy.Polish Journal of Management Studies.13. Fairlie, R. W. and Fossen, F. M., 2018. Opportunity versus necessity entrepreneurship: Two components of business creation. Indrasari,M.Andet.al.,2018.DevelopmentEntrepreneurshipIntentionAmong Students.IJEBD(InternationalJournalofEntrepreneurshipandBusiness Development).1(2). pp.146-154. Kim, Y. J. and et.al., 2017. The impact of humane entrepreneurship on business ecosystem and economicdevelopment.InICSB World ConferenceProceedings(pp. 1-8). International Council for Small Business (ICSB). Kraus, S. And et.al., 2018. Digital entrepreneurship: a research agenda on new business modelsforthetwenty-firstcentury.InternationalJournalofEntrepreneurial Behavior& Research. Machmud, S., 2017. The Effect of Motivational Entrepreneurship on Business Performance of SMEs Moderated by Process Innovation.Archives of Business Research. 5(8). Nguyen, T. and Pham, T., 2020. The effect of corporate entrepreneurship, organizational cultureonsupplychainmanagementandbusinessperformanceinchemical industry.Uncertain Supply Chain Management.8(1). pp.67-76