Question :
The Federation of small business has been identifying ways through which positive entrepreneurship could be promoted. This report aims to encourage people to take up entrepreneurship and at the same time support them to start a new venture.
- Examining different types of entrepreneurial ventures that exist in the market.
- Discover the major similarities and differences between different entrepreneurial ventures on the basis of their roles, objectives and characteristics.
- Presentation and interpretation of data which illustrates the contribution of small businesses to the national economy.
- Explanation of the importance of small businesses to the social economy of a nation.
- Determination of skills and traits of a successful entrepreneur by focusing on examples.
- Carrying out an assessment of how entrepreneurial personality reflects entrepreneurial motivation and mindset.
- State with the help of examples of how the background and experience of a person hinder and foster entrepreneurship.
Answer :
INTRODUCTION
Entrepreneurship is known as an effective process or procedure of doing something innovative and different for the motive of developing wealth for the individual and adding some essential value to society. The entrepreneur is a person who undertake to manage, assume and determine the risk and uncertainty which is present in the business. (What is Entrepreneurship?, 2018). Today, an entrepreneur is a developer or innovator who recognises and realize opportunities. It is also important and essential for the unemployed people because it gives large number of chances to them. Entrepreneurship also identified as a process in which an individual is willing to develop and conduct business operations by taking certain type of uncertainty like political, financial and many other. The main motive behind opening a new business is to accomplish sustainability and higher growth in the marketplace by earning maximum profits and revenues (Altman, Sabato and Wilson, 2010). This assignment is based on General Electric which is founded by the Edison. It has has been founded in 1878 by Thomas Alva Edison to market his later products and incandescent lamp. Main aim and motive of this organisation is to achieve long term goals and objectives. This project is based on different tasks which cover different types of entrepreneurship and its relation to the typologies of entrepreneurial venture. These are have some similarities and difference which support to maximise sales. Experience, background, skills, characteristic and traits of two successful entrepreneurs effects on its mind set and motivation which is also determined in this study.
TASK 1 Examine different types of entrepreneurial ventures and explain how they relate to the typology Of entrepreneurship
P1 Different types of entrepreneurial venture and its relationship with typologies
Entrepreneurship is activities of setting business with taking financial risk in the hope of gain profits in long period of time. According to the Audretsch, (2018), Entrepreneurs have ability to develop new innovative ideas in order to achieve their goals and objective in limited period of time. Through this, firm has run their whole business activities effectively (Audretsch and Link, 2012). Eddison is a person who start new business with limited resources, they are responsible for all reward as well as risk of their enterprises venture. Several type of entrepreneurship venture are explain as follows:
Small business entrepreneurship: Most of the company in United Kingdom has operating their business activities at small level. According to the Storey, (2016) Person those have innovative in nature as well as risk taker want to open their own enterprises in order to achieve goals and objective in an effective ways. This kind of firm has generate employment opportunities and provide growth in nation economy. Each and every country has has promote international trade which affect profitability as well as growth in long period of time.
Scalable start-up entrepreneurship: Government has develop rule and policies related to start ups in order to promote them which help to contribute in nation economy in positive manner. Start-ups mean a new or innovative working ideas which have ability to solve clients issues related to needs and want (Barringer, 2012). They are capable to produce high quality product with additional feature those are core competences of enterprises. Eddison has increase opportunities of employment as well as innovating working process which are reduce effort of employees and motivate them to achieve target in an effective ways in given time frame. The main aim of start-ups of gain high market share or position as compare to their competitors in appropriate manner.
Large company entrepreneurship: Large organisation has finite life cycle of their business as well as product. Eddison has used continuous innovative strategies in order to achieve introduction phase at PLC. Through this, firm are able to attract large number of customers toward firm product and services effectively (Baum, Frese and Baron, 2014). Manager of General electric has conducting research to know client's needs, preferences, wants and many more and accordingly produce good, for this they are used high technology to full fill customer's demand in appropriate manner. Eddison has adopts this entrepreneurship venture.
Social entrepreneurship: Person those are develop commodities and service to solve social needs and want in an effective ways. The main aim of these kind of entrepreneurs make better world to live not earn higher profitability. May be social entrepreneurship have non profits organisation or hybrid on nature. General electric is a business which was launched by the Edison with aim to accomplish their predetermined objectives. There are different small business plumber, electrician and many other.
Topology of entrepreneurship: Several type of topology are explain as follows:
- Lifestyle venture: These type of entrepreneurship operating business for profits. They want to work alone with their innovative thinking.
- Survival venture: They are run their enterprises in order to gain livelihood for their family.
P2. Similarities and dissimilarities in between Entrepreneurial Ventures
There are number of entrepreneurial ventures which may operate their business with the aim of attaining better success at market place (Bosma and Levie, 2010). All entrepreneurial ventures operate their business with specific goals and objectives in which they improve their performance level. In this context there are some similarities and differences between entrepreneurial ventures are as follows:
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Basis |
Lifestyle Ventures |
Serial ventures |
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Similarities |
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Differences |
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Basis |
Male Entrepreneur |
Female Entrepreneur |
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Similarities |
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Differences |
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