Characteristics and characteristics of entrepreneurs

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
P1 Various types of entrepreneurial ventures and their typology...............................................1
P2 Similarities and differences between different type of ventures............................................3
P3 Impact of micro and small business have on the economy....................................................5
P4 Importance of business start ups on the growth of social economy......................................6
PART 2............................................................................................................................................7
P5 Traits and characteristics of entrepreneurs............................................................................7
P6 Entrepreneurial personality reflect motivation and mindset..................................................8
P7 Background and past experience can foster or hinder the process of entrepreneurship........9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurs are the individual who research, design, make and offer innovative
products to large number of customers. Earn large number of profits by satisfy needs of
customers is one of the main motive of them (Blackburn, Hart and Wainwright, 2013). Basically
these are of four type called small, medium, large and scalable from which small enterprises play
a big and effective role in the economic development of a country. They create employment
opportunities for local people and contribute in increase their standard of living. Further, these
firms provide number of benefits to a country that's why government of every country provide
them various support facilities so they can operate in an effective manner. These entrepreneurs
focus to satisfy the needs of people and offer them a variety of products to satisfy the same. In
case of any big change or movement these are the organisations who help in maintain the
consistency of an economy and create wealth for the nation. Main type of entrepreneurial
ventures with their typologies is detailed under this report. Main similarities and differences
among different organisation and contribution of micro business in the economic development of
a country is also mentioned in this report. Along with this main factor which give shape to the
personality of an entrepreneurs is also mentioned in this report.
PART 1
P1 Various types of entrepreneurial ventures and their typology
Process of design, launch and run a business entity with the aim of earning profit is
known as entrepreneurship. In this, firm offer a unique service or product to large number of
customers. Different type of entrepreneurial ventures which exist in today's business
environment can be understood by the following: Small business entrepreneurship: At present most of the businesses in UK are start ups
or small businesses. Grocery stores, hairdressers, travel agents, carpenters, electricians,
plumbers, consultants and etc. all are the example of this (Bridge and O'Neill, 2012).
These are that individual who run the business on their own. They hire their family
members or local people for execute business operations. Due to their innovative idea
these type of businesses attract venture capitalist to invest their funds. Scalable start-up entrepreneurship: These are the entrepreneurs who start their business
with an effective vision to change the world. They attract financial investors and venture
capitalist for getting investment. These type of businesses hire bright and best employees
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for execute their commercial activities. Various efforts are done by these firms to find
out a scalable business model and after found that they do expansion of their business
activities. Because of their high and attractive returns this type of business attract large
number of capitalist. Large company entrepreneurship: Firm which come under this category make and offer
innovative products to its customers for satisfying their needs (Burns, 2010). External
factors such as change in taste of customer, technology, competitors and many more
largely affect the activities of these companies. Company execute its operation on big
level and generate number of revenues every year. Operation of these firms help the
country to earn foreign exchange which help in maintain the economic level. These
entrepreneurs start with a growth and innovative vision which attract number of
investors.
 Social entrepreneurs: These enterprises are the one who undertake production process
and make unique product to satisfy needs of customers and to solve the social problems.
They can be non profit organisations. Main motive behind running this type of business is
to solve the social problems rather than to make profits. For this they make featured
products and services for make the world a better place.
Type of entrepreneurial typologies Skeptical entrepreneur: These type of entrepreneur do research for find out the answer
of success of other firms. They seem the whole process on entrepreneurship very
positive. Users Copycat entrepreneur: As the name suggest, these are the entrepreneurs who first sees
the success of other companies and try to to copy the same. Research entrepreneur: Firms who do a lot of research and love to learn new things are
known as research enterprises. Different type of research are done by these organisation
to find out effective strategies to grow the business. Determined entrepreneur: These enterprises are just opposite from the copy cat
entrepreneur (Carland, Carland and Stewart, 2015). They think that growth of a business
is possible without coping the idea of others. Every possible thing is done by these
enterprises to achieve success of the company.
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