Entrepreneurship & Small Business Management - Essay
11 Pages3760 Words64 Views
Added on 2020-07-23
Entrepreneurship & Small Business Management - Essay
Added on 2020-07-23
ShareRelated Documents
ENTERPRENEURSHIP ANDSMALL BUSINESSMANAGEMENT
TABLE OF CONTENTSINTRODUCTION.....................................................................................................................................3TASK 1....................................................................................................................................................3P1. Different types of entrepreneurial ventures and their relation with typology............................3P2.Differences and similarities between various entrepreneurial ventures......................................4P3. interpret and assess relevant data and statistic to illustrate the impact micro and small business have on the economy..........................................................................................................6P4.Role of Small Scale industries.......................................................................................................6TASK 2....................................................................................................................................................7P5. Traits and characteristics of an entrepreneur..............................................................................7P6. Aspects of entrepreneurial personality........................................................................................8P7.Relevant example ........................................................................................................................9CONCLUSION.........................................................................................................................................9REFERENCES.........................................................................................................................................11
INTRODUCTIONEntrepreneur is the person who is the soul source of the new innovative concept as healways tries introducing something creative and better. For this process he sets upentrepreneurial ventures which have various aims. This report includes the types ofentrepreneurship and the difference between it and intrapreneurship. Also a relevantstatistical information has provided for the impact of small scale industry in the economyalong with the role of small scale ventures for the particular area. It has also been includingabout the nature of the characteristic skills and traits of an entrepreneur that are responsiblefor differentiating them from others. Also the factors which can influence the mindset of theentrepreneur from upbringing, lifestyle and the role of the society. Also a relevant examplehas been discussed which has proved that every person who sets up the entrepreneurialventures for people. It provides a deep discussion of the factors supporting the venture’ssuccess (Storey, 2016)TASK 1P1. Different types of entrepreneurial ventures and their relation with typologyEntrepreneurship is defined as the process of bringing up some innovative ideas inmarket in order to reduce the human labour. Entrepreneurship plays a major role in makingthe world technological advanced. Behind this concept of entrepreneurship there is a personwho continuously thinks about the creative concept by thinking out of the box which leads tothe generation of entrepreneurial ideas which is very helpful for mankind in the presentscenarios. These entrepreneurs are different intrapreneurs who is an employee responsible fortaking charge of various innovation for different product and services. He is restorative inapproach where as an entrepreneur has an intuitive approach. An entrepreneur works in anewly established firm whereas an intrapreneur works in already established one. He isindependent while intrapreneur is dependent one. There are four types of entrepreneurial ventures which are discussed below:Large EnterprisesThese are the enterprise which runs on a large base which means have they had a verylarge customer base and has a huge production of products and services. They run on a largescale and aims for earning profit on a huge amount (Stewart Thornhill,2018). They usuallysustain through adopting various creative idea. Small Scale EnterprisesSmall Scale enterprises are those which operates on a small base and have smallinvestment in their business which focuses on doing business in a particular region. Theyusually provides employment to local people and also have approach to smaller areasonly.They have few employees as compared to large enterprises.Scalable Unit EnterprisesThese are the enterprises which are newly born. The owner of these firms areentrepreneur who provides unique product and services and uses latest methods for theproduction of these offerings. Their aim is to provide different kinds of product which aretotally advanced as compared to existing one in the market (Keith and et.al., 2016).
Social EnterprisesThese are those enterprises in which the firms wants to earn a lot of profit but theamount generated is used for the noble cause to develop the society in various ways. Thesefirms totally work for the same and provide a good quality service to the surroundings so thatit can develop and get benefitted from them which is completely different from otherentrepreneurial ventures. Social Enterprises provide a different vision to the nation andbalances out the self centred nature of other kind of ventures (Elert, Andersson andWennberg, 2015).P2.Differences and similarities between various entrepreneurial venturesDifferencesThese various entrepreneurial ventures have many differences such as all these large,small and scalable ventures has a aim to provide a unique product in the market whereassocial ventures does not concentred on the features of their product. These private firms hastge aim of increasing their shares in the market so that they can increase their customerwhereas social firms does not have these kind of concerns. Social organisation has the aim forearning profit but using it for noble causes and other charity works whereas other companiestries to build lots of profit so that owner can get many benefits and can sustain more in theeconomy of market. These large and small firms faces competition and formulate manystrategies for survival whereas social firms does not have much concern on it because theyneither compete nor want to create a threat for the survivals of others. Small and largeentrepreneurial ventures completely works for the expansion of their business but socialventures focuses on the particular area for creating impact on the society. These social firmsworks for the local community they promote them and provide various services but privateventures focuses on their employees and provide various monetary and no monetary benefitswhich can motivate employee to provide quality services which ultimately affects theirbusiness. Social firms may promote their products and services at the local region where asother private firms always want to promote their offerings to much larger customers so thatmore potential buyers can get attracted to them.The main aim of the social entrepreneurs is toprovide benefit to society whereas other kinds of firms seek for their benefits and advantagesonly (Burns, 2016).SimilaritiesThere are also many similarities between these different firms as they completelyfocuses on their customers. They have certain mission, objectives and vision which providesthem a direction where they can work for. They formulate strategies just to accomplish theiraims. They have a major concern for profit earning as it would help the business in manyways. They always work on their products and want to increase the sales of the products andservices. They contribute to the economic development of the area where they are operating.Focuses on the company’s production as they want to produce the best quality of offerings tothe customers. They always have an objective to gain a huge customer base. There foreprovides many attractive offers to attract them.
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Entrepreneurship and Small Business Managementlg...
|11
|3424
|91
Entrepreneurship and Small Business Management - McKinsey Londonlg...
|15
|3498
|52
P1 Type of entrepreneurial ventures and its relation to typologylg...
|17
|4936
|282
Entrepreneurship: Types of Ventures and their Impact on the Economylg...
|15
|3853
|424
PDF Entrepreneurship and Small Business Management : Assignmentlg...
|24
|7501
|73
Small Business and Entrepreneurshiplg...
|16
|4770
|220