Entrepreneurship and Small Business Management Assignment (Doc)
Added on 2020-07-23
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ENTREPRENEURSHIPANDSMALL-BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1p.1. Different types of entrepreneurship venture and their typology..........................................1P.2. Similarities and differences between entrepreneurial venture:............................................2P.3. Micro and small business impact on the economy..............................................................4P.4. Explain how important small businesses and business start-ups will contribute to thegrowth of the social economy.....................................................................................................4P.5. Characteristic and traits required for successful entrepreneur.............................................6P.6. Aspects for entrepreneurial motivation and mind set..........................................................7P.7. Examine, using relevant examples obtained through your mini-research, how backgroundand experience can hinder or foster entrepreneur.......................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONThere are several business opportunities in the market which furnish the chance to anindividual to start the new business. Opportunities are prevailed by the people who seek theissues and problems and faced by people. The products and services are developed according tothe needs and demand of the people so that revenue could be generated. Entrepreneur isdetermined as activities which are set for setting new business and take an effective action tomanage it. This report covers different types of entrepreneurship ventures and their typology.Along with this, different and similarities among various types of entrepreneurship ventureswould also discuss. Apart from this, factors which are become the barriers and foster theentrepreneur while established a business will be identified. Task 1p.1. Different types of entrepreneurship venture and their typologyEntrepreneurship is brought up the manner with regard to taking activity to exploit newideas in terms to grab new opportunities which assist in standing the good position in the market.At the time of setting up a new business, there are several uncertainties which are faced by theentrepreneur(Agarwal, Audretsch, and Sarkar, 2010). At the initial stage it is started with thesmall firm and when it start earning the profit then it would start expanding its business in thenew market segmentation. They are highly centered and understand the opportunities which arepredominated in the market and take right steps in terms of achieve their goals and targetedobjectives. There are many problems faced by the entrepreneur when they start their new venturein the market. There are various kinds of entrepreneur which are as follows:Small business venture: It is examined the business where the low scale of businesscarry out their business activities. In this particularly involves the grocery, hair parlorsand salons, consultant and mechanical shops etc(Barringer, 2012). While starting thisbusiness it is not easy for an entrepreneur to work individually it needs support to executeall the business activities. Usually, these kinds of venture take support from familymembers to handle day to day operation.Scalable start-up venture: According to this, a business entrepreneur are highlymotivated in order to start with the new venture and kept the vision and mission tochanging the world. Further, to accomplish business operations, the entrepreneur is1
making the selection of highly skilled and experienced who are enough support forachieve the vision.Large venture: The large company enter in the market with investing their huge amountof capital and entrepreneur prepare their appropriate plans, projects and essentialactivities which are required for starting the new business(Baum, Frese, and Baron, eds.,2014). Different kinds of strategies are developed with respect to manufacturing the newproduct which assists in making the profit and satisfied needs of customers. Social venture: This kind of venture has the capability to serve society specially and theywork for the welfare of the society(Bridge, and O'Neill, 2012). They do not work forearning profit but most of their focus on the developing the products and services whichsatisfy the needs of the customer and society. Determiner entrepreneur: This kind of entrepreneur are mostly pacemaker instead ofpath followers and they do not like to copy other company's product and services inrespect to raise the sales.There all venture are related to the typology of entrepreneurship. One of the main goalsof small business venture is to earn the profit and expand its business in the future. On the otherside, the large-scale business role is to concentrate on gaining maximum profit.P.2. Similarities and differences between entrepreneurial venture:As mentioned in the above question there are several types of entrepreneur and they assistin grow and evolution of the economy. They have some similarities and differences in order todevelop their business and earn profit(Bruton, Ahlstrom, and Li, 2010). One of the similarities isthat they all develop products and services and deliver them to their targeted customers. Furtherone of the differences among them is that they all work for different reasons. It is different insmall venture and last venture with respect of making profit. Investment in the business of thesmall enterprise is low as compared to large scale. Further one of another kind of enterprise issocial venture and they work for other in the society and for generating profit. Therefore, smallventure works for making the profit while scalable and social venture works for welfare in thesociety. Apart from this, one of another difference is that business venture and social venturecreated on the basis value of serving people(Burns, 2010). Further other business venture aim isto develop value on the basis of the quality that is delivering them through serving quality aim is2
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