Research on Entrepreneurial Ventures

Added on -2020-02-17

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UniversityEntrepreneurship and Small Business ManagementByDateNameLecturer’s namePage 1 of 26
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENTContentsTask 1:..........................................................................................................................................................3LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial............3P1: Carry out a mini research to examine various kinds of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship.....................................................................................3P2: As part of your research investigation, explore the similarities and differences between entrepreneurial ventures.........................................................................................................................6Task 2:..........................................................................................................................................................9LO 2: Assess the impact of small businesses on the economy.....................................................................9P3: Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro and small businesses impact on the economy................................................................................................9P4: Explain how important small businesses and business start –ups will contribute to the growth of the social economy after ‘Brexit.'..........................................................................................................11Task 3.........................................................................................................................................................13LO 3 Determine and assess the key aspects of an entrepreneurial mind-set........................................13P5 Characteristics, traits, and skills of two successful entrepreneurs....................................................13P6 Aspects of the entrepreneurial personality, reflect entrepreneurial motivation and mindset.........15Task 4.........................................................................................................................................................16LO4 Different environments that foster or hinders entrepreneurship..................................................16P7 Effect of background and experience of entrepreneurship..............................................................16Reference ..................................................................................................................................................19
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENTTask 1:LO1: Explore and illustrate the range of venture types that might be considered entrepreneurialP1: Carry out a mini research to examine various kinds of entrepreneurial ventures and explain how they relate to the typology of entrepreneurshipEntrepreneurship is defined as the way of carrying out the business through which whichindividual who is planning to start new or unique venture so that high profits could be earned.Therefore, such an individual is termed as entrepreneur and the venture is termed asentrepreneurial venture. Following are the different ventures within which entrepreneur could beengaged in such as- Small business entrepreneurship- Such type of venture is termed as unique orinnovative entrepreneurial venture that influences individual towards firm. Therefore, it isessential for person who is planning to start such a venture need to identify the marketcompetition because there are various similar businesses already existing in market. Forinstance, it involves businesses such as grocery stores, barber shop, plumbers, travelagency etc. All such people need to be highly skilled and thus involve innovative ideaand process within their business that would help them to earn high profit and influencemore number of people towards firm (Agarwal and Braguinsky, 2014). In UK carryingout Small business venture is significant and thus government provides opportunity tosuch people in terms of providing them funds so that business could be launched easily. Italso helps in encouraging the entrepreneurs so that stated goals could be attained. Maintypology involves is that it helps individual to earn high profits in regard to feed thepersons involved in family.Sealable start up entrepreneurship- Moreover, such type of entrepreneurial venture isconcerned with innovation and thus it results in attracting more number of investors whofocus upon pitching for their favourable business idea. Thus, it provides opportunity toentrepreneur to get high investment and raise brand image of their venture in future.However, the idea needs to be unique so that it could get more number of pitches to get
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENTlaunched. Such venture possesses the typology that they aim to provide innovation anddifferent innovative products or services so that clients could be attracted towards firm.Social entrepreneurship- Moreover, such entrepreneurial ventures helps in providingsocial services to community so that their welfare could be done. Thus, such venture iscarried out for not attaining profit and while benefiting the society (Asoba and Tengeh,2016). The typology that it is being categorized in the form that society could be servedeffectively and efficiently. Serial entrepreneur- Such entrepreneurs are future oriented and always look forward tostart a new venture so that unique products or services could be provided to customers.The typology is that they have innovative features for future development of the business.Female entrepreneur- While, such entrepreneur is focused upon expanding the businessin international market and thus they are different from male entrepreneurs because theypossess effective management skills (Bates, 2011). Lifestyle entrepreneur- Further, such entrepreneurs are focused upon futuredevelopment of firm and thus obtain risk handling capacity. Wander is a making society that starts the need of collaborating among the new business-masterminded newcomers and future business visionaries. It is particularly vital that the need of thefinancial change is a climbing point of view that wants to endeavor the movement in the divisionof self-declared and making business bodies be it little scale or massive. The entrepreneurialprogress is an essential section of which depends on the target motivation for drivingneighborhood headway, exhibit day change, and time of business. It is to be viewed as that thespecialists as seeds of the movement of the firm and in this manner, alongside growing upattested capitals, it gives an enormous open portal for the other standard subjects to get into workthat further outcome in the change of the economy of the nation. The per capita pay, the way oflife and pay get-together of the Association increments with the augmentation in the mechanicalprogress of the country by the technique for the significant business change.
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENTAn Entrepreneur is a person who begins and maintains a business with constrained assets andarranging, assessing every one of the dangers and prizes of his or her business wander. Thebusiness thought is normally another development, item or administration, as opposed to acurrent plan of action. Entrepreneurial ventures require the ambitious individual to organize capital, crude materials,fabricating areas and gifted workers important to create a decent or offer an administration.Advertising, deals and appropriation are other vital perspectives which are controlled by thebusiness visionary.An industry visionary is a word that is gotten from the French dialect, a verb "enterprendre,"signifies 'to embrace.' Enterprises are attempted by business people, and the procedure ofcreation is named as the enterprise. The rationale of business visionaries is to discover somethingnew and imaginative submit to its type of business for serving better and producing higherbenefit potential outcomes alongside going out on limb elements.
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENTFigure 2: The four model of corporate entrepreneurship(Source: Wolcott and Lippitz, 2007)Entrepreneurial attempts are revolved around the organization's guiding for the mid-sort out andearly masterminded associations. Meandering expects to reveal out in danger zones andentrepreneurial ventures like this, relates to the way that businesspeople chance their odds in theopen market and do fundamental needing to make their attempt survive and turn out effortlessly.The essential inspiration driving reviewing the particular sorts of efforts help to conform andrecuperate arrangements of activity and change in the business targets. The lifestyle and structureare the key components on which the company stand and consequently, the change of the generalbusiness managers. The piece of the attempts vacillates with the period of the association and itsmoney related position.Private company for the most part manage known and built up items and administrations,Entrepreneurial Ventures are for new creative offerings SBs go for constrained development and proceeded with gainfulness while EVs target fastdevelopment and high profitability returns Private companies manage known dangers; Entrepreneurial Ventures bring profound jump withheaps of obscure dangers Position. EVs by and large effect economies and groups in a huge way, which likewise brings about afalling impact on different parts like occupation creation. Independent companies are moreconstrained in this viewpoint and stay bound to their own area and gathering.

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