ENTREPRENEURSHIP INTRODUCTION
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Added on 2020-02-03
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ENTREPRENEURSHIP INTRODUCTION 2 TASK 12 P1 Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship. 2 P2 Explore the similarities and differencesbetweenentrepreneurial ventures.3 TASK 24 P3 Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro and small businesses impact on the economy.
ENTREPRENEURSHIP INTRODUCTION
Added on 2020-02-03
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................2P1 Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship......................................................................................................2P2 Explore the similarities and differences between entrepreneurial ventures...........................3TASK 2............................................................................................................................................4P3 Assess and interpret relevant data and statistics in your mini-research, to illustrate howmicro and small businesses impact on the economy...................................................................4P4 Explain how important small businesses and business start –ups will contribute to thegrowth of the social economy.....................................................................................................5TASK 3............................................................................................................................................7P5 Determine the characteristics, traits and skills of successful entrepreneurs, whichdifferentiate them from other business managers.......................................................................7P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mind-set................................................................................................................................9TASK 4..........................................................................................................................................10P7 Examine , using relevant examples obtained through your mini-research, howbackground and experience can hinder or foster entrepreneurship...........................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................121
INTRODUCTIONEntrepreneurship played a vital role in the economic growth and development of anycountry. It can provide a large number of job directly or indirectly. An entrepreneur is a personwho start a small business through their creative idea and transform in to large corporation. It canalso support the social wall-fare and local economy through provide new jobs, innovation andincrease trading activities in the economy (Welter,2011). The present report is based on theHawksmoor Group restaurants which is a London based restaurants deals in several types ofspicy and sweet eatables. This entrepreneur is employed more than 600 staff in the other branchof he company. The report is coves a mini research such as different types of entrepreneurs andthe similarities and differences between them. Apart from that the report is also discussed aboutthe two successful entrepreneurs which can motivate young people towards the small business. TASK 1P1 Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship.Entrepreneurs having a great significant in the development of the economy. There are varioustypes of entrepreneurship which having different aims and objectives according to its size andscope. These entrepreneurship as given below:Small business entrepreneurship: This is one of the form of entrepreneur which is operate theirbusiness operation in to a limited geographic area. These types of enterprises size and scope isquite limited (George and Bock, 2011). It can be involved business consultants, barbers, grocerystores, travel agencies etc. they operate their business at the lower scale and attain their targets ina effective manner. This types of business can be support and promoted by the variousgovernment agencies, bank and other corporate houses. These business contribute a extensiverole in the economic development. They generate various kind of jobs within the country andgenerate revenue for the United Kingdom government. Scalable startup entrepreneurship: This is another form of business which is related new startup business ventures. There are various corporate houses which can promote these businessbecause it can make profit in the near future. Such start ups are based on knowledge and skillbased which required educational qualification and management expertise. These business units2
are related with the information technology, accounting, finance, marketing, business consultant,and internet based business (Karlan, and Valdivia, 2011). Entrepreneurs starting these smallbusinesses through their creative and innovative business idea. The having capabilities totransform these ideas in to reality and make their business profitable in the long run. Large business entrepreneurship: The large business organisation are those which operatetheir business in a large geographic area and their size ans scope also large as compare to otherbusiness units. They operate their business in to domestic and international level. The main aimof these business entities are to increase market share and profitability in order to provide highquality products and services. The risk associated with these organisations are quite largebecause the can be influenced by the various business environment factors which can includespolitical, social, legal, environmental and so on. Social entrepreneurship: It is different entrepreneurship which provide goods and services tothe community. There are various organisation such as charitable trust and other institutionswhich can provide various services healthcare, education, environment protection, animalwelfare and community well-being. The main purpose of these institutions is to provide socialwelfare in order to provide goods and services which can help them. The role of theseorganisations in to poverty reduction and employment generation is too important for the country(Sarasvathy,and Venkataraman,2011). In addition, they are related with to the typology of entrepreneurship it means these organisationsare interlinked with the typologies. The local and SME can provide goods and services to thesociety and earn profit accordingly. They also helps to increase export import activities in thecountry which can help to generate foreign currency. P2 Explore the similarities and differences between entrepreneurial ventures.A entrepreneurship is a process of designing and developing an business idea and convert in tothe commercial form so that it can make profit for the business. These business units can supportnational economy and help to provide consistent growth and development. As per the abovediscussion there are two types of business forms which having various differences andsimilarities according to their size and scope. These firm;s also having different aims andobjectives which can help to the United Kingdom marker development. These can be profitmaking organisations and non profit making (Wiklund, and et. al.,2011). Both institutions havingdifferent structure according to their aims. The business units can be included small ventures,3
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