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Assignment on Relationship Between Small Business and Entrepreneurship

   

Added on  2020-06-03

13 Pages4216 Words107 Views
EntrepreneurshipProfessional DevelopmentPolitical Science
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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Assignment on Relationship Between Small Business and Entrepreneurship_1

Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1P1 Examine different types of entrepreneurial ventures and their typologies............................1P2 Similarities and differences between diverse entrepreneurial ventures.................................2P3) How small business organisations impact upon economy..................................................4P4 Importance of small business organisations..........................................................................5PART 2............................................................................................................................................7P5 Characteristic traits of entrepreneurs ....................................................................................7P6 How entrepreneurial personalities impact upon their mindset..............................................8P7. Background and experience hinder entrepreneurship...........................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONEntrepreneurship consists with the procedure of running, launching and designing a smallbusiness organisation. People who runs such kind of business are called entrepreneurs. The termof entrepreneurship refers with readiness and capabilities of how to manage, organise and evolvea business entity with an aim to make maximum profits. It has a critical role in developingvarious government programs as to boost up entrepreneurship over the world (Carraher andParidon, 2015). This present assignment is based upon a relationship between small businessand entrepreneurship. There will be a discussion on how these enterprises put an impact upon acountry's economic conditions. Along with this, the report will also described various types ofentrepreneurial ventures and their typology as well. Characteristics and skills traits ofentrepreneurs; readers will also came to know that how entrepreneurial mindset impact on theirentrepreneurship. PART 1P1 Examine different types of entrepreneurial ventures and their typologiesEntrepreneurs are the person who have ability to manage business organisations in aneffective manner. Such persons are able to take risks for gaining maximum profits and sales. Insmall business organisations, entrepreneurs are the owners whose emphasis on providingvaluable products and services to their customers to maintain their trusts and beliefs. Belowmentioned are the following types of entrepreneurial ventures, such are stated as follow: - Small business entrepreneurial ventures – Such types of entrepreneurs are theindividuals who runs small industries in order to fulfil their basic needs and requirements.In addition, their operations and services are limited only at local level; their families arerelatives are the main sources of funding for these business persons. Large entrepreneurial ventures – It consists with multinational business those primemotive is to earn profit from public by providing them quality products and services.Along with this, in UK there are several large business industries are established anythey are main source of economic development of the country (Chittithaworn and et. al.,2011). They develop goods and services to customers for a long term purpose. Largebusiness organisations adopt many strategies and policies in an adequate manner for theirlife time purpose. 1
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Scalable entrepreneurial ventures – The main objective of these entrepreneurs is tochange all over the world by their innovative ideas and concepts. Scalable entrepreneurshire innovative and technical persons who have attractive viewpoints of innovation andproduction. Such person also have effective business plan by which they can easily attractmore capitalists in competitive market. Social entrepreneurial ventures – Such entrepreneurs have small number of resourcesbut their main aim is to render quality services and goods to the lower section of thesociety. Social enterprises are raised their funds by various charities and trustees (DennisJr, 2011). Such organisations also focuses on social problems and tries to satisfying socialneeds to people in a meaningful way. Different typologies of entrepreneurial venturesThe researcher entrepreneur – These types of entrepreneurs are those who's mainobjective is to research each and every thing. The focuses on market research as gainbetter knowledge about customers needs and wants. Such people tend towards acquiremore and more things as to implement them in their business organisations for maximumreturns. Research entrepreneurs think that, research makes them best and attractive thenothers. The determined entrepreneur: These entrepreneurs are only focused upon their visionsand missions which they want to accomplish; such persons never copy others.Determined business owners have their own strategies and polices which they implementin their organisations (Fassin, Van Rossem and Buelens, 2011). These people are veryascertained towards their working activities but this is hardly possible to carry out abusiness by following all rules and regulations. Imitating entrepreneurs- These entrepreneurs are those who instantly copied all newinnovations that is made by others. Imitating entrepreneurs are found where there isdeficiency of resources. Such type of business entrepreneurs are mostly founded at ruralareas as to bring technology in these sectors. P2 Similarities and differences between diverse entrepreneurial venturesTypes of entrepreneurs SimilaritiesDifferences Life style entrepreneurs andBoth enterprises are prosecuteSerial entrepreneurs are always2
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