Entrepreneurship & Small Business Management (pdf)
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Added on 2021-02-18
Entrepreneurship & Small Business Management (pdf)
Added on 2021-02-18
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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Types of entrepreneurial ventures and their relationship with typologies.............................1P2 Similarities and Difference between entrepreneurial ventures..............................................3TASK 2............................................................................................................................................5P3 Assessing and interpreting the impact of micro and small businesses in economy...............5TASK 3............................................................................................................................................8P5 Characteristics, traits and skills of successful entrepreneurs.................................................8P6 Assessment of aspects of entrepreneurial personality in reflecting entrepreneurialmotivation and mind-set .............................................................................................................9TASK 4..........................................................................................................................................10P7 Factors that foster or hinder entrepreneurship.....................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship refers as an important process through which a person run theirbusiness by taking risk and converting into larger profitability. It is a dynamic process to createthe chances of attaining wealth which may leads in improving the economic growth. In additionof this, entrepreneurs also define new and innovative ideas to set their business and at the sametime also deliver quality products and services (Blackburn, Hart and Wainwright, 2013). Forattaining higher growth level in market, entrepreneur should make innovative products to invitelarger number of customers towards its products. In addition of this, small business managementis also play important role in managing as well as developing process in an effective manner forattaining positive outcomes. The main aim of this is to generate profitability level at marketplace. Current report is discussed about venture types with typologies. Along with this, impact ofsmall business also defined in this report to improve the economic growth. Furthermore, keyaspects of entrepreneurial aspects also mentioned in this project which foster on hinder theentrepreneurship. TASK 1P1 Types of entrepreneurial ventures and their relationship with typologiesEntrepreneurial ventures:It is refer to smaller venture which is operate with the aim of attaining day to day profit.Along with this, it is that type of business which make as well as run by individual with new andinnovative way to attain number of opportunities. This will directly contribute in developingeconomic growth. Along with this, entrepreneurial venture are contribute in developingeconomic condition and creating wealth by taking huge risk. This will aid in producing creativegoods and services.Entrepreneur:An individual who run their business with limited resources and huge risk as well. Alongwith this they are only one person who make new and creative goods, take risk with the purposeof generating larger profitability (Bridge and O'Neill, 2012). Types of entrepreneurs: There are some entrepreneurs who operate their business with theirspecific goals and objectives. All these can be understood by following points:1
Serial entrepreneurs: These type of people are start their business with new andinnovative ideas and also implement on continuous basis. They having enough funds tooperate their business in appropriate way (Carsrud and Brännback, 2011). Social entrepreneurs: These type of people who operate their business for resolvingsociety problems not generate profits. Along with this, they are capable for handlingissues of society in order to provide them solution. This will lead in improvingdevelopment of economic growth. Female entrepreneurs: These type of entrepreneurs are mostly women who start entirebusiness activities with effective way. These type of companies ate owed by femaleentrepreneurs as they are highly responsible for determining 51% employment.Concept of entrepreneurship:It is consider as an important process of designing, preparing for launching new andinnovative business with the purpose of attaining profitability level. In this they take huge risk toconvert into profit. Along with this, it is an effective and creative process which take lots of timeand energy to run business for grabbing customers attention towards attractive products.Key ventures of entrepreneurs: Small business entrepreneurship: In current scenario, various small business are operatein UK market. Mainly, approx 6 million operate their business at small level with the aimof improving the economic growth (Micro and small-business ventures, 2017). This typeof business includes various firm such as travel agents, carpenters, electricians, cafeowner and many more. IN addition of this, all these type of business operate in their riskwhich the aim of attaining larger profitability at market place.Scalable entrepreneurship: These type of venture are define new and ideas with thepurpose of change the world. In addition of this, they also manager as well as arrangefunds for market to improving the overall performance level. Social entrepreneurship: These type of business are operate with the purpose of providingbenefits to society by providing them quality products (Chittithaworn and et. al., 2011).They also set their process for improving their living standard which contributedeveloping economic growth of the nation. One of the main aim of this type of businessorganization is to provide solution to the society in order to improve their living standard.Relation of venture with entrepreneur typology-2
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