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UNIT 9 Entrepreneurship Assignment

   

Added on  2020-06-06

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UNIT 9ENTREPRENEURSHIP
UNIT 9 Entrepreneurship Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of Entrepreneur ventures and their relationship with topology ofentrepreneurship..........................................................................................................................1P2 Similarities and differences between entrepreneurial ventures.............................................3TASK 2............................................................................................................................................4P3. Impact of small and micro businesses upon the economy....................................................4P4. Contribution of small business and start-ups towards socio-economic growth....................5TASK 3............................................................................................................................................7P5. Characteristic traits of two successful entrepreneurs differentiating them from othermanagers.....................................................................................................................................7P6. Reflection of entrepreneurial motivation and mind set by entrepreneurial-personality.......8TASK 4............................................................................................................................................9P7. Hindering of entrepreneurship by experience and background............................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
UNIT 9 Entrepreneurship Assignment_2
INTRODUCTIONEntrepreneurship is defined the ability of developing, organizing and managing varioustypes of entrepreneurial ventures by involving risks to gain high profits (Choi and Majumdar,2014). The main characteristic trait defined by entrepreneurship is the ability of formulatinginnovative methodologies to enhance the business.The decision of UK leaving European Union is having a huge impact on UK's economysince many trade connections exist in between these two. To confirm this, a referendum wasconducted in June 2016 in which majority of people voted in favour. This majority percent was51.9%b among the total of 30 million people who voted. So leaving the EU might be an adverseimpact upon the economy of UK. So entrepreneurs in order to establish their businesses have tofully utilise their entrepreneurial skills for facing the economic challenges after Brexit(Davidsson, 2015).The report emphasises upon different types of entrepreneurial ventures. Furthermore, theeffect of small-businesses upon economy has been analysed as well. Then, determination &assessment of various aspects of having entrepreneurial mind-set has been done. In the end,diversified environment fostering entrepreneurship have also been discussed. TASK 1P1 Different types of Entrepreneur ventures and their relationship with topology ofentrepreneurshipEntrepreneur is the person who sets its business to achieve its objectives. He haspotentiality, management and innovative skills for establishing successful business. Theentrepreneur provides good opportunities to the unemployed people, develop other sectors andcreate wealth. There are different types of entrepreneur ventures exists in the market. Theseincludes social venture, start-up venture, small business ventures etc. Social venture :Social ventures are maintained by the organisations which are made by socialentrepreneur. They achieve social targets by providing proper solutions. They believe in makingsustainability in sustainable profits. The role of social entrepreneur is to bring innovative changein different areas like enterprise development, education, health etc. Role of social entrepreneuris to achieve systematic, sustainable social change by implementing new strategies andapproaches. He has to give more concentration on social values and make more efforts on1
UNIT 9 Entrepreneurship Assignment_3
minimizing the financial value. The social entrepreneur have common characteristics likepassion, strong belief to give contribution in social and economic development.Start-up venture:Start-up entrepreneur are the businessman who newly starts their business. They haveprofessional background in the domain which they have selected for their business. The start-upventures comes with new and creative ideas which works upon the solution of real life problemsof the people. They generally start their business by two persons or making team of 5 to 8people. In this venture their risk of losing the business as sometimes it fails due to variousreasons like tough market, financial crises etc.Small business venture: Small business ventures are mainly established by the entrepreneur whose main purposeis to earn money to fulfil their basic needs. They hire people to fulfil their short term goals andbenefits. Small business entrepreneur uses different strategies to achieve their goal. They collectthe funds from their relatives or from friends. Intrapreneur:Intrapreneur is the person whom company gives the power to create new products. It hasto promote and create the product without taking care of the success and failure of the product.The intrapreneur get salary even if the product fails while this is not the case with entrepreneurwho has to take risk of failure of the product. Serial entrepreneur:Serial entrepreneur is the person who starts new business with new idea and then leave itby giving responsibility to others. He established new business with different idea and start thebusiness again. This will be beneficial only for those entrepreneurs who have new and innovativeideas to achieve the success. Lifestyle entrepreneur: Lifestyle entrepreneur do their work by setting up their own methodologies and ideasaround their objectives. They believe in enjoying their hobbies, spending time with theirfamilies, charity work etc. Growth entrepreneur:2
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