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Report On Entrepreneurship & Its Forms, Similarities & Differences

   

Added on  2020-02-03

14 Pages4731 Words70 Views
ENTREPRENEURSHIP

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Examining different types of entrepreneurial ventures and explaining the way in whichthey relate to the typology of entrepreneurship...........................................................................3P2. Exploring similarities and differences between entrepreneurial ventures............................4TASK 2............................................................................................................................................5P3Assess and interpret relevant data and statistics in your mini-research, to illustrate howmicro and small businesses impact on the economy...................................................................5TASK 3............................................................................................................................................8P5Determine the characteristics, traits and skills of successful entrepreneurs, whichdifferentiate them from other business managers.......................................................................8P6Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mind-set..............................................................................................................................10CONCLUSION..............................................................................................................................12REFERECES.................................................................................................................................13

INTRODUCTIONEntrepreneurship is planning, building and creating new business by the procedure ofmaking new product or doing sale of any goods and services. An entrepreneur has to show a lotof passion and zeal with courage to take decision along with adequate knowledge andexperience. The person who carries this whole process of Entrepreneurship is known asEntrepreneur (Gronum, Verreynne and Kastelle, 2012). A single entrepreneur or group ofentrepreneur can establish an Enterprise. An entrepreneur is a person with these traits I.e. passionand zeal to start a new venture. They cannot work under any other person. There are certain riskwhich comes with entrepreneurship such as leaving of secured source of income by entrepreneur, leaving of family due to work pressure and leaving behind all social life behind, it is verydifficult to set up business in the already established market, it is also very difficult to raisecapital without creditability in the market (Altman, Sabato and Wilson, 2010).The present report will discuss the forms of entrepreneurship, similarities and differencesamong different ventures of Business unit, any risk which comes with and consequences oforganisation on the economy of UK.TASK 1P1. Examining different types of entrepreneurial ventures and explaining the way in which theyrelate to the typology of entrepreneurshipEntrepreneurial ventures refer to create, develop and launch a business which generallystarts at small scale. They offer innovate products and services to their potential customers inorder to attain profits. Main objectives of such business units is to develop capabilities andcompetencies which can help to earn revenue in the long run (Cowling, Liu and Ledger, 2012).There are various challenges which can be faced by the entrepreneurs due to lack of capital, lackof knowledge and expertise as well as mis-management. In order to make profit and success in abusiness, it requires appropriate strategies and market plan which can help in attaining their longterm goals and objectives. There are various types of entrepreneurships as mentioned below:Small business ventures: There are large number of small and medium scale businessesthat operate their business in the United Kingdom such as grocery stores, hair dresser, carpenter,and plumber. All these entrepreneurs are conducting their business activities in a small area andrequire lower capital investment as compared to other forms of businesses. Such business

ventures are managed and owned by individual persons. Government plays a prominent role inthe growth and development of these businesses because they provide finance, expertise andpromote which can support the local economy (Islam, Khan, Obaidullah, and Alam, 2010). Scalable start-up ventures: This is another form of entrepreneurship which is related withinnovation, information technology, aerospace and business research. Main motive of suchbusiness venture is to create and develop innovative products or services which can providestable growth in the near future. There are various large companies and government agencieswhich can provide funds, share knowledge and experience in order to earn profit in the future. Large Scale Corporation: This kind of business is quite large which can operate theirbusiness in various countries. These multinational corporations require large amount of funds inorder to start a business. The risk associated with these organisations is high due to variousinternal and external factors. These business units provide high rate of employment and generateattractive revenue which can contribute in nation’s economic development (Borisov, andZazzaro, 2010).Social entrepreneurship: This type of unit concentrates on creating and developing newproducts and services which can help the community to a high extent. These organisations arenon-profit and funded by other business units or governmental authorities. Above mentioned entrepreneurship forms are related with typology of start-ups. Smallbusiness units are associated with high risk due to lack of expertise, experience and funds. Mainobjectives of such organisations are to make innovative products and services which can providepotential growth and attract large number of investors.P2. Exploring similarities and differences between entrepreneurial venturesThere are different enterprises which having various goals and objectives according to its sizeand scope. But there are various differences between social and business venture. A social startup is focused on community’s welfare while, on the other hand, business units have main motiveto provide goods and services along with earning profit (Forsman,and Temel, 2011). Thesedifferences and similarities are given as below:There are different types of business organisation such as small and medium size,multinational corporations which having different goals. These objectives set by the owneraccording to its size and scope. For example, a small business entity conduct their business in a

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