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Impacts of entrepreneurial ventures on the economy

   

Added on  2020-06-03

17 Pages4992 Words356 Views
Entrepreneurship

Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Different kinds of entrepreneurial ventures related to the typology of entrepreneurship......1P2 Similarities and differences between entrepreneurial ventures ............................................3TASK 2............................................................................................................................................5P3 Micro and small business impacts on the economy...............................................................5P4 Importance of start-ups and small business...........................................................................6TASK 3............................................................................................................................................8P5 Characteristics, skills and traits of two successful entrepreneurs..........................................8P6 Entrepreneurial personality reflect its own mindset and motivation ....................................9TASK 4..........................................................................................................................................11P7 Background and experience of the successful entrepreneur can hinder entrepreneurship. .11CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................13.......................................................................................................................................................14

INTRODUCTION In the modern scenario, when a person or group of people has the capability orwillingness in order to start an innovative business as well as exchange out the profits and risks,it is known as entrepreneurship (What is Entrepreneurship?, 2017). It is a process of launching,running and designing a start-up which is often initially on micro scale. An individual whodevelop these business operations and functions is called an entrepreneur. There are differentaspects which are includes in process of entrepreneurship such as economics and other aspectslike manpower, land and resources which support them in running operations easily (Acs and et.al., 2014). There is asking that “More will be the earnings, More the uncertainty” particularlywhen its exists to organise new business with an innovative concepts.This report is based on different types of entrepreneurial ventures and their link withtypology. It describes all ventures that have difference and similarities which is important part ofthe organisation growth and development. Both small-business and start-ups are important forthe person because it will give better job opportunities to people who live in same country. Thisassignment also shows the characteristics, traits, skills, background and experience of twosuccessful entrepreneur which hinder on their mindset and motivation. TASK 1P1 Different kinds of entrepreneurial ventures related to the typology of entrepreneurshipEntrepreneurship: It is known as a process and activity of organising research anddevelopment programs, design quality goods along with knowing customers’ needs or demandsetc. All these are important parts of launching start-ups and completing client’s requirement in aneffective manner. In the modern era, large number of organisations are in existence in the marketplace which offers unique and featured facilities to its customers (Bhachu, 2017). There arevarious types of entrepreneurial ventures which are described under as: Small-business: In modern business era, all entrepreneur emphasises on setting up theirbusiness operations and functions in the marketplace by producing quality services and productsto the buyers. As per to the figurer, there is large percentage of micro business like it hasapproximately 5.9 million scale which has been functioning or working on enterprise and theyhave to get in marketplace like it has around 89.7%. However, certain examples of small-business are grocery market, carpenter, barber shop, plumber store and other little super market. 1

Scalable start-up's: In order to start new business, main motive of entrepreneur is tobring variation in the economy. In this, they attract large number of the investment in regard tostart-ups within any difficulty. Who person start their own business operations and activities withmotive of attaining impressive vision and growth are called scalable. They mainly focuses onchange the economic with particular time period. Large business entrepreneurship: It is also known as an organisation which plays animportant role in accomplish technical and commercial activities in an effective manner. In thistype of business, variety of products and customer satisfaction are highly essential in order toimprove development and success of company (Brandstätter, 2011). There are various factorswhich have their impact on business operations such as policies, governments, technology,competitors and other parts which are present in the environment. Social entrepreneur: Main role and responsibility of social entrepreneur is to organiseresearch and take production process. During the procedures, they can offer quality goods andservices to their customers. In this way, an organisation reduces all issues of customers towardsproducts and services effectively. Typologies of entrepreneurship which are connected with ventures are described under this: Survival ventures: Main aim and motive of this person is to gain maximum benefits andprofits by running business operations. They does not have any specific place as well as neverconnected with banks. Serial entrepreneur: Main role of this person is to look upon innovative concepts andaspects for organising research programs by analysing needs and demands of the buyers(Drucker, 2014). During the investigation, they can evaluate market trends and client’srequirements which assist in scheduling all function of enterprise. Lifestyles ventures: These are important person who can change their strategies, structureand objectives as per the actual trends of market. They primarily include maximum expansionand trends, proper areas and business workers. Female entrepreneur: In this, an organisation mainly works on betterment anddevelopment of female employees in the society. Female worker is beneficial and important partof the business organisation who give their full efforts in business success and development.Main motive of this enterprise is to increase living standard and moral of female as well as bringquality or justice for them in community. 2

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