Analysis of Entrepreneurial Ventures and Small Business Management
Added on 2020-10-22
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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1P1. Types of entrepreneurial ventures and typology of entrepreneurship.............................1P2. Similarities and differences between entrepreneurial ventures........................................2P4. Contribution of small business and business start-ups important in growth of socialeconomy after Brexit..............................................................................................................6P5. Determining characteristics, traits and skills of two successful entrepreneurs................8P6. Assessing the aspects of entrepreneurial personality reflect entrepreneurial motivation andmind-set..................................................................................................................................9P7. Examining the background and experience hinder or foster entrepreneurship..............10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship is defined as an activity of setting a business by facing financial riskswith a hope of earning profit for an enterprise (Alvarez‐Garrido and Dushnitsky, 2016).Entrepreneurs have an ability of taking risks and get succeeded in an ever-changing andcompetitive environment in a global market. Small business refers to as a company that is ownedand operated independently and is limited in size and revenue that depends on industry (Baum,Frese and Baron, 2014). Thus, following report consist of information about various types of entrepreneurialventures and their typologies along with similarities and differences. Furthermore, statistical dataabout growth of economy in UK has also been presented. In addition to this, the contribution ofstart-ups and small business impacts on economy after Brexit is also illustrated. Thus, followingassignment also highlights on characteristics, traits and skills of successful entrepreneurs alongwith their reflection of personality helping in achieving success.P1. Types of entrepreneurial ventures and typology of entrepreneurshipEntrepreneur is someone who is taking initiative by organizing venture and is benefittedto take opportunity to make decisions (Cowling, and et.al., 2015). They are one who assumes orfaces every types of risk and rewards of venture. Thus, they are innovator, as shares new ideas,goods, services and business procedures. Hence, various types of entrepreneurial ventures andtheir typology has been discussed below - Small business entrepreneurship- This type of entrepreneurship makes up a huge portionand are a start up in business environment. Entrepreneurs of small firms mainly hiresfamily members or local employees for running their business with limited number ofresources and planning. Grocery stores, travel agents and street food vendors areexamples of small business entrepreneurship.Large scale entrepreneurship- In this type of business there are more employees, whichbecomes difficult to manage business as compared to medium scale. It is an economicgroup that includes profit making corporations with regard to their influence on socialand political policy specially. Hence, it refers to as a process to develop new ideas andvarious opportunities in an established firm. Thus, they enhance competitive position byimproving organisational profitability.1
Medium size entrepreneurship- This business grows slowly which results from successfulsmall size enterprises. Thus, revenues are earned which are set aside that will help informing buildings, equipment’s and employees needed to bridge gap between small andlarge business. TypologyScalable entrepreneurship- It consists of innovative ideas for repeatable business modelthat turns company into large growth and earns high profitability. This business helps inincreasing revenue without high increment costs (Davis, Hall and Mayer, 2016). Thus,scalability is an important factor for every entrepreneurs wishing to start a new businessor for them who wants to take old business towards new ones. Therefore, scalablebusiness model increases profits by growing revenues that helps in increasing growth of asuccessful business.Serial business enterprise- In these types of business, entrepreneurs come with new andinnovative ideas on daily basis. Thus, specific goals are set so that they can easilyaccomplish their tasks in a fair way. It plays a good role by giving innovative and uniqueideas to start a business. Thus, serial business entrepreneurs start new enterprise in shortperiod.Social entrepreneurship- In this type funds are developed and solutions are implementedto social, cultural and environmental issues. Social entrepreneurs are innovatorsconsidered as agents of change, solving social needs and problems by identifying positivechanges brought by people and programmes. Examples of social entrepreneurs are hamletFoods. Furthermore, it is known as doing business for a social cause by combiningcommerce and social issues to improve lives of people who are connected to variouscause.SME- Small and medium enterprise plays a significant role in the growth of economythat helps in generating employment and development of dynamic private sector. Theyare non-subsidiary having independent firms which employs fewer employees.P2. Similarities and differences between entrepreneurial venturesSimilaritiesSimilarities of entrepreneurial ventures has been discussed as per below context-They provide job opportunities to unemployed people which results in lack of poverty.2
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