PART 13: Entrepreneurship and Small Business Management InTRODUCTION
Added on 2020-07-22
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ENTREPRENEURSHIP AND SMALLBUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................3PART 1............................................................................................................................................3P1 Types of entrepreneur ventures and its relations with typology.......................................3P2 Similarities and differences between various entrepreneur ventures................................4P3 Impact of small and micro on economy ...........................................................................7PART 2............................................................................................................................................8P4 Importance of small business and start-ups in economy growth......................................8P5 Factors make a successful entrepreneur by determining traits or characteristics...........11Risk and reward of starting a business ................................................................................12P6 Important aspect of entrepreneurial personality which motivate them and technique ofshaping..................................................................................................................................13CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONEntrepreneurship is a process of planning, designing, learning and starting new business.Basically, number of entrepreneurs are coming with unique ideas for establishing a business inorder to generate maximum return on their investment. However, in current trends various ofentrepreneurial are identified in service sectors, especially in Fashion industry. In fact, UKpeople are investing high range of their income in clothing and maintaining wardrobes for copingup with modern world (Izquierdo, and Deschoolmeester, 2010). Therefore, assignment is goingto highlight various types of entrepreneurs and ventures which are emerging at marketplace withdistinct motives. Along with this, entire assessment has covered innovative ideas, growth,creativity, opportunity etc. of enterprise in market. Furthermore, impact of starts-ups and smallbusiness on social economy is also discussing in the project for understanding its significant also.Thus, number of successful entrepreneurs are identified from which major characteristics andtraits of two famous entrepreneurs are going to outlined in this project. Lastly, major role ofbackground and experiences of a person in their life will frame in an assignment. PART 1P1 Types of entrepreneur ventures and its relations with typologyTo become an entrepreneur is not an easy task because handling a large or any smallbusiness is full of risk and complexity. Thus, person whomsoever wanted to become a successfulowner needs to consider various facts or figures for running their enterprise in a smooth manner.It is important to understand what are scope of entrepreneurship, in what way they can maintainsocial culture and why it is different from other business operations (Szirmai, Naudé, andGoedhuys, 2011). With the coming of Brexit, government tend to support small scale businessand start-ups in all over UK so there is an opportunity to prosper and increment in variousventures across geographical boundaries Scope and definition of entrepreneurship Entrepreneurship – It is a way of implementing creative ideas into a business activityfor running a business for long duration by developing it in suitable way. Along with this, owneris liable for managing an association by organising all the business activities in proper manner.For instance- make plans or strategies for various risk and uncertainties which are not controlled3
instantly. This activity involves land, capital, resources, products and labours who contribute ingenerating profit for company.Entrepreneurial Activities – An entrepreneur, it is essential to accomplish varieties ofactivities in an organisation including analysing market, demand forecasting, expansion andsetting of new venture, planning and implementing business strategies in business, innovationsetc. An entrepreneur has to perform all these activities effectively so that they can grow andincrease their productivity in business market.Enterprise- An enterprise can be defined as undertaking a project that is difficult,complicated and in structured form (Kaplan, and Lerner, 2010). It can also be said an economicorganisation or activity which is used to generate profit and be stable in their business. Types of entrepreneurship Lifestyle and growth of entrepreneur – An entrepreneur wishes to grow their businessin different venture, so they must have enjoy an adequate lifestyle and succeeding in attaininggrowth by completing all the task in a defined time frame. For growing their business in certainmarket, they must understand and analyse customer of that market (Sahut, and Peris-Ortiz,2014). In order to establish positive image and harmony at marketplace, an entrepreneur needsto offer valuable products to their desired consumers for gaining their trust or loyalty as well asaiming to make long term relations with them. As the company is new in market their handworkmust be reflected in their product which will help them to increase their productivity in newgeographical location.Survival venture:- In this entrepreneur new market added for launching product in newmarketplace for gaining maximum benefits by satisfying needs or demands of clients. In fact, ina new market entrepreneur is having maximum opportunity to promote product without facinghigh level of competition. Typology of entrepreneurship is a term which means classification on the basis of socialscience, types and psychology. Following are described below:- Private venture entrepreneurship:- Number of companies are operated under thiscategory.Male:- These organization are run by male businessmen and having control one entirebusiness.4
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