Entrepreneurship and Business Management- Report

Added on -2020-02-17

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Entrepreneurship and Small BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1 Different type of entrepreneurship ventures and their relationship with typology................4P.2 Similarities and differences between entrepreneurial ventures...........................................5M1...............................................................................................................................................6D1................................................................................................................................................7TASK 2............................................................................................................................................7P3 Impact of the micro and small business enterprises on the economy....................................7P4 Importance of the small business and business start up to grow in social economy.............8M2...............................................................................................................................................9D2................................................................................................................................................9TASK 3............................................................................................................................................9P5 Characteristics, traits and skills of successful entrepreneurs.................................................9P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mind-set..............................................................................................................................10M3.............................................................................................................................................11D3..............................................................................................................................................12TASK 4..........................................................................................................................................12P7 Impact of the background and experience on the entrepreneurship....................................12M4.............................................................................................................................................13D4..............................................................................................................................................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONEntrepreneurship is the activity of setting up a business as well as businesses. Along withthis they have to take financial risk to attain maximum profit. Entrepreneur is the person whostart a business in order to attain maximum revenue. By taking the more risk they can improve aswell as develop the business and on the basis of that they can improve their performance. Thestaff members of business entity have to improve the skills for doing the innovation, risk takingability as well as leadership so that they can increase their market share (Bruton, Ahlstrom andLi, 2010). Moreover, they focus on the growth so that they become sustain in the competitivemarket and by that they can generate more revenue. The below mentioned report is based onentrepreneurship as well as business management which assist in explaining the different type ofentrepreneurial venture along with the typology of entrepreneurship. This report is havingresearch on the similarities as well as differences in between them. Micro and small businessenterprises having a impact on economy, statics as well as data which helps in describing theimpact on UK of it. Moreover, explanation on traits and skills of the entrepreneur (Business andentrepreneurship skills and experience. 2013). TASK 1P1 Various type of entrepreneurship ventures and their relationship with typologyIt defines the process of designing, launching as well as running business which helps instarting a small business so that they can offer a innovative product, process or services andimprove the sales. Entrepreneurship also defines the willingness and capacity so that they cantake a risk and on the basis of that they can develop and manage the work as well as activities forearning the maximum profit. The main key ventures will engage in entrepreneurship is that thosewho like doing what they are doing. On the other hand, successful entrepreneursdo not wait toeven think offand gives them an idea, to work.". And it also evaluates innovations bycontributing to the market and customer.” Most of the people who remain in the outback leavesnothing behind. They have to take more risk and risk can be in the form of lack of funds,investment criteria etc. There are many type of entrepreneurship ventures are as follows: Small business ventures: It includes those person who start the business and the main motive ofthis firm is to achieve or generating more revenue by taking more risk. It includes the grocerystores, electrician etc. The members who are starting the small scale business does not having
any source of taking a loan along with the funding, so they can take funds only from their familymembers or friends (Alsos, Carter and Ljunggren, 2011).Scalable start-up ventures: This type of business are established with a motive to change avision as well as mission of the world. In this type of venture they can attract the investmentfrom the capitalists of venture. It aims in maintaining a profit after a specific period of time. Thistype of ventures focuses on rapid expansion of the business. These type of business does not startby the entrepreneur. Large company venture: It is also a form of venture which include the large amount ofinvestment of capital by the owner. It includes the different factors like sustaining innovation,offering the new and upgraded products so that they can attract the large number of consumers.They have to produce the product according to the taste and preferences. Social venture: These type of business venture focuses on the creating of the new productsaccording to the needs and wants of consumers so that they can attract the large number ofconsumers and generate more profit. It helps in making a world to a better place so that they canlive and also work for societal purpose (Awogbenle and Iwuamadi, 2010). These are the type of entrepreneurship which are related with the typology ofentrepreneurship. Those entrepreneur who start a small scale business having a less experienceand also a lack of money. Entrepreneur always focus on generating the more revenue. But on theother side, those entrepreneur who are doing large scale business with all the strategies as well asnorms so that they can attain the goals and objectives by using the new and innovative ideas sothat they can generate more profit. Typology defines the different type of entrepreneur in thedifferent ventures includes Skeptical entrepreneur – these helps in attaining the success. Along with this it helps inexamining the business of the person as well as inheritance so that they become successfulentrepreneur. Research entrepreneur – These type of entrepreneur love to more learning and by thatthey can make good strategies to grow a business (Carraher and Paridon, 2015).Accomplished entrepreneur – These entrepreneur gone through the all stages ofentrepreneurship and then they build a business and then reached to success.Determined entrepreneur – these entrepreneur attain success without copying and thenthey can do everything for starting the business or for enhancing the growth of the business.

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