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Unit 9 Entrepreneurship Assignment (solved)

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UNIT-9ENTREPRENEURSHIP
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different type of entrepreneurial venture and typology of entrepreneurship........................1P2 Similarities and difference between entrepreneurial ventures...............................................3TASK 2............................................................................................................................................4P3 Statistics for illustrating micro and small business and their impact.....................................4P4 Importance of small businesses and business start –ups........................................................8TASK 3............................................................................................................................................9P5 Characteristics, traits and skills of successful entrepreneurs.................................................9P6 Entrepreneurial motivation and mindset..............................................................................10TASK 4..........................................................................................................................................12P7 Background and experience can hinder or foster entrepreneurship.....................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONEntrepreneurship is a process which helps to design, launch and run a business at initialstages when the business is small. The person who starts business is known as an entrepreneur.He takes up financial risk in hope to earn profits in the future. An entrepreneur is a person whohas an idea in his mind and a strong belief to be successful. They have willingness to work.Entrepreneur’s innovative ideas and mindsets makes them different from others. To become awinner in the business world, he must adopt changes, and have innovative ideas and self-confidence (Glaeser, Kerr and Kerr, 2015).This report discusses about different types of entrepreneurial ventures and theirtypologies and similarities and differences between these ventures. It will also discuss aboutsmall businesses and startup companies. This research will also assist in determiningcharacteristics, traits and skills of some entrepreneurs.TASK 1P1 Different types of entrepreneurial venture and typology of entrepreneurshipTypes of entrepreneurial ventures are: -Small business entrepreneurship. There are around 5 million small set up businesses.They include hairdresser, grocerystores, plumbers, carpenters, electricians etc. Small entrepreneur is the one who runs his/her ownbusiness by hiring local people or by employing people from family. Most of them are successfulas well (Bailetti, 2012). To start their business on small scale, they take up loans from banks,outsiders or anyone from family. The main objective is to earn much so that they can fulfillrequirements of their family.Scalable startup entrepreneurshipScalable businesses are those in which person starts their business with a vision. Theirvision is to change world from day one. They set up their start-up by attracting crazy investorsknown as venture capitalists. They start their business from outside capital. They employ onlythose who are the best and the brightest. The driving force for scalable business is to search for abusiness model that is measurable, repeatable and has some effects. They continuously search forventure capitalists to make investments.Large company entrepreneurship3
They are corporate enterprises and have finite cycles. Most of the successfulentrepreneurs are those who change the existing business with their innovative ideas andtransformation techniques. Generally, those entrepreneurs are included here who have an abilitytogenerate new ideas, create differentiated products to attract new customers, development ofproducts which are different from competitors. They have finite number of life cycles. Thesetype of entrepreneurs take risks and make new innovations. They try to grab the availableopportunities for their growth and development. It is a combination of multiple activities ofdifferent participants.Typology of entrepreneurshipSocial-able entrepreneurshipThey focus on creation of those products and services which solve the social needs ofpeople. Their aim is to make world a place, where there is no poverty and everyone is treatedequally (Drucker, 2014). They do not focus on capturing the market share and create wealth forthemselves but aim to create finance for people who are financially weak. They try to makeworld an improvised place to live in. Generally, profits are earned by companythat isreinvestedrather than distributing among shareholders.Serial entrepreneurThey set up business and try to bring growth and development in which they can movefurther by selling as per a per-determined strategy to exit. They hand over this business to someother people who further continue same business with few changes and investment in it. Theystart with another venture with a view to repeat same process with that business.Lifestyle entrepreneurThey are the passionate entrepreneur who do what they love most. They are more focusedand dedicated. They do not set up any business for profit motive but start it because they love it.Generally preserving time for children, friends and family, doing it as their hobby or interestcould be included to start a business.Solo entrepreneursIt is a one-man business where a single person handles all the operations and productionactivity of business. He manages all aspects and management. He has power to do multiple tasks.They alone can bring growth to organization.4
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