Entrepreneurship Assignment: Understanding Entrepreneurship
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Added on 2020-06-06
Entrepreneurship Assignment: Understanding Entrepreneurship
Added on 2020-06-06
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UnderstandingEntrepreneurship
Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1P1 Types of entrepreneurial ventures and their relationship with typologies.............................1P2 Similarities and Difference between entrepreneurial ventures..............................................3P3 Assessing and interpreting the impact of micro and small businesses in economy...............4P4 Contribution of small businesses and start-ups in growth of social economy.......................6PART 2............................................................................................................................................8P5 Characteristics, traits and skills of successful entrepreneurs.................................................8P6 Assessment of aspects of entrepreneurial personality in reflecting entrepreneurialmotivation and mind-set..............................................................................................................9P7 Factors that foster or hinder entrepreneurship.....................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................11.......................................................................................................................................................13
INTRODUCTIONEntrepreneurship refers to the effective concept of managing and developing a businessventure to gain maximum profit by taking few risks or threat in the corporate world (What isEntrepreneurship?, 2017). In simple word, entrepreneurship is a willingness or desire toestablish a new business in systematic manner. It played a vital and critical role in the economicsuccess of enlarging global marketplace. It is also define as an effective process of of running,planning and lunching a new venture (Aldrich, 2012). An individual who develops theseenterprise are called entrepreneurs and they has more capability to maximise sales or revenues.The present assignment is based on “Entrepreneurship”, it covered different tasks. Differenttypes of entrepreneurial ventures and its link with entrepreneurship typologies. All these havesome differences and similarities which are determined in this report. Impact and contribution ofsmall and micro business in growth of social economy is also determined in this project.Characteristic, skills and traits and personality of successful entrepreneurs reflect onentrepreneurial mind set and motivation which is also analysed in this assignment. PART 1P1 Types of entrepreneurial ventures and their relationship with typologiesEntrepreneurship is identify an an essential and main process that deals in developing andlaunching new business by taking risks in the aim to earn maximum amount of money. Anindividual who open a new venture are known as entrepreneur. They have many role andresponsibility in successfully launch innovative enterprise with motive to earn more profitabilityby satisfying desires and needs of clients (Audretsch, 2012). The grab chances from marketplaceand merge production factors like capital, manpower and resources in these venture opportunitiesand chances for attaining maximum ration of profit. Several entrepreneurial classification bywhich more profits automatically can generates. All these are determined as below: Small-business: Today, the enormous number of startups and entrepreneurs in the UKare still small in size. In United state, there are approx 5.7 million new and small ventures. Theycompose 99.7% of whole business and work 50% of entire non-governmental workforces. Smallbusiness are hairdressers, grocery stores, travel agent, commerce store fronts, consultants,electricians. Carpenters etc. 1
Scalable startup: These business people start a business understanding from day one thattheir motive and vision could modify the world. Scalable startups in new clusters such as siliconValley, New York, Israel, Bangalore, Shanghai etc. compose a few number of startups andentrepreneurs due to the large returns, entrance almost entire risk capital. Large company: These type of business have finite life cycle. In order to growing anddeveloping their business operations in marketplace they offering new products and sustaininginnovation that are deviation around their quality goods (Audretsch, Falck and Heblich, 2011).Variation in advanced technology, customers taste, legislation, new challengers, etc. can developpressure and force for disruptive innovation- necessitate large number of business to developnew product entirely with purpose to sold into potentials and target clients in innovative place. Social entrepreneurship: An individual who run this business are known as socialentrepreneur or innovators. They are mainly emphases on developing new services and productsthat solve different issues and problems related to social needs. Main goals and motive of thisbusiness people is to make an effective and better place in all over the world but not sized marketshare. Types of entrepreneurs and their relation with typologies of entrepreneurship. These aredetermined as below: Serial Entrepreneurs: An individual who run their new venture incessantly and sell it offan earlier are known as serial entrepreneur. They have innovative and creative ideas in order todevelop their business operation in successful manner. Social entrepreneurs: An individual who have new ideas in order to solve social needsand problems are called social entrepreneurs (Bruton, Ahlstrom and Li, 2010). They arepersistent and ambitious, tacking main social problem and rendering innovative as well ascreative plans for wide-scale change. They are more capable and ambitious of managing socialproblems that are prevailing or overcoming in the society.Female entrepreneurs: Women entrepreneur is refers to the effective process wherefemale organise and establish entire factor of production. These has more capability in order toundertake all risks and give employment opportunities to other. Male entrepreneurs: An individual who run, organize and initiate a new business ventureare known as male entrepreneurs. This type of entrepreneurship is mainly managed andcontrolled by male person. In worldwide, they have approx 49% shares. 2
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