Entrepreneurship & Entrepreneurial Characteristics - Report
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Added on 2020-01-28
Entrepreneurship & Entrepreneurial Characteristics - Report
Added on 2020-01-28
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................4P.1 Different types of entrepreneurial ventures and their typologies..........................................4P.2 Explain similarities and dissimilarities between different entrepreneurial ventures............5TASK 2 ...........................................................................................................................................6P.3 How micro and small businesses impact on the economy....................................................6P.4 How small business and business start up will contribute to economy after Brexit.............8TASK 3 .........................................................................................................................................10P.5 Characteristics and traits of successful entrepreneurs and difference between entrepreneurand managers.............................................................................................................................10P.6 How aspects of the entrepreneurial personality reflect entrepreneurial motivation andmindset......................................................................................................................................11TASK 4..........................................................................................................................................12P.7 Impact of back ground and experience on entrepreneurship..............................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................15
INTRODUCTIONIn this modern and advanced era, scope and area of entrepreneurship has been increasingday by day. Entrepreneurship is a term which is related to launching, designing and operating anew business venture to earn maximum profits and attainment of desired goals and objectives.The entrepreneurs are the person who are responsible for starting their own business and make itsuccessful. Entrepreneurs are those persons who are accountable to create and modify their ownventures by using their skills and capabilities. This present repost is based on theentrepreneurship and its different ventures along with the various characteristics ofentrepreneurial characteristics (Baumol, 2010). This present report has an analysis ofentrepreneurship and small business management. Also, two famous personalities, which aresuccessful entrepreneurs. Their traits and characteristics also has been discussed.Entrepreneurship is something which gives a person, an opportunity to utilise its skill andabilities for achieving its personal objectives and goals. They have a inbuilt power to utilise theirstrategies to maximise the profits and brand value.
TASK 1 P.1 Different types of entrepreneurial ventures and their typologies.Entrepreneurship is a process which is related to creation and operation of a businessventure, which typically begins with a small business or a start up company, which offers aproduct, process or services for sale and making profits (Bosma and Levie, 2010). The personswho starts their own business ventures are called entrepreneurs. There are different types ofentrepreneurial ventures which can be explained as under:Small business entrepreneurial ventures : small business ventures are thosecommercial enterprise, which are started by small entrepreneurs at a small scale. Theirmain motive is to make profits to feed his family and fulfil personal goals and objectives(Bridge and O'Neill, 2012). In this entrepreneurial ventures, limited resources are plannedaccordingly in such a way that it can lead to achieve profits. It can also include takingrisks and rewards of his or her business ventures. Small business are groceries, hairdressers, consultants, travel agents, electricians etc.their main motive is not to achieve a profits over 100 billion dollars but to satisfy the demands oftheir family. However, they are not able to attract venture capital , but they fund their businessventures through business or friends or family. Scalable start up business entrepreneurship: It is quite different from small businessentrepreneurial ventures. It basically means that entrepreneurs have a mission that theirvision can change the whole world (Bruton, Ahlstrom and Li, 2010). They have a sourceof finance from their venture capitalists. In this kind of entrepreneurship, it has beenassessed that most skilled and best candidates are hired. Also, their main motive is tosearch for a scalable enterprise framework. Large company entrepreneurial ventures: This kind of entrepreneurial venturesdepicts that large companies have finite and fixed life cycles. This ventures grow throughinnovation, offering new and different products. The main motive of this type ofentrepreneurial ventures is to build a profit in millions and billions. They can makechanges in their strategies according to changes in preferences of taste of customers ,new and unique technologies, new competitors etc. Social entrepreneurial ventures: Social entrepreneurial ventures are those ventureswhich are formed with a basic motive to identify and satisfy the needs and wants of
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