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Entrepreneurship and small-business Management - Assignment Sample

   

Added on  2021-01-01

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ENTREPRENEURSHIP ANDSMALL-BUSINESS MANAGEMENT

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P.1. Various kinds of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurship.....................................................................................................................1P.2. Explore the similarities and differences between entrepreneurial ventures....................2TASK 2............................................................................................................................................4P.3. Micro and small businesses impact on the economy and illustrate it with graphicalrepresentation.........................................................................................................................4P.4.Justify the importance of small businesses and business start-ups to the growth of socialeconomy.................................................................................................................................6TASK 3............................................................................................................................................7P.5. Determine the characteristic traits and skills of successful entrepreneurs that differentiatethem from other business managers.......................................................................................7P.6. Aspects of the entrepreneurial personality and reflect entrepreneurial motivation andmind set..................................................................................................................................9TASK 4..........................................................................................................................................11P.7 Explanation on how the background and experience can hinder or foster entrepreneurship...............................................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14

INTRODUCTIONEntrepreneurship is the ability of a person to start a new business venture in order toattain profits by taking risks. It is the process of starting a new enterprise where goods andservices are being traded. This report will focus on Various kinds of entrepreneurial venture andtheir typologies. Moreover, it covers similarities and differences between entrepreneurialventures. Importance of small businesses and business start-ups to the growth of social economywill also be described briefly. Furthermore, this project will also determine the characteristicstraits and skills of successful entrepreneurs i.e. Jack Cohen, owner of TESCO has been chosenand how he is different from another business manager. TASK 1P.1. Various kinds of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurship.Entrepreneurship is a process of starting and managing a new business in order to earnprofits. Entrepreneur is a person who come up with a new business idea and take all the risks andnecessary steps for its formation with a motive of earning profits and growth in the future.Types of entrepreneurial ventures:Craftsman Entrepreneur: These business person has high technical experience and are good atprofessional skills. But such entrepreneur is not good at communication. Below are thecharacteristics of Craftsman entrepreneur:Such businessman does not take high amount of risk.Organization is managed by them in such a way as if they are managing their familiesMaximum two to three capital resources are used by such business person in order toestablish new venture (Durst and Roth, 2018).Does not plan the future growth in advance. Growth oriented owner- entrepreneur: Such businessman focus on growth of the venture.Growth is measured by calculating the following aspects:Increase in sales of the companyProfits percentage should be increased Covers maximum market share by preparing a target market Focus on quality of product and services in order to sustain in market in long run.1

Growth oriented entrepreneur are always highly motivated towards their work and they neverfeel sense of satisfaction. These people have the highest level of energy and are good atmultitasking. He will always find a new opportunity in order to attain growth of venture.Manager or innovator: Manager of firm is lifeblood of organisation. He is a person whohandles the entire system and activities of an enterprise. Innovator is an individual who comes upwith a new idea to start a business and takes all the required steps to start a new firm. Owner refusing growth but seeking efficiency: People who does not focus much on growth ofthe enterprise rather it has complete focus on efficiency and its betterment. Quality of productand making it with more efficiently by use of labour and machineries is the focus of suchbusinessman (Laukkanen and Tornikoski, 2018).Risk oriented entrepreneur: Individual who take more risk than the average business man.Such entrepreneur has great vision and takes all the opportunity comes in their way. They focuson taking higher risk in order to earn more incomes and growth. There is a phrase that more willbe the risk greater will be the return. So such entrepreneur takes higher risk and enjoy higherreturns. But failures are also to a great extent by such people. Family oriented entrepreneur: A business that is run by whole family or it can be said thatwhere all the people working in the firm belongs from same family. In such kind of enterprisescost of governance comes very low, because accounting work or any other legal work ismanaged by their own family members. Human capital is their first resource because entirefamily coordinates and work together. Visionary entrepreneur: This business man has long termed vision who see all the conditionsand aspects before taking any decision. Those who have better vision are more successful in thefuture, because those who are good at determining things tends to have less failure in life. P.2. Explore the similarities and differences between entrepreneurial venturesBasisCraftsmanEntrepreneurialventureFamily orientedentrepreneurialventureRisk orientedentrepreneurialventureMeaningThese business havehigh technicalknowledge and aregood at professionalPeople works for theirfamily business insuch enterprise or itcan be said that underThese business mantake more risk than theaverage businessperson. 2

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