Entrepreneurial Ventures - Assignment
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Added on 2020-12-30
Entrepreneurial Ventures - Assignment
Added on 2020-12-30
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................3P1 Different types of entrepreneurial ventures and state its relationship with entrepreneurshiptypology .................................................................................................................................3P2 Similarities and difference between entrepreneurial ventures .........................................5TASK 2............................................................................................................................................7P3 Impact of micro and small business on economy ............................................................7P4 Importance of start-up and small business in economic growth and development ..........9TASK 3..........................................................................................................................................10P5 Skills and attributes of two successful entrepreneurs .....................................................10P6 How aspects of entrepreneurial personality reflects entrepreneurial mindset and motivation..............................................................................................................................................11TASK 4..........................................................................................................................................12P7 How background and experience can hinder entrepreneurship .....................................12CONCLUSION .............................................................................................................................13REFERENCES .............................................................................................................................14
INTRODUCTION An entrepreneur can be characterized as a man who can begin their own venture byutilizing their insight, creative aptitudes, thoughts and capacities. High risk is related withbeginning another wander and business visionaries are those people who have capacity to go outon a limb with the desire for acquiring high benefits (Audretsch and Link, 2012). By effectivechange of thought into product or service that creates value for money, firm empowers to returnhigh revenues. In simple words, it can be define as a person who exploit current marketopportunities in best possible manner that gives them high level of return and profits. The givenreport include different types of entrepreneurial ventures and its typologies, how SMEz arecontributing towards the growth and development of economy, skills and attributes of twosuccessful entrepreneurs and how their past experience hinder entrepreneurship. TASK 1P1 Different types of entrepreneurial ventures and state its relationship with entrepreneurshiptypology Concept of Entrepreneurship: The word “Entrepreneurship” refers to the procedure ofchanging over a thought into innovation that aid in development and sustainability of newbusiness venture. By consolidating capital, resources, land, labour and resources in a significantmanner, higher profitability ratio can be yield by entrepreneurs (Altman, Sabato and Wilson,2010). It totally rely upon the capacity and capability of entrepreneur to take risk, analyse marketand execute design with the point of conveying high quality items and services to potentialbuyers. Different types of entrepreneurial ventures: Small-business enterprise: These are little firms which are possessed and overseen bysingle person. There is a sole proprietor which handles the working of whole business.These are usually viewed as small scale firms with respect to beginning it, high measureof capital and additionally manpower isn't required. These ventures are built up with thepoint of fulfilling fundamental needs of individuals and acquiring enough benefits(Audretsch and Link, 2012). Primary goals behind working these organizations is feedindividuals from family as opposed to acquiring benefits. Carpenters, grocery store,electricians are some of the example small-scaled business.
Scalable start up business enterprise: Such type of entrepreneurs are skilled and creativewho have high potential and capacity to change the world by their aptitudes, skills andimaginative thoughts. They basically underline on seeking out repeatable and versatileplan of action (Barringer, 2012). Once they discovered such kind of structure, theirfollowing stage is to begin concentrating on getting attention investment capitalist. Thesepeople set up, create and extend their business by their inventive and imaginativethoughts. Social business enterprise: Such type of entrepreneur known as the trend-setters thatprimarily center around developing such products which encourages in settling issues andneeds of society. Principle point behind beginning this business venture is to upgradenation's financial condition. Its reality isn't just for the reason to procure enough profitshowever to give their high commitment in welfare and improvement of society. Thesetype of ventures deals with various issues like illiteracy, poverty and health care. Serial business enterprise: These are people who brings new thoughts on constantpremise to build up a new business venture. They are fairly not quite the same as otherbusiness venture as others build up their business with possess thoughts and playimportant role in overseeing routine tasks and operation of business. However in case ofserial venture, entrepreneurs come up their extraordinary thoughts, begin a business andhandover it to others after its effective running. Then again they come up with new ideafor establishing new business venture. These business people are known by the name oforganizer of organizations. Large scale enterprise: It incorporates multinational companies that start their businesseventually with high investment. Such associations for the most part centers aroundinnovation and works with the real motive of earning higher profits and also working forsocial welfare. Moreover they also occupied with CSR exercises and maintain theirbusiness morally. For increasing high productivity and aggressive edge in advertise, theirprimary concentration is to enhance nature of items and fulfil needs of clients (Baum,Frese and Baron, 2014). Different types of entrepreneurial typologies: Female entrepreneur: These are ladies business people who begin their businesseffectively with advancement and inventiveness. Female cooperation in business and
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