UNIT 9 Entrepreneurship Assignment (Doc)
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Added on 2020-10-23
UNIT 9 Entrepreneurship Assignment (Doc)
Added on 2020-10-23
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UNIT 9ENTREPRENEURSHIP
TABLE OF CONTENTS
INTRODUCTIONEntrepreneurship may be defined as an activity in relation to setting up of for profitattainment over the risks undertaken. It presents willingness of an individual in relation todeveloping, organizing and managing business venture over the both financial and non-financialconstraints. Projected file is brief research that is conducted on entrepreneurship. Reserch includeall the elements of booklet. In this, report will provide deeper insight about the extent to whichvaried entrepreneurial ventures differ as well as similar to each other. Further, it also entails thecontribution of SME’s in the economic growth and development of UK. Changed contribution ofsmall businesses on the economy of UK especially after Brexit is also contrasted. Reflection ofthese business's contributions to economic growth also presented in research report. Moreover,this assignment bring into view on entrepreneurial characteristics, skills and traits by renderingexamples of 2 successful entrepreneurs. TASK 1P1 types of Entrepreneurial Typologies and Ventures Mainly Four kind of entrepreneurial ventures are been generally used by entrepreneur tostart up his/ her business (Barringer, 2015). Each of its types are dissimilar to each other, basedupon their size, operations, activities, and management and has a remarkable impact on aneconomy for its development and growth. Few of them are stated below: Small Business Entrepreneurship: These are corporations which are owned privatelyby an entrepreneur. These type of entrepreneurial ventures consists of fewer employeeswith less annual revenue if compared to regular sized business. In United Kingdom thereexist a number of small businesses, which are more preferred by an entrepreneur and areincreasing day by day. There are around 5.7 million small business contributing to around50 per cent employment opportunities of all private sector workers. These type ofbusinesses do not focus to take over an industry instead of that aims directly in feedingtheir family by making a nominal amount of profit. Large Company Entrepreneurship: It is also a type of industrial enterprise which is alegal entity made up of people’s association. Members of the company has a commonpurpose and unite their efforts to focus on their individual talent to organize collectively
available resources and skills in order to achieve group or organizational goals. Theseentrepreneurial ventures have finite number of cycles which grows from legislation law,sustaining innovation, etc. In order to sell products in new customer markets these largecompanies need to create new products.Scalable Start up Entrepreneurship: These type of entrepreneurs has a power tochange the world completely with their vision and can attract investors like venturecapitalists (Dees, 2017). This type of entrepreneurship is being done by Silicon Valleyand Venture investors. Social Entrepreneurship: Entrepreneurs of these entrepreneurship plays a significantrole in solving social problems by creating new products and services and also putemphasis on the same. Their main aim is to make world a better place for living and notto take over market or any industry. Entrepreneurial Ventures Typologies:Corporate Level Entrepreneurship: It is termed as the comprehensivereconstitution of different business functions which establishes the new corporation(Inglehart and Norris, 2016). It could also be defined as, the modification of acompany through renovation of significant concepts on which it is constructed. Enterprise Level Entrepreneurship: Purposes or reasons for which an organizationexists are redefined through this process of enterprise level entrepreneurship. Thisprocess is come into existence when organization's goal seems absolute andunattainable.Business Level Entrepreneurship: By founding up, entrepreneurial operations arebreak down into different categories on the basis of its role in existing Firm. Functional Level Entrepreneurship: New technology, product and service arebeing developed in this Entrepreneurship level which eventually resulted inimprovised group and function within company.Above highlighted are some touchstone used to develop and create entrepreneurial typologies.
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