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Entrepreneurship and Small Business Management Strategies (pdf)

   

Added on  2020-10-23

17 Pages5090 Words87 Views
ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3P 1 Different types of entrepreneurial ventures and their relation to the typology ofentrepreneurship..........................................................................................................................3P 2 Similarities and difference between entrepreneurial venture................................................4LO 2.................................................................................................................................................8P 3 Impact of small business in the economy.............................................................................8P 4 Importance of small business and start ups to the growth of the social economy..............10LO 3...............................................................................................................................................12P 5 Characteristics traits and skills of successful entrepreneur.................................................12P 6 Aspect of the entrepreneurial personality reflect entrepreneurial motivation and mindset13LO 4 ..............................................................................................................................................15P 7 Hinder or foster entrepreneurship.......................................................................................15CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................17

INTRODUCTIONEntrepreneurship is the activity by which new businesses are setup if one is havingwillingness to develop and manage such business by taking different risks. On the other side anentrepreneur is a person who creates this new business with the help of innovative ideas and isable to bear risk involved while starting the business(Liu and et.al., 2019). Entrepreneurs arebasically people who are as an innovator is having source of new ideas related to goods andservices to create different business procedure. Present report is based on different types ofentrepreneurial venture and relation to the typology of entrepreneurship and their similarities anddifference between the entrepreneurial ventures. Report on the economy assess will also showthe impact of small and micro business and for the same it interpret relevant data and statics. Italso explains the way small business and start ups are becoming important to the growth of thesocial economy. Report also describes different skills and characteristics of a successfulentrepreneur that is making it differentiable from other business managers. At last report willstate the way entrepreneur's personality reflect entrepreneurial motivation and mindset with theexample of hinder and foster entrepreneurship. LO 1P1 Different types of entrepreneurial ventures and their relation to the typology ofentrepreneurshipEntrepreneurship means to start a new business with innovative idea with undertake therisk in order to provide the services to the customers which other competitors are not able toprovide and to gain maximum profit. Types of entrepreneurship There are four types of Entrepreneurship:Small business Entrepreneurship – Small business generally refers to the grocery stores,hairdressers, consultants, travel agents, plumber, electricians and etc. they are the one who runtheir business individually and hire local employee or from the family (Abbas, 2018). They starttheir business from taking loan from the friends, family or small business loan as it does notrequire large amount to start small business but barely profitable. Scalable start up Entrepreneurship – This kind of entrepreneurship is generally high risk takingas it is being start with new innovative ideas as compared to the society and market competitors.

With the innovative ideas they attract the investors to invest in their business to start. They hirethe best and bright employee and focus on the scale requires to open new ventures or to expandrapidly.Large company Entrepreneurship – There are companies which require large amount to starttheir business and is having finite life cycle. These company grows by having sustaininginnovation and offering such product that is differentiable in market as customer taste changesdue to which competition is high in market. Company is able to create big brand image byproviding new products and services to the customers with different variant. Social Entrepreneurship – Social entrepreneurship are having their focus on product creation sothat needs of the society can be fulfilled and their various problems can be solved. There majorgoal is to make improvement in the society and make the world a better place to live in ratherthan to just earn profit for the business(Amolo and Migiro, 2017). They are usually non profitbusiness.Types of Entrepreneurial ventures are as follow:-An entrepreneurial venture are usually meeting the needs of potential customers as theyare able to provide such product and services which are lacking in market. Business person isdeveloping the market by determining the need of the customers and with useful resources theystart their entrepreneurial ventures. Start-up – With the innovative ideas individual entrepreneur initiate a start-up for the scalablebusiness model so that different services can be provided in the market where competitors arenot able to deliver such products and services. Acquisition – Acquisition is act where a larger company purchase the most of the share of thesmall company to have control in hand. An acquisition company generally have 50% ownershipin target market and is allow to make respective decisions on its own without any approval of theacquired firm.Franchise – Franchise venture is a strategy that many business adopt in order to expand itsbusiness in market. Here a contract is being sign by one company with another organisation tosell its products and services by using the name and image of firm. Joint venture – Joint venture is an enterprise that is jointly taken by two parties by having anagreement where they agree to joint their resources so that they are able to develop a new entityin the market.

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