(Doc) Entrepreneurship and Small Business Management Assignment
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Added on 2020-10-05
(Doc) Entrepreneurship and Small Business Management Assignment
Added on 2020-10-05
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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Several types of entrepreneurial ventures in regards with entrepreneurship typology....3P2. Similarities and differences between entrepreneurial ventures........................................5TASK 2............................................................................................................................................6P3. Interpret and assess relevant data and statistics to illustrate how micro and smallbusinesses impact on the economy.........................................................................................6P4. Explain the importance of small businesses and business start-ups to the growth of thesocial economy.......................................................................................................................8TASK 3............................................................................................................................................8P5. Determine the characteristic traits and skills of successful entrepreneurs that differentiatethem from other business managers.......................................................................................8P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mindset...........................................................................................................................10TASK 4..........................................................................................................................................11P7. Analyse the different environments that foster or hinder entrepreneurship...................11CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship is a very well known term of study that shows how businesses aredeveloped as well as the process of actual starting of new business venture. An entrepreneur whohas lot of different ideas or also who works in order to generate a good services or product in aneffective manner. Whereas, small business management owners are responsible for controllingall aspects of their organisation. That's why business owners always uses management skills inorder to complete or achieve goals and objectives in an appropriate manner (Bae and et. al.,2014). Some times setting up a new small business is easy but in order to running their businesssuccessfully can be tough . In order to create successfully running small business owner needs lotof support from different plenty such as money support, system support, workforce as well asvarious plans which can helps the owner for achieving organisational target in a perfect way.That's why entrepreneurship and small business management for creating a good businessventure. In this respective report discussion also made on small business or entrepreneurshipwherein, several kind of entrepreneurial ventures in regards with the typology. Along with thisimportance of business and business star-up in social economy. Lastly, background andexperience of entrepreneur will get covered in an effective manner. TASK 1P1. Several types of entrepreneurial ventures in regards with entrepreneurship typology.Definition of entrepreneurship:Entrepreneurship is the process of launching, running and designing the new business inwhich people develop these kind of businesses is called entrepreneur's. On the other sideentrepreneur can be identified as the willingness to generate and capacity manage and control thebusiness venture with any type of risk in order to create good profit in an effective manner.Therefore, entrepreneurship is an individual who start their business effectively with the help ofmoney as well as support with the family, friends and siblings. A business ventures can be also determined as a small business in which many venturesinvested their fund through single or group of individual with expectation of business that bringdifferent opportunities in order to gain achievement for company. Mostly business orentrepreneurial ventures are developed market demand and low supply in the market that analysethe consumer needs regarding goods and services (Baum, Frese and Baron, 2014) . Therefore,
entrepreneur or business investors trying to create innovative ides for goods and services in themarket value. Few several kinds of entrepreneurial ventures which are related with typology,given below:Social entrepreneurship: These are the individuals with attractive innovative solution tosociety's in order to solve difficult social problems. Furthermore, they plays like a president whotackle huge social problems and provide good ideas or thought as well as changes at large scale.Therefore, social entrepreneurship is very important for society or people for understanding allthe problems in current environment. That's why its follows the typology's of control growthventure in an effective manner in order to provided services to people with the help of socialsources. It's nature is quite different from other types of ventures as it works effectively towardsensuring appropriate and effective benefits to the society. Its operations and functioning aretargeted in ways of providing social benefits to underprivileged societies to enhance theirstandard of living.Scalable start-up entrepreneurship: These are those entrepreneurs who start thecompany with lot of knowledge from one day so that their vision can easily change or improvethe world's think. This type of entrepreneur always concentrate on the higher scale of demandand capital of venture that can increase the expansion of company in an appropriate manner(Burns and Dewhurst, 2016) . Along with this these entrepreneurs also focuses on freshercandidates for develop their company's growth. In the case of start up business it can be said thatit can be link with the life style venture in order to focus on the vision and knowledge skills ofthe company in an appropriate manner. The nature of these ventures focus effectively onbringing in difference in the world. Moreover, their implications too relate with their nature ofoperations which is performed to offer new things to the market.Large company entrepreneurship: In the large or already established companyentrepreneurship plays a vital role for long term success of business. As per this firms facedifferent challenges from this competitive world. Therefore, successful entrepreneurs have goodexperience in order to make company's goodwill for better future. With the help ofentrepreneurship firms can easily achieve their goals in order to increase their demand at markerplace.In the case of this venture, can be said that survival ventures affects this type ofentrepreneur in order to achieve their specific targets and success of the business at the higherlevel in the particular way. Moreover, their nature is completely opposite from that of other
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