Entrepreneurship Report
Added on 2020-12-30
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ENTREPRENEURSHIP
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1. Different types of entrepreneurial ventures and their relation to typology ofentrepreneurship.....................................................................................................................1P2. The similarities and differences between entrepreneurial ventures.................................3LO 2.................................................................................................................................................5P3. Interpretation of mini research on how micro and small businesses impact on the economy................................................................................................................................................5P4. Contribution of small and start-ups to growth of social economy after ' Brexit'.............7LO 3.................................................................................................................................................9P5. Characteristics, traits and skills of two successful entrepreneurs....................................9P6. The way aspects of entrepreneurial personality reflects entrepreneurial motivation andmind set................................................................................................................................11LO 4...............................................................................................................................................12P7. The way background and experience can hinder or foster entrepreneurship.................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONEntrepreneur is an individual who has an idea to run a business by creating products andservices as per the demand of people in market. Entrepreneurship is the capacity and willingnessto develop, organise and manage a business venture along with risks associated and generaterevenue. It is the process of designing and running a business with an aim to grow and earnprofits (Akkoc, Caliskan and Turunc, 2012). In this report, study of various types ofentrepreneurship ventures will be done. Further, impact of small businesses on the economy willbe done along with explaining the contribution of start-ups in growth of social economy afterBrexit. Also, of the way key aspects of entrepreneurial personality reflect characteristics, traitsand skills of entrepreneurs will be assessed. Moreover, background and experience ofentrepreneurs will be discussed that may hinder or foster their entrepreneurship.LO 1P1. Different types of entrepreneurial ventures and their relation to typology of entrepreneurshipEntrepreneurship refers to the methods of creating, launching and operating a newbusiness that is frequently considered to be starting a small business. This describes thecapability and willingness to create, organise and manage the projects of business. Anentrepreneur generally bears business project risk and develop effective plans to manage the riskof business organisations. It is a process through which employee’s knowledge and skills can beenhanced. Some types of entrepreneurial ventures are mentioned below:Micro:This is the entrepreneurial ventures that are regulated and directed by an individuals withfive workers. Because of their quality and flexibility, there are many individuals of all age whoowned these type of businesses. Small: It is considered to be a profit venture which is regulated and operated independently.Small-business should have minimum 5 to 500 workers, according to the industry. These are theone that run businesses at small level. Some small business like consultants, grocery stores,travel agents and so on. These types of business facilitates various kinds of resources in order tohandle some operational activities of specific ventures in an effectual ways (Behroozi, 2017).Small entrepreneurs generally put their potentials for increasing the living standard of societies,1
developing economic situations of families and also to operate their business in order to sustaininto the markets. J.S supermarket is delivering its services from 2014 and They have only 250employees in their stores and they have only two stores in UK.Medium: These ventures are basically created and improved and has observable leads the facilitiesinvestors perform their financial decisions. Generally the company with approximately 100 to999 workers comes under medium entrepreneurial ventures. For example - Dwell is a mediumenterprise which is dealing in furniture products and based in UK. It is performing its businessoperations from 2003 and they have 25 stores across the UK market.Large: There are various organisations that deals at national and global level. It is considered tobe a large scale company and the main objectives of these firms is to generate a good amount ofrevenue so that it facilitates standard quality and better services to their regular clients orconsumers (Bathla, 2016). These types of company assists to develop the country’s employmentconditions such as GDP. Many large scale firms are situated in UK that plays a crucial role inimproving economic situations of country.The chosen organisation for this is Marks andSpencer which is a multinational firm and providing their services in more than 30 countriesacross the world.Types of entrepreneurship typologies:In entrepreneurship, typologies is usually utilise to explain classification of kindsregardless of their basis and it is consequently the term which will be apply in the reminder ofthis text. Some types of typologies are mentioned below:Social entrepreneurshipFor developing the standard and structure of societies, these businesses gives highquality products at optimum cost. The basic objectives of these types of firms are to facilitate therequired help to undeveloped societies in order to increase their standards of living.This kinds oftypology is related with small entrepreneurial ventures as these businesses helps to provide job inorder to develop the societies.For example The Oxfam is the social organisation whose mainobjective is to remove poverty from the nationScalable entrepreneurship:2
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