Report on Entrepreneurship & Small Business (DOC) Management
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Added on 2020-06-05
Report on Entrepreneurship & Small Business (DOC) Management
Added on 2020-06-05
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Entrepreneurship and SmallBusiness Management(Opportunities towards Smallbusiness post Brexit for UK)
ContentsIntroduction:................................................................................................................................................3Task 1..........................................................................................................................................................4P1 Different types of entrepreneurial ventures and their relation with typologies...................................4P2 Similarities and differences between entrepreneurial ventures...........................................................5Task 2..........................................................................................................................................................6P3 Assessment and interpretation of data to analyse micro and small-business impact on the economy.6P4 Importance of small-business or start up in social economy after Brexit............................................7Task 3..........................................................................................................................................................8P5 Determination of characteristic, traits and skills of successful entrepreneurs.....................................8P6 Identify various aspects of entrepreneurial personality.......................................................................9Task 4........................................................................................................................................................11P7 Background and experience that can foster entrepreneurship...........................................................11Conclusion:...............................................................................................................................................12REFERENCES..............................................................................................................................................13
Introduction: Entrepreneurship is defines as the process in which includes designing, launching and running a new venture. It generally described as the capabilities or abilities for developing, organizing and managing the business firm with bearing risks for the purpose of achieving growth and earns profits. The person who create his own business are called entrepreneur. The small scale enterprise owners are responsible for managing the entire business operations in effective manner. Entrepreneurs required using their skills, knowledge and abilities for handling the venture in critical situations. Brexit is terms which mean British Exit from European Union. There was major impact on small business firms during Brexit because of changes in rules and regulations as well as some environmental factors also affected on it (Ackermann, 2012). In this report, it will define different types of entrepreneurial ventures and its relations with typologies. It also defines some differences and similarities between these ventures. Small and micro businesses have major impact on economy as well as contributions to the growth of society. In this determines various traits, skills of successful entrepreneurs. This assignment will assess the several personalities that reflect and motivates to people and also defines background which hinders entrepreneurship.Task 1P1 Different types of entrepreneurial ventures and their relation with typologies.Entrepreneurs are those who start their own business at small level with some resourcesand take responsibility to manage entire organizational functions or activities for earning moremoney or generating profits. Small businesses enterprises are developing very fast in presentscenario, there are various entrepreneurs in the world who started their firm at micro level and nothe have become successful businessman. Entrepreneurial ventures are categorized in varioustypes for understanding this concept.Entrepreneurial: An entrepreneur is a person who comes and starts the business with bringing some resources for running it in effective manner. They come up with new ideas, innovations and always prepare for taking any kinds risks (BlackburnAnd Wainwright, 2013). Entrepreneurs focus on producing new products and services instead of existing product in the market. Their main motive is to earn high returns or more revenues. Entrepreneurship: It is related with bugger organizations as in this entrepreneurs arehighly motivated, proactive and action-oriented people who are able to make any kinds ofdecisions regarding the business as well as take innovative products and services. Thus, theyfocus on creating a new ventures and make better positions in the market. Entrepreneurs aremultitalented because they can handle entire workforce with managing available resourcesamong various activities.
There are different types of entrepreneurial ventures that help in understanding about smallbusiness firms such as:Small business entrepreneurship: In this denoted that small start ups which still small businesses and these are very beneficial for the country because it helps in contributing economygrowth and support in employment. In this included various businesses such as grocery stores, hairdressers, travel agents, internet commerce, plumbers, carpenters, electricians etc. they are any one for starting the new ventures as can be family members or hire employee (Bridge and O'Neill, 2012). Their main aim is to earn money as well as make profits. Scalable startup entrepreneurship: These types of entrepreneurs are believes that theirideas and visions will change the world. They generally attract more investors such as equallyfinancial investors or venture capitalist for the purpose of financing the business. They appoint abest or talented person who is able to attracts or bring huge investment and their basic work is tofind a repeatable as well as scalable business model.Large company entrepreneurship: they have finite life cycle. Most of large firm believesin growing through sustaining innovation, offering new products which are different from coreproducts, changes in customers taste and choices as well as new technologies legislations etc.their size of business is very large because they deals with numbers of operations and activitiesin the organization regarding selling or purchasing goods or services and keep innovating withinthe firm. Social entrepreneurship: they are innovator who creates new products and services forthe purpose of fulfilling social demand and needs as well as solve their problems. Their mainobjective is to make the world a better place instead of generating profits or revenues.Related with different typologies:Startup Company: it is type of entrepreneur venture that newly emerge. These aregrowing fast and their main aim is to meet a market place. It is requires for developing a viablebusiness model for innovative product, services, process or a platform. A startup is a firm thatdesigned to effectively develop as well as validate a scalable model. Venture capital: it is type of private equity which is generally form of financing as they provide funds to small business, early stage, emerging firms with having motives for gaining high growth potential. Ventures capital firms focus on investing in these small businesses in exchange of equity and ownership stake (Bruton, 2010). They usually take risks for providing funds to start ups with hope that these firms will becomes successful. Strategic management: in this defined that it helps in formulating and implementing thegoals and objectives of the organizations. It takes initiatives on the behalf of owners which is
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