Typology of Entrepreneurship: PDF
Added on 2021-01-01
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ENTREPRENERUSHIP
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurship..........................................................................................................................1P2 Similarities and differences between entrepreneurial ventures.............................................3TASK 2............................................................................................................................................5P3 Relevant data and statistics in your mini-research and how micro and small businessesimpact on the economy...............................................................................................................5P4 Important small businesses and business start –ups will contribute to the growth of thesocial economy after ‘Brexit.......................................................................................................7TASK 3............................................................................................................................................8P5 Determine the characteristics, traits and skills of successful entrepreneurs, whichdifferentiate them from other business managers.......................................................................8P6 Aspects of the entrepreneurial personality as discussed in reflect entrepreneurialmotivation and mindset...............................................................................................................9TASK 4..........................................................................................................................................10P7 How background and experience can hinder or foster entrepreneurship.............................10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTION Entrepreneurship is considered as an activity which is operated as well as developed byan individual with the purpose of establishing new business. It is one of the important aspectwhich increase employment opportunities for local people. This directly contributes in economicgrowth of the nation. An individual who come up with new and innovative ideas for running anew venture is called entrepreneur (Yook and Jeon, 2014). They also have ability to take riskwith the hope of generating more profit within their business. Along with this, they also developand serve quality services to customers for creating value. It aids in improving living standardand create social values. Current report is based on entrepreneurship and start-up whichcontributes in improving economic growth . Report also includes different type ofentrepreneurial which relate with various typologies. In addition of this, similarities anddifference between different entrepreneurial venture is mentioned here. Micro and small businessimpact on economy is also discussed. At last, skills and characteristics of two successfulentrepreneurs are mentioned in this project. TASK 1P1 Different types of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurshipEntrepreneur:An individual who have ability to introduce new and innovative ideas for running a newventure with the purpose of attaining success. They are also risk taker which help them ingenerating larger profits within their business activities. In addition of this, they also have skillsand abilities to evaluate the current and future needs of market to attain customers satisfactionlevel. With the help of this, they easily increase the chances of attaining success at market place. Entrepreneurship:It is an activity of designing and launching a new and small business with the hope ofgenerating huge profits. Mainly, it played a important role in developing as well as improvingeconomic growth because it intricate number of job opportunities for local people (Byun and et.al., 2018). This will help in improving living standard of the people which directly contribute inimproving economic condition of the nation. Entrepreneurial Venture: 1
It can be defined as a business organization that includes innovation and opportunitieswhich directly contribute in producing economic and social value. Along with this, governmentalso give their support to enhance their overall growth. As it includes various type ofentrepreneurial venture which are as follows:Small business entrepreneurship: Small enterprise refer to the business venture which isoperated by single person and group of individual for improving entire activities. Mainly, it issmall in size with the clear aim and objectives (Koe and Majid, 2014). In addition of this, it alsohires local and family members to run entire business activities. The main objective of this typeof business is to generate livelihood by taking family and financial support. It includes somebusiness such as travel agents, grocery stores and many more. Scalable start-up entrepreneurship: These type of business come up with new andinnovative ideas into market with the aim of achieving higher success. Along with this, thesetype of entrepreneurs introduce new ideas to transform their dream in reality. They run theirbusiness with new target and sold to another business person to attain more profits in market. Social entrepreneurship: This type of businesses operate their activities for providingservices to society with the aim of increasing and creating social values. Along with this, theyalso focus on improving living standard of the society by providing them quality services as pertheir needs and wants. It also refer to the non-profit organization in which the main focus of thistype of companies is to bring quality and health services in market so that poor people can easilyfulfil their basic needs and make their life healthy and safe as well.Large scale entrepreneurship: These type of business organizations operate theiractivities at larger scale with the aim of attaining higher sustainability in market place. Inaddition of this, the main objective of this type of business is to make their brand image morecompetitive at market. As a large business organization, owner of the company can easily raisetheir funds from various sources like equity capital, venture capital, bank loan and many more.With the assistance of this, company serve quality services to their large number of customers forincreasing their profitability level (Xiang, 2015). Furthermore, various type of typologies is also linked with entrepreneurial venture whichmay aid in determining entire activities of the business. All these typologies are as follows:Copycat entrepreneur: This type of entrepreneur copying another successful businessidea with the aim of attaining success in less time period. In this, small business entrepreneurs2
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