P4 Explain the importance of small businesses and business start-ups

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EntrepreneurshipSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Examination of types of entrepreneurial ventures and their relation with typology ofentrepreneurship...........................................................................................................................1P2 Similarities and differences between entrepreneurial ventures..............................................2TASK 2............................................................................................................................................3P3 Impact of small and micro businesses on economy................................................................3P4 Explain the importance of small businesses and business start-ups to the growth of thesocial economy............................................................................................................................5TASK 3............................................................................................................................................6P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiatethem from other business managers.............................................................................................6P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mindset..................................................................................................................................7TASK 4............................................................................................................................................8P7 Examine, using relevant examples, how background and experience can hinder or fosterentrepreneurship...........................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONEntrepreneurship is the process which is followed by individuals to design, launch andrun a new business in systematic manner (Burns and Dewhurst, 2016). It is mainly related tosmall businesses and the persons who create the idea of it are known as entrepreneur. For thepurpose of managing petite companies it is very important for the businessmen to be aware ofmarket situations which may leave negative impact upon operations. Major factors which shouldbe focused by small as well as small companies are economic condition, market trends etc. Thisreport covers various topics such as exploration of range of venture types, assessment of impactof small businesses in economy, determination of key aspects on an entrepreneurial mindset etc.Apart from this, Examination of different environments that foster or hinder entrepreneurship arealso elaborated in this project.TASK 1P1 Examination of types of entrepreneurial ventures and their relation with typology ofentrepreneurshipEntrepreneurial ventures:All the businesses which are launched in the market withnew and innovative concept are known as entrepreneurial venture (Julien, 2018). Main objectiveof them is to grab attention of customers and generate higher profits so that business could beestablished successfully. The person who forms an innovative idea to launch them is known asentrepreneur and the abilities to critically analyse, find opportunities in the market, formulatingideas, monitoring the concept are considered as the part of entrepreneurship. In other words, itcan be defined as the process which includes designing, evaluating, monitoring, assessing,launching and operating a new business successfully in competitive market place.There arevarious entrepreneurial venture in which entrepreneur may get engaged. All of them aredescribed below in detail:Small businesses:All the businesses which are running their operations in a limited areaare known as such ventures. Employee strength of them is around 2 to 50 and all of themare responsible to perform all their jobs in systematic manner so that all the long termgoals could be achieved.Large businesses:The organisation which is operating business at large scale and havingemployee strength of more than 250 employees are known as large entrepreneurial1
ventures. Majorly such companies perform operational activities in more than onecountry as their main goals is to expand business and generate higher profits.Social enterprises:All the businesses such as non governmental organisations which aremainly working for the purpose of welfare of society are known as social enterprises(Mugler, 2017). Main purpose of them is to provide best care to the individuals who arenot having good financial condition and they are not able to spend money on their dailyactivities.Scalable start-ups:The businesses which are being launched by individuals with a newbusiness concept are known as such ventures. They perform all the operational activitiesto establish themselves successfully in the market. They also contribute in thedevelopment of economy by enhancing GDP of the country because innovativebusinesses attracts large number of customers.Typology of entrepreneurial venture:There are four different typologies of all theabove described businesses. All of them are described below:Serial entrepreneur:The individual who comes up with innovative idea and launches itin the market to establish a business is known serial entrepreneur. Scalable start ups arerelated to this typology because such companies are introduced with advanced concept inthe market.Social entrepreneur:This typology is related to those businesses which are beingexecuted for societal development. The social enterprises are considered as the part of itas main goal of them is to help the individuals who are not having financial support.Male entrepreneur:The companies in which most of the operations are executed bymen are known as the part of this typology. Large businesses have male employees morethan female so it relates to those organisations.Female entrepreneur:The businesses which are mainly operated by females are relatedto this typology. Now a days end number of small companies are operated by women indifferent countries.P2 Similarities and differences between entrepreneurial venturesDifference between lifestyle and serial entrepreneurs:Lifestyle venturesSerial entrepreneursThe businesses which are launched under thisThe businesses which are established by such2
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