Characteristic, Traits and Skills of Successful Entrepreneur : Report

Added on - 22 Jul 2020

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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P.1 Types of entrepreneurial ventures and their relationship with typologies of entrepreneurs.1P.2 Similarities and difference between entrepreneurial ventures..............................................2P.3 Impact of small business on the economy............................................................................4P.4 Importance of small businesses and business start-ups to the growth of the social economy....................................................................................6TASK 2............................................................................................................................................7P.5 Determine the characteristic traits and skills of Thomas Eddison and differentiate fromother business managers..............................................................................................................7P.6 Thomson Edison reflect his personality and motivation or Mindset....................................9P. 7 Examining background and experience that hinder or foster entrepreneurship................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship is the method of launching, designing and running a new business,which is more frequently than not, initially a business, offering a product, service for sale or hireor process. According to the concept, this assignment will cover the aspects of entrepreneur andentrepreneurship (Carter, 2018). Several types of entrepreneurial organisation will be discoveredand their state with categorization of entrepreneur will be evaluated in this report. Moreover,taking the help of statistics and data, outcome of mini and small structure will be assessed on theeconomy of united kingdom in this report. In this report, characteristic, traits and skills ofsuccessful entrepreneur will be analysed and how they reflect on their personality will beassessed in this report. Yet, helping in investigation, this report will aim to assess the experienceand background of successful entrepreneur.TASK 1P.1 Types of entrepreneurial ventures and their relationship with typologies of entrepreneursIn business or enterprise, the person entrepreneur is playing a role of who organises,assumes and manages the risk of an organisation. Nowadays, in a national economy theentrepreneur is playing an important part of growth and development. Entrepreneurialcategorisation like every other typology is a classification scheme. There are several ways ofentrepreneur which are determined as female, male, social entrepreneur and serial. There areseveral small and large business administration who in-corporate their business activitiesefficiently and effectively. In this report, the entrepreneurial ventures and their relationship withtypologies of entrepreneur are given as follows:Small Business Entrepreneurial Venture:in the small business entrepreneurial venturesdetermined the small or mini scale industry which is considering to be target minimum range ofcustomers and limited paid up capital. The different types of things are including such as store,book shops, groceries, and electronic shops, etc. in the mini and small scale business are mainlyconsidered to be male and female workers who can do work positively in national economy inefficiently and effectively (Cowling, 2018). Moreover, in united kingdom organisation are highlyaffected by the national economy of the business ventures is in corpora ting in the nation aremedium and small scale organisation. Thus in last, concluded that small and medium scaleorganisation are very basically for the national economy of the country.1
Scalable Start-up Entrepreneurship Ventures:in the market, a kind of entrepreneurialventure is newly emerged. To fulfil the customer choice and provide their needs by effectivelyquality of goods and services to the customers are motive in nature such as scalable start-upentrepreneurship ventures (Cunningham, 2017). The main aim of scalable business organisationis to determined their growth and development by which we offering several products andservices to the users. Different types of entrepreneur dealing with scalable start up organisationare serial entrepreneur. The entrepreneur who is coming continuous in nature is coming withunique ideas to start a new venture. This organisation impact on the national economy of unitedkingdom effectively as, there are several new start up that incorporating in the countryefficiently.Large Organisation and ventures:as overall study and compare that large organisationare opposite of small ventures. They are targetting a large sector of customers and paid up capitalis more. In this having a different type of entrepreneurial ventures whose motive is to earn profitand create more income by supplying goods and services in a large segment of customersefficiently and effectively. For example, Aldi, Tesco are some of large ventures incorporating inunited kingdom. Furthermore, in order to sustain the market economy the life cycle of theproducts is limited and management needs to focus on continuous improvement and innovates anew product. Large scale ventures have to focus on continuous innovation in order to sustain inthe competitive environment.Social Entrepreneurial Ventures:the social entrepreneur are considered to be innovatorswho focus on creating products and services that solving the problem and the social needs of theusers. To make a world better in place the unlike scalable entrepreneur is start ups their goal. Notto take or create market share in wealth for the founders. It may be hybrid, profit, non profit,.Maintaining the benefits of the company and national economy they offering a goods productsand services (Henrekson, 2017). This organisation contribute in increasing the country image andgoodwill efficiently and effectively in the nature. SocialEntrepreneurial ventures are operated bysocial entrepreneurs who have motive to serve the societies and communities by providing themservices that enhances the welfare of the society.P.2 Similarities and difference between entrepreneurial venturesEntrepreneurial ventures are similar and different from each other. There are four types ofentrepreneurial ventures which has been discussed above. In this section, the difference and2
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