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Entrepreneurship & Small Business Management Types

   

Added on  2020-10-04

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ENTREPRENEURSHIP ANDSMALL BUSINESSMANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and its relation with typology...........................1P2 Similarities and differences between various types of entrepreneurial ventures. .................2P3 Impact of micro business on the economy.............................................................................3P4 Impact of micro business on social economy........................................................................4PART 2............................................................................................................................................5P5 Characteristics of a successful entrepreneur and whether they are made or born. ...............5P6 Ways by which entrepreneurial personality shows entrepreneurial motivation. ..................6P7 Person’s background and past experience can foster and hinder entrepreneurship. .............7CONCLUSION................................................................................................................................8REFERENCES ...............................................................................................................................9.......................................................................................................................................................10

INTRODUCTIONEntrepreneurship is one of the major concept in terms of establishing any new businessunit in the market. This can be defined as the way by which a person design, execute and run anew venture(Acs, Autio and Szerb, 2014). This can be initially identified as small businesseswith less number of resources and definite goals and objectives. A person who indulged in thesekind of activities is commonly known as entrepreneurs. It is very important for every country tosupport the idea of entrepreneurship so that it can provide best companies to the counties andthus customer will also get best possible products and services (Morris, Kuratko and Covin,2010). This will lead to create growth opportunities to the nation. This report mainly focusesupon various entrepreneurial ventures and its relationship with typology. There are alsosimilarities and differences between the major entrepreneurial ventures. TASK 1P1 Different types of entrepreneurial ventures and its relation with typology.Ventures can be defined as the the ways by which different companies are havingdifferent intension, goal, aim, and purpose in the market. Given below are the majorentrepreneurial ventures:Start up companies- This can be understood as those companies which are newlyentered into the market (Alvarez and Barney, 2010). This is very clear from its name as well thatstart up companies came in the market with some limited resources and their main aim is to fullfill the needs and wants of the customer without giving much preference to the profit margins. Social- These type of ventures mainly find the ways with the help of which they canprovide solution to the numerous social issues. Corporate- These kind of companies are mainly investing their money in all innovativestart up ventures. They are well established in the market and thus can expand their business veryeasily. Public sector- They are focused towards giving best public services and thus plays amajor role in the market. On the basis of above mentioned entrepreneurial ventures, various types of typology can bedescribed.1

Small business- This kind of business can be defined as the way by which companiescame into the market with less number of resource. Their main struggle is to deal with the levelof competition and can act as per the demand of the customers (Chrisman, Chua and Levie,2010). They initially do not focus towards making profit and with the help of strong strategies,they can attain the level of sustainability in the market. Scalable start ups- Under this type of entrepreneurship, companies mainly have a strongmarketing plan and with the help of self-confidence they can have a strong future as well in themarket. Large companies- They are having stability in the market with adequate amount ofmarket shares and profit (Naudé, 2010). They are meant to become a market leader by expandingtheir business operations. Social entrepreneurship- They are not in the market for the purpose of making profit ormarket shares. They are in the market to work for the profit of the P2 Similarities and differences between various types of entrepreneurial ventures. Given below are major similarities and differences among various types ofentrepreneurial ventures:Similarities 1 one of the major similarities between above mentioned ventures is that they all comesunder the head of entrepreneurship. Their purpose in the market may vary but main intention liesbetween the idea of working for one or the other goal.2. They all have to follow some legal aspects of the country without with they can notcommence their business (Dennis Jr, 2011). There are some basic legislation and policies withthe help of which the company will be able to stand in the market. 3 They are affected by a number of factors in context of micro and macro environment.External factors may include political, economic, social, technological, legal and environmentalaspects. The different venture needs to be aware about the affects that can be caused due to thementioned external factors.DifferencesRoles- Private, public, social and start up companies are all varies in the terns of theirroles and responsibility in the market. Private companies are independent from the interference2

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