The purpose of this report is to enhance understanding among individual in the context of entrepreneur practices that can assist them to represent new ideas in target market. The major area that this report is going to cover are:
- Discuss different range of ventures that might be considered as entrepreneurial.
- Identify the impact of small business over the economy of a country.
- Examine the crucial aspects of entrepreneurial mind-set.
- Analyze different environment that can hinder and foster entrepreneurship.
Entrepreneurs play an important role in developing economy of country. These are key people who generally found and run small business and have qualities, skills and initiatives which are required for anticipating current as well as future needs to achieve particular goals or objectives. Entrepreneurship can be defined as procedures where people come with innovative ideas and creativity and unique thinking for the purpose of starting and run an organisation in well manner. Their main objective is to maximise wealth and profits by optimums utilisation of available resources (Ackermann, 2012). This report will define entrepreneurial venture with typologies. It will explain about Brexit which means Exit of Britain from EU (European Union) and its impact on small businesses in UK. It also interprets relevant data to analyse micro business impact on social economy. This will also determine the characteristic, traits of successful entrepreneurs and how their personality reflects motivation and mindset as. This assignment will examine background and experiences of entrepreneurs through mini-research that can hinders and foster an entrepreneurship.
P1. Different entrepreneurial venture and their relationship with various typologies of entrepreneurship
Entrepreneurial venture concern with a firm in which requiress new ideas, creations and innovation to start a business and run it effectively. Entrepreneurs have various qualities and skills to handle business in any situation such as risks or uncertainties as well as critical circumstances in an effective manner (Blackburn and Hart, 2013). Their main purpose is producing best quality of goods and services and satisfy customers so that profits and revenues can be generated in more efficient way.
Entrepreneurs are key people who starts new businesses with creative ideas and unique creations and frame the ideas in an appropriate manner for increasing growth and maximising profits and wealth. They have better skills and knowledge for utilising resources such as land, funds, human resource and many more to create and operate an organisation and focus on its maintenance or management. They always try to make more profits and generate revenues for business development while achieving particular tasks or objectives in better ways.
There are defining key entrepreneurial ventures such as:
Small business entrepreneurship: In this concern those small start up which starts and operates by entrepreneurs. Therefore, individuals brings new ideas for launching a business by considering several things such as resources, tools or techniques, objectives, innovative ideas, unique plan and small investments that requires to states business so that they can accomplish set targets or goals in an efficient manner (Wainwright, 2013). In this considered various businesses such as carpenters, travel agencies, salon, and general stores etc. as per recent data of UK, it has been analysed that there are around 5.7 million small-businesses which built 99.7% companies. They hire only family members for running the business to feed them. Entrepreneurs generally arrange financial resources from their friends, family and any business loans.
Scale start-ups: In this kind of business, an entrepreneur start a new venture by setting specific visions and thinks that it will change the whole world in future. Entrepreneurs generally create a business and focus on attracting various investors towards firm. Therefore, they attract investors for bringing funds to implement ideas and formulate effective business. For this purpose, they focus on appointing suitable person with ensuring their quality to attract various venture capitalists and run an organisation in more efficient manner. Therefore, scalable model is best method for making better firm and overcomes several risks or uncertainties as well.
Large-scale firms: In this included those organisations that operate business activities in broad size as their operations broad segments which works for developing organisation and achieve growth in an efficient manner. They consider number of transactions or operates day-to-day activities for achieving set goals or objectives (Bridge, 2012). Large businesses have a specific life cycle in which they launch, grow for providing variety of products or services to the customers at marketplace.
Social enterprises: In such businesses, they only focus on providing social services and their welfare while running an organisation. They also concentrate on analysing consumers demand and try to provide best suitable goods or services to them for the purpose of satisfying their needs or wants in well manner. In this included profitable and non-profitable organisations.
Relations with typologies of entrepreneurship
Female entrepreneurs: in this considered those ventures which started or operated by women. They are multitalented because they manage their personal and professional life in same time. Women also capable to perform entire tasks or activities in well manner. They have unique qualities and special features for running any firms by considering risks or uncertainties that handle by them and also make favourable decisions for business development. For example Oprah Winfrey who is a successful entrepreneur of a Film Production House.
Serial entrepreneur: In this, entrepreneurs always come up with special plan and unique business ideas for start up. An individual generally start a new venture and then handover it to other person with successfully and then moves towards another businesses (O'Neill, 2012). Their main aim is launch a successful firm with unique ideas and then give its responsibilities to other person. For example Andreas von Bechtolsheim, who is co-founder of Sun Microsystems as he operated and left his many of businesses, he moves for Granite Systems which deals in producing networks switches, so he focused on bringing innovations and creations in the firm while starting the new business.
Social entrepreneurs: It includes various businesses which started for social people and considered their well-beingness. They transforms the firm in number of fields or sectors including health and safety, educations, environment and business development. Entrepreneurs focus on achieving sustainability by launching profits or non-profits organisations in an appropriate manner. For example Bill Drayton who is operating these types of firm and also current chair person of Ashoka.
P2 Similarities and differences between entrepreneurial ventures
In this considered several entrepreneurial ventures which have some similarities and differences among them as it can be understood in better manner by describing these in an appropriate way such as:
There are several difference between them but the major thing is that lifestyle entrepreneurs invests huge funds and brings investments for achieving higher growth (Burns, 2010). They also try to increase revenues and create demands among competitors so that good brand image can be build.
In this, individuals try to make a better organisation by performing every tasks in well manner. They wants to get succeed by analysing various opportunities so that talents can be showed for running firm effectively. Serial entrepreneurs consider the unique thinking and new innovations that are not exists. Therefore, entrepreneurs try to satisfy customers needs and wants with meeting desired expectations as well.
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