Assignment Name: Entrepreneurship and Small Business Management

Assignment Name: Entrepreneurship and Small Business
Management
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Table of Contents
Introduction.................................................................................................................................................3
Task1: LO1..................................................................................................................................................3
1.1 Analyzing diverse entrepreneurial ventures emphasising their relation with entrepreneurship typology
[P1]..............................................................................................................................................................3
1.2 Exploring similarities and differences between different entrepreneurial ventures [P2]........................4
TASK 2: LO2..............................................................................................................................................7
2.1 Assessing and interpreting relevant statistics and data to illustrate economical influences of micro and
small businesses [P3]...................................................................................................................................7
2.2 Contribution of small and start-up business towards the growth of social economy after “BREXIT”
[P4]..............................................................................................................................................................8
3.1 Carrying out research to determine entrepreneurial traits, skills and characteristics [P5]....................10
3.2 Entrepreneurial behaviour as a motivating factor for a quality mindset [P6].......................................11
Task 4: LO4...............................................................................................................................................12
4.1 Practical examples that influence entrepreneurship [P7].....................................................................12
Conclusion.................................................................................................................................................14
Reference List:..........................................................................................................................................15
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Introduction
An entrepreneur is the one who assumes the risk of the business. He is the one who organizes
and manages firms. An entrepreneur believes in optimistic attitude. He is the person who
converts the new idea into a successful innovation. The concept of entrepreneurship carries a
wide range of scope. On one hand, an entrepreneur is the person who made changes create
innovation and left footprints for the younger generation on the other hand entrepreneur is the
person who works for himself. Entrepreneurship has become significant today as it helps to
develop managerial capabilities. Other significant area includes ameliorating living standards for
the people, enhancement in economic development. Organization formed because of a good
dynamic entrepreneur. Entrepreneurship is influenced by the plethora of factors, such as market
situation, political atmosphere. The victory of an entrepreneur depends on the economic and
social condition of the country. Market situation globally and nationally influences entrepreneur
as helps to clear entrepreneur regarding recent trends and needs of people. Perseverance, pro-
activeness, self- introspection habits, risk-taking attitude are the core competencies of
entrepreneurs.
Today a wide array of innovation has been brought in the field of education, health sectors. An
entrepreneur promotes capital formation. It enhances a wide array of employment opportunities,
increases country’s export trade. It stimulates wealth creation and the rise of GDP rate and per
capita income.
Task1: LO1
1.1 Analyzing diverse entrepreneurial ventures emphasising their relation
with entrepreneurship typology [P1]
An entrepreneur is someone, who starts their business using the limited amount of resources and
also plans and takes all the risk and the reward of the venture. The idea is usually a new
recreation with product and service rather using a business model, which is existed. Such type of
ventures always targets huge return with the huge amount of uncertainty. The entrepreneur
always wants to take the risk in both financial safeties for an idea they want to capital on
uncertain ventures. As said by Kirzner (2015) an entrepreneurial venture arranges for the capital,
stocks to be utilised, location to manufacture and good and skilful employees by the help of an
enterprising individual to produce smooth running services.
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The other important aspects are sales, distribution, and marketing which the help of an
entrepreneur is controlling. It is also concentrated on giving services as an advice to the new and
mid-stage companies. According to Bridge & O'Neill (2012), many ventures are to be invested
by one or more than one individuals as the individuals expect it will bring gain in a financial way
for all the backers. They are being created based on market demand or if there is the shortage in
the supply. The entrepreneur uses this opportunity to create services and gains the huge amount
of wealth. As said by Santos (2012) the entrepreneur always looked as a leader in the business
and able to invent some new ideas and processes of the respective business.
They are always able to perceive new opportunities in the business and unveil positive
perception. As said by Shane (2012) to become a successful entrepreneur one has to get
motivation, which means that they are confident enough to take the risk to be able to gain profit.
One has to be creativity so that they can create new ideas. According to Storey (2016) one has to
be versatile that is relying on the staffs. One must have skills in the business to set up the internal
systems, One can able to tolerate risk and able to have a vision for success in the company. As
per said by Baum (2014), there are five types of entrepreneur which is known as the topology of
entrepreneurship, they are the sceptical entrepreneur, the copycat entrepreneur, the research
entrepreneur, the determined entrepreneur, the accomplished entrepreneur.
In the case of sceptical, they see the uprising of others and start to examine to check for any
break for success. In the case of the copycat entrepreneur, they check the uprising of others and
try to do the exact same process like the others. As coined by Butler (2012) the research
entrepreneur researchers all possible scenarios and starts a business using the outcome. As said
by Martin (2013) et al. the determined entrepreneur is those who want to start a business without
copying any others process. As coined by Venkataraman et al. (2012), the accomplished
entrepreneur is those who has gone through all the levels of entrepreneurship, also had built
business and has been able to reach their success. Entrepreneurship is being driven and have
been established by the behaviours which h exhibited by entrepreneur. There are risk takers, who
seize an opportunity, which may not be able to identify the necessary risk. It creates business that
able to grow to large enterprise.
1.2 Exploring similarities and differences between different entrepreneurial
ventures [P2]
Some of the similarities and differences between the entrepreneurial ventures are given below
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