Role of Entrepreneurship in Growth of Country

Added on -2020-02-05

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ENTREPRENERUSHIP1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship.......................................................................................................3P2 Explore the similarities and differences between entrepreneurial ventures...........................4TASK 2............................................................................................................................................5P3 Assess and interpret relevant data and statistics in your mini-research, to illustrate howmicro and small businesses impact on the economy...................................................................5P4 Explain how important small businesses and business start –ups will contribute to thegrowth of the social economy......................................................................................................6TASK 3............................................................................................................................................8P5 Determine the characteristics, traits and skills of successful entrepreneurs, whichdifferentiate them from other business managers........................................................................8P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mind-set.................................................................................................................................9TASK 4..........................................................................................................................................10P7 Examine, using relevant examples obtained through your mini-research, how backgroundand experience can hinder or foster entrepreneurship...............................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................122
INTRODUCTIONEntrepreneurship is played important role in the growth and development of each and everycountry. It can help to provide a large number of jobs in various fields such as marketing,finance, accounting etc. An entrepreneur is a person who create idea convert in to reality andmake profit out of this (Bridge, and O'Neill,2012). There are various skills and capabilities arerequired to operate a small and medium size enterprises such as leadership, management,planning, organizing, control and so on. It involves various types of risk which is associated witha business like financial risk, political risk, commercial risk etc. The present report is based onthe Posh Nosh Limited which is a small business unit and operate their business operation in tothe United Kingdom. It is a fast food company which can provide a wide range of food productsto its customers. The purpose of this reports is to understand the role of entrepreneurship in theeconomy and the society (Chaston, 2014). TASK 1P1 Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship.Entrepreneurship is a capacity where an individual creates and develop and a business venturetake various risks and transform such SME in to large corporations. There are various types ofentrepreneurial business which having their own size and scope. The aims and objectives ofthese organizations are also different. These business units as given below:Small business ventures: This is one of the common business form which can conduct theirbusiness activities at the lower scale (George,and Bock, 2011). There are various small andmedium size entities such as travel agents, grocery stores, salon etc. The size and scope of thesebusinesses are quite limited due to lack of funds and expertise. Most of these organizations areowned and managed by the family and its members. They using various traditional methods inorder to operate their business. The main aim of these units is to sale goods and services andmake profit out of them. The role of these units in the local and national economy having a greatsignificance. Large business organization: There are various large corporations which operate their business into domestic and international level. It is one of the complex and competitive business form whichis influenced by the various internal and external factors (Hotho, and Champion, 2011.). These3
factors having large impact on the business specially the external one. It can involve political,social, economic, technological, environmental, and legal. The risk associated with thesebusiness is more as compare to other ventures. The major objectives of such business entities isto gain market share and profitability of the company which can provide long term growth forthe cited business. Start-ups venture: This is one of the most critical and complex venture form in theentrepreneurship (Schaper, 2016). Generally, these business ventures are related with theinnovation and technology. It can help to create new jobs in various sectors such as businessresearch, finance, accounting, management, information technology, internet based business. Therole of business start-ups in the national economy having too important. It can develop aninnovation culture in the country which can also overcome the dependency of other country.Therefore, the government is more focused on these business units and provide various facilitieslike funding, technical expertise and other important aspects. Social ventures: There are various organization which are concentrate on the social welfare andcommunity support. These units can be funded by the large corporate houses or governmentauthorities. These charitable trust are also called non profitable entities. These organizations cansupport to the community in terms of education, poverty reduction, other types of supports(Sciascia,, Mazzola, Astrachan and Pieper, 2012). P2 Explore the similarities and differences between entrepreneurial ventures.There are various types of business ventures which having different aims and objectives. Thesize and scope of these organizations also different. Basically, there are two types of venturesprofit making and non-profit. In the profit oriented business entities can be included small andmedium enterprises, large companies, start-ups ventures. On the other hand, the non-profitmaking organizations can be including social units. There are various similarities are differencesin these institutions which is descried below:The similarities in between these units are related with their goals and objectives. Each and everybusiness venture goals in different but all are required fund in order to operate their operations inan effective manner. For example, small and medium size business can be funded by thegovernment authorities and large corporate organization. There are various schemes andprograms which launched by the government (Storey,2016). Apart from that various corporate4

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