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 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 its importance to 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 Analyze the link between entrepreneurial characteristics and the influence of personal background and experience on specific successful entrepreneurs.
D4 Critically evaluate how background and experience influence entrepreneurs, both positively and negatively, by comparing and contrasting examples.
This paper discusses and explains different kinds of entrepreneurial ventures following a particular entrepreneurial venture, called Thomas Eddison. The first section of this paper examines different kinds of entrepreneurship. The second section explores similarities and differences among different kinds of entrepreneurial. The third section discusses the impact of micro and small businesses on the national economy. Forth section explains the importance of entrepreneurial businesses in economic development. The fifth section explores the traits and skills of entrepreneurial, Thomas Eddison. The sixth section discusses how entrepreneurial, Thomas Eddison, characteristics reflect on mindset and motivation. Finally, this paper examines how experiences and backgrounds of entrepreneurship affect entrepreneurship.
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 Johnson (2015), entrepreneurship is the ability or enthusiasm to organize, manage and develop different ventures of a business to make the business profit and reduce several risks. As Ries (2016) notes, there are mainly three types of entrepreneurial ventures. These are a) Entrepreneurial; b) Intrapreneurs and c) Managerial.
An individual who manages or organizes the business enterprise mainly with great advantages and solves several risks successfully is known as entrepreneurial (Aulet, 2016). The plan of the business is usually the new innovation of the business brand, services/products rather than connecting the existing model of business. The entrepreneurial targets high returns with high uncertainty levels. According to rising (2016), the entrepreneur does not focus on his/her security of career or money to develop his/her business enterprise as well as spends many times to make his/her business enterprise successful.
According to Desouza (2015), the term “Intrapreneurship” means discovering and making innovative ideas for creating business value. Moreover, making innovative ideas and the organizations (including a self-financing organization) with the help of the presently operated entrepreneurship organizations is involved by this activity. An intrapreneur is mainly an action-oriented, self-motivated and proactive person who takes the business decisions easily within the organization’s boundaries to create new and innovative services/products. Most importantly intrapreneur is always in the comfort zone as she/he thinks that failure have not any personal cost. Then, an intrapreneur concentrates on the particular issues of the business processes instead of all issues of the business. Maximizing productivity is the particular issue of a business. As Haller (2016) notes, an intrapreneur has the capability to enterprise a number of inventive steps for allocating a good position for a business organization by creating new services/products. Moreover, Entrepreneurs always like freedom and several features that make them independent.
The business organization manages the people within the organization to create the work completed is known as managerial. Moreover, they have mainly waged the staffs who have the ability to take the organization’s changes (Harold, 2016). Then, they are very strategic and hurry in character to manage the employees of an organization. Managerial persons are mainly liable for daily activities. On the other hand, they can believe in what way they make other people capable and know in what way they can share one thing with another (Hynes, 2015).
Explain how they relate to the typology of entrepreneurship
As Filion (2015) notes, entrepreneurs are mainly of two types which are a) Operator and b) Visionary. Moreover, entrepreneurs are four types which are a) Nomad; b) Isolated; c) Entrepreneurial and d) Notable (Marchesnay, 2016). According to Miles and Snow (2015), there are four types of entrepreneurs which are a) Innovator; b) Prospector; c) Reactor and d) Follower As Burns (2011) notes, entrepreneurs are eleven types which are a) Solo self-employed individuals; b) Team builders, c) Independent innovators etc. On the other hand, Julien (2016) stated that owner-managers are mainly two types which are a) PIG (perpetuation, independence, and growth) and b) GAP (growth, autonomy, and perpetuation). Then, as Carter (2015) notes, organizational actors are two types. All the types are applied to improve the typologies of entrepreneurship are connected to the behavior of humans. In general, entrepreneurial typologies are improved by the researchers looking for the classical types which are responding to the essential sociological rules.
A number of types will be applied to set the behavioral profile. Moreover, a type’s identification should allow several categories to be created that respond to the conditions’ logics of the organization. The several entrepreneurial types should be capable to observe the general rules and produced the unchanged in the social backgrounds. Entrepreneurial typologies can be beneficial in recognizing the capabilities essential by every type for the proficient application. Every type includes criteria set that is applied indirectly for decision-making influencing the identity process, future progress and self-awareness of an entrepreneur. Moreover, typologies can support understanding the perceptive process’s selection. They contain criteria set which indirectly affect the process of decision-making and the process of vision. The entrepreneurs and the owners of the small businesses will influence the new activities’ choice which is created by their own presence…………….