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Entrepreneurial Ventures in Market : Assignment

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Added on  2020-07-23

Entrepreneurial Ventures in Market : Assignment

   Added on 2020-07-23

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Entrepreneurship
Entrepreneurial Ventures in Market : Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Examining different entrepreneurial ventures.......................................................................1P2 Similarities and differences between entrepreneurial ventures.............................................2TASK 2............................................................................................................................................4P3 Impact on small businesses on economy of the country........................................................4P4 Contribution of small business to social economy after Brexit.............................................6TASK 3............................................................................................................................................7P5 Characteristics, traits and skills of successful entrepreneurs.................................................7P6 Aspects of the entrepreneurial personality.............................................................................8TASK 4............................................................................................................................................9P7 Role of background and past experiences in fostering or hindering entrepreneurship..........9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
Entrepreneurial Ventures in Market : Assignment_2
INTRODUCTIONEntrepreneurship is defined to be an endeavour undertaken by an individual to earnfinancial gains. The efforts of the individual undertakes in creating and introducing a product tothe market largely on a small scale (Blackburn, Hart and Wainwright, T., 2013). It is defined tobe a broader concept when compared with small businesses. It carries a diverse mind set andefforts are aimed to create something new and innovate which have not been experienced bytarget market. The task of undertaking a risk for for income is carried out by entrepreneur. It isturned out to be a engine for growth of a economy. This assignment will explore variousentrepreneurial ventures in the market. The impact that these businesses carry on the economywill be analysed. The various aspects which foster and hinder entrepreneurship will be examinedas well. TASK 1P1 Examining different entrepreneurial venturesEntrepreneurial ventures are the ways in which an entrepreneur launches a product to themarket. It can be differentiated on the basis of purpose and objectives of the venture. Thecreativity offered to the market results in financial gains for some and for others it serves asfulfilling their passion (Bridge and O'Neill, 2012). An entrepreneur is the individual responsibleto create, launch and deliver a product to the market. The actions are differentiated from that ofsmall business owner as it involves creativity and innovation. There are variety ofentrepreneurial ventures available in the market and it totally relies on the individual to whatsegment he wishes to enter. Some of the types of ventures are mentioned below: Small scale start-up: This are referred to as most common entrepreneurial venture whichcan be seen in the market. These ventures are generally supported by family of an entrepreneur.These ventures are undertaken to ensure survival of self and of the family. They help in creatingsmaller number of jobs for people. The leading examples of small scale start-ups are restaurants,bakeries and coffee shops. The efforts of such firms is to enhance their market share and earndesired level of profitability. The typology which can be related to this start up is that it is a survival ventureundertaken by an entrepreneur to provide basic requirements of the people in the family. It isdone to ensure that business carries stable financial income for an entrepreneur. \1
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Scaleable start-up entrepreneurship: The type of venture undertakes vision ofentrepreneur to introduce changes in the world. The start-ups carry the capacity to expand at alarge scale in a minimum amount of time. These ventures look for investors who believes in theiridea and willing to support the same (Carsrud and Brännback, 2011). They are particular abouttheir choices and employ what's best for the venture. The typology which takes place in this segment is that it is aggressive growth ventures.Incorporation of technology, innovation and huge financial resources help in scaling theseventures to a large scale within a short period of time. Large company Entrepreneurship: it has become essential for large business to take upentrepreneurship as the competitiveness in the market have enhanced. The major organisation arecoming up with new innovative products and services in the market on a daily basis. Thecompany is now pressurised to incorporate entrepreneurship into business ventures so that theyare able to carry out their operations in the market for longer duration. The typology which can be related to this venture is that they are implemented by anorganisation to is to ensure managed growth. The company aims to achieve stability in themarket. The outcomes of such venture is that it helps in launching a new product whichenhances stability and awareness of the company in the market. Social entrepreneurship: the entrepreneurship undertaking social entrepreneurship aimsto overcome the existing social problems with their creativity and innovation (Chittithaworn andet al., 2011). The products and services offered are suitable to the market. Entrepreneurs whotaken up such start-up are less concerned about returns and focus more on the social outcomes.It is a type of lifestyle ventures who is looking for a steady returns from the venture. Theentrepreneur himself spend time to solve the problems in the society with the helps of suchefforts. Female entrepreneurs: the venture are tackled by women are aimed to earn financialgains. These entrepreneurs driven for change and aims to overcome that are being faced bywomen in the society. P2 Similarities and differences between entrepreneurial venturesIt is clear from the above mentioned types of ventures that individuals who take up suchventures carry a level of similarity and differences amongst them. There can be a differencebetween the manner in which these entrepreneurs carry out their operation and objectives to take2
Entrepreneurial Ventures in Market : Assignment_4

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