Entrepreneurship and Small Business Management - Ukclould

Added on -2020-07-22

| 13 pages| 4176 words| 39 views

Trusted by 2+ million users,
1000+ happy students everyday

Showing pages 1 to 4 of 13 pages

Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Types of entrepreneurial ventures and their relation to the typology of entrepreneurship3M1...........................................................................................................................................5P2. Similarities and differences between entrepreneurial ventures........................................5TASK 2............................................................................................................................................7P3 Relevant data and statistics to illustrate how micro and small business...........................7impact on the economy..........................................................................................................7M2...........................................................................................................................................8P4 Importance of small businesses and business starts-ups to the growth of social..............8economy................................................................................................................................8TASK 3..........................................................................................................................................10P5 Characteristic traits and skills of successful entrepreneurs.............................................10M3.........................................................................................................................................11TASK 4..........................................................................................................................................11P6 How entrepreneurial personalities impact upon their mindset........................................11P7 Foster or hinder entrepreneurship...................................................................................11M4.........................................................................................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONSmall business enterprises are the entities which operate their business at national andinternational level (Carraher and Paridon, 2015). Size of these type of enterprises remains tiny incomparison to multinational organisation with large customer market and capital share. Size innumbers of employees, revenue and capital remains small but their market reputation andbusiness image in their segment remains impressive. In this organisation There are many smallsize scale business are working fluently and their entrepreneurship skills and management arecreating examples to for start up business. Ukclould is one the small business entity whichprovides networking services in UK. Its networking services are beneficiary for economicgrowth of the country too.Entrepreneurship is an activity or a process which helps to design, plan and operate newbusiness. The organisers and persons who operates the new organisation are called entrepreneurs.TASK 1P1. Types of entrepreneurial ventures and their relation to the typology of entrepreneurshipEntrepreneurship is an idea to start a new business organisation or any entity(Chittithaworn and et. al., 2011). The person who plan strategies to set up the business and usehis skills to make an idea in actual form is known as an entrepreneur. Entrepreneurship is acombination of different skills and abilities which helps to create a positive image and utilise thesources to establish business entity. Below are some of the entrepreneurial ventures:Small business entrepreneurial ventures – These types of entrepreneurs are the personswho operate small sized business and entities to accomplish their goals and objectives.These type of enterprises helps to provide resources to run the operations effectively.Small business entrepreneurs work for their society, families and operate their business tosurvive and maintain their living hood in society. Large entrepreneurial ventures – International and multinational organisations areconsidered as large scale organisation ventures. Their main motive is to earn revenuesand provide goods and services to the customers. By providing employment conditionsand opportunities large scales enterprises helps to improve economic growth rate andGDP of the country. There are many large scale enterprise and business are playingsignificant role to accelerate the economy of UK. Being a part of economical growth of
the country the these business helps to make marketing strategies and policies to maintainflexibility in global business environment.Scalable entrepreneurial ventures – These kinds of business ventures are the type ofventures who keep focused on hiring the best and effective options to get the benefitsfrom initial stage of the organisation (Dennis Jr, 2011). They focus upon generating alarge amount of capital to invest more and getting more. Their policies and strategies aremade to attract investors which help in providing capital and finance facilities.Social entrepreneurial ventures – Social enterprises work for improving the structure andstandard of the society. Social enterprises provide the best and high quality products andservices at reasonable cost to customers so that society could get benefits of best productsand services. Source of income of Social enterprises generates by collecting charities,subscriptions, government subsidies and donations. Their main objective is to providerequired help to underprivileged societies and make their living standard strong. Different typologies of entrepreneurial venturesThe researcher entrepreneur – This nature of entrepreneur is used in research andinnovation of new ideas and plan for making a different and creative image oforganisation. Entrepreneur studies about the market plans, customer interest and theirdiversities. He tries to gain all the related informations and knowledge to plan thestructure of the organisation. Detailed analysis and research helps to make flexible imageto perform well in the organisation. These kind of entrepreneurs keep align to find outbetter options and sources to make operations smooth and effective. The determined entrepreneur: These entrepreneurs remain centralised around theirobjectives and goals. They remain consistent with their ideas and efforts to achieve theiraims and objectives. They set their own targets and principles and plan their strategiesaccordingly. One of the most drawback of this entrepreneurship is that own strategies andstandards become effortless in uncertain business conditions and they have to change theplans time to time. Imitating entrepreneurs- Imitating entrepreneurs use applied approaches and methodswhich exist already in the business environment. They don't make any extra efforts tomake new concepts and strategies to start the business. This kind of entrepreneurship is

Found this document preview useful?

You are reading a preview
Upload your documents to download
or
Become a Desklib member to get accesss

Students who viewed this