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Entrepreneurship and Small Business Management Importance - Doc

   

Added on  2020-10-05

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Entrepreneurship
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Entrepreneurship and SmallBusiness Management
Entrepreneurship and Small Business Management Importance - Doc_1

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1) Different types of entrepreneurial ventures..........................................................................4P2) Similarities and differences between entrepreneurial ventures............................................5TASK 2............................................................................................................................................6P3) Impact of micro and small business on economy.................................................................6P4) Importance of small business in growth of social economy.................................................7TASK 3............................................................................................................................................8P5) Traits and skills of entrepreneur...........................................................................................8P 6) How entrepreneurial personality reflects motivation and mindset. ....................................9P 7) How background and experience hinder or foster entrepreneurship.................................10CONCLUSION..............................................................................................................................10
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INTRODUCTIONEntrepreneurship is a procedure of establishing and running a new business. Entrepreneurship isrelated mainly with a small business. The person who starts a new business are calledentrepreneurs. A new venture always involves high risk. Entrepreneur must have ability andwillingness of starting a new business. Entrepreneurial opportunities includes development ofnew plan, acquiring material, human resource and financial resource. Entrepreneur is responsiblefor the success as well as failure of new venture. Entrepreneur is an innovator of new businessprocedure and ideas. The important characteristic of entrepreneur are leadership quality, abilityto take risk and team building etc.Small Business are the business that provides either various services or it operates retail businesssuch as small manufacturing establishments, medical stores, grocery stores etc. In case of smallbusiness, funds for purchasing new machinery, equipments are committed by owner or by lessee.There are various types of small business like khadi, small scale units etc.
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TASK 1P1) Different types of entrepreneurial ventures.There are various types of entrepreneurial ventures they are as follows-Micro enterprises- Micro enterprise is a type of small business in which few employees areemployed. Micro enterprises requires very low amount of capital. They generally produce goodsor provide services for satisfying the needs of people living in local areas. Micro enterprise isoperated by less than 10 peoples. . Example of micro enterprises are carpenters, street vendorsetc. Micro finance institutions provides micro finance to micro enterprises in the form of loan sothat, they can start their own business.Small enterprises- Those enterprises that manufactures goods, provides services on a smallscale are called small enterprises. They are operated by a single owner. Mainly labour areinvolved in production activities. Example, bakery. Medium enterprises- Medium enterprises employs employees more than 100 but less than1000. Medium size enterprises requires investment more than small enterprise but less than alarge enterprise. Example , manufacturing kids garments (Burns, 2016).Large enterprises- Large enterprises requires huge amount of funds in infrastructure like,capital assets. It plays an important role in growth of economy, inflow of foreign currency in thecountry, creation of employment opportunities etc. Example of large scale enterprises in Indialike textile industry, Auto mobile industry etc.Typology of enterprisesSocial- Social typology break down the boundary between private sector and non profitorganisation. It explains the way in which a business integrates social values with businesspractises.Scalable- Scalable typology means, the ability of a business to improve and maintain its profitsin case of decline in sales.Serial- In this, entrepreneur continuously brings new ideas.HeadingSerial EntrepreneurIntrapreneurManager1)MeaningEntrepreneur whocontinuously makeefforts for developingnew ideas (Burns,Person who isresponsible forinnovating newproducts and servicesPerson who performsall the managerialfunctions of thecompany.
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