Entrepreneurship and Small Business Management Development
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Added on 2021-04-23
Entrepreneurship and Small Business Management Development
Added on 2021-04-23
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Entrepreneurship and Small Business Management1
Table of ContentsIntroduction4LO1.Explore and illustrate the range of venture types that might be consideredentrepreneurial.5P1.Examine different types of entrepreneurial ventures and explain how they relate tothe typology of entrepreneurship.5P2.Explore the similarities and differences between entrepreneurial ventures.7M1.Investigate a diverse range of entrepreneurial ventures to demonstrate anunderstanding of entrepreneurship in both the public and corporate sector.8D1.Critically examine the scope, development, and growth of entrepreneurial ventures.9LO2.Conduct and analyze research relevant to a business research project.10P3.Interpret and assess relevant data and statistics to illustrate how micro and smallbusinesses impact on the economy.10P4.Explain the importance of small businesses and business start-ups to the growth ofthe social economy.13M2.Evaluate the differences small, medium and large businesses make to the economy,applying relevant data and statistics.14D2.Critically examine how small businesses have an impact on different levels of theeconomy (local, regional, national) and in an international context.15LO3.Determine and assess the key aspects of an entrepreneurial mindset.16P5.Determine the characteristic traits and skills of successful Entrepreneurs thatdifferentiate them from other business managers.16P6.Assess how aspects of the entrepreneurial personality reflect entrepreneurialmotivation and mindset.18M3.Explore and examine different lines of argument relating to Entrepreneurialcharacteristics.192
D3.Analyze the characteristic traits, skills and motivational drivers of successfulentrepreneurs, supported by specific examples.20LO4.Apply a range of leadership approaches to a change initiative.21P7.Examine, using relevant examples, how background and experience can hinder orfoster entrepreneurship.21M4.Analyse the link between entrepreneurial characteristics and the influence ofpersonal background and experience to specific successful entrepreneurs.22D4.Critically evaluate how background and experience influence entrepreneurs, bothpositively and negatively, by comparing and contrasting examples.23Conclusion24References253
IntroductionThe forthcoming study is based on the exploration of the topic that is Entrepreneurship & SmallBusiness Management. This study would help to elucidate all the facts and the aspects that areallied to entrepreneurship and to the management of the small-scale businesses. This explorationwould also help in comprehending the range of the types of ventures that could be considered asentrepreneurial. This would also consist of the study about ventures in the public and thecorporate sector. This exploration would also aid in analyzing the impact of the micro and small-scale businesses on the economy of the nation & would also help in determining their role in thegrowth & development of the social economy. This exploration would also facilitate help indetermining the complete set of the character traits and the set of skills that should be present forbecoming a good entrepreneur. This study would also be focusing on explicating the role ofbackground and experience in entrepreneurship. 4
LO1.Explore and illustrate the range of venture types that might be consideredentrepreneurial.P1.Examine different types of entrepreneurial ventures and explain how they relate tothe typology of entrepreneurship.Entrepreneur – An Entrepreneur is a man who takes any kind of a financial risk just for thesake of profit, in order to set up a completely new business or a new start-up. This is the personwho acts in three different roles while starting up a new business and they are – the starter, thedriver and the person who is responsible and accountable (Korhonen, et. al., 2012). He is theperson who starts the complete business venture and is the initiator of the complete plan. He isthe person who drives that means he would be going to be the one who would lead the completeteam behind him for the successful accomplishment of the goals and the objectives. Theentrepreneur has no problem to place his or her money security and career at stake to takeunlimited risks on an inspiration, spending time still as capital on associate uncertain venture. Hewould be the person who is responsible and completely accountable for all the things and for thedestiny of the complete new venture (Rigg & O'Dwyer, 2012). Entrepreneurship types Small Business Entrepreneurship – This kind of an entrepreneurship deals with the start-ups thatare dealing in the field of small-scale business and the businesses with small financial risks as theinvestment made to this is also less. This would encompass all the factors and the aspects alliedto the generation of the market for a completely new product or a service and are based on thebusiness plan of a venture (Bridge & O'Neill, 2012). Scalable Start-up Entrepreneurship – these are the kind of the adaptable new business start-upsand the entrepreneurs involved in this kind of a venture already have a fixed vision that couldchange the world. This is the only reason why this kind of a venture efficaciously attracts manydifferent investors that would help these kinds of the businesses to grow and expand in thiscompetitive environment. Their activity is to look for a repeatable and versatile plan of actionthat would aid the triumph of the business. Large Company Entrepreneurship – Most of these kinds of the businesses only have a limitedlifetime and it has to work efficaciously and continuously in order to keep this time going for thebenefit of the company. The company has to continuously innovate and produce the productsthat would fulfil the needs and the wants of the customers and the market so as to retain the levelof success.Social Entrepreneurship – These are the people who are involved in the generation of theproducts and services that would help in the resolution of the social needs and desires5
(Huybrechts & Nicholls, 2012). This is a completely different form of entrepreneurship as it isfocused on making the world a better place to live in rather than making money for the benefit ofthe investors and the entrepreneur (Abu-Saifan, 2012). P2.Explore the similarities and differences between entrepreneurial ventures.If we divide the different type of the entrepreneurship on the basis of the profits to theentrepreneurs and the investors & their goals, then we could conclude in brief that there are twocompletely different types entrepreneurship and they are the business entrepreneurship & socialentrepreneurship. Both of these types are indulged in the creation of the products and services &also gain profits by selling them in the market to the customers. Both of them create their ownproducts and services as per the needs and wants of their target market and the innovations aredone in their products and all the set of the services are according to the desires and therequirements of their target market. Both the types are seeking for expansion in the market sothat they could reach out to the maximum number of the people possible for them but only thecause of the expansion is different. The business entrepreneurs are the ones that are more focused on creating the market for theirproducts and services so that they can gain profits and large funds for their own benefits and forthe benefits of the investors. These are the one that seeks for the expansion of their businessesonly for the purpose of creating wealth for themselves. Their profits are only focused on themand not for the benefit of any other person. Their products could be revolutionary but the reasonfor selling it would still remain the same and this is why they are known as the businessentrepreneurs. The types of the entrepreneurship that are involved in this stream are the smallbusiness entrepreneurship, the scalable start-up entrepreneurship & the large companyentrepreneurship.On the other side, the social entrepreneurs are the one that is focused on the development and thebenefit of the world along with all the other objectives and aims of the business. Theseentrepreneurs are ones that are more devoted to improve the world around them rather thancreating riches for themselves. One of the major aims of these kinds of the entrepreneurs is thegeneration of the real social values with the complete set of the economic values of the marketand this also the prime mission of these entrepreneurs. The venture that is involved in this streamof the flow is more devoted towards the overall innovation and enrichment of the localcommunities and is also based on the ethos that is of social good and of ethical behaviour. 6
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