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Entrepreneurship and Small Business Management in Red Bridge Council

   

Added on  2021-02-20

10 Pages2171 Words213 Views
Entrepreneurship and smallbusiness management

INTRODUCTIONAn individual and people who run and bring innovation & also undertake all risks ofbusinesses is known as an entrepreneur. This present study will describe and show differenttypes of entrepreneurial ventures along with typologies. Red bridge council is a local authoritythat consists of more than 35 parks and playgrounds for enjoying (Rawhouser, Villanueva andNewbert, 2017). It will also show significance of small and start-up industries in developinglocal economy and improving living standard of people.TASK 1 P1 Types of entrepreneurial ventures & their relationship with typologyEntrepreneur: This is could be stated as that one person who puts lot of efforts andmoney or innovative idea in starting up their venture to be it successful and profit generating.Entrepreneurship: This is a procedure and activities of starting a new business. Themain motive behind setting up entrepreneurship will be providing better service to people,earning of money and enabling the idea into practical knowledge.Entrepreneurial ventures: There are different types of entrepreneurial ventures whohave different purpose and for fulfilling their own personal needs and objectives they runbusinesses (Morris and et.al., 2018).TypologiesSmall enterprises: A small business is s a type of business that is not owned by government andit is operated by an individual. It may be sole proprietorship, partnership and corporations. Thistype of business can be run by any type of person as it does not require too much money andinvestments. Examples: grocery stores carpenter etc.Scalable enterprises: This type of enterprises can be run by those individuals who want to bringnew and innovative ideas. For example a council (red bridge borough) also brings new ideas ofdoing things.Large enterprises: Large enterprises includes those businesses who produces products forearning money according to the tastes & needs of their customers. Red bridge council alsofocuses on making new products for their customers.

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