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Entrepreneurial Ventures - PDF

   

Added on  2020-12-26

18 Pages5912 Words216 Views
Entrepreneurship

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and its related typologies..................................1P2 Similarities and difference between entrepreneurial ventures...............................................3TASK 2............................................................................................................................................5P3 Assess and interpret how small and micro business impact on economy..............................5P4 Small firms and start-ups contribute to growth of social economy after 'Brexit'..................7TASK 3............................................................................................................................................8P5 Characteristics, traits and skills of entrepreneurs and differentiation with manager.............8P6 Entrepreneurial personality reflect entrepreneurial motivation & mindset.........................10TASK 4..........................................................................................................................................12P7 Examine background and experience can hinder or foster entrepreneurship......................12CONCLUSION .............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONEntrepreneurship is activity which is conducted by a person to incorporate a new businessand for utilising their skills and money to gain income. For this, individual conduct marketresearch to gain information about different opportunities. This undertaking helps an individualto frame creative and innovative business ideas to set up firm's position and image in market(Baum, Frese and Baron, 2014). Present assignment is based on Joe Woods who is starting an ITbusiness to provide online payment facility to merchants. This report specifies different forms ofventure and its relationship topologies. In market there are various forms of entrepreneurialventures which have similarities and differences in regard to their operations and objectives. Themanner in which small businesses and start-ups firms help economy of UK is also described inthis assignment. An entrepreneur require to have adequate skills, characteristics and traits tomake business successful. Along this, their background and experience foster or hinderentrepreneurship is stated in report. TASK 1P1 Different types of entrepreneurial ventures and its related typologiesAn entrepreneur is person which search and find appropriate idea which they execute inrunning a business with aim of achieving reward. They even require to bear risk of loss asbusiness environment is dynamic and keeps on changing with time. For this, individual require tohave capability to handle risk and conduct activities effectively to deliver quality oriented itemsand services to people. Along this, they are even required to have sufficient resources forimplementation of business ideas and sustain firm's position in market (Blackburn, Hart andWainwright, 2013). Types of entrepreneurs:Serial entrepreneurs: These are individual which have innovative ideas that they use instarting a new venture. In other words, Serial entrepreneurs are the one who after runningtheir business successfully further move on to start of their new business. But, after sometime, entrepreneur transfer ownership and sell venture to another person to make themconduct business operations. Social entrepreneurs: They are the one who start this kind of business for resolvingissues of community and develop state of country. For this, they require to concentrate1

their knowledge and efforts to provide services and facilities to individuals, thereby fulfiltheir demands and needs (Carsrud and Brännback, 2011). Female entrepreneurs: This tactic includes women which have skills and knowledge tomanage and run business. Their motive is to utilise their capabilities and gain money forsustaining their living standards. Entrepreneurial Ventures: These are firms which are run and managed by an individualto utilise market opportunities. Entrepreneur have creative and innovative business ideas whichthey use to design system and conduct business operations to establish firm's position and imagein market. Types of Entrepreneurial venture:Small business entrepreneurship: These are firms which are started by an individual togenerate money for maintaining their livelihood. For this, they require to have adequate skillsand funds to provide appropriate services and products to people. Grocery stores, travel agents,plumber, electricians and many other are examples of small scale of business (Chrisman and et.al., 2012). Scalable start-ups entrepreneurship: These are enterprise which are run and managed byperson and their aims are higher as compared with other businesses. For this, individual requireto have sufficient funds which they arrange from venture capitalists. Besides this, entrepreneureven require to get support of bright members which help them to conduct operations in effectivemanner.Social entrepreneurship: These are firms which are incorporated by individual fordevelopment and enhancing conditions of people living in a country. For this, market research istool which help person to acknowledge issues and problems of society, thereby provide thingsaccordingly (Goss, 2015 Jones and Rowley, 2011).Large scale entrepreneurship: These are organisation which have good amount ofcapital, material and manpower to execute business activities effectively. Along this,businessperson are even able to establish number of outlets in same city or different countries.This help companies to have large market share and customer base to generate appropriate profitfrom business. Besides this, different variety of items and services are delivered in market inrespect to demands and requirements of people. 2

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