Assignment on Entrepreneur and Entrepreneurship

Added on - 06 Jun 2020

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ENTREPRENEURSHIPANDSMALL-BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P.1. Different kinds of entrepreneurship venture and their typology..........................................1P.2. Similarities and differences between entrepreneurial venture.............................................2TASK 2............................................................................................................................................4P.3. Micro and small business impact on the economy..............................................................4P.4. Explain how important small businesses and business start-ups will contribute to thegrowth of the social economy of the UK....................................................................................5TASK 3............................................................................................................................................6P.5. Characteristic and traits required for successful entrepreneur.............................................6P.6. Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set.....................................................................................................................................................7P.7. Examine, using relevant examples obtained through your mini-research, how backgroundand experience can hinder and foster entrepreneur.....................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONNowadays, an entrepreneurship effectiveness in the current economy of the UK countrycan not underestimate because of due to its great impact on the growth of the country. There areseveral kinds of entrepreneurship can find out and most of them are small, medium and large sizeof organisation in the UK. Moreover, this investigation define about several kinds ofcharacteristics and traits which is needed to adopt by an entrepreneur to take their businesstowards succession. We will assess various kind of entrepreneurial personality aspect of asuccessful entrepreneur which motivate themselves and assist to prepare mind set in terms ofoperating business in good manner. This assignment also define about to how background andexperience of an entrepreneur can hinder and foster entrepreneurship efficiently.TASK 1P.1. Different kinds of entrepreneurship venture and their typologyEntrepreneurship is a business exercises which involves implementing innovative ideas inbusiness activity by which a new product and service can be developed according to newthoughts of an entrepreneur(Olson and Staley, 2012). In the way of setting up a new venture inthe market, there are lots of things which is needed to be mentioned in the mind of anentrepreneur. At the starting point of a new small and large business, each business might gainsome profit and losses both in some conditions. But various times it could be seen that smallbusiness gain profit according to business cycle and they need to maintain the profitability byimplementing innovation in the corporation. According to the business growth they expand theirventure into a large corporate business effectively.Small business venture:These kinds of business is operating in the UK in large scale.There are several kinds of small business running well in the business and makingcontribution in the UK's economy as well. These small business is barber shop, parlors,grocery sops, consultant and medical stores, dairy shops etc. all these business is runningproperly in the country and making profitability at very small level and also help inproviding sustainable life to its operator.Scalable start-up venture:Scalable start-up businesses are hight inspired in order to do abig business to make effective economic changes within the country efficiently. Theirmain vision and mission to make a big change in the world by launching innovativeproduct and services according to the peoples needs in the country (Storey, 2016). These1
entrepreneurs are highly motivated and skilled in term of doing their existing business inproper manner.Large venture:Large entrepreneurs are those which is most appropriate to makingcontribution in the UK economy. There are several large business operating in thecountry like Morrison and they are generating high revenue by providing existing andinnovative product and services according to customer demand within the country. Thesekinds of venture need to large capital investment in order to start their new businesseffectively. These kinds of the business are most appropriate for the UK economy whichmake great contribution in the growth of the country's economy efficiently.Social venture:Social venture specifically work for social welfare in the country andprovide efficient innovative product and services in terms of fulfil all requirement ofsociety's people in effective manner (Bridge and O'Neill, 2012). Their major goals andobjectives are not for making profit to the business. Their main motive to better servetheir social people in efficient manner.Determiner entrepreneur:Determiner entrepreneur is majorly peacemaker and they don'tfollow the way in which other venture is operating and manufacturing product intraditional way. They don't make copy of other's business.These all kids of entrepreneurship venture is operating in the business in effective mannerand they are related to the various typology of entrepreneur in effective manner.P.2. Similarities and differences between entrepreneurial ventureThere are several kinds of entrepreneurship is operating in the UK country in order togenerating more revenue and also making contribution in country's economy in order to betterdevelopment of it in efficient manner (Butler, 2012). They have some similarities and differencesin providing product and services and their purpose as well. Major similarity among them is thatthey all work for developing innovative product and services in order to fulfil all requirement oftheir targeted customer in efficient form. Moreover, major differences between small businessand large business is that small business generate very less profit than large scale businessventure in the country. In respect of social venture they work for modification of new productand services in context of fulfilment of all needs and requirements of social people within thecountry in effective form. Scalable start-up venture work for generating more revenue from the2
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