Typology of Entrepreneurship Research

Added on - 22 Jul 2020

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Entrepreneurship
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their relation to typology ofentrepreneurship..........................................................................................................................1P2 Exploration of similarities and differences between entrepreneurial ventures......................2TASK 2............................................................................................................................................4P3 Assess impact of small business on economy........................................................................4P4 Contribution of start-ups to the growth of social economy...................................................4TASK 3............................................................................................................................................6P5 skills and characteristic of a successful entrepreneur............................................................6P6 Aspects of entrepreneurial personality which improves motivation and mindset.................7TASK 4............................................................................................................................................9P7 Role of Background and experience in fostering or hindering relationship..........................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurship is defined to be a process of launching a business in the market. Theword entrepreneurship comes from the word entrepreneur which defines a person whoundertakes the tasks of introducing a business to the market (Blackburn, R. A., Hart, M. andWainwright, 2013). The businesses launched in this domain are particularly small in size. Thesebusinesses may or may not involve essence of innovation in their ventures. The leadingexamples of entrepreneur businesses are bakery, clinic, electrician and other small businesses.These ventures faces tough market conditions due to their lack of availability of finance andcompetition from large corporations. This assignment pays due consideration to the types ofentrepreneurial ventures that exists in the market. The determination of small businesses onimpact on economy. The features and skills which make up an entrepreneur will be studied. Theenvironment which foster and hinder entrepreneurship in a country will be understood in thisassignment.TASK 1P1 Different types of entrepreneurial ventures and their relation to typology of entrepreneurshipThere are a variety of endeavours taken by an entrepreneur to fulfil its own needs andobjectives. The start-ups can be categorised on the basis of their purpose and financial outcomes.The various entrepreneurial ventures can be categorised on to domains which are:Small Business Entrepreneurship: As the name suggests, these ventures are started at asmall scale. That means the number of people employed are very less it can be a single person orsupported by family in the endeavour. The leading examples of the same can be restaurant,bakery, electrician and plumbers.The typology which can be accompanying to these ventures are survival undertaking. Themain purpose of establishing a venture is to fulfil the financial needs of the family and to receivea stable financial income. These businesses are operated at a very small scale and fail sufferoften due to the lack of funds available with the entrepreneur (Bridge and O'Neill, 2012). Thelack innovation and complete focus is to have adequate financial outcomes from these mentionedactivities.Scaleable start-up entrepreneurship: the word scalable defines the ability of a start-up toenlarge its scale to a great extent. These ventures carry a potential to utilise the opportunitiespresent in the market to a large magnitude. These ventures are supported by the ventures1
capitalist with their experience and financial support. These ventures originate from siliconvalley of the country. There have been variety of programs developed which support the peoplewith potential ideas so as to exploit circumstances of the market.The typology which suits these endeavours is aggressive growth ventures. The ventureswith use of potential idea and suitable finances aim to enlarge their ventures to a recognisedplatform.large company entrepreneurship:The large organisation also undertakes variety ofentrepreneurial ventures. The main aim to of these ventures is to obtain a superior marketposition in context of a country (Carsrud and Brännback, 2011). Mega organisation takes up useof innovation and R&D to come with products which help them to retain there market standingand to achieve the same.The typology which suits these ventures is a need for growth through innovation andtechnology. This organisation utilised these efforts to sustain in the market for longer period.Social entrepreneurship: this type of entrepreneurship pays due consideration toproblems and issues which exist in the society and aims to address the same with these ventures.The endeavours results in a product or a services which is beneficial from the societal point ofview (Chittithaworn and et. al., 2011). Action for business limited is an perfect example forsocial entrepreneurship. This venture was undertaken to encourage economic development alongwith the social connection in the underdeveloped area of the country. This helped the populationwith better chances of employment and have a better standard of living.Typology which carries a connection with this venture is lifestyle venture. The aim is tooffer value to customer without costing a bomb. The charges for the product or service isjustified. Entrepreneur is passionate about the work he is doing and profits for the same does notmake much difference.P2 Exploration of similarities and differences between entrepreneurial venturesThe entrepreneurial ventures carries a large extent of similarities and differences whichare to be explored to carry a better understanding of the same. The leading similarities anddifference between these ventures are:Similarities:Value Creation:value creation is defined as the efforts to deliver something of value tothe customers. This is to be done in an efficient and ideal manner so that cost effectiveness can2
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