Small Business Entrepreneurship- Doc

Added on - 16 Sep 2019

  • Dissertation

    type

  • 20

    pages

  • 4513

    words

  • 44

    views

  • 0

    downloads

Showing pages 1 to 4 of 20 pages
Entrepreneurship and Small Business Management[DATE][COMPANY NAME][Company address]
ContentsTASK 1.......................................................................................................................................................2Types of Entrepreneurships.....................................................................................................................2Differences in environment requirements of each Entrepreneurship.......................................................5Impact on Economy.................................................................................................................................6TASK 2.......................................................................................................................................................9Scope of Entrepreneurship.......................................................................................................................9Shared Entrepreneurial Traits and Characteristics.................................................................................11Background and Experiences fostering or hindering Entrepreneurship.................................................14References.................................................................................................................................................161
TASK 1Types of EntrepreneurshipsEntrepreneurial development has become entirely significant in the economic development. TheEntrepreneurs are considered as the seeds of the industrial development and the fruits are thegreater employment opportunities, high standards of living and revenue to the government in theform of myriads of taxes and duties. An Entrepreneur is basically a person who undertakes therisks of new enterprises. A successful Enterprise is created by efficient Entrepreneurs and theprocess of this creation is called “Entrepreneurship”.There are different types of Entrepreneurship as all of them cannot be same.Steve Blankhasprecisely described four types of entrepreneurships:1.Small Business Entrepreneurship:This type of Entrepreneurship is a one that isprivately owned corporations, partnerships or the sole proprietorships. It employs a verysmall number of workers and does not even have a high volume of sales. The legaldefinition of the small- business entrepreneurship varies by industry and company. Forinstance, the Small Business range from fifteen employees under theAustralian FairWork Act, 50 employees according to theEuropean Unionand fewer than 500 employeesunder theU.S. Small Business Administration Programs[ CITATION BCa11 \l 1033 ].SmallScale Entrepreneurship exists in almost every industry. The most appropriate example ofthis type is a privately owned restaurant where the number of involved stakeholders isquite few and even the resources incorporated and revenues earned ranges from low tomedium range.Gymkhana, Mayfairis the fusion of regency of India with modern GreatBritain in order to create unique dining experiences for the local Indian Cuisine Lover.2
The owners of this type of business hire local employees or family and their definition ofsuccess is restricted to feed the family and make some profit.The aim of such type ofentrepreneurship has never been to take over an industry and make millions of dollars outof it. Moreover, they leaders of this firm are incapable of attracting venture capital, sothey fund their business via friends, family or small business loans[ CITATION CFa14 \l1033 ].2.Scalable Startup Entrepreneurship:Unlike the Small business ventures, suchentrepreneurs start their work by fixing some goals and standards and even know thattheir vision could change the world someday. According to Silicon Valley legend, SteveBlank, Startup is a temporary organization that is basically designed to search for arepeatable and scalable business model. The main sources of investment are the venturecapitalists and the company also tries to hire the most innovative and bright talents acrossthe globe. The most common example of this type is the Online Retail Stores (E-commerce retail stores) such as EBay, Amazon.com. Walmart, etc. In such ventures,some of the online businesses have transformed traditional offline services into scalable,online versions. This is acceptable because more and more customers are becomingcomfortable with the concept of online shopping[ CITATION MZw13 \l 1033 ].3.Large Company Entrepreneurship:This type of Entrepreneurship is also known asCorporate Entrepreneurship and refers to the development of new ideas and opportunitieswithin a large and established business. This concept directly leads to improvement of theperformance of the existing business while enhancing the competitive position of thebusiness in the current and potential markets. The act of internal innovation has apotential alter the balance of competition within the industry and even create entirely new3
desklib-logo
You’re reading a preview
card-image

To View Complete Document

Become a Desklib Library Member.
Subscribe to our plans

Unlock This Document