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Introduction to Entrepreneurship - Assignment

   

Added on  2020-09-08

13 Pages4086 Words71 Views
FinanceEntrepreneurshipPolitical Science
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ENTREPRENEURSHIP
Introduction to Entrepreneurship - Assignment_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Entrepreneurial Ventures and their relation with different types......................................1P2 Similarities and dissimilarities between each type............................................................2M1 Diverse range of Entrepreneurial Ventures in public and private sectors.......................3P3 Interpretation and Assessment of data and impact of micro and small businesses on theeconomy.................................................................................................................................4P4 Importance of small business and start-ups on the economy growth................................5M2 Differences businesses make to the economy..................................................................6D1 Critical examine of Entrepreneurial ventures...................................................................6D2 Impact of small business on different levels of the economy...........................................7TASK 2............................................................................................................................................7P5 Definition of a Successful Entrepreneur...........................................................................7P6 Reflection of Entrepreneurial Personality on Entrepreneurial Motivation And Mindset.8M3 Different Entrepreneurial Characteristics........................................................................8P7 Effects of background and past experiences on entrepreneurship...................................8M4 Analysing the link between entrepreneurial characteristics and influence of it..............9D3 Characteristic Traits And Skills Of Successful Entrepreneurs........................................9D4 Positive and Negative experiences of successful entrepreneurs.......................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
Introduction to Entrepreneurship - Assignment_2

INTRODUCTIONThe ability of a person to start, organise and then to handle the business keeping in mindthe risks in order to make a profit is called Entrepreneurship and the persons involved in it areEntrepreneurs. In short, it is establishing a new business (Welter,2011). It is playing an importantrole in the growth of the economy. Some well known examples of entrepreneurs are Microsoftfounder - Bill Gates, Apple founder – Steve Jobs and many more. They are like gamblers, theytake risks in search of some profits. A Small business can be established and developedindependently, which is limited in size and the owners manages all the aspects of the company,whether small or big. The report is about exploring various business ventures and the impact ofsmall businesses on the economy.TASK 1P1 Entrepreneurial Ventures and their relation with different typesThese ventures have emphasis on providing consultative services to early and mid stagecompanies. There are some properties which strongly distinguish these ventures and these arediscussed as below :1.New goods are introduced2.New methods for production are introduced3.Establishing new markets4.Establishing new supply sources5.Industrial reorganisationSmall business venture : It is a venture that is developed and maintained independently, showsno domination in its own field and does not involves in any new practices and schemes (Adams,Khoja and Kauffman,2012).Entrepreneurial venture : These are the ventures in which strategic practices defines the maingoals and profitability of the business.Defining the relation of these ventures with different entrepreneurship types. :1.Small Business Entrepreneurship – More than half of the entrepreneurs and start-ups aresmall businesses. Small business can be grocery stores, hairdressers, travel agents,electricians, cobblers, carpenters etc. which fulfil the basic necessities of a common man.The people they hire in these businesses can be friends, family members or they can hireany local members as well (Oosterbeek,Van Praag and Ijsselstein, 2010). Their forte is1
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not to make huge profits but to feed their family well. For establishment or developmentpurposes, they lend money from friends or family or by some means of small businessloans.2.Scalable Start-up Entrepreneurship – The entrepreneurs engaged in this, starts a businessby knowing the fact that their vision may change the world. They gain funds from theother investors which are called Venture Capitalists. They focus on hiring the best. Thereare various scalable start-ups going on in innovation clusters like Shanghai, Silicon valleyetc.3.Large Company Entrepreneurship – These large companies have a large life cycle. Manyof these go through innovation that is sustaining. When there comes some change in tasteof customers, technologies or with new competitors, it can create load for more disruptiveinnovations (Adams, Khoja and Kauffman, 2012). Then they need huge companies todevelop the new products so that they can sell them to the new customers. Disruptiveinnovation is very hard to execute because of these large companies.4.Social Entrepreneurship – The entrepreneurs involved in this are the ones whoseemphasis is on developing range of products with services that will help in controlling thesocial needs and problems of the people. They work for the world to be a much betterplace, not for earning profits on large scales.P2 Similarities and dissimilarities between each typeBelow describing the similarities and dissimilarities between public, private and socialenterprise by considering the roles and characteristics of the ventures.Public Sector Enterprise : The organisations or enterprise which government runs forpeople is called Public Sector Enterprise (Yallapragada and Bhuiyan, 2011). It can bemanaged by any governmental body or any local authority. Its forte is to provide peoplethe necessary services.Private Sector Enterprise : It is the enterprise which is developed and run by some privateindividual or a non governmental body. It can be small firms, large businesses etc. Herethe goal of the individuals is to make profit. They are not interested in helping the peoplefor free. SectorCharacteristics 1. Public Sector Governmental ownership2
Introduction to Entrepreneurship - Assignment_4

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