Entrepreneurship Research and Analysis
Added on 2020-07-22
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ENTREPRENEURSHIP1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Types of entrepreneurship ventures and their relation to typology of entrepreneurship. .3P2 Similarities and difference between the entrepreneurial ventures....................................4TASK 2............................................................................................................................................7P3 Data interpretation and recognizing small business impact on economy.........................7P4 Description about the importance of small business start-up and its contribution in thegrowth of social economy......................................................................................................7TASK 3............................................................................................................................................8P5 Determination of the characteristics, traits and skills of two successful entrepreneurs whichdifferentiate them from other business manager....................................................................8P6 Assessment about the aspect of entrepreneurial personality reflect entrepreneurialmotivation and mind set.........................................................................................................9TASK 4..........................................................................................................................................10P7 Method in which experience hinder or foster entrepreneurship......................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................122
INTRODUCTIONEntrepreneurship can be describing as the set of activity which include designing,launching and running of a new business. It mostly consists of small businesses that have greatpotential of success in global market (Abrams, 2017). Entrepreneurship has become importantfactor that is driving the economy of UK. Entrepreneur with their creative mind and innovationcan provide the country with different services and products. In current report the importance ofentrepreneurship in bringing the economy of nation is discussed. It will focus on different type ofentrepreneurship venture along with the differences in skills, characteristics and trait ofentrepreneur. Two important entrepreneur will also be discussed along with factors that hinderedthe growth and success will also be discussed. TASK 1 P1 Types of entrepreneurship ventures and their relation to typology of entrepreneurshipEntrepreneurship can be described as the series of activity that are essential for theestablishment or the settlement of the business by an entrepreneur so that profit can be made.There are many types of entrepreneurship venture that is based on the aim and objective ofperson (Desai, 2013). These firms are generally based on the small scale business or on theservices they provide to their customers. Different type of entrepreneurship is mentioned belowSmall-business entrepreneurshipIt is one of the most common way that is adapted by entrepreneur in order to establishtheir business. This business is hardly profitable as the main aim of this is type of business is tomeet the basic requirement (Etzkowitz, and Zhou, 2017). This type of entrepreneurship isconsisted of all those people who own their business. This business does not aim for expansionmarket share, they start with very little investment and try hard so that they can sale theirproducts and can increase their revenue. They start at very small level and it's their efficiency inwork which make them successful] in the market. This enterprise contributes majorly in theeconomy of UK. It also responsible to provide employment for the 50% of non-governmentalworkers.Large Company entrepreneurshipThis type of company is known for dealing and venturing in large sector. The main aimof such type of enterprise is to attract more and more customer toward the firm so that profit canbe earned. This type of enterprise launch new product in market from time to time so that they3
can find stability in market (Fayolle, 2013). Large enterprise contributes in the economy ofnation by making it stable by providing innovative product and services. This type of ventures isgreat for the development of economy. Social entrepreneurial ventureThis enterprise can be both profitable and no profitable. This type of enterprise work forthe welfare of the public. They try to provide their services by providing the help to the people tosolve various problems that people are facing socially. They are also called voluntaryorganisation. This organisation work to ensure that the country have safe and healthyenvironment. This enterprise plays major role in enhancing the image of nation in entire world. Scalable entrepreneurial: These type of organisation is profitable in nature. There main aim isto be successful in market. They make their customer satisfied by providing them with valuableand quality services (Mason and Brown, 2014). They try to bring many changes in innovation inmarket so that they can develop properly. This enterprise also plays major role in economy ofnation. It helps in building strong and stable economy.Female entrepreneur: This type of enterprise is established by women. They are the one who isresponsible for the various function of firm. Its women who start design and run the business.They start business at very initial stage and put their efforts so that it can be turned into largeorganisation. Serial entrepreneurThis type of firm use traditional method to come up with innovative ideas, so that day today function of firm can be carried out in efficient manner. Survival entrepreneur This type of entrepreneur work on the small area with limited assets, this are very smallthey depend on cash or barter system for further investment. Managed entrepreneurThis type of ventures is made from time to time in firm. This play major in bringingimprovement in the working condition of firm. They work with new product and innovative ideaon regular basis so that they can maintain their position in market. P2 Similarities and difference between the entrepreneurial venturesThere are many similarities and dissimilarities between the different type ofentrepreneurial ventures. This ventures play important role in the development of the economy of4
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