Entrepreneurship: Types, Impact on Economy, Characteristics of Successful Entrepreneurs

ENTREPRENEURSHIP

Content
INTRODUCTION.......................................................................................................................................3
LO 1............................................................................................................................................................3
P1 Types of entrepreneurial ventures......................................................................................................3
P2 Similarities and differences between entrepreneurial ventures...........................................................5
LO 2............................................................................................................................................................6
P3 Micro and small businesses impact on the economy..........................................................................6
P4 Important small businesses and business start –ups............................................................................7
LO 3............................................................................................................................................................9
P5 Characteristics, traits and skills of successful entrepreneurs...............................................................9
P6 The entrepreneurial personality reflect entrepreneurial motivation and mind-set.............................11
LO 4..........................................................................................................................................................12
P7 Background and experience can hinder or foster entrepreneurship...................................................12
CONCLUSION.........................................................................................................................................13
REFERENCES..........................................................................................................................................14

INTRODUCTION
Entrepreneurship is also known as Business person who start their business by his own.
Business person implies a man who needs to begin his business by their own. He is the
individual who deals with his business and a daring individual. Entrepreneurship brings
imaginative thoughts for his business and makes something other than what's expected. Each
individual have their own particular perspectives with respect to Entrepreneurship. It implies a
man make new thought for advancement of his business and makes benefits. A business
visionary must be roused and certain with the goal that he does his business successfully and
effectively. Business person is those individuals who create new items by advancement and
imagination and go for broke. A business visionary must be enthusiastic and he will likewise
offer guidance to other individuals and rouse them. There are many sorts of wander and sorts of
the business (Webb, Ireland and Ketchen, 2014). The reason for this report is to distinguish the
parts of little; smaller scale and medium enterprises and they additionally influence the economy
development. There are different sorts of culture and motivational instrument which likewise can
influence the business person. In financial matters, business enterprise consolidated with land,
work, characteristic assets and capital can create benefit. Entrepreneurial soul is described by
development and hazard taking, and is a basic piece of a country's capacity to prevail in a
regularly changing and progressively focused worldwide commercial center.
LO 1
P1 Types of entrepreneurial ventures
Entrepreneur is a person who takes risk and produce new products by innovation and new
creation. He is the person with full determination and also self – motivated. He is an innovative
thinker who generates new idea for his business. There are various types of venture of
entrepreneurship which are described as below:
Small business entrepreneurship: Today, the mind-boggling number of business people
and new companies in the United States are still private ventures. There are about 5 million
independent ventures in the U.S. They make up approximately 99% of all organizations and
utilize half of all non-legislative laborers. Private ventures are supermarkets, beauticians,

specialists, travel operators, web business customer facing facades, woodworkers, handymen,
circuit testers, and so forth (Seelos and et. al., 2011). They are any individual who runs his/her
own business. They enlist nearby representatives or family. Most are scarcely gainful. Their
meaning of accomplishment is to encourage the family and make a benefit, not to assume control
over an industry or fabricate a $100 million business. As they can't give the scale to draw in
investment, they support their organizations by means of companions/family or private venture
credits.
Large company entrepreneurship: Vast organizations have limited life cycles. Most
become through maintaining advancement, offering new items that is variations around their
center items. Changes in client tastes, new innovations, enactment, new contenders, and so forth
can make weight for more troublesome advancement – requiring vast organizations to make
completely new items sold into new clients in new markets. Existing organizations do this by
either getting inventive organizations or endeavoring to manufacture a troublesome item inside.
Amusingly, substantial organization size and culture make troublesome advancement amazingly
hard to execute.
Typology of entrepreneurship:
Serial entrepreneurship: A business person who persistently thinks of new thoughts and
begins new organizations. Rather than a common business visionary, who will frequently think
of a thought, begin the organization, and after that see it through and assume an imperative part
in the everyday working of the new organization, a serial business person will regularly concoct
the thought and kick things off, however then offer obligation to another person and proceed
onward to another thought and another wander (Venkataraman and et. al., 2012). This can be
something to be thankful for if the individual has heaps of interesting thoughts and is the best
one suited to kick every erratic, except can be a terrible thing if the individual quits investing
energy into an organization that needs his or her assistance, to attempt to push ahead with
another thought that might possibly succeed.
Social entrepreneurship: Social enterprise includes utilizing the aptitudes and systems
of business to creatively and reasonably comprehend social, ecological, and monetary issues.
The endeavors made by social business people can be non-benefit, for-benefit, or an inventive