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UNIT 9 Entrepreneurship Assignment - Doc

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Added on  2020-11-12

UNIT 9 Entrepreneurship Assignment - Doc

   Added on 2020-11-12

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UNIT 9ENTREPRENEURSHIP
UNIT 9 Entrepreneurship Assignment - Doc_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11. Different types of entrepreneurial ventures and their typologies.......................................12 Similarities and differences between entrepreneurial ventures...........................................33. Statistics for illustrating impact of micro and small businesses on the UK economy......44 contribution of small business in the growth of social economy after Brexit.....................65. Characteristics, traits and skills of two successful entrepreneurs.......................................76 Examining background and experience can hinder or foster entrepreneurship on mini-research...................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
UNIT 9 Entrepreneurship Assignment - Doc_2
INTRODUCTIONEntrepreneurship is the process of launching and running a new business. In easy words,entrepreneur is an entity with ability to act upon opportunities to translate technology intoproducts. This present report is a brief study of types of entrepreneur, impact of small businesson economy and entrepreneurial mind set. Further, it will conduct mini research onentrepreneurial ventures and will demonstrate impact of small business on the economy. In thisproject investigation and research on characteristics, personality traits, skills of entrepreneurswill be analysed. Illustration through statistical data is done to derive impact of small businesseson economy. Statistical analysis is also done to show Brexit’s impact on the economy andtypologies of entrepreneurial ventures are also described briefly. 1. Different types of entrepreneurial ventures and their typologiesEntrepreneur is a person who looks after all the business activities. Taking intoconsideration the risks and loses of the firm. Entrepreneur of an organization takes all the factorsand runs the business accordingly. There may be a small or large business ventureentrepreneurship is applied in running all the business activities. Both small or largeentrepreneurial ventures are critically important to the performance of the economy. Whether itis individual and corporate venture, they serve different economical functions to business entity.There are different types of entrepreneurial ventures which serve society and industries withwide varieties of product (London, Anupindi and Sheth, 2010). Every type of entrepreneurialenterprise has different perspectives motives and they may also differ in sizes financialcapabilities resources etc. below mentioned are some types of ventures:Small businessThis is an individually owned enterprise with a short term goals. These types of businessnot deal with large number of employees. Less resources to work and runs with the possibilitiesof eventual sale of the year. These firms are capitalised by friends, family or personal funds. Forexample, retail stores, construction firms, restaurants etc. entrepreneurial activities are performedin sophisticated way as only one owner is responsible for handling all the tasks. There is a lessneed of entrepreneurial activities organised in this venture. New concepts and ideas takes time tobe implemented in the firm.Micro enterprise1
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These types of business include microenterprise and freelances. It is basically a self-directed business. This enterprise works to achieve long term goals. It is started by combiningfounder's skills and passion. Here operations are done on a small scale. It is generally a self-employed firm which deals with limited sources and therefore providing sufficient products tothe customer. These companies are not big revenue generators or job provider company butworks with small management with less staff members. Entrepreneurial activities are promotedmore in the business entity.Medium enterpriseThese enterprises generate medium source of wealth in organization. These venturesinvest smart capital. Medium ventures operate their business activities with the great source ofplanning and development. These ventures get supported by the market for their growingknowledge in market. These types of venture survive more in market place. They get financialsupport from banks side as well. These types of enterprises believes in maintaining a healthyrelationship with their customers.Typologies:Social enterprise This business runs with the social perspective of serving to society. This company worksmainly to solve customer's health issues. It is basically a non-profit firms which is serving to theconsumer not for the motive of earning profits (Killing, 2013). Capital investment is dependedon the size and type of the company. This organisation influences the society with their goodwork and also has a social impact on the lives of the people. This business concentrate more on agreater quality of goods.Scalable start-upThese are start-up companies which can be considered as fresher’s in this entrepreneurialworld. These firms generally focus in bringing new concepts to the society. Business believes inbroader ideas of innovation in this industry. It provides technology based goods and services tothe customers. For example, IT companies developing B2B Software’s, life-saving medicinesetc. scalable firms have a potential to grow their company in future with the great perspective ofgenerating large wealth from the organization.2
UNIT 9 Entrepreneurship Assignment - Doc_4

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