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(solved)Entrepreneurship and Small Business Management Doc

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ENTREPRENEURSHIPAND SMALLBUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................3Task 1...............................................................................................................................................3P1 Different types of entrepreneurial ventures and typology of entrepreneurship...............3P2 Similarities and differences between entrepreneurial ventures.........................................6Task 2...............................................................................................................................................8P3 Interpretation and assessment of statistics for showing impact of micro and small businesson the economy.......................................................................................................................8Impact of SME on economy.........................................................................................................10P4 Importance of small businesses and business starts-ups in growth of social economy..............................................................................................................................................11Task 3.............................................................................................................................................12P5 Characteristic, traits and skills of successful entrepreneurs.........................................12P6 Assessment of the entrepreneurial aspects personality reflect entrepreneurial motivation13Task 4.............................................................................................................................................14P7 Background and experience can hinder or foster entrepreneurship................................14Conclusion...................................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONAn individual who has the capabilities and potential to establish a new product andoperate a small business is known as an entrepreneur. The entrepreneur analysis all the risk andthen launch a product in market to gain high rewards. Along with this an entrepreneur is aninnovator who explore the opportunities in the market and convert them into potential productand service. Apart from this they play a key role in the development of a country economy. Ascreative ideas help to develop a new product in the market. This ideas work as a foundation toestablish and introduce a new venture in the market this is known as entrepreneurship. Theimplementation of new and innovative creative ideas in regards to start a new small business byadopting financial risk to achieve more profits. In this report various types of entrepreneurialventure are covered which relate with different types of typologies and their relation withentrepreneurship(Bridge and O'Neill, 2012).Under this report the similarities and differencesare examined between different ventures. Moreover the impact of small and micro business onsocial economy are mention in this report. At last the characteristic and skill of an entrepreneurare compare with the managers. As it help to know that how entrepreneurial personalitydifferently behave to increase their motivation.Task 1P1 Different types of entrepreneurial ventures and typology of entrepreneurshipEntrepreneurs-The entrepreneur are those individual which are responsible to develop anew venture in the market. With the support of this business they offer various product andservices to customers in exchange of money. Entrepreneurial business houses are established byentrepreneurs to earn more amount of money and to live a comfortable life. Small venture areowned by private individuals which work to achieve their own purpose and goals. Several typesof entrepreneurial venture are segment on the base of its scope, size and purpose(Burns, 2016).Entrepreneurial activity-The entrepreneurial activity is a process of the business inwhich firms generated their value by developing various economic activity. This type ofactivities are associated with unique and innovative ideas that help a business to expand its size.
Creative and unique ideas are converted into reality by the entrepreneurs. As this help them tomake a new product and service for customers and to operate a new business. New ventures alsohelp a country to develop more employment opportunities for its citizens.Different types of ventureSmall business:The small business are concerned which are operate and ownedprivately. In this there are small number of employees and the minimum amount of sales is alsolow. Like in the case of small business entrepreneur operate its business activity in a localmarket. The major goal of small business is to earn more amount of profit and to livecomfortable life. This business cover a small area of market. So the size and scope of thisbusiness is very low. As this new venture or small business operate its activities for a specific orniche market. Example- Brightstar financial limited operate their business in UK. They provideeffective solutions to different intermediaries and also to direct consumer to manage their wealth.Scalable starts-ups business or social enterprise-Under the Scalable starts-upsbusiness, entrepreneur introduce their business with a motive to change the world. Like in thisscalable starts-ups their funds comes through venture capitalists. As this help company to hirebest employees that help company to obtain high profits. Apart from this scalable business createa big change in the market or sector in which the business is started. This types of business aredefined with a purpose of social development. In social enterprise entrepreneur and businessdeveloped a new idea which is used for the welfare of society.Example- Studio Graphene is theexample of scalable start-up business which operates their business in designing of digitalproducts along with application development.Large business- This type of entrepreneurship develop new ways to make a product andthey offer more innovative products to customer. As it help large companies to gain acompetitive advantage. Major motive on which behalf large company accomplish their task isthat to always ready to adopt a new technology. So company share and capture more area ofmarket for its products & services(Drucker, 2014).Large scale operate its business in more thanone country or state. The large amount of money is invested by large companies to complete itsproject and task.Example- Marks & Spencer is the best example of large organisation they areoperating their business in UK as well as other countries also. They offer quality foods, clothingand home products to their customers for satisfying their needs.Typologies of entrepreneurship
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