Table of Contents
P1 Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship and explain what type of entrepreneurial venture Eddison’s GE group adopts.
P2 Explore the similarities and differences between entrepreneurial ventures.
M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship, including sources and Harvard Referencing Style.
D1: Critically examine the scope, development, and growth of entrepreneurial ventures in the UK, Including sources and Harvard Referencing Style.
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy.
P4 Explain the importance of small businesses and business start-ups to the growth of the social economy. Describe the economy of the UK and the importance of society.
P5 Determine the most likely characteristic traits and skills of Thomas Eddison and state how they differentiate from other business managers.
P6 Assess how aspects of the entrepreneurial personality of Eddison reflect his entrepreneurial motivation and Mindset
M3 Explore and examine different lines of argument relating to entrepreneurial characteristics.
D3 Analyze the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples.
P7 Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship
M4 Analyse the link between entrepreneurial characteristics and the influence of personal background and experience to specific successful entrepreneurs.
D4 Critically evaluate how background and experience influence entrepreneurs, both positively and negatively, by comparing and contrasting examples.
P1: Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship and explain what type of entrepreneurial venture Eddison’s GE group adopts
Types of entrepreneurial ventures
According to Wennekers and Thurik (1999), three types of entrepreneurial ventures: a) Entrepreneurial: Schumpeterian Entrepreneurs; b) Intrapreneurs: Employees in companies; and c) Managerial: Managerial business owners
An entrepreneur is an individual who starts and runs a business with restricted resources and coming up with, taking account of all the risks and rewards of his or her business venture. The business plan is typically a brand new innovation, product, or service, instead of an associated existing business model. Such entrepreneurial ventures target high-returns, with a high level of uncertainty. The entrepreneur has no problem placing his or her money security and career at stake to take unlimited risks on an inspiration, spending time still as capital on an associate’s uncertain venture.
Intrapreneurship is like an entrepreneur in a bugger organization. They are usually highly self-motivated, proactive and action-oriented people who easily take decisions or initiatives of their own, even within the boundaries of an organization, to take innovative products or services. The most important thing is that the intrapreneur is in the comfort zone because he/she believes that failure does not have any personal cost as it is the same for an entrepreneur because the organization will recover the loss arising from the failure. An intrapreneur always focuses on specific issues and his area is to comprise the process of the company rather than the whole business.
The specific issues can require skills directly or increasing productivity etc. An intrapreneur has the ability to drive some innovative stages for serving a better situation for the organization through serving goods and services. Entrepreneurs love freedom and the characteristics foster autonomy and independence within themselves. They are basically efficient in developing workflow charts and they can visualize the upcoming competition towards the company and how to mitigate them in a full swing.
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The individual within the organization who manages people to make the work done is called the managerial workforce. They are basically paid employees who have the authority to make any changes within the organization with prior approval. They are also very tactical in nature and always in a hurry to manage others or subordinates. They are basically responsible for the day to day activities. If there are no innovative ideas that come from their side, it seems to be okay because they are in the organization for the regular job done. They can think about how to make others efficient and how to relate one thing with another etc.