Report on Types of Entrepreneurial Venture and Impact of SME on Economy

Added on - 06 Jun 2020

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ENTREPRENURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial venture and their relation with entrepreneurshiptypology..................................................................................................................................1P2 Similarities and Difference between entrepreneurial venture...........................................2TASK 2...........................................................................................................................................4P3 Impact of small-business and micro the economy............................................................4P4 How small-business and start-ups contributes in the growth and development of aneconomy.................................................................................................................................5TASK 3............................................................................................................................................6P5 Traits and Characteristics of successful entrepreneurs.....................................................6P6 State how entrepreneurial personality reflect mind-set and entrepreneurial motivation. .7TASK 4............................................................................................................................................8P7 Explain how experience and background can foster or hinder entrepreneurship.............8CONCLUSION...............................................................................................................................9REFERENCES.............................................................................................................................10
INTRODUCTIONThe term “Entrepreneurship” refers to the process of designing and running a newbusiness venture in the market and the one who solely runs such type of venture are known as“Entrepreneurs”. They are also viewed as Innovator or a source of new idea or productdevelopment(Abu-Saifan, 2012).They are the one who covert economic resources of lowproductivity into higher resources so as to generate more profits and revenue on them. With theirunique skills and knowledge they effectively anticipate both current and future needs and bringsnew idea in the market. This report talks about different types of entrepreneurial venture, impactof SME on economy, traits and characteristics of successful entrepreneur, difference andsimilarities between different business venture and lastly it covers the contribution ofentrepreneur in development of an economy.TASK 1P1 Different types of entrepreneurial venture and their relation with entrepreneurship typologyEntrepreneurial Venture can be described as a business enterprise that placesopportunism and innovation at its heart so as to produce social and economic value. Such typesof entrepreneur are creative and innovation driven and are always ready to take businesschallenge. They possess the ability to adapt change in an effective and efficient manner.
Entrepreneurship can not be defined by a single term. There are various other types ofentrepreneurship as well which are briefly defined below:Small Business Entrepreneurship:Today, the large number of start-ups and entrepreneur inUK are still small business. They are the one who runs, owned and manage their business solely.They usually hire their family member or local employees so as to carry out their businessactivities in an effective manner. Their main purpose is to feed their family and make profit fortheir survival. Such types of venture are barely for profit-making. Some of the example of smallbusiness are Grocery store, travel agent, hair dresser, electrician, plumber, carpenter etc. As theyare unable to attract large investors, therefore they acquire fund from their family or friends.Scalable Business Entrepreneurship:These are the entrepreneur who knows that one day theirvision could change the entire world. Successful entrepreneurs such as Mark Zuckerberg, JeffBezos comes under this. They are the risk taker and highly innovative(Barringer, 2012).Theyknows that they possess the capabilities of attracting investors who invest large amount of fundin their idea. Their main focus is on rapid expansion.Large Company Entrepreneurship:Such types of companies are having finite life cycle. Theykeep on experimenting with their product as per the customer requirement or taste whichultimately leads to improve their competitive position(Baum, Frese and Baron, 2014).Such typeof venture evolve around new technologies, customer needs and market competitors creates drivefor disruptive innovation. Existing enterprises is doing this either by innovating their product ortrying to build disruptive product.Social Entrepreneurship:Such type of entrepreneur are innovator who aims at making societya better place to live. In simple words, they focus on developing those product and services thatdeals with social problem and needs in an effective manner. They are often considered as thechange agent of today's era who tries to bring radical change on society and its people.Serial Entrepreneurship:These are the one who came up with creative and innovative ideas inorder to start a new business venture. Unlike other typical entrepreneurs, they often came up withnew innovative business idea and get the things started but after that they transfer entireresponsibility on someone else and again focus on creating new idea.Female Entrepreneurship:Under this entrepreneurship, business venture is owned, run andmanaged by female entrepreneurs. Just like male, female carry out all business activities in anappropriate manner. It is primarily based on women participation in employment and equity of a
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