(Doc) Entrepreneurship & Small Business Management Assignment
Added on 2020-07-23
14 Pages4114 Words28 Views
Political Science
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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION..............................................................................................................1TASK 1...............................................................................................................................1P1.Different types of entrepreneurial ventures and liked with typology ofentrepreneurial ventures ...............................................................................................1P2. Similarities and differences between entrepreneurial ventures..............................3TASK 2...............................................................................................................................5P3. How micro and small businesses impact on the economy....................................5P4 Importance of small businesses and business start –ups growth of the socialeconomy .......................................................................................................................7TASK 3...............................................................................................................................8P5. Characteristics, traits and skills of two successful entrepreneurs.........................8P6. Entrepreneurial personality reflects entrepreneurial motivation and mindset.......9TASK 4...............................................................................................................................9P7. How background and experience can hinder or foster entrepreneurship..............9CONCLUSION.................................................................................................................10REFERENCES................................................................................................................11........................................................................................................................................12
INTRODUCTIONIn current scenario, entrepreneurship refers to a individual person who start theirown business firm with new and innovative ideas. This type of business firms arepositively impacts on economy of the country, so that it is necessary to be encourage allover persons to start their own business. Apart from this, Federation of Small-businesses (FSB) is a organisation of UK which shows small and medium size ofcompanies (Schaper and et. al., 2014). Basically, it was formed in 1974 as NationalFederation of Self Employed (NFSE). This report will be defining about different type ofentrepreneurial venture as well as it will be liked with typology ventures in effective andefficient manner. Therefore, will be explaining how micro and small business firms aredirectly on economy of nations. Additionally, actual importance or benefits of small-business and start ups will elaborating in a significant way. In the other hand, willexplaining characteristic, traits and skills of two success entrepreneurs across all overthe world as well as how to entrepreneurial personality affects on motivation andmindset of persons. TASK 1P1.Different types of entrepreneurial ventures and liked with typology of entrepreneurialventures Entrepreneurship can be known as an important aspect because it helps toprovide several opportunities to persons as well as with the help of this economy of thecountry become strong (Storey and Greene, 2010). Basically, entrepreneurs is a personwho start their own business firm with their own new and innovative ideas. Therefore,every business person seeks to be set its brand image in market place as well as triesto be enhance profitability and productivity in effective and efficient style. At this time,outside of enterprise regularly increased competition level between small-businessfirms. So that it is hard to compete with them as well as set a brand image. Thus, it isnecessary to be find out appropriate and new ideas for producing something newproducts and services to customers. Additionally, it is required to be adopt smart and1
suitable strategies and methods within the organisation so that owner can easy toattract high number of customers towards business firm (Dennis, 2011). Apart from this,there are different type of entrepreneurial ventures which are explaining under follows: Social entrepreneurs: This type of entrepreneurs are established for societydevelopment as well as society welfare. Thus, one of the major aim or objectiveof this type of small-business is seeks to be provide better and necessaryservices and facilities to society so that they can full fill its needs in effective andefficient manner. Serial entrepreneurs: It can be understand as a continuous chain of businessfirm because this type of entrepreneurs wants to be start their own business firmas a chain outlets. Hence, this type of business man focuses on to be expandtheir enterprises in different areas. So that they can earn high number of profit aswell as they can set a brand image in outside of the market. Small-business entrepreneurs: In the context of small-business firms which areregularly growing across all over the world. Thus, it is positively impacts oneconomy of the country as well as it assist to provides several opportunities tosociety's persons. So that they can enhance their skills and capabilities in aimpressive manner (Neck and Greene, 2011). Scalable start ups entrepreneurship: In this light, this type of entrepreneursare wants to be established their own business firm with new ideas. So that theycan build a different and brand image in outside of the company. Hence, one ofthe major objective of this firm is set a effective image as well as achieve futuregoals in a significant way. Apart from this entrepreneur's typology divided into three sections so that easy todifferentiate among them. Thus, there are elaborating several type of entrepreneurialtypology such as under below: Social entrepreneurSerial entrepreneurLife style entrepreneurSocial entrepreneurs areworking for society welfareSerial entrepreneurs can beunderstand as a chainThis type of business firmsare basically established to2
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