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Entrepreneurship and Small Business Management Characteristics

   

Added on  2020-10-22

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ENTREPRENEURSHIP ANDSMALL BUSINESS

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3P1 Examining various types of entrepreneurial ventures and relation to entrepreneurshiptypology.......................................................................................................................................3P2 Description on explore of similarities and differences between entrepreneurial ventures. ...4P3 Assess and interpret relevant data and statistics in mini research to how micro and smallbusinesses impact on economy. ..................................................................................................6P4 Description on the importance of small businesses and business start ups that contributegrowth to firm after Brexit. .........................................................................................................8P5 Determine characteristics, traits and skills of two successful entrepreneur that differentiatebusiness managers. ......................................................................................................................8P6 Description on the assess of entrepreneurial personality as discussed. ...............................11P7 Description on examining background and experience can hinder or fosterentrepreneurship. .......................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14

INTRODUCTIONEntrepreneurship is process of starting the business or an enterprise that in terms to earnprofit or for social needs (Naranjo-Valencia and et.al., 2018 ). It is concept that is develop andmanaging business venture in order to gain profitability by taking several risk. It plays the vitalrole in economic development to have expansion global marketplace. It is the capacity andwillingness in order to develop, organize and manage the business venture so that profitabilityand productivity of the enterprise can be maximized. In addition to this, report will cover the following things as types of entrepreneurialventure, similarities and difference between entrepreneurial ventures, interpret relevant data thathow small and micro impact on economy, significance of business start up in order to makecontribution to growth of social economy and determinants of characteristics of traits and skillsin order to differentiate each other. P1 Examining various types of entrepreneurial ventures and relation to entrepreneurshiptypologyEntrepreneurship is referred as both study of creating innovative business along withactual process of initiating any new enterprise. An entrepreneur has various ideas to createservice of product which would be purchased by people through building business entity forsupporting specific sales. The entrepreneurial ventures are of four various types which are statedbelow:Small business entrepreneurship: In the present scenario, the entrepreneurs and start-ups in various places are operating in small business. These includes grocery stores,travel agents, hairdressers, internet commerce store fronts, consultants, electricians,plumbers etc. They will hire local employees and family which is barely profitable. In thesimilar aspect, the success definition is to feeding people which creates profit and not totakeover industry or to creates huge amount of money in business (Schwens and et.al.,2018). These entrepreneurs do not give any scale for attracting venture capital as theyfinance their business through family, friends or small business loans (Naranjo-Valenciaand et.al., 2018).Scalable start-up entrepreneurship: In this aspect, entrepreneurs start organizationfrom initial day with vision which could be altering the world. The investment has beenattracted through equally crazy venture capitalists or financial investors. In the same

series, they hire best and outperforming people as their responsibility is for searching jobfor scalable or repeatable business model. If this requirement is completed then theirspecial emphasis is on scale more than venture capital for fuel for expansion in rapidaspect. The scalable start-up creates small contribution in entrepreneurs and start-ups dueto out sizing returns which directly attracts all risk capital.Large company entrepreneurship: The big firms have presence of finite life cycle asthey grow through sustaining innovation along with offering innovative products whichare unique in core products (Akhtar, Lodhi and Khan, 2015 ). The alteration in newtechnologies, competitors, customer taste, legislations etc. could create pressure withcontext of disruptive innovation with need of big firms for creating innovative productssold in new market to new customers. The organizations which are existing perform thiswith acquisition of new companies for appropriate attempt for building disruptiveproduct. Consequently, big company and culture create disruptive innovation which isvery difficult for execution.Social entrepreneurship: These are referred as innovators to lay special emphasis forcreating services and products for solving social problems and need. It is considered asaltruistic entrepreneurship as they combine social and commerce issues in method forimproving people lives for connecting to specific cause (Allio, 2006). It does not measuresuccess in form of margin or success to various social entrepreneurs' mode which isimproved the world. However, it is not unlike scalable start-ups their objective is to makeworld as better as it has to not take market share or to create wealth for founders whichmight be profitable, non profit or hybrid as well. Generally, people are attracted to thosebusiness which has application of social entrepreneurship due to they are helping to solvesocial problem with money spent which is required as desire (Schwens and et.al., 2018).TypologiesSmall business entrepreneurshipGrocery stores, travel agents, hairdressers,internet commerce store fronts, consultants,electricians, plumbers Scalable start-up entrepreneurship venture capitalists or financial investorsSocial entrepreneurshipNon profit social enterprise, Community basedsocial enterprise

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