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Entrepreneurship and Small Business Management

   

Added on  2019-12-28

10 Pages3350 Words89 Views
Entrepreneurship andSmall BusinessManagement

Table of ContentsINTRODUCTION....................................................................................................................................................3TASK 1 ....................................................................................................................................................................3P1. Entrepreneurial ventures and the topology of them......................................................................................3P2. Similarities and differences between the different types of entrepreneurial ventures..................................4P3. Impact of micro and small business in the economy....................................................................................5P4. Importance of small scale businesses on the growth of social economy......................................................6TASK 2.....................................................................................................................................................................7P5. Successful entrepreneur traits and skills.......................................................................................................7P6. Personality of a entrepreneur with regard to entrepreneurial motivation and mindset. ..............................8P7. Influence of past experience of a entrepreneur.............................................................................................8CONCLUSION........................................................................................................................................................9REFERENCES.......................................................................................................................................................10

INTRODUCTIONEntrepreneurship is the business activity or it is referred to an innovation which ismade by the entrepreneur who undertakes all the task of the business process. He comes upwith a start-up in which ideas and innovations are included (Bridge and O'Neill, 2012).Basically entrepreneurship has to deal with small businesses because small enterprise is fullof ideas and creativity. Federation of Small Business(ESB) is a organisation which deals withsmall businesses in UK. The aim of this organisation is to promote small enterprise and watchover their activities. They try to create an environment where these industries can grow. Thisall assignment will be dealing with all the elements of entrepreneurship and how the smallbusinesses can be managed. TASK 1 P1. Entrepreneurial ventures and the topology of them.Entrepreneurship is a term which came into existence in 21st centuries and it is seenthat a entrepreneurial venture has lots of scope in the market it is unique and innovative. Anyproduct which is introduced in the market will be only accepted if it has some value andpeople find it useful in their day to day life. Any entrepreneur can change the business plan orcould set new standards by renovating a business model because it is important that a existingproduct is renovate or modified on regular time period. For every different ventures a newplan is required depending upon the type of business it is. In market there are severaldifferent types of entrepreneur ventures exists in the market which are as follows:-Small Businesses:- This type of organisation operates their business activities inlimited area with limited number of resources. They normally hire employees in very limitednumber so their production is also low (Lee-Ross and Lashley, 2010). Sales of theseenterprise is low because they don't have much business units so their production is in limitedquantity. Large Business Companies:- Such companies manufacture or produce their productsand services in large quantity. Operating units are more than five and always believe inexpanding the number of those units in different areas and countries. They recruit employeesin large numbers so that they could complete the demand of their products and services in the

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