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PART 11 P1 Entrepreneurial ventures and small business management

   

Added on  2020-07-22

12 Pages3885 Words329 Views
ENTREPRENEURSHIP ANDSMALL BUSINESSMANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1P1 Entrepreneurial ventures and its relationship with various typology................................1P2 Similarities and differences between ventures of entrepreneurship..................................2P3 Impact of micro and small business on the wider range of economy...............................3P4 Affect of small business in the development of social economy......................................4PART 2............................................................................................................................................5P5 Characteristics of successful entrepreneurs and determine whether they are made or born..5P6 Motivation and mindset of entrepreneur reflects from entrepreneurial personality..........6P7 Past experience and background can affect the concept of entrepreneurship...................7CONCLUSION................................................................................................................................8REFERENCES ...............................................................................................................................9.......................................................................................................................................................10

INTRODUCTIONThe concept of entrepreneurship is one of the major factor with the help of which manybusiness ideas get implemented. This can be defined as the way by which any new and creativeplan is executed in order to establish any new business (Turró, Urbano and Peris-Ortiz, 2014). Inthis respect, entrepreneur is the major person who is liable for running a business with the help ofmost effective strategies. It is necessary for any economy to get indulged in start- up companiesso that the various benefit out of it can be avail by the people in the most effective manner. Mostof the companies come into existence in the form of small and start- up companies. But with thepassage of time and adopting tremendous techniques and strategies, companies can expand itsbusiness operations in the large market (Sciascia and et.al, 2012). This will help them to attain alevel of sustainability in the market. In short, this report will enable to understand the entireconcept of entrepreneurship and its various typology as well. There are several factors that playsa major role in building up of successful entrepreneur PART 1P1 Entrepreneurial ventures and its relationship with various typology.The concept of entrepreneurship can be defined as the way by which entrepreneurs takerisk and with the help of strong strategies, they can attain their business goal and objective.Entrepreneurial ventures can be classified on the basis of following given types: Start ups- This is a type of venture which has limited resources and established on asmaller platform. Its main aim is to full fill the need of people. They seek for customer attentionand try to sustain in the competitive market (Mullins, 2013). These companies are important asthey contribute maximum to the GDP and proving best employment opportunities. Social- In this venture, company try to work for the benefit of the society. They try toresolve various public issues. It is important to support these types of entrepreneurial venture sothat life of common people can be be motivated. It is necessary to give full concentrationtowards social entrepreneurial venture so that the issues of public can be resolved with bestpossible solutions. Corporate- Large companies basically invest in start ups having innovative business ideaand plan. This is commonly known as corporate venture. They are well established in the marketand hence can attain more market shares and profit by investing in start up companies. 1

Public sector- In this type of venture, companies focused towards providing public services. It can be clearly estimated that company chooses type of entrepreneurship as per theentrepreneurial venture. Given below are the major typology of entrepreneurship.Small business- This type of business is very large in number and thus contributemaximum to the economic development (Liñán, Rodríguez-Cohard and Rueda-Cantuche, 2011).This may includes agents, electrician, plumber and many more. Scalable start ups- This type of entrepreneurship basically holds the idea wherecompany is fully aware about its objective and their confidence make them stable in the market.They know the ways by which they can survive in the market with most effective manner. Large company- These are the most strong business unit in the market. They have setobjective and full resources with the help of which they can attain their goal in the most effectivemanner. Social entrepreneurship- They work for the society. Several public issues solved bycompanies who are working under social entrepreneurship (Fassin, Van Rossem and Buelens,2011). Normally government gives full support to business plans which comes under the head ofsocial entrepreneurship. On the basis of various entrepreneurial venture and typology of entrepreneurship, it canbe concluded that there is a direct relationship between various business venture and itstypology. P2 Similarities and differences between ventures of entrepreneurship.There are certain similarities and differences that can be found in various ventures. Givenbelow are the similarities: 1- Every entrepreneurial venture comes under the head of entrepreneurship. They areworking with some set of techniques. They all have their own target and objective. 2- Every entrepreneurial venture follow some method or technique in order to attain theirmission. These methods vary as per their objective. According to the aim of company, preferredtechnique selected (Dennis, 2011). The effectiveness of any business unit depends upon the typeof methods they are following. It is necessary to have best possible techniques so that companycan attain their goal with full efficiency. 2

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