Entrepreneurship (Solution)
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Added on 2020-02-03
Entrepreneurship (Solution)
Added on 2020-02-03
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................3Task 1...............................................................................................................................................3P1 Types of entrepreneurial ventures .........................................................................................3P2 Similarities and differences between entrepreneurial ventures.............................................5P3 Impact of micro and small businesses on the economy.........................................................6P4 Small business and business start-up with contribute to the growth of the social economy.7P5 Characteristics Trait and skill of successful entrepreneurs which differentiate from otherbusiness managers.......................................................................................................................9P6 Aspect of Entrepreneurial Personality Reflect Motivation and Mind Set..........................10P7 Background and experience can hinder or foster entrepreneurship:....................................11Conclusion.....................................................................................................................................12References .....................................................................................................................................14
INTRODUCTIONThe new opportunities in business have been encouraging entrepreneurship on a largescale. Entrepreneurship has various definitions to every individual. It focuses on establishing abusiness venture by turning an idea into a profit making activity. An entrepreneur is someonewho is ready to take huge number of risks in his professional life so that he could succeed in hisbusiness. Entrepreneur not just have the mind to create something innovative in the business andtake risks to succeed, but they even have ideas of growth and opportunities for their employees.Entrepreneurs always stay motivated within themselves and inspire others to work hard to gaintheir goals in life. They could bring a breeze of confidence in the working environment with theirpassionate presence. Task 1P1 Types of entrepreneurial ventures Schumpeterian Entrepreneur Ventures:These are the small scale business venturesoperated by the directors and owners of organizations which are independent. Their primarygoals are to make growth in the industry and earn as more profit as they can. They are denotedfor their innovative and creative practices they use in their firms for the opportunities to bepursued and exploited (Nabi and Krueger, 2013). The Schumpeterian entrepreneur even emergeas owners of managerial businesses with their development in the small scale organization. Aportion of the Schumpeterian entrepreneurs are seem to open new businesses where newopportunities can be pursued and innovations can be brought in the working atmosphere to createnew products to be sold in a new target market or even the present markets can be strengthened.'Intrapreneur' ventures:Intrapreneur ventures are those organizations where theowner is not the one who came out with the idea of bringing up a business with his ideas butsome other individual who is working as a part of that organization. An intrapreneur is anemployee who is capable of the implementation of important principle of entrepreneurship, notfor their own personal benefits but for the accomplishment of the objectives of the organization.An intrapreneur venture is an impact of risk of time, reputation and job, the employee as anintrapreneur becomes the entrepreneurship embodiment within huge firms (Landes., Mokyr andBaumol, 2012). At a time of realization of being expert in this, the intrapreneurs even come outwith their own of ideas of new venture and develop into a Schumpeterian entrepreneurs.
Established Ventures: An established company is an organization that employs at least anumber of 500 people. The objectives of such established firms are to generate substantialrevenue and to make profit for the organization and shareholders of the company. They can beany type of company producing materialized products or products in terms of services. Thecapital providers of such firms include subsidiaries, revenues and tax credits (Goffee and Scase,2015). They make certain outcomes in the society and industries, because such largeorganizations in the community are significant employers and employs the human resources inthe society which have been remaining idle. Established companies act as a very muchrecognized brands with a level of reputation and presence in community.Social Good Enterprises: These are businesses established with social motives and theyare built on solutions of innovations and deep desires to make the world a better place. Their goalof organization is creating a maximum positive social impact in a sustainable way. They mayhave a theme or a set of themes on which they have based their working procedure which couldcreate an impact in the society and betterment of certain sections of society who have beenclassified as backward section. They don't aim on making profits in form of monetary terms buttheir success is measured in form of impact on society and participation of society in making ithappen. Their income is in terms of public funds created for the welfare of the society and theyseek media attention sometimes to popularise their innovative ideas of making a better world.P2Similarities and differences between entrepreneurial venturesFirstly, lets discuss about the similarities that we could find amongstall types of entrepreneurs in every type of ventures:Challenging and Risk Taking: Whatever type of entrepreneurshipventure it is, but it will have an entrepreneur behind it who is ready to takeany risk for the achievement of that objective he has decided for hisorganization. An entrepreneur's strongest feature is the same of beingready to accept challenges and take risks to achieve them. An entrepreneurof any firm, may be large or small scale, is created with objectives of growthin large scale and earn maximum profit, and it won't be possible until orunless his company could create an impact in the industry and market. Thecompany has to take risks such as introducing a new product in the marketor reduce the cost of the product compared to similar products produced by
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