Entrepreneurship and Small Business Management Solution - Assignment
13 Pages3711 Words191 Views
Added on 2020-10-23
Entrepreneurship and Small Business Management Solution - Assignment
Added on 2020-10-23
ShareRelated Documents
Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Various types of entrepreneurial ventures and how they relate to typology ofentrepreneurship..........................................................................................................................3P2 Differences and similarities among entrepreneurial ventures................................................5TASK 2............................................................................................................................................8P3 Interpretation of significant data and statistics to exemplify how micro and small businessimpact on the economy................................................................................................................8P4 Explain small business and business start ups to growth of the social economy...................9TASK 3..........................................................................................................................................10P5 Characteristic skills and traits of successful entrepreneurs..................................................10P6 Aspects of entrepreneurial personality.................................................................................11TASK 4..........................................................................................................................................12P7 Diverse ways through which background as well as experience hamper the performance ofentrepreneurship........................................................................................................................12CONCLUSION..............................................................................................................................14
INTRODUCTIONEntrepreneurship is referred as procedure of launching a new venture, gradually it startson a small level for achieving high profits while taking a lot of risks. It includes preparing abusiness plan, recruiting employees, arranging resources, funds and good leadership for thebetter management of business (Ács, Autio and Szerb, 2014). Entrepreneur is described as anindividual who comes up with new ideas and invest resources and funds in business. Smallventures plays an important role in economy of a nation. These ventures get support fromgovernment, non government organisations and other institutes. Present project is based onEntrepreneurship and small business management which includes several entrepreneurialventures, similarities and differences between entrepreneurial business. Impact of micro andsmall ventures is also analysed. Background of successful entrepreneurs are also described inthis report.TASK 1P1 Various types of entrepreneurial ventures and how they relate to typology of entrepreneurship Entrepreneurship is defined as innovative process as it includes building up a newventure with creative and attainable ideas. It is very much important for an entrepreneur to comeup with new and innovative while launching a new business and to achieve success. Anentrepreneur creates a business plan and start their venture with less amount of finds andresources and convert it in a successful business. It is very essential for an entrepreneur toalways come up with new innovative ideas and launching new and attractive products andservices to be successful in competitive environment (Blackburn, Hart and Wainwright, 2013).Various types of entrepreneurial ventures are explained below:Small business entrepreneurship: United Kingdom has a lot of small businessorganizations, this is the reason they have excellent growth rate in expansion of small businessentrepreneurs. This kind of businesses are run by Owners and few employees. These ventures arehardly profitable as they make profit to fulfil their living needs. They are funded by family andfriends. Small scale entrepreneurship could be electrician, grocery stores, consultants etc.Scalable start-up entrepreneurship:In this kind of entrepreneurship, main focus ofentrepreneurs are on providing more qualitative products and services. They have faith in their
ideas and they believe that they will change vision of whole world with help of their views andideas. These organizations get funding from venture capitalists. This make them able inexpansion of their business activities, profitability and productivity (Bosma and et. al., 2012). Large company entrepreneurship: This type of entrepreneurship ventures are mostlybig companies, who have defined life cycles. It starts from innovation, providing products andservices to their target consumers and alteration in existing products as per demand ofcustomers due to change in technology and change in taste and preference of consumers. It helpsthem in achieving sustainable growth in competitive market. Due to intense competition,companies sold new products to new consumers in new markets. But, large size of companiessometimes create hurdles in executing innovation. Social entrepreneurship: This kind of entrepreneurs are focused towards creating andproviding such products and services which can help society in solving their problems. Their aimis oriented towards betterment of world and they achieve it by offering their products to society.Typologies of entrepreneurship ventures:Topology is referred as categorization or interpretation of things on different basis likeclassification on the basis of form, plan, structure and style. Their are four types ofentrepreneurship which are explained below: Survival Ventures: These ventures are mainly focused towards their business activitiesfor arranging funds to meet their financial obligations. Their goal is to stay in the business at anycost and for this they cut costs of their products and services, postpone expenses and hiring etc.Their long term aim is to stay alive in market at any cost. These ventures conduct all theactivities at small scale with minimum resources.Lifestyle Ventures: This type of ventures are created by individuals who wants tochange and satisfy their personal lifestyle. They are not focused towards profit generation. Thesebusiness tend to have high risk and low profits because they are not focused at development andmarketing of products and services. Small business organization comes under lifestyle ventures. Managed Growth Ventures:These ventures are aimed at stable growth and expansion oftheir products and services in existing and new markets. For this, they increase their manpowerand to attract new and existing consumers they offer innovative products and services in market(Choi and Majumdar, 2014).
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Entrepreneurship & Small Business Managementlg...
|16
|4377
|60
Entrepreneur and Entrepreneurial Ventures : Assignmentlg...
|16
|4643
|50
Characteristics, traits and skills of successful entrepreneurslg...
|17
|4722
|35
Entrepreneurship and Small Business Management Post Brexit for UKlg...
|15
|4648
|31
Report on Types of Entrepreneurial Venturelg...
|19
|5701
|73
Entrepreneurship & small business management Assignment - (Solution)lg...
|9
|2586
|152