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Entrepreneurship and Small Business Management Skills

   

Added on  2020-10-05

19 Pages5250 Words363 Views
ENTREPRENEURSHIP AND SMALLBUSINESS MANAGEMENT

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1P1. Different types of entrepreneurial ventures and their relation to different typology ofentrepreneurship.....................................................................................................................1P 2. Similarities and differences between various types of entrepreneurial venture..............2P 3. Impact of small and micro entrepreneurship in economy of business............................4P 4. Importance of small and start up business in social and economy growth after Brexit..3P 5. Characteristics, traits and skills of two successful entrepreneurs and assess the aspects ofthe entrepreneurial personality reflect entrepreneurial motivation and mind-set...................4P 6. Different environmental factors that hinder and foster growth of entrepreneurship.......6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8

INTRODUCTIONEntrepreneurship is one of the important components for economic growth anddevelopment (Schaper and et.al., 2014). It plays crucial role in expanding of regional andbackward areas of a country. Entrepreneurs critically evaluate the complexity of businessenvironment and implement innovative techniques to deal with them. This project includes aboutvarious entrepreneurial ventures and their types. In order to become successful entrepreneurs,they adopt various techniques and procedures. Further, this project discusses about skills andcapabilities like risk taking, decision making, etc. which is required to carry out businessoperations.P1. Different types of entrepreneurial ventures and their relation to different typology ofentrepreneurshipEntrepreneur is a person who has an idea of creating and establishing new venture. Theyare accountable for all types of business activities and risk. They grab opportunities from currentmacro environment and utilise it effectively to increase profitability. They implement innovativetechniques in order to reduce wastage and maximise profit share (Storey, 2017). Businessmencombine all factors of production like land, labour, raw materials in order to manufactureprofitable goods (Types of entrepreneurship, 2017). They must undertake risky financialdecisions to earn profits. Enterprise is a business, which requires small amount of investmentsinitially.Different types of entrepreneurial venturesSmall business: This requires minimum amount of investment and it generally operates in smallscale. They face various types of challenges and issues related to their growth and development.They control manage all activities of business effectively in this complex macro environment.Retail stores, travel agents are example of small enterprise. They alone manage all operations oforganisation.Micro entrepreneurial venture: This is a type of small business with less amount of employeesworking on it. This play a crucial role in increasing job opportunities for people. TheGovernment implements various rules and regulations in order to encourage its establishment.They provide loans with minimum interest rate (Goss, 2015). This sector is rapidly growing and1

developing and has covered large part of economy. Businessmen measure growth of their firmby maintaining proper balance between income generation and cost.Medium sized entrepreneurship: They are independent organisations which employees lessworkers. Its size can be formed by an individual alone or group of people coming together inpartnership. They require capital investment more than small and micro firm.Start-up: This is newly established business with an aim to grow and expand in the future.Customers demand for innovative products and services in order to satisfy their desire they startnew ventures. They critically analyse and study market trends for designing effective productsand services. Chances of failure is quiet high because, an organisation targets the minoritysegment (Trehan, Higgins and Jones, 2018). They implement advanced techniques in order toincrease viability of product and business model. Their main aim is to satisfy market’s demands.Large business organisation: All business activities are controlled and managed by group ofpeople. Entrepreneur invests huge amount of capital to perform business operations effectively.They implement innovative techniques and procedures to manufacture new products andservices. They collect feedback from customers and modify existing products according to theirrequirements. It is mandatory to follow all rules and regulations to maintain sustainability inbusiness.Social entrepreneurship: Businessmen invest their money in development of culture andsociety. They look after welfare of communities by providing various types of services. They arecapable of resolving all types of social disputes and are willing to take risks to develop theirsurroundings in a positive way. Their main aim is to serve people and provide support to socialand cultural group of people. P 2. Similarities and differences between various types of entrepreneurial ventureIn order to become successful businesses' entrepreneurs, they implement innovativetechniques and procedures. It is significant to identify similarities and differences betweenvarious types of ventures (Campbell and Park, 2017). Some of them have common goals likemaximising profit and minimising cost. Similarities and differences between roles and charactersare mentioned below.2

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