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UNIT 9 Entrepreneurship : Assignment

   

Added on  2020-10-05

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UNIT 9 Entrepreneurship

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11 Different types of entrepreneurial ventures and their relation to the typology ofentrepreneurship..........................................................................................................................12.similarities and differences between entrepreneurial ventures................................................23. Micro and small businessesimpact on economy with the evidence of statistical data .........................................................44 Significant of small businessesand business start –ups will contribute to the growth of the social economy after ‘Brexit’......55 Characteristics, traits and skills oftwo successful entrepreneurs, which differentiate them from other business managers...........76 Background and experience can hinder or foster entrepreneurship.........................................8CONCLUSION................................................................................................................................8

INTRODUCTIONEntrepreneur has capability of identifying future trends and develop new products tosatisfy customers current needs (Höglund, Holmgren Caicedo and Mårtensson, 2018). Theyundertake all activities which are required for enhancing productivity and profitability of thebusiness. Small and medium size business play crucial role in growth and development of thecountry economy. This assignment discuss about how ventures are similar and different fromeach other. Report cover topic of significance t of small businesses and business start –ups willcontribute to the growth of the social economy after ‘Brexit” and Micro and small businesseshave an impact on economy with the evidence of statistical data.William Henry Gates is a successful entrepreneur born in October 28, 1955 in Seattle,Washingtone, US. He is the founder of Microsoft, which is among the world biggest Softwarecompanies. Another successful entrepreneur is Steve Paul Jobs born in February 24 1955 anddied on 5th October, 2011. He is an American entrepreneur who is the founder, chairmen andCEO of Apple. End of this report explain background and experience of said entrepreneur whichcan hinder or foster entrepreneurship.1 Different types of entrepreneurial ventures and their relation to the typology ofentrepreneurshipEntrepreneurship is a procedure of developing a product and carry out all the necessaryactivities which are required for starting up of a venture. Owners are responsible for everydecision and actions, they undergo various risky situations in the process of establishing abusiness (Chi, Tansuhaj and Sun, 2016). They invest money to enhance their productivity andexpand their operations. Ventures critically analyse preferences of customers, on the basis oftheir identification they create products. Various types of entrepreneurial ventures are given belowSmall business: it is defined as a business which is own and managed by single individual, ithas limited turnover and staff members. It consists of major part in the economy, it provides rawmaterial to many large projects. Entrepreneurs has close control over the decisions of business, itcan employee maximum of 50 employees. Small business has insufficient funds because for anew establishment it becomes difficult to arrange capital. Owners has creative ideas which isessential for building strong brand image. For example, guest houses, restaurants etc.1

Medium size business: It is an independent organisation, which employ less than 250employees. Small business earns desired amount of profits and keep aside some capital which isrequired for expanding operations and aim at becoming medium size (Schwens and et.al., 2018).This enterprise is flexible; it changes or modify its products on the basis of customersrequirement. For example, branded clothing store, software company etc.Micro size business: micro business is a type of small enterprise, which employ less than 9people. Entrepreneurs do not have enough funds; they generally borrow funds which is termed asmicrocredit. Main objective of this organisation is survival, they earn to serve their families andprovide them with living. For example, coffee shop, street food, etc.Typology of business Large enterprise: This business has its wide scale operations, which is controlled and managedby the shareholders. In terms of their lifestyle they are growing and developing themselves at thelarge scale. Due to enough resources it becomes easier to expand commercial activities and Theyhave various employees for performing all the operations of business. Management effectivelyutilise all the resources of business and deliver valuable services to their clients. They havesufficient funds to carry out all activities of business and expand its operations. For example,Walmart, General motors, etc.Scalable business: scalability is one the significant component which is required for increasingits operations and it explains its capability to cope up with the workload. In order to meet up therequired demand of customers’ business increases the range of services and products (Fernhaber,Gilbert, and McDougall, 2014). These type of companies have low operating value because ofminimum warehousing cost and they do not invest much amount in the infrastructure. Theirlifestyles is termed to be medium as the growth of business is not widely developed incomparison to large enterprise.Social business: it can be termed as new dimension in the business world, main objectives is tolook after need and requirement of society & community. Entrepreneurs effectively handle allthe global issues of the enterprise. They reinvest profits earned by them for reducing poverty,alleviating hunger and provide education for all round growth and development of theindividuals. Their lifestyle depends upon the improvement done in the society, motive is toprovide quality products and services. 2

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