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ENTREPRENERUSHIP INTRODUCTION INTRODUCTION Entrepreneurs: An Approach to Enhance the Economic Growth of the Country

   

Added on  2020-02-05

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ENTREPRENERUSHIP
ENTREPRENERUSHIP INTRODUCTION INTRODUCTION Entrepreneurs: An Approach to Enhance the Economic Growth of the Country_1
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INTRODUCTIONEntrepreneur is a person who build their own business on the basis of their creative ideasand innovative thinking. These small business enterprises help the country in improving theireconomic growth. Business start-ups provide a job opportunity to the people so that they canimprove their living standard. Through this, the employment rate can be increased in the countryand that will lead towards the success (Drucker, 2014). An entrepreneurs can perform well in themarket by adopting some core competencies such as skills, knowledge, experience, beliefs andattitude. Along with this, the overall wealth of the people can be enhanced through the businessstart-ups. The present report is based on entrepreneurship which explain the different kind ofentrepreneurial ventures and how they are related to each other. Along with this, it focused onthe internal factors that affect the economy of the country. Further, it explains that howbackground and culture of a person can affect their business. TASK 1 P1. Different types of entrepreneurial venturesAn entrepreneur is the owner of their own business and it is their responsibility to set thetargets in order to earn more profits and revenues. They perform their operations so that overallobjectives can be accomplished in an efficient manner. Every person has their own set of skillsand knowledge and on the basis of these they will be able to improve their services at large scale(Kirzner, 2015). There are different kinds of entrepreneurial ventures and their main aim is toimprove their position in the market. These are as follows:Small business entrepreneur: There are many start-ups and small business organizationthat are established in United Kingdom. Their main aim is to fulfil the needs of their customersby proving them high quality and innovative products. There are some small businesses in thecountry such as grocery store, agents, consultant and so on. In order to establish their newbusiness, an individual can take loan from the bank and financial institutes. Further, they canhire employees from their family and they can conduct interviews in order to recruit the workersfrom outer world. Scalable start-up entrepreneurship: These types of entrepreneurs are visionary who cansense the future and perform as per the situation (Welter, 2011). They recruit the best skilled
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workers in their organization so that their overall performance can be improved. Along with this,they can attract investors in order to get success in the market. Large company entrepreneurship: These kinds of entrepreneurs perform their operationsat the large scale and follow a definite life cycle in an effective manner. They have number ofcompetitors in the market so they have to improve the quality of their products in order toachieve the competitiveness. Social entrepreneurship: These individual are more creative and innovative who performtheir operations in order to fulfil the needs of the society (George and Bock, 2011). The main ofthese entrepreneurs is to increase the welfare in the society rather than to increase the marketshare. These different types of entrepreneurship are related to the typology of entrepreneurs:The research entrepreneur: They believe in learning the new things so that they canadopt the changes that are occur in the country. Through this, they will be able to increase theirskills and knowledge. After enhancing these core competencies, an entrepreneur establish theirbusiness activities so that they can increase the satisfaction among all the customers. The determined entrepreneur: These kind of people are more determined towards theirwork and believe in success. For example, large company entrepreneurs and scalableentrepreneur are very determined for this goals that they have to achieve in order to improvetheir growth (Karlan and Valdivia, 2011). The accomplished entrepreneur: These kind of people are go through all the stages ofentrepreneurs in order to accomplish their goals. For this, they conduct a survey in market so thatcustomer needs can be fulfilled. P2. Similarities and differences between entrepreneurial venturesThere are some similarities and dissimilarities among all the entrepreneurial venturessuch as scalable, small business, social and large firm entrepreneurship. They all perform theiroperations in an efficient manner so that overall growth can be improved. Social entrepreneursmake a balance between the profits and societal values. On the other hand, other entrepreneursfocuses on their growth and position in the market (Santos, 2012). Their are some similaritiesand differences between these entrepreneurial ventures:The main goal of social entrepreneurs is to increase the welfare of the society rather thanto generate more profits. On the other hand, the aim of scalable start-ups entrepreneurs is
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