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Entrepreneurship and Small-Business Management Assignment (PDF)

   

Added on  2021-01-02

17 Pages5583 Words472 Views
Entrepreneurship andSmall-BusinessManagement

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1: Types of Entrepreneurial Ventures and their relation with the typology ofEntrepreneurship.....................................................................................................................3P2. Similarities and Differences between entrepreneurial ventures.......................................5M1: Diverse Range of entrepreneurial ventures to demonstrate an understanding ofentrepreneurship in both the public and corporate sector.......................................................6D1: Scope, Development and growth of entrepreneurial ventures.........................................6TASK 2............................................................................................................................................7P3. Interpret and assess relevant data and statistics to illustrate how micro and smallbusinesses impact on the economy.........................................................................................7M2: Difference made by small, medium, large businesses in the economy..........................8D2: These enterprises contribution at different levels like national, regional and local. ......9P4. Importance of small businesses and business start-ups to the growth of the social economy................................................................................................................................................9TASK 3..........................................................................................................................................10P5: Characteristic Traits and Skills of Successful Entrepreneurs that differentiate them frombusiness managers................................................................................................................10M3: Different Lines of Argument Relating to Entrepreneurial Characteristics...................12D3: Characteristics, Traits, Skills and Motivational Drivers of Successful Entrepreneurs..12P6: Aspects of Entrepreneurial Personality Reflect Entrepreneurial Motivation and Mindset...............................................................................................................................................13TASK 4..........................................................................................................................................14P7: Background and Experience can hinder or foster Entrepreneurship..............................14M4: Link Between Entrepreneurial Characteristics and The Influence of Personal Backgroundand Experience to The Successful Entrepreneurs................................................................15D4: Background and Experience Influences Entrepreneurs Positively And Negatively.....15CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................17

INTRODUCTIONEntrepreneurship is a process of developing and implementing a business idea into life inorder to generate business (Ahmad, 2015). Entrepreneur is a person who manages the enterprisein order to be successful. Entrepreneur accepts all the risks associated with the business and tryto work out of it. Every entrepreneur starts out on a small scale in context to attain goals andobjectives. There are plenty of successful managers and leaders around the globe who identifiedthe needs of customers and created something out of it. A successful leader knows how toeffectively and efficiently use the resources available and makes the best use of it. In the contextof this study, it is crucial to analyse the relationship between an entrepreneurship and the varioustypologies associated with it. Also, what are the factors that motivates a manager or a leader inorder to achieve their goals. And it is significantly important to know the role performed bythese small and micro enterprises for the establishment of economy and whether there arepositive or negative outcomes of these.TASK 1P1: Types of Entrepreneurial Ventures and their relation with the typology of EntrepreneurshipEntrepreneurship is a process of establishment of a business accepting all the risksassociated with it in despair of profits (Audretsch and Caiazza, 2016). And an entrepreneur is aperson who accepts all the responsibilities of managing a business in order to grow with it.Entrepreneur accepts all the risks associated with the enterprise with the aim to earn profits.There are various types of Entrepreneurial Ventures depending upon the scale. They are:Small Scale EnterpriseLarge Scale EnterpriseScalable EnterpriseSocial EnterpriseSmall Scale Enterprise: It refers to small scale businesses owned by a sole proprietor inorder to meet up with the basic expenses. Here, the proprietor has only one or twoworkers, that too the relatives or family members. The scale of operations in this type ofenterprises are very small. Example of these enterprises can be grocery stores, carpenters,brokers, etc. These businesses are based on an innovative idea which has aim to developsociety which entrepreneurial vision.

Large Scale Enterprise: It refers to large organisations which have multiple operationsgoing on at the same time (Belz and Binder, 2017). These enterprises have hugeinfrastructure and created multiple job opportunities for all. These enterprises take upvaried innovative small projects under them to grow. They try to bring out new productsafter some time to maintain their customer base and grow. Examples of these enterprisescan be Apple, Samsung, etc.Scalable Enterprise: It refers to innovation bring out by the entrepreneur. Theseenterprises consist of new ideas and creations which no one ever bought in order to meetup with the needs of customers. The owner of these enterprises after creating a successfulbusiness, hand over it to a large organisation and go to create something new. Examplesof these enterprises are Amazon, Facebook, etc.Social Enterprise: The motive of these enterprises is not to maximise profit but to satisfythe needs of customers. These enterprises earn the profit and use it to provide betterfacilities to the people in need after using the sum needed to carry out the operations ofbusiness. Examples of these enterprises can be Cafédirect, Hill Holt Wood, etc.These enterprises work in a business environment which plays a major role for theestablishment of various typologies which affects a lot the way an entrepreneur makes thedecision and work for the establishment of enterprise. Some of the typologies are:Male Entrepreneur: These type of entrepreneurs are referred as the risk takers. They aremostly young in age which is why, they are intend to take more risk. These type ofentrepreneurs end up controlling the large scale enterprises and scalable enterprises whichrequire them to take more risks and making higher profits for the enterprise. They blame marketforces for any losses incurred. Female Entrepreneur: These type of entrepreneurs are referred as stable entrepreneurs.These entrepreneurs do not like to take major risks as it is associated with major losses as well.They end up serving for small scale and social enterprises as they are cautious with everydecision they make because they blame themselves for any losses (Bryson and Daniels, 2015). These typologies play a varied role in the establishment of entrepreneurial ventures in thebusiness environment.

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