Sample Report on Entrepreneurship And Small Business Management
Added on 2020-01-28
14 Pages4617 Words145 Views
Entrepreneurship and Small BusinessManagement
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1 Carrying out mini-research to examine different types of entrepreneurial ventures andexplaining their relation to the typology of entrepreneurship......................................................4P2 Explore the similarities and differences between entrepreneurial ventures...........................5TASK 2 ...........................................................................................................................................6P3 Assess and interpret relevant data and statistics in your mini-research, to illustrate howmicro and small businesses impact on the economy...................................................................6P4 Contribution of small businesses and business startups to growth and social economy afterBrexit............................................................................................................................................7Task 3...............................................................................................................................................8P5 Determine the characteristics, traits and skills of successful entrepreneurs, whichdifferentiate them from other business managers........................................................................8P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mind-set...............................................................................................................................10TASK 4..........................................................................................................................................11P7 Examine, using relevant examples obtained through your mini-research, how backgroundand experience can hinder or foster entrepreneurship...............................................................11Conclusion.....................................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONDevelopment of small business is the most important aspect through which country seeksits own growth along with generation of employment and social development. However,personality trait of entrepreneur plays important role in growth of the business. The presentreport is based on Hawksmoor Group restaurants which is situated in London and deals inseveral kind of spicy and sweet eatables. This entrepreneur operates with the association of 623employees (Autio and et. al., 2014). It covers the mini research done over the different types ofentrepreneurial ventures and similarities as well as differences exist between them. Furthermore,assessment is done on interpreting the statistical data that how economic contribution is madethrough small and micro businesses. In addition to this, aspects of the entrepreneurial personalityreflecting the entrepreneurial mindset and motivation has been assessed. Apart from this,characteristic, skills and traits of two successful entrepreneurs has also been identified along withdifferentiation with other business managers (Brooks, and et. al., 2014).TASK 1P1 Carrying out mini-research to examine different types of entrepreneurial ventures and explaining their relation to the typology of entrepreneurshipEntrepreneurship ventures includes risk tolerance, profit and loss, growth and learning from it.Basically it means starting a new and small business. There are some business venturesfollowing as under:Lifestyle ventures: This type of business is established to earn specific level of income.It’s mainly focused on lifestyle of persons. This sort of ventures can have satisfied theirpossessor as well as their customers. There is no such growth in this kind of businessbecause sometimes growth can have ruined lifestyle.Survival Ventures: Such business which are founded for the need of survival of ownerand his family members is known as survival ventures. This type of businesses generallydeals in money and swap system.Managed growth ventures: These kind of businesses gives central attention to thegrowth. These ventures are very balanced in nature and also helps owner in achievinghigh profit. Its highly focused on business expansion and its growth.
Aggressive growth ventures: There are many opportunities in aggressive growthventures because its funds are acquired from equity market which is technology basedmarket and full of growth. It gives expansion by trading in stock market.There are different types of entrepreneurship which work differently in order to meet thespecific objectives of firm in an effective manner. These are explained as follows-Small business entrepreneurship-It consists of small businesses such as consultants,travel agents and internet commence as well as grocery stores. They operate at lowerscale in order to meet the short as well as long term business (Crane and Matten, 2016).Such kind of businesses access sources from bank loan, friends and relatives. It enablescorporation to carry out all business activities effectively in order to create competitiveedge of the business in the marketplace (Brooks and et. al., 2014). Generally,employment of such kind of business is done on local business through which it becomeseasy to ensure the growth of the business in low cost of production. In this manner, smallbusiness entrepreneurship starts at very small scale on the basis of specific risk. Here,entrepreneur start the venture on the basis of available information and research so as todetermine its success in the marketplace (Kierzenkowski and et. al., 2016).Scalable startup entrepreneurship-Such kind of businesses attract crazy financialinvestors so as to start the venture effectively. It proves to be effective to generate theemployment and accordingly firm can cope up with the changing scenario. Furthermore,entrepreneurs starting such kind of corporation get to know about its operation from dayone so as to implement the concept effectively and determine long term growth in themarketplace (Stenholm, Acs and Wuebker, 2013). However, scalable entrepreneurship isapplied for making profit and meeting the expectations of common citizen. The vision ofsuch kind of firms can change the entire world with the help of offering excellentservices.Large company entrepreneurship-The large organizations operate their business inaccordance with innovation, offering new products and sustainable development. Theylike to extend the product range or variety effectively. Apart from this, large companiesshed light on changing perspective of customers, legislation and new competitors etc. sop
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