Question

What are the different types of entrepreneurship?  Explain at least four types.

2) Define a “gazelle” and discuss ways in which gazelles can impact the economy.

3) Define and describe the Lean Start-up methodology.
4) Explain three major reasons why ventures fail.
5) List and explain each of the phases in the creative process.

6) Describe the “Immigrant mindset” and how it can impact entrepreneurship and ultimately the economy (Hint: Refer to the additional materials – especially the Harvard Business Review article by Glenn Llopis and the links in the first module of the ‘Content’ section).

7) Describe the five major problems in laws reflecting ethical standards.

Answer 1

1) Different types of entrepreneurship :-

It is a kind of activities which are set up to form an Enterprise where the entrepreneur takes the risk with the hope of gaining profit. There are many types of entrepreneurship. Some of them are -

a) Administrative entrepreneurship :-

The activities under this category are in a centralized structure where all the managerial and directorial functions and tasks takes place. This type of entrepreneurship provides the current and forecast future situation which gives an organization a competitive advantage in the market against the rivals. Administrative entrepreneurship helps in the sustainability of a firm as well as increase it's efficiency and some of the examples are TQM, job redesigning etc.

b) Opportunistic entrepreneurship :-

This type of entrepreneurship where a firm grabs opportunity where ever it gets for its succession. Due to the changes in the environment, the chances of opportunity also changes. But it is also very difficult to identify the needed opportunity and utilize it on time. So, this type of entrepreneurship identifies, utilizes and executes different opportunities to get a competitive edge.

c) Private entrepreneurship :-

Private entrepreneurship is when a private sector owns this entrepreneurship. Various government concerns give venture to encourage the entrepreneurs for opening private company. The economy would be balanced when the private and public sector would work mutually.

d) Public entrepreneurship :-

This type of entrepreneurship is undertaken by the government sector and other government agencies. It can be said that all countries take the initiative to open a public entrepreneurship in it's own country if the market has less private entrepreneurs.

e) Acquisitive entrepreneurship :-

This type of entrepreneurship is when the entrepreneurs learn from other entrepreneurships and thus develop it's skills from learning to improve the enterprise. This type of firms acquire new ideas and other technical capabilities. As it always acquire new skills and trends from other organizations, so it mostly remian sustainable in the competitive market.

Hope this helps :)