Unit 9 An Analysis of Entrepreneurship
Added on 2020-10-22
19 Pages6361 Words113 Views
Leadership ManagementEntrepreneurshipProfessional DevelopmentPolitical Science
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Running head: AN ANALYSIS OF ENTREPRENEURSHIPUnit 9An Analysis of Entrepreneurship
Table of ContentsIntroduction.................................................................................................................................................3P1 Different Types of Entrepreneurial Venture and relate to topology of entrepreneurship....................3P2 Differences and similarities between different Types of Entrepreneurs..............................................5P3 Impact of micro and small business on economy with statistical data................................................6P4 Importunate of small business and start ups on growth of social Economy.......................................8P5 Key aspects of an entrepreneurial mindset..........................................................................................9P6 Aspects of entrepreneurial personality in reflecting entrepreneurial mindset and motivation...........12P7 Different environment that foster or hinder entrepreneurship...........................................................13Conclusion.................................................................................................................................................15Books and Journals:...................................................................................................................................17
IntroductionEntrepreneurship is known as the type of business where an individual person starts anautonomous business venture. Entrepreneur is the key person of the organization that operatesthe organization individually (Dees 2017). He is responsible to take the decision for theorganization. The skills and traits of the entrepreneurs are different from other managers. Theyneed to be more courageous to manage the entire business autonomously. The following reporthas conducted research on entrepreneurship. It has discussed about different types ofentrepreneurship venture. It has enlightened the impact of the small businesses of a country on itseconomy. Moreover, it has analyzed the mindset of successful entrepreneurs. Therefore, it hasdiscussed about the difficult environment that hinder or foster entrepreneurship. P1 Different Types of Entrepreneurial Venture and relate to topology of entrepreneurshipEntrepreneurs are known as the people that plan, design, establish, manage the operationsof a business organization, and take the risk autonomously (Drucker 2014). From the owner ofsalon to the owner of leading social networking site Face Book Mark Zuckerberg, everyone isconsidered as an entrepreneur. According to the style of starting the business, the entrepreneurialventure of the entrepreneurs can be divided into five different groups (Burns 2016). It definesvarious common typologies of entrepreneurs. They are discussed below:Small Business: Maximum number of entrepreneurial ventures starts as smallbusinesses. According to the report, there are 5.7 million small entrepreneurial business venturesexist in the world (Barringer 2015). Small businesses like grocery stores, salon, carpenters, smallrestaurants and electric shops are known as small entrepreneurial venture. People that want toachieve limited success in life and do not want to face huge risk of competition and loss, takesuch initiatives. The goal of such business ventures is limited within a small area. These businessventures do not aim at dominating the entire industry (Bruton et al. 2015). Leaders of such smallenterprises hire local experienced employees and want to make profit by serving local people.These entrepreneurs take small interest loans from the local banks, elders of the families orfriends to start the business. Although, such small businesses participate in the taxation orpayroll, it does not create leaders who can dominate the entire industry.
Social Enterprises: Social enterprises are those entrepreneurial ventures where theleaders work for the society and they aim at resolving the issues of the world (Glaeser, Kerr andKerr 2015). They mainly work in sustainable manner. Entrepreneurs that want to achieve respectfrom society often take part in such initiatives. They make sure that none of their activities putnegative impact on the earth. The owners of such organizations can pay attention to variousissues while starting their venture, such as- health issues of the aboriginals, global warming,issues faced by the underprivileged kids or the issues of developing countries and so on. In orderto start such entrepreneurial business ventures, the entrepreneurs need to invest quality amount ofmoney to manage the organizational operations. Such initiatives are known as small amount ofjob creators (Read et al. 2016). However, it must be mentioned that these organizations putsignificant impact on the earth and improve the quality of life of people. Scalable Startup: Scalable startups are known as the revolutionary organizations thataim at changing the entire world. The vision and mission of the leaders of such organizations areto dominate the industry and the world by organizational operations. There is one type ofentrepreneurs that want to make a mark on the entire world start such businesses. They contactwith the large financial investors and attract them to invest in their business ventures (Naudé2014). These ventures are known as huge job creators. They attract job seekers from the entireworld and hire them to work for the betterment of the organization. They only hire the highlyskilled and hard-working employees from various corners of the world. Such businessorganizations not only influence the economy of their native country, but the economy of theentire world. These are some huge profit-making companies and the leaders of theseorganizations keep expanding their business organizations (Decker et al. 2014). Although, theseorganizations also enter into various sustainable practices to maintain healthy relation with thesociety and the world, the main objective of these ventures is to make profit. These businessorganizations located in the places like Silicon Valley, Bangalore, Shanghai and so on. One ofexemplary example of such organization is Google, Apple, Face Book and so on. Large Companies Entrepreneurship: In order to manage the competitive nature of theindustry, to beat the rival companies or to meet the expectation level of the consumers, oftenlarge companies start new business ventures and design new products or start offering newservices. It helps them to meet the requirement of the new consumers. Hence, it helps the
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