Entrepreneurship is the process to manage, develop and organise the new venture for the motive of profit. A report is to be prepared based on the words of Sir Richard to build and boost entrepreneurship in young adults. It covers the following-
- What are the different types of ventures which can be considered by entrepreneurs?
- What is the impact of small business on economy.
- What are the key aspects of entrepreneurial mindset?
- What are different environment which hinder or foster entrepreneurship?
Entrepreneurship is an effective process to develop, manage and organize a new venture with the purpose of make a profit. A person who run and start a new business by taking risk is called as entrepreneurs. Along with this, it also contribute in developing economic growth of the nation by providing employment to local people (Lortie and Castogiovanni, 2015). This section discussed about various types of entrepreneurial ventures and relation to the typology of entrepreneurship. In addition of this, similarities and difference between entrepreneurial ventures are also mentioned in this section.
1 Different types of entrepreneurial ventures and how the relate to the typology of entrepreneurship
Individuals who develop new and innovative ideas with the purpose of running a new business activities. In this, they also take risk in order to convert into higher profitability. In addition of this, they also contribute in enhancing overall performance by implementing new activities. With the help of this, they earn more revenue and order to enhance their market share.
It defines as an organisation that focus on developing business activities for attaining positive outcomes as it also contribute in economic growth of the nation. In this context, person who start a business by bringing new and innovative ideas in order to attain higher success at market place is known by entrepreneur (Hunt, 2015). One of the main aim entrepreneurial venture is to provide employment opportunities to local people in which they improve their living standard. Mainly, entrepreneurs take risk for generating profits for attaining success at market place.
Types of entrepreneurs:
Serial entrepreneurs are the person who implement new and creative ideas to run a new business in market place. Mainly, this type of entrepreneurs come up with innovative ideas to improve performance of the new business (Kautonen, Gelderen and Fink, 2015). Along with this, they also undertake profitable venture and give their responsibilities to another person. After that the move on to a new venture by bringing lots of unique ideas.
Social entrepreneurs are those people who work for society because the aim of social entrepreneurs is to establish their business for providing better solution to resolve social issues. One of the main purpose of those people is to solve community problems in order to enhance economic condition.
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Female entrepreneurs consist of women who applies feminist values with the purpose of improving the well-being of girls. Along with this, they also manage as well as organize whole business activities by accepting challenges to become a more independent. In addition of this, they having minimum financial interest of 51% of capital. Approx. 1/3rd entrepreneurs are women in the world.
Concept of entrepreneurship:
This concept refers to an effective process which define decision making, innovation and various things that contribute in establishing a new business organization with the purpose of generating higher profitability. Along with, it is also evaluate various opportunities through which an entrepreneurs can take high risk for converting into financial gain. In this the main main of entrepreneurship is to produce as well as offer creative services which help in grabbing customers attention. This will contribute in enhancing the chances of attaining success at market place.
Students can take help from this sample also: Planning for Growth of R Robson (Guinot)
Key ventures of entrepreneurship:
Small business is an entrepreneurship venture which operate at small scale with small financial funds. In today's time, number of small business are present in UK market and the main aim these type of business is to generate larger profitability. Mainly, it also impacts on economic growth of the country (Roig-Tierno, Alcazar and Ribeiro-Navarrete, 2015). As it includes less than 50 employees who support in business to run its activities. In addition of this, it also required less funds for establishing their business activities in market place. The main example of these business organization are consultants, travel agent, internet shops and many more.