(solved) Entrepreneurship and Small Business Management : Assignment
Added on 2020-10-05
18 Pages5650 Words197 Views
Leadership ManagementEntrepreneurshipProfessional DevelopmentPolitical Science
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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1TASK 2............................................................................................................................................5TASK 3............................................................................................................................................8TASK 4..........................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship refers to the process of developing, organising and managing a newventure by bringing up new or innovative approach in the marketplace by taking up all the riskwith the hope of making profit (Baum, Frese and Baron, 2014). This project focuses onidentifying the importance of small businesses in development of economical and socialdevelopment of a country. As per case scenrio, every big organisation starts as entrepreneur, soas line mananger Mrs. Gloria Fowler who reports to Director. Her role is to contribute fordevelopment of resources to know about the Type of entrepreneurial venture, their similaritiesand differences and their relation with typologies. Further it talks about impact of small andmicro business over the economy of a country. It also includes the explanation of howentrepreneurial personality make up the mindset of a person which act as motivational drivertoward its success. At last it explains about different factors that are present in environment thatfoster or hinder the entrepreneurial activities. TASK 1Entrepreneurship refers to the process of creating, scaling and managing the businesswith an aim to generate profit. An entrepreneur refers to a person who has the ability to come upwith fresh and innovative idea for scaling up business with an aim to convert their idea intoreality. In a business environment there are various type of entrepreneurial venture present whichare as given below:Large scale enterprise:- It is defines as a organisation which have a finite life cycle andare generally grown up through sustainable innovation, acquiring the innovative companyand by offering innovative product or services. Large scale enterprises have to face ahuge competition within marketplace and always remain under pressure of bringing newinnovation in product or services they offers (Blackburn, Hart and Wainwright, 2013). Small scale enterprise:- It refers to the companies which is generally owned andoperated by a sole proprietor for earning their livelihood or fulfilling the basicrequirement of their family. Small entrepreneurs only hire local people or their relatives. 1
Social enterprise:- These type of organisation generally offers product or services forsolving the problem of society. Social enterprise perform their operations with an aim toserve for the welfare of society. These can be profit, not for profit or hybrid enterprises. Scalable start-ups:- It refers to the type of entrepreneurs who bring their innovative ideafor scaling up business with a vision to change the world. These entrepreneur alwayssearch for an opportunity and act over them by scaling up their business with someinnovative approach (Carsrud and Brännback, 2011). After becoming successfully inestablishing business, they it over to another person and move to search for newopportunity. These all are type of entrepreneurial venture which operates in business environment andthese are belong to different typology which affect the way entrepreneur operate their business.These typologies are explained below:Copycat entrepreneur:- It refer to the person who after seeing the success and profit ofother businessmen copy their idea for scaling up own business with an aim to achieve thesame. Small business enterprises belongs to this typology as their main objective behindscaling business is not achieve market share or profit rather they aim toward create asource of regular income for satisfying basic need. Researcher entrepreneur:- It refers to the type of entrepreneur who search in depthabout each and every factor before performing their business operations (Chrisman andet. al., 2012). Large scale and scalable start-ups are belongs to this category as theyalways analysis the market for identifying scope and opportunity for offering product. Differences:-Scalable start ups Small business enterprisesScalable start-ups always bring someunique idea to scale up their business.These businesses are generally operatedwith a vision to change the world bybrining innovative product or services. Small business enterprises is generallysetup by copying idea of some anotherbusiness. These enterprises are set-up with an aimto maintain a source of regular incomefor satisfying the basic need. Large scale Social enterprise2
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