An Entrepreneur As an Innovative Source Of New Ideas

Categories: Innovation

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Executive summary

An entrepreneur is an innovative source of new ideas, the one who works more for himself, who set up and manage a small business and assuming all the risks and rewards of association. They are three types an entrepreneurial venture:intrapreneur, owner -manager's, and serial entrepreneur. Also, we can find different typologies of entrepreneurial start-up activities likes :salary-substitute firms, lifestyle and entrepreneurial firms. Small and medium firms have a direct influence on the UK business market by opening up new horizons and reconciliation.

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And you are trying to make a most critical analysis to examine the purpose, development, and growth of entrepreneurship within society.

Definition and different types of entrepreneurial ventures

An entrepreneur is the one who works more as an employee, sets up and manages a small business, assuming all the risks and rewards of association. The entrepreneur is generally considered an innovative source of new ideas, goods, services and business operations. Entrepreneurs play an important role in any economy, there are those who have the skills and the initiative necessary to anticipate the current and future needs and to bring new ideas to into the consumer market.

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Entrepreneurs who prove to be successful in assuming start-ups are rewarded with profits, become popular, and opportunities for continued growth and those who fail to suffer losses and become less widespread in the market.

They are different types an entrepreneurial venture

Intrapreneurs usually act as an entrepreneur but in a larger organization. Intrapreneurs are highly self-motivated and action-oriented, who feel comfortable taking the initiative even within the limits of an organization looking for an innovative product or service.

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Compared to the situation where the entrepreneur always taking on personal risk if a product has not produced revenue, an intrapreneur will continue to receive a remuneration even if the product fails to produce it.

Owner -manager, there are usually those people who own at least 50% of the share capital and they run a business as managers. However not all owner-managers are entrepreneurs, Serial entrepreneur it is the entrepreneur who always comes up with new ideas for new business but gives away to another person the responsibility of the business, and he concentrates the attention to new ideas and a new venture.

Entrepreneurial activities are found in three types of a startup

Salary-substitute Firms are small businesses that give a level of income to the owner or owners that is similar to what they would earn when working for an employer. Restaurants, accounting firms, carpenters, retail stores are examples of salary- substitute firms. Most small businesses fall into this category. Salary-substitute firms offer products or services common and readily available to customers but are not of the most innovative.
A lifestyle entrepreneur is a person who creates a business in order to change his personal lifestyle and not only to make profits. A lifestyle entrepreneur targets are more on the rewards of life offered to people who enjoy and have a passion for doing so.
Entrepreneurial firms are companies that bring new products and services by creating and capturing market opportunities, for examples Google, Facebook, Apple. This. companies create products and services that have value, that is important to their customers and their customers provides a useful measure would not have an option.

Similarities and differences between social entrepreneurship and lifestyle entrepreneurship

Theme Social Entrepreneurship Lifestyle Entrepreneurship
Location Are limited in location Not limited with their location
Escape Strategy They have escape strategy Has no escape plan as they run their business with passion
Finance They are looking for investors They create business with their own money
Working Hour They work extra hours for money or some other benefits Maintain a balance of professional life
Goals They are concentrate on goals They are not concentrate on goals
Charity They donate or charity when they will have enough money They do not believe in donation or charity

Diverse range of entrepreneurial ventures in public and private sector

Great Britain is an ideal place to start a business. Small businesses have a tremendous contribution to the economy bring about half of the jobs in the UK. Government helps SMEs to grow, develop new ideas and jump for support at the right time. In the public sector, such as banking, they try to provide reliable and safe for SMEs. Also, the British government is trying to protect banking services and open more to the possibility of better choices. In the private sector, the British government help by facilitating access to finance, thereby helping to attract investment by offering generous tax incentives. For example, since 2014 they remove stamp duty.

Scope, development and growth of entrepreneurial ventures

The entrepreneurial ventures are important for all level of companies. Entrepreneurs are often considered a national asset to be cultivated, motivation and remuneration to the greatest extent possible because they can change the way we live and work. Entrepreneurial ventures generate new resources, also they cut out the tradition and indirect support economic freedom and improve quality of life. The scope and development sector of an entrepreneurial venture is expanding as the recession is decreasing every day in the UK. People have started to invest in new business beyond what they already have, and the new generation focuses on their own businesses instead of working as employees. From this point of view, we see a growth of the entrepreneurial venture. In other words, no organization will operate smoothly without the format of these three entrepreneurial businesses. People are more innovative and try to evolve as much as possible in as many directions in the organization. Based on the statistics made, there is certainty that the scope and development are open for the small and medium firms because around 99.03% of the total firms are managed by the small and medium firms. Therefore there a probability that someday all small businesses take in a competitive business.

Conclusion

Today, people can not wait for big businesses to provide jobs for life. Individuals began to seek their opportunities to actively create value and to behave ethically, rather than faithfully follow established rules and routines of others. Especially young people today must learn to be entrepreneurs, both when working for others, and when they set up their own business. Being an entrepreneur involves taking responsibility for decision-making itself dependent, adventurous, bold, ambitious and holding value and the ability to create and come up with new ideas and put them into practice.

Works cited

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Kuratko, D. F., & Hodgetts, R. M. (2020). Entrepreneurship: Theory, Process, and Practice. Cengage Learning.
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Morris, M. H., Kuratko, D. F., & Covin, J. G. (2011). Corporate entrepreneurship & innovation. Cengage Learning.
Dees, J. G. (2001). The meaning of "social entrepreneurship." Stanford social innovation review, 5(2), 30-39.
Mair, J., & Marti, I. (2006). Social entrepreneurship research: A source of explanation, prediction, and delight. Journal of world business, 41(1), 36-44.
Thompson, J. L., & Smith, H. A. (2011). Social entrepreneurship: A critique and future directions. Organization Science, 22(5), 1203-1213.
Kickul, J., & Lyons, T. S. (2012). Understanding social entrepreneurship: The relentless pursuit of mission in an ever changing world. Routledge.
Brush, C. G., Duhaime, I. M., & Gartner, W. B. (2001). The gendering of entrepreneurship: theoretical and empirical insights. Women's Studies International Forum, 24(4), 365-386.

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