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Entrepreneurship & Small Business Management | SME'S

   

Added on  2021-02-20

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ENTREPRENEURSHIP ANDSMALL BUSINESSMANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................3ACTIVITY 1....................................................................................................................................31 Different types of the entrepreneurial ventures and their relation with typologies ofentrepreneurship...........................................................................................................................32 Differences and similarity between entrepreneurial ventures...................................................43 Impact of the small and micro bushiness on the economic growth..........................................64 Importance of the small business start ups in the social economy...........................................7ACTIVITY 2....................................................................................................................................85 Characteristics traits and skills of the successful entrepreneurs...............................................86 Entrepreneurial personality traits and mindset that reflect on their personality.......................97 Background and experience can hinder or foster entrepreneurship........................................10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................13

INTRODUCTIONEntrepreneurship can be referred as the ability and capacity to develop and manage the anew business venture in order to provide the best products to the customers with having the riskin the direction to make more profit. This entrepreneurship is consisted with the labour, law,resources, capital and land to build and start the new business. This report is going to be describethe different types of the entrepreneurial ventures and the typologies of the entrepreneurship, andhow they relate to each other. This report also going to be analysed the impact of the small andmedium-sized business on the economy of the UK, how they help to increase the economy of thecountry. Further more the importance of the small and medium-sized business is also going to bedescribed. Different characteristics and skills of the successful entrepreneurs also will beidentified that make them different from the other entrepreneurs. Further more different aspectswill be explained that motivate the entrepreneurs and their mindset towards to become theentrepreneur. Lastly with the help of the background and experience of the successfulentrepreneur hinder and foster entrepreneurship, how their background and experience affectthem. ACTIVITY 11 Different types of the entrepreneurialventures and their relation withtypologies of entrepreneurshipEntrepreneurship mean to a processwhich is being done in order to create a newbusiness ventures with bearing the numberof risks in order to make the profit, that canhelp them to bring more resources in theirenterprise.Whereas entrepreneurs refer to thatperson which identify the need of the marketplace and then work to fulfil it by creatingthe new business start-ups (Holmes andSchaper, 2018). Typologies of the entrepreneurSmall business – These are thebusiness which are nit being drive to earnthe more profit, rather they are operated inorder to make living standards and supporttheir family. These kinds of the business arefunded by the friends or family or from thesmall bank loan. In this hairdresser, grocerystores, carpenter etc. are included.Social good organization - Theseare the enterprise which are being droved inorder to provide the products and services to

fill and complete the social needs of thepeople. Ultimate goal of this enterprise is tomake their society better not to earn profit.Large business – These kinds of thebusiness enterprise ave the long term goal tosustain their business in the market. This hasthe goal to earn more profit and for this theycontinuously try to innovation in theirproducts and services (Heinonen andVainio-Korhonen, 2018). Like largecorporation, Microsoft, Google etc.Scalable start-ups – These kinds ofthe start-ups are the young and focused,which have the potential to develop themarket by dramatically change in t heexisting market by providing innovativeideas and services.Different types of entrepreneurialventures Survival firm — In this small firmsare binge consider, as they always survive tosustain rather than to compete in the market.This firm has the goals to sustain theirbusiness and support their family.Lifestyle business – Lifestyles arethe business which are being operated inorder to attain only the particular level of theprofit in order to enjoy the lifestyle byproviding the lifestyle goods and services. Public sector entrepreneurship —Public sector entrepreneurship are thosewhich make innovative policies and productfor the public. That helps to generate thegreat economic value in the country(Kloepfer and Castrogiovanni, 2018).Aggressive growth firms —Aggressive growth firms can be referred asthe firms which are being growingcontinuously and attain the high growth bytheir innovative services and products whichare not able to produce by the competitors.2 Differences and similarity betweenentrepreneurial venturesThese entrepreneurship venture sharethe similarities but also have the differencein them. Similarities between entrepreneurialventuresOne of the similarities in theentrepreneurial venture is that all arebeing derived and run by the strongwilled entrepreneurs. They havestrong skilled entrepreneur that makethe strategies and policies to beingthe more resource and attain theobjective of their entrepreneurship. Whether it is aggressive growth firm,survival firm or other ventures, all are being created and develop byfunding from the bank or from theinvestor that help them to be

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