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Entrepreneurship and Small Businesses Management : assignment

   

Added on  2021-02-19

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EntrepreneurshipProfessional Development
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Entrepreneurship andSmall-BusinessManagement
Entrepreneurship and Small Businesses Management : assignment_1

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1: Types of Entrepreneurial Ventures and their relation with the typology ofEntrepreneurship.........................................................................................................................3P2.Similarities and Differences between entrepreneurial ventures.............................................5TASK 2............................................................................................................................................7P3.Interpret and assess relevant data and statistics to illustrate how micro and small businessesimpact on the economy...............................................................................................................7P4.Importance of small businesses and business start-ups to the growth of the social economy.....................................................................................................................................................8TASK 3............................................................................................................................................9P5: Characteristic Traits and Skills of Successful Entrepreneurs that differentiate them frombusiness managers.......................................................................................................................9P6: Aspects Of Entrepreneurial Personality Reflect Entrepreneurial Motivation And Mindset....................................................................................................................................................11TASK 4..........................................................................................................................................13P7: Background and Experience can hinder or foster Entrepreneurship..................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
Entrepreneurship and Small Businesses Management : assignment_2

INTRODUCTIONEntrepreneurship is the concept of launching and designing of new business atcompetitive market place. Furthermore, the persons who run such type of business areconsidered as an Entrepreneur. Along with this, entrepreneur manages their enterprises in aneffective manner. They accepts risk and run their business effectively in order to accomplishingorganisational goals and objectives as well as earning profit. Generally, entrepreneur startedbusiness in small scale and they opt various techniques, applications and many more forenhancing their growth in the market. In addition to this, managers and leaders aids companiesfor earning profit by satisfying need and want of their customers. Also, successful manager andleader should provide guidance to their employees for utilising effective resources in their work.This present report covers, various types of entrepreneurial ventures as well as similarities anddissimilarities between entrepreneurial ventures. Also, importance of growth of smallbusinesses and skills and characteristic of successful entrepreneurs are going to be covered inthis report. At last, by using an example, it can be determined that how experience andbackground can hinder or foster Entrepreneurship. TASK 1P1: Types of Entrepreneurial Ventures and their relation with the typology of EntrepreneurshipEntrepreneurship stated that this is a process of running business by taking financial risksso that company will gain profit effectively. In addition to this, entrepreneur is a person who hasresponsibilities for managing an activities of the business in order to expansion of business atglobal level. Also, they bring innovation ideas or innovations in their work for attracting morecustomers and retaining old customers at market place. Along with this, there are various typesof Entrepreneurial Ventures which are given as below:-Scaleable EnterpriseSocial EnterpriseSmall Scale EnterpriseLarge Scale Enterprise
Entrepreneurship and Small Businesses Management : assignment_3

Small Scale Enterprise: This type of business managed and controlled by single entrepreneur orsole proprietor. They are the person who brings with innovative ideas by satisfyingcustomers need and wants accordingly. In this type of enterprise, family members, friends orany other member will be the entrepreneur. Furthermore, they borrow money from banks aswell as their family member or friends. In addition to this, some of the examples of thissmall scale enterprise are hairdressers, brokers, carpenters, grocery stores and many more. Large Scale Enterprise: This type of enterprise involve large amount of employees in theirworking premises. Furthermore, they bring various opportunities such as employment bywhich both individuals and economy enhance their living standard. Along with this, theybring innovation in their work that helps their company for expanding their business atglobal level and enhance productivity as well as profitability effectively. The main role oflarge scale enterprise is to develop the economy by bringing changes and innovation in theirproduct and services so that they attract more customers and retaining old customers towardstheir company. There are some examples of large scale enterprises i.e., Textile Industries,Telecom Industries and so on.Scaleable Enterprise: In this enterprise, entrepreneur bring innovation in their product andservices on regular basis so that they can enhance their growth as well as customer base.With the help of this, they fulfil the need and requirement of customers. Along with this, themanger of this enterprise hire only highly skilled and talented employees who have goodknowledge as this will help them to achieve their goals and objectives. On the other hand,the owner of scaleable enterprise handover their successful business to large sale industriesand move toward other unique creation. There are some examples of scaleable enterprise areFacebook, Amazon and many more. Social Enterprise: This type of enterprise focuses on developing society by satisfying the needand requirements of customers rather than earning profit. They also brings innovative ideasso that they will produce unique products and services by the aim of resolving social issuesaccordingly. Furthermore, in this social enterprise involve non-profit organisation, profitmaking organisation and hybrid organisation. There are some examples of these enterprisesare Hill Holt Wood, Café direct, etc.Typologies of entrepreneurship ventures:
Entrepreneurship and Small Businesses Management : assignment_4

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