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Entrepreneurship and Small Business Management Venture: Doc

   

Added on  2021-02-19

18 Pages5059 Words29 Views
Entrepreneurship andSmall BusinessManagement

INTRODUCTIONEntrepreneurship is a process of creating a new business venture and bearing various kindof risk to gain huge profit. Whereas, a person who always formulates new enterprises by facingdifferent types of issues for the better development in future is known as entrepreneur. As per thecurrent scenario every type of business like large or small have to be entrepreneurial in ordersurvive at marketplace. Entrepreneurial spirit can be understood throughinnovative ideas andrisk taking factor as it is much crucial portion of a state cognition to change necessary factors inbusiness for achieving competitive global market. Along with this small business management isthe part of an organisation of an entrepreneur's resources in order to meet family and their overallbusiness goals. Therefore, owner of businesses are always responsible for managing any aspectsfor their organisation. This assignment will covered number of venture that can be advised as anentrepreneurial. After this it evaluate the impact of tiny business on the economic system(Audretsch and Caiazza, 2016). At last, key features of an entrepreneurial outlook and evaluationof various environments that adoptive and obstruct entrepreneurship will get explained. PART A TASK 1Types of entrepreneurial ventures and its typologies:Entrepreneurial ventures are those ventures who have opportunities to think aboutinnovative ideas to make unique products and services for existing business at marketplace.These sort of ventures generally make high returns with higher level of uncertainties. Togetherwith, these includes sort of activities in business from small to large scale organisations. Thereare different form of entrepreneurial speculation, those are described beneath:Small scale enterprise: It is a small scale business concern which is operated by soleowner to meet desired goals. Whereas, proprietor only has two workers that is also relative orfamily members (Ahmad, 2015). Therefore, operating scale of this sort of business are verysmall. For example this type of business entities can be grocery stores, brokers and so on. Scalable enterprise: As per this an entrepreneur brings innovative ideas which is notused by another person before in order to meet customers needs and demands. Owners of thesesort of enterprises after developing successful business and create new things. Some example ofthese sort of firm are Facebook, Amazon and so on.4

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