Unit 9 Entrepreneurship And Small Business Management Assignment Sample

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PEARSON REG. #AYESHA ZEHRIUNIT 09: ENTREPRENEURSHIP & SMALLBUSINESS MANAGEMENTAcademic Year: 2019-2020Unit Tutor:Assignment Title:Venture types and impacts of smallbusiness on economyIssue Date:Submitted on:I SOLEMNLY DECLARE THAT THE WORK SUBMITTED FOR THIS ASSIGNMENTIS MY OWN AND RESEARCH SOURCES ARE FULLY ACKNOWLEDGEDSIGN:TUTOR SIGN:
DATE:DATE:Table of Contents1.Entrepreneurship Concepts & Applications........................................................................11.1.Entrepreneurship............................................................................................................1I.Entrepreneurial Activity................................................................................................1II.Enterprise.....................................................................................................................2III.Differentiate b/w:.........................................................................................................2i.Serial Entrepreneur........................................................................................................2ii.Intrapreneur....................................................................................................................2iii.Owner-Manager..........................................................................................................2IV.Type of Venture Chosen.............................................................................................31.2.Roles & Characteristics of Micro, Small & Medium-sized Organization inEntrepreneurial Ventures.........................................................................................................31.2.1.Similarities & Differences b/w them to help implement my venture..................31.3.Growth & Lifestyle of Entrepreneurship in Public & Corporate Sectors.................41.4.Scope, Development & Growth of My Venture...........................................................42.Impact of Small Business on the Economy..........................................................................52.1.Analyzing Small Firms & Their Contribution to Social Economy............................52.1.1.Small Firms’ Types..................................................................................................52.1.2.Small Firms’ Contribution of Social Economy (at National, Regional & LocalLevel)5I.Local/Regional Level of Economy.................................................................................6II.National Economy.......................................................................................................6III.International Level......................................................................................................62.1.3.Small Firms (Size, turnover, profit, growth, innovation, sustainability &adaptability statistics)............................................................................................................6
2.1.4.Impact of Findings on selected venture/project report........................................72.2.Evaluating Small, Medium & Large Business in Economy........................................72.2.1.Differences of each in Economy based on Data & Statistics................................72.2.2.Impact of Local, Regional, National & International Startups in DifferentLevels of Economy..................................................................................................................72.2.3.Impact of Findings on Selected Venture................................................................83.Key Aspects of Entrepreneurial Mindset.............................................................................93.1.Entrepreneurs & Small Business Owners....................................................................93.1.1.Can Entrepreneurs be Born or Made....................................................................93.1.2.Can Characteristics be Learnt & Adopted by Anyone......................................103.1.3.Types of Skills Representing & Differentiating Entrepreneurs from Managers10I.Motivation......................................................................................................................11II.Visionary....................................................................................................................11III.Resourcefulness.........................................................................................................11IV.Innovator....................................................................................................................113.2.Entrepreneurial Characteristics & Situational Factors............................................123.2.1.Entrepreneurial Characteristics in Personal Context........................................12I.Opportunistic.................................................................................................................12II.Innovation..................................................................................................................12III.Doer.............................................................................................................................13IV.Risk Taker..................................................................................................................134.Environments that Foster or Hinder Entrepreneurs........................................................144.1.Factors Influencing Choice of Starting up a Venture................................................14I.Background....................................................................................................................14II.Education...................................................................................................................14
III.Experience..................................................................................................................154.2.Risks, Rewards, Uncertainties & their Mitigation in Startups.................................154.2.1.Risks........................................................................................................................15I.Work Timings................................................................................................................15II.Schedule......................................................................................................................15III.Market Environment................................................................................................16IV.Managerial Limitations............................................................................................16V.Financial Losses.............................................................................................................164.2.2.Rewards..................................................................................................................16I.Growth Opportunities..................................................................................................16II.Financial Success.......................................................................................................17III.Structure.....................................................................................................................17IV.Flexibility....................................................................................................................17V.Customization................................................................................................................17VI.Achievement...............................................................................................................174.2.3.Uncertainties in Startups......................................................................................18I.Technological.................................................................................................................18II.Political.......................................................................................................................18III.Competition................................................................................................................18IV.Consumer Dynamics.................................................................................................18V.Resource Deficiency......................................................................................................184.2.4.Managing Uncertainties........................................................................................19I.Simple Concept..............................................................................................................19II.Testing........................................................................................................................19III.Early Approach.........................................................................................................19
IV.Investment..................................................................................................................19V.Cash Flow Management...............................................................................................20VI.Analytical Capabilities..............................................................................................20VII.Risk Management Plan.............................................................................................204.3.Positive & Negative Impact of Past Experience on Entrepreneurs..........................20References.....................................................................................................................................22
11.Entrepreneurship Concepts & ApplicationsThe first section of this report has been divided in four parts. In the first part, we’ll discussentrepreneurship, entrepreneurial activity, enterprise and discuss differences between differenttypes of entrepreneurs. Next, we’ll discuss the roles and characteristics of micro, small andmedium sized organizations in entrepreneurial context followed by an insight into the growthand lifestyle of entrepreneurship in both public and private sectors. Lastly we’ll discuss thescope, development and growth of the chosen venture in light of market factors.1.1.EntrepreneurshipThe planning, designing and launch of a new business idea is entrepreneurship. The financial riskassociated with the business idea, the formation of the business including its structure,operations, clientele and supply chain as well as different functional processes are a part ofentrepreneurship. There are various types of entrepreneurship that are based on the type and areaof the business idea. Similarly, entrepreneurs are also segregated into a various types dependingon their area of specialization and interest. We will discuss these different types of entrepreneurs,the concept of enterprise and entrepreneurial activity as well as a chosen venture type in thissection.I.Entrepreneurial ActivityThe process of creating entrepreneurial opportunities as a product of the entrepreneurial ecologyis called entrepreneurial activity. Entrepreneurs undertake entrepreneurial activity to come upwith ideas and strategize them into practical solutions through innovation and transformation.The outcome of entrepreneurial activity in shape of a new business venture adds value to afraction of the society and economy with innovation, growth and advancement as its mainoutputs.There is a clear difference between static management and entrepreneurial activity where theformer focuses on business context with impacts influenced from social, economic, political,cultural and legal factors. There are no limitations to entrepreneurial activity in terms of new orexisting markets, market segments, products or services. Instead, the concept revolves around thecreation of new markets, market segments, products and services based purely on creativity,innovation and transformation (Content et al., 2020).
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