Small Business and Micro Entrepreneurship

   

Added on  2020-06-03

18 Pages4022 Words487 Views
1Entrepreneurship and small business management
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2Table of ContentsIntroduction................................................................................................................................3Part 1:.........................................................................................................................................4P1: Different types of the entrepreneurial ventures and its relationship with theentrepreneurship typology:.........................................................................................................4P2: Explores the differences and similarities among the different types of ventures anddifferently sized ventures:..........................................................................................................5P3: Interpret, assess and present the impact of the micro, as well as small businesses, have onthe economy:..............................................................................................................................9P4: Importance that small businesses and business start-ups on the development of the socialeconomy:..................................................................................................................................11Part 2:.......................................................................................................................................13P5. By using a suitable example of an entrepreneur, determining the skills and attributes of asuccessful entrepreneur:...........................................................................................................13P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mindset:.............................................................................................................................14P7. Examine, using relevant examples, how a person’s background and past experiences canhinder or foster entrepreneurship:............................................................................................15Conclusion................................................................................................................................17Reference List..........................................................................................................................18
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3Introduction The term Entrepreneurship can be defined as a process, which assists in identifying varioussorts of opportunities. These opportunities are then converted to multiple services as well asproducts. The conversion takes place by innovatively utilising few ideas along with a creativecomposure. It is observed that in recent era development of the economy of a country isdependent upon the capabilities of an entrepreneur. Entrepreneur helps in developing acountry's standard of living by their innovative products as well as service ranges. They alsohelp in earning huge revenue amount and thus entrepreneur's help in developing a country'sfinancial stature. This report will provide emphasis on how an entrepreneur can affect acountry’s growth.
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4Part 1: P1: Different types of the entrepreneurial ventures and its relationship with theentrepreneurship typology:Entrepreneurship is defined as activities, which are associated with establishing the newbusiness. The establishment of the new business is having financial risks along with the profitgeneration's hope. An entrepreneur can achieve the successful entrepreneurship if they arehaving the capabilities as well as responsibilities for undertaking the risk of the business andrunning the business (Morris et al., 2016). Therefore, entrepreneurial ventures are significantfor starting up a new business. Entrepreneurial ventures are mainly of three types, namely,ventures of smaller profit, ventures for high growth and the lifestyle ventures. Ventures for smaller profit are not established for earning money of huge amount. Achievingthe growth is considered to be significant for this type of ventures. For instance, Mom andPop stores can be considered as a venture for smaller profit. This store is independent,regulated and ventures owned by the family having the very small number of employees.This sort of venture of business is owned and maintained by various independententrepreneurs and are being associated with the process of decision making as well as havethe capabilities for undertaking risks of a high amount (Kestiing and Gunzel-Jensen, 2015). Ventures for high growth are considered to be those sorts of entrepreneurial ventures, whichassist the entrepreneur in securing the profit at an optimum amount. This type of venture isbeing established to achieve the high amount of fund. This venture has significant concernwith their growth. Ventures for higher growth incorporate manufacturing of unique as well asinnovative products to secure sales of a huge amount (Durufle et al., 2017). Variousentrepreneurs follow the venture for high growth as they aim at having high growth along
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