Question :
'The objective of this report is develop understanding of learner over entrepreneurship and its practices. In this regard it is required to analyze the potential contribution of entrepreneurial firms in economy development practices.
- Evaluate different types of entrepreneurial ventures that might be considered entrepreneurial.
- Identify the impact of small business over the economy.
- Analyze the key aspects of entrepreneurial mindset.
- Discuss several environments that can hinder and foster entrepreneurship.
' Answer :
INTRODUCTION
An entrepreneur is defined to be a person who is attempts start a new initiative through conversion of his idea into a reality (Ackermann, 2012). An entrepreneur can be considered as a leader that defines the direction in which an enterprise will move along with assuring accountability and responsibility for the same. The sole person is responsible for looking after all the segment of a business and intents to gain good financial outcomes from this endeavour. Before undertaking a venture, it is essential to conduct a market assessment so that available opportunities could be capitalised upon. This assignment focuses on identification of range of entrepreneurs along with their similarities and differences. The impact which is being possessed by small organisation is considered on the economy of the country and major aspect of an entrepreneurial mindset. Lastly, factors which foster and hinder entrepreneurship capabilities are examined.
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P1 Different types of entrepreneurial venture and relate to type of typology of entrepreneurship
Entrepreneurial venture - It is said that entrepreneurial venture is same like continuous business. Under this, business or firm is prepared through an individual which is creative and also know about grab any kind of effective opportunities in order to produce social as well as economic value in business (Blackburn, Hart and Wainwright, 2013). It is rapid in developing better wealth and in this chance of risk involved is high and find effective method to manufacture service products. In addition to this, an entrepreneur is that person who begin, run and manage business with limited resources which it has to be. It is a responsibility or duty of an entrepreneur to make better products which can satisfy needs and demands of consumers in an effective manner.
Types of Entrepreneurial venture
Serial entrepreneurship- These types of person begin their own business regularly and sells later by earning more money. They have many creative as well as innovative ideas and then use in business. This entrepreneur likes to take challenges and delegate responsibilities of conducting business operations and more on some other ventures. They sell their business after earning more profit level.
Social entrepreneurship- Their main focus is on doing effective activities or the welfare of society and also solving any kind of problems of people of society not generating more profit. These people are ambitious as well as capable in handling main social problems which are happen in society. They work for making the society better and enhance economy of country.
Female entrepreneurship- Empowering females in whole world is regarded as major motive of entrepreneurs. All the female entrepreneurs conduct business for spread awareness between all women in order to generate profit (Bridge and O'Neill, 2012). In addition to this, share of women in an organisation is about 51% as comparison to male entrepreneur. As comparison to male, females are more creative and also manage all business activities in fair manner.
Small business entrepreneurship- On the basis of present given scenario, there are different kinds of entrepreneurial ventures which are running in United Kingdom. In this country, there are around 6 million of small form and under small businesses include consultants, electricians, grocery stores, carpenters etc.
Types of typologies
Survival ventures- Under this, an entrepreneur begin its business in order to earn effective livelihood for family. They earn money or their themselves for increasing their standard of living in a better or proper manner.
Managed growth venture- These kinds of venture run through smart entrepreneur who has better ideas or creative method to earn more money. Persons which invest this business which do not waste money and also know to generate money profit level.
Skeptical entrepreneur venture- These people carried out research in order to search major reasons behind success of an entrepreneurs (Carsrud and Brännback, 2011). These venture takes whole process of research in significant manner and also get positive outcomes in better way.
P2 Similarities and differences among entrepreneurial ventures
Under this, there are different kinds of entrepreneurial ventures which are run business in society. All entrepreneurial ventures are more effective or beneficial and their own manner. In addition to this, in all entrepreneurial ventures there are some similarities as well as difficulties. Some of the differences and similarities among all kinds of entrepreneurial ventures are given below as above:
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SIMILARITIES
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Lifestyle Ventures
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Social Entrepreneurs
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- These kinds of venture conduct as well as begin their business at small scale.
- These entrepreneurial ventures do not have motive to generate profit (Chittithaworn and et. al., 2011).
- The main motive of entrepreneurial venture is to work for providing benefits to people of society. Their main focus on make improvement in living standard of people.
- They start their business at small scale level and also work for the welfare of people in an effective manner.
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DIFFERENCES
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Lifestyle Ventures
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Serial Entrepreneurs
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- These are the people which start, operate and run their business with their own money.
- They do not prepare any kind of strategy to run business ventures with their innovation as well as full passion (Chrisman and et. al., 2012).
- Their main motive is to generate more profit and run business on the basis of their lifestyle.
- These types of ventures make use of the more funds in order to start or run business in an effective manner.
- They always develop effective strategies and executed them at workplace in an effective or significant manner. From this all employees will work in a systematic manner.
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SIMILARITIES
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Female Entrepreneurs
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Male Entrepreneurs
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- The main focus of women entrepreneurs on their work or use innovative ideas at workplace for making business more successful (Dennis, 2011).
- Female entrepreneurs are innovative as well as broad thinking in work for conducting business activities in systematic manner (Bridge and O'Neill, 2012).
- The main focus of male entrepreneurs is on doing business activities in proper period of time.
- They do all their business activities with full of passion and also using innovation in making business activities more effective.
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DIFFERENCES
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Female Entrepreneurs
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Male Entrepreneurs
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- All the female entrepreneurs take maximum time in order to take better decisions in favour of an organisation.
- Their main focus on making products of effective quality and also give the social contribution (Carsrud and Brännback, 2011).
- Their main aim is to make healthy as well as harmonious relationship with consumers in order to enhance sales.
- They are conservative in order to take risk.
- They have an ability to take decisions in an easy manner.
- These types of entrepreneurs are able to deal with financial risk at market place.
- They are very task oriented person.
- Their major focus on improving an economy as well as minimizing manufacturing cost.
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