Types of Entrepreneurship - PDF
Added on 2020-10-23
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Different type of entrepreneurial project and their relation with typology...........................1P2. Similarities and differences between various entrepreneurial venture.................................3TASK 2............................................................................................................................................4P3.Assessment and interpretation of data to analyse micro and small business impact oneconomy......................................................................................................................................4P4. Importance of small business or start ups in social economy after Brexit............................6TASK 3............................................................................................................................................7P5. Skills and traits of entrepreneurs...........................................................................................7P6. Identify various aspects of entrepreneurial personality........................................................8TASK 4............................................................................................................................................8P7. Background and experience that can foster entrepreneurship..............................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurship is the business by individual on some different idea. In current eraentrepreneurship has scope to raise living of standard of people residing in society. Entrepreneuris the person who has some different idea which is not existing in market (Aldrich, 2017).Entrepreneurs are the person who design launch new business ideas and take initiatives in orderto run in effective way. There are possibilities of lack of resources such as financial, humanresources, etc. hence they are individual identity of their business. Entrepreneurship helps togenerate employment, reduce poverty, etc. These days’ government also promote entrepreneursto come with new ideas, there are some tax benefits to entrepreneurs. There are possibilities ofloss or no profit no loss in initial days of starting business. In this report there is discussionabout various range of ventures, impact of small business on economy, key aspects of entrepreneurial mind-set, different environments that hinder or foster entrepreneurship. TASK 1P1. Different type of entrepreneurial project and their relation with typologyEntrepreneurship is also known as start-ups as they have some new ideas which is notexisting in market. This helps to improve economy of country and generates employment forresiding people. In entrepreneurship, entrepreneur has to take high risk and possibilities to bearrisk. These days as scope of entrepreneurship is increasing, so government has many newer ideaswhich are relevant and significant for growth of association. Entrepreneurs has some new ideas,which is lacking in society. They manage all resources, so best and optimal utilisation ispossible. Some entrepreneurial venture is discussed as under-Small business entrepreneurship- This is the smallest unit of business which is run bysingle individual. They have less resources, low sales. There are possibilities that small businessis family owned business. This business can not accept changes which are happening in society.There are possibilities of being shut down because of economic crisis or loss (Choi andMajumdar, 2014). Carpenter, electrician, barber, cobbler and other season al business areinvolved in this. They raise funds from own sources, family, relatives, etc. Small business runsfor the aim to earn livelihood. Scale start-ups-These are the business which has some specific target to achieve. Theymake strategies in order to achieve it. They do not purchase or manufacture in bulk, they work1
according to trend of society. They promote their ideas with external parties in order to raisefunds. There is requirement of employees in order to perform operations, so scale start-upsrecruit personnel having same zeal. Large scale enterprises-This is the large scale business which operates at differentoutlets. In this kind of business, there is requirement of huge capital, more number of humanresources in order to run business in effective and efficient way. In this kind of business, there ismore competition, hence they have to alter their policies according to market trends. Large scalebusiness faces more fluctuations in business because they have to alter their policies. Social enterprise- These enterprises are working in order to improve condition of society.There are many issues which arise in society such as disease and other issues. Their main aim isto serve society with best services (Cooper and Folta, 2017). They analyse market and then takeactions in order to improve condition of society. Types of entrepreneurial typologySerial entrepreneur- These entrepreneurs are the person which take challengesaccord8ing to market trends through analysing market. They analyse market and come with newbusiness ideas. After launching one ideas, they deliver it to subordinates and then take actions inorder to launch new business opportunities. It is not necessary that every business idea issuccessful, so they are ready to take risk of loss or no profit. Female Entrepreneur- As the name suggest, this business is run and owned by women.These days as changes are taking place in society very frequently, so women also have new andinnovative ideas which helps to perform business operations in efficient way. These typologies are related to business enterprise. Relationship among entrepreneurialventure and topology are as under-Small scale enterprise can be run by female enterprise. Such as boutique, small stitchingbusiness, parlour, etc. this can include any other measure in order to earn livelihood. Thiscan be seasonal business as per market trends of society. These business owned andmanaged by women and funds are also raised by them (Cooper, 2017). Large scale business is closely linked with scale entrepreneur. In case of large scalebusiness various business ideas are launched one after other and hence there is businessexpansion. Serial entrepreneurs are the people who have number of different ideas sothey have vast business empire. 2
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