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(Solved) Entrepreneurship & Small Business Management - Assignment

Added on - 08 Dec 2020

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Entrepreneurshipand small businessmanagement
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different types of entrepreneurial ventures and manner in which they relate to typology ofentrepreneurship.....................................................................................................................3P2 Similarities and difference between entrepreneurial ventures..........................................5TASK 2............................................................................................................................................7P3 Interpret relevant data and statistics to illustrate how micro and small-business impact onthe economy............................................................................................................................7P4 Explain small business and business start ups to growth of the social economy..............8TASK 3............................................................................................................................................9P5 Characteristic traits and skills of successful entrepreneurs..............................................9P6 Aspects entrepreneurial personality................................................................................11TASK 4..........................................................................................................................................12P7 Different ways by which background and experience can hamper the performance ofentrepreneurship...................................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONEntrepreneurship is an action of setting up a business while scaling it in order to generateprofit. In simple terms, it is a capacity to create or organize a business along with risk to makeprofit. An entrepreneur is a person who starts their business with a sum of limited resources andfund (Ács, Autio and Szerb, 2014). As small businesses are important part of any countryeconomy, government supports new and innovative ideas of entrepreneur on small scale inlarger manner. Present study has been conducted on,Entrepreneurship and small businessmanagement, in this report general discussions has been made on different types ofentrepreneurial ventures, similarities and differences between entrepreneurial ventures. Inaddition to this, impact of micro and small business on economy and characteristic traits andskills of successful entrepreneur are include in this report. Furthermore, aspects onentrepreneurial personality, motivation and mindset and manner in which background andexperience can hinder or foster entrepreneurship is covered in this project.TASK 1P1 Different types of entrepreneurial ventures and manner in which they relate to typology ofentrepreneurshipEntrepreneurship is a most creative process to create or organise business withinnovative and effective ideas. It is essential for an entrepreneur to posses innovative andcreativeness in their ideas to start a new venture and take it towards the path of great success. Anentrepreneur develop business in a small level with limited resources in order to convert it into asuccessful venture. It is important for an entrepreneur to not confined themselves withinorganisation wall, rather they moves in a direction to take risk and and contributes in local andnational economy. Mentioned below there are various types of entrepreneurial ventures:Small business entrepreneurship:United Kingdom has an extensive rate of smallbusiness ventures. It has been observed that UK has tremendous rate of growth in evolution ofsmall business entrepreneurs (Blackburn, and Wainwright, 2013). These types of business arerun by owners and small number of employees. This type of ventures can also be run with familymembers or friend as a partner. Some examples of small scale entrepreneurship are , internetcafes consulting companies, small scale production houses and auto mobile retailers.
Scalable start-up entrepreneurship:In this type of entrepreneurial ventures,entrepreneurs are more focused on creating qualitative and innovative products or services. Inthis type of business ventures entrepreneur are confident on their ideas and believe that theirinnovative ideas somehow can change the world. Basic purpose of companies in small scaleentrepreneurship is scale. For which financial investment and venture capital is required in orderto expand their business.Large company entrepreneurship:Companies in large company entrepreneurship possescertain finite life circle for which they put their more focus on providing different new productsand services for their consumers in order to sustain for long period of time. As demand ofcustomers are changing, it generate competition among large organisations. So to accomplishstrong position in a market place entrepreneur mould their ideas into innovative products andservices.Social entrepreneurship:When it comes to social entrepreneurship, entrepreneur createinnovative products and services for betterment of population and societal systems (Bosma,2012). Entrepreneur in this venture develop and implement their ideas into effective products andservices that would lead progresses of society and environment towards efficient betterment.Typologies of entrepreneurship ventures:Topologies is an interpretation or classification of things according to some specifictypes.for examples classification on the basis of structure, form, style and plan. Mentioned belowthere are four types of typologies that are mainly found in entrepreneurship:Survival Ventures:These ventures mainly indulge in the activity to survives and fulfilbasic necessities. Firms in these sectors are not registered and doesn't operate their businessfunctions in any kind of premises. They perform their activities with limited resources andgenerally does not have any type of banking relationship. Type of business in this ventureincludes micro-ventures.Lifestyle Ventures:Lifestyle ventures are set up to achieve effective level of productivityto fulfil income an entrepreneur. Business organisations in this type of ventures are notsubjected to growth and expansion. Lifestyle ventures have constant number of employees andoperate their business activities in a single premises. Firms covered in this segment includessmall business organisations.
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