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Unit 9 Entrepreneurial Ventures Assignment Sample by native assignment help
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Entrepreneurship works beyond the management and administration of the closed system. The Feature of entrepreneurship consists of the creation and system orientation to achieve the objectives and goals set out for the success of an entrepreneurial venture. The entrepreneurs work as stimulations to enable opportunities for employment in the business sector.
The report is made to discuss the concepts of entrepreneurship based on scope and mindset. The report further highlights the skills and characteristics of the entrepreneur. The key feature of the report develops an understanding of the mindset associated with entrepreneurship (Angel, et. al. 2018). Entrepreneurship has both advantages and disadvantages in the individual's life. Both sides of entrepreneurship are to be discussed in the report. To become an entrepreneur, a person should have various qualities and different characteristics that develop the ability, skills, and confidence of the person or entrepreneur in the business.
Figure 1: Entrepreneurship
The entrepreneur title is more exciting for any person in the world as it gives a rewarding and reputable career. An individual gets more benefits and profits when an entrepreneur tag is connected with a person's . The person should have a practical and great idea to establish any business (Parente,et. al. 2021). To become an entrepreneur the person should go through the various steps that are as follows:
Many entrepreneurial ventures are failed during the initial age of the business in the market due to lack of exploration in the field of entrepreneurship on the basis of scope and opportunities (Block, et. al. 2022).
The scope or opportunities of an entrepreneurial venture are discussed below:
Talking about the real-life example of Disney that timely consumed all the scopes of the entrepreneurial ventures. The company buys the animation studio Pixar in the year 2006. And regularly innovate its business with the changes that occur in the different market environments. Walt Disney is an entrepreneur of the Disney organization. The Disney entrepreneur catches all the opportunities and scopes of an entrepreneurial venture timely and since the company has a well-established market in different parts of the world.
There are different types of entrepreneurship in different parts of the world small business entrepreneurship (SME), large company entrepreneurship, social entrepreneurship, start-up or technical entrepreneurship, etc(Hsieh, et. al. 2019). All these entrepreneurs have different characteristics and traits that develop the ability, skills, and confidence of the person or entrepreneur in the business.
The various characteristics are discussed below:
Famous entrepreneurs who founded UberCompany are Garrett Camp and Travis Kalanick. The company was founded with the idea to transform the taxi industry or after invitingan investment. Ubergrabbed and exploded enormous market share in a very short time, both entrepreneurs of the company improve their self-tactics and successfully build the company across the world. The most favorable characteristic of the company's entrepreneur for creating effective business in the market is team building. Also, an entrepreneur easily adapts all the required features that increase the long-term focus of the business. Criticizers have later questioned an organization’s business practices that did Uber edge taxi regulations or pay its independent contractor driversaffectedly low pay to make the unsustainable corporate model grasp the early foothold in therising market? However, no one can debate that a business has not dramatically altered how people develop around.
There are various types of entrepreneurial ventures in the business world. The most widespread typology of an entrepreneurial venture is survival, managed growth, lifestyle, and aggressive growth. All these typologies of ventures differ in various terms like management focus, structure, and annual growth rate. The management styles of these different types of ventures are also different. The difference between survival and lifestyle ventures is that survival is dependent on reactive management, while lifestyle relies on tactical management(Salmony, and Kanbach, 2022). Both proactive and strategic management styles are used by aggressive growth companies on the other hand, the managed growth type of business generally uses a strategic management style.
Besides these differences, these ventures have two similarities between them(Basole,et. al. 2018). The main aim of the lifestyle and survival venture is an income substitution. Owners of small businesses are encouraged through a certain degree of freedom or being in control of an organization. Whereas the entrepreneur of aggressive and managed growth ventures relies on a wealth creation. Proprietors of these kinds of companies seek not only to substitute their existing income or work freely but to developan organization to shape their fortune. Furthermore, exit methods used inlifestyle, managed growth, or aggressive growth businesses are alikeas all types of concerns can be transferred or sold.
In common, mindset is the mode of thinking (Daspit, et. al. 2021). It can aid to be conclusive, growth to encounters, overwhelmed problems, learn from the hindrances, or make regular improvements. This is the so-called entrepreneurial essencethat is what professionals refer to as an “entrepreneurial mindset.”
The features that make up that mindset are as follows:
Entrepreneurial ventures can also be related to the typology of entrepreneurship, whichidentifiesdiversebackgrounds or motivations of entrepreneurs who are looking to start a new business(Lanivich, et. al. 2021). There are 3 foremost types of entrepreneur’sintrapreneur, owner-manager, and serial entrepreneur. Intrapreneurs are those people who work in bigcorporationsand have entrepreneurial mindsets that can be used to solve any multifaceted business issues. Entrepreneurial behaviours marked in intrapreneurs contain organization, innovation, and a willingness to bear risks.
Serial entrepreneurs are persons who make more than one unconnected start-up orevade playing an importantadministrative role in them. They frequently wait for an organization to grow, then sell it to the new owner andproceed to start the new venture. These entrepreneurs frequentlygenerate aggressive growth endeavours, since these look auspicious to possibleinvestors or purchasers who can improve quickly. Though managed growth corporations can also be generated byserial entrepreneurs since these businesses face fiscal risks or their development can be exactlyprojected.
At last, the owner-manager is that type of businessperson who established the new business or took the management role in it(Rojas, et. al. 2022). These entrepreneurs frequently work with other workers to manage their presentation or use their capital as a key foundation of financing. Ventures functioned by the owner-managers are usually lifestyle and survival ventures because they both have simple construction or only need basic administration skills to be maintainable.
Figure 2: Entrepreneurial mindset
An entrepreneurial mindset can be encouraged in different ways(João, and Silva, 2020). There are ten ways to foster from which an entrepreneurial mindset in both organizations and individuals.
Conclusion
Based on the report it is concluded that an entrepreneur has more potential to bear risk in the competitive market and because of this, there is also a high level of profit earned by that person. The report talks about those critical points in which the way is directed that is helpful for those persons who plan to establish a new business. An entrepreneurial mindset is discussed in the report to point out its importance in the entrepreneur's life. The different characteristics are included to conclude its significance in becoming an entrepreneur.
References
Angel, P., Jenkins, A. and Stephens, A., 2018. Understanding entrepreneurial success: A phenomenographic approach. International Small Business Journal, 36(6), pp.611-636.
Basole, R.C., Park, H. and Chao, R.O., 2018. Visual analysis of venture similarity in entrepreneurial ecosystems. IEEE Transactions on Engineering Management, 66(4), pp.568-582.
Block, J.H., Fisch, C. and Hirschmann, M., 2022. The determinants of bootstrap financing in crises: evidence from entrepreneurial ventures in the COVID-19 pandemic. Small Business Economics, 58(2), pp.867-885.
Bonini, S. and Capizzi, V., 2019. The role of venture capital in the emerging entrepreneurial finance ecosystem: future threats and opportunities. Venture Capital, 21(2-3), pp.137-175.
Daspit, J.J., Fox, C.J. and Findley, S.K., 2021. Entrepreneurial mindset: An integrated definition, a review of current insights, and directions for future research. Journal of Small Business Management, pp.1-33.
Entrepreneurial Mindset Network, 2022. The power of the Entrepreneurial Mindset in Higher Education (online).<https://entrepreneurial-mindset-network.teachable.com/p/the-power-of-the-entrepreneurial-mindset> (accessed on 1 December 2022).
Hsieh, L., Child, J., Narooz, R., Elbanna, S., Karmowska, J., Marinova, S., Puthusserry, P., Tsai, T. and Zhang, Y., 2019. A multidimensional perspective of SME internationalization speed: The influence of entrepreneurial characteristics. International Business Review, 28(2), pp.268-283.
João, I.M. and Silva, J.M., 2020. Developing an entrepreneurial mindset among engineering students: encouraging entrepreneurship into engineering education. IEEE RevistaIberoamericana de TecnologiasdelAprendizaje, 15(3), pp.138-147.
Kouakou, K.K.E., Li, C., Akolgo, I.G. and Tchamekwen, A.M., 2019. Evolution view of entrepreneurial mindset theory. International Journal of Business and Social Science, 10(6), pp.116-129.
Lanivich, S.E., Bennett, A., Kessler, S.R., McIntyre, N. and Smith, A.W., 2021. RICH with well-being: An entrepreneurial mindset for thriving in early-stage entrepreneurship. Journal of Business Research, 124, pp.571-580.
Mathew, A., 2015. 6 Essentials of Entrepreneurship (online). <https://www.liveadmins.com/blog/6-essentials-of-entrepreneurship/> (accessed on 1 December 2022).
Parente, R., El Tarabishy, A., Botti, A., Vesci, M. and Feola, R., 2021. Humane entrepreneurship: Some steps in the development of a measurement scale. Journal of Small Business Management, 59(3), pp.509-533.
Rojas, M., Watkins-Fassler, K. and Rodríguez-Ariza, L., 2022. The Life Satisfaction of Owner-Manager Entrepreneurs When the Business of Business is not only Business. Applied Research in Quality of Life, pp.1-25.
Salmony, F.U. and Kanbach, D.K., 2022. Personality trait differences across types of entrepreneurs: a systematic literature review. Review of Managerial Science, 16(3), pp.713-749.
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