Entrepreneurship and Small Business Management - Assignment Sample
Added on 2021-01-02
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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1 ...........................................................................................................................................2P1 Different types of entrepreneurial ventures and manner in which they related to typologyof entrepreneurship......................................................................................................................2M1 Investigation of diverse range of entrepreneurial venture to demonstrate andunderstanding of entrepreneurship in public and corporate sector.............................................4P2 Similarities and difference in between entrepreneurial ventures...........................................4M2 Evaluate the differences small, medium and large businesses make to the economyapplying relevant data and statistics............................................................................................1TASK 2 ...........................................................................................................................................1P3 Interpret relevant data and statistics to illustrate how micro and small business impact onthe economy................................................................................................................................1P4 Explain small business and business start ups to growth of the social economy .................3TASK 3............................................................................................................................................4P5 Characteristic traits and skills of successful entrepreneurs ...................................................4P6 Aspects entrepreneurial personality.......................................................................................6M3 Explore and examine different lines of argument relating to entrepreneurial characteristic7TASK 4............................................................................................................................................1P7 Different ways by which background and experience can hamper the performance ofentrepreneurship..........................................................................................................................1M4 Analyse the link between entrepreneurial characteristics and the influence of personalbackground and experience to specific successful entrepreneurs .............................................2CONCLUSION................................................................................................................................2REFERENCES................................................................................................................................3
INTRODUCTIONEntrepreneurship is a formative action in which a business is set up as to gain profit andstability. This form of business is an entrepreneur take risk to start their venture with smallcapital in order to gain profit (Ács and Szerb 2014). A small-business and start up units acts asan most important part of a country in order to strengthening its position and economic stability.Present case scenario is based on, Entrepreneur and Small business management. This reportinclude different form of entrepreneurial ventures along with impact of small and micro businessunites of a economy. In addition with this report covers skills and traits of an successfulentrepreneur. Lastly, different aspects of entrepreneurial personality, mindset, motivation andmanner in which experience and background can foster or hinder concept of entrepreneurship isincluded in this report. TASK 1 P1 Different types of entrepreneurial ventures and manner in which they related to typology ofentrepreneurshipAs per the definition of Koontz & Fulmer, entrepreneurship is mainly a person ability toevaluate business opportunity in order to gather capital together as to take advantage ofopportunity as to run a business while taking risk of failure and hoping for success. Entrepreneurship is a form of business process in which creation of a successful entity isdone with the help of effective ides and innovation (Aspects of Entrepreneurial personality.2017). An entrepreneur start their business with a sum of limited resources and capital along witha risk factor in order to effectively contribute in nation economy. There are different forms ofentrepreneurial ventures which is described below:Small business entrepreneurship: There are wide range of small-business ventures existed in UK. Small businesses ventureare operated by small ratio of employees along with owners or also can be run by friends, familyand partners. Some of the examples of small entrepreneur include, small scale production houses,internet cafes consulting and mobile retailers. Scalable start-up entrepreneurship:
Entrepreneur of these business start ups put their more focus on innovation and qualityof a product and services. Main purpose of entities within small scale entrepreneurship is scale.In this venture capital and financial investment is required to expand their business. Large company entrepreneurship:
Companies within large scale entrepreneurship put their more focus on offering besteffective and innovative products and services to their customers. As in this dynamic changingworld where preferences and demands of customers are changing in a fast phase it is essentialfor entrepreneur to effectively mould their ideas and bring more innovation in their offering as toeffectively compete with their present competitors. Social entrepreneurship: In this form of entrepreneurial venture entrepreneurs effectivelycontributes their ideas in order to serve society and environment in better way. In this,entrepreneur develop more innovative products and services that will help them serve society isa better way. All these types of entrepreneurial venture effectively contribute their functioning andideas in order to create a more develop market environment (Drucker, 2014). This will not onlyhelp them to create more profit base but also benefit economy of a country to effectivelystrengthen their market stability. Typologies of entrepreneurship ventures:Topologies refers to the segmentation of things based on their types. This segmentationcan be based on structure, form, style and plan. The typologies of entrepreneurial ventures arediscussed below:Survival Ventures: These ventures are formed for meeting the basic necessities ofhumans in order to survive in the market. The business companies in this sector are notregistered due to which they did not perform the business operations in any type of premises.Micro ventures are common example of such ventures.Lifestyle Ventures: These are formed for meeting the income satisfaction of theentrepreneur. Such ventures are not subjected to growth and expansion. These ventures hasconstant employees and operate their business from a single premises. Example include smallbusiness organisations.Managed Growth Ventures: Such ventures are formed for expanding their businessoperations, launching new products and services with innovative ideas, shifting theirgeographical locations and hire new staff etc. Example of such venture includes medium sizedorganisation.Aggressive Growth Ventures: These are technology based ventures having stronginnovative potential. These organisation gathers the necessary funds from equity capital in order
to seek more growth. Their main focus is on globalising their business. Example of such venturesinclude large scale business enterprises.Social Enterprise: Enterprises like social and scalable perform their business functionswith a motive to grow their business in a short period of time by offering best effective services. Small Enterprise: Organisation those who perform their functions in small scaleenterprise provide required amount of benefits to consumers by evaluating their needs and wantsin best effective way.Lifestyle Firms: Lifestyle venture also aim towards creating high end goodwill in amarketplace and perform their daily basis operations with a purpose to create huge profit.M1 Investigation of diverse range of entrepreneurial venture to demonstrate and understandingof entrepreneurship in public and corporate sectorSocial entrepreneurship: Entities within this sector, perform their functions in publicsector as they operate their day-to-day functioning in order to satisfy customers in best effectiveway without considering high profitability base. Large company entrepreneurship: Companies within large company entrepreneurshipoperate their goals in corporate sector. Companies within this, put more focus on providingproducts and services to customers along with expecting to gain more profitability base. P2 Similarities and difference in between entrepreneurial venturesThere are different types of elements with the help of which similarities anddifferentiation of a task and a activity can be effectively conducted. There are some certaindifferences and similarities is done for entrepreneurial ventures:Types of enterprisesSimilaritiesDifferencesSmall v/s Large Businessenterprise Business enterpriseswithin small and largeenterprises performtheir functions byoffering all possiblebenefits to consumersAppropriatedifferentiation inbetween large scale andsmall businessenterprises can beeffectively done by
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