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P1 Different types of entrepreneurial ventures and their related typologies

Added on - 22 Nov 2020

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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their related typologies..........................1P2 Different types of entrepreneurial ventures and similarities and differences between each................................................................................................................................................3TASK 2............................................................................................................................................4P3. Impact micro and small business have on the economy..................................................4P4 Contribution of small and start-up businesses in the economic growth............................6TASK 3............................................................................................................................................7P5 Characteristics, traits and skills of successful entrepreneurs............................................7P6 Entrepreneurial personality reflect entrepreneurial motivation and mind-set...................9P7 Background and past experiences can hinder or foster entrepreneurship.........................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurs play an important role in increasing growth of economy of a country.Through unique ideas and extrovert techniques such persons establish small business and withcontribution of best efforts of employees, they carry their business on global level also.Therefore, this type of capacity and willingness for organising and developing a new venture isknown as entrepreneurship. In context with economy, this type of entrepreneurship includesbasic component like land, raw materials, natural resources and capital to start a new business.The main purpose of entrepreneurs behind launching a new business is to earn more and moreprofit in a short interval of time. Therefore, for improving economy of country, UK Governmentsupports new business developers in opening their associations by providing funds for them onlow interest (Algado, 2013). With this assistance, present report has revealed the role ofentrepreneurs as well as made a discussion about different type of ventures, impact of these ongrowth of economy and factor which hinder the entrepreneurship.TASK 1P1 Different types of entrepreneurial ventures and their related typologiesAn entrepreneurial venture is type of small business in which different types of sectorsinvest funds in order to earn more profit. These types of ventures are generally developed whendemand of a particular commodity is raised at marketplace (Neck and Greene, 2011). Therefore,due to increase in desires of customers for availing such type of products generates thoughts inminds of entrepreneurs. These persons have capacity and willingness to turn thoughts intobusiness idea through which they launch a small enterprise and complete demands of customerson time. In UK marketplace, there are different types of entrepreneurial ventures present as givenbelow:-Small business entrepreneurship-This type of entrepreneurship launch at small scale ininitial process. The main motive of entrepreneurs behind opening their outlets is to generatemore and more profit by sales commodities as per public demand. Along with this, due to openbusiness at small basic with low capital, generally this type of companies has less number ofemployees. It includes firms like small cafes and restaurants, groceries, departmental stores,consultancies etc.1
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