Key Aspects about Entrepreneur : Report
Added on 2020-01-16
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P.1 Different types of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurship:.........................................................................................................................3P.2 similarities and differences between entrepreneurial ventures:............................................5TASK 2............................................................................................................................................6P3 How micro and small businesses impact on the economy:....................................................6P4.Importance of small businesses and business start ups in growth of social economy afterBrexit:..........................................................................................................................................7TASK 3............................................................................................................................................8P5 Characteristic, traits and skills of an entrepreneur.................................................................8P6 Reflection of entrepreneur motivation and mindset with famous entrepreneurialpersonalities...............................................................................................................................10P7 Background and experience impacts on entrepreneurship...................................................11CONCLUSION .............................................................................................................................12REFRENCES.................................................................................................................................13
INTRODUCTIONEntrepreneur is the person who starts a new venture with a creative and new idea withsome investment and helps in establishing more and more competition in the market. They arethose who made a strong impact over on the society with their ambitions and also helps inimprove lifestyle of society by introducing more and more opportunities. Hence, they are helpfulin making the competitive market by introducing new and innovative products to customers.Their main motive is just to earn profit and they are helpful in improving economic condition ofa country(Shane, 2012) Task of an entrepreneur is not so hard but is very necessary to a founderto get all information about market situation, number of competitors and many things which aregoing to affect business hardly. Following report is based on the how entrepreneurs help to theeconomy by doing business, key aspects about entrepreneur mindset and many more thingswhich are helpful to understand this term more easily.TASK 1P.1 Different types of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurship:Entrepreneurship is the way to form a business entity at the initial level without takingany assistant and trying to innovate the ideas and on the basis of such ideas, they can able toamend the exiting products or services or invent the new one. Entrepreneur is the one who takerisk while entering in the entrepreneurship. Entrepreneurship is the perfect way for the personwho thinks they are having a bunch of ideas so that can implement them into reality and earnrevenues. It is the transformation of innovative ideas into the reality. They are the persons whomake the country's economy sound and prosperous. Commonly there are three types ofentrepreneurs : 1). Managerial business entrepreneurs: they are the persons who are so formal while doing business(Nicholls, 2010). Their business framework is like the well mannerorganisation. They make their enterprise in a systematic manner so that every thing can be regulated by the entrepreneur.2).Schumpeterian entrepreneurs: they are such entrepreneurs who organise their firmas a small firm. Such entrepreneurs are the chief managerial person who areresponsible to operate the entire business frameworks. They are ultimately the
profit oriented firms and in that case they make the uniqueness in their productsand services to attain the objectives of the firm. Once the objectives of such kindof firms achieved, they are making themselves as a managerial businessentrepreneur. Hardly few firms get their objectives and make themselves amanagerial business entrepreneur and form new ventures which make newopportunities and make a strategy to attain them.3).Intrapreneurs: They are the people who uses the best principles ofentrepreneurship. In a few occasions, intraprenuer are willing to form a newventure. When they apply these they have become Schumpeterian entrepreneurs. The key aim of all firms is to introduce brand new things or products by having risk in theirfirms(Santos, 2012). Each firm is dedicated to their activity to achieve the objectives with vastlevel of spirit. Typology refers to several kinds of entrepreneurs who are indulge in severalventures. There are basically four kinds of enterprises:a). Large scale enterprises: Such kind of enterprises have certain life cycle. Here, many of the enterprises emerges via sustaining innovation and make new products or services which are quite different from the other existing products or services. Creativity in products or services can occurred by modification in the consumer taste and preferences and opting new advance techniques etc.b). Small scale enterprises: Person who doesn't want to get hired by someone, is willing to set their own set up. This is the reason why people are opting trend of entrepreneurship. Most of the person are engaged in forming their own business. That is why, there are lots of entrepreneurs emerging nowadays. Such type of enterprise owner's are profit oriented due to this they come in the market with a new products or services. These types of small business enterprises are: hair saloon, consultant service providers, etc. d).Scalable start up enterprises: this kind of enterprises are commonly funded by the outside investors. They are much concern to their vision. They understand the intent of their firm from the beginning. Such firms lubricates investors or clients with the help their creativity(Karlan and Valdivia, 2011).d). Social enterprises: Such firms are more concerned to society. Such firms make the unique products or services so that it could satiate the need of community.
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