Factors Influencing Entrepreneurship and Business Environment
Added on 2020-10-04
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Entrepreneurship
INTRODUCTIONEntrepreneurship is a very innovative concept which is going on in the market since a verylong time. Here, basically a business is started by single person with the support of a creativeidea on the basis of which they strive to gain competitive advantage in the market. It has alsobeen noticed that little and average sized organisations have a share of more than 95% in themarket area in various countries (Dennis Jr, 2011). This is a very profitable situation for thecountry as well as through this the economy development of the country will also takes place andemployment will also be generated. In this report, two case studies will be discussed. One isrelated to Elizabeth Gooch who founded EG solution and another one is of Tom Mercer who isthe founder of “MOMA”. Here, various types of entrepreneurial ventures will be discussed andits relation with the typologies. Along with this, the effect of small and large enterprise,contribution of small business in the economy will be discussed. TASK 1P1 Different types of entrepreneurial ventures and its interrelation typology of entrepreneurshipAn Enterprising business can be defined as a mixture of risk, success, failure in relation tothe activities which are being conducted in the company. It should not be mixed with smallbusiness as both them are different from each other. This is working very effectively and helpingthe company in earning large amount of revenue as well. Entrepreneur –She/he can be a person who is the main owner of the business and are doing their business withthe limited resources they are having. They are the ones who had the innovative in their mindand now they have converted them into reality (Fassin, Van Rossem and Buelens, 2011).Therefore, they are only the financiers, investors and risk takers etc. Types of Entrepreneurs – There are various kinds of entrepreneur. These are as follows:Serial Entrepreneurs – These are the entrepreneurs who likes to take challenges on a dailybasis. Once their one business is established in a proper manner then they delegate theresponsibility to some responsible person and start working in other businesses as well. Social Enterpriser – These are the kind of entrepreneurs who develops their ownorganisation with the aim of solving the issues of society and bringing a social change in1
the society. They don't have an aim of earning profit and rather they focus on solving theproblems on society. Female Entrepreneurs – These are the kind of business which is run by the womenentrepreneurs mainly and these are chiefly belong and directed by women and areobligated for developing 51% of employment. Concept of Entrepreneurship – This can be referred as a procedure in which a new business isplanned, designed and yen finally launched in the market. At the initial level, it is of small sizebut it will have the capability to take a big form in the market. The people who start this businessare being called as the entrepreneurs (Gorgievski, Ascalon and Stephan, 2011). Central Project of Enterpriser – The different forms of Enterprising projects are as follows:-Small-business Entrepreneurship – As per the reports collected by a leading company,it was ascertained that there are approx more than 6 million small sized companies that areworking in UK. It normally includes all the small businesses that are running in the society likethe grocery stores, consultancy offices, internet cafes etc. The people who are running this kindof business are having their own investment in this and they are also taking whole risk all alone. Scalable Entrepreneurship – This kind of entrepreneurship is found very rarely in themarket because it is being formed by those entrepreneurs who are having a strong idea withthemselves. They have a vision to do a new innovation win the market and bring changes in it.Their only task is to convince the investors to invest into their idea. Social Entrepreneurship – These are the kind of ventures which is just started so as toprovide benefit to the society from the products they will be producing. Like Patanjali productsare being created with a sole purpose to provide benefit to its users. Relation of ventures with Entrepreneur Typology – All these types of ventures are having some connection with one another like scalableentrepreneurship is connected with the lifestyle ventures and social entrepreneurship is havingtheir connection with managed growth venture (Hall, Daneke and Lenox, 2010). Types of Topology -Lifestyle Ventures – These are the type of businesses which provides immediate profitsto the company. These ventures are started just to earn a proper living and here mainly theentrepreneur generally like to work alone. 2
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