Key Role of Entrepreneurship- Report

Added on -2020-02-17

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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Analysing different categories of entrepreneurial ventures and their relationship withdifferent typology of entrepreneurship...................................................................................1D1. Critical examination regarding scope, development and growth of entrepreneurialventures...................................................................................................................................4P2. Similarities and differences existing between various entrepreneurial ventures.............4TASK 2............................................................................................................................................7P3. Assessing and interpreting relevant information for illustrating impact upon economy bymicro and small business........................................................................................................7P4. Contribution of small businesses and business start-ups towards the social economicgrowth after 'Brexit'................................................................................................................9D2. Critical examination regarding impact of small business on local, national andinternational economy..........................................................................................................10TASK 3..........................................................................................................................................10P5. Determining the skills and characteristics of two successful entrepreneurs differentiatingthem from other business managers.....................................................................................10P6. Assessing the reflection of entrepreneurial motivation and mindset by various aspects ofentrepreneurial personality\..................................................................................................12D3. Motivational drivers of successful entrepreneurs..........................................................13TASK 4..........................................................................................................................................13P7. Hindering of entrepreneurship by background and experience.....................................13Conclusion.....................................................................................................................................14REFERENCES..............................................................................................................................16
INTRODUCTIONIn a traditional way, entrepreneurship has been defined as the methodology involved todesign, launch and run a brand new business which is initially small & medium scale (Drucker,2014). This could possibly be referred to as a start-up company. It defines the capacity andwillingness for the development and management of venture in terms of business. Also, in orderto make profits, no hesitation is there for taking of any sort of risks involved for launching thenew business venture. Furthermore, the responsibility for developing and managing the business venture, ishandled by an entrepreneur. He acts as the driving force for running of all small and mediumenterprises. An entrepreneur is often regarded as the leader of a business because of creation ofinnovative ideas that will enhance the efficiency of business processes. The SME's are regarded as the backbone of European economy representing nearly 99%of their business. After the incident of British voting to exit European Union the Small andMedium enterprises have been hugely affected in UK. The report discusses the importance andkey roles of entrepreneurship according to this case scenario (Kirzner, 2015). So, we get asimilar acquisition in terms of entrepreneurship with context to the bestowed scenario of Brexitand SME's.TASK 1P1. Analysing different categories of entrepreneurial ventures and their relationship withdifferent typology of entrepreneurshipThe primary goals are able to be achieved with the aid of entrepreneurial ventures. Theyalso help in raising the profits and growth associated with company. The strategic process thathave innovativeness inbuilt within them, characterise these ventures. The basic idea that isinvolved within a business for improvement of merchandise and services along with targetmarkets. These also involve improvement of the customers that will be he deciding force thatwhether the business will succeed or not. It is very much important for the small and mediumenterprises to develop a strategy in term s of their business so that accordingly their set targetsand objectives would be achieved. Furthermore, the analysation of external environment allowsthe entrepreneurs to get information about the various factors that would affect their businesspractices. The different types of entrepreneurial ventures in relation with typolgy have beenbriefly discussed below:1
Small Business Ventures: Starting of business often involves various risk parameters.These small business ventures often involve risks in their business practices for anincreased revenue generation. This involves a relationship with an accomplished type ofentrepreneur (Baum, Frese and Baron, 2014). Such entrepreneurs already have undergonethrough all levels and difficulties involved in entrepreneurship for making their businessprocedures a success. If an entrepreneur hesitates in taking of risks then, their businesspractices might not evolve. Taking of risks requires thinking in a broad way, so as to,increase the profits of business. So innovative ideas' implementation will definitelyinvolve some risk parameters that have to be skilfully addressed by an accomplishedentrepreneur.Today across the world number of start-ups are still small businesses. Small businessesare owned independently. There goal is to grow with time into long term business that is capableof making profit and is sustainable in nature. Example of small-scale businesses are :Restaurants, agriculture, retail stores etc. They get capital for their businesses through bankloans, family and personal funds. Small businesses are not employers on larger scale, they cangenerate payroll taxes.Lifestyle Business: It includes micro entrepreneurs and freelancers. This is a for profitenterprising where skills and strengths of founder of the enterprise are the motivations forthe others. They have long term goal to achieve. In such type of businesses individualsare self employed, there is one person, and have small operations.Large Business: This type of firm is well established that has at least 500 employees.They generate profit and revenue for the firm and its shareholders. Example are :Corporations like General electric, Motor company etc. Large companies are employmentproviders. They tend to have reputation in community and established brand in themarket. Scalable start up ventures: Every organization or enterprise possesses a certain set ofmission, vision, objective which given the priority. Accomplishing them gives the smalland medium enterprises further motivation to perform and enhance their working. Sothese scalable start up ventures have a motto within their minds of changing the missionand vision statement as well. The entrepreneur that is in relation with this venture is very2

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