Factors Influencing SME Success
Added on 2020-06-05
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Entrepreneurship and SmallBusiness Management
Table of ContentsIntroduction......................................................................................................................................3TASK 1 ...........................................................................................................................................3P1.Types of entrepreneurship ventures and the relation with typologies...................................3P2. Similarities and differences between different entrepreneurship ventures...........................5TASK 3 ...........................................................................................................................................8P3 Evaluating the impact of micro and small businesses in economy........................................8P4 Explain importance of small and start ups businesses will contribute growth of the socialeconomy. ..................................................................................................................................11TASK 3 .........................................................................................................................................12P5 Determine traits and skills of successful entrepreneur........................................................12P6 Entrepreneurship personalities and their reflection in entrepreneurial motivation andmindsets. ...................................................................................................................................14TASK 4 .........................................................................................................................................15P7 Experience can hinder or foster entrepreneurship ..............................................................15CONCLUSION .............................................................................................................................16REFERENCES .............................................................................................................................17.........................................................................................................................................................1
IntroductionEntrepreneurship is the process in which unique and innovative ideas and they are startedby an individual. Main objective is to earn profits by taking huge risks in the business. It is achanging process to create wealth. The method is dynamic in terms of time, equity and cost, etc.Entrepreneurs are the persons who innovate new ideas, create different and unique products inmarket and introducing the existing goods .. They can capture more customers by grabbingvarious opportunities.Small business management is the process which is privately owned and the operations andactivities are carried out on a small scale. Main objective is to earn profits. Assignmentdiscusses about different types of entrepreneurship ventures and their relation with typology.Project discusses about about the similarities and differences between various lifestyle andserial,male and female entrepreneurs There is discussion on the evaluation of relevant data,statistics to show that micro and small business impacts the economy as well as methods ofcontribution of business start-ups and small ventures to growth of economy. Also, characteristicsand traits of different successful entrepreneurs are studied here. It also explains various featuresof entrepreneurial personality and various examples in which background and experience ofentrepreneurs hinder or promote entrepreneurship.TASK 1P1.Types of entrepreneurship ventures and their relationship with typologiesEntrepreneurship venture-It is an organization which is started by innovative and creative individuals who can capturevarious opportunities in the business. They generates more profits by taking high risks that isassociated with new venture.. EntrepreneurThey are is the individuals who creates unique and innovative ideas with limited resources.They bears all the profits and losses.of the businessTypes of entrepreneurs-Serial entrepreneurs – They are the entrepreneurs who establishes new businesses withunique and creative ideas. He generates huge profits in the business and take high risks.Through this, they can easily expand their business.
Entrepreneurship is the process in which unique and innovative ideas and they arestarted by an individual. Main objective is to earn profits by taking huge risks in thebusiness. It is a changing process to create wealth. The method is dynamic in terms oftime, equity and cost, etc. Entrepreneurs are the persons who innovate new ideas, createdifferent and unique products in market and introducing the existing goods .. They cancapture more customers by grabbing various opportunities.Small business management is the process which is privately owned and the operationsand activities are carried out on a small scale. Main objective is to earn profits.Assignment discusses about different types of entrepreneurship ventures and theirrelation with typology. Project discusses about about the similarities and differencesbetween various lifestyle and serial,male and female entrepreneurs There is discussion onthe evaluation of relevant data, statistics to show that micro and small business impactsthe economy as well as methods of contribution of business start-ups and small venturesto growth of economy. Also, characteristics and traits of different successfulentrepreneurs are studied here. It also explains various features of entrepreneurialpersonality and various examples in which background and experience of entrepreneurshinder or promote entrepreneurship.TASK 1P1.Types of entrepreneurship ventures and their relationship with typologiesEntrepreneurship venture-It is an organization which is started by innovative and creative individuals who can capturevarious opportunities in the business. They generates more profits by taking high risks that isassociated with new venture.. EntrepreneurThey are is the individuals who creates unique and innovative ideas with limited resources.They bears all the profits and losses of the businessTypes of entrepreneurs-Serial entrepreneurs – They are the entrepreneurs who establishes new businesses withunique and creative ideas. He Social entrepreneur – They are those entrepreneurs whosolve the social issues and problems in society. Their main objective is not earning profits
but the welfare of people. This helps in the growth and development of public. It helps inmaintaining a unique image in the society.Female entrepreneurs – Under such entrepreneurship, entire business operation andfunction has been managed by female entrepreneur. Such kind of ventures promotegrowth and development of women in today's world. This helps in increasing thereputation of business in minds of public. Entrepreneurship - It is the process of preparing and managing business with sharing of risk to earn the profits. Hebears the losses and revenues. They innovate new and creative ideas to generate huge amount ofmoney in the business. Through this entrepreneurs can expand diversify the business.Key Ventures of entrepreneurs - Small business entrepreneurs – They are the persons who start business on the smallscale. They are willing to take less risk. It is operated in U.K. Entrepreneurs bear theprofits themselves. Around 6 million small business are running in the market whichshows that SME'S are holding strong market position . It includesretail and grocery stores,carpenters and electricians etc.Scalable entrepreneurs – They are the entrepreneurs which generates a unique and strongidea. Through this, they can generate more profits and take huge risks. Businessespersuade people to invest in their project. This helps in growth and development of thebusiness. Thus, they can expand their enterprise in various countries.Social entrepreneurship – They are the entrepreneurs who create innovative products forwelfare of the people. For example: Patanjali commodities includes herbal and Ayurvedicitems which benefits the people. This helps in giving many benefits to the people. ThusPublic gets happy and satisfied. This helps in improving the performance in the long run.Relations with entrepreneur typology-All ventures of entrepreneurs are connected with various typologies in some or the other manner.Scalable entrepreneurship can be linked with the lifestyle venture and social business can beconnected with the managed growth enterprise. This helps in the growth and success ofentrepreneurship venture in market. It also improves the performance of the business.Types of Typology -
Lifestyle ventures – They are the ventures which gives huge profits to the businesses.Scalable entrepreneurs can be connected with these enterprises as their objective is todevelop strong ideas and earn huge profits (Chrisman and et. al., 2012). This helpsbusiness in expansion and diversification. Venture can maintain unique image in front ofpublic as well as in the market.Survival entrepreneurs – They are the entrepreneurs who starts their business to earnmoney for livelihood. For example coffee shops,grocery stores etc. It only fulfil basicneeds of the people. They do not earn huge profits and not bear huge risks. It leads toslow growth of the business as compared to scalable venture.Managed growth business – It is the business in which individuals earn revenuesdefinitely. Social entrepreneurs are can be connected with this venture as their purpose isto do social welfare. They give various benefits to people through creating unique andinnovative products. This helps in growth and development of the venture in the long run.P2. Similarities and differences between different entrepreneurship venturesThere are different entrepreneur businesses running in the industry. All run with differentpurpose and objectives. They work for earning profits and for welfare of society(Dennis, 2011).Entrepreneurs perform work with efficiency and effectiveness for achieving the objectives andfor growth of the business. Similarities and differences between various ventures are describedbelow - SIMILARITIES LIFE STYLE VENTURE SERIAL VENTURE These ventures mainobjective is to earnprofits in the business.Through this the caneasily expand anddiversify the enterprise.They work on a smallscale with limitedresources. Entrepreneurare not willing to takehuge risks.Social ventures workfor the welfare of thepeople and society.They create unique andinnovative products forgiven various benefitsto the public.They only work forneeds and preferencesof people. Thesebusinesses do not run
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