Entrepreneurship and Small Business Enterprises Essay
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Added on 2020-06-03
Entrepreneurship and Small Business Enterprises Essay
Added on 2020-06-03
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ENTREPRENEURSHIP ANDSMALLBUSINESSENTERPRISE
Table of ContentsINTRODUCTION...........................................................................................................................1P1 Different types of entrepreneurial ventures and their classification......................................1P2 Similarities and differences of entrepreneurial ventures ......................................................2P4 Impact of micro and small businesses on the economy.........................................................4P4 Small businesses and business start–ups contribution towards social economy...................5P5 Description on characteristics, traits of successful entrepreneurs. .......................................6P6 Description on personality of entrepreneur reflect mindset and motivation ofentrepreneurial. ..........................................................................................................................6P7 Description on how background and experience is helpful in order to fosteringentrepreneurship..........................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES ...............................................................................................................................9
INTRODUCTIONThe principal aim of this research is to provide an insight into entrepreneurship and themanagement of smaller businesses which are beneficial for economic growth and development.It outlines the relationship between the entrepreneurial ventures and small business units andstresses on how they overlap each other. Moreover, entrepreneurship could be linked towards theeconomic growth, job creation and competitiveness in the economy. Small business enterprisesseeks to make a larger impact on the economy by creating jobs requirements, less labourturnover, and providing opportunities to local public. Thus, the research focuses on how smallbusiness units can achieve growth and transforms into big entrepreneurs with the use ofinnovative ideas and technology. P1 Different types of entrepreneurial ventures and their classification.An entrepreneurial venture is termed as a small business which is producing somethingnew or innovative. The entrepreneur is taking the risk to do something different that does notexist until now. The different kinds of ventures may be classified in terms of size (small, mediumand large) , growth rate (low, medium, or fast growth) aims and beliefs. Each form of venturehas different needs/requirements and make unique effort towards the economic vitality whichadds value to society. Small Business Entrepreneurship: In today's era, small businesses still have a huge number ofentrepreneurs running their own family businesses or start-ups. Small business also known as thesurvival ventures have limited resources and is solely responsible for all the risks and rewards ofhis or her business venture. The business usually have less or no premises with few assets of itsown and majorly function on cash basis. It may or may not be formally registered with nobusiness banking relationship. Small business possessors are often more tender, and see theirbusiness as part of the community and part of the family. Such businesses operate in a highlycompetitive, price-based, and largely undifferentiated markets. Social Entrepreneurship: Social Entrepreneurs focuses on creating those products and serviceswhich are not only innovative but also fulfill social needs and desires. These Entrepreneursemphasis's on making world a better place through their innovative ideas and changingenvironmental conditions. They can be nonprofit, for-profit, or hybrid concern whose main aimis to provide value to the society in terms of infusing such products and services in the economy.Such entrepreneurs believe in sustainable growth in terms of the impact of the business on the1
community as a whole. Social entrepreneurs focuses on opportunities to provide large-scalesolutions to global problems thereby making minimal or no profit in monetary aspects andgaining maximum social satisfaction. Social entrepreneurs seek towards transforming thesociety and its people into a better well-being. Scalable Startup Entrepreneurship: Scalable entrepreneurship are those businesses which havesaid mission, vision and objectives clearly defined. They are high risk takers and have thecapacity of changing the world with their innovative ideas. Such ventures have upgradedtechnology and strong innovation ability that seeks exponential growth and are usually fundedby company assets. The main source of their finance are banks, private investors, venture capitalfirms and public markets. The economic motive of scalable entrepreneurs is creation andmaximisation of wealth. They focus on rapid growth of the organization with increasingbusiness without incurring additional costs. Such scalable entrepreneurs focus on highproduction, quick and easy distribution, faster networks and huge infrastructure availability tomake larger profits in the long run. Corporate Entrepreneurship: The term corporate entrepreneurship refers to the evolution ofnew ideas and opportunities within established or large businesses, which leads to the bettermentof organizational profitability and an enhancement of current position of an existing business.Corporate entrepreneurs are core innovators and high risk-takers which leads to evolvement ofnew business ventures. Corporate entrepreneurship may even alter the competition throughtracking the external changes arising through economical and political instability. Suchentrepreneurs possess a niche market and influences cost to company. P2 Similarities and differences of entrepreneurial ventures Corporate entrepreneurship and social entrepreneurship : The major similarity between thecorporate entrepreneurs and social entrepreneurs point towards creation of products and servicesin the economy which adds value to there company. Corporate entrepreneurs focuses on theprofit and wealth aspect of any business whereas social entrepreneurs emphasizes on thecommunal well being. Corporate entrepreneurs aim towards monetary aspects of the businesswhile social entrepreneurs pursue on creating social values underlying social causes.Social entrepreneurship and scalable entrepreneurship: Both the social and scalableentrepreneurs emphasises on core innovation either by starting a new venture in case of scalablebusiness or producing something new for the upliftment of society. Social entrepreneurs are2
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