Entrepreneurship and Small Business Management : Report Sample

Added on - 21 Jul 2020

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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Types of entrepreneurial ventures and typologies................................................................3P2 Similarities and differences between entrepreneurial ventures.............................................4TASK 2............................................................................................................................................6P3 Impact of micro and small business on economy system......................................................6P4 Importance of firm start-up's and small business...................................................................9TASK 3..........................................................................................................................................11P5 Skills, characteristics and traits of entrepreneurs.................................................................11P6 Entrepreneurial attribute effect their mind-set and encouragement.....................................12TASK 4..........................................................................................................................................13P7 Experience and background can foster and protect entrepreneurship..................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONEntrepreneurship is the process of planning, coordinating and executing the venture ofbusiness deal with the services and products in trade. While beginning the journey, entrepreneurunderstand the success and failure possibilities while establishing the business. Entrepreneursbelieves in carrying alternation in the existing system of market and merchandising throughchanging the style of marketing(Fayolle, 2013). This is their innovative thoughts and ideas thathow they eliminate their limited resources according to the unlimited wants and demands ofbusiness wisely. The major purpose of this analysis is to identify various types of ventures andtypologies through understanding its traits. This will also review the national, local, regional andinternational influence of business of nation. This will also examine the role of background andexperience in hindering and fostering the skills of entrepreneurship.TASK 1P1 Types of entrepreneurial ventures and typologiesEntrepreneurship is a act to develop new opinion and ideas about work. The willingnessand capacity to develop, manage and organise whole business activities or venture along withhigh risk in order to gain profits. One of the example of entrepreneurship is start-up's or startingof new business. Entrepreneurial vital principle is characterized by risk taking, innovation. It is aessential part of a national ability to succeed change in order to increase competitive globalmarket place.Entrepreneurial venture mean provide services to micro and small business unit or start-up's operations in order to gain profits. Entrepreneurs are mostly spend their time and effort toface new challenges and think out of the box which are help to gain success in their work. Theyhave various responsibilities like develop strategies and plan to boost sales, evaluation of newideas, arrange funds, recruiting right candidates and many more. Some important type ofentrepreneurial ventures are as follows:Small Business Entrepreneurship: In UK various entrepreneurs and start-up's are stillsmall in size. There is around 5.7 million small businesses in United Kingdom, they providelarge employment, approx 50% of working population is work at small firm. Some importantbusiness are hairdressers, travel agents, grocery store, internet commerce store fronts, plumber,electricians, carpenters and consultants or many more. They hire local person for work, so that3
through entrepreneurship local employment are generated which help to increase living standardof surroundings community as well as whole society. Their main objectives is feed the familyand make profits, not build a industries of$100 million. They arrange their funds form familyand friends, they can not provide scale to attract venture capital in order to run whole businessactivities effectively.Scalable Start-ups:These kind of entrepreneurs can star their business, they know formday one that their vision will change the world. They attract large number of venture capitalist,those are provide funds to operate whole business activities in an effective manner. Suchentrepreneur take risk while developing a venture and the best example of this enterprise isSilicon Valley, Shanghai, Bangalore etc. They hire best candidates which have innovativethinking. Scalable start-up's is a innovation clusters make up small percentage of start-up's butbecause of outsize return, they want to attract almost all risk capital.Large Entrepreneur Organisation:Large firms have finite life cycles of their product aswell as services and business as whole. They offer high quality and innovative goods to theircustomer's in order to develop strong brand image at market place. Change in clients tastes,legislation, new technology etc. can create pressure on companies, at that time firm required todevelop new and innovative product for their customer in order to satisfy their needs and wants.Though there are various types of business venture which is linked with the distincttypologies which is mentioned as below:Lifestyle Venture: Individual entrepreneur that create business with the purpose ofaltering customer's lifestyles and make profits form it. A life venture is a focus onprovide new lifestyles.Serial Venture: A person that are continuously change or come up with ideas and startnew business. Serial entrepreneur start business but after some time they givenresponsibility to someone else and move on with new idea and work on. This serial willcontinuously moving.Female Venture: A female person has star new and innovative business in order to gainprofits. They main objectives behind this is a provide equal opportunity to male andfemale. Example Adafruit industries help female enterprise at UK.P2 Similarities and differences between entrepreneurial ventures4
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