Entrepreneurship Ventures: PDF
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Added on 2020-11-23
Entrepreneurship Ventures: PDF
Added on 2020-11-23
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their relationship with typologies...............1P2 Similarities and Difference between entrepreneurial ventures..............................................3TASK 2............................................................................................................................................6P3 Assessing and interpreting the impact of micro and small businesses in economy...............6.......................................................................................................................................7P4 Contribution of small businesses and start-ups in growth of social economy.......................7TASK 3............................................................................................................................................8P5 Characteristics, traits and skills of two successful entrepreneurs which differentiate themfrom other business managers.....................................................................................................8TASK 4..........................................................................................................................................11P7 Background and experience can hinder or foster entrepreneurship.....................................11CONCLUSION..............................................................................................................................11.......................................................................................................................................................12
INTRODUCTIONEntrepreneur is a person who set up a new business by implementing new and innovativeideas for attaining success at market place. Along with this, they also take financial risk with thehope of converting into huge profit. The main aim of entrepreneur to start a new business is togenerate larger profit by establishing their successful business. In context of this, it is necessaryfor person who set a business to undertake an effective research to evaluate the market trends anddemand as well. For attaining the same, entrepreneurs have to create new ideas with the aim ofattaining set goals and objectives (Blackburn, Hart and Wainwright, 2013). This will contributein attaining higher success at market place. Present report is based on entrepreneurship and smallbusiness management which cover various entrepreneurial ventures and its relationship withtypologies. Similarities and difference between entrepreneurial ventures are also mentioned inthis report. In addition of this, interpreting the impact of of micro and small business ineconomy is also discussed in this report. At last, characteristic, traits and skills of successfulentrepreneurs discussed here. TASK 1P1 Different types of entrepreneurial ventures and their relationship with typologiesEntrepreneurial Venture: It can be defines as an organisation which operate by an individual toattain success in market place. The main focus of this type of business is to implement new andinnovative ideas for developing the economic condition. Along with this, entrepreneurial ventureis focus on offering advisory services to people who wants to run their new business. This willcontribute in developing economy (Bridge and O'Neill, 2012). EntrepreneurIndividual who start a new business with new and innovative ideas in order to attainhigher success at market place. Mainly, they are single person and take financial risk forconverting into profitability. Along with this, they also manufacture quality services and deliverto larger number of customers with the aim of generating profitability. Types of entrepreneurs:Serial entrepreneurs: These type of entrepreneurs highly take challenges repeatedly. Forthis, they implement new and innovative ideas to run number of business for generating1
revenue. Along with this, entrepreneurs having lots of unique ideas in order to moveforward to attain profitability. Social entrepreneurs: These type of entrepreneurs start their business for reducing socialissues. Mainly they work for increasing social welfare by providing them services. Thiswill directly contribute in developing economic condition.Female entrepreneurs: It has never been differentiated as per sex. It consider as theprocess in which women manage as well as organise al the factors of the products,undertake risks and also provide chances of employment to another person. One of themain quality of female entrepreneurs is that they can easily handle all the staff membersand make better relation with others. Concept of entrepreneurship:It is an important concept in which individual who set a new business by creating,organizing unique ideas. Mainly, entrepreneurship is an important process of exploring new andinnovative opportunities in market place for attaining long term gain. One of the main advantageof entrepreneurship is to reduce unemployment and poverty within the economy. Along withthis, it also consider as an effective process of planning, organizing all the activities of thebusiness for attaining success at market place (Carsrud and Brännback, 2011). Key Ventures of entrepreneurs:Small business entrepreneurs: Start ups at small scale like travel agent, plumber,consultants, electricians, carpenters, hairdresser etc. are considered as Small businesses.Main motive o0f these businesses is to earn sufficient amount of money in order to fulfilbasic demand of their families. Under this, funds are raised from borrowing money fromfriends and family. Scalable entrepreneurship:These types of entrepreneurs are considered as companieswith strong vision and mission in order to change the world. They are connected with theinvestors who invests huge amount for increasing productivity of business and itsgrowth. Main motive of these entrepreneur is to use innovative and unique ideas in theirbusiness for differentiating themselves from others.Social entrepreneurship: These type of ventures are operate for improving socialcondition in the nation. They work for society not for generating profit. One of the main2
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