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Entrepreneurship and Small Business Management Assignment - Solution

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Added on  2020-10-05

Entrepreneurship and Small Business Management Assignment - Solution

   Added on 2020-10-05

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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Entrepreneurship and Small Business Management Assignment - Solution_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different types of entrepreneurial ventures and their relation with entrepreneurshiptypologies...............................................................................................................................3P2 Similarities and differences between entrepreneurial ventures.........................................5TASK 2............................................................................................................................................7P3 Statistics of micro and small business impact on economy..............................................7P4 Importance of small business and start ups to the growth of social economy..................8TASK 3............................................................................................................................................8P5 Characteristic traits and skills of successful entrepreneurs...............................................8P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset..................11TASK 4..........................................................................................................................................12P7 How background and experience can hinder or foster entrepreneurship........................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
Entrepreneurship and Small Business Management Assignment - Solution_2
INTRODUCTIONThe entrepreneurship is process of launching and running a new business. Small businessmanagement is running and managing all business aspects of the company and owner of thesebusinesses are wholly responsible for operation of business (Aslam, and Hasnu, 2016). Thisreport will lay emphasis on types of ventures and entrepreneurship typologies. Similarities anddifferences between entrepreneurial ventures will also explain in the report. The report alsohighlights statistics of SME's in impact on economy. Also, importance of Small businesses forthe growth of social economy will also be explained in the report. Characteristics, traits forsuccessful entrepreneur will be covered. Motivation and mindset will also explain in the report.Background and experience which can hinder and foster entrepreneurship will also explain inthis report. TASK 1P1 Different types of entrepreneurial ventures and their relation with entrepreneurship typologiesEntrepreneurAn entrepreneur is a person who started a new business. Entrepreneurs are the person who arewilling to bear risks and make profit (Burns, and Dewhurst, 2016). These persons initiate theiridea of business and responsibly take all the decisions to make it grow and attain success. Theentrepreneurs are of different kinds they are innovators, imitators, researchers, etc. EntrepreneurshipEntrepreneurship is a process of launching, running and designing a new business entity. It isoften small business at initial stage (Burns, 2016). Entrepreneurial ventureEntrepreneurial venture is a start up entity that is developed for earning profit. These ventures arecreated on market demand and lack of supply in market (Chepurenko, 2017). Consumer needsare identified by entrepreneurs and they develop their idea and proceed in market. EnterpriseEnterprise is managing new business or a company which is undertaken in order to attain profit(Chuang, 2018). Owner managerThe owner manager are workers who hold job mainly in incorporated businesses inwhich they work together with other members and also controls ownership of the business. In3
Entrepreneurship and Small Business Management Assignment - Solution_3
addition to this, they hold an authority on the behalf of contracts with other differentorganization.IntrapreneurThe Intrapreneur refers to offering authority as well as support for creation of new andinnovative products and not concerned for product to become revenue source of the company.The employee of a business which charge undertaking production innovation as well as service.Typology of entrepreneurshipEstablished companyThese companies are recognised officially or approved generally because of their existence inmarket for a long time. Such companies are generally dealt in large size business like Tescogroup plc. Tesco was started in 1919 as a small business who only deals with selling groceriesbut now it has established as a global company which deals in books, electronics, toys, clothing,furniture, software and also in financial services all over the world (Ferreira, Loiola, andGondim, 2017). Small size social ventureSmall social ventures are venture which are undertaken by firms and are established by socialentrepreneurs. These ventures seek to avail solutions to achieve social and sustainable objective.This venture is a member of the National Association of Funeral Directors and registered withFuneral Planning Authority (Burns, and Dewhurst, 2016). The business provides funeral servicesand interment for dead and their families. These social activities are performed by the companyand it has all started with a small business.Large size social ventureThe large size social venture is usually availed their services by large investment and a hugegroup of members in it. NHS is such social venture who work on large scale. NHS providevarious services like emergency regarding medical, hospitals, dental help and also sexual healthservices. This venture is working for social cause over many countries such as Scotland, Wales,etc.High growth firmsHigh growth firms are ventures who are growing faster than their peers. These firms areincreasing their revenues annually which is actually more than average of industry in a period.Such firms are Facebook and google. When these firms were launched initially these were not4
Entrepreneurship and Small Business Management Assignment - Solution_4

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