Entrepreneurial Craftsman Typology
Added on 2020-01-16
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UNIT 9. ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ..........................................................................................................................................31.1 Entrepreneurial Ventures......................................................................................................31.2 Comparison between the entrepreneurial ventures...............................................................5TASK 2............................................................................................................................................62.1 Impacts of Small business on Economy................................................................................62.2 Contribution of start-ups in the growth of social economy ..................................................7TASK 3............................................................................................................................................83.1 Characteristics,traitsandskillsofsuccessfulentrepreneurs,whichdifferentiate then formother business managers..............................................................................................................83.2 Aspectoftheentrepreneurialpersonalityreflectentrepreneurialmotivationand................9mind-set......................................................................................................................................9TASK 4 .........................................................................................................................................104.1 Hinderorfosterfor being Entrepreneurship. ....................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurs are the people who starts a new business, the business can be a start-up, asmall business and any other process which includes the sales and marketing, that whole processis called entrepreneurship. Chosen organization Cloud reach is basically a consultancy whichworks on the cloud computing. It has the support for cloud solution from Amazon web services,Microsoft azure and salesforce.com. The discussion is focused on the different entrepreneurialventures and their connection with entrepreneurship, also their similarities and differences arediscussed in this report (Kirzner, 2015). The qualities and skills of a successful entrepreneur isalso having a description in this report. TASK 1 1.1 Entrepreneurial VenturesEntrepreneurship can be done by so many ways, as there are plenty of options to start anew business. There are some ventures in which an entrepreneur can establish its new business.Basically, the entrepreneur may choose any venture but for each venture there are somelimitations. The entrepreneur must stand on that limitations with proper rectification of theissues. Basically, there are 4 entrepreneurial ventures:Small business Entrepreneurship- This type or business can be started by the non-governmental people. In small business, the local people are involved as the customer and mostof the local people are from their family itself. There are so many option of small businesses likeshoe store, hairdressing shop, consultancy, travel agency, internet cafe, commerce store, bookstore, carpentering plumber, electrician, street food vendors etc. (Drucker, 2014). Anyone canstart the small business; in this type of business the place is not that much important. Theinvestment in small business is so less as compare to the other entrepreneurship. These kinds of businesses are opened only to fulfil the basic needs of the family. Theprofit in these small businesses are so less so the entrepreneur cannot think to make more from it.He cannot make the whole industry by the profit of a small business. As the typology says If theentrepreneur is a craftsman that means he has creative mind-set so he can operate his smallbusiness with so much of creativity, he can use the unique ideas to build a reputation of businessin the market. On the other side the opportunist can catch each possible opportunity to make abetter business environment. The fund comes from the family and friend to establish these kinds
of business because it cannot attract the other ventures to make some investment. For example, alocal person of UK wants to start a food vendor in a street which is a small business. For that hemust manage the fund from different sources like his friends and family because he is not able toinvest. Now to make success in that business he has to attract the customers to his shop also hehas to maintain the quality of his services and products to make a reputation in the market. Scalable start-up entrepreneurship- The scalable start-ups are more stable from the smallbusinesses. The start-up is basically started from the investors then it attracts the other venturesto show the interest in these start-ups and make more investment. The people who are so strongfinancially can invest in these kinds of start-ups. The entrepreneur who have started start-upmakes the efforts to hire the powered ventures for their start-up. The scalable start up is inspiredfrom the model of business which are repeatable and scalable too. After reaching the proper business model they do concentrate on more venture that canexpand their business rapidly. Typologies of the entrepreneurship is synced to the scalable starups as an extensive approach. The craftsman has the advantage of creative ideas; with thoseideas, he can attract the investors to its business. He can use the unique approaches to expand itsworkspace. For example, delivered is a start-up in UK, it’s a food delivery company which hasconnections with the leading food companies in UK. They also had started with the small foodcompanies but with the time they have made an impressive growth in their business. The risk isin these scalable business is quite low because the fund has come from the outside. Large company entrepreneurship- large scaled companies are depended on the marketevaluation. There are so many factors which are so essential to upgrade a company to large scale.The products of these companies are made from some innovative idea to attract the people ofnew generation. They use the best latest technologies in each department of their organisation.Because the competition in the market is so high so the companies have more pressure on that tohold their products in the market, as they do use the creativity in their production and services toget the maximum customers and with this approach they can have more shares in the market. Per the typologies the craftsman will try to innovate its products and services in themarket because he has that touch of innovation in its head (Baum, Frese and Baron, 2014). Hewill make more profit in its business, as the new generation will pay more attention to theirproducts. On the other hand, the opportunist will make sure about the opportunities which he canuse to extend his business. He will try to get the best option for marketing and he will target the
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