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Entrepreneurship And Small Business Management - Assignment Sample

   

Added on  2020-12-29

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Entrepreneurship and Small BusinessManagement

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Several types of entrepreneurial ventures in regards with the typology of entrepreneurship......................................................................................................................................................1P2. Similarities and difference between entrepreneurial ventures..............................................3TASK 2............................................................................................................................................4P3. Interpret relevant data and statistics to elaborate how micro and small business impact onthe economy................................................................................................................................4P4. Importance of small business and business start-ups to growth of the social economy.......5TASK 3............................................................................................................................................6P5. Characteristic traits and skills of successful entrepreneurs...................................................6P6. Aspects of Entrepreneurial Personality.................................................................................7TASK 4............................................................................................................................................8P7. Different ways by which background and experience can hamper the performance ofentrepreneurship..........................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONEntrepreneurship related with the all factors of production which perform their variousfunctions in any business enterprise. In economic term it involves in five factors such as land,labour, capital, organisations or enterprises on the basis of activities of production system. In thewide concept of entrepreneurship it can be define as the process of action which is taken by theformed enterprise so that it affects environment with positive or innovative response in aneffective manner. Whereas, small business management refers to the business activity which isoperated in a independent manner and meet various standard of size in the form of employees.Therefore, small business management operate various styles and approaches in order to do rightstyle of management that can give better output for future productivity of business. This presentreport will mainly emphasizes on the several kind of entrepreneurial venture and similaritiesamong them. Along with this, impact of small business on economy with lot of factors will getcovered (Ács, Autio and Szerb, 2014). TASK 1P1. Different kind of entrepreneurial ventures in regards with their typology.It can be define as organisation that places creation and self-interest at its heart in orderto produce social or economic value. There are various types of entrepreneurial venture relatedwith the typology, which are following as under:Small business entrepreneurship: This venture is managed, controlled and owned through the single person. It includes ingrocery stores, electricians, plumbers etc. small business usually hire local candidate and theirfamily persons in order to manage their all functions and operation effectively. Mainly SBE isvery much productive because it includes in low cost of manufacturing as comparison with otherbusiness enterprises. Scalable start-up entrepreneurship:In this venture, entrepreneur creates attractive and innovative ideas with the motivation inorder to change the business world as per requirement. This type of start-up generally looking forinvestors who are able to invest money in the business and also able to take profit money frombusiness. Along with this concept, they hired freshers candidates who has the knowledge aboutcompetitive business environment.

Large company entrepreneurship:In this scenario, large company entrepreneurship usually concentrate on providing newproduct with innovative ideas at large scale to their consumers. That's why existing firms adoptinnovative organisations for make the new product in competitive market area (Blackburn, Hartand Wainwright, 2013). Social entrepreneurship:All entrepreneurial ventures focuses on offering good product and services to theircustomers in order to satisfy their needs and requirements. That's why they have motive to makeworld happy as they satisfying customer needs in an effective manner. According to this typology term is related with entrepreneurship which is used forvarious types of classification such as structure, style of the firm. Therefore, entrepreneurshipventures related to typology, are given below:Lifestyles ventures: As per this, entrepreneurs manage their business functions for fewchanges in their lifestyle. They normally focuses on the life benefits other than the profit makingsystem. Therefore, these ventures follow few employees comparatively the another venturesbecause entrepreneurship typology involves in all small business.Survival ventures: This venture is formed with a motive in order to satisfy demand andrequirements of entrepreneurs. These ventures do not have any type of relation with bank oranother firms. Therefore, they manager their all business functions globally with normal assetsfor satisfying financial aspects, so that all small business comes in the term of typology. Managed growth venture: These ventures always concentrate on the increasing growthof the market in order to produce new product everyday for enhance the long term stability inmarket. Therefore, typology entrepreneurship involves in average sized businesses. Aggressive growth ventures: These ventures are formed at global level for enhance thegrowth of firm in the competitive business environment. These ventures always provide goodproduct in order to attain huge growth. Therefore, typology involves in huge business firms. P2. State the Sameness and difference between the various types of entrepreneurial ventures.

Types of enterprises SimilaritiesDifferenceSmall vs large businessenterprises These all enterprises managetheir business functions inorder to fulfil customerrequirements in competitiveenvironment. Large business firmsincludes in large investmentof money in order to achievegoals. Wherein, smallenterprises are formed forfew investment because theyare operating their businessin local areas. Social vs scalable enterprisesSocial and scalable firmsregularly works at marketplace for offering the betterquality of goods to theirpotential consumers (Bosmaand et. al., 2012). Social firms operate ormanage their businessfunction with perfect motivein order to fulfil needs. Onthe other side scalableenterprises also have motiveto create better world in aneffective way. Lifestyle and survivalentrepreneurial ventures Lifestyle and survival venturesin order to earn profits oraccomplish consumer needs inan appropriate way. Survival entrepreneurialventures works foraccomplish consumers needswhereas, lifestyle ventureconcentrate on the benefitsand good output.

TASK 2P3. Interpret relevant data and statistics to elaborate how micro and small business impact on theeconomy.Small or micro organisations are very important part of economy in any country in orderto maximise their development in global market. Report is formed with the help of thegovernment of UK which have discovered that more than 87% of both micro and small businesssector in the contribution of country economy. According to market analysis it has beenevaluated that more than 4.1 million people manages their sectors in UK. It is helpful forevaluate the GDP of UK by 6.1%. these firms not only creates profits as well develop lot of jobopportunities by offering effective products to the customers. This information is established bypast years in that, it has been analysed that there is an quick change in maximisation of micro orsmall business enterprises (Choi and Majumdar, 2014). Illustration 1: Impact of Economy on UK, 2018 (Source: Impact of Economy on UK, 2018)As per the above specified graph, it has been evaluated that, when Brexit were happenthen share of micro enterprise in UK a rise by 88.2%. On the other hand, when Brexit iscompare by GLLCP, then it has been analysed that Brexit is more faster than GLLCP by the rateof 0.6%. Along with this other remaining industries such as medium and large businessenterprises are having same kind of status.

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