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Entrepreneurship Assignment | Understanding Entrepreneurship

   

Added on  2020-06-04

11 Pages3791 Words72 Views
UNDERSTANDINGENTREPRENEURSHIP

Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their typologies...........................................1P2 Similarities and differences between each entrepreneur ventures.........................................2P3 Small and micro businesses influence in economy...............................................................3P4 Importance of small businesses and start ups on growth of economy...................................4TASK 2............................................................................................................................................5P5 Points that make a successful entrepreneur...........................................................................5P6 Entrepreneur aspects essential for entrepreneur motivation and mindset..............................6P7 Past experience influences in entrepreneurship.....................................................................7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................9

INTRODUCTIONUnderstanding entrepreneurship is not an easy thing but understanding definition ofentrepreneurs is very simple. There can be many individuals who inspire to become a goodentrepreneurship so they basically boil down to pretty much the same ingredients as the other(Bridge and O'Neill, 2012). Entrepreneur is one person that starts and operates a businesses bytaking some financial risks and then they rely on their creativity and personal motivation toachieve their targets. This report is based on concept of making an analysis of promoting positiveentrepreneurship among local and remote areas. There is encouragement and support topotential entrepreneurs so that they start new businesses which will lastly affect the economy ofthe country. The main purpose of this report is to understand different types of entrepreneurialventures and their typologies also with an aim of drawing similarities between those differentventures. In this report there is discussion about the impacts that micro and small businesses hason economy.TASK 1P1 Different types of entrepreneurial ventures and their typologies.Entrepreneur is a person who stats and run the business with limited resources andplanning. They takes into account of all the risks and advantages their business venture. Theirmain job is to bring new and useful innovations, products and services that is never come up inminds of any other entrepreneur (Burns, 2010). They have to bring more and more strategies tocultivate existing business model and make it new and happening according to latest trends.Types of entrepreneurial ventures are:Small Business: This is privately owned corporations that basically have very fewmembers, employees and their annual income is even less than a regular sized business. Sincethey come under small business category, they are not accustomed to pay some tax and havesupport of the government with some preferential tax policies.Life Style Business: This is a type of set up which is run by its founder membersprimarily with aim of maintaining particular level of income and no other planning. They oughtto provide a foundation which basically allows to enjoy particular lifestyle for any individual.These basically require extensive capital which sometimes become difficult to launch and sustainlifestyle business person.1

Social enterprise: It is an organisation that apply some commercial strategies to improvein maximizing human and development well being. This venture includes social impact alongwith profit for external shareholders. This enterprise can be made for both profit and non profitforms.Big business: This involves large scale corporate controlled financial activities. Itdescribes action that run huge transactions and basically involve more general instruction ofdoing big things which include big investment (Carland and Carland, 2015).Scalable business: Most of the people tend to start their enterprise as a small business.There are very few people that are fortunate enough to capitalize the massive market opportunityas on taking risk they can be short of money so badly that their business would be affectedadversely. In financial market, scalability basically refers to financial institution which has theability to control their increased demands of customer. In the corporate set up a scalablecompany can be one of them which can maintain and improve profit margins while sales valuecould be increasing.Second stage business: In an early stage, entrepreneurs keep their focus on creating aninnovative and new ideas and services. But after completing that level they tend to prepare forthe next level which is second stage level. This venture is basically required to deal with largeamount of employee force and consider large revenue scale. It is not an easy task and not everyentrepreneur can tackle this type of challenge.Intrapreneurship is the act of behaving like an entrepreneur while working in any largeorganisation. It is known as practise of a corporate management style which integrates risktaking and innovation approaches which would reward with motivational techniques, that wouldtraditionally thought of being province of entrepreneurship. To identify managerial styles ofsmall business managers are at every stage of any organisational life cycle which basically areresponsible for considering managers work and their approaches to process and roles.P2 Similarities and differences between each entrepreneur ventures.Small business and Lifestyle business: There are many differences as well assimilarities between the two ventures. In small business it can also be considered as high growthstart up which is designed to be repeated and scalable (Dennis Jr, 2011). Which is totallyopposite to a lifestyle business that is not primarily concerned with scalability but actually aimsto sustain a particular level of income so that they can enjoy their particular lifestyle. Small2

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