Explore and illustrate the range of venture types that might be considered entrepreneurial

Entrepreneurship is the method of forming new process of business in a particular geographical area. Entrepreneurs while launching their new business process tend to focus on the target market first in order to maintain business sustainability. This particular study has focused to provide a deep insight regarding the various concepts of entrepreneurship and its different impact on the overall economy. It is undeniable that entrepreneurship is possessed with both positive and negative impacts. On one hand, the business entrepreneurs can recruit large number of employees and reduce un-employability from the society. On the other hand, the rate of job security on the small and medium enterprises is low. Therefore, people do not show their interest in being part of small business organization. This particular study has provided detailed overview on how various environments leave a major impact in the overall economic development of society.

The overarching term entrepreneurship is the systematic method of designing, initiating and running a new business process in the market. The persons who are associated with the business process are otherwise named as entrepreneur[1]. Serial entrepreneurs are primarily owner operators who tend to operate a number of business ventures while most of the entrepreneurial activity is mostly related to one specific venture. On the other hand, entrepreneur is an individual who starts a small business process with the help of limited resources and business capital. When a particular entrepreneur starts a new business process this individual aims to expand growth of business in other geographical areas as well. On the other hand, owner managers are primarily responsible for both the two activities. An efficient owner manager owns the business along with managing, leading and controlling the overall business process.

Entrepreneurship is of different types that include small business entrepreneurship, medium business entrepreneurship, social entrepreneurship and so many. The primary responsibility of small business entrepreneurship is to form a new business firm in the objective of forming the entire business process in different geographical boundaries. Social enterprises generally aim to deliver those kinds of products and services that are related to social development[2]. The primary goal of social entrepreneurship is not to enhance the target market but to fulfill the needs and demands of society for providing better world. However, the primary mission of entrepreneurship is to form a new process of business, be it small or medium sized in order to expand the entire process in multinational countries.

Assess the impact of small businesses on the economy

Creativity is all about unleashing the skills and minds in quest of growing new ideas and vision. On the other hand, the concept of innovation is rendering a change on the continuous stable system or rules in order to keep the market demand. As per the global market scenario the number of small and medium enterprises is high in numbers[3]. Large number of employees is inseparably related with the business process of small enterprises. Small business enterprises are very much beneficial for local community and their economic development. Large number of people having their own skill and competency get the chance for being associated within the business process. Small business organizations like to hire people from local community. As a result, the number of employability automatically rises due to the emergence of small business organizations. The increase of employability automatically enhances the economic stability of a particular geographical area[4]. On the other hand, small business organizations are not very much strict in terms of hiring employees at their workplace. Automatically, the small business organizations leave a major impact on the growth of business process economic development.

As per the opinion of Miller, small business organizations are not devoid of some of the major disadvantages. It is undeniable that possibility of business growth as well as business sustainability is not lower than international business organizations. While running the entire process of business in the market, the rate of sales volume growth differs from one year to another[5]. If the small business organizations fail to render sufficient number of sales volume growth the business experts cannot provide equal facilities and benefits to the employees. On the other hand, they fail to maintain a remuneration standard towards the organizational employees. As a result, the employees tend to show their level of dissatisfaction in providing good services to the customers[6]. Automatically, the number of turnover from the business organization becomes high. Employee turnover and the lack of business sustainability leave a major negative impact on the organizational employees.

In order to launch a new process of business an efficient business owner should have some of the major characteristics which are as follows. The entrepreneur should have proper management skill with the help of which the individual would be able to control the entire business process[7]. In order to interact with the employees of different geographical locations the entrepreneur should have multilingual skills and competency. With the help of this multilingual skill and competency the entrepreneur would be able to communicate with all the employees associated within the business process. On the other hand, before launching the entire process of business, the business entrepreneur should have the capability of analyzing the risk factor. Otherwise, this individual may not be able to overcome the sudden crisis at the middle of business[8]. With the changing business environment, every organization is focusing towards maintaining diversity at the workplace. Entrepreneurs are not exceptional to that. The primary purpose of business entrepreneur would be giving equal priority and response to all the employees. People should be recruited as per the skill and competency level rather than their cultural and religious backgrounds.

Determine and assess the key aspects of an entrepreneurial mindset

Hatten stated that personal entrepreneurs are having different kinds of tendency in launching a new process of business. While launching a new business process the primary purpose of a family entrepreneur is to engage the people from their family backgrounds within the entire process of business. Family entrepreneurs never intend to recruit the managers and higher authorities from outside. They always focus to involve their own family members within the business process. As a result, in family entrepreneurship the people from outside do not get enough scope and opportunity to show their telnets due to internal recruitment.

Some of the major factors and environments highly hinder the entire process of business especially if it is a start-up business process. The major factors that highly influence in the success of a business organization include personal background and education, national culture, economic circumstances and character traits. Employees are from different cultural attitudes and backgrounds[9]. While starting a new business process business entrepreneur have to face communication barrier, cultural barrier, psychological barriers and so many. In this kind of situation, employees fail to share their own opinion regarding the business goal to entrepreneurs. Ultimately the flow of entire business process is getting affected massively. On the other hand, the business entrepreneurs before launching a new business should receive a proper training on professional as well as managing skill in order to interact with the employees of different educational backgrounds. It has often been observed that entrepreneurs do not have proper training on professional skills. As a result, they cannot properly communicate with the internal employees in order to know their problems and difficulties. In this kind of situation, employees are not flexible enough to provide good performance to the business organization. Apart from cultural and communication barrier, the entrepreneurs have to face innumerable psychological barriers as well[10]. This particular barrier is a major concern for the business expert with the help of which the entrepreneurs fail to take an effective collective decision regarding the success of business[11]. Employees are from different cultural as well as religious backgrounds. As a result, their psychology and culture differs from each other. In this kind of situation, entrepreneurs have to face innumerable difficulties in taking a proper business decision due these barriers. This kind of environmental factors decreases the performance level of employees[12]. At the same time, business entrepreneurs have to face innumerable difficulties in maintaining revenue growth.   

Examine the different environments that foster or hinder entrepreneurship

Conclusion:

This particular study has provided an in-depth overview on the importance of business entrepreneurship and its necessary impact on the economy. Various eminent scholars have stated their own point of view. Business entrepreneurship is the systematic method of forming a new business process in a particular industry. As per the global scenario, large number of SMEs has expanded their entire process of business in various sectors such as retail, health care, hotels and beverages, IT and so many. The primary purpose of social entrepreneurship is to focus on the development of society rather than enhancing the number of target customers. Therefore, this particular study has provided detailed analysis on how various environments make a major hindrance for making an effective entrepreneurship.

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