Entrepreneurship and Small Business Management

Entrepreneurship and Small Business Management
UNIT 9
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Contents
Task 1:........................................................................................................................3
LO1 (M1, D1): Explore and illustrate the range of venture types that might be
considered entrepreneurial.......................................................................................3
P1: Examining the different types of entrepreneurial ventures and how they
relate to the typology of entrepreneurship...........................................................3
P2: Exploring the similarities and differences between entrepreneurial ventures
................................................................................................................................5
Task 2:........................................................................................................................8
LO2 (M2, D3): Assess the impact of small businesses on the economy...................8
P3: Impact of micro and small businesses on the economy..................................8
P4: Importance of small businesses and business start-ups that contribute to the
growth of the social economy after ‘Brexit'.........................................................10
Task 3:......................................................................................................................12
LO3 (M3, D3): Determine and assess the key aspects of an entrepreneurial mind
set............................................................................................................................12
P5: Carry out a mini-research to determine the characteristics, traits and skills of
two successful entrepreneurs, which differentiate them from other business
managers..............................................................................................................12
P6: Assess how aspects of the entrepreneurial personality reflect
entrepreneurial motivation and mind set............................................................14
Task 4:......................................................................................................................16
LO4 (M4, D4): The different environments that foster or hinder entrepreneurship
.................................................................................................................................16
P7: With practical examples obtained through your mini-research, examine how
background and experience can hinder or foster entrepreneurship..................16
References...............................................................................................................20
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Task 1:
LO1 (M1, D1): Explore and illustrate the range of venture
types that might be considered entrepreneurial
P1: Examining the different types of entrepreneurial
ventures and how they relate to the typology of
entrepreneurship
Entrepreneurship is a developing culture that initiates the need of doing
business amongst the new business-oriented new comers and future entrepreneurs.
It is very much significant that the need of the economic development is a hiking
aspect that seeks to strive the development in the sector of self-owned and
emerging business bodies be it small scale or large.
The entrepreneurial development is an essential factor on which depends the actual
purpose of regional growth, industrial development, and generation of
employment. It is to be considered that the entrepreneurs as seeds of the
development of the industry and therefore, apart from growing up owned capitals,
it gives a huge opportunity for the other common people to get into employment
that further result in the development of the economy of the country. The per capita
income, standard of living and revenue collection of the government increases with
the increase in the industrial development of the country via strategic business
development.
An entrepreneur is a word that is derived from the French language, a verb
‘enterprendre’ which means ‘to undertake.' Enterprises are undertaken by
entrepreneurs, and the process of creation is termed as entrepreneurship. The
motive of entrepreneurs is to find something new and innovative abide by its form
of business for serving better and generating higher profit possibilities along with
taking up different risk factors.
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Figure 1: The process of entrepreneurship
(Source: www.entrepreneurialprocess.com)
Entrepreneurial ventures are focused on the services advisory for the mid-stage
and early staged companies. Venturing means to expose out in risk zones and
entrepreneurial ventures thus, relates to the fact that business persons risk their
opportunities in the open market and carry out strategic planning to make their
enterprise survive and come out with flying colours.
The main purpose of assessing the different type of ventures is to help to modulate
and regenerate business models and development in the business objectives. The
culture and structure are the essential factors on which the business stand and
therefore, the development of the overall business affairs. The role of the ventures
varies with the stage of the company and its economic position.
The last few decades have been an emerging and enthusiastic period for the
development of the entrepreneurship, and thus it is significant to the research field
of relevant areas. Accumulative fragmentation is the term that entrepreneurship
owned.
Creation and innovation are the soul prospect of the entrepreneurship that helps
to develop the facilities for the growth of the economy and development of the
markets and industrial sector with the help of new technologies and associated
parties. Entrepreneurial processes and activities give rise to the new market and the
level of sector wise implementation of ideas that helps to motivate the
development of the business ventures indifferent forms and with different aspects.
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