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Entrepreneurship Report - 4com PLC company

   

Added on  2020-06-04

14 Pages4038 Words30 Views
Entrepreneurship and smallbusiness management

Table of ContentsINTRODUCTION...........................................................................................................................1Part 1................................................................................................................................................1P1 Types of entrepreneurial ventures and Typologies of entrepreneurship :........................1P2 Differences and similarities between entrepreneurial ventures:.......................................2P3 Impact of micro and small businesses on economy: ........................................................3P4 Importance of small business and business start-ups in development of social economy:5Part 2 ...............................................................................................................................................6P5 Successful entrepreneurs:.................................................................................................6P6 Effects of entrepreneurial personality over motivation and mindset:...............................7P7 Background and past experiences hinder or foster entrepreneurship:...............................8Conclusion ......................................................................................................................................9REFERENCES..............................................................................................................................11

INTRODUCTIONEntrepreneurship means to implement of a idea and forming a new business and thenmanage its functions and operations. This is all done by an individual that is called entrepreneur.He starts-up a business and then takes risks and earn profits as well. For example 4com PLCcompany was start up by its owner and then it grew its business as the time passed. Now thiscompany deals in business broadband and internet services. It started with an idea and then itsoperations were managed by its owner in a very effective way and now it is a very well knownexmple of successful entrepreneurship. Small business management is the key source of growthof economy. mind set of entrepreneurs, their backgrounds and cultural deviations etc. effectentrepreneurship. Entrepreneurial ventures and importance of small businesses in developmentof economy are discussed in the report.Part 1P1 Types of entrepreneurial ventures and Typologies of entrepreneurship :Entrepreneurship deals with, to take a new idea of business after that take steps to start-upthe organisation and then effectively manage operations. It brings stability and growth ineconomy by their effective operations and skills to increase profit of an organisation (Lee, L. andet. al., 2011). These are personal ability and qualities of a person that is called entrepreneur tomanage a business from its origin to winding up.These are following types of entrepreneurial ventures: lifestyle ventures: Those ventures which does not work for money or any monetaryrewards but they work for alteration in their lifestyles they want to make. They value lifestyle more that money. They starts a business to get their desired goals and not only forprofits. People who want freedom, who gives priority to their family, and want to livewherever they desire starts up these ventures.Survival ventures: These ventures normally do not have a good premise to work and avery few assets to operate business. This is not necessary that entity is registered(Gorgievski, M.J., Ascalon, M.E. and Stephan, U., 2011). They operates on cash orexchange basis. They have no banking relationships.Managed growth ventures: They have a good working infrastructure and they seek for astable growth in economy. Launch of new products and make a new entry in market are1

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