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Assignment : Entrepreneurship and Small Business Management - Doc

   

Added on  2020-12-29

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Entrepreneurship and SmallBusiness Management
Assignment : Entrepreneurship and Small Business Management - Doc_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Entrepreneurial venture and its relation with different typologies of entrepreneurship........1P2 Similarities and differences between various entrepreneurial venture..................................3TASK 2............................................................................................................................................4P3. Assessment and interpretation of data to analyse micro and small business impact on theeconomy......................................................................................................................................4P4. Importance of small business or start up in social economy after Brexit.............................6TASK 3............................................................................................................................................7P5.Determination of characteristic, traits and skills of successful entrepreneur.........................7P6. Identify various aspects of entrepreneurial personality........................................................8TASK 4..........................................................................................................................................10P7 Background and experience that can foster entrepreneurship.............................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................11
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INTRODUCTIONEntrepreneurship refers to the process of establishing new venture with the help ofcreative or innovative ideas with the objective to generate maximum profit by bearing risk withinthe marketplace (Alsos, Carter and Ljunggren, eds., 2011). They put more emphases toward theeconomical growth of the business by ensuring the effective utilization of available resources inmost appropriate manner in order to get maximum production at a minimum cost. It is afundamental component which assist country in economical and social growth. This reportcontains the explanation of various types of entrepreneurial venture and there relation withtypologies as well as similarities and differences between these ventures. It also containsdescription about the contribution of small scale business and micro enterprise in thedevelopment of country's economy. Further it explain how the Brexit affect the multinationalcompanies from its factors such as alteration in rules and regulations of a nation. In addition tothis project also describes various characteristics and skills which have an impact over decisionmaking process of an entrepreneur.TASK 1P1 Entrepreneurial venture and its relation with different typologies of entrepreneurshipEntrepreneurship refers to the capacity and willingness to create, organise and maintain abusiness and bearing the financial losses in hope of getting revenue in future.Entrepreneur is a person who take an initiative to setup a business for exploiting theopportunity and decides what, how and in what quantity & quality the goods and services will beproduced (Audretsch, 2012). He manages the resources like capital, land , manpower etc. in anefficient manner for achieving the set objectives for generating profit. There are some kind ofentrepreneurial venture which are as follows:Small business entrepreneurship:- SBE is an enterprise started by an individual and isprivately operated by relatively small number of employees which have low volume ofsale. Small businesses are travel agents, hairdressers, grocery stores, electricians,carpenters etc. which are run by single person or they hire only family members or localemployees. Their main aim is to earn profit to feed its family and fund business throughsmall business loans and friends/family. 1
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Scale start-ups:- These companies are establish by an individual with his innovativeideas and vision to change the world. Entrepreneur of scale start-ups attract moreinvestors to invest in their venture with their ability and unique quality (Berglund,Johannisson, and Schwartz, eds., 2012). They hire candidates which eligible, confidentand motivated so that business can be operated in an most efficient manner. Large scale enterprises:- The large scale enterprise is one which operates at theiractivities and operations at a large segment having a complex management hierarchystructure with a larger workforce. Large scale enterprise perform large number oftransaction on day to day basis and offer variety of innovative product and service inlarge range. Social enterprise:- The social enterprises are generally established with the aim toprovide social services by providing best quality goods and services in order to satisfyingcustomer's need and wants. These entrepreneurs more concentrate on social values of thepeople in which they operates and also provide service for the welfare of the society. Relation with typologies of entrepreneurship:-Following are the types of entrepreneurs and their relations with typologies:Female entrepreneurs:- Under this, entrepreneurial venture is operated by femaleentrepreneur who manages the entire workforce and make decisions that providesdirection to perform operations effectively (Bernhard and O'Driscoll, 2011). Femaleentrepreneurs mainly focuses on inspiring, encouraging and empowering women forpersonal success and entrepreneurial. Serial entrepreneur:- These entrepreneur are those who have lots of unique ideas. Theycome up with innovative ideas, start an enterprise and after establishing it well theseentrepreneur give their responsibilities to someone else and move to start up new venturewith another innovative ideas. Social entrepreneur:- These entrepreneurs come up with an idea to start up a business toserve for the welfare of the people and to provide solution to the social, cultural andenvironmental issues. They operate business in various field such as health, educationetc. Social enterprises can be either profit or non-profit in nature. 2
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