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Impact of entrepreneurial ventures on the economy

   

Added on  2020-01-07

14 Pages4721 Words201 Views
ENTREPRENEURSHIP
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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3PI Different type of entrepreneurial venture...............................................................................3P2 Difference and similarities between the different typology of entrepreneurship...................5P3 Impact of micro, medium and large sized enterprise on the economy..................................7P4 Contribution of small business and the start-ups to social economy after Brexit..................8P5 Skills and the motivational drives for the successful entrepreneur........................................9P6 Motivational drives for the Entrepreneur as personality traits.............................................10P7 Hinder or foster entrepreneurship:......................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONIn this report, Entrepreneurship and its effect on the economy are defined. The differenttypes of entrepreneur and their entrepreneurial ventures are studied in this report.Entrepreneurship is the use of available resources and labour with the introduction of anew idea in willing to establishment of new venture. The entrepreneurship defined as the sort ofself employment. Traditional definition of Entrepreneurship is that it is refereed to as the runningand planning for a new business which is a small business in starting phase. Entrepreneurship is the major source of funding the government institution by taxationand major contribution towards the economy of the countries. Entrepreneurship providesemployment in the country hence influence the GDP of the country. Many countries like Chinahas built their economy with the help of development of entrepreneurial activities in the countryand now they capture the huge part of the word economy (Brooks and et. al., 2014).After Brexit the economy of EU is at boom with the help of small and medium sized enterprisewhich are developed in the country. Entrepreneurship is the major source of new innovation andtechnological enhancement and the providing the simplified and better life to the people.Entrepreneurship works with the application of science theories and giving them a new physicalexistence with creative ideas.TASK 1PI Different type of entrepreneurial ventureEntrepreneurship refers to the self employment creates a new business with theimplementation of innovation with the combination of natural resources and the labour availableand the exploitation of the future growth aspects in the untouched market.Entrepreneurs are the person or the group of persons who will develop the new enterprisewith help of their entrepreneurial capabilities and entrepreneurial activities (Breugst, N.,Domurath, Patzelt and Klaukien, 2012). Entrepreneur is the individual who works for an newinnovative idea with confidence and his risk bearing capabilities to establish an profitableempire.There are many entrepreneurial ventures who works in corporate sector and the privatesector. The private sector entrepreneurial ventures are either government owned or government
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funded. The public facility provided by government also assessed the need of entrepreneurialactivities to serve the public with new innovative ideas with support of government.Serial Entrepreneur is the person who starts one business with new innovative idea andless willing to operate the existing business he keeps on switching and moves forward to the newenterprise with many new ideas (Baron and Tang, 2011). One of the Entrepreneurial venture ofserial entrepreneurship is founded by Sir Richard Branson. The business founded by him wasconglomerate Virgin group (1970) started a business of mail order record. Today Virgin groupowned more than different companies and controlling them. Some of the serial enterprise ofVirgin groups are Virgin vodka, virgin clothing, virgin cola etc.Lifestyle Entrepreneur is related with the hobbies and the thing the person want to do inlife. Lifestyle Entrepreneur develop the product and the services related with their passion andhobbies.Social Entrepreneur defines the use of technology and new idea to solve the existingproblems in society and helping them to develop their lives with services provided. Socialenterprise can be non-profit organisation or it may be semi-profitable organisation. Ex. of socialentrepreneurial ventures is TOMS organisation (2006). Founder of TOMS is Mycoskie Black.TOMS donate a pair of shoes to the person who does not have shoes and got injured and sick.This organisation also started donating the pair of glasses on every single sold of sunglasses.Women entrepreneurship refers to the women who is willing to establish their ownbusiness with development of their own new idea and capable of taking risk and initiation withconfidence. One of the entrepreneurial venture is started by Tory Burch. She named is enterprisealso Tory Burch an clothing Company established in 2006. Today this venture is havingapproximately 125 free-standing outlets (Armour and et. al., 2017). Entrepreneurial ventures have to face many challenges for their growth like internalmanagement, capturing new market etc. The venture development for future growth can beregulated with the help of internal organisation design, organisation culture. This leads to thefuture development and growth of venture. There is a huge scope of growth of theentrepreneurial development and growth in future the ventures with new ideas. This contribute tohigh amount of economic growth of country.
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