(PDF) Introduction to Entrepreneurship
Added on 2021-01-22
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ENTREPRENERUSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Examine different types of entrepreneurial venture and their relation with the typology ofentrepreneurship.....................................................................................................................1P2 Evaluate similarities and dissimilarities between different kind of entrepreneurial ventures.................................................................................................................................................3TASK 2............................................................................................................................................5P3 Present a relevant data and statistics to justify the impact of micro and small business onthe economy............................................................................................................................5P4 Explain the impact of small business and start up in growth of the economy.................6TASK 3............................................................................................................................................7P5 Illustrate the characteristic, skills and traits of successful entrepreneur which separate themfrom other business persons. .................................................................................................7P6 Assess how aspect of entrepreneurial personality motivate other individual of the society..8TASK 4............................................................................................................................................9P7 How background and experience can motivate for entrepreneurship...............................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneur is consider as an concept in which an individual who is creator, innovator ofnew idea to accomplished their business at market for generating larger profitability. In this,entrepreneurs plays very important role in running new business activities that help them inattaining success at market place. In addition to this, entrepreneurship refers to the process oflaunching, managing and organising new business venture. With the help of which, variousproblems within a society get solved, like poverty, unemployment and many more. In thispresent report, various entrepreneurial venture have been studies and impact of small scalebusiness on the economy of a country. Along with this, importance of start-ups and smallbusiness in the development of societal economy has been discussed. In addition to this,Along,with this, personality as well as knowledge and skills of two entrepreneurial and how theyencourage other people in the society have been studied (Storey, 2016). At last, how family andbackground create an impact on individual mind has been discussed in this report.TASK 1P1 Examine different types of entrepreneurial venture and their relation with the typology ofentrepreneurship.Entrepreneur : “An entrepreneur is the leader of a company, who have an innovativeidea, take full responsibility of success or failure and is willing to take risk in order to make longterm profits or gains” (Parker, 2018). By this, entrepreneur can established their new businessand explore new and innovative ideas within the organization. This will contribute in improvingthe profitability level of the company at market place. Entrepreneurship : Entrepreneurship refers to the willingness of an individual in orderto design, launch, organize new business venture for making profit. As a result, it attractsinvestors who invest their money to carry out their business activities in an effective manner.Along with this, it is also consider as a process of designing, launching and running a newbusiness initially at a small level with the aim of attaining success. Entrepreneurial venture : It refers to the organization started by a person, whereinnovative and creative ideas take place in order to satisfy needs of customer or society. Different types of entrepreneurial venture are as follows :1
Social Entrepreneur: These are the person who focus on developing as well asimplementing new ways to produce innovative products with the aim of satisfying society needsand wants (Schaper, 2016). Along with this, they also provide various ways and solution to thesociety to developing society and their growth as well. They do not work for generating profitbecause they focus on resolving society issues and problmes. Major aim is to create better placefor the people with no discrimination on the basis of income. As an example, Higher Rythm is anorganisation in the UK which is a social entrepreneurial venture which is designed for personaldonations to the needy public.Small Scale Entrepreneur: Small scale entrepreneurs are those who start their businesswith small level, in terms of resources, money or staff. Sources of fund for such business entityare friends, family, financial organizations. Some of the examples are hairdresser, grocery stores,general stores and many more. Small scale businesses are established in order to fulfill their ownbasic needs from the profit (Scarborough, 2016). For example, Oak Cash and Carry is aneffective small scale entrepreneurial venture, which is associated with wholesaling of groceries.Medium sized ventures: It is the type of business organization, experience moderategrowth when start their business activities. But gain high growth rate over the period of time bygrabbing opportunities. In this, growth rate is average which is majorly based on the growth anddevelopment. For example, plan.com is a medium size venture that focus on enhancing theirmarket share.Large scale entrepreneur: Generally large or big companies are established on thelarge scale. They have the capabilities to bring innovation at the marketplace according to thechange in customers taste and preference. Company introduce new products in order to satisfyconsumers requirements, due to change in technology and competition at marketplace.Forinstance, Unilever is the best example of this type of venture in market place. Typology of entrepreneurship :Typology refers to the process of classification of a certain aspects based on severalcharacteristics which is associated with process, procedures or physical characteristics. As fortypology of entrepreneurship, it refers to the types of entrepreneurship based on certaincharacteristics which are mentioned below:Female entrepreneur :Under this typology, a female entrepreneur manages andaccelerates working and functioning of an organisation to accomplish organizational objectives.2
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