Entrepreneurship Theory and Practice: Small Business Management
Added on 2020-09-03
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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3P1 Types of entrepreneurial ventures and their relationship ...........................................................3P2 Similarities and Difference between entrepreneurial ventures...................................................5TASK 2.................................................................................................................................................6P3 Micro and small businesses impact on the economy..................................................................6TASK 3.................................................................................................................................................8P5 Characteristics, traits and skills of successful entrepreneurs......................................................8P6 Aspects of Entrepreneurial Personality.....................................................................................10TASK 4...............................................................................................................................................11P7 Factors that foster or hinder entrepreneurship..........................................................................11CONCLUSION..................................................................................................................................12REFERENCES...................................................................................................................................13
INTRODUCTIONEntrepreneurship is defined as dynamic process of creating wealth by individuals who takeshuge risks in their business in terms of investment, time , equity or any other. They create muchwealth by introducing new products in the market or reintroducing the old products in a new formby including new features in them (Blackburn, Hart and Wainwright, 2013). When the operations ofthe business is done in efficient and effective manner , then it is termed as management. Smallbusiness management means managing the operations of small business in an effective way in orderto gain profits of the company. In this report, the different type of entrepreneurial ventures and theirrelationship with the typology of entrepreneurship will be discussed along with the impact of smallbusiness in the economy and the key aspects of entrepreneurial mind-set is also discussed. Differentkinds of environment that hinder entrepreneurship is also analysed in this report. TASK 1P1 Types of entrepreneurial ventures and their relationship Entrepreneurship can be defined as an activity which is performed by entrepreneur in whichhe innovates, finances, and put efforts to convert his ideas into productive products. It is a processof creating something new by putting lots of time and energy. The person who carries out all thesefunctions in the company is called an Entrepreneur. An entrepreneur is called by different names ina company like Boss, Owner of the business, risk taker, the resourceful guy and many more. Inorder to become an entrepreneur, person should have a mindset which thinks in the direction like:-Opportunity seizerOpportunity screenerOpportunity seekingIn the world, 90% jobs are being created by the entrepreneurs only therefore are a very importantasset of the economy because they contribute a lot in economy growth (Bridge and O'Neill, 2012).The competencies required to become a successful entrepreneur is:-He should be an innovatorAn inspirer,Am implementer who knows when to implement things and where
Source:- Competencies of entrepreneur, 2017Entrepreneurial activities can be defines as those activities which are conducting whileperforming the process of entrepreneurship (Carsrud and Brännback, 2011). It is basicallyconducted for generating value through invention or creation of new products, expansion ofeconomic activities and many more. The company or the business which is set up by theentrepreneurs is called an Enterprise. There are different types of entrepreneurial ventures in theeconomy, it is entrepreneur who chooses which type of business they want to enter into. Thedifferent types of entrepreneurship is discussed below:-11Small Business Entrepreneurship:- At present, there are huge no. of entrepreneur andstart-ups in UK who are still working as a small business. There are approx 6 million smallbusiness in EUK who are successful in providing employment to people who don't have antwork. Small business co0vers business like grocery stores, internet cafe owners, travelagents, consultants , carpenters, electricians etc. They are the ones who runs their ownbusiness and they are only responsible for the profits and losses of the company. For help,they either hire their own employees or the local people . 11Scalable Start-up entrepreneurship:- The entrepreneurs who start this type of businessknows from day one that their vision could change the world. The people who are equallycrazy about the business are called for investment and they are called the VentureCapitalists. These entrepreneurs hire the best for their company (Chittithaworn, Islam,Keawchana and Yusuf, 2011). 11Large company Entrepreneurship:- These types of companies generally have a finite lifecycle. They grow through innovation, offering new products etc. Whenever there is a changeIllustration 1: Competencies of entrepreneur
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