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(solved) Entrepreneurship & Small Business Management Types

   

Added on  2020-10-22

14 Pages4225 Words224 Views
EntrepreneurshipProfessional DevelopmentPolitical Science
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Entrepreneurship and SmallBusiness Management
(solved) Entrepreneurship & Small Business Management Types_1

Table of ContentsINTRODUCTION ...........................................................................................................................3TASK ..............................................................................................................................................3P1. Examining different types of entrepreneurial ventures and their relation with typology ofentrepreneurship..........................................................................................................................3P2. Similarities and differences between entrepreneurial ventures.............................................5P3. Relevant data and statistics to illustrate the ways of small business impact on theeconomy. ....................................................................................................................................6P4. The importance of small businesses and business start-ups to the growth of the socialeconomy......................................................................................................................................8P5 Characteristics, traits and skills of successful entrepreneurs.................................................9P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.......................10P7 The way in which background and experience can foster entrepreneurship........................11CONCLUSION..............................................................................................................................13REFERENCES...............................................................................................................................14
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INTRODUCTION Entrepreneurship is a process of designing, launching or executing a new business whichis often started as a small business. In addition to this, it is an activity of starting a businesswhich is performed by single or a group of individuals for earning profitability. Apart from that,entrepreneurs are those persons who implement new and innovative ideas so that goodprofitability will be earned by them in future. Furthermore, individuals who have specific skillsand knowledge of implementing and designing new things as per the new market trends andrequirements called entrepreneurs. Present assignment will discuss about the importance andsupport of new entrepreneurial ventures along with their similarities and differences. Impact andcontribution of entrepreneurs in the growth of economy will also discuss under this report. Atlast, assignment will discuss about the background of two successful entrepreneurs and factorswhich influences them in becoming a successful entrepreneurs.TASK P1. Examining different types of entrepreneurial ventures and their relation with typology ofentrepreneurship.There are numerous kind of entrepreneurial ventures are located in the marketplace whichprovide assistance in the growth of society and economy. All activities and functions of theseventures are handled by entrepreneurs so as to gaining profitability. Their values for society andeconomy allows the economists to categorise the ventures in several groups. These groups aredivided as per the net worth, number of staff workers, revenue generation etc. As they havedifferent size and scope then their purpose is also different in nature. There are two kinds in thesebusiness like entrepreneurs and intrapreneurs. Entrepreneurs are those individuals who begins thebusiness and take risks for gaining profitability apart from that, intrapreneurs are those whopromotes innovative ideas of entrepreneurs in marketplace. There are several types of entrepreneurial activities that are related with each other so thatbusiness functions will be run in a successful manner. Entrepreneurs are those who have to act asper the market trends. For e.g. they have to analyse the market and sell those things which aredemanded high in that area. So that, it can be said that these activities are linked together andassist the entrepreneurs in earning huge profitability. Following are several types ofentrepreneurial ventures which are located in UK (Scarborough, 2016).
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Small business entrepreneurshipThese are those business activities which are started with a lower investment and a smallnumber of employees. This kind of business ventures provides a huge employment opportunitiesto the local citizens because if all local residential will be employed by the big organisation thenthere is no existence of these firms in marketplace. These organisations mostly started in apartnership or sole proprietorship. For starting venture in this kind, it is mostly required for theentrepreneurs that their net worth should be €2 million and having 50 employees in their firm. Sothat, it can be said that these business ventures are limited by the activities and functions. Mostappropriate example of this kind is Orion electrotech limited which provides consultancyservices across the UK.Large company entrepreneurshipThese kind of ventures have no limits in their operations, size and number of employeesetc. These firms manufactures the products at large level and provide these to the customers atdifferent locations. For performing the business operations in proper manner, it requires hugeamount of resources so that any difficulty wouldn't be faced by them. Main basis of their longterm sustainability is that, they analysis the market trends and customer requirements andmanufactures products and services accordingly. Main example of these firms are Tesco, IKEAetc.Social entrepreneurshipThese kinds of business ventures are located in the market for making welfare of theorganisations. Main objectives behind set up of these business are to providing betteropportunities to the needy citizens so that their living standard should be improved (Naudé,2014). They not focuses on earning profits whereas, they perform their duties for fulfilling theneeds of needy citizens of nation. Most appropriate example of these organisation are NHS,Oxfam etc.Typology of entrepreneurshipAll above discussed entrepreneurship ventures are linked with different kind oftypologies, are given as below:Lifestyle Enterprise
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