Characteristics of Successful Entrepreneur
Added on 2020-06-04
15 Pages4162 Words115 Views
Leadership ManagementEntrepreneurshipProfessional Development
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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION-..........................................................................................................................1TASK 1............................................................................................................................................1P1 Entrepreneurial ventures Types and Typologies of Entrepreneurship. ............................1P2 Different types of entrepreneurial ventures(similarities and differences) .......................3P3 Impact of Micro and Small business on economy............................................................4P4 Importance of Small Business in Social Economy...........................................................6TASK 2............................................................................................................................................7P5 Characteristics of a successful entrepreneur.....................................................................7P6 Aspects of entrepreneurial personality..............................................................................9P7 Person's background can hinder foster entrepreneurship................................................10CONCLUSION..............................................................................................................................10REFRENCES.................................................................................................................................12l壱
l壱INTRODUCTION-Small business management and entrepreneurship is a venture which every entrepreneurhave to go through. Every large organisation and business enterprise initiate themselves as smallbusiness. Small business management need different business framework rather than largecompanies. An entrepreneur risk its money, time and efforts in order to shape ideas and conceptinto a business enterprise (Onetti, 2012).Entrepreneurship is something innovative and creative ideas given wings to flyaccordingly but the chance is not for ever. How an good entrepreneur start a business and lead itto success and manages all operations and systems and exist in industry.This assignment will study all aspects of entrepreneurship and small businessmanagements including various kinds of entrepreneurship and there differences. It studies roles ofan entrepreneurs as well as evaluate data of micro and macro business influence occur incompany. It analysis behaviour of entrepreneur influence business and factors of economicdevelopment.l壱TASK 1l弐P1 Entrepreneurial ventures Types and Typologies of Entrepreneurship. Entrepreneur different from a businessman establish a business venture with knowingevery possible risk of of success and failure. Instead the danger of failure in start-up in venture ofbusiness, entrepreneur have it and learn from failures. Entrepreneur design new plan of actionand create it along with limited resources and funds and sponsor and reach achievement to getsuccess as well as failure risk.Entrepreneurship Types -1. Scalable Start Up Entrepreneurship-This type of entrepreneurship was initiated by Silicon valley Investors and their venturestockholder (Martin, McNally and Kay, 2013). Contrast view from small entrepreneurship, suchentrepreneurs begin their ventured journey with believing this concept that their thought canchange the world. They try to influence crazy investor to invest ion their ideas - VentureInvestors. Scalable entrepreneur hire bright, crazy employees. Their pursuit are repeatable andascendable enterprise model. 2. Large Company Entrepreneurship-1
Large companies always available large number of resources to fill their needs. Theirmajor innovations cater to improve core products. Such companies need to increase qualities oftheir product to gain costumers with new trend and time (Welter, 2011). Therefore, largecompany create disruptive products complex to imply.3. Small Business Entrepreneurship-Small business entrepreneur decide specific products and definite target costumers andcrate a business plan. This consist grocery stores, saloons, travel agent, consultant, Electrician,internet commerce store fronts plumber, carpenter etc. Few people starts such venture for someearnings and living and they employee local employee. These entrepreneur don't utilizepromotion mix and collect funds from loans.4. Social Entrepreneur-Social entrepreneur concentrate on social problems and help with business funds andserving them (Barringer, 2012). Unlike scalable entrepreneur, they serve society to make it betterplace. They may make no profit and profit.Entrepreneurship Typologies-Various types of entrepreneurial venture has been evaluated of which of some are below-Lifestyle venture-These investments render steady financial gain to businessman. In order to givecompetitions, they manage some time for their business. Such venture generally employee manyworkers and work individually because of that they don't get success.Survival ventures -Such venture are usually initiated to make livelihood for themselves and their families.They build these operations upon basic of Barter and cash system instead of hold any contractwith banks and land site,moreover these entrepreneur don't consider to register their businessusually. Managed growth ventures -Managed Growth Ventures usually provide stabilized growth and feasible model ofentrepreneurship. These people invest on improved and developed business and manage survives.They have few staff, launched product and managed growth ratio of their business strategies·Aggressive growth ventures –2
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