Entrepreneurship and Small Business Management: P5 Characteristics, Traits

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Entrepreneurship and SmallBusiness Management
INTRODUCTION.....................................................................................................................................4TASK 1.......................................................................................................................................................4P1 Different types of entrepreurial venture and its typology...................................................................4P2 Similarities and differences between various entrepreurial venture....................................................6TASK 2.......................................................................................................................................................9P3 Impact of small and micro business over economy............................................................................9P4 Importance of small business and start up........................................................................................11TASK 3.....................................................................................................................................................11P5 Characteristics, traits and skill of successful entrepreneurs..............................................................11P6 Aspects of entrepreurial personality reflect their motivation and mindset........................................14TASK 4.....................................................................................................................................................15P7 How background and experience hinder or foster entrepreurship.....................................................15CONCLUSION........................................................................................................................................16REFERENCES........................................................................................................................................17
INTRODUCTIONEntrepreurship is an activity as well as an ability of an individual to create, visiluasize,develop, and organize ideas or thoughts into new business venture with an aim of obtainingmaximum level of profit in an effective and efficient manner. Along with this, the foremostintent of every entrepreurial venture to adapt innovative ideas as well as bear all sort of loss orrisk by its own in order to gain competitive advantage within competing industry (Belz andBinder, 2017). In addition to this, it contain several types of ventures which differs from eachother in terms of roles or responsibilities in order to improve the living standard of community orsociety in a better way. For this report, Morrisons Company has been considered which one ofthe well-known retail firm is and it is commenced in the year of 1899. However, in this study, itincludes various kinds of entrepreurial venture along with its typology, differences andsimilarities between different types of ventures. Moreover, influence of small, micro, start up oneconomy and also identifying characteristics, skill, traits of successful entrepreur. Finally,determining entrepreurial personality aspect and also examining their experiences whether ithinder or foster them in a better way.TASK 1P1 Different types of entrepreurial venture and its typologyEntrepreneurs:These group of personnel are considered as those who takes aninitiative in acquiring novel ideas or technology for establishing new venture and bearing all sortof risks in order to make profit in an improved way. Along with this, entrepreur are regarded asone of the important element for growth and development of nation in an impressive manner.Enterprise:This aspect is defined as introducing or establishing a new project or start upwith a combination al all managerial and operational functions in order to gain competitiveadvantage in an improved and amended style.Entrepreneurial venture:It is concern with those determinant which signifies that theenterprise which is commenced by entrepreur for producing high or best quality of products andservices within competing industry are termed as entrepreurial venture. Along with this, it iscategorized into various forms of ventures that varies from each other in terms of roles and aim.Some of its are explained below:
Small businesses entrepreneurship:Under such type of entrepreurship, business activitiesare carried out with limited source of factors of production i.e. land, capital, personnel,material in order to fulfill the requirements of domestic members. Moreover, forprocessing the functional areas of business local manpower are recruited or hired whomake an effort in achieving firm’s objective at small level. Some of its examples areplumbers, groceries, carpenters, hair dressers and many more.Scale startup entrepreneurship:In this entrepreurship, entrepreur establishes the business with ahope of enhancing and enlarging the economic state of nation by making investment in variousfield of business. Along with this, for attaining increased level of profitability, company hireshighly skilled and qualified personnel who can take initiative in implying scalable and repeatablebusiness model into firm’s functional units in an effectual manner. Online shopping is theappropriate example for such kind of entrepreurship (Bridge and O'Neill, 2012).Large company entrepreneurship:Under such form of entrepreurship, entrepreur seeksfor innovation or advancement for satisfying the customer taste or preferences as well as toobtain maximum level of profit by utilizing all available resources in an improved manner.Moreover, in this entrepreur makes an attempt to renders new products or service within existingmarketplace. Often, organization execute this process by partnering with or acquiring differentinnovative companies for enlarging market share or size in an amended mode. Some of theexamples are Google, Facebook, Adobe, Yahoo and etc.Social entrepreneurship ventures:Under this component, it encompasses those entrepreurwho makes an effort in introducing novel or innovative product or services into competitivemarket with a purpose of serving or enriching the living standard of community and society.Moreover, they are wholly determined in solving the issues of community rather than obtainingprofit and wealth maximization. Some of its examples areScott Harrison, Shiza Shahid, BunkerRoy and Scott Harrison, who are recognized as well-known social entrepreur in UK market.Entrepreneurial venture typologiesThe term typology refers to structure, models, rules, policies, size, and culture ofparticular enterprise. However, in context of entrepreurial ventures there are several types oftypologies which varies from each other but at the same time they are interrelated to each other
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