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Small Business and Micro Entrepreneurship

   

Added on  2020-06-04

11 Pages2556 Words495 Views
Entrepreneurship and SmallBusiness Management
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TABLE OF CONTENTSINTRODUCTION:..........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their relation to typology.......................1P2 Similarities and differences between entrepreneurial ventures.........................................2TASK 2............................................................................................................................................3P3 Impact on micro and small business enterprise on social economy after Brexit..............3P4 Significance of small business and start-ups in towards growth of social economy........3TASK 3 ...........................................................................................................................................4P5 Characteristics, traits and skills of two successful business entrepreneurs.......................4P6 Aspects of personality of entrepreneurs reflects its motivation and mindset....................5TASK 4............................................................................................................................................5P7 Influence of background and experience on entrepreneurship..........................................5CONCLUSION:...............................................................................................................................6REFERENCES:...............................................................................................................................7
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INTRODUCTION:In recent era, most of the businesses are run by entrepreneurs. These businesses arestarted up by generating new ideas and philosophy. They small and medium size but highlycontributes in GDP of a nation. These ventures operate at domestic level and provideemployment to people (Smallbone, Welter, and Ateljevic, 2014). Their main purpose is toenhance quality of life by providing new products and services to people. These ventures aregrowing rapidly within UK. The success of business depends upon how unique their idea andproduct is. In this report, different types of small enterprises are analysed. Also, the skills andtraits of two successful businessmen are discussed. Besides this, the impact of background andexperience on personality of entrepreneur is discussed. TASK 1P1 Different types of entrepreneurial ventures and their relation to typologyEntrepreneurs are the individuals who find new ideas for starting a business. Thesepeople take risks like gamblers and start their business with available resources. Main purpose isto develop new products and services to fulfil the needs of people (Sarma, and Borah, B., 2016).There are different types of entrepreneurs and business ventures that are as follows:- Serial entrepreneur- A person continuously moves from one business to another to implementnew ideas. He or she develops new products and services to fulfil the needs of people. Generally,they hand over successful business to another person and focus on other’s ideas. They have skillsand qualities of developing new ideas. Sometimes, their business fails due to lack of focus. Social entrepreneur- Usually, these entrepreneurs start business to provide products to improvethe quality of life of people (Karadag, 2015). Their main motive is not to earn profit but toenhance the lifestyle of people. They identify the issues and problems in society and then decideto create products or services. It is a non-profit organisation.Female- They are the females who start business for social cause or to improve life of women.They either work from home or set up a business. Business is started by applying the feministvalues. Male- They are the persons who set up business mostly to earn profits. They apply ideas invarious sectors. Men takes high risk that makes their business successful ( Spence, 2016).1
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P2 Similarities and differences between entrepreneurial venturesEvery business venture differs from each other in their own way. There are manydifferences and similarities in business ventures. Male and female entrepreneurSimilarities- Their main aim to start a business is earning a stable profit and providing goods tosociety. Business is started to earn extra income so that desires can be fulfilled (Kuratko, Morris,and Schindehutte, 2015). Besides this, generally the focus is on economic as well as social issue.Differences -Male entrepreneurFemale entrepreneurThey are oriented towards construction,technology and traffic.They strive for fulfilment of their creativeideas.There top priority is earning profit.Money is not an important factor instarting a business.They often turns towards investorsThey start with their own money.They often takes more financial riskThey do not take financial risk.Men makes logical decisions in businessWomen makes intuitive decisionsLifestyle and serial entrepreneurs :-Similarities – They both develop new products to improve living standards of society. Theirmain purpose is to earn profits. Generally, more and more entrepreneur are engaged in these twocategories (Hoogendoorn, 2016). New products developed are cheap and fulfil needs of peopleeffectively. Differences:- Lifestyle entrepreneurSerial entrepreneurThey are generally more aggressive than theserial entrepreneur.They are having patience and selfconfidence which makes them successfulTheir aim is not to make profits butimproving quality of the life of people.Their aim is to make profits with orwithout improving life of people. They remain engaged in one business.These entrepreneurs generally moves fromone business to another.2
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