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Entrepreneurship & Small Business Management Assignment Solved (Doc)

   

Added on  2020-10-05

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ENTREPRENEURSHIP ANDSMALL BUSINESS

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Different types of entrepreneurial ventures and how they related to topology ofentrepreneurship.....................................................................................................................3P2:Similarities and difference between entrepreneurial ventures..........................................4TASK 2............................................................................................................................................5P3: Impact of Micro and Small businesses on Economy.......................................................5P4: Importance of small businesses and start ups in social and economical growth after Brexit................................................................................................................................................8TASK 3............................................................................................................................................9P5: Characteristics, Skills and Traits of a successful entrepreneur........................................9P6: Aspects of the entrepreneurial personality which reflect their motivation and mindset10TASK 4..........................................................................................................................................11P7: Explanation on how backgrounds and experiences can hinder or foster entrepreneurship11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONEntrepreneurship refers to in which an individual establish a business with the motive of togenerate profit by introducing some innovative products or services and bring life changingsolutions. The entrepreneurs also known as job creator as they provide employment to otherpeople through their venture. This report is based over entrepreneurship and small businessmanagement on a seminar which is organised by HMRC in the UK to provide completeknowledge about entrepreneurship to the employees. This report contains examination ofdifferent types of entrepreneurial ventures and how they relate to topology of entrepreneurship. Itpresent similarities and difference between entrepreneurial businesses. It elaborates statisticaldata of small businesses and their impact on economy development of UK. At last explain abouttraits and characteristics of an entrepreneurs with their experiences and backgrounds of anindividual. TASK 1P1. Different types of entrepreneurial ventures and how they related to topology ofentrepreneurshipEntrepreneurship is the process in which an individual establish a new venture which is smallinitially. Whereas an entrepreneur set-up, organize and manage a venture along with tasking riskof the business in order to gain profit. An individual come up with new or innovative idea tochange the market trend (Alexander, 2017). There are several types of entrepreneurial ventures which run their businesses in the businessenvironment which is explained below:Large scale venture: It refers to the business in which they have large business cycle.They are keeps on growing by introducing new and innovative products and services. Theintense competition, changing in the taste and preference of customers, introduction ofnew technologies in the market create more pressure to the innovation. So, the largeorganization can make new innovation and sell it to the market. As small company dothis by collaborate with some large enterprise or make disruptive product by themselves.Where large businesses didn't execute this disruptive product in the market because of itssize and culture.

Scalable start-up venture:- This type of ventures already knows that their vision canchange the world. The Entrepreneurs are always in the search of new opportunities whichexist in the market. The ventures brings new innovations in the market and aims to growthe business. After, developing their business they sell it to some other and search foranother opportunity (Bennett, 2014). Social Venture:- In this entrepreneurship an entrepreneur make an innovative product orservices which can satisfy the need and wants of the society. The goal of entrepreneursare in this to make a better place not to make any profit or market share just provideservices to the society.Small Venture:- This is type of venture in which operated or owned by anyone and runsat lower level. These venture includes plumbers, grocery stores, travel agent. The aim ofthis business is just to fulfils their basic requirement. There are certain topologies in which all these ventures are operated. Following is the descriptionof entrepreneurs topologies:- The young entrepreneurs:- This types of entrepreneurs who are young, small andmajority of entrepreneurs are females. The young individuals who are more ability to takerisk and develop their business also want to become key players in the business worldwith the help of social media. The Natural Entrepreneurs:- This segment of entrepreneurs are more mature andmajority of individual are male. The individual have natural entrepreneurial skills, self-motivated and believes that the main success is inside you. The entrepreneurs have goodexperience of hardship and still believe to gain more experience and knowledge (Chelland Karataş-Özkan, 2014)P2:Similarities and difference between entrepreneurial venturesBusiness venture considered as a small business. In the business venture two or morepeople or groups invested with the expectations that business will give them financial gain in thefuture. First, need analyse and identified by the entrepreneurs for a product and services and thendevelop the idea, implement the idea into market then introduce the product or services.Maximum business ventures are created on the basis of demand in the market or lack of supplyin the market. Similarities:

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