Sample assignment on Entrepreneurship & Small Business Management (Solved)
Added on 2021-01-01
18 Pages5933 Words444 Views
|
|
|
Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1: Types of ventures and their relation with typology...............................................................3P2: Discuss similarities as well as difference between various entrepreneurial venture.............4TASK 2............................................................................................................................................7P3.Interpret and assess relevant data and statistics to illustrate how micro and small businessesimpact on the economy................................................................................................................7P4: Explain the importance of small businesses and business start-ups to the growth of thesocial economy.............................................................................................................................9TASK 3..........................................................................................................................................10P5. Characteristic traits and skills of successful entrepreneurs that differentiate them fromother business managers............................................................................................................11P6. Assessing aspects of entrepreneurial personality that reflect entrepreneurial motivation andmindset ......................................................................................................................................12TASK 4..........................................................................................................................................13P7: Examine, background and experience that can hinder or foster entrepreneurship..............13CONCLUSIONS............................................................................................................................14REFERENCES................................................................................................................................1
INTRODUCTIONEntrepreneurship are one who run as well as manage their own enterprise as they havethe ability to take risk and earn huge revenue from their idea. They are basically the innovatorswhich take positive initiative to enhance the competition in global market (Agwu and Emeti,2014). For the better understanding report cover following topics such as various types ofentrepreneurial venture as well as typology. Along with that it carries similarity as welldifference between ventures. Further, impact of micro business on economy, significance of startup in the growth of economy and trait of successful entrepreneur which maker them differentfrom business manager. Lastly, discussion is made on personality reflect of entrepreneurshipmotivation mindset, background and experience that can hinder entrepreneurship. TASK 1P1: Types of ventures and their relation with typologyEntrepreneurship emphasize on conversion of their productive idea into reality whichmake them, different from other business. In simple words, it include starting of new businesswhich involve working or role of various department to achieve overall objective of anorganisation. Whereas, an Entrepreneur is one that manages the operations of various businessby taking financial risk with the objective to achieve their pre determined plans (Ahlstrom andDing, 2014).Thus, an entrepreneur run its own venture which depends upon the innovative idearather than carrying forward the existing ones. They are basically responsible to encounter therisk, perform their business with restricted resources and gain huge success.Various types of Entrepreneurial Ventures: There are several types of entrepreneurialventures which are determined below:Small business entrepreneurship: It refer to the people who run their business at smalllevel or scale such as consultant, grocery store and so on. They basically cover those people whoare in their reach or mile radius. The legal definition of "small" varies by nation and sector,varying from less than 15 staff under the 2009 Australian Fair Work Act, 50 staff in theEuropean Union, and less than 500 staff qualifying for many U.S. staff. Small businessmanagement programs. It is also possible to classify small companies according to othertechniques such as sales, assets or net income. They run business with the purpose to fulfil theirneed due to which they do not have any motive to earn huge profit. For example, Seed
entrepreneur investment scheme offer various tax benefit to the investor who are keen to makean investment in small or start up business (Seed Enterprise Investment Scheme, 2019). Scalable start up entrepreneurship: They start a business with the dream to earn profitdue to which they invite various financial investors. Without extra sky-high incrementalexpenses, a scalable company can boost its revenue that explore its typology in theentrepreneurial world. Defining when your start up is prepared for it is the first and mostimportant step. It is evaluated that in 2011, about 3200 start-ups were surveyed in the StartupGenome Report. The findings were as follows: due to early scaling, 74 percent of startups failed.Moreover, premature start-ups are growing 20 times slower than correctly scaled start-ups(Startups Genome. 2019).In context to Abundance investment, their main motive is to expandthe business for which they take risk with the hope to get back huge return. Thus, because of itcompany makes the investment in various business as well as projects. Large company entrepreneurship: Such entrepreneur significantly cater the changingneed as well as taste of customer according they come up with innovation. The growth of largeentrepreneurs based upon customer marker and product development of the organisation it isessential in term of managing the customer experience and managing the changes with differentworking conditions. As apple is one of the large entrepreneurship that was formed in term ofexploring the business at large scale (Apple market growth. 2019). For instance, Sainsbury whichis leading retail store proving new product in new market to acquire huge market. Social Entrepreneurship: It include those entrepreneur who basically make efforts tocover the social needs of people. it is evaluated that Through their initiatives, these people areprepared to take on the risk and effort to generate beneficial changes in society. Broad use ofmoral methods such as investment effect, consumerism consciousness, and corporate socialresponsibility programs promote social entrepreneurs ' achievement. Their purpose of Teach firstis not market expansion or profit expansion but they work for social welfare. Thus, because ofwhich company provide education to the one who is deprived of it. Typology of entrepreneurship: It refer to the differentiate of various entrepreneurialventure based on the purpose, structure, size as well as formation. Further, it includes three typesof groups such as individual group, public sector as well as corporate entrepreneurship. Hence, various types of entrepreneur that are related to the entrepreneurial typology suchas small or medium business are the part of typology. Moreover, one of the types of entrepreneur
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents