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Entrepreneurship and Small Business Management Assignment Solved

   

Added on  2020-09-08

15 Pages4702 Words74 Views
Entrepreneurship and SmallBusiness Management(opportunities towards smallbusiness post Brexit)

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Entrepreneurial venture and its relation with different typologies of entrepreneurship.......1P2 Similarities and differences of various entrepreneurial ventures...........................................3Task 2...............................................................................................................................................5P3 Assessment and interpretation of data to analyse micro and small-business impact on theeconomy......................................................................................................................................5P4 Importance of small-business or start up in social economy after Brexit..............................6Task 3...............................................................................................................................................8P5 Determination of characteristic, traits and skills of successful entrepreneurs.......................8P6 Identify various aspects of entrepreneurial personality.........................................................9Task 4.............................................................................................................................................10P7 Background and experience that can foster entrepreneurship.............................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONEntrepreneurship is a creative activity in which adopt new procedures rather thanprocedure. It is closely related with innovations, new ideas and unique creation as well as largelydepends on the person's ability to respond these aspects. They have their objectives or aim foreconomic success which is based on effective utilisation of available resources for betterproduction. In this involved various inputs factors such as combination of land, labour, capitaland other materials for generating revenues. Small-businesses are the start-ups which are ownedor operated by an entrepreneur and it is small in size (Ackermann, 2012). In this report, there willbe discussion on Brexit which means denotion of exit taken by Britain from European Union.This assignment will explain different types of entrepreneurial ventures and their relation withtypologies as well as similarities and differences between them. In this interpret relevant data foranalysing micro and small-business impact on economy or their contributions in socialeconomies after Brexit. Some characteristics, traits and skills of entrepreneur will be discussedhere. It will explain about the background and experience of a person that can hinder or fosterentrepreneurship. TASK 1P1. Entrepreneurial venture and its relation with different typologies of entrepreneurshipEntrepreneurial ventures are defined as the firm in which brings new ideas, innovation,creativity and various opportunities for the purpose of producing unique goods and services orgenerating revenues for social values and economic conditions. Entrepreneur is an individual who comes up with new thoughts or ideas as well as frameit for developing a business. He manages all limited resources like land, capital, manpower andfinance in an effective manner for achieving the set goals and gaining more profits. They arealways ready to take any risk or bear losses while running the business. There are some key entrepreneurial ventures like:Small business entrepreneurship: It is a small organisation where one or moreindividuals come up with several resources, innovation, objectives and specific plan for startingtheir own venture and invest huge funds but lower segment in which they state the business forgenerating profits (Blackburn and Hart, 2013). In this includes general stores, carpenters, tourand travel agency, saloon or parlour etc. according to latest data of UK, it has been found that1

approximate 5.7 million small business are there and made up approx. 99.7% companies; allnon-government workers. They generally hire their family members for running the business sothat they can feed them and earn money. Entrepreneur collects funds from his family, friends andany business loans from banks.Scale start-ups: In this, individuals start a venture with innovative idea by consideringthat their vision will change the world in future. Entrepreneurs always try to attract moreinvestors as they have unique quality as well as ability to bring more investment from venturecapitalists (Bridge and O'Neill, 2012). In this, they hire suitable candidates who are capable, ableand confident for running the business in an effective manner. So, scalable model supports inusing the best methods that helps in reducing any uncertainties and cost. Large scale enterprises: In such kinds of businesses, they operate large activities oroperations at a broad segment for effective business development. Therefore, they do day-to-dayor range of transactions. Generally, large organisations have life cycle in which they grow bynew innovation, launch or offers variety of products and services in the market place.Social enterprises: These types of businesses generally focus on social services as theyalways try to fulfil customer's needs and wants by providing the best quality of products andservices. So, they focus on society or social values as well as on their welfare for meetingexpectation level.Relation with typologies of entrepreneurshipHere are different types of entrepreneurs and their relations with typologies such as:Female entrepreneurs: This is an important entrepreneurial venture where females startor operate their own venture. She is able to organise and manage entire workforce because shehas quality to take any kinds of risks as well as make decisions. Oprah Winfrey is the biggestexample of successful female entrepreneur as she has a film production company. So, there arenumber of females who created their successful businesses in the market and inspire others aswell.Serial entrepreneur: Individuals continuously come up with new ideas and innovationfor starting a business. He takes responsibility for starting a successful organisation and handoverto someone else. He moves again for new venture so their major role is to set up the small firmby getting ideas and give to other person (Bruton, 2010). Example of Andreas von Bechtolsheim,a co-founder of Sun Microsystems as he left his company for establishing Granite system2

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