Entrepreneur and Its Relation with Business - Report
Added on 2020-09-03
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship. ....................................................................................................1P2 Explain the similarities and differences between entrepreneurial ventures...........................2TASK 2............................................................................................................................................4P3 Assess and interpret relevant data and statistics in your mini research, to illustrate howmicro and small business impact on the economy......................................................................4P4 Importance of small business in growth of social economy after Brexit...............................5TASK 3............................................................................................................................................6P5 Determine the characteristics traits and skills of successful entrepreneur which differentiaethem from managers....................................................................................................................6P6 Aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset.......8TASK 4............................................................................................................................................9P7 Examine and from mini research how background and experience hinder or fosterentrepreneurship..........................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTION Entrepreneurship is the collection of many processes which provide services andinnovative environment for people. This is the factor of production which organising profitoriented activities for the betterment of the organisation. The present report is based onentrepreneur and its overview in relation with different businesses. Further, it will explain thetypology of entrepreneur and different scale of ventures. It also provides the opportunities forsmall business in Post Brexit in UK. Moreover, the main objective of this report is to explain theimportance of small ventures and opportunities involved in future times. Adding to that, smallventures highly contribute in economy growth which provides different benefits for thepopulation as well. Likewise, to become successful entrepreneur, individual should have someentrepreneur characteristics and traits which will be also explained in this report further. TASK 1P1 Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship. There are four types of entrepreneurship ventures who contribute their part in the nationaleconomy. Every individual entrepreneur starts their business at small level and takes its businessinto higher level as per their skills and opportunities (Acs, Szerb and Autio, 2014). There arefour types of ventures such as small business entrepreneurship, medium or scalable start-upentrepreneurship venture, large scale entrepreneurship and social entrepreneurship ventures (TheFour Types of Entrepreneurship, 2011). These are the types of ventures. Are describing below:Small Business Entrepreneurship: Small Business enterprise is the most essential andoverwhelming part in the growth of economy growth in UK. Moreover, small businesses arebased on small scale in which they take small funds or capital to start their own business. Smallenterprises run their business to full fill their family needs. Small businesses has main objectiveis to feed the family (Burke and Phelan, 2016). Adding to that, small business ventures start theirbusiness at their own level with two or three members. They do not require any large number ofworkers in the business. Only individual is enough to tackle the business activities. Moreover,Entrepreneurship typology is the helpful source to understand the business activities and moreknowledge to understand the business environment. Some small businesses are grocery store,hair dresser, plumbers and electricians.
Scalable star up or medium Entrepreneurship Venture: Medium scale business arealike small businesses which invest small amount on the business start-up with new creativeideas (Campbell and Park, 2016). Medium scale enterprises are get attraction of investors toenhance their financial activities by giving best offers to them. Moreover, the purpose of themedium scale businesses is to establish their brand image in the market and adopt the bestopportunities to the individuals. Along with that, they focus on the new environment andopportunities through which customer can purchase more new product and services of thecompany. It is the kind of innovation clusters which enhance the market product and services toattract the customer satisfaction (Carson and Pavelin, 2016). Large entrepreneurship venture: Large organisation is the enterprise which has finitecycles. Most of the organisation growing itself with the help of sustaining innovation. Offeringnew product and services. Big organisation is customer oriented maintain the quality of servicesto give best services to their potential customers. They also invest hug funds on promotionalactivities top attract the customer attraction towards the company products and services. Theyrapid change in the services according to the taste of customer. They offering innovation, newtechnologies, legislations as well as laws to protect the company functions. Large organisationsalways consider their brand image at first priority for which they adopt attractive innovativeideas (Carson and Pavelin, 2016). Social entrepreneurship venture: Social Entrepreneurship venture is the non-profitorganisation who runs their business for social welfare. They focus or solve the social problemsand issues. But unlike scalable venture the main objective of this firm is to make the world betterplace. They don't create market share or wealth for the founders. They only focus on the issues ofpeoples. Typology of entrepreneurial is defined the relationship between the entrepreneurfunctions which help to relate with the functions of the business. It helps to aid to maintain thegood relationship with stakeholders (Chaston, 2017). M1Public and corporate sector are the major sector which investigate diverse range ofentrepreneurial ventures to demonstrate an understanding of an entrepreneur. It enhance theoverall process or understand the different aspects of entrepreneur. Many of the privatecompanies are become public such as semi government company.
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