logo

Importance of Small Businesses and Start-ups in Economy : Report

   

Added on  2020-06-05

11 Pages3093 Words54 Views
 | 
 | 
 | 
Entrepreneurship andSmall BusinessManagement
Importance of Small Businesses and Start-ups in Economy : Report_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Various type of entrepreneurial ventures and their relation with typolgy............................1P2: Similarities and Difference entrepreneurial ventures...........................................................3TASK 2............................................................................................................................................4P3: Interpreting and assessing relevant data statistics to illustrating the impact on micro andsmall businesses on the economy................................................................................................4P4: Importance of small businesses and business start-ups to the growth of the social economy.....................................................................................................................................................4TASK 3............................................................................................................................................5P5: Characteristics, traits and skills of Wang Jianlin and Nandan Nilekani...............................5P6: Characteristics of entrepreneurial reflect entrepreneurial motivation and mind set.............6TASK 4............................................................................................................................................7P7: Backgrounds and the experiences hinders the entrepreneurship..........................................7CONLCUSION................................................................................................................................8REFERENCES................................................................................................................................9
Importance of Small Businesses and Start-ups in Economy : Report_2

INTRODUCTIONEntrepreneurship refers to an activity of starting new business which are generally smallin size with a motive of earning huge profits and bear all risks and rewards. An individual whoare willing to take risk and rewards is called as entrepreneur. They are the risk taker who hassufficient skill and capabilities to make an effective decision to achieve strong brand image incompetitive market. The main objective of entrepreneurship is to put all efforts, capacity andwillingness in order to develop venture with risks with the purpose of achieving huge profits.The chances of achieving growth and success of new business is more only when an individualhave new ideas and concepts which makes them different from others. Generally, small businessis introduced in market with a motive of fulfilling basic necessities of family, friends andrelatives. It can be started with limited capital and human resource (Blackburn, Hart andWainwright, 2013).TASK 1P1: Various type of entrepreneurial ventures and their relation with typolgyAn individual can be called as an entrepreneurs only when they have sufficient skills andcapabilities to run business solely and take all risks and rewards. With limited capital and humanresource, an entrepreneur should required make maximum efforts in making new business moresuccessful in market within limited period of time. There are various form of entrepreneurialventures which may started by entrepreneurs on the basis of their main objective. Such forms ofentrepreneurial ventures are listed as below:Small business entrepreneurship: The main objective of every business organisation toachieve huge profits and sustain in market for longer duration. It involves huge risk andcompetition thus becomes difficult for an entrepreneurs to find place for their new business inmarket. Therefore, an entrepreneur must have new ideas and concepts which are unique anddifferent from others in order to compete with their rivals in more effective and efficient manner.Example of small business entrepreneurship are Plumbers, electricians and grocery business(Carraher and Paridon, 2015).Scalable start-up business: Some entrepreneurs who enters into market with a motive ofchanging market with the help of their new and unique ideas. Thus, an entrepreneur may finddifficulties in finding investors who are willingness to invest in their new ideas and concepts.1
Importance of Small Businesses and Start-ups in Economy : Report_3

Schumpeterian entrepreneur venture: It includes those businesses which comes inmarket for shorter period of time with a motive of earning huge profits. Such entrepreneur havelimited capital on basis of which they run business to capture small area of market. Their mainobjective of entering into market is to fulfil the basic need of their family and relatives (Carsrudand Brännback, 2011).Established venture: Such business is large in size who perform with the help of takingsupport from large number of employees in order to achieve growth and success for longerperiod of time. The main objective of such type of business is to introduces new products andservices in economy and achieve strong position in competitive market. They provides anemployment opportunities to lots of people on the basis of their skills and knowledge with amotive of maximising their standard of living.Social good enterprise: These ventures introduced in market with a motive of operatingbusiness for the betterment of society. Their main objective is to maximise the the standard ofliving of people in society through providing them quality products and services at reasonableprices. For an example, many enterprises perform CSR activities to fulfil the needs andrequirements of customers as well as society.Relation of ventures with Entrepreneur Typology:There are various typologies which interconnected with different type of entrepreneurialventures. For example, scalable entrepreneurship can be connected with lifestyle ventures orsocial entrepreneurship can be connected with growth typology. Therefore, there are differenttypes of typologies which are exist and connected well with different types of ventures exsiin inmarket (Chaston, 2014).Types of Typology:Lifestyle Ventures: These are such type of business which are run and operated by anindividual solely without getting any interferences from others.Survival Ventures: These type of business which has been started with a motive ofearning livelihood for family. It can be small in size through which profits earned is also limited.For example, Grocery store, internet cafe etc.Managed Growth Ventures: These are the businesses started by smart businessmen whoknows how to generate huge revenues. Therefore, the investors are easily attracts towards suchbusiness as it ensures them to get maximum in return (Dennis 2011).2
Importance of Small Businesses and Start-ups in Economy : Report_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
(Solution) Entrepreneurship Assignment
|15
|4526
|219

Entrepreneurship and Small Business Management
|15
|4621
|44

P1 Several types of entrepreneurial ventures and typology of entrepreneurship
|17
|4994
|353

Characteristics, traits and skills of successful entrepreneurs
|17
|4722
|35

Various types of entrepreneurial ventures and their relation with typology
|12
|3410
|209

Entrepreneurship and Small Business Management
|14
|4364
|68