Entrepreneurship and Small Business - Report

Added on -2020-07-23

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ENTREPRENERUSHIP
Table of ContentsINTRODUCTION......................................................................................................................3TASK 1......................................................................................................................................3P1 Examine different types of entrepreneurial ventures.......................................................3P2 Similarities and difference between different ventures....................................................4TASK 2......................................................................................................................................6P3 Micro and small business impact on economy.................................................................6P4 How small businesses and business start –ups will contribute to the growth of the socialeconomy.................................................................................................................................7TASK 3......................................................................................................................................8P5 Characteristics, traits and skills of successful entrepreneurship......................................8P6 entrepreneurial personality reflect entrepreneurial motivation and mind-set..................9TASK 4....................................................................................................................................11P7 Background and experience hinder of foster entrepreneurship......................................11CONCLUSION........................................................................................................................12REFERENCES.........................................................................................................................12
INTRODUCTIONIn this report we will describe and learn about the entrepreneurship and smallbusiness. It is that type of business which is started by creative person. Entrepreneurship isthe process through which individual can examine and find opportunities and create values.This report describes different types of entrepreneur ventures. Along with this, report alsoexplains the differences and similarities between various entrepreneurial ventures. Moreover,it also describes the positive and negative impact of small business on economy. In Additionto this, the report also describes different skills and characteristics of successful businessperson. Furthermore, it will describe the role of these skills in the motivation. At the endreport will examine how background and experience can hinder or foster entrepreneurship. TASK 1P1 Examine different types of entrepreneurial venturesEntrepreneurship is process through which individual can examine and findopportunities as well as create values. It is a process of developing new products andservices. There are different types of entrepreneurial ventures which are related withtypologies of entrepreneurship. Different entrepreneurial ventures are as followingSmall ventures: Small business person are those who run his/her own business, theyselect and hire local employees for accomplish their target and goal. Small businessventure operate their business at very low level and they start the business with lowamount. These small enterprise do not need to hire of too many workers. The mainaim of small business person is to feed the family and make a profit(Bhachu,2017).To start the business, small entrepreneurial takes money from their families andfriends. They work very hard and use innovative and creative ideas to accomplish thegoal. UK government provides fund to start the small enterprise. Examples of smallbusiness are grocery stores, consultants, plumber, electrician, carpenter, store frontetc. Large Venture: For starting large enterprise, business person need huge amount. Theystart the business with the help of loan from bank. Large venture mainly focuses ontheir competitors in the market. They hire number of employees to accomplish thetarget and goal. With the help of creative ideas and innovation they complete theirgoal. Skilled workers help these business person to accomplish the target in effectualmanner. They mainly focus on the new technologies and provide the products andservices according to customer's need and desire.
Social ventures: The main aim of social venture is to provide the products andservices that solve social needs and issues. Their goal is to make the world better theydo not work for profit and benefits. Moreover, they work in the direction of protectingthe rights of public. The main aim of these ventures is to solve the social problemsand provide safe and healthy environment. Serial entrepreneurship: They start the company with creative ideas and then play animportant role in the day to day functioning of the new company. This type of venturestart the company with new ideas and after that they give responsibility to someoneelse and move on to a new idea and new venture(Choi and Majumdar, 2014). Scalable start-up ventures: This venture always focuses on the new opportunities andto bring them they always focus on the continuous learning. To make competitiveadvantages they always want to increase the market share. For the future developmentthey have new ideas and creativity. With the help of their own ideas and creativitythey bring new opportunities in their workplace. Lifestyle entrepreneurship: This ventures focus on the future development to handlethe risk capacity. They focus more on the life rewards and provided products andservices to people for enjoy. Entrepreneurial venture link with typologies: The main aim of typologies is that to describe the relationship of entrepreneurialventures with other factor succession of business enterprise. Relationship of differentventures helps firms to increase the efficiencies. Therefore, typologies are effective andlinking all entrepreneurial ventures with each other(Dorado and Ventresca, 2013). P2 Similarities and difference between different venturesThere are some differences and similarities between different ventures. Similarities between small and large entrepreneur1.Small and large both entrepreneurs mainly focus on the customer's satisfaction. Thisis because customer's satisfaction plays a huge role in the success of corporation. 2.Both entrepreneur provide the products and services according to customer's need anddesire(Jarm and Miranda, 2014). Difference between small and large entrepreneur

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