Paper Report on Entrepreneurship

Added on -2020-02-17

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Entrepreneurship UniversityENTREPRENEURSHIP Name:Lecturer’s name:Page 1 of 11
Entrepreneurship Executive summaryThe paper contains a report on the entrepreneurship and the related topic. The paper first talksabout the different kinds of ventures that can be regarded as entrepreneurships. It alsocontains an assessment on how these small businesses and the entrepreneurship impact theeconomy taking the case of the UK. After that it talks about the entrepreneurial mind-setsalong with a discussion of two of successful entrepreneurs of the world. Lastly, the paperconcludes with the discussion of how environment, experiences and the background hindersor fosters the growth of the environment. Page 2 of 11
Entrepreneurship Table of ContentsIntroduction..............................................................................................................................4LO1 Range of ventures that can be considered as an entrepreneurship:...........................4P1 Types of Entrepreneurship................................................................................................4P2 Similarity and the dissimilarity among the ventures.........................................................5LO2 Impact of the small businesses on the economy:..........................................................5P3 Interpretation of data and statistics:..................................................................................5P4 Potential contribution of the small business on the economy after the Brexit:.................5LO3: Key entrepreneurial mind set.......................................................................................6P5 Traits and qualities of two of the successful entrepreneurs:.............................................6P6 Impact of Entrepreneurial personality on the mind-set:....................................................7LO4: Different environments that might hinder or foster for the operation ofentrepreneurship......................................................................................................................8P7 Impact of Background and experience:.............................................................................8Recommendation......................................................................................................................9Conclusion.................................................................................................................................9Reference List:........................................................................................................................10Bibliography...........................................................................................................................11Page 3 of 11
Entrepreneurship IntroductionEntrepreneurship is referred to as the venture taken by the individuals for their own personalprofit which eventually becomes beneficial for the national and the society as a whole. In thecontemporary world, the entrepreneurship is seen as an asset to every nation. Theentrepreneurship has the capability to impact the life of the individual via the channel ofeconomy. Entrepreneurship helps to boost the innovative power of the nation thereby offeringmore products to the nation, this in turn impacts the other associated businesses and hencecalls for an economic development. This paper focuses on different types of entrepreneurship,its impact on the economy along with the mind-set and environment which fosters theentrepreneurship and the economic development. LO1 Range of ventures that can be considered as an entrepreneurship:P1 Types of EntrepreneurshipDepending on the size of the entrepreneurship, there are four different types which can bementioned. These include small business entrepreneurship, scalable start up entrepreneurship,large company entrepreneurship and social entrepreneurship. Each of the ventures isexplained in detail below.First of the entrepreneurship venture is the small business entrepreneurship. Thecharacteristics of the small business entrepreneurship are that their size is very small and theyare huge in numbers. According to Carland et al. (2015), 99% of all the business comes underthis category. Most of the small business entrepreneurship uses private labours for theiroperation. Almost half of the non-governmental workers in developed countries such as theUS and the UK are employed in this kind of business. Grocery stores, hair salon, tattooparlour and many more can be cited as an example of small business entrepreneurship. All ofthese businesses employs mainly local individual for their operation and hence its impact inthe society and the economy is profound. Martin (2013) stated that, the motive of most of thebusiness is not to grow impressively or to acquire new business for the expansion. Ratherthese small entrepreneurs earn the minimum operating profits. The workers associated withthese businesses sustain their life earning a low wage. However, these kinds of businesses failto attract capital for the investment in the businesses. Bae et al. (2014) highlighted that, thesebusinesses falls prey to vicious circles and loses their scope to expand the businesses. Thus,mostly, these businesses raise funds from investment of friends and family. Consequently thescope of these kinds of the business is limited. In addition to that, the goals and the vision ofthe small businesses also limited. The mangers know from the beginning that, theirbusinesses will hardly have its effect on the economy and the society as a whole. The second type of the entrepreneurship venture is the scalable start up entrepreneurship. Thecharacteristics of this type of the venture are that, these start-ups have a mission and vision toexpand the business in the future. The management or the owner of this kind of businesseskeeps on changing their business model to make it more sustainable (Green and Smith, 2013).The feature of this kind of businesses is that, from the very beginning they know that theyhave the capability to change the world and impact the economy of the world. In line with thehigh scale mission and vision of these businesses, they acquire the best talent from the marketin return of handsome remuneration (Ács et al. 2014). Consequently these businesses are theattraction to the investors and hence the availability of the financial resources supports thegrowth of these businesses. According to Glaeser et al. (2015), these type of entrepreneursare very small in numbers and they generally forms a cluster around Silicon Valley of manyof the countries. However, the problem with this type of venture is that most of the riskPage 4 of 11

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