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Small Business and Micro Entrepreneurship Management INTRODUCTION 3 Task 13 P1 Introduction to entrepreneurship

   

Added on  2020-10-23

18 Pages4648 Words335 Views
Entrepreneurship andSmall BusinessManagement
Small Business and Micro Entrepreneurship Management INTRODUCTION 3 Task 13 P1 Introduction to entrepreneurship_1
Table of ContentsINTRODUCTION...........................................................................................................................................3Task 1...........................................................................................................................................................3P1 Explain diverse types of entrepreneurial ventures and manner in which they are associated to typology of entrepreneurship............................................................................................................3P2 Similarity and differences among between entrepreneurial ventures.........................................6TASK 2 .........................................................................................................................................................8P3 Interpretation of relevant data and statistics to exemplify how micro and small business create impact on the economy.....................................................................................................................8P4 Explain small business and business start-ups to growth of the social economy. .....................10TASK 3........................................................................................................................................................11P5 Characteristic traits and skills of successful entrepreneur..........................................................11P6 Aspects entrepreneurial personality...........................................................................................13TASK 4........................................................................................................................................................14P7 Different types of ways by which background and experience can hamper the performance of entrepreneur...................................................................................................................................14CONCLUSION.............................................................................................................................................16REFERENCES..............................................................................................................................................17
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INTRODUCTIONEntrepreneurship is defined as an action of formulation of a business while scaling it toattain profit. In simple words, it is the ability to generate or systematize a business along withrisks through which profits can be made (Aspects of Entrepreneurial personality. 2017). Anentrepreneur refers to a person who begins their business with limited number of resources aswell as funds. As small businesses are vital part of economy of any country, governmentsupports innovative and new ideas of entrepreneur on small scale in enhanced manner. Thisreport is conducted on, entrepreneurship and small business management; different types ofentrepreneurial ventures, resemblance and divergence between entrepreneurial ventures havebeen discussed. Along with this, influence of micro and small business on economy andcharacteristic traits of successful entrepreneur are included. Apart from this, various aspects onentrepreneurial personality and ways in which background & experience can obstructentrepreneurship is discussed in this report.Task 1P1 Explain diverse types of entrepreneurial ventures and manner in which they are associated totypology of entrepreneurship. Entrepreneurship is one of the most imaginative processes for creation as well asorganization of business with unique innovative and efficient ideas. It is necessary for anentrepreneur to acquire innovative as well as creativeness in ideas for starting new venture andtake it to great heights by attaining success. An entrepreneur builds their business with limitedresources at small level and takes it towards success. It is necessary for an entrepreneur to not torestrict themselves within certain organization wall, but slightly they move towards risk takingand makes their effective contribution in national as well as local economy. There are differenttypes of entrepreneurial ventures, they are mentioned below:Type of entrepreneurial venturesDescription Small business entrepreneurshipUnited Kingdom possesses large number ofsmall business ventures. It has been found thatUK has remarkable rate of growth withindevelopment of small business entrepreneurs.These types of businesses are either run by
Small Business and Micro Entrepreneurship Management INTRODUCTION 3 Task 13 P1 Introduction to entrepreneurship_3
small number of employees as well as owners.These ventures can be run by friends as apartner or family members. Some examplesassociated with small scale entrepreneurshipare small scale production houses, internet caféconsulting companies and auto mobileretailers.Scalable start-up entrepreneurshipIn such kind of entrepreneurial ventures,entrepreneurs are more concerned aboutcreation of innovative as well as qualitativeservices or products. In such kind of ventures,entrepreneurs are more affirmative about theirideas and believe that their idea will assistthem to alter the world. Small ventures requireventure capital and financial investment forexpansion of their business.Large company entrepreneurshipOrganization within large companyentrepreneurship have fixed life cycle forwhich they keep enhanced focus on theirvarious services as well as products for theircustomers by which they can uphold withinmarket for longer period of time. As demandsof customers are altering, they generatecompetition among other competition whichare present within market. It is necessary for anorganization to have innovative services andproducts.Social entrepreneurshipEntrepreneur creates unique innovativeservices and products for betterment of societaland population systems. An entrepreneur
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