Doc- Entrepreneurship & Small Business Management

Added on - 12 Nov 2020

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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3P1. Range of entrepreneurial ventures and the way they relate to the typology ofentrepreneurship..........................................................................................................................3P2. Similarities and differences between entrepreneurial ventures............................................6LO 2.................................................................................................................................................7P 3 How micro and small business impact economy..................................................................7P 4 Importance of Small Businesses and Start-ups contribution after 'Brexit'............................8LO 3..............................................................................................................................................10P 6 Entrepreneurial Motivation and Mindset............................................................................10LO 4...............................................................................................................................................11P 7. Presenting how family background and experience can foster entrepreneurship..............11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
INTRODUCTIONEntrepreneurship can be explained as the procedure of designing, launching and runninga new business which is created by a group of people known as entrepreneurs. It is willingnessand capacity to organize and develop a business venture with many risks so that meaningfulprofit can be generated. Successful entrepreneurs learn from the best and always nurture longterm relationships. They trust their own gut instinct and evolve with times (Cooper and Folta,2017). This report describes various types of entrepreneurial ventures, similarities anddifferences between them, impact of Brexit on small and medium sized enterprises, skills ofsuccessful entrepreneurs and the way experience and background of entrepreneurs can hinderentrepreneurship. Students will learn about skills of small firm’s owners and understand rewardand risk in starting a business. All aspects acquired by small business owners are discussed. Thistype of management requires entrepreneurs to use the sum of knowledge, expertise and educationto run their enterprise.LO 1P1. Range of entrepreneurial ventures and the way they relate to the typology ofentrepreneurshipEntrepreneurship can be defined as a process of making businesses in order to generate orscale up profit. It is combined with labour, land, natural resources and capital that producesvaluable net income. It involves risk-taking and is important part of country's ability to succeedto increase competitive global market place.Entrepreneurial activity is phenomenon associatedwith entrepreneurship.Entrepreneurial activities are as follows:1. Planning the next product: Owner should develop such product where more money can bemade. Better quality results in high sales (Meyer, Neck and Meeks, 2017). To serve customers inthe best way, good business should be build up and for this, creativity has to be there in products.2. Brainstorming of business:Every business has another opportunity or adventure to becaptured. Potentiality should never be restricted and planning of business should keep going.3. Mentoring colleagues:Entrepreneurship mentorship is very powerful and incredible.Employees and other colleagues are always inspired from mentors and respect their ability.4. Strategic planning of next Marketing Move: Every entrepreneur has marketing ideas.Successful owners are well skilled in marketing more than business set up.
Enterprise can be defined as another name for business. They take initiative by takingrisks through investing, setting and running up a business. It runs in the form of soleproprietorship, partnership, corporation, Limited Liability Company (LLC) and professionalcompany. Enterprise has huge requirements for compatibility, availability of resources,scalability, security and performance among various things. Business entrepreneurs needinnovative and creative skill to generate ideas (Eckhardt, Ciuchta and Carpenter, 201). They areenergetic, risk aware, determined and communicative with their views. In order to start andproperly manage enterprise they have to understand needs of consumers and should be aware ofmarket forces.There are different types of entrepreneurs like Serial, Intrapreneur and Owner-Managers.Serial EntrepreneurIntrapreneurOwner-manager1. Serial entrepreneur comeswith new and innovativeideas to start a new business.1. Intrapreneur employee isassigned with a responsibilityand support to create newproduct without concern ofgenerating any revenue forthe firm.1. In many companies, owner-manager are major forcesbehind business and can beconsidered as an activator forchange in the business.2. They are risk taker andhave strong network. Theyseek a mentor who is expertin marketing, law andbusiness management.2. They use entrepreneurialskills instead of acquiring riskassociated with activitiesrelated to them (Chakravartyand et.al., 2017). Theircapabilities and resources aregenerally at their disposable.2. They are budget oriented.Managers are salaried and donot take risk for company.They are just employees andhave formal approach towardsit.3. They are independent.They are dependent onanother company.4. Owner of company isindependent while manager isdependent.MICRO, SMALL AND MEDIUM ENTERPRISEMICROSMALLMEDIUM1. Micro enterprise isasmallbusiness which usually1. While, small enterprisesareprivately owned organisations1. Medium enterprisesplaycertain role in nation's
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