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Entrepreneurship in the Social Economy

   

Added on  2020-10-04

13 Pages4437 Words440 Views
EntrepreneurshipProfessional Development
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ENTREPRENUERSHIP1
Entrepreneurship in the Social Economy_1

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Different types of entrepreneurship ventures and their typology.........................................3P2. Similarities and differences between entrepreneurial ventures............................................4P3 Micro and small businesses impact on the economy............................................................6P4. Explain how important small businesses and business start –ups will contribute to thegrowth of the social economy.....................................................................................................6P5 Characteristics and traits required for successful entrepreneur.............................................8P6 Aspects for entrepreneurial motivation and mind set............................................................9P7 Examine, using relevant examples obtained through your mini-research, how backgroundand experience can hinder or foster entrepreneurship...............................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................122
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INTRODUCTIONThere are many business opportunities in the market which provide the chance to anindividual to start the new business. Opportunities are prevailed by the people who seek theproblem and issues which are faced by people. The products and services are developedaccording to the needs and demand of the people so that revenue can be generated.Entrepreneurship is determined as activities which are set for setting new business and take aneffective action to manage it. The present report covers different types of entrepreneurshipventures and their typology. Along with this, different and similarities between various types ofentrepreneurship ventures will also discuss. Apart from this factors which are become the barrierand foster the entrepreneur while establishing a business will be identified. TASK 1P1. Different types of entrepreneurship ventures and their typologyEntrepreneurship is referred to the way with respect to taking action to exploit new ideas inorder to grab new opportunities which help in making the good position in the market. At thetime of establishing a new business, there are different uncertainties which are faced by theentrepreneur. At the initial stage it is started with the small company and when it started earningthe profit then it expands it started expanding its business in the new market. They are highlyfocused and understand the opportunities which are prevailed in the market and take right stepsin order to accomplish goals and objectives. There are many issues faced by the entrepreneur atthe time of starting a business. There are various types of entrepreneur which are as follows:Small business ventures: it is determined the business where the low scale of business carryout their business activities (Oosterbeek, Van Praag and Ijsselstein, 2010). In this mainlyincludes the hairdresser, grocery, and consultants etc. While starting this business it is not easyfor the entrepreneur to work individually it needs support to carry out all the activities.Generally, these types of venture take support from the family members to carry out day to dayoperations. Scalable start-up venture: According to this business entrepreneurs are highly motive in respectto start with the new venture and kept the vision for changing the world. Further, to carry outbusiness operations. To carry out the business operations, the entrepreneur is making theselection of highly skilled employees who are enough support for accomplishing the vision. 3
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Large venture: the Large company is starting up with the huge capital and entrepreneur make theappropriate plan and essential activities which are required for starting the new business.Different types of strategies are developed with respect to making the new product which helpsin making the profit and satisfied needs of customers.Social ventures: This type of venture has the capability to serve society and they work for thewelfare of society. They do not work for earning profit but hardly focus on developing productsthat satisfy the needs of customers (Storey, 2016). Determines entrepreneur: This type of entrepreneur are mainly pacemaker instead of pathfollower and they do not like to copy other company products and services with respect toincrease the salesThese all ventures are related to the typology of entrepreneurship. One of the main goals of smallbusiness enterprises is to earn the profit and expand its business in the future. On the other side,the large-scale business role is to focus on gaining maximum profit (Bruton, Ahlstrom and Li,2010).P2. Similarities and differences between entrepreneurial venturesAs mentioned in the above questions there are various types of entrepreneur and theyhelp in growth and development of the economy. They have some similarities and some of thedifferences in respect to develop their business and earn the profit. One of the similarity is thatthey all develop products and services and deliver them to their customers. Further one of thedifferences among them is that they all work for different reasons (Baum, Frese and Baron,2014). It is different in the small venture and last venture with respect to making profit.Investment in the business of the small enterprise is low as compared to large scale. Further oneof another type of venture is social venture and them like other do not work for making theprofit. Therefore small venture works for making the profit while scalable and social ventureworks for the betterment of the society.Apart from this, one of another difference is that business venture and social venture created onthe basis value of serving people. Further other business venture aim is to develop value on thebasis of the quality that is delivering them through serving quality products and services. Socialventure creates value through delivering quality services and increase the economic value. 4
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