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Entrepreneurship Assignment - P1.Examine different types of entrepreneurial ventures

   

Added on  2020-10-22

14 Pages4430 Words359 Views
Entrepreneurship and Small BusinessManagement

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1.Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship......................................................................................................3P2.Explore the similarities and differences between entrepreneurial ventures...........................4TASK 2............................................................................................................................................6P3.Interpret and assess relevant data and statistics to illustrate how micro and small businessesimpact on the economy...............................................................................................................6P4.Explain the importance of small businesses and business start-ups to the growth of thesocial economy............................................................................................................................8TASK 3............................................................................................................................................9P5.Determine the characteristic traits and skills of successful entrepreneurs that differentiatethem from other business managers............................................................................................9P6.Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mindset...............................................................................................................................11TASK 4..........................................................................................................................................12P7.Examine, using relevant examples, how background and experience can hinder or fosterentrepreneurship........................................................................................................................12CONCLUSION..............................................................................................................................13REFRENCES.................................................................................................................................14

INTRODUCTIONNow a day developing an entrepreneurship and small business is in trends, along withthis government is also supporting to entrepreneur who is starting new business. This is sobecause by it their will be increase in economy of country as well as it will increase employmentin a country. Entrepreneurship refers to a procedure in which an individual design, launch andestablish a new business which can be small at initial level. Peoples who establish small businessand entrepreneurship are known as entrepreneurs (Bhachu, 2017). Developing or establishing anentrepreneurship business incurred huge level of risk because in an individual has to invest hugeamount and there is also risk that business will get succeed or not. This is because in amarketplace there are various other companies at same industry who are operating business atlarge level. This report is based on how management of small business as well as entrepreneurare done in order to get successful at market. Topics which are discussed in this report are typeof venture which are consider as entrepreneurial as well as impact of small business on economyof country. Moreover it include key aspects of entrepreneurial mindset and evaluation ofdifferent environment which foster entrepreneurship. TASK 1P1.Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurshipEntrepreneurship is a process in which an individual who is know as entrepreneurestablish or run a business in order to serve society for gaining profit or doing social welfare. Anindividual who establish a new business take several of risk to sustain at a market such asfinancial risk, risk if public not like products and services and many more. Their are several typeof entrepreneurial venture available at a marketplace (The Four Types of Entrepreneurship,2019). Which are explain below:- Type of entrepreneurial venture:-Large scale enterprises:These type are entrepreneurship required huge amount of capitaland market shares. Respective type of enterprise manufacture and offer products with newinnovation and creativity to potential customers in order to fulfil their need and demand. Theyupdate variety of products and services according to change in demand as well as requirementsof customers and trends.

Small scale enterprise: These type of firm basically conduct commercial activities at asmall level, their main motive is to generate profit. These type of business enterprise aregenerally managed by owner of a company as well as it will not affect at huge level by change inmarket trends or demand. Such as grocery store, cafe and restaurants and many. Social enterprises:These type of enterprises provided or offer products and serviceswhich fulfil need and demand of customers in proper manner (Blackburn, Hart and Wainwright,2013). Their main objective is serve the society so that they will live their leave life in properand effective manner. Scalable business enterprises:These type of firm are mainly focus on quality of productsinstead of manufacturing products on huge quantity. Their main aim is to attract investors thatthey will always maintain quality of products. Type of different type of entrepreneur typology:-Lifestyle entrepreneur: These type of entrepreneur are mainly focus on generatingprofitability, for which they adopt or select appropriate sector in which they can earn more andmore profit and market share. They can be start business at small or large level it will dependupon interest and financial capabilities of person. Female entrepreneur: It refers to when a female entrepreneur start or establish a newventure in order to serve society which innovative and creative products and services. Theseentrepreneur are comparatively more creative and innovative form others. Such as Emma Kanewho is CEO of Red Leaf communication. Male entrepreneur: According to this an entrepreneurship is started or established by amale entrepreneur. Their main motive is to offer appropriate products and services in a market inorder to generate high profit (Bridge and O'Neill, 2012). Such as Mark Zuckerberg founder offace book which is used at a worldwide level. Serial entrepreneur: These entrepreneur are highly innovative and like like to takechallenges and risk. They introduce new products and services in every areas in order to fulfilneed and demand of potential customers.P2.Explore the similarities and differences between entrepreneurial venturesDifference between female and male entrepreneursFemale EntrepreneursMale EntrepreneursThese type of entrepreneur is managed and runWhereas in this entrepreneurship business is

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