Entrepreneurship: Types, Impact on Economy, and Characteristics of Successful Entrepreneurs

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Entrepreneurship
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Entrepreneurship
Table of Contents
Task 1....................................................................................................................................................3
Examine different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship....................................................................................................................................3
Explore the similarities and differences between entrepreneurial ventures............................................4
Task 2....................................................................................................................................................4
Assess and interpret relevant data and statistics in your mini-research to illustrate how micro and
small businesses impact on the economy...............................................................................................4
Explain how important small businesses and business start-ups will contribute to the growth of the
social economy......................................................................................................................................6
Task 3....................................................................................................................................................8
Determine the characteristics, traits, and skills of successful entrepreneurs, which differentiate them
from other business managers...............................................................................................................8
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set.
.............................................................................................................................................................11
Task 4..................................................................................................................................................13
Examine, using relevant examples obtained through your mini-research, how background and
experience can hinder or foster entrepreneurship................................................................................13
References...........................................................................................................................................15
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Entrepreneurship
Task 1
Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship
Entrepreneurship carries the different meaning for different people. The ones who are
planning to open up their new business must assert the meaning and concepts of
entrepreneurship. It is having more than concepts. Entrepreneurship holds much more
importance than just initiating a business. It involves skills and invention qualities along with
qualities of management. Entrepreneurship or business as we know emphasizes on facing and
solving the risk factors. Thus, this term also means creating new ways of solutions to
different problems (Light, 2009).
Enterprise is considered to be the business organization or unit where the entrepreneur will
exercise his business and management skills. Enterprise is an undertaking be it a project or
something else. It is mainly related to business oriented purposes. Entrepreneurial activities
refer to the set of knowledge that the entrepreneur exercises on the business to enhance the
brand name and profitability of the schemes (Stevenson and Jarillo, 2007).
Serial entrepreneurs are the ones who confidently sets up a business, and with the complete
succession of that business, they move on to some other venture or take up some new projects
and might even sell their earlier one. An intrapreneur is the ones who invents, generates and
explores new strategies for the product development and strategic marketing of that product
or services. The manager will surely to have been belonging from the own business house.
The owner manager is the one who owns a business, and himself manages all the procedures
(Nielsen and Sarasvathy, 2011).
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Entrepreneurship
The lifestyle businesses tend to maintain their business growth like turtles, that is it may see
significant growth else not. However, like other business, it keeps a constant pace of
venturing and rendering enough profit for the owner. This type of ventures are profitable but
does not influence rapid revenue growth and economy. The growth business, on the other
hand, focuses on the acute and targeted marketplaces. The find potential and robust growing
elements of the business activities and in the subsequent developing years. There are
technological developments and innovations that revolve around the dynamics of the
customers that create new market expansions. The growth is promising one and brings in
huge developmental growth in the market or niche and interacts with the customer needs to
keep on developing and meeting customer demands making them attain the ultimate customer
satisfaction (Schindehutte and Morris, 2009).
Explore the similarities and differences between entrepreneurial ventures
Entrepreneurial activities can take place in any context apart from the organizational sector.
The type of entrepreneurship that is to be discussed is the corporate entrepreneurship that
sums up then most profit and revenue of the country economy. An entrepreneurial venture is
one that locks in no less than one of Schumpeter's four classes of behaviour and conduct: that
is, the vital objectives of an entrepreneurial venture are benefit, profitability and development
and the business is described by innovative vital practices and strategies.
Task 2
Assess and interpret relevant data and statistics in your mini-research to illustrate how micro
and small businesses impact on the economy
Entrepreneurship and development of the economy are closely related to each other. This is
because both of them play the equal important role in each of the perspectives. The economic
growth of the country is hugely influenced by entrepreneurial activities. Small business has
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