This assessment will provide some of the main questions which are like:
- What are the key areas for which the entrepreneurial mindset and functioning are undertaken?
- What are the different environments and the areas through which the hinder entrepreneurship and foster of working are taken?
The term entrepreneurship is related to that aspect that states that it is a capacity or willingness of an individual to establish a new venture in an existing marketplace with an aim of bearing risk and profit. Along with this, the primal function of an entrepreneur is to discover novel ideas and implement the same into a business function for gaining a competitive advantage in an innovative or creative style. Moreover, it is classified into various categories and each of them differs from the others in terms of roles and responsibilities (Baum, Frese, and Baron, A., 2014). Furthermore, for accomplishing the desired objective, every entrepreneurial venture needs a definite set of skills and traits that lead them to reach its goal within a prescribed time limit. This study involves various kinds of entrepreneurial ventures and relates it to typology, the influence of small businesses on the UK economy. Finally, identification of characteristics, skills, and traits of entrepreneurs as well as provide a relevant example to explain whether their past experience or background hinders or fosters them. Furthermore, the effect of the social economy on the UK economy in terms of accomplishing growth and development in a better way.
P1 Different types of an entrepreneurial ventures and its typology
Entrepreurial venture is a proprietor or owner of an association who makes an endeavour to earn increased level of profit maximisation by utilising available resources at optimal manner. Moreover, there are different types of entrepreurial venture which varies from each other in terms of size, scope, purpose, profit margin and so on. However, each entrepreur are viewed as innovative driven, and are constantly prepared to adopt all exiting or upcoming challenge of organisation. Therefore, some of the various types of entrepreurial ventures are as follows: The various sorts of pioneering adventure are as per the following:
Scalable Start-up Entrepreneurship: This type of entrepreneurship relates with those in which entrepreneur establishes its own business with an aim of changing the world. However, for obtaining the same, it collect funds from venture capitalists as well as recruit highly skilled or talented manpower (Burns and Dewhurst, eds., 2016). This is because, it empower them to attain increased level of sustainable profitability ratio. Moreover, such entrepreur tend to set up scalable business model by implying their best contribution towards an economic enhancement in terms of employment generation. For example, Facebook, Instagram, online shopping for electronics and etc.
Large company: Under this kind of entrepreneurship make an initiative in acquiring sustainable innovation for which they deliver innovative products or services in order to fulfil the requirements of customers and also to gain competitive advantage among competitors. Hence, for obtaining the same they make use of advanced technology or automation that motive those to enlarge its market share effectively and efficiently. For example, Google, Microsoft, Samsung and many more.
Social Entrepreneurship: In such kind of entrepreneurship, an entrepreneur produce or offer certain goods or services for solving social issues or difficulties with an intent of improving living standard of community or society in an impressive way. For example, Safepoint Trust, NHS and etc. Some of them are non- profit, profit or hybrid organisation who works towards to develop wellbeing of community or society (Fayolle, Liñán and Moriano, 2014).
Typologies of entrepreurial ventures
Innovative entrepreur: In this entrepreneurship, these are the ones who imagine the new thoughts, new items, new generation strategies or procedures, find potential markets and revamp the organization's structure. These are the business chiefs and contributes fundamentally towards the financial improvement of the nation. It involves large entrepreurship and scalable who make use of available resources by grabbing all opportunities and growth platforms in a b