Entrepreneurship and Innovation: A Review of Key Concepts and Theories
Added on 2019-12-18
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Entrepreneurship
Table of ContentsINTRODUCTION...........................................................................................................................3P.1 Various types of entrepreneurship ventures and their relation with typology.................3P.2 Similarity and difference between the Razzamataz Swing Patrol UK Ltd......................4TASK 2............................................................................................................................................7P.3 Assess and interpret relevant data and statistics in your mini-research, to illustrate howmicro and small businesses impact on the economy..............................................................7P.4 Explain how important small ventures and start –ups will contribute in growing socialeconomy.................................................................................................................................8TASK 3............................................................................................................................................9P.5 Skills, traits and Characteristics of the successful entrepreneur......................................9P.6 Assessing different aspects of entrepreneurial personality contributing to motivation andpositive mindset....................................................................................................................10TASK 4..........................................................................................................................................12P.7 Hindrance of background and experience can act as a barrier to adopt entrepreneurship12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................15
INTRODUCTIONEntrepreneurship having a great significant in the growth and development of a country.There are large number of small businesses in UK which are related with the different fields.They provide a large number of jobs directly or indirectly. These sectors can be related withhospitality, information technology, innovation, business research, and retail. These microbusiness are support the local economy through generate revenu8e and employment. Anentrepreneur is an individual who create a idea and convert in to large corporation. It requiredvarious skills and competencies in order to success the business in the long run. The presentreport is based on the small business ventures which is known as Razzamataz school. It is asource of income for the government in term of taxes. It also helps to increase the export andimport activities within the economy. The main purpose of this report is to determine the role ofSME in the United Kingdom economy and future growth(Bosma, and Levie, 2010). P.1 Various types of entrepreneurship ventures and their relation with typologyEntrepreneurship is the process of launching and designing the new venture by exploitingthe opportunities present in the market which another person fails to grab and dares to face allthe challenges and risk. The entrepreneur has the capability to eliminate all the risks and keep onstriving until the destiny is achieved of being a new path maker rather than the follower. Theseentrepreneurs have some extra ordinary skills and characteristics to organise and manage all thechallenges without scaring of the results and are confident of being succeeded in establishing thenew and successful venture(Bruton, Ahlstrom, and Li, 2010).Thus, it helps in understanding thecapability of the individual and a group for assuming, organizing and managing the risk in orderto achieve the goals of profits and eliminating the barriers with the help of innovation andcreativity in order to sustain for longer period in the global competitive environment. There aredifferent kinds of entrepreneurial ventures which are as follows:
Small business venture:These types of entities are mainly self owned ventures whichare launched with limited resources and funds taking all the risks and rewards associated with thenew venture. These ventures do not have the target to explore themselves as the big industrialunit. They have the objective to sustain in the market for long run to satisfy the basic and esteemneeds of the person himself and his family. For example Razzamataz school , established in 2000offers the dancing and singing training to the students and the youth nearby. The owner of theschool has used her dancing and singing talent to launch new venture as she feels that the youthand the students nearby in the society feels ideal and bore in the vacations and are fond of dancesand singing in the cultural programmes held in the society(Carraher, and Paridon, 2015). Thisowner resides in the society where Indians live in the large number and are fond of the dancingand singing and likes to attend the cultural programmes in the vacations and weekends. Thus,this opportunity gave her the chance to establish a new venture as school. Thus small businessventures are the ventures established by the individual to either grab the opportunity in themarket nearby or wants to fulfil the own desire to use their specific talent. Female and socialentrepreneur are related with small business ventures.Scalable Start Up Venture: This kind of entrepreneurial ventures embarked theirbusiness with the aim that one day, there business will transform the vision of the world. Thistype of entrepreneurial ventures depends upon the investments done by the investors. Usuallythese start ups are based on online or internet based business or marketing. These newly start-upventures aim to increase their profits from the first day of commencement of business activities(Carsrud, and Brännback, 2011). The types of entreprenuers related with scalable strat upventures can be female and serial entrepreneurs.Large Company Entrepreneurship: Large company entrepreneurship ventures arecomposed of corporate giants and big organisation whose paid up capital can extend to morethan 5 million pounds. These ventures have finite life cycles and are completely depends uponinnovation and invention of new products and services. If these ventures remain unable toimprovised their products and services, then it will impact on their growth and ultimately theirdevelopment and progress will diminish. Large company typology of entrepreneur consists ofserial entrepreneurs.P.2 Similarity and difference between different types of entrepreneurial venturesThe similarities and difference between different types of entrepreneurial ventures are as follows:
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