(solved) Entrepreneurship and Small Business Management Ventures
16 Pages4336 Words276 Views
Added on 2020-11-12
(solved) Entrepreneurship and Small Business Management Ventures
Added on 2020-11-12
ShareRelated Documents
Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3Mini research conducted for examination of different types of entrepreneurial ventures andhow they relate to typology of entrepreneurship. ..................................................................3P2. Explain similarities and differences between entrepreneurial ventures...........................5LO 2.................................................................................................................................................6Relevant data and statistics about impact of micro and small business on economy.............6Importance of small business and start-ups in social economy after Brexit..........................9LO 3...............................................................................................................................................10Determine characteristics, traits and skills of two successful entrepreneurs........................10Characteristics......................................................................................................................10Traits ....................................................................................................................................11Skills.....................................................................................................................................11How entrepreneurial personality reflect entrepreneurial motivation and mind-set..............12LO 4...............................................................................................................................................13Examine how background and experience can hinder or foster entrepreneurship...............13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONEntrepreneur is an individual who has some idea to start business related to conceptwhich is not existing in society. While running small enterprise, there are possibilities that personmay face financial risk in operating entity. Entrepreneurship is the business states at small levelwith new idea. Entrepreneur is the person who is responsible of creation, ownership, profits,losses of business (Blackburn, Hart and Wainwright, 2013). Entrepreneurial is the person whohas ability to take risk and compete in local, national or international market. There are manyfactors which affects business growth and development, such as financial resources, humanresources, planning, etc. In this report there is discussion about various types of entrepreneurialventures, impact of small scale business on economy, key aspects which shows mind-set ofentrepreneurs. At last the following study will also disclose the environmental factors whichhinder and foster the entrepreneurship. LO 1Mini research conducted for examination of different types of entrepreneurial ventures and howthey relate to typology of entrepreneurship. Entrepreneurial venture means business enterprise which has been set by entrepreneur inorder to make successful innovative idea. While person thinks to start new business, there isrequirement of various resources which is important and relevant for achieving targets. There aredifferent types of entrepreneurial ventures which assist in executing business ideas in effectiveway. Some of the entrepreneurial ventures are as under-Small business entrepreneurship- This is the business enterprise which runs at smallscale. Examples of this business entrepreneurs are- hairdresser, travel agent, plumber, etc. Theyhave motive to earn livelihood. In case of change in external market, they cannot changebusiness policies because of lack of funds (Bridge and O'Neill, 2012). Sometimes due tomismanagement of business, small business enterprises close down. Scaleable start-up entrepreneurship- These are the entrepreneurs which has bright ideato change external world. These investors have some zeal to come with new and innovative idea.They motivate investors of same mind-set and hence this helps to launch business idea ineffective way. Business investors want some new investors to run business in smooth and
effective way. This gears the business growth in positive way. In this type of business ventures,higher risk is associated with profits as well as capital. Large company entrepreneurship- These are the large scale business enterprises whichoperates at different locations. These organisations have aim to expand business, hence they keepeyes on change in taste, technologies, trends, etc. They innovate new ideas which is importantand significant for improving organisational brand name. These business are the organisationwhich aims to attract new consumers with new product and services. This helps to grabopportunities present in industry. There is much competition among these organisation (Burns,2010). Social entrepreneurship- Social organisations work for creating good services forimproving values of society. Their aim is to improve living of standards, generate employment.They do not focus on profit. Type of entrepreneurial typologiesCopycat entrepreneurs- These are the entrepreneurs which analyse market and thenthinks to start business related to it. Such entrepreneurs are safe players because they analysesuccess of other business and then take actions. This increases possibilities of profits forassociation. This is related to small business enterprises. Lifestyle entrepreneurs- Lifestyle entrepreneurs are the individuals who gets inspiredwith their own life. A “lifestyle entrepreneur” is a a successful entrepreneur who creates theirliving online. Such type of venture don't have a physical place or require one to run. All theyrequite is a laptop and link to the Internet in order to manage and handle their business insuccessful manner. There are some techniques and software which are used by them in propermanner. Lifestyle entrepreneurs are related to scaleable business entrepreneurs because they haveone after another business plan. Women entrepreneurs- As name identifies this business is run by women. Owners andmanagers of such entrepreneurs are females (Carland, Carland and Stewart, 2015). Boutiques,parlours, are example of this typology. Women make efforts to collect money and they have theirown idea, so they plan all operations to get positive results out of their business. These arerelated to social entrepreneurs because some women works to improve social upliftment ofsociety.
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
UNIT 9. Entrepreneurship and Small Business Management | Assignmentlg...
|19
|6188
|194
Management For Small Business : Assignmentlg...
|16
|5217
|196
University Entrepreneurship and Small Business Management By Date Name Lecturerlg...
|26
|8089
|124
Small Business and Micro Entrepreneurship in the Social Economylg...
|15
|4896
|276
(PDF) Introduction to Entrepreneurship : Assignmentlg...
|19
|5442
|2473
Entrepreneurship and Small Business Managementlg...
|17
|4362
|288