Question-   Different types of Entrepreneurship

Solution-

Different types of Entrepreneurship

Scenario and Activity

You have been recently hired by Federation of Small Business (FSB) UK which is an association providing advice, information and support to small businesses and entrepreneurs. You have been assigned to prepare a report to include in a small business support folder to be distributed to new entrepreneurs trying to establish new businesses.

You should do a small research and identify at least one example of each type of entrepreneurship. You must describe and compare different environments for each of your examples and evaluate their impact on the economy at different levels. The research should reveal some data to prove impacts of small business to the economy.

Secondary research could be conducted for your choice of local business. Primary research may be included if possible, by use of interviews, existing videos or questionnaires completed by practicing entrepreneurs.

You should essentially address following in your booklet:

Introduction

 

a) Investigate different types of entrepreneurial ventures comparing their similarities and differences. You should choose one example of each type of entrepreneurship preferably from local businesses.

Define and explain with example at least two examples of each Entrepreneurial venture. You must draw different organizational example around the world for different Entrepreneurial venture. Remember one must be UK based local business.

  • Social Enterprises
  • Scalable Entrepreneurial venture 
  • Lifestyle Entrepreneur or Entrepreneurship
  • Imitative Entrepreneurial venture

Then write how these entrepreneurial ventures related to typology of entrepreneurship

Similarities and differences between entrepreneurial ventures

 

Similarities

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Write your text here + give an example  )

2

 

 

 

 

3

 

 

 

 

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Differences

1

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Write your text here + give an example  example)

Write your text here + give an example  example)

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Write your text here + give an example  )

2

 

 

 

 

3

 

 

 

 

4

 

 

 

 

 

b) Assess the impact of small businesses on the economy supported by data and statistics derived from local sources (Be sure to cite the sources of data correctly)

Micro Business:

  • Define, explain and example Micro business (4-5 lines)

Small Business:

  • Define & explain and Small business (4-5 lines)

Impact of Micro business on economy

You have to choose and present 2 different statistics (Must use statistical figure and chart from reputable sources) for micro businesses in UK and country of your choice and then interpret what these statistics say and then assess each of them separately about their impact (positive or negative) on UK economy in terms of;

  • Impact on GDP
  • Foreign trade
  • Reducing unemployment,
  • Innovation and growth of economy
  • Any relevant other statistic

Impact of Small business on economy:

You have to choose and present 2 different statistics (Must use statistical figure and chart from reputable sources) of small businesses in in UK and country of your choice and then interpret what these statistics say and then assess each of them separately about their impact (positive or negative) on UK economy in terms of;

  • Impact on GDP
  • Foreign trade
  • Reducing unemployment,
  • Innovation and growth of economy
  • Any relevant other statistic

c) Evaluate the differences between small, medium and large business and the contribution they make to the different levels of the economy (local, regional, national and international) by applying relevant data and statistics.

  • Define small business, medium business, and large business. Then write the differences among them. Write at least five differences between them.
  • Discuss how do small business, medium business, and large business contribute to the Local economy, Regional economy, National economy and international economy by applying relevant data and statistics.
  • For each level of economy you can use different paragraph.

 

d) Importance of small business and business start-ups to the growth of the social economy.

 

  • Define Social economy
  • How important small businesses and business start-ups to the growth of the social economy. Follow the links for information.

Conclusion

Section 2- Understanding Entrepreneurs

Scenario and Activity:

Continuing from the section 1, in your role at the FSB, you have been asked to prepare a report to present at the annual business startup meet on the topic of ‘Winning mindset of Entrepreneur’. The report should include the following:

 

Introduction

a) Provide at least 3 examples of successful local and global entrepreneurs to illustrate the characteristics and traits of entrepreneurship and the enterprises they have led to success.

  • Choose one local entrepreneur Based on UK and write his scope of entrepreneurship with his skills, characteristics, and traits
  • Choose one global entrepreneur and write his scope of entrepreneurship with his skills, characteristics, and traits
  • Choose one social enterprise and write his scope of entrepreneurship with his skills, characteristics, and traits

b) Explore different lines of arguments for entrepreneurial success and impacts of situational and motivational factors.

  • Here you need to write some arguments on how above-mentioned entrepreneurs’ entrepreneurial success. Write some positive and negative point of view of some authors of the entrepreneurial success.
  • Then write how their situational and motivational factors impact on their entrepreneurial success

c) Assess the relations among entrepreneurial personality, motivations and mindset.

  • You have to write on how entrepreneurial personality impact on entrepreneurial motivation and entrepreneurs mind set.
  • Also write the relationship among entrepreneurial personality, motivations and mindset.

d) Analyze how background and experiences hinder or foster entrepreneurship skills giving contrasting examples critically providing their positive and negative influences on the successful entrepreneurship.

  • You have to examine two examples of entrepreneurs where family background, educational background or experience helped them to become entrepreneur. 
  • You have to examine two examples of entrepreneurs where family background, educational background or experience hindered or failed them to become entrepreneur.

 

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